Fisheries – Page 9 – NewzIntel.com

MIL-OSI USA: ‘Why are we here?’ | Ranking Member Pingree Slams Sham Appropriations Process as Republicans Allow Trump to Usurp Power of the Purse

Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

Congresswoman Chellie Pingree, Ranking Member of the Interior, Environment, and Related Agencies Subcommittee, spoke out against Republicans’ funding bill for the 2026 fiscal year during the Appropriations Committee’s markup today. In her opening remarks, Pingree called the entire appropriations process into question as the Trump Administration continues to undermine previous funding bills with cuts and rescissions.

“Now, as we Democrats are in the minority, we don’t expect to have a lot of power. But for all of us on this Appropriations Committee, why are we here and what is our role now as appropriators? Last week, the majority passed the Rescissions …and that bill eliminated spending that we had negotiated over the prior years,” Pingree said. “The hard work that we do every day in this committee, the hard work you’re doing right now—that is all gone when we pass the Rescissions bill. And how will it be any different once we pass this bill, or the other bills we intend to pass this week?”

[embedded content]
Watch Pingree’s full remarks here; Watch the Appropriations Committee markup here.

Pingree also called out the reckless cuts this bill makes to the EPA, National Parks, and the arts and humanities, as well as 72 riders that undermine climate policies and add to the deficit.

A transcript of Pingree’s opening remarks is copied below.

+++

Thank you, Mr. Chair, and thank you for yielding me the time.

First, I want to thank the Chair, Mr. Simpson, for the great working relationship we have on this committee. And thank you to Chairman Cole as well. Also, Rosa DeLauro, the Ranking Member of the full committee, for her amazing hard work on this committee, and to the staff on both sides of the aisle who work so hard to put together this legislation, and in particular the minority staff of this committee, Rita Culp, Jocelyn Hunn, and Michael Schmeltz. Thank you so much for all the work to get us here today.

But I guess the first question I’d have to ask of the appropriators on this committee is, why are we actually here today? What is our role now as appropriators? In the last six months, we’ve seen President Trump propose a dramatic diminishment in the power of this committee and of the Congress.

Now, as we Democrats are in the minority, we don’t expect to have a lot of power. But for all of us on this Appropriations Committee, why are we here and what is our role now as appropriators? You know, everyone is so fond of saying they’re Republicans and Democrats and appropriators, but really, are there appropriators anymore? Do we actually have a role in this Congress? Do we have any more power? Last week, the majority passed the Rescissions package to the House, the Senate, back to the House again.

And that bill eliminated spending that we had negotiated over the prior years. The hard work that we do every day in this committee, the hard work you’re doing right now—the snacks that you eat, the candy that’s going into your mouth, the amount of time that we take—that is all gone when we pass the Rescissions bill. And how will it be any different once we pass this bill, or the other bills we intend to pass this week?

I truly appreciate Chairman Cole’s efforts to have this committee work through these bills and pass these bills. But the question is, what are we doing? And do we have any power left anymore? Now, this bill, like so many others, will continue the damage and the cuts that this President has done over the first six months of his presidency.

I believe what he has done is illegal. These funding freezes and rescissions—and the compound damage he has done to our agencies and our states and communities—is something we will be dealing with for years. This bill—in particular at the EPA—cuts the funding to the states for water infrastructure by 62%. Cuts grant programs that fund our state environmental programs, and slashes the EPA by 23%.

Nobody benefits when we make those levels of cuts. Our states still have to do the work—on water infrastructure, on permitting. But the cuts in this bill, coupled with the rescissions in the Big Ugly bill, will debilitate America’s ability to address the climate crisis or to address our infrastructure needs, or to make sure our vital needs in our states of permitting will be enacted.

This presidency, this administration, is no longer just in denial. It is actively dismissing the government’s climate work and our vital environmental work. And this is work that needs to be done if we want to make sure we have a planet to hand over to our children and grandchildren.

Now, at the National Park Service, this bill cuts $213 million. And this is in addition to what happened in the Big Ugly bill, where nearly half a billion was rescinded from our national parks and our public lands. This is money that’s meant to go to conservation projects and habitat restoration, habitat restoration and critical staffing at our national parks. This is our vital season for national parks. And Americans want to be there.

And it is all compounded because we have not reauthorized the Great American Outdoors Act, which is another $1.3 billion that should be going for the maintenance backlog. This bill also funds the arts, but what a mess this administration has made of that. It was appalling to watch this administration illegally terminate thousands of grants at the NEA and the NEH.

They fired nearly 80% of the NEH staff, and they revoked funding for our State Humanities Council. This is money that’s meant to go to our communities, to our artists and workers, to kids in rural schools, to local economies that rely on cultural institutions and a don’t have a lot of other sources for funding. They’ve cut the Smithsonian by 12%, the National Gallery by 11%.

[They’re] gutting these funds, by cutting these funds and sidelining anything that they deem artistically and culturally offensive. They are gutting our arts and cultural institutions. I am relieved—and I’m grateful to the chair of the subcommittee and the full committee—that funding for tribal programs didn’t suffer the same cuts. And I appreciate that bipartisan cooperation and understanding of our treaty and trust obligation.

This bill also has 72 poison pill riders going after environmental protection, undermining our climate policies, and adding to our deficit. And overall, these cuts will only contribute to our struggling agencies. At the same time, this administration is redirecting funds to tax cuts and increasing our deficit by $3.4 trillion.

So I just want to go back to ending as I started this opening, OMB Director Vought has promised to send us more rescission packages. Each time we pass a rescission package, we undo—we wipe out—all the hard work we do negotiating in this committee. He said he’s looking to change the paradigm in appropriations, and that appropriations has to be less bipartisan.

When’s the last time one of your constituents came up to you and said, you people should be less bipartisan. You people should fight more, bicker more, and do less of what we ask you to do. How often do you hear that?

Now we’re appropriators, and we’re all proud to get to this moment when we actually get to serve on this committee. So let’s do our job. Let’s be appropriators, and let’s fight back for the power that goes to this committee and to our Congress. I encourage you to oppose this bill, unfortunately, and I yield back my time.

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MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Newhouse Votes for Responsible Land Management, Unleashing Natural Resources

Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

Headline: Newhouse Votes for Responsible Land Management, Unleashing Natural Resources

WASHINGTON, D.C. – Today, Rep. Dan Newhouse (WA-04) released the following statement upon committee passage of the Fiscal Year 2026 Interior, Environment, and Related Agencies Appropriations Act.

“In my four years as Chairman of the Congressional Western Caucus, I worked hard to counter the Biden administration’s top-down regulations that threatened our public lands and natural resources across the West. This legislation is a course correction from the previous administration to unleash the resources we have under our feet, protect public lands for all who enjoy their benefits, and prioritize conservation over preservation across the United States. I also secured critical funding for three water infrastructure projects in Othello, Winthrop, and Oroville to address the water supply and distribution challenges these communities face,” said Rep. Newhouse.

Newhouse added, “I thank Subcommittee Chairman Mike Simpson and Full Committee Chairman Tom Cole for their leadership and commitment to funding priorities that support our rural way of life.”

The Interior, Environment, and Related Agencies Appropriations Bill provides a total discretionary allocation of $37.971 billion, which is $2.54 billion (6%) below the Fiscal Year 2025 enacted level.

The bill fully funds the Payments in Lieu of Taxes (PILT) program, estimated at $550 million, and prioritizes funding for Tribes and Wildland Fire Management.

Champions American energy dominance and reduces regulatory burdens by:

Providing the OMB requested increase of $13.6 million for offshore oil and gas development at the Bureau of Ocean Energy Management and the OMB requested increase of $15 million for onshore oil and gas development at the Bureau of Land Management.
Requiring the Secretary of the Interior to conduct onshore and offshore oil and gas lease sales.
Prohibiting the use of the social cost of carbon, which has stymied new development.
Prohibiting the EPA from imposing the methane fee on oil and gas producers created by the Democrats’ Inflation Reduction Act.
Prohibiting multiple U.S. Fish and Wildlife Service rulings used to weaponize the Endangered Species Act against land users and energy producers.

Protects access to public lands by:

Blocking restrictions on hunting, fishing, and recreational shooting on federal lands.
Preventing additional regulations on ammunition, ammunition components, or fishing tackle under the Toxic Substances Control Act or any other law.
Prohibiting restrictions on where standard lead ammunition and fishing tackle can be used on certain federal lands or waters unless conditions are met.
Stopping the Bureau of Land Management’s Conservation and Landscape Health rule to ensure continued access to public lands for grazing, recreation, and energy development.

Bolsters U.S. national security and border protections by:

Reducing our reliance on foreign countries for critical minerals by promoting access to resources here at home through blocking certain lease withdrawals in Minnesota and reinstating mineral leases in the Superior National Forest.
Promoting domestic mining by ensuring ancillary mining activities can be approved, which is a fix to the Rosemont decision that created additional red tape and regulatory uncertainty for mining operations.
Ensuring chemical and pesticide manufacturers are not overburdened with requirements that would drive businesses overseas and threaten American competitiveness.
Prohibiting funds for the National Park Service to provide housing to an alien without lawful status.
Providing $771.84 million for Tribal Public Safety and Justice programs, which is a 39% increase over the FY25 enacted level.

Newhouse secured funding for the following projects in Washington’s Fourth District in this legislation:

City of Othello

Amount Secured: $1,000,000

The City of Othello is 100 percent reliant on a rapidly depleting groundwater supply and after several years of data collection, study completions, and pilot test studies, the City of Othello has developed an Aquifer Storage and Recovery (ASR) strategy to mitigate declining water levels in the Wanapum Basalt aquifer. The ASR method has proven to be effective, and the City has progressed to the stage of predesign. The City is requesting funding assistance with the next phase of “design” to build a permanent solution that will result in a sustainable, reliable, environmentally responsible water supply plan for the Othello region.

City of Winthrop

Amount Secured: $1,500,000

The proposed project will improve the reliability of the Town of Winthrop’s water source and distribution system. The town only has one functioning well (Well #1). If that well goes down, the town only has a day or two of water available in its three reservoirs. Well #2 has been approved as an emergency water source by Department of Health, but it needs to be rehabilitated to be in regular use.

Scope of work includes:

Rehabilitation of Well #2, including new pump, motor, piping, electrical/controls, generator backup, and a new well house.
Repairs to the Town’s East Reservoir, including waterproofing, concrete repairs, and altitude valve replacement.

Community benefits include public health and safety, fire protection, and water conservation. Winthrop is ranked #6 on the Washington DNR’s burn probability list. Given the community’s vulnerability to wildfire, ensuring a resilient and redundant water supply system with reliable fire flow capacity is critical for public safety.

City of Oroville

Amount Secured: $1,400,000

The project will result in new, upgraded water pipes that ensure safe and reliable drinking water to Oroville’s north end area. The City of Oroville requests $1,750,000 for construction of the first phase of the project which consists of approximately 3,500 lineal feet of aging and undersized water transmission main piping serving the “North End” of the City’s water system. The existing water t-mains consist of 4-inch and 6-inch deteriorated PVC pipe, which cannot provide adequate fire flow or service pressure and are prone to leaking. The project will replace these existing, undersized transmission mains with 12-inch transmission mains along 20th from Main St to Juniper St, and along Juniper St and Main St from 20th St to 23rd St. The project will also replace existing, undersized water transmission mains with 8-inch transmission mains along Deerpath Dr from 21st St to 23rd St, and along 23rd St from Deerpath Dr to Westlake Ave.

Bill text before amendments can be found here.

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MIL OSI USA News –

July 23, 2025

MIL-Evening Report: Central bank independence and credibility matters. Here’s why

Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

Olga Kashubin/Shutterstock

In the United States, President Donald Trump has been pressuring the chairman of the US Federal Reserve, Jerome Powell, to slash interest rates. This is partly to ease the interest payments on the ballooning US government debt.

Powell has so far resisted, but Trump has also threatened to replace him with someone who will do what he asks.

In Australia, after the Reserve Bank’s surprise decision to hold interest rates steady this month, some commentators have wondered if the central bank had “betrayed” Australians. Treasurer Jim Chalmers pointedly remarked:

It’s not the result millions of Australians were hoping for or what the market was expecting.

On Tuesday, the Reserve Bank released the minutes of that controversial policy-setting meeting, which said some economic data was slightly stronger than expected. The majority of the board believed:

lowering the cash rate a third time within the space of four meetings would be unlikely to be consistent with the strategy of easing monetary policy in a cautious and gradual manner.

Can’t rates just be kept low?

Wouldn’t we be better off if central banks kept interest rates low, as some politicians and borrowers were hoping for? It would certainly help those of us with mortgages.

Surprisingly, the answer is no.

We are better off when central banks set interest rates with a view on the longer run rather than just the short-term demands of politicians and borrowers.

To see why we can look at history to see what happens when a central bank isn’t independent.

Why does independence matter?

In the 1970s the chairman of the US Federal Reserve, Arthur Burns, was pressured to cut interest rates in the run-up to the 1972 election. He dutifully did so and, while President Richard Nixon was re-elected, this led to “stagflation” – with inflation, unemployment and even interest rates, higher than before interest rates were cut.

A more recent example of political pressure can be seen in Turkey where the president pressured the central bank to cut interest rates. He hoped to stimulate the economy and believed higher interest rates caused higher inflation.

Unfortunately, lower rates were shortly followed by higher inflation and, ultimately, much higher interest rates.

And today in the US, even though Powell has so far resisted Trump’s pressure, financial markets are shaken and long-term interest rates go up when Trump talks about replacing him.

