Category: Internet Communications Technology

  • MIL-OSI: Hut 8 Advances Capital Strategy with DIFC License

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 22, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced that its subsidiary, Hut 8 Investment Ltd, has secured a Commercial License in the Dubai International Financial Centre (“DIFC”). The license authorizes proprietary investments and certain non-financial commercial activity under the DIFC’s legal and regulatory framework, which is based on international standards and principles of common law.

    The DIFC license represents a structural expansion of Hut 8’s capital strategy, enhancing the Company’s ability to deploy Bitcoin held in reserve into structured derivatives strategies. The license is expected to broaden access to institutional counterparties, reduce trading friction, and lower transaction costs. In fiscal year 2024, Hut 8 generated more than $20 million in net proceeds from covered call options premiums on Bitcoin held in reserve. Through its presence in the DIFC, Hut 8 expects to unlock multiple advantages that support continued expansion of its active treasury management program, including:

    • Direct access to global derivatives markets: Enables Hut 8 to trade directly on institutional exchanges, reducing reliance on OTC intermediaries that historically introduced cost friction relative to spot pricing
    • Broader access to institutional-grade products and counterparties: Unlocks a wider set of global liquidity providers and instruments, enhancing strategic optionality
    • Greater flexibility in structured strategy design and execution: Allows Hut 8 to construct and manage advanced yield strategies that would more difficult to execute without a DIFC license
    • Supportive regulatory environment within a common law framework: Dubai offers an established legal and regulatory foundation for institutional digital asset activity, supporting enhanced enforceability, compliance certainty, and jurisdictional alignment

    “We believe that securing a DIFC license enhances our ability to drive outsized shareholder returns through our integrated capital strategy,” said Asher Genoot, CEO of Hut 8. “It allows us to execute directly on global derivatives markets, reduce trading costs, and access a broader range of institutional products. Within a regulatory environment that supports structured digital asset strategies, we believe we can manage Bitcoin held in reserve more efficiently, manage risk with greater precision, and optimize yield through disciplined, proactive management.”

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    About Dubai International Financial Centre

    Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres and a leading financial hub for the Middle East, Africa, and South Asia (MEASA). With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework. The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. For further information, please visit our website: difc.ae or follow us on LinkedIn and X at @DIFC.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s use of its DIFC license to expand its capital strategy, enhance the Company’s ability to deploy Bitcoin held in reserve, broaden access to institutional counterparties, reduce trading friction, lower transaction costs, and unlock other advantages to support the expansion of the Company’s active treasury management program; the impact of the DIFC’s regulatory framework; the ability of the Company to drive outsized shareholder returns; and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network

  • MIL-OSI Asia-Pac: Government announces implementation of elderly-friendly building design and launches Elderly-friendly Building accreditation scheme

    Source: Hong Kong Government special administrative region

    Government announces implementation of elderly-friendly building design and launches Elderly-friendly Building accreditation scheme 
    With an ageing population in Hong Kong and to encourage ageing in place, “The Chief Executive’s 2023 Policy Address” announced that the Deputy Financial Secretary would co-ordinate with relevant bureaux to put forward proposals to promote elderly-friendly building design. The Task Force announced in November last year a series of specific proposals for elderly-friendly building design and consulted the stakeholders. Stakeholders from the elderly, professional, developer and other sectors generally supported the proposals and provided valuable suggestions for refining the design proposals.
     
    Having considered the views of the stakeholders, the Task Force has refined the proposals announced earlier after balancing various factors, including the needs of the elderly and other users, as well as the practical operational considerations in application by the market and the industry. The key requirements of the proposals to be implemented are as follows:
     
    (1) promoting spatial accessibility to enhance the mobility of the elderly, e.g. provision of an automatic door at the main entrance of residential buildings, adopting wider common corridors and wider main doors of individual units, allowing the addition of lift towers to existing buildings, and using slip-resistant materials;
    (2) encouraging the adoption of adaptive design in residential units to facilitate subsequent modifications, such as widening internal corridors and doors, using sliding doors for toilets, and installing grab rails/shower seats in bathrooms, etc;
    (3) enhancing elderly well-being, e.g. providing fitness or other facilities for the elderly in recreational spaces, and providing shelters for resting facilities at communal outdoor spaces, etc; and
    (4) facilitating the adoption of gerontechnology and Internet of Things, e.g. providing high-speed Internet access in home and public spaces, supporting the installation of smart card systems, motion sensors, etc.

    ???Please refer to the summary table at the Annex for the detailed proposals.Issued at HKT 18:34

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – The unilateral support for LGBTIQ projects and the absence of initiatives tackling anti-Christian discrimination in the CERV-2025-EQUAL call for proposals – E-002861/2025

    Source: European Parliament

    Question for written answer  E-002861/2025
    to the Commission
    Rule 144
    Paolo Inselvini (ECR), Carlo Ciccioli (ECR), Alberico Gambino (ECR), Pietro Fiocchi (ECR), Marco Squarta (ECR)

    Recently published by the Commission, the 2025 CERV call for proposals[1] is the umpteenth example of how this institution uses public funds to push its own ideologies, which are totally out of touch with reality and with the views of millions of EU citizens.

    Surprisingly, the only form of religious discrimination that the call does not mention is that against Christians, an omission that is made all the more egregious when we see that, according to the latest OIDAC data (which also draws on ODIHR/OSCE sources[2]), hate crimes against Christians in Europe rose almost 20 % between 2022 and 2023. In addition, only 10 EU governments provided disaggregated data, a critical monitoring deficit.

    The CERV-2025-EQUAL call also earmarks funding for projects focusing on the LGBTIQ agenda and mentions ‘rainbow families’, a concept which is not recognised by law in Italy and other Member States.

    It is unacceptable that, instead of being used to tackle all forms of discrimination fairly and impartially, European public funds are allocated to push a biased and ideological understanding of discrimination in Europe .

    In the light of the above:

    • 1.Why did the Commission not include any initiatives combating discrimination against Christians in the CERV-2025-EQUAL call?
    • 2.How can it justify supporting social models that are not legally recognised in a number of Member States?
    • 3.Will the Commission revise the 2025 CERV call for proposals so that it genuinely ensures pluralism and upholds national competences?

    Supporter[3]

    Submitted: 14.7.2025

    • [1] https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/opportunities/topic-details/CERV-2025-EQUAL-RESTRICTED?isExactMatch=true&status=31094501,31094502&frameworkProgramme=43251589&order=DESC&pageNumber=1&pageSize=50&sortBy=startDate.
    • [2] Office for Democratic Institutions and Human Rights (ODIHR) of the Organization for Security and Cooperation in Europe (OSCE).
    • [3] This question is supported by a Member other than the authors: Stefano Cavedagna (ECR)
    Last updated: 22 July 2025

    MIL OSI Europe News

  • MIL-OSI Russia: Information about using the SolidPAY mobile application

    Translation. Region: Russian Federal

    Source: Solid Bank – Solid Bank –

    An important disclaimer is at the bottom of this article.

    Dear customers!

    On the side of the SolidPay mobile application vendor, there are problems with access to the personal account for clients who own Android devices.

    We will inform you about the resumption of the service in a separate letter.

    Login to your personal account on iOS is available in the usual mode, as well as access to Internet banking in the web version from the bank’s website.

    We apologize and ask you to take this information into account.

    Share the news on social networks

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

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    MIL OSI Russia News

  • MIL-OSI China: Sinosoft uses AI to help Chinese exporters navigate trade regulations

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

    Chinese firms with global ambitions are increasingly turning to AI and big data to overcome trade obstacles, according to a technology executive at the recently concluded third China International Supply Chain Expo (CISCE).

    Wu Yan, general manager of Jiangsu Skytech Industrial Internet Co., speaks at an event during the third China International Supply Chain Expo in Beijing, July 18, 2025. [Photo courtesy of the CISCE Organizing Committee]

    Wu Yan, general manager of Jiangsu Skytech Industrial Internet Co., a subsidiary of Sinosoft Technology, told China.org.cn that inquiries have surged as U.S. tariffs create new compliance challenges. Sinosoft provides digital trade and compliance services using AI and big data, having served nearly 200,000 enterprises.

    “Many enterprises came to us asking how to navigate these changes,” Wu said. “Our large language model instantly captures new regulatory updates online and refreshes daily to meet these demands.”

    The company made its debut at the five-day expo, which ended Sunday, after observing a significant increase in export-oriented enterprises seeking their services in recent years.

    At the expo, Jiangsu Skytech was joined by two other Sinosoft Technology Group subsidiaries — Nanjing Skytech Quanshuitong Information Co. and Nanjing Skytech Co. — to showcase products and achievements.

    Sinosoft also partnered with the China Council for the Promotion of International Trade (CCPIT) Trade Development & Cooperation Center to launch a new platform for industrial and supply chain restructuring, powered by the company’s AI model.

    “Whether it’s customs compliance, cross-border legal services, or green low-carbon exports, these reflect companies’ most pressing pain points and genuine needs,” Wu said.

    “As a technology software company, we leverage digital and intelligent solutions to assist them,” Wu added. “This drives us to share the insights we’ve gained— especially from working with supply chain enterprises — along with our innovative application cases.”

    The booth of Sinosoft Technology during the China International Supply Chain Expo in Beijing, July 18, 2025. [Photo courtesy of the CISCE Organizing Committee]

    The company’s AI system demonstrates concrete results. “For example, we helped a company from Jiangsu province that was exporting to South Korea. Using the vertical large model, we optimized its global strategy — lowering tariffs by 74%, cutting carbon emissions by 45% and improving efficiency by 80%. Previously, such calculations relied on manual labor or multiple business systems, but now the process takes just minutes,” Wu said. 

    The AI model draws from over 20 years of experience in export tax rebate service and two decades of digital legal services, including collaborations with China’s Ministry of Justice. It continuously monitors global policy and tariff changes, relieving enterprises from the burden of manually tracking foreign regulatory updates, according to Wu.

    Wu explained that today’s tariff mechanisms operate within a complex web of global trade agreements, including multilateral and bilateral free trade agreements, alongside volatile regulations such as evolving U.S. trade policies.

    For small- and medium-sized enterprises operating on thin margins, the model provides affordable access to insights on avoiding legal pitfalls, meeting carbon compliance standards, and managing supply chain constraints, Wu said.

    The new industrial and supply chain restructuring solution, developed in partnership with the CCPIT Trade Development & Cooperation Center, is a comprehensive system designed to help businesses navigate the challenges of going global.

    Wu emphasized the company’s commitment to working more closely with ecosystem partners it connected with at the expo to drive supply chain transformation. He highlighted the importance of understanding the real-world obstacles industrial and supply chain companies face when going global.

    As an industrial software provider, the company aims to integrate cutting-edge technologies into practical solutions that address core business pain points through innovation, Wu noted.

    MIL OSI China News

  • MIL-OSI Russia: “Business Box” and assistance in promotion: how the special project “Time of Opportunities” is organized

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    An important disclaimer is at the bottom of this article.

    The capital opens up new prospects for entrepreneurs. Thanks to the special project “Time of Opportunities”, which is being implemented as part of the project “Summer in Moscow”, they can promote and develop their business. Entrepreneurs from the sphere of public catering, services, education and creativity, culture and sports, the beauty industry, trade and hotel business are invited to join the special project.

    Step-by-step instructions on how to become a participant in the special project “Time of Opportunities” are in our material.

    Step 1: Create a unique offer

    To join the special project, you need to develop a special offer for city residents. Entrepreneurs can organize a free master class, an educational lecture, a theatrical show, hold a thematic event or provide visitors with a discount of 25 percent on goods and services.

    Step 2. Submit an application

    Once you have planned an event, you must submit an application for participation in the business section of the project website. “Summer in Moscow” or on the portal State Budgetary Institution “Small Business of Moscow”. In the questionnaire, you must specify the date, time and place of the event, age restrictions, upload photos for the announcement, provide information about your company and contact information. Specialists will review the questionnaire and notify the applicant of its status by e-mail specified in the questionnaire.

    Step 3. Get a summer “Business Box”

    After checking the application, specialists will come to the site to confirm the information provided in it. The entrepreneur will receive a branded sticker of the Summer in Moscow project with a unique QR code, which will become active after the application is approved. It will be used to open the company’s offer in the Russpass service. In addition, each participant will receive a summer Business Box as a gift – a set of free tools for promoting business from market leaders.

    Step 4: Get help with promotion

    Information about events and special offers with promotions and discounts will be posted in the Russpass service, event announcements will be published in a special poster of the Summer in Moscow project. In addition, businessmen will receive PR support in the media and promotion through geo-services, which will increase audience reach and attract new customers. The 100 most active entrepreneurs who hold the most events will receive a package offer for 100 thousand rubles: business promotion in VK or Yandex, as well as a training course on launching advertising campaigns on the Internet

    You can find out more about the special project and ask any questions by calling: 7 495 225-14-14.

    State Budgetary Institution “Small Business of Moscow”, subordinate Department of Entrepreneurship and Innovative Development, helps people open and develop their business in the capital. In business service centers, everyone can learn about financial and non-financial measures of state support. Free educational and business events are held for entrepreneurs: forums, seminars, trainings, conferences that help improve professional competencies and find like-minded people. You can get advice on opening and running a business and learn more about current measures to support entrepreneurs in Moscow on the website MBM.Mos.ru and by phone: 7 495 225-14-14.

    Support for entrepreneurs is provided within the framework of the federal project “Small and medium entrepreneurship and support for individual entrepreneurial initiative”, which is part of the national project “Efficient and competitive economy”, as well as the Moscow Mayor’s strategy for supporting the capital’s entrepreneurship.

    Project “Summer in Moscow”— the main event of the season. It brings together the most vibrant events of the capital. Every day, charity, cultural and sports events are held in all districts of the city, most of which are free. The Summer in Moscow project is being held for the second time, and the new season will be more eventful: new, original and colorful festivals and events will be added to the traditional ones.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

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

    .

    MIL OSI Russia News

  • MIL-OSI: NBPE – Net Asset Value(s)

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    NBPE Announces June Monthly NAV Estimate

    St, Peter Port, Guernsey, 22 July 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 June 2025 monthly NAV estimate.

