NewzIntel.com

Category: United States of America

  • MIL-OSI USA: Rep. Becca Balint to Chair Progressive Caucus Task Force to End Corporate Greed

    Source: United States House of Representatives – Congresswoman Becca Balint (VT-AL)

    Rep. Becca Balint to Chair Progressive Caucus Task Force to End Corporate Greed

    “Corporate greed is at the root of so many of the struggles working people face. It’s time we take back power over our rigged economy and fight back against the greed that makes everything harder for the rest of us.”

    Washington, July 16, 2025

    Today, Rep. Becca Balint (VT-AL) launched a Progressive Caucus Task Force to end corporate greed. Rep. Balint’s Task Force is one of four that will be focused on advancing a slate of policy proposals to set a vision for the Democratic agenda that puts the needs of working people first. 

    “I came to Congress to unrig a system that makes it so hard for so many Americans to get a fair shot,” said Rep. Becca Balint. “And today, I’m fired up to launch the Ending Corporate Greed Task Force alongside my colleagues to do the real work necessary to build an America that gives people a real chance at an easier life. Corporate greed is at the root of so many of the struggles working people face. It’s time we take back power over our rigged economy and fight back against the greed that makes everything harder for the rest of us. Because we have a vision for a reality where we can all afford to make rent, have affordable health care, get paid fair wages, and get an education without crippling debt.”

    The four Task Forces—focused on lowering costs, ending corporate greed, fighting corruption, and securing better pay and benefits—are part of a broader effort by the Progressive Caucus to define a Democratic governing agenda that is clear, popular, easy to understand, and quickly delivers material benefits to working people. The other task forces launched today by the Caucus will be led by the following Members: 

    • Rep. Omar, Promoting Peace & Security
    • Rep. Min, Fighting Corruption
    • Rep. Johnson, Fighting Corruption (Vice Chair)
    • Rep. Ansari, Lowering Costs
    • Rep. Randall, Better Pay and Benefits

    Watch her remarks on the announcement here. 

    MIL OSI USA News –

  • MIL-OSI USA: Malliotakis Celebrates Historic Investment to Improve Newark Airport

    Source: United States House of Representatives – Congresswoman Nicole Malliotakis (NY-11)

    (NEW YORK, NY) – Following the completion of the runway renovation and the FAA’s transition to a new fiber-optic network at Newark Liberty International Airport, even more investment is underway to modernize our aviation system. Congresswoman Nicole Malliotakis is celebrating Congressional approval of investments coming to Newark Airport, a convenient and frequently used hub for residents of Staten Island and Brooklyn. These historic investments are also being made at airports across the New York City area and the nation, aimed at improving air traffic control operations and overall reliability.

     

    In the One Big Beautiful Law, Congresswoman Malliotakis helped secure $12.5 billion to modernize Air Traffic Control systems across the nation including at Newark Airport. This investment is part of a larger $31 billion plan championed by President Trump to upgrade federal air traffic control infrastructure and bring America’s air traffic management system into the 21st century.

     

    “This historic investment marks a major step forward in modernizing our nation’s aviation infrastructure and improving the travel experience for millions of Americans with a priority on Newark Airport used by a vast majority of travelers from our district,” said Rep. Malliotakis. “I worked with Transportation Secretary Sean Duffy and my colleagues to deliver this infrastructure funding and ensure the Department of Transportation continues to prioritize upgrades at Newark Airport to improve passenger safety and reduce flight delays.

     

    Modernizing systems like radar, radios, and fiber-optic cables is critical to improving efficiency, reducing delays, and ensuring the safety of the public. As air travel demand grows, these investments will benefit the Staten Island and Brooklyn residents who depend on Newark as a key travel hub. Following the recent runway renovation and the FAA’s transition to a new fiber optic network at Newark, I will continue to support efforts to strengthen our aviation system and bring it into the 21st century.”

    MIL OSI USA News –

  • MIL-OSI USA: Study Highlights Higher Rates, Risk Factors for Non-Fatal Overdoses

    Source: US State of Connecticut

    A new opioid overdose study has identified several key risk factors associated with non-fatal overdoses, as well as a significantly higher overdose rate, drawing from a sample of people who use opioids in New Haven.

    This work was led by Md. Safaet Hossain Sujan, a Ph.D. student in the Department of Allied Health Sciences, alongside faculty Roman Shrestha, associate professor, and Michael Copenhaver, professor. The study was published in the Journal of Community Health.

    Shrestha and Copenhaver have years of experience working with people who use opioids, but they had never looked at non-fatal overdose rates in the population.