Lower interest rates can be like a caffeinated energy drink – they give you a short-term energy boost, but can leave you tired, irritable and with a headache when the effects wear off.

So, why does this happen? It’s all about expectations.

Expectations about the future matter

A central bank influences the economy both through what it does and what people expect it to do. The ability to shape expectations is a powerful tool for central banks, especially during crises such as the COVID pandemic, when official interest rates were close to zero.

Imagine, for example, you are about to take out a mortgage. In making this decision you will likely think not just about current interest rates and your ability to make repayments, but what is likely to happen to future interest rates, your wages and inflation.

Credibility is the key to successfully shaping people’s expectations. If a central bank is independent and credible, consumers and businesses will listen to what it says and adjust their expectations accordingly.

The chart below illustrates this point.

Macquarie University’s Business Outlook Scenarios Survey asks businesses if they believe the Reserve Bank will meet its inflation goals. Those that do trust the bank (the line labelled “certain”) have lower inflation expectations than those that don’t (the line labelled “uncertain”).

Importantly, the expectations of those that trust the bank to meet its inflation goals tend to align with the bank’s 2–3% inflation target over the business cycle.

And these expectations affect what businesses and consumers do today.

So, how credible is the Reserve Bank today?

Despite the surprise hold, Australians still trust the RBA

Data from the Business Outlook Scenarios Survey shows the Reserve Bank has rebuilt its credibility since its 2021 “promise” not to raise interest rates until 2024. It has done this by reforming its board structure and membership, being more open and, most critically, by hitting the inflation target.

Indeed, the most recent survey data shows that, if anything, the surprise decision increased people’s confidence in the bank’s ability to control inflation.

In July, the survey was in the field between July 7 and 10. The Reserve Bank made its announcement on July 8. Out of 512 businesses surveyed, 368 completed it before the announcement and 144 completed it after the announcement.

Overall, more than 40% of businesses surveyed were certain the Reserve Bank will achieve its inflation target. This is up from less than 10% a year ago. And, those who completed the survey after the announcement were more likely to trust the Reserve Bank than those that who completed it before the announcement.

So next time you hear politicians and commentators calling for immediate interest rate cuts, you should hope the Reserve Bank ignores those calls and focuses on the longer term. Overseas experience shows things do not end well when politicians start determining interest rates.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Central bank independence and credibility matters. Here’s why – https://theconversation.com/central-bank-independence-and-credibility-matters-heres-why-260198

MIL OSI Analysis – EveningReport.nz –

July 23, 2025

MIL-Evening Report: Ultra fast fashion could be taxed to oblivion in France. Could Australia follow suit?

Source: The Conversation (Au and NZ) – By Rowena Maguire, Professor of Law and Director of the Centre of Justice, Queensland University of Technology

Ryan McVay/Getty

For centuries, clothes were hard to produce and expensive. People wore them as long as possible. But manufacturing advances have steadily driven down the cost of production. These days, clothing can be produced very cheaply. In the 1990s, companies began churning out fast fashion: low cost versions of high end trends. In the 2010s came ultra fast fashion, where clothes are produced extremely rapidly and intended to be almost disposable.

Ultra fast fashion is deeply unsustainable. Producing it is energy intensive and many low quality items go rapidly to landfill.

In response, France is planning to add a A$16 tax to each item of ultra-fast fashion, require mandatory environmental disclosures and ban advertising and influencer promotions.

To date, Australia has done little about the problem – even though every Australian bought an average of 53 new pieces of clothing as of 2023 and we send 220,000 tonnes of clothes to the dump annually. Responses so far have focused on voluntary schemes, which have done little to help. Policymakers should look overseas.

Ultra-fast fashion companies such as Shein and Temu would be targeted by new French laws, if they are passed.
Arnaud Finistre/Getty

Why is ultra fast fashion such a problem?

About 117 billion pieces of clothing were purchased worldwide in 2023 – about 14 pieces per person. That’s well beyond the limit of five new garments per year experts recommend if we’re to live within our planetary boundaries.

There are many problems with buying too many cheap clothes. Textile manufacturing is surprisingly energy intensive. At present, the industry is responsible for about 2% of global emissions and this is expected to rise steadily. Millions of barrels of oil are used each year to make synthetic fibres such as polyester.

Ultra fast fashion items rely heavily on synthetic fibres. When washed, they produce large volumes of microplastics which go into rivers and oceans. The European Union estimates textiles account for about 20% of freshwater pollution annually. Many ultra cheap clothing items have question marks over how ethically they were produced. Nearly all of these cheap clothes only have one owner before going to the dump.

Australia’s response is minimal

Australia has no national policy on clothing. Circular economy policies and strategies at both federal and state levels don’t tend to focus on textiles.

Australian consumer laws regulate greenwashing of products. In 2023, Australia’s peak competition regulator flagged the textile industry as one with a high rate of concerning claims.

Similarly, Australia’s modern slavery laws require large corporations to identify and address risks of slave labour in their operations. Fashion brands often source materials and labour from regions with high exploitation risks Unfortunately, these laws don’t have penalties attached.

These laws are positive, but still far from the EU’s large-scale efforts to regulate the textile industry.

One promising effort is the voluntary Seamless textile scheme. Voluntary schemes like these are often used as a way to introduce reforms to a previously unregulated sector or industry.

The goal of this scheme is to help brands take responsibility for the entire lifespan of the garments they make or sell. Participating brands and retailers pay a levy which is used to promote clothing repair and rental, expand recycling and run information campaigns. Seamless is meant to help the industry prepare for a potential mandatory scheme in the future. Former Federal Environment Minister Tanya Plibersek said she was “not afraid to regulate” last year, but nothing has happened since.

To date, participation has been very limited. Around 60 brands and retailers have signed up. Ultra-fast fashion brands such as Temu and Shein aren’t covered by the scheme, as they’re based overseas.

Ultra-fast fashion rapidly turns into rubbish.
Ernest Rose/Shutterstock

Time for laws with teeth?

France’s planned ultra fashion laws are directly aimed at high-volume, low-cost clothing producers with binding measures such as taxes and advertising bans. If the laws come into effect, France would likely see a substantial drop in the flows of these clothes and the textile waste produced.

By contrast, Australia’s efforts so far aren’t changing things. The Seamless scheme is voluntary, while greenwashing and modern slavery laws rely on disclosures and lack enforcement powers and penalties.

It wouldn’t be easy. At present, Australia lacks laws focused on textiles, while responsibility for clothing imports is split between different government departments and levels of government. The issue of fast fashion often hits local governments hardest in the form of increased waste volumes, for instance, but local governments have no power over the problem. If policymakers did introduce a French-style tax, they would face resistance from the industry and from some consumers.

The upside? France’s approach is far more likely to actually curb the damage done by ultra-fast fashion.

Rowena Maguire receives funding from United Nations Environment Program – Legal Division.

– ref. Ultra fast fashion could be taxed to oblivion in France. Could Australia follow suit? – https://theconversation.com/ultra-fast-fashion-could-be-taxed-to-oblivion-in-france-could-australia-follow-suit-259559

MIL OSI Analysis – EveningReport.nz –

July 23, 2025

MIL-OSI: Hanmi Reports 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, July 22, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (NASDAQ: HAFC, or “Hanmi”), the parent company of Hanmi Bank (the “Bank”), today reported financial results for the second quarter of 2025.

Net income for the second quarter of 2025 was $15.1 million, or $0.50 per diluted share, compared with $17.7 million, or $0.58 per diluted share for the first quarter of 2025. The return on average assets for the second quarter of 2025 was 0.79% and the return on average equity was 7.48%, compared with a return on average assets of 0.94% and a return on average equity of 8.92% for the first quarter of 2025.

CEO Commentary

“Hanmi delivered solid performance in the second quarter, highlighted by strong operational metrics,” said Bonnie Lee, President and Chief Executive Officer. “We further expanded our net interest margin to 3.07%, and grew preprovision net revenue by 3.7%, primarily driven by lower funding costs.”

“Loans grew 1.6% on an annualized basis with healthy C&I and residential mortgage loan production. Our relationship-based model continued to drive deposit growth, up 1.7% for the quarter. Noninterest-bearing demand deposit balances remained strong, accounting for over 30% of total deposits.”

“Our second quarter net income was impacted by credit loss expense; however, importantly, asset quality remained excellent with significant improvement from the prior quarter. Criticized loans, nonaccrual loans and delinquent loans all declined notably. Looking to the second half of the year, we are encouraged by the strength of our loan pipeline and remain focused on deepening client relationships, expanding our market presence and leveraging our balance sheet to deliver sustainable long-term growth.”

Second Quarter 2025 Highlights:

Second quarter net income was $15.1 million, or $0.50 per diluted share, compared with $17.7 million, or $0.58 per diluted share in the first quarter; the decline was driven by credit loss expense of $7.6 million.

Preprovision net revenue¹ grew 3.7%, or $1.0 million, reflecting a 3.7% increase in net interest income, a five basis point increase in the net interest margin, a 4.5% increase in noninterest income and well-managed noninterest expenses with the efficiency ratio remaining unchanged at 55.7%.

Asset quality improved significantly from the first quarter – criticized loans dropped 71.8% to 0.74% of total loans reflecting $85.3 million in loan upgrades of two CRE loans, a $20.0 million loan payment, and an $8.6 million loan charge-off; nonaccrual loans fell 26.8% to 0.41% of total loans reflecting the loan charge-off; and loan delinquencies declined to 0.17% of total loans.

Loans receivables were $6.31 billion at June 30, 2025, up 0.4% from the end of the first quarter of 2025; loan production for the second quarter was $329.6 million, with a weighted average interest rate of 7.10%.

Deposits were $6.73 billion at June 30, 2025, up 1.7% from the end of the first quarter of 2025; noninterest-bearing demand deposits at June 30, 2025 were 31.3% of total deposits.

Hanmi’s capital position remains strong with the ratio of tangible common equity to tangible assets² at 9.58% and the common equity tier 1 capital ratio at 12.12%; both essentially unchanged from the first quarter; tangible book value per share³ was $24.91.

____________________________________
_{¹ See non-GAAP reconciliation provided at the end of this news release.}

For more information about Hanmi, please see the Q2 2025 Investor Update (and Supplemental Financial Information), which is available on the Bank’s website at www.hanmi.com and via a current report on Form 8-K on the website of the Securities and Exchange Commission at www.sec.gov. Also, please refer to “Non-GAAP Financial Measures” herein for further details of the presentation of certain non-GAAP financial measures.

Quarterly Highlights
(Dollars in thousands, except per share data)

	As of or for the Three Months Ended															Amount Change
	June 30,			March 31,			December 31,			September 30,			June 30,			Q2-25			Q2-25
	2025			2025			2024			2024			2024			vs. Q1-25			vs. Q2-24

Net income	$	15,117		$	17,672		$	17,695		$	14,892		$	14,451		$	(2,555	)	$	666
Net income per diluted common share	$	0.50		$	0.58		$	0.58		$	0.49		$	0.48		$	(0.08	)	$	0.02

Assets	$	7,862,363		$	7,729,035		$	7,677,925		$	7,712,299		$	7,586,347		$	133,328		$	276,016
Loans receivable	$	6,305,957		$	6,282,189		$	6,251,377		$	6,257,744		$	6,176,359		$	23,768		$	129,598
Deposits	$	6,729,122		$	6,619,475		$	6,435,776		$	6,403,221		$	6,329,340		$	109,647		$	399,782

Return on average assets		0.79	%		0.94	%		0.93	%		0.79	%		0.77	%		-0.15			0.02
Return on average stockholders’ equity		7.48	%		8.92	%		8.89	%		7.55	%		7.50	%		-1.44			-0.02

Net interest margin		3.07	%		3.02	%		2.91	%		2.74	%		2.69	%		0.05			0.38
Efficiency ratio ⁽¹⁾		55.74	%		55.69	%		56.79	%		59.98	%		62.24	%		0.05			-6.50

Tangible common equity to tangible assets ⁽²⁾		9.58	%		9.59	%		9.41	%		9.42	%		9.19	%		-0.01			0.39
Tangible common equity per common share ⁽²⁾	$	24.91		$	24.49		$	23.88		$	24.03		$	22.99			0.42			1.92

_{⁽¹⁾Noninterest expense divided by net interest income plus noninterest income.}
_{⁽²⁾Refer to “Non-GAAP Financial Measures” for further details.}

Results of Operations
Net interest income for the second quarter was $57.1 million, up 3.7% from $55.1 million for the first quarter of 2025. The increase reflected the benefit of lower rates on interest-bearing liabilities, a higher volume of interest-earning assets and one additional day in the quarter. Average interest-earning assets increased 1.2% while the average yield decreased by one basis point. Average loans receivable increased 1.1% while the average yield decreased by two basis points to 5.93%. Average interest-bearing liabilities increased 0.9% while the average rate paid declined seven basis points. Average interest-bearing deposits, however, increased 3.7% while the average rate paid declined by five basis points to 3.64%, primarily due to lower rates paid on time deposits. Average borrowings fell 66.5% while the average rate paid increased one basis point.

Net interest margin (taxable equivalent) for the second quarter was 3.07%, up five basis points from 3.02% for the first quarter of 2025. The increase in the net interest margin reflected principally the benefit from lower average borrowings and a higher average balance of interest-bearing deposits in other banks.