    NAV Highlights (30 June 2025)

    • NAV per share was $27.42 (£20.01), a total return of 0.5% in the month
    • Total realisations of $68 million and $8 million of follow-on investments in the first half of 2025
    • $284 million of available liquidity at 30 June 2025
    • ~51k shares repurchased (~$1 million) during June 2025 at a weighted average discount of 30% which was accretive to NAV by ~$0.01 per share. Year-to-date, NBPE has repurchased ~759k shares (~$15 million) at a weighted average discount of 29% which was accretive to NAV by ~$0.11 per share
    As of 30 June 2025 Year to Date One Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    1.3% 3.6% 5.8%
    1.9%
    76.1%
    12.0%
    158.3%
    10.0%
    MSCI World TR (USD)*
    Annualised
    9.3% 16.8% 68.0%
    18.9%
    101.9%
    15.1%
    189.9%
    11.2%
               
    Share price TR (GBP)*
    Annualised
    (7.6%) (6.9%) 10.4%
    3.3%
    91.6%
    13.9%
    185.1%
    11.0%
    FTSE All-Share TR (GBP)*
    Annualised
    9.1% 11.2% 35.5%
    10.7%
    67.3%
    10.8%
    92.7%
    6.8%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 June 2025

    NAV performance during the month driven by:

    • 0.7% NAV increase ($9 million) from changes in FX rates
    • 0.1% NAV increase ($1 million) attributable to changes in prices of quoted holdings (which now constitute 6% of portfolio fair value)
    • Immaterial impact on NAV from additional private valuation information received during the month
    • 0.2% NAV decrease ($3 million) attributable to expense accruals

    $68 million of realisations in the first half of 2025

    • Of the $68 million received during the first half, over three-quarters of the proceeds are from full and partial sales / exits of private holdings; remaining realisations consisted of proceeds from the sales of quoted holdings and other partial realisations

    $284 million of total liquidity at 30 June 2025

    • $74 million of cash and liquid investments with $210 million of undrawn credit line available

    2025 Share Buybacks

    • ~51k shares repurchased in June 2025 at a weighted average discount of 30%; buybacks were accretive to NAV by ~$0.01 per share
    • Year-to-date, NBPE has repurchased ~759k shares at a weighted average discount of 29% which were accretive to NAV by ~$0.11 per share

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 June 2025 was based on the following information:

    • 6% of the portfolio was valued as of 30 June 2025
      • 6% in public securities
    • 94% of the portfolio was valued as of 31 March 2025
      • 94% in private direct investments

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 30 June 2025)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 86.6 6.9%
    Osaic 2019 Reverence Capital Financial Services 63.4 5.0%
    Solenis 2021 Platinum Equity Industrials 59.8 4.7%
    BeyondTrust 2018 Francisco Partners Technology / IT 47.7 3.8%
    Monroe Engineering 2021 AEA Investors Industrials 44.7 3.5%
    Business Services Company* 2017 Not Disclosed Business Services 40.2 3.2%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 37.3 3.0%
    True Potential 2022 Cinven Financial Services 35.6 2.8%
    Mariner 2024 Leonard Green & Partners Financial Services 33.7 2.7%
    FDH Aero 2024 Audax Group Industrials 32.9 2.6%
    Marquee Brands 2014 Neuberger Berman Consumer 31.6 2.5%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 30.5 2.4%
    Auctane 2021 Thoma Bravo Technology / IT 29.1 2.3%
    Fortna 2017 THL Industrials 28.7 2.3%
    Staples 2017 Sycamore Partners Business Services 27.7 2.2%
    Viant 2018 JLL Partners Healthcare 27.3 2.2%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 27.2 2.2%
    Stubhub 2020 Neuberger Berman Consumer 26.4 2.1%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Kroll 2020 Further Global / Stone Point Financial Services 25.0 2.0%
    Benecon 2024 TA Associates Healthcare 24.7 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.6 1.9%
    Excelitas 2022 AEA Investors Industrials 24.1 1.9%
    Exact 2019 KKR Technology / IT 24.0 1.9%
    Constellation Automotive 2019 TDR Capital Business Services 21.4 1.7%
    CH Guenther 2021 Pritzker Private Capital Consumer 21.2 1.7%
    Tendam 2017 PAI Consumer 20.0 1.6%
    Addison Group 2021 Trilantic Capital Partners Business Services 19.9 1.6%
    Bylight 2017 Sagewind Partners Technology / IT 19.9 1.6%
    Real Page 2021 Thoma Bravo Technology / IT 18.8 1.5%
    Total Top 30 Investments                              $979.2 77.5%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 76%
    Europe 23%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 22%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 11%
    Healthcare 8%
    Other 3%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 16%
    2018 13%
    2019 13%
    2020 14%
    2021 18%
    2022 6%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $538 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of June 30, 2025, unless stated otherwise.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.


    1Based on net asset value.

    Attachment

    The MIL Network

  • MIL-OSI China: Rational competition urged for platform economy

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

    A food delivery man rides after snow in Xining, capital of northwest China’s Qinghai Province, Nov. 4, 2018. [Photo/Xinhua]

    China’s latest efforts to regulate the promotional activities of major food delivery platforms and urge rational competition will help maintain market order and promote the healthy and orderly development of the platform economy, experts said.

    These platforms should ramp up technological innovation, optimize delivery networks and adopt differentiated strategies to further improve user experience and prevent cutthroat competition, they added.

    Their comments came after the State Administration for Market Regulation on Friday summoned three food delivery platforms — Ele.me, Meituan and JD — calling on them to strictly adhere to e-commerce, fair competition and food safety laws, and assume more professional responsibility.

    The regulator urged the three platform companies to further regulate promotional activities, participate in competition rationally, and foster a healthy ecosystem that benefits consumers, merchants, delivery riders and platform operators so as to promote the regulated, healthy and sustainable development of the catering services sector.

    The authority’s meeting with major food delivery platforms followed the recent fierce competition in the country’s instant retail sector — with players offering huge discounts and subsidies to grab a bigger slice of the pie — which triggered a relentless price war.

    “The latest move has demonstrated the government’s firm determination to maintain fair market order, signaling its ‘zero-tolerance’ attitude toward disorderly subsidies and vicious competition,” said Jiang Han, a senior analyst at market consultancy Pangoal, adding that the regulated and healthy development of the food delivery sector is directly related to consumers’ rights and interests.

    It is of great significance to safeguard a fair and orderly market environment and avoid the “involution-style” competition in the food delivery sector, which is experiencing a price war, as major platforms have continuously stepped up subsidies to compete for market share, leading to the compression of merchants’ profits and the decline in consumer experience, Jiang said.

    He said platform enterprises should provide differentiated innovative services, such as optimizing delivery efficiency, enhancing food safety standards and improving after-sales services, thereby creating a healthy competition environment, and promoting the high-quality and sustained development of the food delivery sector.

    In May, the SAMR and four other government departments summoned major food delivery platforms to address prominent issues related to competition in the food delivery sector and to rectify unfair market practices.

    The regulator called on the platforms to comply with laws and regulations, fulfill social responsibilities, strengthen internal management, engage in fair and orderly competition, and better safeguard the rights and interests of consumers, merchants and delivery staff.

    Cao Lei, director of the Internet Economy Institute, a domestic consultancy, said the continuous steep discounts will pose challenges to platform companies’ profitability, intensify competition and further squeeze the survival space of small and medium-sized merchants.

    Cao said the platforms should increase investments in technologies such as artificial intelligence-powered algorithms and intelligent scheduling to enhance fulfillment efficiency, while optimizing supply chain management, safeguarding the legitimate rights and interests of consumers, and improving the welfare of delivery staff.

    Zhu Keli, founding director of the China Institute of New Economy, said it is important that platform enterprises pool more resources into technologies and optimize cost structure through highly efficient inventory management and intelligent warehousing systems.

    MIL OSI China News

  • MIL-OSI Russia: The AI Revolution in Education: Are Chinese Algorithms Teaching You?

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 22 (Xinhua) — China has released guidelines to accelerate digital education this year. Based on three years of experience summarizing the national digital education strategy, Chinese authorities have put forward comprehensive work plans to further advance national digital education.

    How far has digital education progressed in China now and how will it develop in the future?

    A BREAKTHROUGH IN DIGITAL EDUCATION

    In 2022, the state public service platform for intellectual education was opened, marking the official launch of the national digital education strategy.

    After three years of development, this platform integrates 5 sub-platforms and has access to 32 provincial-level platforms. It has registered more than 163 million users and the number of visits and views on the platform has exceeded 60.8 billion times.

    At the same time, the platform has launched more than 110 thousand educational resources for primary and secondary schools, more than 11 thousand high-quality online courses for vocational education and 31 thousand courses for higher education.

    “Over the past three years, breakthroughs have been made in implementing the national digital education strategy and the world’s largest platform for public learning resources and services and a lifelong public learning platform have been established,” said Zhou Dawan, head of the Department of Science, Technology and Information Technology of the Ministry of Education of the People’s Republic of China.

    At present, digital education in China is being comprehensively promoted with faster speed and efficiency. All schools at different levels in China are connected to the Internet, and more than 75% of schools have wireless network coverage. In addition, new infrastructure has been built in many places to build provincial-level intelligent education platforms.

    “In the future, it is necessary to work hard to build a diversified system of platforms, catalog systems, resources, data and application systems, and improve the platform’s intelligence level to create a digital base with high intelligence and strong interaction,” said Yang Zongkai, head of the advisory committee of experts on digital education at the Ministry of Education of the People’s Republic of China.

    AI IN EDUCATION REFORM

    Nowadays, the application of artificial intelligence is becoming a hot topic in the field of education. From cities to rural areas, many educational institutions have begun to study specific areas of application of artificial intelligence.

    In March this year, China released the intelligent version of the national intelligent education platform 2.0 and launched an “artificial intelligence testing ground” to promote innovation in human-computer interaction.

    Zhou Dawan noted that in the future, the “AI testing ground” will be improved, focusing on four main aspects – student learning, teacher teaching, educational management and scientific research, and the innovative forces of high-level universities and enterprises will be combined to develop promising practical AI tools.

    It should be recalled that the guidelines on accelerating digital education state that it is necessary to promote the digital transformation of academic disciplines, teaching materials and teaching models, and to improve the digital literacy and skills of the entire population, especially teachers and students.

    In addition, the document also proposes to establish an “AI education” security assurance system and explore the possibility of establishing an algorithm security assessment system to effectively avoid problems such as cyber attacks, information cocoons, algorithm hegemony and Internet addiction.

    PROMOTING DIGITAL EDUCATION AS AN INTERNATIONAL BRAND

    The above document points out that the internationalization of digital education should be actively promoted and international cooperation in the joint creation and utilization of resources, joint training of personnel, etc. should be deepened so as to form an international brand of Chinese digital education.

    After more than 10 years of development, China ranks first in the world in the number and scale of application of massive open online courses (MOOCs), creating an international brand in higher education worldwide.

    In January 2024, the international version of the government’s public service platform in the field of intelligent education was launched, which will provide all-weather support for the education of students around the world.

    In addition, according to the data, the state intellectual education platform in the field of higher education has been visited by more than 106 million people, and its users cover 183 countries and regions of the world.

    The document also said that it is necessary to deepen the application of the international version of the national public service platform in the field of intelligent education, so that digital education can benefit students all over the world and China’s digital education can become a benchmark for the world.

    “Digital education is an inevitable trend of modern development,” Zhou Dawan said, adding that it is not only a technological revolution in education, but also a profound reform of the concept, model and management of education.

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

    .

    MIL OSI Russia News

  • MIL-OSI China: China has over 1.12 billion internet users, boosting prowess in culture, AI

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

    China had more than 1.12 billion internet users as of June 2025, according to a report released by the China Internet Network Information Center (CNNIC) on Monday.

    The report also noted that internet penetration in China reached 79.7 percent by June 2025, an increase of 1.1 percentage points compared with December 2024.

    People visit the Light of Internet Expo in Wuzhen, east China’s Zhejiang Province, Nov. 19, 2024. The Light of Internet Expo kicked off on Tuesday during the 2024 World Internet Conference (WIC) Wuzhen Summit in the water-town of Wuzhen, showcasing the latest technological achievements, especially those made in the artificial intelligence (AI) area. (Xinhua/Cai Xiangxin)

    According to the report, China has made significant strides in internet development during the 14th Five-Year Plan period (2021-2025). In particular, efforts to make the internet more inclusive have allowed key groups, such as the elderly and rural residents, to share in the benefits of this progress.

    As of June 2025, China had 161 million internet users aged 60 and above, and 322 million living in rural areas. Internet penetration among these groups reached 52 percent and 69.2 percent, respectively.

    Meanwhile, the continued development of the internet in China has played a key role in promoting Chinese culture both domestically and internationally, the report said, citing the rising export of Chinese online literature and games, along with the growing synergy between popular web series and related tourist destinations.

    For instance, in 2024, the overseas market scale of Chinese online literature exceeded 5 billion yuan (about 700 million U.S. dollars). Reaching more than 200 countries and regions worldwide, Chinese online literature now has more than 350 million overseas readers.

    In particular, Japan saw its number of Chinese online literature readers grow by an astounding 180 percent, making it the fastest-growing emerging market in the sector.

    Zhang Yijun, first vice chairman of the China Audio-video and Digital Publishing Association, said that China’s online literature has emerged as a new mass cultural art form and promoted the development of a diversified value system within the industry, and that its integration with micro-short dramas opened up new paths for the industry’s transformation in 2024.

    Apart from online art and literature creations, the report also highlighted China’s remarkable progress in generative artificial intelligence (AI) development. It noted that in the first half of 2025, generative AI products saw development on all fronts, from technology to application.

    As of March 2025, a total of 346 generative AI services were registered at the Cyberspace Administration of China, the report said.

    In terms of application, domestic Chinese AI products have achieved significant breakthroughs, reaching parameter scales in the hundreds of billions and achieving multi-modal capabilities. They have been deeply integrated into scenarios such as office collaboration, education, industrial design and content creation, forming an intelligent application ecosystem covering multiple fields. 

    MIL OSI China News

  • MIL-OSI Security: Engineer Pleads Guilty to Stealing for Chinese Government’s Benefit Trade Secret Technology Designed for Missile Launch and Detection

    Source: United States Attorneys General 13

    A Santa Clara County man and former engineer at a Southern California company pleaded guilty today to stealing trade secret technologies developed for use by the U.S. government to detect nuclear missile launches, track ballistic and hypersonic missiles, and to allow U.S. fighter planes to detect and evade heat-seeking missiles.

    Chenguang Gong, 59, of San Jose, pleaded guilty to one count of theft of trade secrets. He remains free on $1.75 million bond.

    According to his plea agreement, Gong – a dual citizen of the United States and China – transferred more than 3,600 files from a Los Angeles-area research and development company where he worked – identified in court documents as the victim company – to personal storage devices during his brief tenure with the company last year.

    The files Gong transferred include blueprints for sophisticated infrared sensors designed for use in space-based systems to detect nuclear missile launches and track ballistic and hypersonic missiles, as well as blueprints for sensors designed to enable U.S. military aircraft to detect incoming heat-seeking missiles and take countermeasures, including by jamming the missiles’ infrared tracking ability. Some of these files were later found on storage devices seized from Gong’s temporary residence in Thousand Oaks.

    In January 2023, the victim company hired Gong as an application-specific integrated circuit design manager responsible for the design, development and verification of its infrared sensors. Beginning on approximately March 30, 2023, and continuing until his termination on April 26, 2023, Gong transferred thousands of files from his work laptop to three personal storage devices, including more than 1,800 files after he had accepted a job at one of the victim company’s main competitors.

    Many of the files Gong transferred contained proprietary and trade secret information related to the development and design of a readout integrated circuit that allows space-based systems to detect missile launches and track ballistic and hypersonic missiles and a readout integrated circuit that allows aircraft to track incoming threats in low visibility environments.

    Gong also transferred files containing trade secrets relating to the development of “next generation” sensors capable of detecting low observable targets while demonstrating increased survivability in space, as well as the blueprints for the mechanical assemblies used to house and cryogenically cool the victim company’s sensors. This information was among the victim company’s most important trade secrets that are worth hundreds of millions of dollars. Many of the files had been marked “[VICTIM COMPANY] PROPRIETARY,” “FOR OFFICIAL USE ONLY,” “PROPRIETARY INFORMATION,” and “EXPORT CONTROLLED.”

    Law enforcement also discovered that, between approximately 2014 and 2022, while employed at several major technology companies in the United States, Gong submitted numerous applications to ‘Talent Programs’ administered by the People’s Republic of China (PRC). The PRC government has established these talent programs as a means to identify individuals who have expert skills, abilities, and knowledge of advanced sciences and technologies in order to access and utilize those skills and knowledge in transforming the PRC’s economy, including its military capabilities.

    In 2014, while employed at a U.S. information technology company headquartered in Dallas, Gong sent a business proposal to a contact at a high-tech research institute in China focused on both military and civilian products. In his proposal, translated from Chinese, Gong described a plan to produce high-performance analog-to-digital converters like those produced by his employer. In another Talent Program application from September 2020, Gong proposed to develop “low light/night vision” image sensors for use in military night vision goggles and civilian applications. Gong’s proposal included a video presentation that contained the model number of a sensor developed by an international defense, aerospace, and security company where Gong worked from 2015 to 2019.

