NewzIntel.com

Category: KB

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

    Source: US Global Legal Monitor

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

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

    The laws are

    Why are they called the Castbergian Child Laws?

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

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

    What are the Castbergian Laws?

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

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

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

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

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

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

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

    What was the reason for the change in law?

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

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

    How was paternity established?

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

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

    What if the father denied paternity?

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

    What were other notable changes?

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

    Where can I find rules on paternity today?

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

    Additional Resources

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

    Library of Congress Collection Holdings authored by Johan Castberg

    Additional Law Library of Congress Online resources on Norway

    Additional Law Library of Congress Online resources on Child law

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

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

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom calls for immediate withdrawal of all soldiers in Los Angeles

    Source: US State of California Governor

    Jul 21, 2025

    What you need to know: Governor Gavin Newsom calls on the President to send every soldier home now – this dangerous militarization must end.

    Los Angeles, California – As pressure continues mounting for the President to end the unlawful deployment of soldiers in Los Angeles, with the remaining Marines in the area withdrawing, 2,000 federalized National Guard members still remain – away from their families, communities and civilian jobs as doctors, police, and teachers.

    The women and men of the California National Guard deserve more than to continue serving as puppets in Trump and Stephen Miller’s performative political theater. There was never a need for the military to deploy against civilians in Los Angeles. The damage is done, however. We, again, call upon them to do the right thing and end the militarization once and for all.

    Governor Gavin Newsom

    End the militarization now

    For over a month, about 4,000 National Guard members have been serving as political pawns for the President in Los Angeles, pulled away from their families, communities, and civilian jobs. While half are now demobilizing and the deployed Marines are being sent home, many remain without a clear mission, direction, or a timeline for returning to their communities. California urges Trump and the Department of Defense to end this theatrical deployment and send all remaining guardsmembers home immediately.

    Community leaders, public officials, veterans and others agree – the federal government’s actions in California not only have a chilling effect on the state’s society and economy, but also continue to undermine the valuable contributions from members of the military while in and out of uniform. 

    Republican and Democratic former governors agree—Trump’s federalization violates the critical balance between state and federal government. Recently, a bipartisan group of 25 former governors filed a brief in support of Newsom v. Trump, urging the court to enforce state sovereignty and block the unprecedented federalization of the National Guard. 

    Police off the streets, teachers out of classrooms

    Of the over 4,000 California National Guard members sent to Los Angeles under Trump’s order, the California National Guard estimates that their servicemembers have been pulled from essential civilian duties such as medical and first responders, service workers, building trades contractors, law enforcement personnel, corrections officers, civil service and government workers, technology specialists, educators and teachers, and agriculture workers.

    Drugs arriving at the border, fewer soldiers to stop them

    Typically, under the Governor’s command, nearly 450 servicemembers are deployed statewide, including at ports of entry, to combat transnational criminal organizations and seize illegal narcotics. CalGuard’s servicemembers dedicated to the state’s Counterdrug Task Force have been reassigned by President Trump to militarize Los Angeles. The consequences are dire – CalGuard’s efforts help ensure the public safety of communities statewide.

    High-ranking U.S. military officials agree

    Retired four-star admirals and generals and former secretaries of the Army and Navy filed another amicus brief outlining the grave risks of Trump’s illegal takeover of the CalGuard. Several veterans and veteran rights’ groups came together to decry Trump’s militarization of California. 

    Economic impact of cruel immigration policy

    Governor Newsom recently met with local restaurant owners in the City of Bell and faith leaders in Downey to discuss the economic impact these indiscriminate immigration actions have had on their small business.

    Trump’s actions have a ripple effect – the state’s economy is likely to contract later this year due to fallout from global tariffs and immigration raids in Los Angeles and other cities that have rattled key sectors, including construction, hospitality, and agriculture, according to a UCLA Anderson forecast. Mass arrests, detentions and deportations in California could slash $275 billion from the state’s economy and eliminate $23 billion in annual tax revenue. The loss of immigrant workers, undocumented and those losing lawful status under the Trump administration, would delay projects (including rebuilding Los Angeles after the wildfires), reduce food supply, and drive up costs. Undocumented immigrants contributed $8.5 billion in state and local taxes in 2022 — a number that would rise to $10.3 billion if these taxpayers could apply to work lawfully.

    Recent news

    Jul 19, 2025

    News SACRAMENTO – Governor Gavin Newsom has approved the prepositioning of firefighting resources in Sierra and Plumas counties in response to critical fire weather conditions forecasted to impact Northern California starting Sunday, July 20, through Tuesday, July 22,…

    Jul 19, 2025

    News SACRAMENTO – Governor Gavin Newsom and Acting Governor Eleni Kounalakis issued the following statement regarding the deaths of Los Angeles County Sheriff’s Department Detectives Joshua Kelley-Eklund, Victor Lemus, and William Osborn:“Detectives Kelley-Eklund,…

    Jul 17, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the deployment of 3 additional Urban Search and Rescue Team (US&R) members to Texas to assist with ongoing response efforts related to severe flooding impacts.  A total of 42 California US&R members are…

    MIL OSI USA News –

  • MIL-OSI: TLGY Acquisition Corp. Announces Rescheduling of Conference Call Relating to its Business Combination with StableCoinX Assets

    Source: GlobeNewswire (MIL-OSI)

    New York , July 21, 2025 (GLOBE NEWSWIRE) — TLGY Acquisition Corp. (OTC: TLGYF) (“TLGY”), a special purpose acquisition company, today announced that it has entered into a definitive agreement for a business combination with StablecoinX Assets Inc. (“SC Assets”), a newly-formed validator and infrastructure business supporting the Ethena ecosystem (the definitive agreement, the “Business Combination Agreement” and the transactions contemplated thereby, the “Transaction”). The combined company will be named StablecoinX Inc. (“StablecoinX” or the “Company”) and the parties will seek to have StablecoinX’s Class A common shares listed on Nasdaq under the ticker symbol “USDE.”

    TLGY will discuss the proposed Transaction with securities analysts in a call tomorrow, Tuesday, July 22, 2025, at 8:30 a.m. ET. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on TLGY’s website at www.tlgyacquisition.com under the “Events” section. This call has been rescheduled from the previously announced date and time.

    Important Information and Where to Find It

    In connection with the Transaction, StablecoinX intends to file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (the “Registration Statement”), which will include a preliminary proxy statement of TLGY and a preliminary prospectus of StablecoinX, and after the Registration Statement is declared effective, TLGY will mail the definitive proxy statement/prospectus relating to the Transaction to its shareholders as of the record date to be established for voting at the Extraordinary General Meeting. The Registration Statement, including the proxy statement/prospectus contained therein, will contain important information about the Transaction and the other matters to be voted upon at the Extraordinary General Meeting. This press release does not contain all the information that should be considered concerning the Transaction and other matters and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. TLGY and StablecoinX may also file other documents with the SEC regarding the Transaction. TLGY’s shareholders and other interested persons are advised to read, when available, the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Transaction, as these materials will contain important information about TLGY, SC Assets, StablecoinX and the Transaction.

    TLGY’s shareholders and other interested persons will be able to obtain copies of the Registration Statement, including the preliminary proxy statement/prospectus contained therein, the definitive proxy statement/prospectus and other documents filed or that will be filed by TLGY and StablecoinX with the SEC, free of charge, through the website maintained by the SEC at www.sec.gov.