____________________________________
_{² See non-GAAP reconciliation provided at the end of this news release.}
_{³ See non-GAAP reconciliation provided at the end of this news release.}

	For the Three Months Ended (in thousands)										Percentage Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Q2-25			Q2-25
Net Interest Income	2025		2025		2024		2024		2024		vs. Q1-25			vs. Q2-24

Interest and fees on loans receivable ⁽¹⁾	$	92,589	$	90,887	$	91,545	$	92,182	$	90,752		1.9	%		2.0	%
Interest on securities		6,261		6,169		5,866		5,523		5,238		1.5	%		19.5	%
Dividends on FHLB stock		354		360		360		356		357		-1.7	%		-0.8	%
Interest on deposits in other banks		2,129		1,841		2,342		2,356		2,313		15.6	%		-8.0	%
Total interest and dividend income	$	101,333	$	99,257	$	100,113	$	100,417	$	98,660		2.1	%		2.7	%

Interest on deposits		41,924		40,559		43,406		47,153		46,495		3.4	%		-9.8	%
Interest on borrowings		684		2,024		1,634		1,561		1,896		-66.2	%		-63.9	%
Interest on subordinated debentures		1,586		1,582		1,624		1,652		1,649		0.3	%		-3.8	%
Total interest expense		44,194		44,165		46,664		50,366		50,040		0.1	%		-11.7	%
Net interest income	$	57,139	$	55,092	$	53,449	$	50,051	$	48,620		3.7	%		17.5	%

_{⁽¹⁾Includes loans held for sale.}

	For the Three Months Ended (in thousands)										Percentage Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Q2-25			Q2-25
Average Earning Assets and Interest-bearing Liabilities	2025		2025		2024		2024		2024		vs. Q1-25			vs. Q2-24
Loans receivable ⁽¹⁾	$	6,257,741	$	6,189,531	$	6,103,264	$	6,112,324	$	6,089,440		1.1	%		2.8	%
Securities		993,975		1,001,499		998,313		986,041		979,671		-0.8	%		1.5	%
FHLB stock		16,385		16,385		16,385		16,385		16,385		0.0	%		0.0	%
Interest-bearing deposits in other banks		200,266		176,028		204,408		183,027		180,177		13.8	%		11.1	%
Average interest-earning assets	$	7,468,367	$	7,383,443	$	7,322,370	$	7,297,777	$	7,265,673		1.2	%		2.8	%

Demand: interest-bearing	$	81,308	$	79,369	$	79,784	$	83,647	$	85,443		2.4	%		-4.8	%
Money market and savings		2,109,221		2,037,224		1,934,540		1,885,799		1,845,870		3.5	%		14.3	%
Time deposits		2,434,659		2,345,346		2,346,363		2,427,737		2,453,154		3.8	%		-0.8	%
Average interest-bearing deposits		4,625,188		4,461,939		4,360,687		4,397,183		4,384,467		3.7	%		5.5	%
Borrowings		60,134		179,444		141,604		143,479		169,525		-66.5	%		-64.5	%
Subordinated debentures		130,880		130,718		130,567		130,403		130,239		0.1	%		0.5	%
Average interest-bearing liabilities	$	4,816,202	$	4,772,101	$	4,632,858	$	4,671,065	$	4,684,231		0.9	%		2.8	%

Average Noninterest Bearing Deposits
Demand deposits – noninterest bearing	$	1,934,985	$	1,895,953	$	1,967,789	$	1,908,833	$	1,883,765		2.1	%		2.7	%

_{⁽¹⁾Includes loans held for sale.}

	For the Three Months Ended															Yield/Rate Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Q2-25		Q2-25
Average Yields and Rates	2025			2025			2024			2024			2024			vs. Q1-25		vs. Q2-24
Loans receivable ⁽¹⁾		5.93	%		5.95	%		5.97	%		6.00	%		5.99	%		-0.02		-0.06
Securities ⁽²⁾		2.55	%		2.49	%		2.38	%		2.27	%		2.17	%		0.06		0.38
FHLB stock		8.65	%		8.92	%		8.75	%		8.65	%		8.77	%		-0.27		-0.12
Interest-bearing deposits in other banks		4.26	%		4.24	%		4.56	%		5.12	%		5.16	%		0.02		-0.90
Interest-earning assets		5.44	%		5.45	%		5.45	%		5.48	%		5.46	%		-0.01		-0.02

Interest-bearing deposits		3.64	%		3.69	%		3.96	%		4.27	%		4.27	%		-0.05		-0.63
Borrowings		4.58	%		4.57	%		4.59	%		4.33	%		4.50	%		0.01		0.08
Subordinated debentures		4.84	%		4.84	%		4.97	%		5.07	%		5.07	%		0.00		-0.23
Interest-bearing liabilities		3.68	%		3.75	%		4.01	%		4.29	%		4.30	%		-0.07		-0.62

Net interest margin (taxable equivalent basis)		3.07	%		3.02	%		2.91	%		2.74	%		2.69	%		0.05		0.38

Cost of deposits		2.56	%		2.59	%		2.73	%		2.97	%		2.98	%		-0.03		-0.42

_{⁽¹⁾Includes loans held for sale.}
_{⁽²⁾Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.}

Credit loss expense for the second quarter was $7.6 million, compared with $2.7 million for the first quarter of 2025. The increase in credit loss expense reflected the increase in net charge-offs as well as an increase in quantitative and qualitative estimated loss rates. Net charge-offs included an $8.6 million loan charge-off on the syndicated commercial real estate office loan designated as nonaccrual, with an associated specific allowance of $6.2 million, in the first quarter of 2025. Second quarter credit loss expense included a $7.5 million credit loss expense for loan losses and a $0.1 million credit loss expense for off-balance sheet items. First quarter credit loss expense included a $2.4 million credit loss expense for loan losses and a $0.3 million credit loss expense for off-balance sheet items.

Noninterest income for the second quarter increased $0.4 million, or 4.5%, to $8.1 million from $7.7 million for the first quarter of 2025. The increase was primarily due to a $0.2 million increase on gains from the sale of SBA loans and an increase in bank-owned life insurance income of $0.4 million from a death benefit claim, partially offset by the absence of gain on sale of mortgage loans. Gain on sales of SBA loans were $2.2 million for the second quarter of 2025, compared with $2.0 million for the first quarter of 2025. The volume of SBA loans sold for the second quarter increased to $35.4 million from $32.2 million for the first quarter of 2025, while trade premiums were 7.61% for the second quarter of 2025 compared with 7.82% for the first quarter. There were no mortgage loans sales during the second quarter, compared with $10.0 million of mortgage loans sold at a 2.50% premium for the first quarter. Gains on mortgage loans sold were $0.2 million for the first quarter. Subsequent to the end of the second quarter, $41.9 million of mortgage loans were sold at a 2.38% premium resulting in a gain of $0.7 million.

	For the Three Months Ended (in thousands)										Percentage Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Q2-25			Q2-25
Noninterest Income	2025		2025		2024		2024		2024		vs. Q1-25			vs. Q2-24
Service charges on deposit accounts	$	2,169	$	2,217	$	2,192	$	2,311	$	2,429		-2.2	%		-10.7	%
Trade finance and other service charges and fees		1,461		1,396		1,364		1,254		1,277		4.7	%		14.4	%
Servicing income		754		732		668		817		796		3.0	%		-5.3	%
Bank-owned life insurance income		708		309		316		320		638		129.1	%		11.0	%
All other operating income		819		897		1,037		1,008		908		-8.7	%		-9.8	%
Service charges, fees & other		5,911		5,551		5,577		5,710		6,048		6.5	%		-2.3	%

Gain on sale of SBA loans		2,160		2,000		1,443		1,544		1,644		8.0	%		31.4	%
Gain on sale of mortgage loans		–		175		337		324		365		-100.0	%		-100.0	%
Gain on sale of bank premises		–		–		–		860		–		0.0	%		0.0	%
Total noninterest income	$	8,071	$	7,726	$	7,357	$	8,438	$	8,057		4.5	%		0.2	%

Noninterest expense for the second quarter increased $1.3 million to $36.3 million from $35.0 million for the first quarter of 2025. Second quarter noninterest expense was up 3.9% sequentially due to increases in salaries and benefits, professional fees, advertising and promotion and all other operating expenses, partially offset by a $0.6 million gain on sale of other real estate owned. Salaries and benefits increased $1.1 million due to annual merit adjustments and lower capitalized salaries related to loan production. Professional fees increased $0.3 million due to new project activities and fees for services. Advertising and promotion increased $0.2 million primarily due to a new branch opening. All other operating expenses increased $0.4 million due to loan and deposit operating expenses. The efficiency ratio for the second quarter was 55.7%, unchanged from the first quarter of 2025.

	For the Three Months Ended (in thousands)													Percentage Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,		Jun 30,		Q2-25			Q2-25
	2025			2025			2024			2024		2024		vs. Q1-25			vs. Q2-24
Noninterest Expense
Salaries and employee benefits	$	22,069		$	20,972		$	20,498		$	20,851	$	20,434		5.2	%		8.0	%
Occupancy and equipment		4,344			4,450			4,503			4,499		4,348		-2.4	%		-0.1	%
Data processing		3,727			3,787			3,800			3,839		3,686		-1.6	%		1.1	%
Professional fees		1,725			1,468			1,821			1,492		1,749		17.5	%		-1.4	%
Supplies and communication		515			517			551			538		570		-0.4	%		-9.6	%
Advertising and promotion		798			585			821			631		669		36.4	%		19.3	%
All other operating expenses		3,567			3,175			3,847			2,875		3,251		12.3	%		9.7	%
Subtotal		36,745			34,954			35,841			34,725		34,707		5.1	%		5.9	%

Branch consolidation expense		–			–			–			–		301		0.0	%		-100.0	%
Other real estate owned expense (income)		(461	)		41			(1,588	)		77		6	N/M			N/M
Repossessed personal property expense (income)		63			(11	)		281			278		262		-672.7	%		-76.0	%
Total noninterest expense	$	36,347		$	34,984		$	34,534		$	35,080	$	35,276		3.9	%		3.0	%

Hanmi recorded a provision for income taxes of $6.1 million for the second quarter of 2025, compared with $7.4 million for the first quarter of 2025, representing an effective tax rate of 28.8% and 29.6%, respectively.

Financial Position
Total assets at June 30, 2025 increased 1.7%, or $133.3 million, to $7.86 billion from $7.73 billion at March 31, 2025. The increase reflected a $51.0 million increase in cash, a $37.8 million increase in loans held for sale, a $27.6 million increase in loans, a $11.1 million increase in securities available for sale, and a $6.7 million increase in prepaid expenses and other assets.

Loans receivable, before allowance for credit losses, were $6.31 billion at June 30, 2025, up from $6.28 billion at March 31, 2025.

Loans held-for-sale were $49.6 million at June 30, 2025, up from $11.8 million at March 31, 2025. At the end of the second quarter, loans held-for-sale consisted of $41.9 million of residential mortgage loans and $7.7 million of the guaranteed portion of SBA 7(a) loans.

	As of (in thousands)										Percentage Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Q2-25			Q2-25
	2025		2025		2024		2024		2024		vs. Q1-25			vs. Q2-24
Loan Portfolio
Commercial real estate loans	$	3,948,922	$	3,975,651	$	3,949,622	$	3,932,088	$	3,888,505		-0.7	%		1.6	%
Residential/consumer loans		993,869		979,536		951,302		939,285		954,209		1.5	%		4.2	%
Commercial and industrial loans		917,995		854,406		863,431		879,092		802,372		7.4	%		14.4	%
Equipment finance		445,171		472,596		487,022		507,279		531,273		-5.8	%		-16.2	%
Loans receivable		6,305,957		6,282,189		6,251,377		6,257,744		6,176,359		0.4	%		2.1	%
Loans held for sale		49,611		11,831		8,579		54,336		10,467		319.3	%		374.0	%
Total	$	6,355,568	$	6,294,020	$	6,259,956	$	6,312,080	$	6,186,826		1.0	%		2.7	%

	As of
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2025			2025			2024			2024			2024
Composition of Loan Portfolio
Commercial real estate loans		62.2	%		63.1	%		63.1	%		62.3	%		62.9	%
Residential/consumer loans		15.6	%		15.6	%		15.2	%		14.9	%		15.4	%
Commercial and industrial loans		14.4	%		13.6	%		13.8	%		13.9	%		13.0	%
Equipment finance		7.0	%		7.5	%		7.8	%		8.0	%		8.5	%
Loans receivable		99.2	%		99.8	%		99.9	%		99.1	%		99.8	%
Loans held for sale		0.8	%		0.2	%		0.1	%		0.9	%		0.2	%
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

New loan production was $329.6 million for the second quarter of 2025 with an average rate of 7.10%, while payoffs were $119.1 million during the quarter at an average rate of 6.47%.

Commercial real estate loan production for the second quarter of 2025 was $112.0 million. Residential mortgage loan production was $83.8 million. Commercial and industrial loan production was $53.4 million, SBA loan production was $46.8 million, and equipment finance production was $33.6 million.