    Gong travelled to China several times to seek Talent Program funding in order to develop sophisticated analog-to-digital converters. In his Talent Program applications, Gong underscored that the high-performance analog-to-digital converters he proposed to develop in China had military applications, explaining that they “directly determine the accuracy and range of radar systems” and that “[m]issile navigation systems also often use radar front-end systems.” In a 2019 email, translated from Chinese, Gong remarked that he “took a risk” by traveling to China to participate in the Talent Programs “because [he] worked for…an American military industry company” and thought he could “do something” to contribute to China’s “high-end military integrated circuits.”

    According to his plea agreement, the intended economic loss from Gong’s criminal conduct exceeds $3.5 million.

    U.S. District Judge John F. Walter scheduled sentencing for Sept. 29, at which time Gong faces a statutory maximum penalty of 10 years in prison.

    The FBI’s Los Angeles Field Office through the Counterintelligence Task Force in partnership with the State Department’s Diplomatic Security Service and Homeland Security Investigations is investigating this matter. The FBI’s San Francisco Field Office and the U.S. Attorney’s Office for the Northern District of California also provided substantial assistance.

    Assistant U.S. Attorneys David C. Lachman and Nisha Chandran for the Central District of California and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL Security OSI

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

    Source: GlobeNewswire (MIL-OSI)

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

    Oslo, Norway, 21 July 2025.

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

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

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

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

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

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

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

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

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

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

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

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

    About IDEX Biometrics ASA

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

    Important information:

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

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

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

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

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

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

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

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

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

    The MIL Network

  • MIL-OSI USA: Engineer Pleads Guilty to Stealing for Chinese Government’s Benefit Trade Secret Technology Designed for Missile Launch and Detection

    Source: US State of North Dakota

    A Santa Clara County man and former engineer at a Southern California company pleaded guilty today to stealing trade secret technologies developed for use by the U.S. government to detect nuclear missile launches, track ballistic and hypersonic missiles, and to allow U.S. fighter planes to detect and evade heat-seeking missiles.

    Chenguang Gong, 59, of San Jose, pleaded guilty to one count of theft of trade secrets. He remains free on $1.75 million bond.

    According to his plea agreement, Gong – a dual citizen of the United States and China – transferred more than 3,600 files from a Los Angeles-area research and development company where he worked – identified in court documents as the victim company – to personal storage devices during his brief tenure with the company last year.

    The files Gong transferred include blueprints for sophisticated infrared sensors designed for use in space-based systems to detect nuclear missile launches and track ballistic and hypersonic missiles, as well as blueprints for sensors designed to enable U.S. military aircraft to detect incoming heat-seeking missiles and take countermeasures, including by jamming the missiles’ infrared tracking ability. Some of these files were later found on storage devices seized from Gong’s temporary residence in Thousand Oaks.

    In January 2023, the victim company hired Gong as an application-specific integrated circuit design manager responsible for the design, development and verification of its infrared sensors. Beginning on approximately March 30, 2023, and continuing until his termination on April 26, 2023, Gong transferred thousands of files from his work laptop to three personal storage devices, including more than 1,800 files after he had accepted a job at one of the victim company’s main competitors.

    Many of the files Gong transferred contained proprietary and trade secret information related to the development and design of a readout integrated circuit that allows space-based systems to detect missile launches and track ballistic and hypersonic missiles and a readout integrated circuit that allows aircraft to track incoming threats in low visibility environments.

    Gong also transferred files containing trade secrets relating to the development of “next generation” sensors capable of detecting low observable targets while demonstrating increased survivability in space, as well as the blueprints for the mechanical assemblies used to house and cryogenically cool the victim company’s sensors. This information was among the victim company’s most important trade secrets that are worth hundreds of millions of dollars. Many of the files had been marked “[VICTIM COMPANY] PROPRIETARY,” “FOR OFFICIAL USE ONLY,” “PROPRIETARY INFORMATION,” and “EXPORT CONTROLLED.”

    Law enforcement also discovered that, between approximately 2014 and 2022, while employed at several major technology companies in the United States, Gong submitted numerous applications to ‘Talent Programs’ administered by the People’s Republic of China (PRC). The PRC government has established these talent programs as a means to identify individuals who have expert skills, abilities, and knowledge of advanced sciences and technologies in order to access and utilize those skills and knowledge in transforming the PRC’s economy, including its military capabilities.

    In 2014, while employed at a U.S. information technology company headquartered in Dallas, Gong sent a business proposal to a contact at a high-tech research institute in China focused on both military and civilian products. In his proposal, translated from Chinese, Gong described a plan to produce high-performance analog-to-digital converters like those produced by his employer. In another Talent Program application from September 2020, Gong proposed to develop “low light/night vision” image sensors for use in military night vision goggles and civilian applications. Gong’s proposal included a video presentation that contained the model number of a sensor developed by an international defense, aerospace, and security company where Gong worked from 2015 to 2019.

    Gong travelled to China several times to seek Talent Program funding in order to develop sophisticated analog-to-digital converters. In his Talent Program applications, Gong underscored that the high-performance analog-to-digital converters he proposed to develop in China had military applications, explaining that they “directly determine the accuracy and range of radar systems” and that “[m]issile navigation systems also often use radar front-end systems.” In a 2019 email, translated from Chinese, Gong remarked that he “took a risk” by traveling to China to participate in the Talent Programs “because [he] worked for…an American military industry company” and thought he could “do something” to contribute to China’s “high-end military integrated circuits.”

    According to his plea agreement, the intended economic loss from Gong’s criminal conduct exceeds $3.5 million.

    U.S. District Judge John F. Walter scheduled sentencing for Sept. 29, at which time Gong faces a statutory maximum penalty of 10 years in prison.

    The FBI’s Los Angeles Field Office through the Counterintelligence Task Force in partnership with the State Department’s Diplomatic Security Service and Homeland Security Investigations is investigating this matter. The FBI’s San Francisco Field Office and the U.S. Attorney’s Office for the Northern District of California also provided substantial assistance.

    Assistant U.S. Attorneys David C. Lachman and Nisha Chandran for the Central District of California and Trial Attorney Brendan Geary of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL OSI USA News

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights:

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

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

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

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

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


    DETAILED FINANCIALS

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

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

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

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

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

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

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

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

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

    About ServisFirst Bancshares, Inc.

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

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

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

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

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

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


    GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

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

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

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

    The MIL Network

  • MIL-OSI USA: In Letter to Trump, Cantwell Unveils 5-Point Plan to Improve Nation’s Weather Readiness in the Face of NOAA Cuts

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    07.21.25

    In Letter to Trump, Cantwell Unveils 5-Point Plan to Improve Nation’s Weather Readiness in the Face of NOAA Cuts

    Cantwell to Trump: “We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system…”

    WASHINGTON, D.C. – Senator Maria Cantwell (D-Wash), ranking member of the Senate Committee on Commerce, Science, and Transportation – the committee that oversees the National Oceanic and Atmospheric Administration (NOAA) and the National Weather Service (NWS) – today sent a letter to President Donald Trump outlining her five-point plan to bolster the United States’ weather readiness.

    “Communities across the United States are experiencing more frequent, intense, and costly flash floods, hurricanes, tornadoes, atmospheric rivers, landslides, heatwaves, and wildfires,” Sen. Cantwell wrote. “The lessons from Kerrville, Palisades, Asheville, Lahaina, and too many other natural disasters are that providing Americans with more timely and accurate weather information can avoid billions in property losses and save lives. We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system that would provide Americans with much more detailed and customized alerts days instead of minutes ahead of a looming extreme weather event.”

    Sen. Cantwell’s five recommendations for President Trump are:

    1. Modernize Weather Data Collection: The United States needs to collect and compile more data by land, air, space, and sea by modernizing our weather data infrastructure and other tools, including better radars, hurricane hunters, weather satellites, and ocean buoys.
    • Radar: Upgrading the nation’s aging Doppler radar network will enable meteorologists to deliver more accurate forecasts and provide longer warning lead times. Higher resolution data from new technology called phased array radar can “see” into the storm in ways not visible on current radar. It can zoom in on the most dangerous features of extreme weather and scan the atmosphere in under a minute, six times faster than current radar, to detect rapid changes like tornado formation or microbursts. NOAA is planning to replace the current outdated Doppler network but lacks the resources necessary to develop the best radar technology and infrastructure at the pace we need them to.
    • Hurricane Hunters: NOAA studies have found that including data collected by the Hurricane Hunters improved forecast accuracy by at least 10 to 15 percent. NOAA needs to rebuild its Hurricane Hunter aircraft fleet by replacing the current WP-3D Hurricane Hunter aircraft that have been in service since the 1970s and will be decommissioned by 2030. NOAA’s 2022 Aircraft Plan calls for four new C-130 aircraft to meet this mission, and the bipartisan National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263, § 11708(b)) included authorization for up to six new aircraft.
    • Weather Satellites: NOAA’s satellites are its “eyes in the sky” that stay locked in place above the United States and give scientists continuous data on storms as they develop. NOAA needs to expand these capabilities with the next generation of weather satellites like the Geostationary Extended Observations (GeoXO) satellite system. Updated satellites will be able to track lightning strikes that start wildfires and smoke which impacts air quality and human health.
    • Buoys and Ocean Data: NOAA’s Integrated Ocean Observing System (IOOS) is a network of buoys, gliders, high frequency radar arrays, and other instruments that gather ocean data critical for weather forecasting, search and rescue, and navigation. we need to modernize and recapitalize aging infrastructure and better integrate ocean data into our weather forecasting models. Enacting the Integrated Ocean Observation System Reauthorization Act of 2025 (S.2126), bipartisan legislation sponsored by Senators Roger Wicker and Cantwell, will help maintain and resource IOOS infrastructure and networks.
    1. World Leading Analytics: We need to catch up with and surpass European weather forecasting capabilities, which will require more supercomputing and improvements in data analytics including assimilation.
    • We want the best forecasts in the world, but the U.S. models are often outperformed by the European model.
    • NOAA needs to increase its focus and investment in supercomputing, data analytics, and data assimilation, a key technique in weather forecasting that combines real-world observations with a numerical weather model.
    • Better forecasts are in reach, we just need to invest in the people and the computing power to be competitive.
    1. Cutting Edge Research: As our communities experience more frequent and extreme weather, now is the time to invest in additional cutting-edge basic and applied research.
    • For decades, NOAA’s Office of Oceanic and Atmospheric Research (OAR) has supported next-generation science and technology that enables increasingly adept forecasting products and services that save lives from extreme weather events.
    • While NOAA’s OAR only accounts for about 10 percent of the agency’s funding, its work has far-reaching impacts including better flash flood and precipitation prediction, developing next generation hurricane models, and improving extreme heat planning scenarios.
    • The office also focuses on ways to better communicate extreme weather threats to the public. For example, NOAA’s National Severe Storm Laboratory in Oklahoma is testing a new tornado and extreme weather early warning system. Even though it’s still in the testing phase, in March the system provided Missouri communities two hours of lead time, allowing 120 people to seek shelter before a dangerous EF-3 tornado touched down. Current tornado warnings only give communities 13 minutes of warning on average.
    1. Modernizing Alert Systems: We must strengthen and expand weather emergency communication channels to keep the public informed and help first responders prepare and react to natural disasters.
    • Americans need more timely, relevant, and actionable information so they know when to get out of harm’s way. Investments like upgrading NOAA’s weather radio technology from obsolete copper technologies to Internet or satellite-based systems are vital to providing reliable and continuous weather and emergency alerts.
    • Expanding NOAA’s VHF broadcasts to reach rural areas that other systems do not reliably cover will provide irreplaceable hazard alerts for campers, tourists, hunters, and tribal members, as well as mining, forestry, and agriculture workers living in remote areas.
    • However, no single alert technology should be considered sufficient in an emergency. We should augment both public and private alert communications and embrace multi-channel delivery systems to ensure messages reach users via their preferred platforms, whether that is through FM and AM radio, apps, websites, SMS, push notifications, television, or social media. The private sector can provide value-added information including more customized alerts and warnings and giving people additional ways to access critical and timely information.
    • Expanding current FEMA programs to build out local sirens and provide first responders with crucial flood maps and satellite images will also significantly enhance local disaster response capabilities.
    1. Advance Bipartisan Legislation: The bipartisan Weather Act Reauthorization Act of 2024 would strengthen weather research and forecasting and expand commercial data partnerships.
    • A bipartisan bill Chairman Ted Cruz and I introduced last year, the Weather Act Reauthorization Act of 2024 (S. 5601), would modernize the essential research programs you signed into law in the 2017 Weather Act and establish new programs to advance forecasting, strengthen emergency preparedness, and support farmers and resource managers with better tools for agriculture and water management.
    • The legislation would take the critical first steps in addressing NOAA’s aging radar network by directing the agency to design and deploy the next generation of weather radar technology. It also expands and codifies public-private partnerships to acquire and utilize innovative data sources, supporting efforts like the Commercial Data Program. Former House Science Chairman Frank Lucas and Ranking Member Zoe Lofgren introduced a bipartisan companion bill in the House (H.R. 3816) last month, which will be marked up by the full Committee this Wednesday.

    This morning, Sen. Cantwell joined CNN’s Pamela Brown to discuss her plan to improve the nation’s weather readiness. The interview is HERE.

    On Sunday, July 13, Sen. Cantwell joined CBS’s Face the Nation with Margaret Brennan to discuss the importance of funding and staffing for NOAA and the NWS.

    “The more you can move people and resources out of the way of a storm, the more you can predict what might happen, the better prepared we’re going to be. And that’s going to help us save lives, and certainly save dollars,” Sen. Cantwell told Brennan. Video of her segment is HERE and HERE; a transcript is HERE.

    NOAA’s cutting-edge science informs NWS weather forecasts, which help local communities prepare for and respond to events like the recent deadly floods in Central Texas. President Trump’s proposed budget would slash NOAA’s funding by $2.2 billion – a 27% cut – and his DOGE team has caused over 2,000 job losses at the agency since January.

    Earlier this month, Sen. Cantwell questioned Dr. Neil Jacobs, President Donald Trump’s nominee to head NOAA, about his plans to preserve the agency’s mission as the administration continues to hack away at NOAA’s budget, workforce, and programs.

    Last month, Sen. Cantwell joined renowned meteorologists from across the country for a virtual presser to sound the alarm on the NWS cuts, and called on the Trump Administration to restore the agency to full capacity.

    The full text of the letter to President Trump is below:

    July 21, 2025

    The Honorable Donald J. Trump

    The White House

    1600 Pennsylvania Avenue, N.W.

    Washington, DC 20500

    Dear Mr. President,

    Communities across the United States are experiencing more frequent, intense, and costly flash floods, hurricanes, tornadoes, atmospheric rivers, landslides, heatwaves, and wildfires. The lessons from Kerrville, Palisades, Asheville, Lahaina, and too many other natural disasters are that providing Americans with more timely and accurate weather information can avoid billions in property losses and save lives. We have a once-in-a-lifetime opportunity to create the world’s best weather forecasting system that would provide Americans with much more detailed and customized alerts days instead of minutes ahead of a looming extreme weather event.