    Forward-Looking Statements

    This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements with respect to the proposed Transaction include expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding SC Assets, StablecoinX, TLGY and the proposed Transaction, statements regarding the anticipated benefits and timing of the completion of the proposed Transaction, the assets held by SC Assets and StablecoinX, the price and volatility of ENA, ENA’s growing prominence as an issuer of digital dollars on-chain, StablecoinX’s listing on any securities exchange, the macro, political and regulatory conditions surrounding ENA, the planned business strategy including StablecoinX’s ability to develop a corporate architecture capable of supporting its treasury initiatives and strategic stake in the Ethena Protocol, plans and use of proceeds, objectives of management for future operations of StablecoinX, the upside potential and opportunity for investors, StablecoinX’s plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, technological and market trends, future financial condition and performance and expected financial impacts of the proposed Transaction, the satisfaction of closing conditions to the proposed Transaction and the level of redemptions of TLGY’s public shareholders, and StablecoinX’s expectations, intentions, strategies, assumptions or beliefs about future events, results of operations or performance or that do not solely relate to historical or current facts. Forward-looking statements are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: the risk that the proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of TLGY’s securities; the risk that the proposed Transaction may not be completed by TLGY’s business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the proposed Transaction, including the approval of TLGY’s shareholders and the listing of StablecoinX’s securities on a national securities exchange at closing; failure to realize the anticipated benefits of the proposed Transaction; the level of redemptions by TLGY’s public shareholders, which may reduce the public float of, reduce the liquidity of the trading market of, and/or impact the ability of, the shares of Class A common stock of StablecoinX to be listed in connection with the proposed Transaction; the insufficiency of the third-party fairness opinion for the board of directors of TLGY in determining whether or not to pursue the proposed Transaction; the failure of StablecoinX to obtain or maintain the listing of its securities on any securities exchange after closing of the proposed Transaction; risks associated with TLGY, SC Assets and StablecoinX’s ability to consummate the proposed Transaction timely or at all, including in connection with potential regulatory delays or impediments, changes in ENA prices or for other reasons; costs related to the proposed Transaction and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to StablecoinX’s anticipated operations and business, including the volatile nature of the price of ENA; the risk that StablecoinX’s stock price will be highly correlated to the price of ENA and the price of ENA may decrease between the signing of the definitive documents for the proposed Transaction and the closing of the proposed Transaction or at any time after the closing of the proposed Transaction; risks associated with TLGY, SC Assets and StablecoinX’s ability to consummate the proposed Transaction timely or at all, including in connection with potential regulatory delays or impediments, changes in ENA prices or for other reasons; risks related to increased competition in the industries in which StablecoinX will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding ENA; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the proposed Transaction, StablecoinX experiences difficulties managing its growth and expanding operations; the risks that launching and growing StablecoinX’s ENA treasury advisory and services in digital marketing and strategy could be difficult; challenges in implementing StablecoinX’s business plan, due to operational challenges, significant competition and regulation; being considered to be a “shell company” by any stock exchange on which StablecoinX’s Class A Common Stock will be listed or by the SEC, which may impact StablecoinX’s ability to list its securities and restrict reliance on certain rules or forms in connection with the offering, sale or resale of securities; the outcome of any potential legal proceedings that may be instituted against StablecoinX, SC Assets, TLGY or others following announcement of the proposed Transaction, and those risk factors discussed in documents that StablecoinX and/or TLGY has filed, or will file, with the SEC. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of The Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q that have been and/or will be filed by TLGY with the SEC from time to time, the Registration Statement that will be filed by StablecoinX and TLGY and the proxy statement/prospectus contained therein, and other documents that have been or will be filed by TLGY and StablecoinX from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither TLGY, SC Assets nor StablecoinX presently know or that TLGY, SC Assets and StablecoinX currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of TLGY, SC Assets, and StablecoinX assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither TLGY, SC Assets, nor StablecoinX gives any assurance that any of TLGY, SC Assets, or StablecoinX will achieve their respective expectations. The inclusion of any statement in this press release does not constitute an admission by TLGY, SC Assets or StablecoinX or any other person that the events or circumstances described in such statement are material.

    The terms of the proposed Transaction described in this press release, including any dollar-denominated figures or implied valuations, are based on information as of the date of the signing of the definitive Business Combination Agreement and assume no redemptions from the TLGY trust account. These terms are subject to change, including as a result of fluctuations in the price of ENA prior to closing of the proposed Transaction. There can be no assurance that the final terms at the closing of the Transaction will reflect the figures referenced herein.

    No Offer or Solicitation

    This press release does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any securities of TLGY, SC Assets, the combined company or any of their respective affiliates. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom, nor shall any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction be affected. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed upon the merits of the Transaction or the accuracy or adequacy of this communication.
    Participants in the Solicitation

    TLGY, SC Assets, StablecoinX and their respective directors and officers may be deemed participants in the solicitation of proxies of TLGY’s shareholders in connection with the Transaction. More detailed information regarding the directors and officers of TLGY, and a description of their interests in TLGY, is contained in TLGY’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on March 5, 2025, and is available free of charge at the SEC’s website at www.sec.gov. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of TLGY’s shareholders in connection with the Transaction and other matters to be voted upon at the Extraordinary General Meeting will be set forth in the Registration Statement for the Transaction when available.
    Media Contacts

    StablecoinX
    press@stablecoinx.com

    TLGY Acquisition Corp.
    media@tlgycpc.com

    Ethena Foundation
    nate.johnson@augustco.com

    The MIL Network –

  • MIL-OSI: Yorkville Acquisition Corp. Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing on or about July 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    Mountainside, NJ, July 21, 2025 (GLOBE NEWSWIRE) — Yorkville Acquisition Corp. (Nasdaq: YORKU) (the “Company”) announced that holders of the units sold in the Company’s initial public offering of 17,250,000 units, which includes 2,250,000 units issued pursuant to the exercise by the underwriters of their overallotment option, completed on June 30, 2025 (the “Offering”), may elect to separately trade the Class A ordinary shares and warrants included in the units commencing on or about July 25, 2025. Any units not separated will continue to trade on The Nasdaq Global Market under the symbol “YORKU”, and each of the Class A ordinary shares and warrants will separately trade on The Nasdaq Global Market under the symbols “YORK” and “YORKW,” respectively. Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

    A registration statement relating to the securities was declared effective on June 26, 2025 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Cautionary Note Concerning Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated date that the Class A ordinary shares and warrants may begin to trade separately and the ability for those units not separated to continue to trade on Nasdaq. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the registration statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC’s website, www.sec.gov.

    About Yorkville Acquisition Corp.

    The Company is a blank check company incorporated in the Cayman Islands as an exempted company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The Company has not selected any specific business combination target and has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination. While the Company may pursue a business combination target in any business or industry, it intends to focus its search for businesses at the intersection of media, technology, and entertainment.

    Contact

    Yorkville Acquisition Corp.
    1012 Springfield Avenue
    Mountainside, New Jersey 07092 

    Kevin McGurn
    Chief Executive Officer
    Email: kjmcgurn@gmail.com

    The MIL Network –

  • MIL-OSI: BCB Bank announces Daniel A. Araujo’s promotion to Senior Vice President and Chief Lending Officer

    Source: GlobeNewswire (MIL-OSI)

    BAYONNE, N.J., July 21, 2025 (GLOBE NEWSWIRE) — BCB Bank is proud to announce the promotion of Daniel A. Araujo to Senior Vice President and Chief Lending Officer. This promotion is in alignment with BCB’s customer-first approach and dedication to organizational excellence.

    Mr. Araujo brings more than 20 years of industry knowledge and lending management experience to the Bank. Araujo is a highly respected industry veteran who brings a wealth of experience and an entrepreneurial mindset to the Bank.

    Prior to joining BCB Bank in 2023, he served as Chief Operating Officer of Real Estate Lending at Citizens Bank and Head of Portfolio Operations and Chief of Staff at Investors Bank (prior to the acquisition by Citizens’ Financial Group). In these roles, he led several of the Banks’ most critical lending initiatives—from integrating and implementing loan origination systems to helping ensure the safety and soundness of the organization through prudent credit practices.

    Since joining the BCB family, Mr. Araujo has been an integral part of the Bank’s overall credit evolution. Overseeing the implementation of a new loan origination system, the restructuring of departments, and the continued improvement of the overall lending process, all while focusing on perfecting the Bank’s customer service experience.

    In his new role, he will oversee credit policy, risk governance, and portfolio strategy across the Bank’s lending operations. Mr. Araujo will also continue to build strong cross-functional partnerships while enhancing the customer experience through strategic vision, collaboration, and exceptional leadership.

    “It is truly an honor to be in this position and have the ability to continue to work with this talented group of people,” said Araujo. “The commitment to producing an exceptional experience to our banking community will remain the same, and I am thrilled to have the opportunity to lead our lending teams as we continue to grow, innovate, and look toward the future. It is only onward and upward from here. The best is yet to come.”

    “Dan has been a proven leader for our organization since he arrived,” said Michael Shriner, President/CEO of BCB Bank. “His extensive lending experience and industry knowledge will continue to help drive innovations and efficiencies within our lending areas and the Bank as a whole.”

    Please join us in congratulating Mr. Araujo on this well-earned promotion!