    In the past year, suspected non-fatal overdoses from opioids increased 39% in Connecticut, based on emergency room admissions data.

    “The opioid epidemic, as we know, is a huge public health issue, especially with synthetic opiates like fentanyl that have created even more worrying patterns,” Shrestha says.

    The researchers found that nearly half of the 199 participants had experienced a non-fatal overdose in their lifetime. This is significantly higher than the rate observed in previous studies, which found between 11 to 36% of their study population had experienced an overdose.

    The researchers hypothesize that the higher rate they observed could be due to a number of factors including ongoing polysubstance use patterns, socioeconomic challenges, homelessness, and lack of access to harm reduction services.

    Further, previous studies have taken place in opioid treatment centers where people are already connected to care. This study recruited participants from a syringe services program in New Haven.

    “Our study was done in a community-based syringe services program, and not everybody was accessing care, and that may be one of the factors [that could explain why] the rate was higher in this particular study,” Shrestha says.

    Doing this kind of study in a setting like a syringe services is critical as only about a quarter of people nationwide with opioid use disorder are accessing care with medications like methadone, which helps reduce opioid withdrawal symptoms. In this study, about a third of participants were involved in a drug treatment program. Nearly 80% reported they had experienced difficulty accessing addiction treatment services in the past year.

    The research team identified several important patterns related to non-fatal overdoses, including experiencing suicidal ideation, depressive symptoms, alcohol use disorder, and opioid dependence. Based on previous work with this population, the researchers also know that they experience high rates of domestic violence.

    “There are a lot of other concerning factors involved,” Copenhaver says. “So, it really makes it important to figure out how to handle the situation in the best way. We’re trying to get a grip on how to intervene effectively.”

    Looking at demographic factors, the researchers found that older participants were less likely to experience an overdose. This may be because older people may be more likely to test their drug supply, the researchers say.

    The findings of this study highlight not only the need to increase the number of people able to access treatment, but also the need to address factors like mental health challenges in these settings.

    “Getting them into treatment may be the main intervention, because a lot of the factors could be addressed while they’re in treatment,” Copenhaver says. “Not everybody comes in with the same set of problems, but a lot of these do overlap with overdose issues.”

    The researchers are working on developing digital tools to help more people access interventions for opioid use disorder, in addition to working with people in-person to encourage them to enroll in treatment.

    “We want to make people aware of what is out there and how they can access those services, but making it a low-threshold model, making it easier for the users to access the services,” Shrestha says.

    This work relates to CAHNR’s Strategic Vision area focused on Enhancing Health and Well-Being Locally, Nationally, and Globally.

    Follow UConn CAHNR on social media

    MIL OSI USA News –

  • MIL-OSI Security: Kansas man Indicted on Drug Trafficking and Firearms Charges

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    KANSAS CITY, KAN.– A federal grand jury in Kansas City, Kansas, returned an indictment charging a Kansas man on drug trafficking and illegal firearms offenses.

    According to court documents, Marquis V. Bridgeman, 26, of Kansas City, Kansas, is charged with two counts of felon in possession of a firearm, one count of possession of a machinegun, one count of possession with intent to distribute 40 grams or more of fentanyl, one count of possession with intent to distribute cocaine, and one count of possession of a firearm in furtherance of a drug trafficking crime. 

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Kansas Highway Patrol are investigating the case.

    Assistant U.S. Attorney David Zabel is prosecuting the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline) a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    OTHER INDICTMENTS

    Jaylen Stallworth, 24, of Wylie, Texas, was indicted on one count of possession of a firearm by a convicted felon. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) is investigating the case. Assistant U.S. Attorney Jabari Wamble is prosecuting the case.
     

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
    ###
     

    MIL Security OSI –

  • MIL-OSI USA: Markey Rips Republicans for Gutting Public Broadcasting, Global Public Health Funding

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Washington (July 17, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, today issued the following statement after Senate Republicans passed a rescissions package that claws back more than $9 billion in congressionally appropriated funding, including over $1 billion from the Corporation for Public Broadcasting and $500 million from global public health programs. Senator Markey spoke on the Senate floor in support of his amendment that would have protected children’s educational programming from GOP cuts. Republicans defeated the amendment.
    “In the middle of the night, Republicans once again bent the knee to their wannabe King Donald, rubberstamping his cruel and callous cuts while robbing kids and communities of free, high quality public programming.
    “Republicans are making a Clifford-sized mistake by choosing Donald Trump and multi-billionaires over Daniel Tiger and Masterpiece Theater. By eliminating public media funding, Republicans are silencing rural broadcasters. They are stripping communities of essential emergency alert infrastructure. They are taking away trusted educational programming from millions of children. And by gutting global public health programs, they’re abandoning vulnerable populations around the world.
    “The consequences of this reckless package will be felt for years to come. But I am committed to ensuring that characters like Arthur and Molly of Denali can continue to educate our children, and that public radio and television stations can continue to connect and protect people in every community across America.”