    There is strong support for making the generational investments necessary to become a weather ready nation that will empower Americans to get out of harm’s way. It will take better weather data collection, world leading analytics, cutting edge research, modernizing alert systems, and a partnership between your Administration and Congress to pass enabling legislation. To that end, I offer the following five recommendations that if pursued on a bipartisan basis would make America the world leader in weather forecasting:

    1) Modernizing Weather Data Collection

    We need to compile more data by land, air, space, and sea by modernizing our weather data collection tools, including better radar, hurricane hunters, weather satellites, and ocean buoys

    Radar: Upgrading the nation’s aging Doppler radar network will enable meteorologists to deliver more accurate forecasts and provide longer warning lead times. It does this with higher resolution data from phased array radar (PAR) to “see” into the storm in ways not visible on current radar. PAR can detect rapid changes in storms like tornado formation or microbursts, improve tracking of hazards like hail, and zoom in on the most dangerous features of extreme weather. These systems can also scan the atmosphere in under a minute, six times faster than current radar, detecting rapid changes in the storm for increased warning lead times and fewer false alarms.

    This new technology should replace the current analog Doppler radar systems from the 1980s, which are increasingly costly to maintain and risks failure every day. NOAA is planning to replace the current outdated Doppler network but lacks the resources necessary to develop the best radar technology and infrastructure at the pace we need them to.

    Hurricane Hunter Aircraft: NOAA studies have found that including data collected by the Hurricane Hunters improved forecast accuracy by at least 10 to 15 percent. However, NOAA needs to rebuild its Hurricane Hunter aircraft fleet by replacing the current WP-3D Hurricane Hunter aircraft that have been in service since the 1970s and will be decommissioned by 2030. New C-130 Hurricane Hunter aircraft are more capable than the half-century old WP-3D aircraft, with the ability to deploy more drones and uncrewed systems, conduct higher resolution scans from more advanced radar, and provide highly accurate wind, temperature, pressure, and humidity measurements from additional sensors.

    NOAA’s 2022 Aircraft Plan calls for four new C-130 aircraft to meet this mission, and the bipartisan National Defense Authorization Act for Fiscal Year 2023 (P.L. 117-263, § 11708(b)) included authorization for up to six new aircraft. While two C-130 aircraft are funded, completing the fleet modernization in fiscal year 2026 will ensure forecasters can utilize this irreplaceable data source to better predict the path and intensity of hurricanes headed toward the United States, which is crucial for first responders to inform evacuations and pre-position emergency resources.

    Weather Satellites: NOAA’s satellites are its “eyes in the sky” that stay locked in place above the United States and give scientists continuous data on storms as they develop. NOAA needs to expand these capabilities with the next generation of weather satellites, the Geostationary Extended Observations (GeoXO) satellite system. Once launched, GeoXO can track lightning strikes that start wildfires, wildfire smoke, red tides that poison fisheries, and generally provide better extreme weather early warning capabilities. For example, if GeoXO had been deployed during the 2023 Canadian wildfire smoke event that blanketed much of the eastern United States, its instruments could have provided hourly, high-resolution maps of smoke pollution, enabling more accurate health advisories and allowing schools, airlines, and outdoor workers to make safer decisions. This year, smoke from massive Canadian wildfires is again posing health risks to Americans across the country. This is new technology that does not exist in today’s satellite system.

    To get these next generation satellites built, NOAA must proceed with the recommendations laid out under your first Administration and build the planned network of six satellites, five instruments, and supporting ground systems. The data from the Lightning Mapper (LMX), Sounder (GXS), Atmospheric Composition (ACX), Imager (GXI), and Ocean Color (OCX) instruments are key and necessary inputs for any world leading forecasting model.

    Buoys and Ocean Data: NOAA’s Integrated Ocean Observing System (IOOS) is a network of buoys, gliders, high frequency radar arrays, and other instruments that gather ocean data critical for weather forecasting, search and rescue, and navigation. The IOOS network provides real-time surface and subsurface ocean temperature measurements that feed into NOAA’s hurricane forecast model to detect rapid intensification of hurricanes and other extreme storms. For example, the above average warm water in the Gulf contributed to the recent flash flooding in Central Texas, while changes to tropical weather patterns and ocean temperatures have contributed to flooding across the country, from the Southwest through the Mid-Atlantic and into the Northeast. Just halfway through the summer, according to the National Weather Service, the country has already experienced twice as many floods in July as usual.

    To preserve and expand the critical real-time data these buoys provide, we need to modernize and recapitalize aging infrastructure and better integrate ocean data into our weather forecasting models. Enacting the Integrated Ocean Observation System Reauthorization Act of 2025 (S.2126), bipartisan legislation Senator Roger Wicker and I introduced, will help maintain and resource IOOS infrastructure and networks.

    2) World Leading Analytics

    Catching up with and surpassing European weather forecasting capabilities will require more supercomputing and improvements in data analytics

    NOAA has long aimed to close the performance gap between its Global Forecast System (GFS) and the European Centre for Medium-Range Weather Forecasts, which often outperforms U.S. forecasts. For example, in October 2012, the European model correctly predicted Hurricane Sandy would turn toward the U.S. East Coast seven to eight days in advance, while the U.S. model initially forecast it would head out to sea, missing the U.S. entirely. Of course, Sandy did hit the U.S., with devastating effects for the entire Mid-Atlantic region, killing 254 people and causing nearly $70 billion in damages. Conversely, in 2015, the European model predicted Hurricane Joaquin would stay offshore, which it did, while the U.S. model forecast a direct hit on the East Coast, prompting costly emergency preparations that were ultimately unnecessary. And in February 2021, when a historic Arctic outbreak plunged Texas and much of the South into record cold with heavy snow and ice, and the European model provided more accurate early guidance on the extent and longevity of the cold air mass. According to NOAA and the Texas Department of State Health Services, at its peak, the power outages that resulted left nearly 10 million people in the cold and dark, unable to cook food, and resulted in more than 200 deaths.

    In order to catch up to Europe’s highly advanced weather modeling, NOAA needs to increase its focus and investment in supercomputing, data analytics, and data assimilation, a key technique in weather forecasting that combines real-world observations with a numerical weather model. We need to take steps to expand the GFS ensemble system with higher resolution and better physics, refine the Unified Forecast System, and streamline the path from research to operations with projects like the Earth Prediction Innovation Center (EPIC) to improve collaboration with external scientists and the private sector. All of this will require Congress to provide NOAA with more supercomputing resources if we are to lead the world in weather forecasting.

    3) Cutting Edge Research

    As our communities experience more frequent and extreme weather, now is the time to invest in additional cutting-edge basic and applied research

    For decades, NOAA’s Office of Oceanic and Atmospheric Research has supported next-generation science and technology that enables increasingly adept forecasting products and services that save lives from extreme weather events. While NOAA research only accounts for about 10 percent of the agency’s funding, its work has far-reaching impacts including better flash flood and precipitation prediction, developing next generation hurricane models, and improving extreme heat planning scenarios. The research arm also operates testbeds where new technologies and models are rigorously evaluated before they are transitioned to NOAA operations or private sector applications.

    The office also focuses on ways to better communicate extreme weather threats to the public. For example, NOAA’s National Severe Storm Laboratory in Oklahoma is testing a new tornado and extreme weather early warning system. Even though it’s still in the testing phase, in March the system provided Missouri communities two hours of lead time, allowing 120 people to seek shelter before a dangerous EF-3 tornado touched down. Current tornado warnings only give communities 13 minutes of warning on average.

    4) Modernizing Alert Systems

    We must strengthen and expand weather emergency communication channels to keep the public informed and help first responders prepare and react to natural disasters

    Americans need more timely, relevant, and actionable information so they know when to get out of harm’s way. Investments like upgrading NOAA’s weather radio technology from obsolete copper technologies to Internet or satellite-based systems are vital to providing reliable and continuous weather and emergency alerts. Expanding NOAA’s VHF broadcasts to reach rural areas that other systems do not reliably cover will provide irreplaceable hazard alerts for campers, tourists, hunters, and tribal members, as well as mining, forestry, and agriculture workers living in remote areas. Expanding current FEMA programs to build out local sirens and provide first responders with crucial flood maps and satellite images will also significantly enhance local disaster response capabilities.

    However, no single alert technology should be considered sufficient in an emergency. We should augment both public and private alert communications and embrace multi-channel delivery systems to ensure messages reach users via their preferred platforms, whether that is through FM and AM radio, apps, websites, SMS, push notifications, television, or social media. The private sector can provide value-added information including more customized alerts and warnings, giving people additional ways to access critical and timely information.

    5) Advancing Bipartisan Legislation

    The bipartisan Weather Act Reauthorization Act of 2024 would strengthen weather research and forecasting and expand commercial data partnerships

    A bipartisan bill Chairman Ted Cruz and I introduced last year, the Weather Act Reauthorization Act of 2024 (S. 5601) would modernize the essential research programs you signed into law in the 2017 Weather Act and establish new programs to advance forecasting, strengthen emergency preparedness, and support farmers and resource managers with better tools for agriculture and water management. The legislation also expands and codifies public-private partnerships to acquire and utilize innovative data sources, supporting efforts like the Commercial Data Program. Former House Science Chairman Frank Lucas and Ranking Member Zoe Lofgren introduced a bipartisan companion bill in the House (H.R. 3816) last month.

    Now is the time to take the tough lessons learned in the wake of the recent natural disasters and human tragedies in places like Texas, North Carolina, and New Mexico and create the world’s best weather prediction system. We must meet the moment or the situation is only going to get worse. The United States used to experience an average of nine extreme weather events every year that cost over $1 billion each, but in the last five years the number of disasters has spiked to an average of 23 per year, and last year it was 27 events. A recent comprehensive government study predicted that extreme weather will cost Americans $1.5 trillion over the next decade, not including loss of life or health-related costs. That’s why the costs of making the once-in-a-lifetime smart investments described above are minuscule compared to savings that better weather forecasting will provide every American.

    Sincerely,

    MIL OSI USA News

  • MIL-OSI Security: Johnston Man Indicted for Possessing Child Sexual Abuse Material

    Source: Office of United States Attorneys

    PROVIDENCE – A Johnston man previously convicted and sentenced in 2006 for felony assaults involving the molestation of two minors has been indicted by a federal grand jury for allegedly downloading child sexual abuse material (CSAM), announced Acting United States Attorney Sara Miron Bloom.

    Jonathan P. Graziano, 41, is charged by indictment with possession of child pornography.

    Court documents reflect that Homeland Security Investigations (HSI) and the Rhode Island State Police Internet Crimes Against Children (ICAC) Task Force reviewed a report from the National Center for Missing and Exploited Children regarding a user distributing CSAM via a messaging application. Further investigation determined that an IP address at a Johnston address that Graziano shared with others was being used to distribute the material. A court-authorized search of the residence and of electronic devices resulted in the discovery of hundreds of images and videos of CSAM on Jonathan Graziano’s personal electronic device.

    Graziano is currently detained in federal custody on a criminal complaint filed in this matter on June 18, 2025. He is scheduled to be arraigned on the indictment on July 25, 2025. An indictment is merely an accusation. A defendant is presumed innocent unless and until proven guilty

    The case is being prosecuted by Assistant United States Attorney G. Michael Seaman.

    The matter was investigated by Homeland Security Investigations and the Rhode Island State Police Internet Crimes Against Children Task Force.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc

    ###

    MIL Security OSI

  • MIL-OSI Security: Foster Man Admits to Downloading and Storing Child Sexual Abuse Material

    Source: Office of United States Attorneys

    PROVIDENCE – A Foster man previously convicted and incarcerated for sharing sexually explicit photographs online with a person he believed to be a 13-year-old girl with whom he also attempted to meet near her middle school to engage in sex today pleaded guilty to a charge of receipt of child pornography, announced Acting United States Attorney Sara Miron Bloom.

    John Q. Adams, 36, admitted that on January 13, 2021, he downloaded and stored an explicit video file depicting child sexual abuse material involving two adult males and a prepubescent female. Further investigation determined that Adams had downloaded and stored approximately 112 images and 49 videos of child sexual abuse material.

    Adams is scheduled to be sentenced on October 21, 2025. The sentence imposed will be determined by a federal district judge after consideration of the U.S. Sentencing Guidelines and other statutory factors.

    The case is being prosecuted by Assistant United States Attorney Denise M. Barton.

    The matter was investigated by Homeland Security Investigations and the Rhode Island State Police Internet Crimes Against Children Task Force.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse. Led by the U.S. Attorneys’ Offices and the DOJ’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state, and local resources to locate, apprehend, and prosecute individuals who exploit children, as well as identify and rescue victims. For more information about Project Safe Childhood, please visit https://www.justice.gov/psc

    To report suspected online child sexual exploitation and/or abuse, call the Know2Protect Tipline at 1-833-591-KNOW (5669) or visit the NCMEC CyberTipline® at https://report.cybertip.org/

    ###

    MIL Security OSI

  • MIL-OSI Security: Missouri Man Sentenced to 30 Years in Prison for Producing Child Pornography

    Source: Office of United States Attorneys

    CAPE GIRARDEAU – U.S. District Judge Sarah E. Pitlyk on Monday sentenced a Carter County, Missouri man to 30 years for producing child pornography.

    Jurors in U.S. District Court in Cape Girardeau in December convicted Clinton Rongey, now 53, of one count of sexual exploitation of a minor. Evidence and testimony at trial showed that between February and November of 2023, Rongey produced more than 100 images containing child sexual abuse material featuring the victim, who was three and four years old at the time. Rongey engaged in a “pattern of activity,” doing so on multiple occasions, while he’d been entrusted with the care of the victim, according to a government sentencing memorandum.

    The case was investigated by the Carter County Sheriff’s Office and the FBI.  Assistant U.S. Attorneys Julie Hunter and Nathan Chapman prosecuted the case.

    This case was brought as part of Project Safe Childhood, a nationwide initiative to combat the growing epidemic of child sexual exploitation and abuse launched in May 2006 by the Department of Justice. Led by U.S. Attorneys’ Offices and the Department of Justice Criminal Division’s Child Exploitation and Obscenity Section, Project Safe Childhood marshals federal, state and local resources to better locate, apprehend and prosecute individuals who exploit children via the Internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, please visit www.justice.gov/psc.
     

    MIL Security OSI

  • MIL-OSI Africa: Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments

    Source: APO

    The 32nd Annual Meetings of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), also known as AAM2025, witnessed a flurry of deal signings with four project preparation transactions signed between the Bank and various entities that are expected to unlock investments valued at about US$ 1.0 billion.

    In an agreement signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, for Afreximbank, and Mrs. Temwani Simwaka, CEO, for NBS Bank Plc (NBS), Malawi, the two institutions executed a Joint Project Preparation Facility Framework Agreement under which they will pool resources to provide early project preparatory financing to progress projects in Malawi from pre-feasibility stage to bankability in a timely manner.

    As set out in the agreement, Afreximbank and NBS will support public and private sector investors by availing financing and technical support services to de-risk projects in priority sectors, including energy, transport and logistics, logistical platforms (such as special economic zones and industrial parks), manufacturing, agro-processing, hospitality and tourism, extractives, solid minerals, and services (such as ICT, healthcare, and creative economy). Embedded in the framework agreement is a capacity building programme that will empower NBS staff to undertake project preparation activities in the medium term.

    Afreximbank and NBS expect to bring onstream investments of about US$ 300 million in Malawi in the near term.

    In another transaction, Afreximbank signed a US$ 4.4-million Project Preparation Facility Agreement in favour of Med Aditus Pharmaceutical Kenya Limited. The facility will be deployed to finance the preparation of feasibility and bankability studies towards the development of a state-of-the-art fill and finish pharmaceutical manufacturing plant, with a production capacity of at least two billion tablets and capsules per annum, located in Kibos, Kisumu County, Kenya.