    About BCB Bank

    Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has twenty-three branch offices in Bayonne, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, River Edge, Rutherford, South Orange, Union, and Woodbridge, New Jersey, and four branches in Hicksville and Staten Island, New York. The Bank provides businesses and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.

    MICHAEL SHRINER, PRESIDENT & CEO JAWAD CHAUDHRY, EVP, CFO & TREASURER (201) 823-0700

    The MIL Network –

  • MIL-OSI Canada: More primary care on the way for rural Alberta

    Alberta’s government is committed to ensuring Albertans receive the care they need when and where they need it. To strengthen rural health care, grants under two programs have been awarded. These grants support medical resident physicians training in rural and remote communities and help primary care clinics across rural Alberta grow their teams.

    The initiatives include a $16-million pilot bursary program that supports 74 family medicine residents expected to begin practising in rural Alberta between now and July 2027. At the same time, the Rural Team Recruitment Grant will provide $6 million over two years to help clinics hire additional health professionals – such as nurses, pharmacists and physiotherapists – expand care teams and improve access.

    “This is a great example of how we’re delivering real improvements in primary health care. Our bursary program will help bring more family doctors to rural communities, and the team-based care grants mean Albertans will have better access to health professionals who can support their needs. Physicians are choosing to practise in Alberta in record numbers, especially family doctors, and we’re working to make sure they increase access for patients in rural Alberta as well as in the cities.”

    Adriana LaGrange, Minister of Primary and Preventative Health Services

    The Rural Team Recruitment Grant helps clinics and community organizations increase their capacity by hiring non-physician health professionals. These multidisciplinary teams significantly improve access to primary care by ensuring a range of health services are available locally.

    In the first round of funding, 29 clinics across the province will receive support. This includes clinics in Consort, Drumheller, Stettler, Crowsnest Pass, Cold Lake, Grande Cache, Peace River, Delburne, Drayton Valley, Barrhead and Bashaw. Approximately 52 new full-time health professionals are expected to be hired, with a second intake for the grant program opening soon.

    “The Rural Team Recruitment Grant is a meaningful step forward for health care in rural Alberta. When clinics can hire more team members, people get access to the care they need faster and closer to home.”

    Ron Wiebe, parliamentary secretary for rural health (north)

    The Rural and Remote Family Medicine Resident Physician Bursary Pilot Program is helping attract and retain doctors in Alberta’s rural and remote communities. It provides bursaries of $125,000 for rural placements and $200,000 for remote placements to residents who commit to working in eligible communities after completing their training.

    Bursaries are available to medical students from any Canadian university who have matched to a family medicine residency program at the University of Alberta or the University of Calgary. Residents can apply at any point during their training. Applications are being accepted until early 2026 or until all funding is committed.

    Resident physicians are more likely to stay and practise in the communities where they complete their residency, making this program a key step toward building sustainable, long-term access to primary care in rural and remote areas.

    “This bursary is an investment in Alberta’s future. It gives resident physicians the support they need while helping rural and remote communities attract and keep family doctors.”

    Justin Wright, parliamentary secretary for rural health (south)

    “This bursary is a significant step in strengthening retention in rural and remote family medicine practice. Resident physicians are the future of our physician workforce; fair and competitive retention initiatives will ensure all Albertans have access to the high-quality health care they deserve.”

    Dr. Sia Zare-Zadeh, president, Professional Association of Resident Physicians of Alberta (PARA)

    Quick facts

    • These programs are key components of the Rural Health Action Plan and align with the Modernizing Alberta’s Primary Care System (MAPS) report.
    • Funding is through the Canada-Alberta agreement to improve health care, including in rural and remote areas.

    Related information

    • Modernizing Alberta’s Primary Health Care System (MAPS)
    • Primary health care grants
    • Rural and Remote Family Medicine Resident Physician Bursary
    • Rural Health Action Plan

    Related news

    • Strengthening primary health care across Alberta (Nov. 5, 2024)
    • Leading primary care into the future (Oct. 15, 2024)
    • Improving health care in rural and remote Alberta (Oct. 3, 2024
    • Strengthening health care: Improving access for all (Oct. 18, 2023)

    MIL OSI Canada News –

  • MIL-OSI Canada: Directives issued to get more homes built in Oak Bay, West Vancouver

    Ministerial directives have been issued to the districts of Oak Bay and West Vancouver to continue helping the communities improve local processes and build more homes people need.

    This year, advisers were appointed in the districts of Oak Bay and West Vancouver to provide recommendations for what these councils can do to deliver more homes for people faster and improve affordability in their communities. Oak Bay and West Vancouver are two of the most unaffordable places in British Columbia.

    The Province consulted with the districts, which had 30 days to provide feedback about the proposed ministerial directives.

    Feedback from both districts helped inform the final directives, and they align with many current council initiatives.

    The directives to the District of Oak Bay are it must:

    1. amend its Development Application Procedures Bylaw to delegate minor development variance permits to municipal staff by Dec. 31, 2025; and
    2. amend its Parking Facilities Bylaw for sites containing multiple units, to a minimum of one parking stall per unit where the bylaw currently requires a minimum of more than one parking stall per unit, by Dec. 31, 2025.

    Additionally, Oak Bay must provide updates on work toward:

    • meeting the Dec. 31, 2025, deadline for updating its official community plan, with a focus on housing; and
    • amending its Building and Plumbing Bylaw in relation to blasting activities, in consultation with the development community.

    The directives to the District of West Vancouver are it must:

    1. amend its Official Community Plan Bylaw to increase density in the Park Royal-Taylor Way area by Dec. 31, 2025. The amendments must provide development regulations and an accompanying schedule that defines the area and provides for the minimum required densities;
    2. amend its Official Community Plan Bylaw to provide for increased density in the single-family and duplex prescribed areas adjacent to Ambleside and Dundarave, by Dec. 31, 2025; and
    3. adopt the proposed Ambleside Centre Local Area Plan by Dec. 31, 2025.

    Additionally, West Vancouver must:

    • identify in future annual progress reporting the type of development applications and number of housing units considered and rejected under the Preliminary Development Proposal and Public Consultation Policy.

    Housing targets have delivered 16,130 net-new homes built across the first 30 priority municipalities since the legislation was passed in 2023. 

    Through a historic $19-billion investment, the Province has delivered 93,250 homes in B.C. since 2017, including more than 7,200 units in Greater Victoria and nearly 400 units in West Vancouver.

    Quick Facts: 

    • West Vancouver delivered 58 of its 220 net-new units Year 1 housing target.
    • Oak Bay delivered 16 of its 56 net-new units Year 1 housing target.

    Learn More:

    To view the directive letter to Oak Bay, visit: https://news.gov.bc.ca/files/OakBay_Murdoch_Signed_Final.pdf

    To view the directive letter to West Vancouver, visit: https://news.gov.bc.ca/files/WestVan_Sager_Signed.pdf

    MIL OSI Canada News –

  • MIL-OSI Canada: Saskatchewan and Prince Edward Island Breaking Down Trade Barriers

    Source: Government of Canada regional news

    Released on July 21, 2025

    Provinces build economic resilience through interprovincial trade agreement.

    Today, Saskatchewan Premier Scott Moe and Prince Edward Island Premier Rob Lantz signed a Memorandum of Understanding (MOU) to collaborate on the removal of trade barriers across the two jurisdictions.

    “Saskatchewan is standing strong amidst the trade challenges we are currently facing,” Moe said. “Our province remains committed to deepening interprovincial collaboration and further enhancing trade, investment and labour mobility, so that we can continue to build a strong economy that delivers for the people of Saskatchewan. Today’s MOU between Saskatchewan and Prince Edward Island is just one more way we are strengthening economic ties across the country.”  

    This MOU includes commitments to facilitate mutual recognition, and a framework for direct-to-consumer (DTC) alcohol sales between the two jurisdictions. It aims to boost interprovincial labour mobility and investment while strengthening public safety and maintaining the role of crown corporations.  

    “Saskatchewan and PEI understand that when provinces work together, the entire country benefits,” Lantz said. “This agreement is about building trust, creating opportunity and making it easier for people and businesses to thrive no matter where they are located.”  

    The total value of interprovincial trade between Saskatchewan and PEI was $44.25 million in 2021.