    MIL OSI USA News –

  • MIL-OSI: Upexi Announces Closing of Approximately $150 Million Private Placement of Convertible Notes as Part of Previously Announced $200 Million Concurrent Offering

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., July 17, 2025 (GLOBE NEWSWIRE) — Upexi, Inc. (NASDAQ: UPXI) (the “Company” or “Upexi”), a brand owner specializing in the development, manufacturing and distribution of consumer products with diversification into the cryptocurrency space, today announced the closing of a private placement convertible note offering, with such convertible notes issued in exchange for locked and spot Solana (“SOL”), with an aggregate original principal amount of approximate $150 million (the “Note Offering”) with certain institutional investors and qualified purchasers.

    The closing of the Note Offering alongside the previously disclosed $50 million private placement of common stock (the “Equity Offering”) resulted in approximately $200 Million of gross proceeds to the Company before deducting placement agent fees and other offering expenses.  

    The Convertible Notes are collateralized by SOL provided by the respective holders. The Convertible Notes have an interest rate of 2.0% payable on a quarterly basis, a fixed conversion price of $4.25 per share and maturity of 24 months.

    Big Brain Holdings acted as the lead investor in the Note Offering alongside additional institutional investors.

    The SOL underlying the Note Offering became part of the Company’s Solana treasury upon closing. The Company has approximately 1.65 million SOL following the close of the Note Offering, more than doubling the previously disclosed balance of 735,692 SOL.

    A.G.P./Alliance Global Partners acted as the sole placement agent in connection with the offering.

    The offer and sale of the foregoing securities was made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities 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 these securities, 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 Upexi, Inc.
    Upexi is a brand owner specializing in the development, manufacturing, and distribution of consumer products. The Company has entered the cryptocurrency industry and cash management of assets through a cryptocurrency portfolio. For more information on Upexi’s treasury strategy and future developments, visit www.upexi.com.

    Follow Upexi on X – https://twitter.com/upexitreasury
    Follow CEO, Allan Marshall, on X – https://x.com/marshall_a22015
    Follow CSO, Brian Rudick, on X – https://x.com/thetinyant

    Company Contact
    Brian Rudick, Chief Strategy Officer
    Email:brian.rudick@upexi.com
    Phone: (216) 347-0473

    Media Contact
    Gasthalter & Co.
    Upexi@gasthalter.com

    Investor Relations Contact
    KCSA Strategic Communications
    Valter Pinto, Managing Director
    Email: Upexi@KCSA.com
    Phone: (212) 896-1254

    The MIL Network –

  • MIL-OSI: Upexi Announces Closing of Approximately $150 Million Private Placement of Convertible Notes as Part of Previously Announced $200 Million Concurrent Offering

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., July 17, 2025 (GLOBE NEWSWIRE) — Upexi, Inc. (NASDAQ: UPXI) (the “Company” or “Upexi”), a brand owner specializing in the development, manufacturing and distribution of consumer products with diversification into the cryptocurrency space, today announced the closing of a private placement convertible note offering, with such convertible notes issued in exchange for locked and spot Solana (“SOL”), with an aggregate original principal amount of approximate $150 million (the “Note Offering”) with certain institutional investors and qualified purchasers.

    The closing of the Note Offering alongside the previously disclosed $50 million private placement of common stock (the “Equity Offering”) resulted in approximately $200 Million of gross proceeds to the Company before deducting placement agent fees and other offering expenses.  

    The Convertible Notes are collateralized by SOL provided by the respective holders. The Convertible Notes have an interest rate of 2.0% payable on a quarterly basis, a fixed conversion price of $4.25 per share and maturity of 24 months.

    Big Brain Holdings acted as the lead investor in the Note Offering alongside additional institutional investors.

    The SOL underlying the Note Offering became part of the Company’s Solana treasury upon closing. The Company has approximately 1.65 million SOL following the close of the Note Offering, more than doubling the previously disclosed balance of 735,692 SOL.

    A.G.P./Alliance Global Partners acted as the sole placement agent in connection with the offering.

    The offer and sale of the foregoing securities was made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities 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 these securities, 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 Upexi, Inc.
    Upexi is a brand owner specializing in the development, manufacturing, and distribution of consumer products. The Company has entered the cryptocurrency industry and cash management of assets through a cryptocurrency portfolio. For more information on Upexi’s treasury strategy and future developments, visit www.upexi.com.