    The project will improve access to quality, affordable life-saving medicines across the Great Lakes region, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases. The project will also facilitate medical and manufacturing blockchain technology transfer to Africa, supporting the long-term growth and strengthening the wider region’s health sector. The project preparation facility will bring onstream assets of about US$ 40 million.

    Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, signed the agreement on behalf of Afreximbank while Dr. Dhiren Thakker, Founder and CEO of Med Aditus Pharma, signed for his company.

    Afreximbank also signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited. The facility will be deployed towards the preparation of bankability and feasibility studies and procurement of transaction advisors for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe.

    The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW to be sold wholly to the Intensive Energy Users Group, a consortium of blue-chip industrial and mining energy users in Zimbabwe, under a “take-or-pay” 20-year power purchase agreement with a cost-reflective tariff. The project is expected to supply affordable and reliable power that will support value-addition and beneficiation of Zimbabwe’s minerals, thereby boosting the country’s foreign exchange earnings.

    The project preparation facility will unlock an investment estimated at US$ 350 million.

    Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Eddie Cross, Chairman, for Green Hybrid Power Private Limited.

    Afreximbank, in addition, signed a Project Preparation Facility Heads of Terms Agreement of US$ 4.0 million in favour of Proton Energy Limited, a Nigerian independent power producer. The facility will be deployed towards financing the preparation of feasibility studies and procurement of transaction advisory services for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500 MW in Sapele, Nigeria. The project will commence with an initial generation capacity of 150 MW.

    The project will evacuate the electricity generated primarily to Eko Electricity Distribution Company under a 20-year power purchase agreement with a cost-reflective tariff.

    The facility is expected to bring on stream assets estimated at US$ 300 million.

    Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Oti Ikomi, Executive Vice Chairman and CEO, for Proton Energy Limited.

    AAM2025 took place from 25 to 28 June and attracted an estimated 8,000 participants, including presidents, prime ministers, ministers and business leaders, from across Africa, the Caribbean and beyond. It ended with the Annual General Meeting of Shareholders where Dr. George Elombi was appointed the next President of the Bank who succeeds Prof. Benedict Oramah whose tenure is ending after two five-year terms in the position.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow us on:
    X: https://apo-opa.co/44Siid2
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    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

    .

    MIL OSI Africa

  • MIL-OSI United Nations: Secretary-General’s remarks to the High-level Political Forum [bilingual as delivered, scroll down for all-English and all-French]

    Source: United Nations secretary general

    This year’s High-Level Political Forum arrives at a time of profound challenge – but also real possibility.

    Despite enormous headwinds, we have seen just in the last two months what can be achieved when countries come together with conviction and focus.

    We saw it in Geneva, where the World Health Assembly adopted the Pandemic Agreement — a vital step toward a safer, more equitable global health architecture.

    We saw it in Nice at the Third UN Ocean Conference, where governments committed to expand marine protected areas and tackle plastic pollution and illegal fishing.

    And we saw it in Sevilla at the Fourth International Financing for Development Conference, where countries agreed on a new vision for global finance — one that expands fiscal space, lowers the cost of capital, and ensures developing countries have a stronger voice and participation in the organizations that shape their future. 

    These are not isolated wins.

    They are signs of momentum.

    Signs that multilateralism can deliver.

    Signs that transformation is not only necessary — it is possible.

    And that is the spirit we bring to this High-Level Political Forum.

    Excellencies, ladies and gentlemen,

    This Forum is about renewing our common promise — to end poverty, protect the planet, and ensure prosperity for all.

    We also recognize the deep linkages between development and peace.

    We meet against the backdrop of global conflicts that are pushing the Sustainable Development Goals further out of reach.

    That’s why we must keep working for peace in the Middle East.

    Over the weekend in Gaza, we saw yet more mass shootings and killings of people seeking UN aid for their families – an atrocious and inhumane act which I utterly condemn.

    We need an immediate ceasefire in Gaza, the immediate release of all hostages, and unimpeded humanitarian access as a first step to achieve the two-State solution.

    We need the ceasefire between Iran and Israel to hold.

    We need a just and lasting peace in Ukraine based on the UN Charter, international law and UN resolutions. 

    We need an end to the horror and bloodshed in Sudan.

    And the list goes on, from the DRC to Somalia, from the Sahel to Myanmar.

    At every step, we know sustainable peace requires sustainable development.

    The Sustainable Development Goals are not a dream.

    They are a plan.

    A plan to keep our promises — to the most vulnerable people, to each other, and to future generations.

    People win when we channel our energy into development.

    Since 2015, millions more people have access to electricity, clean cooking, and the internet.

    Social protection now reaches over half the world’s population — up from just a quarter a decade ago.

    More girls are completing school.

    Child marriage is declining.

    Women’s representation is growing — from the boardrooms of business to the halls of political power.  

    But we must face a tough reality:

    Only 35 per cent of SDG targets are on track or making moderate progress.

    Nearly half are moving too slowly.

    And 18 per cent are going backwards.

    Meanwhile, the global economy is slowing.

    Trade tensions are rising.

    Inequalities are growing.

    Aid budgets are being decimated while military spending soars.

    And mistrust, division and outright conflicts are placing the international problem-solving system under unprecedented strain.

    We cannot sugarcoat these facts. But we must not surrender to them either.

    The SDGs are still within reach — if we act with urgency and ambition.

    This year’s Forum focuses on five critical Goals: health, gender equality, decent work, life below water, and global partnerships.

    All are essential. All are interconnected. All can spur change across other goals.

    On health, COVID-19 exposed and deepened inequalities – and today, far too many people still lack access to basic care.
    We know what works.

    We must boost investment in universal health coverage, rooted in strong primary care and prevention, reaching those furthest behind first.

    On gender equality, gaps remain wide.

    Women and girls face systemic barriers — from violence and discrimination to unpaid care and limited political voice.

    But we also see growing momentum: from grassroots movements to national reforms.

    Now is the time to turn that momentum into transformation — with rights-based policies, accountability, and real financing into programmes that support inclusion and equality for women and girls.

    On decent work, the global economy is leaving billions behind.

    Over 2 billion people are in informal jobs. Youth unemployment is stubbornly high.

    But we have tools to change this.

    The Global Accelerator on Jobs and Social Protection is helping countries invest in expanded social protection initiatives, skills training, and the creation of sustainable livelihoods — including in growing industries like clean energy.

    Tomorrow, I will deliver an address on the enormous opportunities of the renewables revolution.

    The upcoming World Summit on Social Development can help spur further progress.

    Excellencies, ladies and gentlemen,

    On life below water, our ocean and the communities that count on it are paying the price of overfishing, pollution, and climate change.

    We must deliver on the commitments of the Nice Ocean Conference — to protect marine ecosystems and support the millions who depend on them.

    And, finally, on global partnerships — SDG 17 — we need to strengthen all the elements that can support progress.

    This means investing in science, data, and local capacity.

    And harnessing digital innovation — including artificial intelligence — to accelerate progress, not deepen divides.

    Throughout, we must recognize the need to reform the unfair global financial system, which no longer represents today’s world or the challenges faced by developing countries.

    We must ensure a reform for developing countries to have a stronger voice and greater participation to help advance the Sustainable Development Goals on the ground.

    The Sevilla Commitment that emerged from the Conference on Financing for Development includes important steps: 

    Through new domestic and global commitments that can channel public and private finance to the areas of greatest need.

    By increasing the capacity of governments to substantially mobilize domestic resources, including through tax reform.

    And by establishing a more effective framework for debt relief and tripling the lending capacity of multilateral development banks to the benefit of developing countries. 

    Excellences,

    Au cours de l’année à venir, nous devons continuer à construire.

    Nous devons renforcer et élargir les partenariats qui portent leurs fruits – y compris avec le secteur privé et les organisations de la société civile et les pouvoirs locaux. 

    Nous devons faire en sorte que chaque décision s’inscrive dans une réflexion à long terme, comme nous nous y sommes engagés dans la Déclaration sur les générations futures.

    Et nous devons continuer d’apprendre les uns des autres.

    Les Examens nationaux volontaires, qui constituent la clé de voûte de ce forum, sont bien plus que de simples rapports.

    Ce sont des actes de responsabilité.

    Ce sont de véritables parcours d’introspection, que les pays suivent à mesure qu’ils se développent et se construisent.

    Et ce sont des modèles que les autres pays peuvent suivre et dont ils peuvent s’inspirer.

    À la fin de ce forum politique de haut niveau pour le développement durable, nous aurons dépassé les 400 examens, et plus de 150 pays en auront présenté plus d’un.

    Il s’agit là d’un signal fort d’engagement.

    Une preuve indéniable que des solutions existent et qu’elles peuvent être reproduites et étendues.

    À cinq ans de l’échéance, le temps est venu de convertir ces prémices de transformation en un puissant élan de progrès – qui bénéficie à tous les pays.

    Agissons avec détermination, justice et vision.

    Et concrétisons le développement – pour les personnes et pour la planète.

    Je vous remercie.

    ****
    [all-English]

    This year’s High-Level Political Forum arrives at a time of profound challenge – but also real possibility.

    Despite enormous headwinds, we have seen just in the last two months what can be achieved when countries come together with conviction and focus.

    We saw it in Geneva, where the World Health Assembly adopted the Pandemic Agreement — a vital step toward a safer, more equitable global health architecture.

    We saw it in Nice at the Third UN Ocean Conference, where governments committed to expand marine protected areas and tackle plastic pollution and illegal fishing.

    And we saw it in Sevilla at the Fourth International Financing for Development Conference, where countries agreed on a new vision for global finance — one that expands fiscal space, lowers the cost of capital, and ensures developing countries have a stronger voice and participation in the organizations that shape their future.

    These are not isolated wins.

    They are signs of momentum.

    Signs that multilateralism can deliver.

    Signs that transformation is not only necessary — it is possible.

    And that is the spirit we bring to this High-Level Political Forum.

    Excellencies, ladies and gentlemen,

    This Forum is about renewing our common promise — to end poverty, protect the planet, and ensure prosperity for all.

    We also recognize the deep linkages between development and peace.

    We meet against the backdrop of global conflicts that are pushing the Sustainable Development Goals further out of reach.

    That’s why we must keep working for peace in the Middle East.
    Over the weekend in Gaza, we saw yet more mass shootings and killings of people seeking UN aid for their families – an atrocious and inhumane act which I utterly condemn.

    We need an immediate ceasefire in Gaza, the immediate release of all hostages, and unimpeded humanitarian access as a first step to achieve the two-State solution.

    We need the ceasefire between Iran and Israel to hold.

    We need a just and lasting peace in Ukraine based on the UN Charter, international law and UN resolutions. 

    We need an end to the horror and bloodshed in Sudan.

    And the list goes on, from the DRC to Somalia, from the Sahel to Myanmar.

    At every step, we know sustainable peace requires sustainable development.

    The Sustainable Development Goals are not a dream.

    They are a plan.

    A plan to keep our promises — to the most vulnerable people, to each other, and to future generations.

    People win when we channel our energy into development.

    Since 2015, millions more people have access to electricity, clean cooking, and the internet.
    Social protection now reaches over half the world’s population — up from just a quarter a decade ago.

    More girls are completing school.

    Child marriage is declining.

    Women’s representation is growing — from the boardrooms of business to the halls of political power.  

    But we must face a tough reality:

    Only 35 per cent of SDG targets are on track or making moderate progress.

    Nearly half are moving too slowly.

    And 18 per cent are going backwards.

    Meanwhile, the global economy is slowing.
    Trade tensions are rising.

    Inequalities are growing.

    Aid budgets are being decimated while military spending soars.

    And mistrust, division and outright conflicts are placing the international problem-solving system under unprecedented strain.

    We cannot sugarcoat these facts. But we must not surrender to them either.

    The SDGs are still within reach — if we act with urgency and ambition.

    This year’s Forum focuses on five critical Goals: health, gender equality, decent work, life below water, and global partnerships.

    All are essential. All are interconnected. All can spur change across other goals.

    On health, COVID-19 exposed and deepened inequalities – and today, far too many people still lack access to basic care.
    We know what works.

    We must boost investment in universal health coverage, rooted in strong primary care and prevention, reaching those furthest behind first.

    On gender equality, gaps remain wide.

    Women and girls face systemic barriers — from violence and discrimination to unpaid care and limited political voice.

    But we also see growing momentum: from grassroots movements to national reforms.

    Now is the time to turn that momentum into transformation — with rights-based policies, accountability, and real financing into programmes that support inclusion and equality for women and girls.

    On decent work, the global economy is leaving billions behind.

    Over 2 billion people are in informal jobs. Youth unemployment is stubbornly high.

    But we have tools to change this.

    The Global Accelerator on Jobs and Social Protection is helping countries invest in expanded social protection initiatives, skills training, and the creation of sustainable livelihoods — including in growing industries like clean energy.

    Tomorrow, I will deliver an address on the enormous opportunities of the renewables revolution.

    The upcoming World Summit on Social Development can help spur further progress.

    Excellencies, ladies and gentlemen,

    On life below water, our ocean and the communities that count on it are paying the price of overfishing, pollution, and climate change.

    We must deliver on the commitments of the Nice Ocean Conference — to protect marine ecosystems and support the millions who depend on them.

    And, finally, on global partnerships — SDG 17 — we need to strengthen all the elements that can support progress.

    This means investing in science, data, and local capacity.

    And harnessing digital innovation — including artificial intelligence — to accelerate progress, not deepen divides.

    Throughout, we must recognize the need to reform the unfair global financial system, which no longer represents today’s world or the challenges faced by developing countries.

    We must ensure a reform for developing countries to have a stronger voice and greater participation to help advance the Sustainable Development Goals on the ground.

    The Sevilla Commitment that emerged from the Conference on Financing for Development includes important steps: 

    Through new domestic and global commitments that can channel public and private finance to the areas of greatest need.

    By increasing the capacity of governments to substantially mobilize domestic resources, including through tax reform.

    And by establishing a more effective framework for debt relief and tripling the lending capacity of multilateral development banks to the benefit of developing countries. 

    Excellencies,

    In the coming year, we must keep building.

    We must strengthen and scale up partnerships that deliver — including with the private sector and civil society organizations and local authorities. 

    We must embed long-term thinking into every decision, as we committed in the Declaration on Future Generations.

    And we must continue to learn from each other.

    Voluntary National Reviews — the backbone of this Forum — are more than reports.

    They are acts of accountability.

    They are journeys of self-discovery as countries develop and build. 

    And they are templates for other countries to follow and learn from.

    By the end of this HLPF, we will have surpassed 400 reviews — with over 150 countries presenting more than once.

    That is a powerful signal of commitment.

    A clear demonstration that solutions exist and can be replicated and expanded.

    With five years left, it’s time to transform these sparks of transformation into a blaze of progress — for all countries.

    Let us act with determination, justice and direction.

    And let’s deliver on development — for people and for planet. 

    Thank you.

    [all-French]

    Cette année, le forum politique de haut niveau pour le développement durable se tient à une période marquée par de profondes remises en question, mais également par de réelles perspectives.

    Malgré de très puissants vents contraires, nous avons vu, ces deux derniers mois, ce qu’il est possible d’accomplir lorsque les pays s’unissent avec conviction et détermination.

    Nous l’avons vu à Genève, où l’Assemblée mondiale de la Santé a adopté l’Accord sur les pandémies, étape essentielle vers l’établissement d’une architecture mondiale de la santé plus sûre et plus équitable.

    Nous l’avons vu à Nice lors de la troisième Conférence des Nations Unies sur l’océan, où les gouvernements se sont engagés à étendre les aires marines protégées et à lutter contre la pollution plastique et la pêche illicite.