    The Government of Saskatchewan continues to demonstrate leadership in reducing internal barriers, advocating for free and fair trade. Last week, Saskatchewan called on all provinces and territories to join the New West Partnership Trade Agreement. This agreement represents Canada’s largest barrier-free interprovincial market, with an economic region of over 11 million Canadians and a combined GDP exceeding $818 billion. Other recent progress includes the signing of an MOU with Ontario to remove trade barriers across the two jurisdictions.

    The province continues to take part in the Committee on Internal Trade (CIT), which includes enhancing the Canadian Free Trade Agreement (CFTA), reducing regulatory and administrative burdens to interprovincial trade and facilitating labour mobility.

    On July 8, CIT announced significant progress, including:

    • Reducing party-specific exceptions under the CFTA by a further 30 per cent.
    • Concluding negotiations of the financial services chapter.
    • Advancing mutual recognition through a pilot project in the trucking sector and negotiating towards a mutual recognition agreement on the sale of goods.  
    • Cross-Canada commitment to a 30-day service standard for processing labour mobility applications.
    • A DTC MOU, co-led by Saskatchewan, involving ten jurisdictions across Canada to support consumers being able to order their favourite Canadian wine, spirit, beer or other alcoholic beverage, directly from the producer, for personal consumption.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: Carbajal Hosts House Agriculture Committee’s Top Democrat in Santa Barbara, Carpinteria

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    On July 19th, U.S. Representative Salud Carbajal (D-CA-24), a member of the House Agriculture Committee, hosted the Committee’s Ranking Member Angie Craig (D-MN-02) in Santa Barbara and Carpinteria. The lawmakers organized roundtable discussions with local farmers, agriculture groups, community associations, and government officials to discuss wildfire prevention, federal support for specialty crops, farm automation, and more. Download photos here.

    “I was honored to welcome Ranking Member Craig to the Central Coast for productive conversations with our local agricultural community and stakeholders focused on wildfire prevention,” said Rep. Carbajal. “The Central Coast is one of our nation’s agricultural powerhouses, but it’s not immune to the challenges posed by climate change and macroeconomic conditions. That’s why Ranking Member Craig and I held a series of roundtable discussions with local farmers, agriculture groups, community associations, and government officials. We talked about collaborative solutions for mitigating wildfires and other environmental threats, while exploring opportunities for the federal government to help ensure Central Coast agriculture remains globally competitive.”

    “I thank Representative Carbajal for inviting me to California’s 24th Congressional District to meet with stakeholders from across the forest management and specialty crop sectors. It is always valuable to hear directly from specialty crop producers, and it was particularly eye-opening to learn from the experiences of wildfire experts on the ground – as firefighters battle three wildfires burning in northern Minnesota. I will lean on their insights as we continue searching for a path forward for the farmers left behind by the Republican budget. The conversations I had with folks today reflected an urgent need for congressional oversight of the USDA – whose mass layoffs have left communities vulnerable as we enter peak wildfire season – and investments in programs that support the specialty crop farmers who feed our families,” said Ranking Member Angie Craig.

    Carbajal and Craig held their first roundtable at the Santa Barbara Botanical Gardens, where they discussed wildfire prevention for the Los Padres National Forest and surrounding communities. The group explored proactive measures — such as fuels management, community education, interagency coordination, and infrastructure resilience — to reduce the risk of catastrophic wildfires. Policies and partnerships that safeguard lives, property, and landscapes along the Los Padres forest boundary and beyond are critical. 

    The roundtable’s participants included representatives from: the Santa Barbara Botanic Garden, Los Padres National Forest, Santa Barbara County Fire Department, Santa Barbara City Fire, Santa Barbara County Board of Supervisors, Santa Barbara Fire Safe Council, Mission Canyon Association, Montecito Association, Cal Poly Wildfire, Los Padres Forest Watch, and Project for Resilient Communities.

    The second roundtable was held at Reiter’s Peak-Flynn Ranch in Carpinteria, where the group discussed the unique nature of Central Coast agriculture, research in mechanization, the federal specialty crop block grant program, labor shortages, trade, and more. 

    The roundtable’s participants included representatives from: Reiter Affiliated Companies, Santa Barbara County Flower & Nursery Growers Association, California Avocado Commission, Grower-Shipper Association of Santa Barbara and San Luis Obispo Counties, Santa Barbara County Agricultural Advisory Committee, California Farm Bureau, Santa Barbara County Farm Bureau, Ventura County Farm Bureau, and Santa Barbara County Agricultural Commissioner.

    MIL OSI USA News –

  • MIL-OSI: reAlpha Tech Corp. Announces $5 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ohio, July 21, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (the “Company” or “reAlpha”), an AI-powered real estate technology company, today announced that it has entered into definitive agreements for the purchase and sale of 14,285,718 shares of its common stock at a purchase price of $0.35 per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company will issue unregistered warrants to purchase up to 14,285,718 shares of common stock at an exercise price of $0.35 per share that will be exercisable upon issuance and will expire five years from the effective date of the registration statement covering the resale of the shares of common stock issuable upon exercise of the unregistered warrants. The closing of the offering is expected to occur on or about July 22, 2025, subject to the satisfaction of customary closing conditions.

    H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

    The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses payable by the Company, are expected to be approximately $5 million. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which could include repayment of debt, future acquisitions, capital expenditures and the purchase of cryptocurrencies in accordance with the Company’s cryptocurrency investment policy.

    The common stock (but not the unregistered warrants and the shares of common stock underlying the unregistered warrants) described above are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-283284) that was declared effective by the Securities and Exchange Commission (the “SEC”) on November 26, 2024. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.

    The unregistered warrants described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the unregistered warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About reAlpha Tech Corp.

    reAlpha Tech Corp. (Nasdaq: AIRE) is an AI-powered real estate technology company transforming the multi-trillion-dollar U.S. real estate services market. reAlpha is developing an end-to-end platform that streamlines real estate transactions through integrated brokerage, mortgage, and title services. With a strategic, acquisition-driven growth model and proprietary AI infrastructure, reAlpha is building a vertically integrated ecosystem designed to deliver a simpler, smarter, and more affordable path to homeownership. For more information, visit www.realpha.com.

    Forward-Looking Statements

    The information in this press release includes “forward-looking statements.” Any statements other than statements of historical fact contained herein, including statements as to the completion of the offering, the satisfaction of customary closing conditions related to the offering and the intended use of net proceeds from the offering, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s ability to regain and sustain compliance with the Nasdaq Capital Market’s continued listing standards and remain listed on the Nasdaq Capital Market; reAlpha’s ability to pay contractual obligations; reAlpha’s liquidity, operating performance, cash flow and ability to secure adequate financing; reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to commercialize its developing AI-based technologies; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for such acquired companies’ services; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets and nationally; the potential loss of key employees of reAlpha and of its subsidiaries; the outcome of certain outstanding legal proceedings against reAlpha; reAlpha’s ability to obtain, and maintain, the required licenses to operate in the U.S. states in which it, or its subsidiaries, operate in, or intend to operate in; reAlpha’s ability to successfully identify and acquire companies that are complementary to its business model; the inability to maintain and strengthen reAlpha’s brand and reputation; any accidents or incidents involving cybersecurity breaches and incidents; the inability to accurately forecast demand for AI-based real estate-focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; the inability of reAlpha to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against reAlpha; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Media Contact:
    Cristol Rippe, Chief Marketing Officer
    cristol@realpha.com

    Investor Relations Contact:
    Adele Carey, VP of Investor Relations
    investorrelations@realpha.com

    The MIL Network –

  • MIL-OSI: Fortinet Honors the Life and Contributions of Valued Board Member William H. Neukom

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., July 21, 2025 (GLOBE NEWSWIRE) — Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced the passing of William H. “Bill” Neukom, a distinguished member of Fortinet’s Board of Directors since 2013. During his tenure, Bill provided unwavering leadership, thoughtful guidance, and mentorship that anchored the company through years of significant growth.

    The Fortinet Board of Directors issues the following statement: “We are profoundly saddened by the passing of Bill Neukom. His contributions to Fortinet and to the technology industry are immeasurable, and he will be deeply missed as a friend and colleague across our entire organization. Bill embodied a combination of vision, intellect, and warmth. He brought extraordinary insight and dedication to every discussion, always rooted in integrity, accountability, and a deep commitment to people and purpose. We extend our heartfelt condolences to Bill’s family, friends, and all those fortunate enough to have worked alongside him. He will be dearly missed and always remembered.” 