    Follow Upexi on X – https://twitter.com/upexitreasury
    Follow CEO, Allan Marshall, on X – https://x.com/marshall_a22015
    Follow CSO, Brian Rudick, on X – https://x.com/thetinyant

    Company Contact
    Brian Rudick, Chief Strategy Officer
    Email:brian.rudick@upexi.com
    Phone: (216) 347-0473

    Media Contact
    Gasthalter & Co.
    Upexi@gasthalter.com

    Investor Relations Contact
    KCSA Strategic Communications
    Valter Pinto, Managing Director
    Email: Upexi@KCSA.com
    Phone: (212) 896-1254

    The MIL Network –

  • MIL-OSI: Upexi Announces Closing of Approximately $150 Million Private Placement of Convertible Notes as Part of Previously Announced $200 Million Concurrent Offering

    Source: GlobeNewswire (MIL-OSI)

    TAMPA, Fla., July 17, 2025 (GLOBE NEWSWIRE) — Upexi, Inc. (NASDAQ: UPXI) (the “Company” or “Upexi”), a brand owner specializing in the development, manufacturing and distribution of consumer products with diversification into the cryptocurrency space, today announced the closing of a private placement convertible note offering, with such convertible notes issued in exchange for locked and spot Solana (“SOL”), with an aggregate original principal amount of approximate $150 million (the “Note Offering”) with certain institutional investors and qualified purchasers.

    The closing of the Note Offering alongside the previously disclosed $50 million private placement of common stock (the “Equity Offering”) resulted in approximately $200 Million of gross proceeds to the Company before deducting placement agent fees and other offering expenses.  

    The Convertible Notes are collateralized by SOL provided by the respective holders. The Convertible Notes have an interest rate of 2.0% payable on a quarterly basis, a fixed conversion price of $4.25 per share and maturity of 24 months.

    Big Brain Holdings acted as the lead investor in the Note Offering alongside additional institutional investors.

    The SOL underlying the Note Offering became part of the Company’s Solana treasury upon closing. The Company has approximately 1.65 million SOL following the close of the Note Offering, more than doubling the previously disclosed balance of 735,692 SOL.

    A.G.P./Alliance Global Partners acted as the sole placement agent in connection with the offering.

    The offer and sale of the foregoing securities was made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities 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 these securities, 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 Upexi, Inc.
    Upexi is a brand owner specializing in the development, manufacturing, and distribution of consumer products. The Company has entered the cryptocurrency industry and cash management of assets through a cryptocurrency portfolio. For more information on Upexi’s treasury strategy and future developments, visit www.upexi.com.

    Follow Upexi on X – https://twitter.com/upexitreasury
    Follow CEO, Allan Marshall, on X – https://x.com/marshall_a22015
    Follow CSO, Brian Rudick, on X – https://x.com/thetinyant

    Company Contact
    Brian Rudick, Chief Strategy Officer
    Email:brian.rudick@upexi.com
    Phone: (216) 347-0473

    Media Contact
    Gasthalter & Co.
    Upexi@gasthalter.com

    Investor Relations Contact
    KCSA Strategic Communications
    Valter Pinto, Managing Director
    Email: Upexi@KCSA.com
    Phone: (212) 896-1254

    The MIL Network –

  • MIL-OSI: Pacific Sun Packaging, a Subsidiary of PMGC Holdings, Announces Attendance at 2025 ITAD Summit to Showcase Custom Protective Packaging for Enterprise IT Hardware

    Source: GlobeNewswire (MIL-OSI)

    • Serving Data Centers, ITAD Firms, and OEMs with U.S.-Engineered, High-Precision Solutions
    • Showcasing U.S. designed Protective Packaging Built for Data Centers and Circular IT

    NEWPORT BEACH, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Pacific Sun Packaging Inc., a subsidiary of PMGC Holdings Inc. (NASDAQ: ELAB) (the “Company,” “PMGC,” “we,” or “our”), a leader in high-precision, component-specific packaging for IT and electronics hardware, is pleased to announce its participation in the 2025 ITAD Summit in Las Vegas, Nevada, marking the company’s first appearance at the event. The company will exhibit at Booth A07 on July 29 – 30, 2025 at The Bellagio, Las Vegas, NV

    Founded in 2011, Pacific Sun Packaging specializes in custom-engineered solutions to protect delicate IT components, including CPUs, DIMMs, SSDs, HDDs, and fiber-optic modules throughout storage, transport, and resale. The company’s solutions are widely used by OEMs, data centers, and ITAD firms requiring packaging that meets rigorous standards for ESD safety, dimensional precision, and supply chain durability.