	For the Three Months Ended (in thousands)
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2025			2025			2024			2024			2024
New Loan Production
Commercial real estate loans	$	111,993		$	146,606		$	146,716		$	110,246		$	87,632
Residential/consumer loans		83,761			55,000			40,225			40,758			30,194
Commercial and industrial loans		53,444			42,344			60,159			105,086			59,007
SBA loans		46,829			55,242			49,740			51,616			54,486
Equipment finance		33,567			46,749			42,168			40,066			42,594
Subtotal		329,594			345,941			339,008			347,772			273,913


Payoffs		(119,139	)		(125,102	)		(137,933	)		(77,603	)		(148,400	)
Amortization		(151,357	)		(90,743	)		(60,583	)		(151,674	)		(83,640	)
Loan sales		(35,388	)		(42,193	)		(67,852	)		(43,868	)		(42,945	)
Net line utilization		12,435			(53,901	)		(75,651	)		9,426			1,929
Charge-offs & OREO		(12,377	)		(3,190	)		(3,356	)		(2,668	)		(2,338	)

Loans receivable-beginning balance		6,282,189			6,251,377			6,257,744			6,176,359			6,177,840
Loans receivable-ending balance	$	6,305,957		$	6,282,189		$	6,251,377		$	6,257,744		$	6,176,359

Deposits were $6.73 billion at the end of the second quarter of 2025, up $109.6 million, or 1.7%, from $6.62 billion at the end of the prior quarter. Driving the change was a $42.7 million increase in time deposits, a $38.7 million increase in noninterest-bearing demand deposits and a $18.9 million increase in money market and savings deposits. Noninterest-bearing demand deposits represented 31.3% of total deposits at June 30, 2025 and the loan-to-deposit ratio was 93.7%.

	As of (in thousands)										Percentage Change
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,		Q2-25			Q2-25
	2025		2025		2024		2024		2024		vs. Q1-25			vs. Q2-24
Deposit Portfolio
Demand: noninterest-bearing	$	2,105,369	$	2,066,659	$	2,096,634	$	2,051,790	$	1,959,963		1.9	%		7.4	%
Demand: interest-bearing		90,172		80,790		80,323		79,287		82,981		11.6	%		8.7	%
Money market and savings		2,092,847		2,073,943		1,933,535		1,898,834		1,834,797		0.9	%		14.1	%
Time deposits		2,440,734		2,398,083		2,325,284		2,373,310		2,451,599		1.8	%		-0.4	%
Total deposits	$	6,729,122	$	6,619,475	$	6,435,776	$	6,403,221	$	6,329,340		1.7	%		6.3	%

	As of
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2025			2025			2024			2024			2024
Composition of Deposit Portfolio
Demand: noninterest-bearing		31.3	%		31.2	%		32.6	%		32.0	%		31.0	%
Demand: interest-bearing		1.3	%		1.2	%		1.2	%		1.2	%		1.3	%
Money market and savings		31.1	%		31.3	%		30.0	%		29.7	%		29.0	%
Time deposits		36.3	%		36.3	%		36.2	%		37.1	%		38.7	%
Total deposits		100.0	%		100.0	%		100.1	%		100.0	%		100.0	%

Stockholders’ equity at June 30, 2025 was $762.8 million, up $11.3 million from $751.5 million at March 31, 2025. The increase included net income, net of dividends paid, of $7.0 million for the second quarter. In addition, the increase in stockholders’ equity included a $5.5 million decrease in unrealized after-tax losses on securities available for sale, due to changes in interest rates during the second quarter of 2025. Hanmi also repurchased 70,000 shares of common stock at a cost of $1.6 million, for an average share price of $23.26, during the quarter. At June 30, 2025, 1,110,500 shares remain under Hanmi’s share repurchase program. Tangible common stockholders’ equity was $751.8 million, or 9.58% of tangible assets at June 30, 2025 compared with $740.5 million, or 9.59% of tangible assets at the end of the prior quarter. Please refer to the Non-GAAP Financial Measures section below for more information.

Hanmi and the Bank exceeded minimum regulatory capital requirements, and the Bank continues to exceed the minimum for the “well capitalized” category. At June 30, 2025, Hanmi’s preliminary common equity tier 1 capital ratio was 12.12% and its total risk-based capital ratio was 15.20%, compared with 12.12% and 15.28%, respectively, at the end of the prior quarter.

	As of															Ratio Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Q2-25		Q2-25
	2025			2025			2024			2024			2024			vs. Q1-25		vs. Q2-24
Regulatory Capital ratios ⁽¹⁾
Hanmi Financial
Total risk-based capital		15.20	%		15.28	%		15.24	%		15.03	%		15.24	%		-0.08		-0.04
Tier 1 risk-based capital		12.46	%		12.46	%		12.46	%		12.29	%		12.46	%		0.00		0.00
Common equity tier 1 capital		12.12	%		12.12	%		12.11	%		11.95	%		12.11	%		0.00		0.01
Tier 1 leverage capital ratio		10.63	%		10.67	%		10.63	%		10.56	%		10.51	%		-0.04		0.12
Hanmi Bank
Total risk-based capital		14.39	%		14.47	%		14.43	%		14.27	%		14.51	%		-0.08		-0.12
Tier 1 risk-based capital		13.32	%		13.34	%		13.36	%		13.23	%		13.47	%		-0.02		-0.15
Common equity tier 1 capital		13.32	%		13.34	%		13.36	%		13.23	%		13.47	%		-0.02		-0.15
Tier 1 leverage capital ratio		11.43	%		11.49	%		11.47	%		11.43	%		11.41	%		-0.06		0.02

_{⁽¹⁾Preliminary ratios for June 30, 2025}

Asset Quality
Loans 30 to 89 days past due and still accruing were 0.17% of loans at the end of the second quarter of 2025, compared with 0.28% at the end of the prior quarter.

Criticized loans totaled $46.6 million at June 30, 2025, down from $164.9 million at the end of the prior quarter. The $118.3 million decrease resulted from a $105.7 million decrease in special mention loans, and a $12.6 million decrease in classified loans. The $105.7 million decrease in special mention loans included loan upgrades of $85.3 million of two commercial real estate loans, paydowns of $20.0 million and amortization of $0.7 million, offset by downgrades of $0.3 million. The $12.6 million decrease in classified loans resulted from $8.7 million of loan charge-offs (primarily due to the previously mentioned $8.6 million commercial real estate loan charge-off), $2.9 million of equipment financing charge-offs, $1.6 million of amortization/paydowns, $4.0 million of loan upgrades and, $0.2 million of payoffs, offset by $4.8 million in additions. Additions included newly classified equipment financing agreements of $2.4 million and loan downgrades of $2.4 million.

Nonperforming loans were $26.0 million at June 30, 2025, down from $35.6 million at the end of the prior quarter. The $9.6 million decrease primarily reflected charge-offs of $11.6 million, $1.3 million in paydowns, loan upgrades of $1.0 million, and pay-offs of $0.2 million. Additions included $2.1 million of loans and $2.5 million of equipment financing agreements.

Nonperforming assets were $26.0 million at June 30, 2025, down from $35.7 million at the end of the prior quarter. As a percentage of total assets, nonperforming assets were 0.33% at June 30, 2025, and 0.46% at the end of the prior quarter.

Gross charge-offs for the second quarter of 2025 were $12.4 million, compared with $3.2 million for the preceding quarter. The increase in gross charge-offs was primarily due to a $8.6 million charge-off on a commercial real estate loan designated as nonaccrual during the first quarter of 2025. Charge-offs during the second quarter also included $2.9 million on equipment financing agreements. Recoveries of previously charged-off loans were $1.0 million in the second quarter of 2025, which included $0.6 million of recoveries on equipment financing agreements. As a result, there were $11.4 million of net charge-offs for the second quarter of 2025, compared to $1.9 million for the prior quarter.

The allowance for credit losses was $66.8 million at June 30, 2025, compared with $70.6 million at March 31, 2025. Collectively evaluated allowances increased $3.8 million and specific allowances for loans decreased $7.6 million. The decrease in specific allowances was a result of the previously mentioned $8.6 million charge-off. The ratio of the allowance for credit losses to loans was 1.06% at June 30, 2025 and 1.12% at the end of the prior quarter.

	As of or for the Three Months Ended (in thousands)															Amount Change
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Q2-25			Q2-25
	2025			2025			2024			2024			2024			vs. Q1-25			vs. Q2-24
Asset Quality Data and Ratios

Delinquent loans:
Loans, 30 to 89 days past due and still accruing	$	10,953		$	17,312		$	18,454		$	15,027		$	13,844		$	(6,359	)	$	(2,891	)
Delinquent loans to total loans		0.17	%		0.28	%		0.30	%		0.24	%		0.22	%		(0.11	)		(0.05	)

Criticized loans:
Special mention	$	12,701		$	118,380		$	139,612		$	131,575		$	36,921		$	(105,679	)	$	(24,220	)
Classified		33,857			46,519			25,683			28,377			33,945			(12,662	)		(88	)
Total criticized loans ⁽¹⁾	$	46,558		$	164,899		$	165,295		$	159,952		$	70,866		$	(118,341	)	$	(24,308	)

Criticized loans to total loans		0.74	%		2.62	%		2.64	%		2.56	%		1.15	%		(1.88	)		(0.41	)

Nonperforming assets:
Nonaccrual loans	$	25,968		$	35,459		$	14,272		$	15,248		$	19,245		$	(9,491	)	$	6,723
Loans 90 days or more past due and still accruing		–			112			–			242			–			(112	)		–
Nonperforming loans ⁽²⁾		25,968			35,571			14,272			15,490			19,245			(9,603	)		6,723
Other real estate owned, net		–			117			117			772			772			(117	)		(772	)
Nonperforming assets ⁽³⁾	$	25,968		$	35,688		$	14,389		$	16,262		$	20,017		$	(9,720	)	$	5,951

Nonperforming assets to assets ⁽²⁾		0.33	%		0.46	%		0.19	%		0.21	%		0.26	%		-0.13			0.07
Nonperforming loans to total loans		0.41	%		0.57	%		0.23	%		0.25	%		0.31	%		-0.16			0.10

_{⁽¹⁾Includes nonaccrual loans of $24.1 million, $34.4 million, $13.4 million, $13.6 million, and $18.4 million as of Q2-25, Q1-25, Q4-24, Q3-24, and Q2-24, respectively.}
_{⁽²⁾Excludes a $27.2 million nonperforming loan held-for-sale as of September 30, 2024.}
_{⁽³⁾Excludes repossessed personal property of $0.6 million, $0.7 million, $0.6 million, $1.2 million, and $1.2 million as of Q2-25, Q1-25, Q4-24, Q3-24, and Q2-24, respectively.}

	As of or for the Three Months Ended (in thousands)
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2025			2025			2024			2024			2024
Allowance for credit losses related to loans:
Balance at beginning of period	$	70,597		$	70,147		$	69,163		$	67,729		$	68,270
Credit loss expense (recovery) on loans		7,524			2,396			855			2,312			1,248
Net loan (charge-offs) recoveries		(11,365	)		(1,946	)		129			(878	)		(1,789	)
Balance at end of period	$	66,756		$	70,597		$	70,147		$	69,163		$	67,729

Net loan charge-offs (recoveries) to average loans ⁽¹⁾		0.73	%		0.13	%		-0.01	%		0.06	%		0.12	%
Allowance for credit losses to loans		1.06	%		1.12	%		1.12	%		1.11	%		1.10	%

Allowance for credit losses related to off-balance sheet items:
Balance at beginning of period	$	2,399		$	2,074		$	1,984		$	2,010		$	2,297
Credit loss expense (recovery) on off-balance sheet items		107			325			90			(26	)		(287	)
Balance at end of period	$	2,506		$	2,399		$	2,074		$	1,984		$	2,010

Unused commitments to extend credit	$	915,847		$	896,282		$	782,587		$	739,975		$	795,391

_{⁽¹⁾Annualized}

Corporate Developments
On April 24, 2025, Hanmi’s Board of Directors declared a cash dividend on its common stock for the 2025 second quarter of $0.27 per share. Hanmi paid the dividend on May 21, 2025, to stockholders of record as of the close of business on May 5, 2025.

Earnings Conference Call
Hanmi Bank will host its second quarter 2025 earnings conference call today, July 22, 2025, at 2:00 p.m. PST (5:00 p.m. EST) to discuss these results. This call will also be webcast. To access the call, please dial 1-877-407-9039 before 2:00 p.m. PST, using access code Hanmi Bank. To listen to the call online, either live or archived, please visit Hanmi’s Investor Relations website at https://investors.hanmi.com/ where it will also be available for replay approximately one hour following the call.

About Hanmi Financial Corporation
Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of 32 full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

Forward-Looking Statements
This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are “forward–looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about our anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our capital and strategic plans, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that our forward-looking statements to be reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statements. These factors include the following:

a failure to maintain adequate levels of capital and liquidity to support our operations;
general economic and business conditions internationally, nationally and in those areas in which we operate, including any potential recessionary conditions;
volatility and deterioration in the credit and equity markets;
changes in investor sentiment or consumer spending, borrowing and savings habits;
availability of capital from private and government sources;
demographic changes;
competition for loans and deposits and failure to attract or retain loans and deposits;
inflation and fluctuations in interest rates that reduce our margins and yields, the fair value of financial instruments, the level of loan originations or prepayments on loans we have made and make, the level of loan sales and the cost we pay to retain and attract deposits and secure other types of funding;
our ability to enter new markets successfully and capitalize on growth opportunities;
the current or anticipated impact of military conflict, terrorism or other geopolitical events;
the effect of potential future supervisory action against us or Hanmi Bank and our ability to address any issues raised in our regulatory exams;
risks of natural disasters;
legal proceedings and litigation brought against us;
a failure in or breach of our operational or security systems or infrastructure, including cyberattacks;
the failure to maintain current technologies;
risks associated with Small Business Administration loans;
failure to attract or retain key employees;
our ability to access cost-effective funding;
the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;
changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio;
fluctuations in real estate values;
changes in accounting policies and practices;
changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums and changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System;
the ability of Hanmi Bank to make distributions to Hanmi Financial Corporation, which is restricted by certain factors, including Hanmi Bank’s retained earnings, net income, prior distributions made, and certain other financial tests;
strategic transactions we may enter into;
the adequacy of and changes in the economic assumptions and methodology for computing our allowance for credit losses;
our credit quality and the effect of credit quality on our credit losses expense and allowance for credit losses;
changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements;
our ability to control expenses; and
cyber security and fraud risks against our information technology and those of our third-party providers and vendors.