    Bill’s legacy extends far beyond Fortinet’s boardroom, bringing a lifetime of experience, including from his time at Microsoft, where he served as the company’s first general counsel, and as founder and CEO of the World Justice Project, a global nonprofit devoted to promoting the rule of law. His lifelong work elevated the importance of corporate responsibility, customer trust, and technology’s role in society. His leadership, character, and contributions will remain a lasting part of Fortinet’s legacy.

    About Fortinet (www.fortinet.com)
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (CERTS), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

  • MIL-OSI: TWFG Insurance to release its second quarter financial results on August 12th, 2025

    Source: GlobeNewswire (MIL-OSI)

    THE WOODLANDS, Texas, July 21, 2025 (GLOBE NEWSWIRE) — TWFG, Inc. (NASDAQ: TWFG), a leading independent insurance distribution platform, announced today that it will release its financial results for the second quarter ended June 30, 2025, after the market closes on Tuesday, August 12, 2025.

    The Company will host a conference call to discuss its financial results the following morning, Wednesday, August 13, 2025, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time).

    TO ACCESS THE CALL BY PHONE, PARTICIPANTS CAN REGISTER AT THIS LINK WHERE THEY WILL BE PROVIDED WITH THE DIAL IN DETAILS.

    A live webcast of the call will be available on TWFG’s Investor Relations website at investors.twfg.com. Interested parties are encouraged to register and access the webcast at least 10 minutes prior to the scheduled start time.

    A replay of the webcast will be available on the Investor Relations website for a limited time following the call.

    About TWFG

    TWFG, Inc. (NASDAQ: TWFG) is a leading insurance distribution platform providing innovative and personalized insurance solutions to individuals and businesses across the United States. Founded with a commitment to service, professionalism, and entrepreneurial spirit, TWFG empowers its extensive network of agents to deliver client-focused insurance options across a broad array of personal and commercial lines. For more information, please visit www.twfg.com.

    Investor Contact:

    Gene Padgett
    TWFG, Inc. – Chief Accounting Officer
    Email: gene.padgett@twfg.com

    PR Contact:
    Alex Bunch
    TWFG, Inc. – CMO
    E-mail: alex@twfg.com

    The MIL Network –

  • MIL-Evening Report: How EVs and electric water heaters are turning cities into giant batteries

    Source: The Conversation (Au and NZ) – By Bin Lu, Senior Research Fellow in Renewable Energy, Australian National University

    Leonid Andronov/Shutterstock

    As the electrification of transport and heating accelerates, many worry the increased demand could overload national power grids. In Australia, electricity consumption is expected to double by 2050.

    If everyone charges their car and heats water using electric systems at the same time, peak demand could rise sharply, forcing costly grid upgrades. But this would only happen if there’s no planning done.

    The shift to electric vehicles (EVs) and electric water heating has a huge silver lining. As more Australians make the switch, they’re quietly expanding a vast network of distributed energy storage. In a fully electrified future, each person could have on average about 46 kilowatt hours worth of energy storage – both in EV batteries and hot water systems.

    Scaled up, that’s a huge resource. If all cars and water heaters run on electricity, their combined flexible energy storage could reach over 1,000 gigawatt-hours (GWh) across Australia. That’s far beyond the 350 GWh capacity of the Snowy 2.0 hydroelectric project and all existing grid-scale batteries put together.

    Authorities can use these devices to help operate the grid more efficiently and slash infrastructure costs. In fact, our new research shows that with the right coordination, cities can transform from energy consumers into flexible energy hubs able to store energy and release it as necessary. This would make it possible to avoid billions of dollars worth of grid upgrades.

    Storage built in

    Electrification replaces fossil fuel-burning technology with electric-only systems, powered by a grid getting steadily cleaner.

    For households, electrification means switching a combustion engine car for an EV and replacing gas hot water with electric systems such as heat pumps. Both slash carbon emissions when run on grids with high levels of renewables.

    EVs and electric hot water systems offer more than just mobility or heating. They also have built-in energy storage. EV batteries store huge amounts of electricity – usually several times the size of a house battery. Hot water systems store energy too, in the form of heat.

    Both of these resources are very useful to power grid authorities, because they can help optimise how the grid operates.

    Power grids are a constant balancing act, where supply and demand have to be carefully matched up. At times of intense demand, such as during a heatwave, demand can outstrip normal supply and send prices skyrocketing.

    When EVs are charged and water heated during off-peak periods, the strain on the grid can be significantly lessened.

    Workplace EV chargers are convenient for drivers – and very useful for the grid.
    jixiang liu/Shutterstock

    Canberra is pointing the way

    Since 2020, Canberra has been 100% powered by renewable electricity. The ACT Government is aiming for net zero by 2045.

    In our modelling, we found this goal could get a lot closer if EVs and hot water systems are used cleverly. We found changing the time cars are charged and water heated would shift around 5 kWh of electricity per person per day. That’s about a third of each Canberra resident’s average daily electricity use.

    Unmanaged charging and water heating would cause peak load to jump 34%. But if charging and heating was shifted to off-peak hours overnight, it could restrict the rise in peak load to just 16%.

    Reducing the rise in peak load would make it possible to avoid billions of dollars in grid upgrades such as expanding substations and building more transmission lines.

    Where flexibility matters most

    We found Canberra’s new energy storage resources are concentrated in storage hotspots – densely populated areas with many electric hot water systems and where many EVs are parked during the day.

    Importantly, these hotspots don’t stay put. During working hours, vehicle batteries tend to concentrate in high-density office areas where EVs are parked. Storage capacity rose up to 31% in some Canberra working districts during the working week.

    It would make sense to make the most of these hotspots by installing smart chargers, which optimise the timing of EV charging and creating virtual power plants, which can coordinate the time when household devices and EVs draw power.

    Both of these approaches offer a cost-effective way to aggregate small scale household devices into a large coordinated storage resource.

    Aligning demand with solar peaks means using renewable energy which might otherwise go to waste during peak times.

    This map shows Canberra’s storage hotspots averaged out. EV batteries are in blue and electric hot water storage in orange.
    Bin Lu, CC BY-NC-ND

    Policy needs to catch up

    Capturing the huge benefits from these new storage resources won’t happen automatically. It requires smart systems and supportive policies.

    Technologies such as smart chargers and virtual power plants already exist. South Australia’s Virtual Power Plant shows what’s possible in practice.

    But to date, most Australian households don’t have these kinds of smart systems. In many areas, electricity pricing is relatively inflexible and there’s limited coordination between flexible energy use and the needs of the grid.

    To unlock the full potential of this huge new energy storage resource, governments and energy companies should:

    • encourage uptake of smart chargers and smart water heaters in buildings

    • expand dynamic pricing schemes which better reflect real-time supply and demand to help shift electricity use to off-peak periods

    • focus on rolling out workplace EV chargers in high-density areas to boost charging during solar peak periods

    • develop smart energy systems able to aggregate devices in individual households into a large grid-supporting fleet.

    More demand – but more storage

    As Australia increasingly goes electric, cities are becoming more than just energy consumers.

    Rather, they’re becoming flexible energy hubs able to help balance supply and demand.

    Used wisely, humble electric water heaters and EVs can do more than meet household needs — they can help power Australia’s clean energy future.

    Bin Lu received research funding from the Icon Water & ActewAGL Endowment Fund.

    Marnie Shaw has received funding from federal and state governments.

    – ref. How EVs and electric water heaters are turning cities into giant batteries – https://theconversation.com/how-evs-and-electric-water-heaters-are-turning-cities-into-giant-batteries-261369

    MIL OSI Analysis – EveningReport.nz –

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

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

    MilosStankovic/Getty Images

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

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

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

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

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

    What are anabolic steroids, and who is using them?

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

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

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

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



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

    Our research

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

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

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

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

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

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

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

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

    What needs to happen next?

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

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

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

    MilosStankovic/Getty Images

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

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

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

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

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

    What are anabolic steroids, and who is using them?

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

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

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

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



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

    Our research

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

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

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

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

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

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

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

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

    What needs to happen next?