    Nous l’avons vu à Séville lors de la quatrième Conférence internationale sur le financement du développement, où les pays se sont mis d’accord sur une nouvelle conception de ce que doit être le financement mondial : une conception qui donne une plus grande marge de manœuvre budgétaire, qui réduise le coût du capital et qui permette aux pays en développement de mieux se faire entendre et la participation aux organisations qui partagent leur avenir.

    Ce ne sont pas là que des victoires isolées.

    Ce sont des signes qu’une dynamique se crée.

    Des signes que le multilatéralisme peut fonctionner.

    Des signes que, mieux que nécessaire, la transformation est possible.

    Et c’est l’esprit dans lequel nous abordons ce forum politique de haut niveau.

    Excellences,
    Mesdames et Messieurs,

    Le but de cette édition du forum est de renouveler l’engagement que nous avons pris ensemble : celui d’éliminer la pauvreté, protéger la planète et garantir la prospérité pour tous et toutes.

    Et nous sommes bien conscients des liens étroits qui existent entre le développement et la paix.

    Nous nous réunissons aujourd’hui dans le contexte de conflits mondiaux qui mettent les objectifs de développement durable encore plus hors de portée.

    C’est pourquoi nous devons continuer d’œuvrer à la paix au Moyen-Orient.

    Au cours du week-end à Gaza, nous avons assisté à de nouvelles fusillades et à de nouveaux meurtres de personnes cherchant l’aide de l’ONU pour leurs familles – un acte atroce et inhumain que je condamne catégoriquement.

    La solution des deux États doit se réaliser, mais pour cela, à titre préliminaire, il nous faut un cessez-le-feu immédiat à Gaza, une libération immédiate de tous les otages et un accès humanitaire sans entrave.

    Le cessez-le-feu entre l’Iran et Israël doit tenir.

    Il nous faut une paix juste et durable en Ukraine – une paix fondée sur la Charte des Nations Unies, le droit international et les résolutions des organes des Nations Unies.

    L’horreur et le bain de sang doivent cesser au Soudan.

    Au Soudan comme en RDC, en Somalie, au Sahel ou au Myanmar – et la liste est encore longue.

    Et toujours, nous devons nous souvenir qu’il n’y a pas de paix durable sans développement durable.

    Les objectifs de développement durable ne sont pas qu’un idéal.

    Ils portent tout un projet.

    Un projet qui doit nous aider à tenir nos promesses : les promesses faites aux personnes les plus vulnérables, celles que nous nous sommes faites mutuellement et celles que nous avons faites aux générations futures.

    Tout le monde est gagnant lorsque nous appliquons notre énergie au développement.

    Depuis 2015, des millions de personnes supplémentaires ont accès à l’électricité, à des solutions de cuisson propre et à Internet.

    Plus de la moitié de la population mondiale bénéficie désormais de la protection sociale ; ce n’était le cas que d’un quart de la population il y a dix ans.

    Davantage de filles achèvent leur scolarité.

    Les mariages d’enfants sont en baisse.

    Les femmes sont de plus en plus représentées, que ce soit dans les conseils d’administration des entreprises ou dans les sphères du pouvoir politique.

    Pourtant, nous devons reconnaître une dure réalité :

    Seuls 35 % des cibles des objectifs de développement durable sont en voie d’être atteints, ou du moins, enregistrent des progrès modérés dans ce sens.

    Ces progrès sont trop lents pour près de la moitié des cibles.

    Et c’est un recul qui est enregistré pour 18 % d’entre elles.

    Pendant ce temps, l’économie mondiale ralentit.

    Les tensions commerciales s’accentuent.

    Les inégalités augmentent.

    Les budgets consacrés à l’aide sont amputés alors que les dépenses militaires explosent.

    Et, comme jamais, la défiance, les divisions et les conflits ouverts mettent le système international de règlement des problèmes à rude épreuve.

    Cette réalité ne peut être édulcorée, mais elle ne doit pas nous faire fléchir.

    Nous pouvons toujours atteindre les objectifs de développement durable, si nous agissons de toute urgence et avec ambition.

    Cette année, le forum porte sur cinq objectifs fondamentaux : la santé, l’égalité des sexes, le travail décent, la vie aquatique et les partenariats mondiaux.

    Tous sont essentiels. Tous sont interdépendants. Tous sont porteurs de changement dans des domaines relevant d’autres objectifs.

    En ce qui concerne la santé, la COVID-19 a révélé et aggravé les inégalités, et aujourd’hui, beaucoup trop de personnes n’ont toujours pas accès aux soins de base.

    Nous savons ce qui fonctionne.

    Nous devons intensifier les investissements en faveur d’une couverture sanitaire universelle fondée sur un système solide de soins primaires et de prévention, qui servirait en premier lieu les personnes les plus laissées-pour-compte.

    En ce qui concerne l’égalité des sexes, le fossé reste immense.

    Les femmes et les filles se heurtent à des obstacles systémiques, qui vont de la violence et de la discrimination aux travaux domestiques non rémunérés et à un manque de représentation sur la scène politique.

    Nous assistons toutefois également à l’amorce d’une nouvelle dynamique, dans les mouvements locaux, les réformes nationales.

    Le moment est venu de transformer cette dynamique en véritable transformation, en faisant en sorte que des politiques fondées sur les droits, des dispositifs de responsabilité effective et des financements concrets soient mis au service de programmes qui favorisent l’inclusion et l’égalité pour les femmes et les filles.

    En ce qui concerne le travail décent, des milliards de personnes ne profitent pas de l’économie mondiale.

    Elles sont plus de 2 milliards à occuper des emplois informels. Le chômage des jeunes est obstinément élevé.

    Mais nous disposons d’outils pour changer la donne.

    L’Accélérateur mondial pour l’emploi et la protection sociale aide les pays à investir dans des initiatives de protection sociale élargies, dans la formation professionnelle et dans la création de moyens de subsistance durables, notamment dans des secteurs en forte croissance tels que les énergies propres.

    Demain, je prononcerai un discours sur l’immense potentiel que recèle la révolution des énergies renouvelables.

    Le prochain Sommet mondial pour le développement social peut aussi contribuer à accélérer les progrès.

    Excellences, mesdames et messieurs

    En ce qui concerne la vie aquatique, notre océan et les populations qui en dépendent paient le prix de la surpêche, de la pollution et des changements climatiques.

    Nous devons honorer les engagements qui ont été pris lors de la Conférence de Nice sur l’océan, à savoir protéger les écosystèmes marins et soutenir les millions de personnes qui en sont tributaires.

    Enfin, en ce qui concerne les partenariats mondiaux (l’objectif de développement durable no 17), nous devons consolider tous les facteurs de progrès potentiels.

    Autrement dit, il faut investir dans la science, les données et les capacités locales.

    Et exploiter l’innovation numérique – notamment l’intelligence artificielle – pour accélérer le progrès, et non creuser la fracture.

    Ce faisant, nous devons tenir compte de la nécessité de réformer le système financier mondial : un système inéquitable qui n’est plus représentatif du monde d’aujourd’hui ni des problématiques auxquelles font face les pays en développement.

    Nous devons mettre en œuvre une réforme permettant aux pays en développement de mieux se faire entendre et de participer davantage à la réalisation des Objectifs de développement durable sur le terrain.

    L’Engagement de Séville, adopté à l’occasion de la Conférence sur le financement du développement, prévoit un certain nombre de mesures majeures vers :
     

    • de nouveaux engagements nationaux et mondiaux susceptibles de diriger les financements publics et privés vers les secteurs où les besoins sont les plus importants ;
    • un renforcement de la capacité des États à mobiliser des ressources nationales en grandes quantités, notamment au moyen d’une réforme fiscale ;
    • une réforme de l’architecture financière mondiale, visant à permettre aux pays en développement, qui comptent sur ce système pour mieux servir et soutenir leurs populations, de mieux se faire entendre et de participer davantage ;
    • l’établissement d’un cadre plus efficace pour l’allégement de la dette et le triplement des capacités de prêt des banques multilatérales de développement au profit des pays en développement.

    Excellences,

    Au cours de l’année à venir, nous devons continuer à construire.

    Nous devons renforcer et élargir les partenariats qui portent leurs fruits – y compris avec le secteur privé et les organisations de la société civile et les pouvoirs locaux.

    Nous devons faire en sorte que chaque décision s’inscrive dans une réflexion à long terme, comme nous nous y sommes engagés dans la Déclaration sur les générations futures.

    Et nous devons continuer d’apprendre les uns des autres.

    Les Examens nationaux volontaires, qui constituent la clé de voûte de ce forum, sont bien plus que de simples rapports.

    Ce sont des actes de responsabilité.

    Ce sont de véritables parcours d’introspection, que les pays suivent à mesure qu’ils se développent et se construisent.

    Et ce sont des modèles que les autres pays peuvent suivre et dont ils peuvent s’inspirer.

    À la fin de ce forum politique de haut niveau pour le développement durable, nous aurons dépassé les 400 examens, et plus de 150 pays en auront présenté plus d’un.

    Il s’agit là d’un signal fort d’engagement.

    Une preuve indéniable que des solutions existent et qu’elles peuvent être reproduites et étendues.

    À cinq ans de l’échéance, le temps est venu de convertir ces prémices de transformation en un puissant élan de progrès – qui bénéficie à tous les pays.

    Agissons avec détermination, justice et vision.

    Et concrétisons le développement – pour les personnes et pour la planète.

    Je vous remercie.

    MIL OSI United Nations News

  • MIL-OSI: Dogecoin fans rejoice: Blockchain Cloud Mining launches, promises $5,700 daily returns

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 21, 2025 (GLOBE NEWSWIRE) — In the wake of the recent crypto market rebound, a major shift is taking place across the Dogecoin (DOGE) community. The old mindset of “just hold and wait” is quickly giving way to a smarter, more profitable model: “hold and earn.”

    Today, we are excited to announce the official launch of a new series of high-yield cloud mining contracts on BlockchainCloudMining, a global leader in cloud mining services. These new contracts are specially designed to provide daily passive income opportunities for DOGE holders and crypto investors — with some users already reporting daily earnings of up to $5,700!

    Transformation moment for Dogecoin holders
    Since the advent of DOGE, this “joke coin” derived from Internet culture has had amazing vitality. Although its price has fluctuated greatly, its huge community base and expanding application scenarios have proved its durability in the crypto ecosystem.

    However, in the face of the ever-changing market environment, DOGE holders have gradually realized that relying solely on rising and falling profits is risky, and “activating” assets and generating stable cash flow may be the wise direction for future investment. It is in this context that BlockchainCloudMining has become the “star platform” in this asset reconfiguration revolution.

    The “low threshold and high return” logic of cloud mining platforms
    BlockchainCloudMining is a professional cloud mining platform headquartered in the UK. Since its launch in 2018, it has been committed to providing simple, safe and efficient mining solutions for global crypto users. Users do not need to build their own mines, purchase hardware, and maintain equipment. They only need to register an account and select a contract to start 24-hour automatic mining and obtain daily settled income.

    Security and Sustainability
    In the field of mining, trust and security are crucial. Blockchain Cloud Mining (BlockchainCloudMining) knows this well and puts user safety first. Blockchain Cloud Mining (BlockchainCloudMining) is committed to transparency and legality, ensuring that your investment is protected and allowing you to focus on profitability. All mines use clean energy, making cloud mining carbon neutral. Renewable energy protects the environment from pollution and brings rich returns, allowing every investor to enjoy opportunities and benefits.

    BlockchainCloudMining platform advantages:
    ⦁Get a $12 instant bonus upon registration.
    High profit level and daily dividends.
    No other service fees or management fees.
    The platform supports settlement of more than 9 cryptocurrencies, such as DOGE, BTC, ETH, SOL, USDC, USDT, XRP, LTC and BCH.
    ⦁The company’s affiliate program allows you to refer friends and get up to $50,000 in referral bonuses.
    McAfee® security. Cloudflare® security. 100% uptime guarantee and excellent 24/7 manual online technical support.

    Actual income performance is outstanding, and investors continue to increase their investment
    The latest data from the BlockchainCloudMining platform shows that the following contracts have become the first choice of users:
    ⦁【New User Experience Contract】: Investment amount: $100, contract period 2 days, total income: $100 + $6.
    ⦁【WhatsMiner M66S】: Investment amount: $500, contract period 7 days, total return: $500 + $45.5.
    ⦁【WhatsMiner M60】: Investment amount: $1000, contract period 14 days, total return: $1000 + $196.
    ⦁【Bitcoin Miner S21+】: Investment amount: $3000, contract period 20 days, total return: $3000 + $900.
    ⦁【ALPH Miner AL1】: Investment amount: $10000, contract period 35 days, total return: $10000 + $5950.
    ⦁【ANTSPACE HK3】: Investment amount: $33000, contract period 40 days, total return: $33000 + $26400.
    You can get income the next day after purchasing the contract, and you can also choose to withdraw to your crypto wallet or continue to purchase other contracts.
    (The platform has launched a number of stable income contracts. For more contract details, please log in to the official website of Blockchaincloudmining.com)

    Global deployment, stable output
    It is worth noting that the BlockchainCloudMining platform has multiple data centers around the world and deploys more than 500,000 high-performance mining machines. This distributed computing power network allows mining tasks to be unaffected by the power or network environment of a single region. Even in extreme market conditions or policy changes, it can still ensure the stable operation of contracts and the payment of daily income as scheduled.

    In short: a “static income revolution” for DOGE users
    In the past, DOGE was the “happy fruit” of the crypto world; now, with the BlockchainCloudMining platform, it is gradually becoming a “passive income engine.”
    If holding coins is a belief, then letting the assets you hold continue to work for you is a smarter continuation of belief. For more and more DOGE users, cloud mining is not only an investment option, but also a long-term asset management strategy.

    For more details, please visit the official website: https://blockchaincloudmining.com
    or contact the official email: info@blockchaincloudmining.com

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

    The MIL Network

  • MIL-OSI: Dogecoin fans rejoice: Blockchain Cloud Mining launches, promises $5,700 daily returns

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 21, 2025 (GLOBE NEWSWIRE) — In the wake of the recent crypto market rebound, a major shift is taking place across the Dogecoin (DOGE) community. The old mindset of “just hold and wait” is quickly giving way to a smarter, more profitable model: “hold and earn.”

    Today, we are excited to announce the official launch of a new series of high-yield cloud mining contracts on BlockchainCloudMining, a global leader in cloud mining services. These new contracts are specially designed to provide daily passive income opportunities for DOGE holders and crypto investors — with some users already reporting daily earnings of up to $5,700!

    Transformation moment for Dogecoin holders
    Since the advent of DOGE, this “joke coin” derived from Internet culture has had amazing vitality. Although its price has fluctuated greatly, its huge community base and expanding application scenarios have proved its durability in the crypto ecosystem.

    However, in the face of the ever-changing market environment, DOGE holders have gradually realized that relying solely on rising and falling profits is risky, and “activating” assets and generating stable cash flow may be the wise direction for future investment. It is in this context that BlockchainCloudMining has become the “star platform” in this asset reconfiguration revolution.

    The “low threshold and high return” logic of cloud mining platforms
    BlockchainCloudMining is a professional cloud mining platform headquartered in the UK. Since its launch in 2018, it has been committed to providing simple, safe and efficient mining solutions for global crypto users. Users do not need to build their own mines, purchase hardware, and maintain equipment. They only need to register an account and select a contract to start 24-hour automatic mining and obtain daily settled income.

    Security and Sustainability
    In the field of mining, trust and security are crucial. Blockchain Cloud Mining (BlockchainCloudMining) knows this well and puts user safety first. Blockchain Cloud Mining (BlockchainCloudMining) is committed to transparency and legality, ensuring that your investment is protected and allowing you to focus on profitability. All mines use clean energy, making cloud mining carbon neutral. Renewable energy protects the environment from pollution and brings rich returns, allowing every investor to enjoy opportunities and benefits.