In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission, including, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that we will file hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Investor Contacts:
Romolo (Ron) Santarosa
Senior Executive Vice President & Chief Financial Officer
213-427-5636

Lisa Fortuna
Investor Relations
Financial Profiles, Inc.
lfortuna@finprofiles.com
310-622-8251

Hanmi Financial Corporation and Subsidiaries
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)

	June 30,			March 31,			Percentage			June 30,			Percentage
	2025			2025			Change			2024			Change
Assets
Cash and due from banks	$	380,050		$	329,003			15.5	%	$	313,079			21.4	%
Securities available for sale, at fair value		918,094			907,011			1.2	%		877,638			4.6	%
Loans held for sale, at the lower of cost or fair value		49,611			11,831			319.3	%		10,467			374.0	%
Loans receivable, net of allowance for credit losses		6,239,201			6,211,592			0.4	%		6,108,630			2.1	%
Accrued interest receivable		23,749			23,536			0.9	%		23,958			-0.9	%
Premises and equipment, net		20,607			20,866			-1.2	%		21,955			-6.1	%
Customers’ liability on acceptances		214			552			-61.2	%		551			-61.2	%
Servicing assets		6,420			6,422			0.0	%		6,836			-6.1	%
Goodwill and other intangible assets, net		11,031			11,031			0.0	%		11,048			-0.2	%
Federal Home Loan Bank (“FHLB”) stock, at cost		16,385			16,385			0.0	%		16,385			0.0	%
Bank-owned life insurance		56,985			57,476			-0.9	%		56,534			0.8	%
Prepaid expenses and other assets		140,016			133,330			5.0	%		139,266			0.5	%
Total assets	$	7,862,363		$	7,729,035			1.7	%	$	7,586,347			3.6	%

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	2,105,369		$	2,066,659			1.9	%	$	1,959,963			7.4	%
Interest-bearing		4,623,753			4,552,816			1.6	%		4,369,377			5.8	%
Total deposits		6,729,122			6,619,475			1.7	%		6,329,340			6.3	%
Accrued interest payable		30,567			29,646			3.1	%		47,699			-35.9	%
Bank’s liability on acceptances		214			552			-61.2	%		551			-61.2	%
Borrowings		127,500			117,500			8.5	%		292,500			-56.4	%
Subordinated debentures		130,960			130,799			0.1	%		130,318			0.5	%
Accrued expenses and other liabilities		81,166			79,578			2.0	%		78,880			2.9	%
Total liabilities		7,099,529			6,977,550			1.7	%		6,879,288			3.2	%

Stockholders’ equity:
Common stock		34			34			0.0	%		34			0.0	%
Additional paid-in capital		592,825			591,942			0.1	%		588,647			0.7	%
Accumulated other comprehensive (loss)		(54,511	)		(60,002	)		9.2	%		(78,000	)		30.1	%
Retained earnings		367,251			360,289			1.9	%		333,392			10.2	%
Less treasury stock		(142,765	)		(140,778	)		-1.4	%		(137,014	)		-4.2	%
Total stockholders’ equity		762,834			751,485			1.5	%		707,059			7.9	%
Total liabilities and stockholders’ equity	$	7,862,363		$	7,729,035			1.7	%	$	7,586,347			3.6	%

Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except share and per share data)

	Three Months Ended
	June 30,		March 31,		Percentage			June 30,		Percentage
	2025		2025		Change			2024		Change
Interest and dividend income:
Interest and fees on loans receivable	$	92,589	$	90,887		1.9	%	$	90,752		2.0	%
Interest on securities		6,261		6,169		1.5	%		5,238		19.5	%
Dividends on FHLB stock		354		360		-1.7	%		357		-0.8	%
Interest on deposits in other banks		2,129		1,841		15.6	%		2,313		-8.0	%
Total interest and dividend income		101,333		99,257		2.1	%		98,660		2.7	%
Interest expense:
Interest on deposits		41,924		40,559		3.4	%		46,495		-9.8	%
Interest on borrowings		684		2,024		-66.2	%		1,896		-63.9	%
Interest on subordinated debentures		1,586		1,582		0.3	%		1,649		-3.8	%
Total interest expense		44,194		44,165		0.1	%		50,040		-11.7	%
Net interest income before credit loss expense		57,139		55,092		3.7	%		48,620		17.5	%
Credit loss expense		7,631		2,721		180.4	%		961		694.1	%
Net interest income after credit loss expense		49,508		52,371		-5.5	%		47,659		3.9	%
Noninterest income:
Service charges on deposit accounts		2,169		2,217		-2.2	%		2,429		-10.7	%
Trade finance and other service charges and fees		1,461		1,396		4.7	%		1,277		14.4	%
Gain on sale of Small Business Administration (“SBA”) loans		2,160		2,000		8.0	%		1,644		31.4	%
Other operating income		2,281		2,113		8.0	%		2,707		-15.7	%
Total noninterest income		8,071		7,726		4.5	%		8,057		0.2	%
Noninterest expense:
Salaries and employee benefits		22,069		20,972		5.2	%		20,434		8.0	%
Occupancy and equipment		4,344		4,450		-2.4	%		4,607		-5.7	%
Data processing		3,727		3,787		-1.6	%		3,686		1.1	%
Professional fees		1,725		1,468		17.5	%		1,749		-1.4	%
Supplies and communications		515		517		-0.4	%		570		-9.6	%
Advertising and promotion		798		585		36.4	%		669		19.3	%
Other operating expenses		3,169		3,205		-1.1	%		3,561		-11.0	%
Total noninterest expense		36,347		34,984		3.9	%		35,276		3.0	%
Income before tax		21,232		25,113		-15.5	%		20,440		3.9	%
Income tax expense		6,115		7,441		-17.8	%		5,989		2.1	%
Net income	$	15,117	$	17,672		-14.5	%	$	14,451		4.6	%

Basic earnings per share:	$	0.50	$	0.59				$	0.48
Diluted earnings per share:	$	0.50	$	0.58				$	0.48

Weighted-average shares outstanding:
Basic		29,948,836		29,937,660					30,055,913
Diluted		30,054,456		30,058,248					30,133,646
Common shares outstanding		30,176,568		30,233,514					30,272,110

Hanmi Financial Corporation and Subsidiaries
Consolidated Statements of Income (Unaudited)
(Dollars in thousands, except share and per share data)

	Six Months Ended
	June 30,		June 30,		Percentage
	2025		2024		Change
Interest and dividend income:
Interest and fees on loans receivable	$	183,476	$	182,427		0.6	%
Interest on securities		12,430		10,193		21.9	%
Dividends on FHLB stock		714		719		-0.7	%
Interest on deposits in other banks		3,969		4,914		-19.2	%
Total interest and dividend income		200,589		198,253		1.2	%
Interest expense:
Interest on deposits		82,483		92,133		-10.5	%
Interest on borrowings		2,708		3,551		-23.7	%
Interest on subordinated debentures		3,167		3,295		-3.9	%
Total interest expense		88,358		98,979		-10.7	%
Net interest income before credit loss expense		112,231		99,274		13.1	%
Credit loss expense		10,352		1,188		771.4	%
Net interest income after credit loss expense		101,879		98,086		3.9	%
Noninterest income:
Service charges on deposit accounts		4,387		4,878		-10.1	%
Trade finance and other service charges and fees		2,858		2,691		6.2	%
Gain on sale of Small Business Administration (“SBA”) loans		4,161		3,126		33.1	%
Other operating income		4,390		5,095		-13.8	%
Total noninterest income		15,796		15,790		0.0	%
Noninterest expense:
Salaries and employee benefits		43,041		42,019		2.4	%
Occupancy and equipment		8,794		9,144		-3.8	%
Data processing		7,514		7,237		3.8	%
Professional fees		3,194		3,642		-12.3	%
Supplies and communications		1,031		1,172		-12.0	%
Advertising and promotion		1,382		1,576		-12.3	%
Other operating expenses		6,374		6,930		-8.0	%
Total noninterest expense		71,330		71,720		-0.5	%
Income before tax		46,345		42,156		9.9	%
Income tax expense		13,556		12,541		8.1	%
Net income	$	32,789	$	29,615		10.7	%

Basic earnings per share:	$	1.09	$	0.98
Diluted earnings per share:	$	1.08	$	0.97

Weighted-average shares outstanding:
Basic		29,943,279		30,089,341
Diluted		30,048,704		30,166,181
Common shares outstanding		30,176,568		30,272,110

Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(Dollars in thousands)

	Three Months Ended
	June 30, 2025								March 31, 2025								June 30, 2024
				Interest		Average						Interest		Average						Interest		Average
	Average			Income /		Yield /			Average			Income /		Yield /			Average			Income /		Yield /
	Balance			Expense		Rate			Balance			Expense		Rate			Balance			Expense		Rate
Assets
Interest-earning assets:
Loans receivable ⁽¹⁾	$	6,257,741		$	92,589		5.93	%	$	6,189,531		$	90,887		5.95	%	$	6,089,440		$	90,752		5.99	%
Securities ⁽²⁾		993,975			6,261		2.55	%		1,001,499			6,169		2.49	%		979,671			5,238		2.17	%
FHLB stock		16,385			354		8.65	%		16,385			360		8.92	%		16,385			357		8.77	%
Interest-bearing deposits in other banks		200,266			2,129		4.26	%		176,028			1,841		4.24	%		180,177			2,313		5.16	%
Total interest-earning assets		7,468,367			101,333		5.44	%		7,383,443			99,257		5.45	%		7,265,673			98,660		5.46	%

Noninterest-earning assets:
Cash and due from banks		53,977								53,670								55,442
Allowance for credit losses		(70,222	)							(69,648	)							(67,908	)
Other assets		250,241								249,148								252,410

Total assets	$	7,702,363							$	7,616,613							$	7,505,617

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Demand: interest-bearing	$	81,308		$	29		0.15	%	$	79,369		$	27		0.14	%	$	85,443		$	32		0.15	%
Money market and savings		2,109,221			17,342		3.30	%		2,037,224			16,437		3.27	%		1,845,870			17,324		3.77	%
Time deposits		2,434,659			24,553		4.05	%		2,345,346			24,095		4.17	%		2,453,154			29,139		4.78	%
Total interest-bearing deposits		4,625,188			41,924		3.64	%		4,461,939			40,559		3.69	%		4,384,467			46,495		4.27	%
Borrowings		60,134			684		4.58	%		179,444			2,024		4.57	%		169,525			1,896		4.50	%
Subordinated debentures		130,880			1,586		4.84	%		130,718			1,582		4.84	%		130,239			1,649		5.07	%
Total interest-bearing liabilities		4,816,202			44,194		3.68	%		4,772,101			44,165		3.75	%		4,684,231			50,040		4.30	%

Noninterest-bearing liabilities and equity:
Demand deposits: noninterest-bearing		1,934,985								1,895,953								1,883,765
Other liabilities		140,053								144,654								162,543
Stockholders’ equity		811,123								803,905								775,078

Total liabilities and stockholders’ equity	$	7,702,363							$	7,616,613							$	7,505,617

Net interest income				$	57,139							$	55,092							$	48,620

Cost of deposits							2.56	%							2.59	%							2.98	%
Net interest spread (taxable equivalent basis)							1.76	%							1.70	%							1.16	%
Net interest margin (taxable equivalent basis)							3.07	%							3.02	%							2.69	%

_{⁽¹⁾Includes average loans held for sale}
_{⁽²⁾Income calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.}

Hanmi Financial Corporation and Subsidiaries
Average Balance, Average Yield Earned, and Average Rate Paid (Unaudited)
(Dollars in thousands)

	Six Months Ended
	June 30, 2025								June 30, 2024
				Interest		Average						Interest		Average
	Average			Income /		Yield /			Average			Income /		Yield /
	Balance			Expense		Rate			Balance			Expense		Rate
Assets
Interest-earning assets:
Loans receivable ⁽¹⁾	$	6,223,825		$	183,476		5.94	%	$	6,113,664		$	182,427		6.00	%
Securities ⁽²⁾		997,716			12,430		2.52	%		974,596			10,193		2.12	%
FHLB stock		16,385			714		8.79	%		16,385			719		8.82	%
Interest-bearing deposits in other banks		188,214			3,969		4.25	%		190,950			4,914		5.18	%
Total interest-earning assets		7,426,140			200,589		5.44	%		7,295,595			198,253		5.46	%

Noninterest-earning assets:
Cash and due from banks		53,824								56,912
Allowance for credit losses		(69,936	)							(68,507	)
Other assets		249,697								248,555

Total assets	$	7,659,725							$	7,532,555

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Deposits:
Demand: interest-bearing	$	80,344		$	56		0.14	%	$	85,922		$	61		0.14	%
Money market and savings		2,073,421			33,779		3.29	%		1,830,478			33,877		3.72	%
Time deposits		2,390,249			48,648		4.10	%		2,480,492			58,195		4.72	%
Total interest-bearing deposits		4,544,014			82,483		3.66	%		4,396,892			92,133		4.21	%
Borrowings		119,460			2,708		4.57	%		165,972			3,551		4.30	%
Subordinated debentures		130,799			3,167		4.84	%		130,163			3,295		5.06	%
Total interest-bearing liabilities		4,794,273			88,358		3.72	%		4,693,027			98,979		4.24	%

Noninterest-bearing liabilities and equity:
Demand deposits: noninterest-bearing		1,915,577								1,902,477
Other liabilities		142,341								163,533
Stockholders’ equity		807,534								773,518

Total liabilities and stockholders’ equity	$	7,659,725							$	7,532,555

Net interest income				$	112,231							$	99,274

Cost of deposits							2.58	%							2.94	%
Net interest spread (taxable equivalent basis)							1.73	%							1.22	%
Net interest margin (taxable equivalent basis)							3.05	%							2.74	%

_{⁽¹⁾Includes average loans held for sale}
_{⁽²⁾Amounts calculated on a fully taxable equivalent basis using the federal tax rate in effect for the periods presented.}

Non-GAAP Financial Measures

These disclosures should not be viewed as a substitute for results determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Tangible Common Equity to Tangible Assets Ratio

Tangible common equity to tangible assets ratio is supplemental financial information determined by a method other than in accordance with U.S. generally accepted accounting principles (“GAAP”). This non-GAAP measure is used by management in the analysis of Hanmi’s capital strength. Tangible common equity is calculated by subtracting goodwill and other intangible assets from stockholders’ equity. Banking and financial institution regulators also exclude goodwill and other intangible assets from stockholders’ equity when assessing the capital adequacy of a financial institution. Management believes the presentation of this financial measure excluding the impact of these items provides useful supplemental information that is essential to a proper understanding of the capital strength of Hanmi.