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

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

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

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

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

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

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

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

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

    MIL OSI USA News –

  • MIL-OSI USA: Welch Visits Hardwick, Burke to Discuss Flood Recovery and FEMA Reform 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)

    BURKE, VT—U.S. Senator Peter Welch (D-Vt.) today met with flood-impacted Vermonters and community leaders in northern Vermont. Senator Welch also held a Listening Session in Hardwick last week.  
    “Hardwick and Burke know all too well—climate change is here, and we need to empower small towns with the tools and resources they need to recover. My new bill, the Disaster AID Act, will help cut through red tape and improve the disaster recovery process,” said Senator Welch. “The input I received from Vermont communities about their experience with FEMA shaped this bill, and am committed to making Washington work better for Vermont.”  
    View photos here and on Senator Welch’s website:  

    Senator Welch hosts a Listening Session in Hardwick on Monday, July 14 

     Senator Welch hosts a Listening Session in Burke on Monday, July 21 
    West Burke, as well as Sutton and Lyndon, were hit by more flash flooding in 2025 on the anniversary of the 2023 and 2024 floods. Senator Welch’s visits to Hardwick and Burke follow visits to flood-impacted communities across Vermont, including Killington, Ludlow, Weston, Barre, and Montpelier.  
    This month, Senator Welch introduced the Disaster Assistance Improvement and Decentralization (AID) Act. Senator Welch’s bill will cut red tape and empower state and local governments to access recovery assistance when it is needed. The bill will support hazard mitigation efforts, make the delivery of disaster aid more efficient and effective, provide technical assistance to small towns and communities impacted by natural disasters, and block the White House from withholding funding for disaster response. 
    Last week, Senator Welch called for the resignation of U.S. Department of Homeland Security Secretary Kristi Noem, citing Secretary Noem’s mishandling of FEMA and record of undermining FEMA’s work, as well as her handling of President Trump’s cruel and illegal mass deportation campaign. 

    MIL OSI USA News –

  • MIL-OSI USA: Wyden, Warner Sound the Alarm on Hospital Cybersecurity Risks Following Republican Medicaid Cuts

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sen. Mark R. Warner D-Va. and Senate Finance Committee Ranking Member Ron Wyden, D-Ore. called for the Trump administration to share its plan to prevent cyberattacks on rural hospitals following the largest health care cuts in American history in the Republican budget bill. 

    “Trumpcare will harm the cybersecurity resiliency of rural and small hospitals just as this Administration has chosen to gut cybersecurity operations at HHS,” Wyden and Warner wrote. “As rural and small hospitals confront even lower operating margins due to Republican health care cuts, they will be less likely to prioritize spending on cybersecurity infrastructure. The lack of federal oversight and resources, coupled with historic cuts to Medicaid and the ACA, only serve to increase rural and small hospitals’ cybersecurity vulnerabilities.” 

    The letter, sent to Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. and Centers for Medicare & Medicaid Services (CMS) Administrator Mehmet Oz, calls on the Administration to share its plans to help small and rural hospitals meet federal cybersecurity standards, as well as its plan to use the so-called “rural health transformation program” to fund cybersecurity improvements – a fund that is dwarfed by more than $1 trillion in cuts to Medicaid and the Affordable Care Act (ACA)  under Trumpcare. 

    Hospitals, particularly smaller facilities and those in rural areas, are a prime target for cyber criminals. Hospitals are also very likely to pay a ransom in order to maintain the continuity of health care given the lack of nearby providers, especially emergency services and procedures, and their top priority is protecting the health and well-being of patients they serve.

    Last year, Wyden and Warner introduced legislation to strengthen federal cybersecurity standards across the health care system. Independent analysis has confirmed that over 330 rural hospitals are at risk of deep financial hardship or even closure due to Trumpcare’s cuts to Medicaid, forcing facilities into impossible choices to stay open and continue serving their community.

    The full letter is here.

    A web version of this release is here.

    MIL OSI USA News –

  • MIL-OSI USA: Wyden, Warner Sound the Alarm on Hospital Cybersecurity Risks Following Republican Medicaid Cuts

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sen. Mark R. Warner D-Va. and Senate Finance Committee Ranking Member Ron Wyden, D-Ore. called for the Trump administration to share its plan to prevent cyberattacks on rural hospitals following the largest health care cuts in American history in the Republican budget bill. 

    “Trumpcare will harm the cybersecurity resiliency of rural and small hospitals just as this Administration has chosen to gut cybersecurity operations at HHS,” Wyden and Warner wrote. “As rural and small hospitals confront even lower operating margins due to Republican health care cuts, they will be less likely to prioritize spending on cybersecurity infrastructure. The lack of federal oversight and resources, coupled with historic cuts to Medicaid and the ACA, only serve to increase rural and small hospitals’ cybersecurity vulnerabilities.” 

    The letter, sent to Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. and Centers for Medicare & Medicaid Services (CMS) Administrator Mehmet Oz, calls on the Administration to share its plans to help small and rural hospitals meet federal cybersecurity standards, as well as its plan to use the so-called “rural health transformation program” to fund cybersecurity improvements – a fund that is dwarfed by more than $1 trillion in cuts to Medicaid and the Affordable Care Act (ACA)  under Trumpcare. 

    Hospitals, particularly smaller facilities and those in rural areas, are a prime target for cyber criminals. Hospitals are also very likely to pay a ransom in order to maintain the continuity of health care given the lack of nearby providers, especially emergency services and procedures, and their top priority is protecting the health and well-being of patients they serve.

    Last year, Wyden and Warner introduced legislation to strengthen federal cybersecurity standards across the health care system. Independent analysis has confirmed that over 330 rural hospitals are at risk of deep financial hardship or even closure due to Trumpcare’s cuts to Medicaid, forcing facilities into impossible choices to stay open and continue serving their community.

    The full letter is here.

    A web version of this release is here.

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Blumenthal Put VA Secretary Collins on Blast for His Lack of Transparency and Accountability

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Senate Veterans Affairs Committee Democrats also launch new website to track Trump VA’s responsiveness to oversight letters from Congress

    Washington, D.C. – In a letter to Department of Veterans Affairs (VA) Secretary Doug Collins, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Veterans’ Affairs Committee, and Senate Veterans’ Affairs Committee Ranking Member Richard Blumenthal (D-CT), called out Secretary Collins for his failure to be transparent and accountable to veterans, Congress, and American taxpayers around his cuts and recent policy changes at VA.

    “Congress and this Administration should be working together to provide the best possible care, benefits and services for our nation’s veterans and their families, and your failure to be transparent about your actions at the Department of Veterans Affairs (VA) is wholly unacceptable,” the senators wrote in a letter to VA Secretary Collins. “As you are aware, Congress has a constitutionally-mandated obligation of oversight over executive agencies. However, VA under your leadership has been historically secretive and partisan, and overtly adversarial to any attempts at such oversight.”

    The senators delivered a searing review of Collins’ leadership and lack of communication with Congress: “…[Y]our communications lack timeliness, facts, and adequacy…Since your confirmation, the Department has also reduced or cancelled regular briefings on numerous topics, including homelessness, caregiver support and community care. And you have refused to allow members of Congress and staff to conduct roundtables and town halls at VA facilities to hear directly from employees and veterans about their concerns – violating years of precedent.” In an unprecedented move in April, the Trump administration refused to allow VA Puget Sound to participate in a roundtable discussion Senator Murray held in Seattle on women veterans’ health care.

    The senators also slammed Collins’ denial of basic Freedom of Information Act requests and insistence that media outlets change evidence-based reporting with no substantial proof to support those requests: “This vindictive secrecy is unprecedented, and demonstrates your consistent unwillingness to allow anyone to hold you accountable for your actions…This blatant obstruction of Congress, and lack of transparency and accountability to America’s veterans and taxpayers must not continue. ” The senators concluded their letter by demanding Collins commit to new timeliness and oversight parameters, including allowing members of Congress and staff to visit VA facilities and ensuring VA answer Congressional Requests for Information with 45 calendar days.

    The text of the senators’ letter is available HERE.

    In an effort to publicly track Trump VA’s responsiveness to Congress, Democrats on the Senate Veterans’ Affairs Committee recently rolled out a new website page website to track responses to oversight letters Ranking Member Blumenthal has sent since the beginning of the Trump administration, January 18, 2025. This web page reveals the majority of oversight letters to VA either get no response or responses with minimal or inaccurate information.

    This oversight website page can be found HERE and will be updated regularly.