    BlockchainCloudMining platform advantages:
    ⦁Get a $12 instant bonus upon registration.
    High profit level and daily dividends.
    No other service fees or management fees.
    The platform supports settlement of more than 9 cryptocurrencies, such as DOGE, BTC, ETH, SOL, USDC, USDT, XRP, LTC and BCH.
    ⦁The company’s affiliate program allows you to refer friends and get up to $50,000 in referral bonuses.
    McAfee® security. Cloudflare® security. 100% uptime guarantee and excellent 24/7 manual online technical support.

    Actual income performance is outstanding, and investors continue to increase their investment
    The latest data from the BlockchainCloudMining platform shows that the following contracts have become the first choice of users:
    ⦁【New User Experience Contract】: Investment amount: $100, contract period 2 days, total income: $100 + $6.
    ⦁【WhatsMiner M66S】: Investment amount: $500, contract period 7 days, total return: $500 + $45.5.
    ⦁【WhatsMiner M60】: Investment amount: $1000, contract period 14 days, total return: $1000 + $196.
    ⦁【Bitcoin Miner S21+】: Investment amount: $3000, contract period 20 days, total return: $3000 + $900.
    ⦁【ALPH Miner AL1】: Investment amount: $10000, contract period 35 days, total return: $10000 + $5950.
    ⦁【ANTSPACE HK3】: Investment amount: $33000, contract period 40 days, total return: $33000 + $26400.
    You can get income the next day after purchasing the contract, and you can also choose to withdraw to your crypto wallet or continue to purchase other contracts.
    (The platform has launched a number of stable income contracts. For more contract details, please log in to the official website of Blockchaincloudmining.com)

    Global deployment, stable output
    It is worth noting that the BlockchainCloudMining platform has multiple data centers around the world and deploys more than 500,000 high-performance mining machines. This distributed computing power network allows mining tasks to be unaffected by the power or network environment of a single region. Even in extreme market conditions or policy changes, it can still ensure the stable operation of contracts and the payment of daily income as scheduled.

    In short: a “static income revolution” for DOGE users
    In the past, DOGE was the “happy fruit” of the crypto world; now, with the BlockchainCloudMining platform, it is gradually becoming a “passive income engine.”
    If holding coins is a belief, then letting the assets you hold continue to work for you is a smarter continuation of belief. For more and more DOGE users, cloud mining is not only an investment option, but also a long-term asset management strategy.

    For more details, please visit the official website: https://blockchaincloudmining.com
    or contact the official email: info@blockchaincloudmining.com

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

    The MIL Network

  • MIL-OSI Africa: Kaspersky: Advanced Persistent Threat (APT41) targets Southern African organisation in espionage attack

    Source: APO

    Kaspersky Managed Detection and Response experts (www.Kaspersky.co.za) have observed a cyber espionage attack on an organisation in Southern African and have linked it to the Chinese-speaking  APT41 group. Although the threat actor has shown limited activity in Southern Africa, this incident reveals that the cyber attackers have targeted government IT services in one of the countries in the region, attempting to steal sensitive corporate data — including credentials, internal documents, source code, and communications.

    APT (Advanced Persistent Threat) is a category of threat actors known for carrying out concerted, stealthy, and ongoing attacks against specific organisations, as opposed to opportunistic, isolated incidents that account for most cybercriminal activity. The adversaries’ techniques observed during the attack in Southern Africa allowed Kaspersky to attribute it to the Chinese-speaking APT41 group with a high confidence. The primary goal of the attack was cyber espionage, which is typical for this threat actor. The attackers attempted to collect sensitive data from the machines they compromised within the organisation’s network.

    It is noteworthy that APT41 typically has been showing quite limited activity in the Southern African region. APT41 specialises in cyber espionage and targets organisations across various industries, including telecommunications providers, educational and healthcare institutions, IT, energy, and other sectors, with known activity in at least 42 countries.

    Based on Kaspersky experts’ analysis, the attackers may have gained access to the organisation’s network through a web server exposed to the Internet. Using a credential harvesting technique – known in professional terms as registry dumping – the attackers obtained two corporate domain accounts: one with local administrator rights on all workstations and another belonging to a backup solution, which had domain administrator privileges. These accounts allowed the attackers to compromise additional systems within the organisation.

    One of the stealers used for data collection was a modified Pillager utility, designed for exporting and decrypting data. The attackers compiled its code from an executable file into a Dynamic Link Library (DLL). With it, they aimed to gather saved credentials from browsers, databases, administrative tools, as well as project source code, screenshots, active chat sessions and their data, email correspondence, lists of installed software, operating system credentials, Wi-Fi credentials, and other information.

    The second stealer used during the attack was Checkout. In addition to saved credentials and browser history, it was also capable of collecting information on downloaded files and browser-stored credit card data. The attackers also used the RawCopy utility and a version of Mimikatz compiled as a Dynamic Link Library (DLL) to dump registry files and credentials, as well as Cobalt Strike for Command and Control (C2) communication on compromised hosts.

    “Interestingly, as one of their C2 communication channels besides Cobalt Strike, the attackers chose the SharePoint server within the victim’s infrastructure. They communicated with it using custom C2 agents connected with a web-shell. They may have chosen SharePoint because it was an internal service already present in the infrastructure and unlikely to raise suspicion. Moreover, in that case, it probably offered the most convenient way to exfiltrate data and control compromised hosts through a legitimate communication channel,” explains Denis Kulik, Lead SOC Analyst at Kaspersky Managed Detection and Response service.

    “In general, defending against such sophisticated attacks is impossible without comprehensive expertise and continuous monitoring of the entire infrastructure. It is essential to maintain full security coverage across all systems with solutions capable of automatically blocking malicious activity at an early stage — and to avoid granting user accounts excessive privileges,” comments Denis Kulik.

    To mitigate or prevent similar attacks, organisations are advised to follow these best practices:

    • Ensure that security agents are deployed on all workstations within the organisation without exception, to enable timely incident detection and minimise potential damage.
    • Review and control service and user account privileges, avoiding excessive rights assignments – especially for accounts used across multiple hosts within the infrastructure.
    • To protect the company against a wide range of threats, use solutions from the Kaspersky Next (https://apo-opa.co/44EI2e3) product line that provide real-time protection, threat visibility, investigation and the response capabilities of EDR and XDR for organisations of any size and industry. Depending on your current needs and available resources, you can choose the most relevant product tier and easily migrate to another one if your cybersecurity requirements are changing.
    • Adopt managed security services by Kaspersky such as Compromise Assessment (https://apo-opa.co/4m8aElL), Managed Detection and Response (MDR) (https://apo-opa.co/4m6do37) and / or Incident Response (https://apo-opa.co/44VsAsP), covering the entire incident management cycle – from threat identification to continuous protection and remediation.  They help to protect against evasive cyberattacks, investigate incidents and get additional expertise even if a company lacks cybersecurity workers.
    • Provide your InfoSec professionals with an in-depth visibility into cyberthreats targeting your organisation. The latest Kaspersky Threat Intelligence (https://apo-opa.co/3TQbRlK) will provide them with rich and meaningful context across the entire incident management cycle and helps them identify cyber risks in a timely manner.

    A detailed analysis of the incident is available on Securelist (https://apo-opa.co/46mfGGS).

    Kaspersky Managed Detection and Response service monitors suspicious activity and helps organisations respond swiftly to minimise impact. This is a part of Kaspersky Security Services, a team delivering hundreds of information security projects every year for Fortune Global 500 organisations: incident response, managed detection, SOC consulting, red teaming, penetration testing, application security, digital risks protection. 

    Distributed by APO Group on behalf of Kaspersky.

    For further information please contact:
    Nicole Allman
    nicole@inkandco.co.za

    Social Media:
    Facebook: https://apo-opa.co/414B7bE
    X: https://apo-opa.co/4lYjIJQ
    YouTube: https://apo-opa.co/452Opa9
    Instagram: https://apo-opa.co/4lGn6JK
    Blog: https://apo-opa.co/4l8kweB

    About Kaspersky:
    Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect individuals, businesses, critical infrastructure, and governments around the globe. The company’s comprehensive security portfolio includes leading digital life protection for personal devices, specialized security products and services for companies, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help millions of individuals and over 200,000 corporate clients protect what matters most to them. Learn more at www.Kaspersky.co.za

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    MIL OSI Africa

  • MIL-OSI Economics: [Opinion] Samsung in Collaboration with DTIC: Creating Meaningful Employment & Strengthening SA Economy through EEIP

    Source: Samsung

     

     
    According to research by Thrive CFO*: Small businesses in South Africa face numerous challenges, including access to funding, competition from larger companies, limited market reach, high operating costs, lack of skilled labour, regulatory compliance, cybersecurity threats, cash flow management, limited access to technology and environmental sustainability. *
     
    To help small enterprises in South Africa to overcome some of these challenges, Samsung in collaboration with the Department of Trade, Industry and Competition (DTIC) has – under its R280-million worth Equity Equivalent Investment Programme (EEIP), which was launched in 2019 – formulated programmes that address some of government’s priorities as well as Information and Communication Technology (ICT) challenges.
     
    This multi-million rand EEIP programme aims to empower black owned and local SMEs with a particular focus on women and start-up businesses in the ICT sector. It supports skills development, enterprise development and job creation to contribute to black economic empowerment. The EEIP is part of Samsung’s broader commitment to social responsibility and economic development within South Africa.
     
    Samsung’s EEIP programme is closely aligned to the overarching objectives of the National Development Plan (NDP) Vision for 2030 and South Africa’s framework of broad-based black economic empowerment (B-BBEE) – providing a mechanism for multi-nationals to contribute towards the development of black South Africans.
     
    This framework has allowed our company to contribute to B-BBEE goals through alternative investments, including investments in black-owned businesses, ICT development and skills development. Our EEIP programme focuses on strengthening black economic empowerment by supporting ICT entrepreneurs and fostering technological advancement, ultimately contributing to socio-economic development and job creation. South Africa’s NDP envisions a thriving SME sector as a cornerstone of the country’s inclusive, resilient economy by 2030.
     
    In essence, the NDP sees SMEs as a crucial engine for economic growth, job creation and poverty reduction. This strategic plan for South Africa’s future outlines various tactics to foster SME development and ensure their long-term success. Our government, which includes our collaborative partner, DTIC, believe that SMEs can create the majority of new jobs in the country – contributing significantly to economic growth as well as play a vital role in the reduction of poverty and inequality.
     
    As Samsung, we also understand how much entrepreneurship contributes to job creation, community development and how it fosters innovation and drives economic growth. For that reason, Samsung EEIP programme and DTIC have opened the third Call to Market for the Transformative SME Development Programme – targeting suitable ICT entrepreneurs in the country, that are eager to grow their businesses for funding and support.
     
    This transformative SME Development Programme seeks to support local entrepreneurs throughout their journey as well as driving a culture of innovation and digital solutions. So, in an effort to go beyond meeting our obligations towards government and demonstrate our ongoing investment in SME development – we are in the process of recruiting suitable SMEs to participate in this EEIP SME Development Programme with the ultimate aim of contributing to economic growth and job creation.
     
    In the last two years, our criteria for this EEIP SME Development Programme focused on targeting SMEs that had been operating in the ICT and Service Centre space for at least a minimum of three years with a turnover that is less than R50M per annum. This year, our EEIP SME Development Programme “Call to Market” campaign for entries has gone with a unique approach that aims to make a tangible difference in the lives of local ICT SMEs. We have changed our focus to include start-up, micro-enterprises that are still in their infancy stage and also put a strong focus on women-owned businesses.
     
    In collaboration with DTIC, we understand that start-up businesses are generally considered high-risk ventures, particularly in the early stages. We have therefore put in place some mitigating measures coupled with key performance indicators (KPI’s) to help manage these micro-enterprises efficiently and overcome any challenges that might come our way. The specific KPIs that are used in this EEIP SME Development Programme include:
     

    Economic Impact – looks at accumulative investment in SME development, capacity building as well as the contribution to the South African economy. Also, this KPI looks at job creation, growth in revenue and the profitability of supported SMEs.
    Enterprise Development – evaluates the number of SMEs specifically black-owned as well as those that are township-based and the number of businesses supported.
    Capacity Building: looks at the number of individuals trained or upskilled, improvements in business management skills as well as access to new markets and technologies. And lastly,
    Sustainability: The environmental impact of supported businesses, long-term viability of supported SMEs as well as the number of black-owned businesses and townships-based that are supported.

     
    We made these changes because we understand the need to develop local start-up enterprises and also how gender representation plays a crucial role in the development of entrepreneurs in the country. Importantly, we strongly believe that gender inclusion in the ICT entrepreneurship space will help to unlock economic potential, drive innovation and create a more equitable and sustainable future.
     
    With this new approach in this year’s EEIP SME Development Programme, we are now able to offer a larger pool of eligible ICT SMEs in the country an opportunity to access grant funding and enterprise development support to help propel their businesses to greater heights. This improved approach aims to identify gems in the market and offer them holistic support which also includes Business Development assistance (mentoring and coaching) to help in fostering growth, a dynamic and connected information society as well as a knowledge economy.
     
    This essentially means that this holistic approach in our transformative EEIP SME Development Programme does not only focus on developing technical skills (for those organisations in the ICT sector), but also other key entrepreneurial capabilities such as soft skills that can help create sustainable businesses in South Africa and enable them to become engines for job creation.
     
    Also, our business development initiatives include an Enterprise Development Bootcamp that is part of Samsung’s EEIP Programme – which helps young entrepreneurs launch and grow their businesses. This fast-paced four –month long, Bootcamp programme focuses on developing entrepreneurial skills and supporting Black-owned businesses in South Africa, particularly in the areas of Service Centre repairs and ICT. It aims to accelerate and grow businesses by providing entrepreneurs with training, mentorship, and financial support. 
     
    Samsung’s EEIP programme – now in its seven years of sustained success and this Enterprise Development “Call to Market” which represents the 3rd edition of our programme seeks to continue making a measurable difference to the socio-economic development of black South Africans. This year’s call follows two successful cycles and forms part of our broader commitment to the ICT sector, SME development and Vision 2030.
     
    This is our way of ensuring that we empower South Africa’s digital future by helping ICT entrepreneurs thrive as we deepen our commitment and collaboration with DTIC. The success of this EEIP SME Development Programme is highlighting the significant milestone of our EEIP in the country and the profound impact it has had on the nation’s ICT sector in conjunction with the DTIC.
     
    Our programme’s alignment with South Africa’s Vision 2030 and its success to date – has positioned this transformative SME Development Programme as one of the notably -value adding EEIPs in the sector. Furthermore, our strong and successful collaboration with the DTIC in strengthening the ICT sector through the EEIP – now complemented by our focus on providing support to start-ups in the infancy stage while also ensuring gender representation in this year’s SME Development Programme – is a true testament to shared goals for national development in the country.
     

    MIL OSI Economics

  • MIL-OSI Economics: [Opinion] Samsung in Collaboration with DTIC: Creating Meaningful Employment & Strengthening SA Economy through EEIP

    Source: Samsung

     

     
    According to research by Thrive CFO*: Small businesses in South Africa face numerous challenges, including access to funding, competition from larger companies, limited market reach, high operating costs, lack of skilled labour, regulatory compliance, cybersecurity threats, cash flow management, limited access to technology and environmental sustainability. *
     
    To help small enterprises in South Africa to overcome some of these challenges, Samsung in collaboration with the Department of Trade, Industry and Competition (DTIC) has – under its R280-million worth Equity Equivalent Investment Programme (EEIP), which was launched in 2019 – formulated programmes that address some of government’s priorities as well as Information and Communication Technology (ICT) challenges.
     