The following table reconciles this non-GAAP performance measure to the GAAP performance measure for the periods indicated:

Tangible Common Equity to Tangible Assets Ratio (Unaudited)
(In thousands, except share, per share data and ratios)

	June 30,			March 31,			December 31,			September 30,			June 30,
Hanmi Financial Corporation	2025			2025			2024			2024			2024
Assets	$	7,862,363		$	7,729,035		$	7,677,925		$	7,712,299		$	7,586,347
Less goodwill and other intangible assets		(11,031	)		(11,031	)		(11,031	)		(11,031	)		(11,048	)
Tangible assets	$	7,851,332		$	7,718,004		$	7,666,894		$	7,701,268		$	7,575,299

Stockholders’ equity ⁽¹⁾	$	762,834		$	751,485		$	732,174		$	736,709		$	707,059
Less goodwill and other intangible assets		(11,031	)		(11,031	)		(11,031	)		(11,031	)		(11,048	)
Tangible stockholders’ equity ⁽¹⁾	$	751,803		$	740,454		$	721,143		$	725,678		$	696,011

Stockholders’ equity to assets		9.70	%		9.72	%		9.54	%		9.55	%		9.32	%
Tangible common equity to tangible assets ⁽¹⁾		9.58	%		9.59	%		9.41	%		9.42	%		9.19	%

Common shares outstanding		30,176,568			30,233,514			30,195,999			30,196,755			30,272,110
Tangible common equity per common share	$	24.91		$	24.49		$	23.88		$	24.03		$	22.99

_{⁽¹⁾There were no preferred shares outstanding at the periods indicated.}

Preprovision Net Revenue

Preprovision net revenue is supplemental financial information determined by a method other than in accordance with U.S. GAAP. This non-GAAP measure is used by management to measure Hanmi’s core operational performance, excluding the impact of provisions for loan losses. By isolating preprovision net revenue, management can better understand the Company’s profitability and make more informed strategic decisions. Preprovision net revenue is calculated adding income tax expense and credit loss expense to net income. Management believes this financial measure highlights the Company’s net revenue activities and operational efficiency, excluding unpredictable credit loss expense.

The following table details the Company’s preprovision net revenue, which are non-GAAP measures, for the periods indicated:

Preprovision Net Revenue (Unaudited)
(In thousands, except percentages)

											Percentage Change
	June 30,		March 31,		December 31,		September 30,		June 30,		Q2-25			Q2-25
Hanmi Financial Corporation	2025		2025		2024		2024		2024		vs. Q1-25			vs. Q2-24
Net income	$	15,117	$	17,672	$	17,695	$	14,892	$	14,451
Add back:
Credit loss expense		7,631		2,721		945		2,286		961
Income tax expense		6,115		7,441		7,632		6,231		5,989
Preprovision net revenue	$	28,863	$	27,834	$	26,272	$	23,409	$	21,401		3.7	%		34.9	%

The MIL Network –

July 23, 2025

MIL-OSI New Zealand: Garbage management and disposal: new guide and e-learning modules

Source: Maritime New Zealand

Last month we issued a new guide for the Marine Protection Rules Part 170: Prevention of Pollution by Garbage from Ships. This guide explains what vessel owners, operators, and skippers need to do to comply with Part 170 rule requirements.

New Zealand’s Marine Protection Rules Part 170 implement the international garbage discharge and management requirements under MARPOL Annex V: Regulations for the Control of Pollution by Garbage from Ships (MARPOL Annex V). New Zealand signed up to MARPOL Annex V, which aims to reduce and eliminate the amount of garbage discharged from ships, in 1998.

Part 170 applies to all vessels (whether New Zealand or foreign flagged) and the requirements apply regardless of whether the vessel is used for commercial or recreational purposes. The specific requirements that apply to you will depend on your vessel type, operation, and location.

The guidance doesn’t contain any new rules – it’s just a reminder of the current legislation and vessel owner/operator/skipper responsibilities for helping to prevent garbage pollution of the marine environment, which also covers accidental loss of fishing gear. It replaces the 2013 Advisory Circular.

If you’d like to learn more about MARPOL Annex V, the International Maritime Organization (IMO) has also recently released a new free e-learning course that aims to improve awareness and enhance global implementation of the garbage regulations. It blends animated modules and practical scenario-based questions. Visit the IMO e-Learning portal.

For more information see:

MIL OSI New Zealand News –

July 23, 2025

MIL-OSI Security: Former Real Estate Podcaster Sentenced to More Than Five Years in Prison for Orchestrating $7 Million Ponzi Scheme

Source: US FBI

CLEVELAND – A popular former podcaster was sentenced to 70 months in federal prison for orchestrating a real estate Ponzi scheme that took in over $7.3 million from at least 63 victims from across the United States, involving a wide range of income levels and ages.

According to court documents, from October 2017 to March 2022, Matthew Motil, 45, of North Olmsted, was a licensed real estate agent in Ohio who owned and operated several companies. He devised a scheme to defraud investors by using his podcast and other marketing tools to position himself as an expert in the field. Branding himself as the “Cash Flow King,” Motil produced and hosted programs which he promoted through social media and his websites. He also authored a book, “Man on Fire,” to further his credibility with investors. Using a combination of marketing tactics, he solicited prospective investors to invest their money with him and his real estate companies as a lucrative way to generate passive income. Motil provided the victim investors with promissory notes he said were secured by mortgages on properties located throughout Northeast Ohio. Unbeknownst to them, he used the same properties over and over to obtain money from one victim after another, each time providing them with a promissory note purportedly secured by a mortgage. Each victim believed that they were the sole mortgage holder of the investment property and that they would be able to recover their investment through foreclosure if Motil failed to make the payments he promised.

Motil deflected mortgage questions from investors by saying that there were long processing times. As he convinced more people to invest with him, he used those new funds to pay earlier investors to keep the scheme going.

“These victims were deceived and manipulated into handing over their hard-earned money to a shameless and selfish individual for his own benefit,” said Acting U.S. Attorney Carol M. Skutnik for the Northern District of Ohio. “Our office will take action to prosecute anyone who preys on the trusting nature of others.”

Motil also used the victim investors’ money to fund his lifestyle. He funded personal expenses such as leasing a large home on Lake Erie and securing courtside seats to Cleveland Cavaliers home games. He also used the funds to pay his credit cards and financially sustain his fitness businesses.

“The 63 victims of this investment/Ponzi scheme are at the forefront of our work, and this conviction reflects our steadfast commitment to justice on their behalf,” said U.S. Secret Service Special Agent in Charge Blaine M. Forschen for the Cleveland Field Office. “Together with our federal, state, and local partners on the Secret Service Money Laundering Task Force, we will continue to protect our communities from those who exploit trust and inflict financial harm.”

Motil pleaded guilty to securities fraud and wire fraud on Sept. 5, 2024. U.S. District Court Judge Donald C. Nugent imposed the sentence July 18, 2025. Motil was also sentenced to serve three years of supervised release after imprisonment and pay $5,085,247.08 in restitution.

The investigation was conducted by the United States Secret Service Money Laundering Task Force* with significant assistance from the Cuyahoga County Prosecutor’s Office and the former Major Crime Task Force hosted by the Cuyahoga County Sheriff’s Department. The Office of the United States Trustee for Region 9 – Cleveland, Ohio, also significantly contributed to the case.

This case was prosecuted by Assistant United States Attorney Erica D. Barnhill for the Northern District of Ohio.

*The United Secret Service Task Force consists of the following agencies: Social Security-OIG, US Postal-OIG, US Postal Inspection Service, USDA-OIG, HUD-OIG, FBI, TIGTA-OIG, IRS-CI, Ohio BCI, Westlake PD, Parma PD, Amherst PD, North Olmsted PD, Cuyahoga County Sheriff’s Department, Cuyahoga County Prosecutor’s Office, Ohio Investigative Unit, Lorain County Sheriff’s Department, Stark County Prosecutor’s Office, Geauga County Prosecutor’s Office, Lorain County Prosecutor’s Office, Ohio Casino Commission, Richfield PD and North Ridgeville PD.

MIL Security OSI –

July 23, 2025

MIL-OSI USA News: Joint Statement on Framework for United States-Indonesia Agreement on Reciprocal Trade

Source: US Whitehouse

Today, the United States of America (the United States) and the Republic of Indonesia (Indonesia) agreed to a Framework for negotiating an Agreement on Reciprocal Trade to strengthen our bilateral economic relationship, which will provide both countries’ exporters unprecedented access to each other’s markets. The Agreement on Reciprocal Trade will build upon our longstanding economic relationship, including the U.S.-Indonesia Trade and Investment Framework Agreement, signed on July 16, 1996.

Key terms of the Agreement on Reciprocal Trade between the United States and Indonesia will include:

Indonesia will eliminate approximately 99 percent of tariff barriers for a full range of U.S. industrial and U.S. food and agricultural products exported to Indonesia.
The United States will reduce to 19 percent the reciprocal tariffs, as set forth in Executive Order 14257 of April 2, 2025, on originating goods of Indonesia, and may also identify certain commodities that are not naturally available or domestically produced in the United States for a further reduction in the reciprocal tariff rate.
The United States and Indonesia will negotiate facilitative rules of origin that ensure that the benefits of the agreement accrue primarily to the United States and Indonesia.
The United States and Indonesia will work together to address Indonesia’s non-tariff barriers that affect bilateral trade and investment in priority areas, including exempting U.S. companies and originating goods from local content requirements; accepting vehicles built to U.S. federal motor vehicle safety and emissions standards; accepting FDA certificates and prior marketing authorizations for medical devices and pharmaceuticals; removing certain labeling requirements; exempting U.S. exports of cosmetics, medical devices, and other manufactured goods from certain requirements; taking steps to resolve many long-standing intellectual property issues identified in USTR’s Special 301 Report; and addressing U.S. concerns with conformity assessment procedures. Indonesia will work to address barriers for U.S. exports, including through the removal of import restrictions or licensing requirements on U.S. remanufactured goods or their parts; the elimination of pre-shipment inspection or verification requirements on imports of U.S. goods; and the adoption and implementation of good regulatory practices.
The United States and Indonesia have also committed to address and prevent barriers to U.S. food and agricultural products in the Indonesian market, including exempting U.S. food and agricultural products from all import licensing regimes, including commodity balance requirements; ensuring transparency and fairness with respect to geographical indications; providing permanent Fresh Food of Plant Origin (FFPO) designation for all applicable U.S. plant products; and recognizing U.S. regulatory oversight, including listing of all U.S. meat, poultry, and dairy facilities and accepting certificates issued by U.S. regulatory authorities.
Indonesia has committed to address barriers impacting digital trade, services, and investment. Indonesia will provide certainty regarding the ability to transfer personal data out of its territory to the United States. Indonesia has committed to eliminate existing HTS tariff lines on “intangible products” and suspend related requirements on import declarations; to support a permanent moratorium on customs duties on electronic transmissions at the WTO immediately and without conditions; and to take effective actions to implement the Joint Initiative on Services Domestic Regulation, including submitting its revised Specific Commitments for certification by the World Trade Organization (WTO).
Indonesia commits to join the Global Forum on Steel Excess Capacity and take effective actions to address global excess capacity in the steel sector and its impacts.
Indonesia commits to protecting internationally recognized labor rights. Indonesia will, among other commitments, adopt and implement a prohibition on the importation of goods produced by forced or compulsory labor; amend its labor laws to ensure that workers’ rights to freedom of association and collective bargaining are fully protected; and strengthen enforcement of its labor laws.
Indonesia commits to adopt and maintain high levels of environmental protection and to effectively enforce its environmental laws, including by taking measures to improve forest sector governance and combat trade in illegally harvested forest products; encourage a more resource efficient economy; accept and fully implement the WTO Agreement on Fisheries Subsidies; and combat illegal, unreported, and unregulated fishing and illegal wildlife trade.
Indonesia will remove restrictions on exports to the United States of industrial commodities, including critical minerals.
The United States and Indonesia are committed to strengthening economic and national security cooperation to enhance supply chain resilience and innovation through complementary actions to address unfair trade practices of other countries, and through cooperation on export controls, investment security, and combatting duty evasion.
In addition, the United States and Indonesia take note of the following forthcoming commercial deals between U.S. and Indonesian companies:
- Procurement of aircraft currently valued at 3.2 billion USD.
- Purchase of agriculture products, including soybeans, soybeans meal, wheat, and cotton with an estimated total value of 4.5 billion USD.
- Purchases of energy products, including liquefied petroleum gas, crude oil, and gasoline, with an estimated value of 15 billion USD.