    MIL OSI USA News –

  • MIL-OSI Africa: Democratic Republic of the Congo – Fataki: A Training Center to Reintegrate At-Risk Youth and Vulnerable Women

    Source: APO

    In a region still marked by insecurity, a joint initiative by MONUSCO and its partners offers a new perspective to one hundred beneficiaries in Fataki, in Djugu territory. Sixty vulnerable women and forty at-risk youth now have access to a vocational training center, inaugurated on June 15 through a Community Violence Reduction (CVR) project, in collaboration with the National Program for Disarmament, Demobilization, Community Recovery and Stabilization (PDDRCS) and the local NGO Women in Action for Multisectoral Development (FADEM).

    Equipped with three training rooms, a carpentry workshop, a bakery oven, an administrative office and sanitation facilities, the center offers practical training in carpentry, baking and tailoring. This advancement has been welcomed by local authorities, who see it as a concrete lever for reintegration and social cohesion.

    An Initiative Born from Community Dialogue

    This project builds on discussions initiated in 2021 between armed groups and communities, supported by MONUSCO and provincial authorities. These exchanges led to an agreement to cease violence and define local priorities, among which was the creation of economic opportunities for youth and women.

    “This center is the fruit of collective commitment,” recalled MONUSCO Bunia office chief Josiah Obat, calling on communities to continue on the path of dialogue and living together. “All these different tribes are a wealth. In case of disagreement, dialogue. Here you have a framework to train, but also to get closer to each other,” he emphasized.

    Training to Rebuild

    Beyond learning a trade, this project gives beneficiaries the means to take care of themselves and regain an active place in society. Dorcas, for example, can now sell her pastries at the market. “I’m delighted with this project. It allowed me to learn baking. I now know how to make fritters and cakes that I sell at the market. I can take care of myself without waiting for help from my husband,” she confides.

    Aline, trained in sewing, is preparing to make school uniforms: “Here in Fataki, there are few seamstresses. I learned to sew. With the school year approaching, I’m going to make uniforms for the village children. That will allow me to earn money and feed my family.“

    Others, like Grâce, who became a trainer, are now passing on their skills to other women.

    These testimonies reflect a dynamic of change that goes beyond the simple framework of training. They embody a desire to build lasting peace through local initiatives.

    A Response to Territorial Challenges

    With a budget of $98,000 funded by MONUSCO through its DDR-S section, this project responds to a dual objective: offering a concrete alternative to precarity and reducing the attractiveness of armed groups. It is based on a participatory approach, integrating communities at each stage of its implementation.

    Local authorities encourage ownership of this initiative. For Djugu territory administrator Ruffin Mapela, “this project strengthens social cohesion between communities, while building on local resources and skills.”

    In Fataki, the vocational training center illustrates the common commitment to sustainable solutions to violence. It is now up to the communities, with partner support, to make it a living space, a driver of transformation for the entire region.

    Distributed by APO Group on behalf of Mission de l’Organisation des Nations unies en République démocratique du Congo (MONUSCO).

    Media files

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    MIL OSI Africa –

  • MIL-OSI Canada: Minister LeBlanc meets with U.S. Senate Congressional Delegation

    Source: Government of Canada News

    July 21, 2025 – Ottawa, Ontario – Global Affairs Canada

    Today, the Honourable Dominic LeBlanc, President of the King’s Privy Council for Canada and Minister responsible for Canada-U.S. Trade, Intergovernmental Affairs and One Canadian Economy, met with a U.S. Senate Congressional Delegation to discuss opportunities to strengthen the longstanding and unique trade and investment relationship between Canada and the United States.

    During his discussion with Senators Ron Wyden (Oregon), Lisa Murkowski (Alaska), Maggie Hassan (New Hampshire), and Catherine Cortez Masto (Nevada), Minister LeBlanc underscored the importance of maintaining an open and stable trade environment between our deeply integrated economies to support mutual growth, prosperity and security. The minister conveyed his commitment to work with U.S. Congressional leaders to advance shared trade and investment goals.

    Associated links

    MIL OSI Canada News –

  • MIL-OSI USA: DelBene Introduces Bipartisan Legislation to Streamline the Organ Donation Process

    Source: United States House of Representatives – Congresswoman Suzan DelBene (1st District of Washington)

    Today, Representatives Suzan DelBene (WA-01), Beth Van Duyne (TX-24), Carol Miller (WV-01), and Jim Costa (CA-21), introduced the Removing Burdens From Organ Donation Act, bipartisan legislation that would help provide more lifesaving organs to Americans on the transplant list. The bill would modernize and streamline the organ donation process by improving communication between hospitals and organ procurement organizations (OPOs).

    The bill requires hospitals participating in Medicare and Medicaid to send automated electronic notifications to their designated OPOs when a patient dies or meets criteria for imminent death. It also requires remote electronic access to a patient’s health records to be granted to the OPO at that time, ensuring faster and more informed decision-making in critical moments.

    “Organ transplant lists grow every day and families are waiting longer for the call that can give their loved ones the gift of life,” said DelBene. “This bill would cut through unnecessary red tape that slows down the organ donation process. By streamlining and automating how hospitals notify Organ Procurement Organizations, we can save valuable time and more lives.”

    “Organ donation saves lives, but too often, outdated processes, and unnecessary red tape stands in the way,” said Van Duyne. “By cutting bureaucratic delays and modernizing the referral process, this legislation will ensure that more donor organs reach the patients who desperately need them. I’m proud to lead this bipartisan effort that brings commonsense, life-saving reforms to a system that many families depend on.”

    “Over 35 million Americans are living with Chronic Kidney Disease. In my home state of West Virginia, nearly 4,000 individuals are experiencing kidney failure and are reliant on frequent dialysis or a kidney transplant to survive. As Co-Chair of the Congressional Kidney Caucus, I have introduced and supported legislation that addresses the needs of these individuals and helps them receive life-saving medical care. The Removing Burdens From Organ Donation Act will bring much needed reform to the organ donation process by simplifying the existing procedures and saving valuable time when viable organs become available. By removing bureaucratic red tape, we can save more lives and secure more organ transplants for patients in need,” said Miller.

    “The Removing Burdens From Organ Donation Act is a vital step towards strengthening our nation’s organ transplant system by advancing communications between hospitals and Organ Procurement Organizations,” said Costa. “This legislation bypasses burdens to streamline efficient organ donor referrals through technology to reduce delays and assist timely coordination. It’s a practical and commonsense solution to ensure more lives are saved.”

    “Without a doubt, the Removing Burdens From Organ Donation Act will save lives,” said Brad Adams, President & CEO of Southwest Transplant Alliance, the organ procurement organization that received the very first automated electronic donor referral. “Securely integrating systems between hospitals and organ procurement organizations through automated electronic donor referrals and remote access protocols will streamline operations, reduce costs, and increase patient safety. We are incredibly grateful for Reps. Van Duyne and the work she has done to remove burdens from the organ donation process.”

    To ensure flexibility, the bill allows temporary exemptions for hospitals facing significant hardships, such as limited rural internet access, cybersecurity attacks, or natural disasters.

    It also directs the U.S. Department of Health & Human Services to issue best practices guidance and annual reports on exemptions granted. Finally, the legislation requires the Government Accountability Office to study the impact of these changes, including transplant outcomes, rural broadband challenges, and patient data security.

    Experts and leaders in the transplant community praised the bill for its potential to improve patient outcomes and make the organ donation process more efficient:

    “This legislation will strengthen the existing deceased organ donor referral process by leveraging technology to streamline the way hospitals and organ procurement organizations communicate with one another,” said Maureen McBride, Ph.D., CEO of United Network for Organ Sharing (UNOS). “Studies have found that automated deceased donor referral software tools increase the number of organ donors – a significant impact since one organ donor can save up to eight lives. Thank you, U.S. Reps. Van Duyne, DelBene, Miller, and Costa for your leadership in advocating for patients. UNOS looks forward to continuing to work with you to help more patients get the lifesaving transplant they need.”

    “LifeGift, the health services agency that coordinates organ and tissue donation in Houston, Fort Worth, Lubbock and Amarillo, Texas, supports the Removing Burdens From Organ Donation Act sponsored by Representatives Van Duyne, DelBene, Miller, and Costa as a hugely important performance improvement intervention to make potential donor referrals from hospital to organ procurement organization faster and more efficient. LifeGift has received 19,463 potential referrals so far in 2025 and received 35,952 referrals in 2024; all of which were made by phone between hospital staff and LifeGift. Moving these referral calls to an electronic notification allows critical care staff to focus on patient care and gives the organ donation team precious time to begin their lifesaving work.”