    This multi-million rand EEIP programme aims to empower black owned and local SMEs with a particular focus on women and start-up businesses in the ICT sector. It supports skills development, enterprise development and job creation to contribute to black economic empowerment. The EEIP is part of Samsung’s broader commitment to social responsibility and economic development within South Africa.
     
    Samsung’s EEIP programme is closely aligned to the overarching objectives of the National Development Plan (NDP) Vision for 2030 and South Africa’s framework of broad-based black economic empowerment (B-BBEE) – providing a mechanism for multi-nationals to contribute towards the development of black South Africans.
     
    This framework has allowed our company to contribute to B-BBEE goals through alternative investments, including investments in black-owned businesses, ICT development and skills development. Our EEIP programme focuses on strengthening black economic empowerment by supporting ICT entrepreneurs and fostering technological advancement, ultimately contributing to socio-economic development and job creation. South Africa’s NDP envisions a thriving SME sector as a cornerstone of the country’s inclusive, resilient economy by 2030.
     
    In essence, the NDP sees SMEs as a crucial engine for economic growth, job creation and poverty reduction. This strategic plan for South Africa’s future outlines various tactics to foster SME development and ensure their long-term success. Our government, which includes our collaborative partner, DTIC, believe that SMEs can create the majority of new jobs in the country – contributing significantly to economic growth as well as play a vital role in the reduction of poverty and inequality.
     
    As Samsung, we also understand how much entrepreneurship contributes to job creation, community development and how it fosters innovation and drives economic growth. For that reason, Samsung EEIP programme and DTIC have opened the third Call to Market for the Transformative SME Development Programme – targeting suitable ICT entrepreneurs in the country, that are eager to grow their businesses for funding and support.
     
    This transformative SME Development Programme seeks to support local entrepreneurs throughout their journey as well as driving a culture of innovation and digital solutions. So, in an effort to go beyond meeting our obligations towards government and demonstrate our ongoing investment in SME development – we are in the process of recruiting suitable SMEs to participate in this EEIP SME Development Programme with the ultimate aim of contributing to economic growth and job creation.
     
    In the last two years, our criteria for this EEIP SME Development Programme focused on targeting SMEs that had been operating in the ICT and Service Centre space for at least a minimum of three years with a turnover that is less than R50M per annum. This year, our EEIP SME Development Programme “Call to Market” campaign for entries has gone with a unique approach that aims to make a tangible difference in the lives of local ICT SMEs. We have changed our focus to include start-up, micro-enterprises that are still in their infancy stage and also put a strong focus on women-owned businesses.
     
    In collaboration with DTIC, we understand that start-up businesses are generally considered high-risk ventures, particularly in the early stages. We have therefore put in place some mitigating measures coupled with key performance indicators (KPI’s) to help manage these micro-enterprises efficiently and overcome any challenges that might come our way. The specific KPIs that are used in this EEIP SME Development Programme include:
     

    Economic Impact – looks at accumulative investment in SME development, capacity building as well as the contribution to the South African economy. Also, this KPI looks at job creation, growth in revenue and the profitability of supported SMEs.
    Enterprise Development – evaluates the number of SMEs specifically black-owned as well as those that are township-based and the number of businesses supported.
    Capacity Building: looks at the number of individuals trained or upskilled, improvements in business management skills as well as access to new markets and technologies. And lastly,
    Sustainability: The environmental impact of supported businesses, long-term viability of supported SMEs as well as the number of black-owned businesses and townships-based that are supported.

     
    We made these changes because we understand the need to develop local start-up enterprises and also how gender representation plays a crucial role in the development of entrepreneurs in the country. Importantly, we strongly believe that gender inclusion in the ICT entrepreneurship space will help to unlock economic potential, drive innovation and create a more equitable and sustainable future.
     
    With this new approach in this year’s EEIP SME Development Programme, we are now able to offer a larger pool of eligible ICT SMEs in the country an opportunity to access grant funding and enterprise development support to help propel their businesses to greater heights. This improved approach aims to identify gems in the market and offer them holistic support which also includes Business Development assistance (mentoring and coaching) to help in fostering growth, a dynamic and connected information society as well as a knowledge economy.
     
    This essentially means that this holistic approach in our transformative EEIP SME Development Programme does not only focus on developing technical skills (for those organisations in the ICT sector), but also other key entrepreneurial capabilities such as soft skills that can help create sustainable businesses in South Africa and enable them to become engines for job creation.
     
    Also, our business development initiatives include an Enterprise Development Bootcamp that is part of Samsung’s EEIP Programme – which helps young entrepreneurs launch and grow their businesses. This fast-paced four –month long, Bootcamp programme focuses on developing entrepreneurial skills and supporting Black-owned businesses in South Africa, particularly in the areas of Service Centre repairs and ICT. It aims to accelerate and grow businesses by providing entrepreneurs with training, mentorship, and financial support. 
     
    Samsung’s EEIP programme – now in its seven years of sustained success and this Enterprise Development “Call to Market” which represents the 3rd edition of our programme seeks to continue making a measurable difference to the socio-economic development of black South Africans. This year’s call follows two successful cycles and forms part of our broader commitment to the ICT sector, SME development and Vision 2030.
     
    This is our way of ensuring that we empower South Africa’s digital future by helping ICT entrepreneurs thrive as we deepen our commitment and collaboration with DTIC. The success of this EEIP SME Development Programme is highlighting the significant milestone of our EEIP in the country and the profound impact it has had on the nation’s ICT sector in conjunction with the DTIC.
     
    Our programme’s alignment with South Africa’s Vision 2030 and its success to date – has positioned this transformative SME Development Programme as one of the notably -value adding EEIPs in the sector. Furthermore, our strong and successful collaboration with the DTIC in strengthening the ICT sector through the EEIP – now complemented by our focus on providing support to start-ups in the infancy stage while also ensuring gender representation in this year’s SME Development Programme – is a true testament to shared goals for national development in the country.
     

    MIL OSI Economics

  • MIL-OSI: Smartphone-driven crypto mining: BAY Miner to upgrade BTC and XRP cloud solutions in 2025

    Source: GlobeNewswire (MIL-OSI)

    Miami, Florida, July 21, 2025 (GLOBE NEWSWIRE) — As global investors increasingly prefer mobile digital asset management, crypto cloud mining platform BAY Miner officially announced its latest technology upgrade in 2025, focusing on optimizing the cloud mining experience of BTC and XRP through smartphones. This update marks that BAY Miner has further lowered the threshold for mining, allowing users to participate in the acquisition of daily cryptocurrency income without hardware equipment.

    So far, BAY Miner has attracted more than 10 million registered users, and its business covers more than 180 countries and regions. Data shows that mobile users account for 68%, most of whom prefer flexible cloud mining contracts for BTC and XRP. The platform supports dynamic scheduling of computing power for multiple currencies such as BTC, XRP, and ETH, and supports daily settlement and automatic revenue statistics.

    Cloud Mining is Reshaping Crypto Investing — Here’s What You Need to Know in 2025

    In this upgrade, BAY Miner focuses on mobile performance, simplified user operations, and improved data transparency. Platform users can now monitor cloud computing power in real time through iOS and Android devices and receive daily profit settlement. As BTC and XRP holders increasingly prefer passive mining and decentralized asset management, cloud mining is becoming a mainstream alternative. Compared with the traditional mining model, it is more environmentally friendly, more flexible, and quicker to get started.

    BAY Miner’s widespread appeal comes not only from its global availability but also from its core platform advantages, including:

    No hardware required – Users can mine BTC and XRP without investing in mining rigs or technical setup.

    Mobile-first access – Designed for smartphones and optimized for both iOS and Android devices.

    Daily payouts – Earnings are automatically calculated and settled every 24 hours.

    Multi-coin support – Includes BTC, XRP, ETH and more with flexible cloud mining contracts.

    Green-powered infrastructure – Operates through sustainable energy data centers to reduce carbon impact.

    Real-time monitoring – Users can track hashrate performance and income via a user-friendly app interface.

    Getting started with BAY Miner is simple. Just follow these steps to begin cloud mining:

    1.Create an accountSign up at www.bayminer.com using your email address.

    2.Choose a contract – Select from a variety of cloud mining contracts for BTC, XRP, or other supported coins.

    3.Activate miningOnce a contract is selected, mining begins automatically in the cloud—no hardware needed.

    4.Track your earnings – Use the BAY Miner mobile app to monitor real-time income and hashrate performance.

    5.Withdraw or reinvest – Access daily payouts and choose to withdraw or reinvest earnings into new contracts.

    “We’re seeing a growing number of users looking to move away from the complexity and hardware demands of traditional mining,” said a BAY Miner product lead. “Our latest updates are designed to make BTC and XRP cloud mining as effortless as using a smartphone.”

    BAY Miner said it will continue to expand its smartphone cloud mining services globally, especially in high-frequency mobile Internet usage markets such as North America, Southeast Asia and Europe, to build broader digital asset mining accessibility.

    Empowering Everyday Investors Through Simplicity and Access

    BAY Miner has always been committed to breaking the barriers for users to participate in the crypto world. Through mobile-first design and device-free mining mode, the platform hopes to allow more ordinary users to easily obtain opportunities for digital asset growth – without technical costs or complicated operations.

    For the latest contract details and platform upgrade information, please visit the official website:https://bayminer.com

    Get started with BAY Miner on iOS or Android—track your earnings, manage your mining, and unlock passive income with zero hardware.

    Media contact 
    Name: Alicia Thorne
    Global media relation manager
    Email: info@bayminer.com
    Website: www.bayminer.com
    Available on iOS & Android

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

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    The MIL Network

  • MIL-OSI Russia: Scientists from NSU and Scientific and Technical Complex “Microsurgery of the Eye” are developing an autonomous AI assistant for visually impaired people

    Translation. Region: Russian Federal

    Source: Novosibirsk State University –

    An important disclaimer is at the bottom of this article.

    The basic model of an autonomous intelligent assistant for visually impaired and blind patients was presented to Deputy Prime Minister of the Russian Federation — Head of the Government Staff Dmitry Grigorenko during his visit to Novosibirsk State University. The device is being developed using large language models and artificial intelligence technologies.

    The idea of the development belongs to the Novosibirsk branch of the Federal State Autonomous Institution “National Medical Research Center “Microsurgery of the Eye” named after Academician S.N. Fedorov” of the Ministry of Health of the Russian Federation, which, together with scientists Research Center in the Field of Artificial Intelligence of NSU (NSU AI Center) creates a new device designed to make it easier for visually impaired and blind people to navigate in space using modern technologies.

    As noted by the director of the Novosibirsk branch of the Scientific and Technical Complex “Microsurgery of the Eye”, professor, doctor of medical sciences Valery Chernykh, today there are various approaches related to the possibility of giving a blind person a chance of functional orientation in the surrounding space, his adaptation and rehabilitation with the possibility of actively and independently living a full life.

    First of all, these are social and rehabilitation-educational programs that require quite large financial investments. In addition, over the past 20 years, scientists from various countries have been attempting to implant expensive and high-tech chips either into the retina or directly into the occipital part of the cerebral cortex, which is responsible for the function of vision. These are very complex and expensive operations with a high risk of complications and, unfortunately, with a fairly low percentage of effectiveness, since the results obtained do not last long. Several such operations have also been carried out in our country, the results of which cannot yet be considered satisfactory.

    — Considering the active development of technologies related to the capabilities of artificial intelligence, the idea was born to use the auditory analyzer of the brain for human orientation in space. When a person reads a book or listens to an audio recording, certain images of objects, etc. are formed in his brain. If a visually impaired or blind patient is given the opportunity to determine the distance to an object (doorway, window, vehicle), its size, etc. through the auditory analyzer, this will certainly help him in real life and adaptation in the social environment. Considering the previous successful experience of joint work, we decided to join forces with scientists from the Research Center for Artificial Intelligence of the Novosibirsk State University in order to create such a technology that should be autonomous and not use the Internet, — said Valery Chernykh.

    At the first stage, the developers create a prototype of the device and train the model in accordance with the tasks set, which is actively carried out by the formed working group, which includes scientists from the NSU AI Center and the Scientific and Technical Complex “Microsurgery of the Eye”.

    — We use large language models to help this category of patients analyze the surrounding space — to create a guide for them that could give a concentrated verbal description of all objects in front of the user. The principle of this system is simple: a video camera will “see” instead of a person, the information from which will be sent to a portable computer, which will convert it into text. Then the text description is converted by a voice assistant and sent directly to the patient through headphones. This message provides the basic information that the user needs to know to navigate in space, — explained Alexey Okunev, head of the project at the NSU AI Center.

    The device is developed using a multimodal language model, which allows it to already provide a fairly high-quality verbal description of surrounding rooms and objects. In the future, the user will be able to ask clarifying questions about the observed scene and receive detailed answers to them. This language model also perfectly recognizes texts, reads inscriptions, signs, obstacle warnings, etc.

    Currently, a basic model has been created, a prototype of the device will be ready by the end of 2025. This is a compact wearable system consisting of a single-board 16-core computer placed in a shoulder bag, a video camera (for example, GoPro) and headphones. The device will be equipped with a battery, and all elements will be connected by wireless communication channels. The user will hold the video camera in his hand and point it in the desired direction. The total weight of the device with the battery will be about 1 kg.

    According to the experts of the NSU Center for Information Technologies, it will take more than one year to develop the final product ready for replication, and now they are at the very start of the project. This concerns both the technical part and the training of artificial intelligence. After the prototype is created this year, long-term work will begin on setting up the device, setting modes, collecting a database and training AI.

    The developers plan to teach the AI to prioritize information delivery, highlighting from the entire video sequence the details that are most important for the visually impaired person to orient themselves in space and assess the surrounding environment depending on the situation. It is assumed that the device will have several operating modes: a movement mode for moving in space, a reading mode for working with text documents, etc.

    It will also be necessary to train a blind or visually impaired patient to work with the device in various modes and adapt it to new capabilities. As noted by the Scientific and Technical Complex “Microsurgery of the Eye”, at this stage, the work of not only ophthalmologists, but also specialists in the field of neurophysiology will be required. And the third task that will need to be solved is the need to create a specialized ophthalmological rehabilitation center to prepare blind patients directly for working with the device.

    “The creation of such a device is of interest in the ophthalmological community as an extremely relevant and necessary area, the implementation of which will enable blind patients to adapt to the environment, which is a socially significant project,” concluded Valery Chernykh.

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

    .

    MIL OSI Russia News

  • MIL-OSI Russia: Total number of internet users in China exceeds 1.12 billion people /detailed version-1/

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 21 (Xinhua) — The number of internet users in China will reach more than 1.12 billion as of June 2025, according to a report released Monday by the China Internet Information Center.

    The document also notes that by the end of June 2025, the internet penetration rate in China will reach 79.7 percent, an increase of 1.1 percentage points compared to December 2024.

    According to the report, China has made significant progress in internet development during the 14th Five-Year Plan period (2021-2025). In particular, efforts to expand internet access have enabled key groups such as the elderly and those living in rural areas to benefit from this progress.

    As of June 2025, the number of internet users aged 60 and above in China reached 161 million, while the number of internet users in rural areas reached 322 million. Moreover, the internet penetration rate among these two groups of the Chinese population reached 52% and 69.2%, respectively.

    Meanwhile, China’s continued internet development has played a key role in promoting Chinese culture both domestically and abroad, the report said, highlighting the booming expansion of Chinese online literature and games into overseas markets and the deepening integration between popular web series and related tourism destinations. -0-

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

    .

    MIL OSI Russia News