In the coming weeks, the United States and Indonesia will negotiate and finalize the Agreement on Reciprocal Trade, prepare the Agreement for signature, and undertake domestic formalities in advance of the Agreement entering into force.

MIL OSI USA News –

July 23, 2025

MIL-OSI USA News: Fact Sheet: The United States and Indonesia Reach Historic Trade Deal

Source: US Whitehouse

DELIVERING ON RECIPROCAL TRADE: President Donald J. Trump announced a landmark trade deal with Indonesia that will provide Americans with market access in Indonesia once considered impossible and unlock major breakthroughs for America’s manufacturing, agriculture, and digital sectors.

Under this deal, Indonesia will pay the United States a reciprocal tariff rate of 19%.
The key terms of the U.S.-Indonesia Agreement on Reciprocal Trade will include:
- Eliminating Tariff Barriers: Indonesia will eliminate tariff barriers, on a preferential basis, on over 99% of U.S. products exported to Indonesia across all sectors, including for all agricultural products, health products, seafood, information and communications technology, automotive products, and chemicals, which will create commercially meaningful market access opportunities for the full range of U.S. exports, supporting high-quality American jobs.
- Breaking Down Non-Tariff Barriers for U.S. Industrial Exports: Indonesia will address a range of non-tariff barriers, including by: (1) exempting U.S. companies and originating goods from local content requirements; (2) accepting vehicles built to U.S. federal motor vehicle safety and emissions standards; (3) accepting FDA certificates and prior marketing authorizations for medical devices and pharmaceuticals; (4) exempting U.S. exports of cosmetics, medical devices, and other manufactured goods from burdensome certification and labeling requirements; (5) removing import restrictions or licensing requirements on U.S. remanufactured goods and their parts; (6) eliminating pre-shipment inspection or verification requirements on imports of U.S. goods; (7) adopting and implementing good regulatory practices; (8) taking steps to resolve many long-standing intellectual property issues identified in USTR’s Special 301 Report; and (9) addressing U.S. concerns with conformity assessment procedures.
- Breaking Down Non-Tariff Barriers for U.S. Agriculture Exports: Indonesia will address and prevent barriers to U.S. agricultural products in the Indonesian market, including by: (1) exempting U.S. food and agricultural products from all of Indonesia’s import licensing regimes including its commodity balance policy; (2) ensuring transparency and fairness with respect to geographical indications (GIs) including meats and cheeses; (3) providing permanent Fresh Food of Plant Origin (FFPO) designation for all applicable U.S. plant products; and (4) recognizing U.S. regulatory oversight, including listing of all U.S. meat, poultry, and dairy facilities and accepting certificates issued by U.S. regulatory authorities.
- Strengthening Rules of Origin: The United States and Indonesia will negotiate facilitative rules of origin that ensure that the benefits from the agreement accrue to the United States and Indonesia, not third-countries.
- Removing Barriers for Digital Trade: The United States and Indonesia will finalize commitments on digital trade, services, and investment. Indonesia has committed to eliminate existing HTS tariff lines on “intangible products” and suspend related requirements on import declarations; support a permanent moratorium on customs duties on electronic transmissions at the World Trade Organization (WTO) immediately and without conditions; and take effective actions to implement the Joint Initiative on Services Domestic Regulation, including submitting its revised Specific Commitments for certification by the WTO. Indonesia will provide certainty regarding the ability to move personal data out of its territory to the United States through recognition of the United States as a country or jurisdiction that provides adequate data protection under Indonesia’s law. American companies have sought these reforms for years.
- Aligning on Economic Security: Indonesia has committed to join the Global Forum on Steel Excess Capacity and take effective actions to address global excess capacity in the steel sector and its impacts. The United States and Indonesia are committed to strengthening cooperation to increase supply chain resilience. This includes addressing duty evasion and cooperating on export controls and investment security. Indonesia will remove restrictions on exports to the United States for all industrial commodities, including critical minerals.
- Improving Labor Standards: Indonesia has committed to adopt and implement a forced labor import ban and remove provisions that restrict workers and unions from exercising freedom of association and collective bargaining rights.
- Notching Commercial Deals: The United States and Indonesia take note of commercial deals in the areas of agriculture, aerospace, and energy, which will further increase U.S. exports to Indonesia.
President Trump has delivered a forward-looking and tough trade deal that will benefit American workers, exporters, farmers, and digital innovators—this deal is what winning looks and will feel like for all Americans.

A DEFINED PATH FORWARD: In the coming weeks, the United States and Indonesia will memorialize the Agreement on Reciprocal Trade in order to lock in benefits for American businesses and workers.

The United States currently runs its fifteenth largest goods trade deficit with Indonesia.
- The U.S. total goods trade deficit with Indonesia was $17.9 billion in 2024.
- Before this deal, Indonesia’s simple average applied tariff was 8% while the U.S. average applied tariff was 3.3%.

LIBERATING AMERICA FROM UNFAIR TRADE PRACTICES: Since Day One, President Trump challenged the assumption that American workers and businesses must tolerate unfair trade practices that have disadvantaged them for decades and contributed to our historic trade deficit.

On April 2, President Trump declared a national emergency in response to the large and persistent U.S. goods trade deficit caused by a lack of reciprocity in our bilateral trade relationships, unfair tariff and non-tariff barriers, and U.S. trading partners’ economic policies that suppress domestic wages and consumption.
President Trump continues to advance the economic and national security interests of the American people by removing tariff and non-tariff barriers and expanding market access for American exporters.
Today’s announcement shows that America can defend its domestic production and strengthen its defense industrial base while obtaining expansive market access with our trading partners.

MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Preventing Bridge Strikes with Enforcement Campaign

Source: US State of New York

overnor Kathy Hochul today announced a coordinated public awareness and enforcement campaign to prevent bridge strikes by commercial vehicles and large trucks across New York State. This special enforcement and education campaign, “Check Your Height, Know It’s Right,” which originated at the New York State Department of Transportation, is now being adopted by 16 states and Washington, D.C. from Tuesday, July 22 to Saturday, July 26. In 2024 there were 350 bridge strikes in New York State, usually involving commercial and large truck operators failing to recognize their vehicle’s height or warning signs and resulting in collisions with bridges and overpasses. Operators using consumer-grade GPS can also be guided onto routes with low bridges, and those driving rented box trucks — such as moving trucks — can strike bridges if their drivers are not aware of the vehicle’s height.

“Bridge strikes are 100 percent preventable, but it takes a concerted effort combining the forces of education, enforcement and public awareness to prevent them from occurring, and that’s just what our nationally-adopted ‘Check Your Height, Know it’s Right’ campaign aims to do,” Governor Hochul said. “Traffic safety is an essential element of public safety, and preventing bridge strikes fundamentally increases the safety of the traveling public. Drivers also play an important role in this so I encourage everyone to ‘Check Your Height, Know it’s Right’ before hitting the road, and if you are driving a truck, make sure that you’re utilizing commercial GPS.”

As part of this week’s campaign, State Troopers will focus active patrols in areas across the state where there have been documented bridge strikes by large commercial vehicles. These bridge strikes are most likely to occur on roadways with low railroad bridges, and on New York State Parkways in the Lower Hudson Valley, New York City and Long Island. Commercial trucks are banned from driving on the parkways, which sometimes have bridge overpasses with a vertical clearance less than many standard commercial vehicles. Bridge strikes cause extensive damage to the vehicle and sometimes to the bridge, and can lead to secondary collisions due to unexpected traffic congestion and subsequent emergency repairs.

In November 2023, the State Department of Transportation launched a social media and video campaign titled “Check Your Height, Know it’s Right” in an effort to educate the traveling public about the importance of preventing bridge strikes. Since then, the Department has worked with the Eastern Transportation Coalition to get other states to adopt the campaign. To date, the following states have adopted the campaign that originated in New York and will be utilizing it to get the word out to the traveling public:

Alabama
Connecticut
Washington, D.C.
Delaware
Georgia
Kentucky
Maine
Maryland
Massachusetts
New Jersey
North Carolina
Pennsylvania
Rhode Island
Tennessee
Vermont
Virginia
West Virginia

New York State Department of Transportation Commissioner Marie Therese Dominguez said, “Working with our transportation and law enforcement partners, the Department of Transportation is doing everything it possibly can to prevent bridge strikes across the state, but at the end of the day, commercial vehicle operators also have an important role to play. Before getting on the road, we want everyone to ‘Check Your Height, Know it’s Right.’ I couldn’t be prouder that a campaign that originated here in New York is being adopted all across the eastern seaboard as many other states are dealing with the same issues related to bridge strikes. Working together, we will continue to raise awareness of this important public safety issue and prevent further bridge strikes from occurring.”

New York State Police Superintendent Steven G. James said, “Preventing bridge strikes isn’t just about protecting infrastructure, it’s about protecting lives. When a large vehicle hits a bridge, the consequences can be severe, resulting in damaged roadways, traffic delays, and serious injuries. That’s why our Troopers proudly join this multi-state effort focused on enforcement and education. We’re committed to holding operators accountable and reminding everyone behind the wheel of a commercial or rental truck to “Check Your Height, Know it’s Right’ before they drive.”

New York State Department of Motor Vehicles Commissioner and Chair of the Governor’s Traffic Safety Committee Mark J.F. Schroeder said, “I commend the efforts of the Department of Transportation and the Bridge Strike Task Force to tackle this preventable problem. DMV is also taking action through regulatory amendments that will assign eight points to the driving record of a driver who exceeds height limitations and strikes a bridge. No matter whether you are driving a tractor trailer or a pickup truck, you should be aware of what you may encounter on the road. If you know you will be going through an area with potentially lower height bridges, you need to check to make sure your vehicle will fit and if it will not, find an alternate route. ”

New York State Thruway Authority Executive Director Frank G. Hoare said, “The ‘Know Your Height’ campaign is a critical tool in preventing bridge strikes, not just on the New York State Thruway, but on every roadway across our state. Each bridge strike is more than an inconvenience; it poses a serious risk to drivers and the local communities we connect. We proudly stand with Governor Hochul, our partners in state government, and key stakeholders to raise awareness and take meaningful action to ensure safer roads for all New Yorkers.”

New York State Bridge Authority Executive Director Dr. Minosca Alcantara said, “The Bridge Authority is proud to stand with its colleagues across the state and along the eastern seaboard in raising awareness of this critical issue. Bridge strikes are entirely preventable. Just as commercial vehicle operators must know the weight and width of their load and plan their routes accordingly, it is equally essential that they are aware of their vehicle’s height. With a little foresight and responsible trip planning, we can protect human lives and preserve vital infrastructure.”

Trucking Association of New York Vice President of Government Affairs Zach Miller said, “The trucking industry prioritizes the safe and efficient movement of freight. Unfortunately, in New York, we too often see drivers — unfamiliar with our roads, renting larger equipment, or both — striking low-clearance bridges. Such occurrences threaten the efficiency of our already delicate and diverse freight network. We applaud the ‘Check Your Height, Know It’s Right’ campaign — regional education and awareness, and partnership with state agencies will have a meaningful impact in protecting infrastructure, educating drivers, and making our roads safer for everyone.”

MIL OSI USA News –

July 23, 2025

MIL-OSI Economics: Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force

Source: WTO

Headline: Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force

DG Okonjo-Iweala said: “I warmly welcome Argentina’s formal acceptance of the WTO Agreement on Fisheries Subsidies. As one of the world’s leading fishing nations and exporters, Argentina’s commitment underscores this Agreement’s importance for protecting marine ecosystems and promoting responsible practices for people’s livelihoods and food security. This milestone brings us closer to the shared goal of curbing harmful fisheries subsidies worldwide: we are only five ratifications away from the Agreement entering into force.”
Ambassador Lunazzi said: “Today, with the deposit of the instrument of ratification of the Agreement on Fisheries Subsidies, the Argentine Republic is taking an important step. This firm commitment to fairer and freer trade not only strengthens our economy, but also protects the marine resources in the South Atlantic, preserving them for future generations. We look forward to the rapid entry into force of this Agreement, which reflects the collaborative spirit of WTO members and their commitment to the founding principles of the Organization.”
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. The list of the 106 WTO members which have deposited their instruments of acceptance with the WTO is available here.
At the WTO’s 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.
The Fish Fund launched a Call for Proposals on 6 June, inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. The WTO Fish Fund portal can be found here.
WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
Information for members on how to accept the Protocol of Amendment is available here.