    “The Association of Organ Procurement Organizations (AOPO) applauds Representatives Van Duyne, DelBene, Miller, and Costa for introducing legislation that streamlines hospital organ donor referrals and improves organ procurement organizations’ access to vital patient information. By reducing delays and supporting timely coordination with donor families, this bill will help ensure more lives are saved through organ donation.”

    “With more than 90,000 Americans on the kidney transplant waitlist, it is imperative that our organ transplant system function as efficiently as possible to help as many of them receive a kidney as quickly as possible,” said American Society of Nephrology President Prabir Roy-Chaudhury, MD, PhD, FASN. “The Removing Burdens From Organ Donation Act would help both hardworking donor hospital teams and organ procurement organization teams—who together make kidneys available for transplant—benefit from readily-available technology to speed the lifesaving work they lead every day across the country. I commend Reps. Van Duyne, DelBene, Miller, and Costa for their leadership in support of kidney transplant candidates awaiting a lifesaving organ and the multidisciplinary teams who make that hope a reality.”

    “On behalf of the American Society of Transplantation (AST), representing a majority of the nation’s medical professionals engaged in the field of solid organ transplantation, we applaud the continuous leadership and steadfast resolve of Representatives DelBene, Costa, Miller, and Van Duyne to strengthen the nation’s organ transplant system,” said Dr. Jon Kobashigawa, M.D. President, American Society of Transplantation (AST). “The AST endorses the ‘Removing Burdens from Organ Donation Act’ as a commonsense approach to bring great efficiencies to the system and our patients.”

    “On behalf of every kidney patient managing organ failure and their families, the American Association of Kidney Patients extends our most sincere appreciation to Representative Van Duyne and her Congressional colleagues, Representatives Suzan DelBene, Carol Miller, and Jim Costa, for their serious and substantive bipartisan efforts to address America’s organ shortage through the Removing Barriers to Organ Donation Act. Representative Van Duyne has been a remarkably insightful and empathetic advocate for kidney patients and we are honored to fully support the policy efforts she and her colleagues have undertaken to prioritize transplantation over status quo, high mortality dialysis and its associated legacy of dependence and disability.” Said Mr. Edward V. Hickey, IIII, a chronic kidney disease patient and the President of the American Association of Kidney Patients (AAKP), America’s largest kidney patient organization. 

    “This bipartisan bill takes a commonsense, life-saving step forward by streamlining communication between hospitals and organ procurement organizations,” said Susan Bushnell, President and CEO of the Polycystic Kidney Disease (PKD) Foundation. “It will help ensure fewer transplant opportunities are missed and that more families facing kidney failure can hold onto hope for a second chance. We’re grateful to Congress for working to remove burdens that cost lives.”

    “Better information means better care. The Removing Burdens From Organ Donation Act ensures timely, secure access to vital records so the entire care team can act quickly and decisively,” said Margaret French, Managing Director of Legislative Affairs, Alliance for Home Dialysis. “This bipartisan bill is a commonsense step toward more efficient, life-saving kidney donation and offers hope to people living with kidney failure.”

    Endorsing Organizations include: DaVita, Fresenius Medical Care, United Network for Organ Sharing, Southwest Transplant Alliance, Donor Network West (San Francisco, CA), Louisiana Organ Procurement Agency, Mid-America Transplant (St. Louis, MO), OurLegacy (Orlando, FL), Association of Organ Procurement Organizations, LifeGift (serving North, Southeast, and West Texas), American Society of Nephrology, American Society of Transplant Surgeons, American Society of Transplantation, National Kidney Foundation, Polycystic Kidney Disease Foundation, and Alliance for Home Dialysis.

    A copy of the bill can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Department of Justice Coordinates Release of Files Related to Assassination of Martin Luther King Jr.

    Source: US State of North Dakota

    WASHINGTON – Today, Attorney General Pamela Bondi hosted Dr. Alveda King at the Department of Justice to commemorate the release of files regarding the assassination of Dr. Martin Luther King, Jr. The release contains 230,000 pages of documents and comes in accordance with Donald J. Trump’s Executive Order 14176.

    This disclosure is the product of months of collaboration between the Department of Justice (DOJ), Office of the Director of National Intelligence (ODNI), Central Intelligence Agency (CIA), and National Archives and Records Administration (NARA). DOJ Attorneys spent hundreds of hours preparing and digitizing these documents for release.

    “The American people deserve answers decades after the horrific assassination of one of our nation’s great leaders,” said Attorney General Pamela Bondi. “The Department of Justice is proud to partner with Director Gabbard and the ODNI at President Trump’s direction for this latest disclosure.”

    “I am grateful to President Trump and Attorney General Bondi for delivering on their pledge of transparency in the release of these documents on the assassination of Martin Luther King, Jr.,” said Dr. Alveda King. “My uncle lived boldly in pursuit of truth and justice, and his enduring legacy of faith continues to inspire Americans to this day. While we continue to mourn his death, the declassification and release of these documents are a historic step towards the truth that the American people deserve.”

    Attorney General Bondi and Dr. King discussed the remarkable life and legacy of Dr. Martin Luther King Jr. and the need for transparency pertaining to his assassination on April 4th, 1968, in Memphis, Tennessee.

    Please see a link to the documents here.

    MIL OSI USA News –

  • MIL-OSI Security: Department of Justice Coordinates Release of Files Related to Assassination of Martin Luther King Jr.

    Source: United States Attorneys General

    WASHINGTON – Today, Attorney General Pamela Bondi hosted Dr. Alveda King at the Department of Justice to commemorate the release of files regarding the assassination of Dr. Martin Luther King, Jr. The release contains 230,000 pages of documents and comes in accordance with Donald J. Trump’s Executive Order 14176.

    This disclosure is the product of months of collaboration between the Department of Justice (DOJ), Office of the Director of National Intelligence (ODNI), Central Intelligence Agency (CIA), and National Archives and Records Administration (NARA). DOJ Attorneys spent hundreds of hours preparing and digitizing these documents for release.

    “The American people deserve answers decades after the horrific assassination of one of our nation’s great leaders,” said Attorney General Pamela Bondi. “The Department of Justice is proud to partner with Director Gabbard and the ODNI at President Trump’s direction for this latest disclosure.”

    “I am grateful to President Trump and Attorney General Bondi for delivering on their pledge of transparency in the release of these documents on the assassination of Martin Luther King, Jr.,” said Dr. Alveda King. “My uncle lived boldly in pursuit of truth and justice, and his enduring legacy of faith continues to inspire Americans to this day. While we continue to mourn his death, the declassification and release of these documents are a historic step towards the truth that the American people deserve.”

    Attorney General Bondi and Dr. King discussed the remarkable life and legacy of Dr. Martin Luther King Jr. and the need for transparency pertaining to his assassination on April 4th, 1968, in Memphis, Tennessee.

    Please see a link to the documents here.

    MIL Security OSI –

  • MIL-OSI: SiriusPoint Announces Date for Second Quarter 2025 Earnings Release

    Source: GlobeNewswire (MIL-OSI)

    HAMILTON, Bermuda, July 21, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (NYSE: SPNT) (“SiriusPoint” or the “Company”) today announced that it is planning to release its second quarter 2025 financial results before markets open on Monday, August 4, 2025. The Company will host a conference call, including a question-and-answer session, at 8:30 a.m. Eastern Time on the same day to discuss the financial results.

    The webcast of the live conference call can be accessed by logging onto the Investor Relations section of the Company’s website at www.siriuspt.com. The online replay of the webcast will be available on the Company’s website immediately following the call.

    The conference call can be accessed by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international) and asking for the SiriusPoint Ltd. Second Quarter 2025 Earnings Call. A replay will be available at the conclusion of the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671, and providing the passcode 13754248. The replay will be available until 11:59 pm (Eastern Time) on August 18, 2025.

    About SiriusPoint

    SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

    Contacts

    Investor Relations
    Liam Blackledge, SiriusPoint
    liam.blackledge@siriuspt.com
    +44 203 772 3082

    Media
    Sarah Hills, Rein4ce
    sarah.hills@rein4ce.co.uk
    +44 771 888 2011

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Key Highlights for the Second Quarter 2025:

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

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

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

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

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

        Note (1) Additional Information:

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

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

        Non-GAAP Financial Measures

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

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

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

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

        Conference Call and Webcast Information

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

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

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

        About NXP Semiconductors

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

        Forward-looking Statements

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

        For further information, please contact:

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

        NXP-CORP

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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