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MIL OSI Economics –

July 23, 2025

MIL-OSI Economics: Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force

Source: WTO

Headline: Argentina accepts Agreement on Fisheries Subsidies, five remaining for entry into force

DG Okonjo-Iweala said: “I warmly welcome Argentina’s formal acceptance of the WTO Agreement on Fisheries Subsidies. As one of the world’s leading fishing nations and exporters, Argentina’s commitment underscores this Agreement’s importance for protecting marine ecosystems and promoting responsible practices for people’s livelihoods and food security. This milestone brings us closer to the shared goal of curbing harmful fisheries subsidies worldwide: we are only five ratifications away from the Agreement entering into force.”
Ambassador Lunazzi said: “Today, with the deposit of the instrument of ratification of the Agreement on Fisheries Subsidies, the Argentine Republic is taking an important step. This firm commitment to fairer and freer trade not only strengthens our economy, but also protects the marine resources in the South Atlantic, preserving them for future generations. We look forward to the rapid entry into force of this Agreement, which reflects the collaborative spirit of WTO members and their commitment to the founding principles of the Organization.”
Formal acceptances from two-thirds of WTO members are required for the Agreement to enter into force — representing 111 members. The list of the 106 WTO members which have deposited their instruments of acceptance with the WTO is available here.
At the WTO’s 12th Ministerial Conference (MC12) held in Geneva in June 2022, ministers adopted by consensus the Agreement on Fisheries Subsidies, setting new, binding, multilateral rules to curb harmful fisheries subsidies. The Agreement prohibits subsidies for illegal, unreported and unregulated fishing, for fishing overfished stocks, and for fishing on the unregulated high seas.
Ministers also recognized the needs of developing economies and least-developed countries by establishing a fund to provide technical assistance and capacity-building to help governments that have formally accepted the Agreement to implement the new obligations.
The Fish Fund launched a Call for Proposals on 6 June, inviting developing economies and LDCs that have ratified the Agreement to submit requests for project grants aimed at helping them implement the Agreement. The WTO Fish Fund portal can be found here.
WTO members also agreed at MC12 to continue negotiating on remaining fisheries subsidies issues. The objective is to find consensus on additional provisions to further strengthen the disciplines on fisheries subsidies.
Information for members on how to accept the Protocol of Amendment is available here.

Share

MIL OSI Economics –

July 23, 2025

MIL-OSI USA: Rep. Huffman Introduces Bill to Protect Small Farmers and Producers

Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

July 22, 2025

Washington, D.C. – Today, Representative Jared Huffman (CA-02) re-introduced legislation that would enshrine the right for small cannabis producers to ship and sell their products directly to consumers. This bill, the Small and Homestead Independent Producers (SHIP) Act, would enable small farmers and producers to operate their businesses within and across state lines. The legislation is specifically targeted to support the smallest family farmers and help them sustain their businesses under a larger federal legalization law.

“Larger, commercialized cannabis operators are infiltrating the market and squeezing out our local farmers in the process,” said Rep. Jared Huffman. “So when the antiquated federal prohibition on cannabis finally gets repealed, we need to have substantial legislation ready to help these small businesses survive. My legislation would ensure that folks can ship their products straight to consumers, which would both help expand small businesses and ensure farmers stay afloat. When full legalization is guaranteed, we must commit to not leaving our smallest family-farmers behind.”

“Nearly 15 years into the experiment of state-level cannabis legalization, the cracks in the system are clear: small and craft producers are being pushed to the margins, safe access for consumers and patients is shrinking, and the industry is consolidating into the hands of a few,” said Ross Gordon, Co-Founder at National Craft Cannabis Coalition and Policy Analyst at Origins Council. “Without direct-to-consumer shipping, federal cannabis legalization risks reinforcing these failures instead of correcting them. The SHIP Act is a make-or-break policy for the future of small cannabis businesses in California and across the country.”

“Our state’s DTC framework helps support nearly 1,700 cultivators in a state of 1.2 million people,” said Mark Barnett, Co-Founder at National Craft Cannabis Coalition and Policy Director at Maine Craft Cannabis Association. “Without these opportunities, quality in the legal market will suffer, and consumers will look elsewhere. The SHIP Act would guarantee that small farmers have a pathway to participate in one of the country’s most promising new economic frontiers.”

“The regulation of cannabis has, unfortunately, not equated to adequate access,” said Frederika McClary Easley, President of the Minority Cannabis Business Association (MCBA). “Many patients and consumers navigate plant deserts that have been created due to municipal opt-outs and zoning restrictions. The SHIP Act will help to address this while prioritizing access for small craft producers, which in turn positively impacts their success and sustainability. MCBA is proud to support this piece of federal legislation that recognizes the importance of craft growing and small businesses as the bedrock of this burgeoning industry.”

This bill is co-sponsored by Representative Val Hoyle.

It is endorsed by National Craft Cannabis Coalition, Minority Cannabis Business Association, National Cannabis Industry Association, Drug Policy Alliance, Parabola Center, Marijuana Justice, Veterans Cannabis Coalition, Origins Council, Washington Sun & Craft Growers Association, Vermont Growers Association, Maine Craft Cannabis Association, Humboldt County Growers Alliance, Mendocino Cannabis Alliance, Trinity County Agricultural Alliance, and the Central California Cannabis Club.

Full text of this legislation can be found here.

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July 23, 2025

MIL-OSI USA: Sullivan & Colleagues Seek to Reauthorize Young Fishermen’s Development Program

US Senate News:

Source: United States Senator for Alaska Dan Sullivan
07.22.25
WASHINGTON—U.S. Senators Dan Sullivan and Lisa Murkowski (both R-Alaska), Ed Markey (D-Mass.), and Roger Wicker (R-Miss.) have introduced bipartisan legislation reauthorizing the Young Fishermen’s Development Act, first signed into law by President Trump in 2021, to continue to mitigate the challenges and hurdles facing the next generation of entrants into the fishing industry. The legislation would authorize $2 million annually through FY 2031 to support regional training opportunities and apprenticeship programs for individuals building their early careers in the fishing industry.
“Over the last four years, the Young Fishermen’s Development Program has helped reduce the high barriers and costs that too often prevent prospective fishermen from filling the ranks of the fishing sector,” said Senator Sullivan. “We want to ensure the next generation of fishermen can continue utilizing these grants, training opportunities, and apprenticeship programs that will bolster our fishing fleet and maintain Alaska’s status as the global superpower of seafood. I urge my colleagues to join us in reauthorizing this important program that is focused on reversing the ‘greying’ of the fleet, supporting our many coastal communities, and empowering our fishermen to continue sustainably harvesting our world-class seafood.”
“Fishing is a cornerstone of the Massachusetts economy, and a vital economic driver for the nation, but there are far too many barriers preventing young people from joining the industry,” said Senator Markey. “With this legislation, we are reaffirming our commitment to the next generation of fishermen by working to build their ability to push off the dock into fulfilling careers at sea. I thank my colleagues for their partnership on this bill and will continue to fight for this important program and our fishing communities.”
“This legislation provides our next generation of fishermen with the resources they need to be successful, and keep Wild Alaska Seafood on tables around the country,” said Senator Murkowski. “The Young Fishermen’s Development Act equipped our next generation of fishermen with important education, hands-on training, and financial resources. I thank Senator Sullivan for his advocacy on this issue, and look forward working alongside him to reauthorize the YFDA and ensure these benefits continue to be realized by young Alaskans.”
“The fishing industry is crucial to the economic success of coastal Mississippi,” said Senator Wicker. “The Young Fishermen’s Development Act encourages future generations of anglers to take advantage of opportunities to perfect their skills. Fishermen of all ages should have the resources to be successful.”
“The Fishing Communities Coalition and our members from across the country are deeply grateful to Senator Sullivan and the bipartisan, multi-coastal, bicameral cosponsors of this legislation for their commitment to the continued success of the Young Fishermen’s Development Program,” said Noah Oppenheim, coordinator of the Fishing Communities Coalition. “The nation’s community-based commercial fisheries have benefitted from this small but mighty program through enhanced workforce development and safety training opportunities. The reauthorization of this program will support hundreds of additional early-career fishermen as they begin working in America’s oldest profession. Five years ago President Trump signed the original Young Fishermen’s Development Act into law, and we look forward to supporting this bill as it advances through Congress and lands on his desk once again.”
“Commercial fishing is an inherently dangerous way of life, with the challenges only increasing as our oceans warm and storms intensify,” said Linda Behnken, executive director of the Alaska Longline Fishermen’s Association. “To be successful, young fishermen need a host of skills. Senator Sullivan’s support for the YFDA funds that skill building, providing the boost our young bloods need to succeed.”
“This program has support from across the political spectrum because it’s about investing in American jobs and food security,” said Michelle Stratton, executive director of FCC founding member Alaska Marine Conservation Council. “Senator Sullivan and Senator Murkowski’s strong support for the YFDA five years ago recognized the importance of our domestic fishing fleet. Their support today is a reaffirmation of their commitment to ensuring future generations of harvesters and fishing communities can thrive for generations to come.”
The fishing industry employs more individuals than any other industry in Alaska. However, barriers such as high costs to enter a fishery, financial risk, and limited entry-level opportunities make it difficult for young men and women to gain access to the fishing industry.
Senator Sullivan’s legislation would:
Provide training, education, outreach, and technical assistance initiatives for young fishermen entering the industry.
Authorize competitive grants to support new and established local and regional training, education, outreach, and technical assistance initiatives for young fishermen, including programs, workshops, and fishing related services.
Authorize $2 million annually for program funding.
Congressman Nick Begich (R-Alaska) has led the introduction of companion legislation in the House.

MIL OSI USA News –

July 23, 2025

MIL-OSI USA: Sullivan & Colleagues Seek to Reauthorize Young Fishermen’s Development Program

US Senate News:

Source: United States Senator for Alaska Dan Sullivan

07.22.25

WASHINGTON—U.S. Senators Dan Sullivan and Lisa Murkowski (both R-Alaska), Ed Markey (D-Mass.), and Roger Wicker (R-Miss.) have introduced bipartisan legislation reauthorizing the Young Fishermen’s Development Act, first signed into law by President Trump in 2021, to continue to mitigate the challenges and hurdles facing the next generation of entrants into the fishing industry. The legislation would authorize $2 million annually through FY 2031 to support regional training opportunities and apprenticeship programs for individuals building their early careers in the fishing industry.

“Over the last four years, the Young Fishermen’s Development Program has helped reduce the high barriers and costs that too often prevent prospective fishermen from filling the ranks of the fishing sector,” said Senator Sullivan. “We want to ensure the next generation of fishermen can continue utilizing these grants, training opportunities, and apprenticeship programs that will bolster our fishing fleet and maintain Alaska’s status as the global superpower of seafood. I urge my colleagues to join us in reauthorizing this important program that is focused on reversing the ‘greying’ of the fleet, supporting our many coastal communities, and empowering our fishermen to continue sustainably harvesting our world-class seafood.”

“Fishing is a cornerstone of the Massachusetts economy, and a vital economic driver for the nation, but there are far too many barriers preventing young people from joining the industry,” said Senator Markey. “With this legislation, we are reaffirming our commitment to the next generation of fishermen by working to build their ability to push off the dock into fulfilling careers at sea. I thank my colleagues for their partnership on this bill and will continue to fight for this important program and our fishing communities.”

“This legislation provides our next generation of fishermen with the resources they need to be successful, and keep Wild Alaska Seafood on tables around the country,” said Senator Murkowski. “The Young Fishermen’s Development Act equipped our next generation of fishermen with important education, hands-on training, and financial resources. I thank Senator Sullivan for his advocacy on this issue, and look forward working alongside him to reauthorize the YFDA and ensure these benefits continue to be realized by young Alaskans.”

“The fishing industry is crucial to the economic success of coastal Mississippi,” said Senator Wicker. “The Young Fishermen’s Development Act encourages future generations of anglers to take advantage of opportunities to perfect their skills. Fishermen of all ages should have the resources to be successful.”

“The Fishing Communities Coalition and our members from across the country are deeply grateful to Senator Sullivan and the bipartisan, multi-coastal, bicameral cosponsors of this legislation for their commitment to the continued success of the Young Fishermen’s Development Program,” said Noah Oppenheim, coordinator of the Fishing Communities Coalition. “The nation’s community-based commercial fisheries have benefitted from this small but mighty program through enhanced workforce development and safety training opportunities. The reauthorization of this program will support hundreds of additional early-career fishermen as they begin working in America’s oldest profession. Five years ago President Trump signed the original Young Fishermen’s Development Act into law, and we look forward to supporting this bill as it advances through Congress and lands on his desk once again.”

“Commercial fishing is an inherently dangerous way of life, with the challenges only increasing as our oceans warm and storms intensify,” said Linda Behnken, executive director of the Alaska Longline Fishermen’s Association. “To be successful, young fishermen need a host of skills. Senator Sullivan’s support for the YFDA funds that skill building, providing the boost our young bloods need to succeed.”

“This program has support from across the political spectrum because it’s about investing in American jobs and food security,” said Michelle Stratton, executive director of FCC founding member Alaska Marine Conservation Council. “Senator Sullivan and Senator Murkowski’s strong support for the YFDA five years ago recognized the importance of our domestic fishing fleet. Their support today is a reaffirmation of their commitment to ensuring future generations of harvesters and fishing communities can thrive for generations to come.”

The fishing industry employs more individuals than any other industry in Alaska. However, barriers such as high costs to enter a fishery, financial risk, and limited entry-level opportunities make it difficult for young men and women to gain access to the fishing industry.

Senator Sullivan’s legislation would:

Provide training, education, outreach, and technical assistance initiatives for young fishermen entering the industry.
Authorize competitive grants to support new and established local and regional training, education, outreach, and technical assistance initiatives for young fishermen, including programs, workshops, and fishing related services.
Authorize $2 million annually for program funding.

Congressman Nick Begich (R-Alaska) has led the introduction of companion legislation in the House.