    “As the ITAD and data center industries evolve, packaging needs have become more technical and more critical,” said Mike Kerzie, Chief Executive Officer at Pacific Sun Packaging. “We’re proud to bring our U.S.-made, enterprise-grade packaging solutions to the summit and support the circular IT economy.”

    The summit provides an opportunity for Pacific Sun to reconnect with its existing customer base primarily in data center operations and build relationships with new partners in the IT lifecycle management space. Known for its fast design cycles and scalable production, the company offers tailored packaging strategies that enhance resale value, reduce returns, and streamline integration.

    Visit Pacific Sun Packaging at Booth A07 to explore how precision-engineered packaging solutions can improve your asset protection strategy.

    About Pacific Sun Packaging Inc.

    Founded in 2011, Pacific Sun Packaging Inc. is a specialty packaging provider focused on high-precision, component-level packaging solutions for the electronics and information technology (IT) hardware industries. The company’s solutions are trusted by OEMs, distributors, and contract manufacturers across the semiconductor, data center, and networking supply chains. Headquartered in San Clemente, California, Pacific Sun delivers reliable, scalable packaging built in America.

    About PMGC Holdings Inc.

    PMGC Holdings Inc. is a diversified holding company that manages and grows its portfolio through strategic acquisitions, investments, and development across various industries. We are committed to exploring opportunities in multiple sectors to maximize growth and value. For more information, please visit https://www.pmgcholdings.com.

    Forward-Looking Statements

    Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Words such as “believes,” “expects,” “plans,” “potential,” “would” and “future” or similar expressions such as “look forward” are intended to identify forward-looking statements. Forward-looking statements are made as of the date of this press release and are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results. Therefore, you should not rely on any of these forward-looking statements. These and other risks are described more fully in PMGC’s filings with the United States Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other documents subsequently filed with or furnished to the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made. Except to the extent required by law, the Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

    Investor Relations Contact:

    IR@pmgcholdings.com

    The MIL Network –

  • MIL-OSI: Enphase Energy Begins Shipments of IQ Battery 5P with Higher Domestic Content to Meet New U.S. Federal Requirements

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced initial shipments of the IQ® Battery 5P supplied from manufacturing facilities in the United States with higher domestic content than previous models. The higher domestic content batteries comply with the new requirement in the U.S. federal budget law, signed on July 4, 2025, which retroactively enforces a 45% U.S.-sourced materials threshold for solar and battery products starting June 16, 2025.

    To remain eligible for key federal tax incentives, products must meet this threshold, which will increase to 50% in 2026 and 55% in 2027, where it will remain in effect at that level thereafter. The new IQ Battery 5P units with “DOM” SKUs (IQBATTERY-5P-1P-NA-DOM) are being built now to meet these higher standards — not just for today’s 45% requirement, but also for all expected future thresholds — thanks to the substantial use of U.S.-sourced materials. These batteries are helping support American jobs and manufacturing, and a more resilient domestic supply chain.

    “Our customers consistently want Enphase for the seamless integration between their solar and storage systems,” said Joel McClure CEO of NexGen Solar, an installer of Enphase products in California. “The IQ Battery 5P’s modular design allows us to right-size each installation, and the increased domestic content helps customers comply with evolving federal requirements.”

    “Enphase continues to lead with reliable, high-performance energy storage solutions,” said Orlando Diaz, CEO of Planet Solar, an installer of Enphase products in Puerto Rico. “With the IQ Battery 5P now meeting the new federal domestic content requirements, our customers can benefit from lower costs on our offering with a product that’s built for resilience and long-term value.”

    The IQ Battery 5P is a modular design with a 5 kWh capacity and can be paired with Enphase IQ8™ Microinverters to provide homeowners with reliable electricity to use whenever they need it. Homeowners can also use the Enphase® App to monitor performance and intelligently manage their battery systems, including the self-consumption feature to reduce the use of electricity from the grid.

    “We’re pleased to begin U.S. shipments of the IQ Battery 5P with increased domestic content,” said Ken Fong, senior vice president and general manager of the Americas and APAC at Enphase Energy. “The IQ Battery 5P delivers top-tier performance, and now, with domestic content that meets the latest federal requirements, our installer partners are better positioned to enjoy the value of federal tax incentives, grow their businesses, and bring energy storage to more homes across the country.”

    Watch a video about Enphase’s manufacturing process in Texas here. For more information about the IQ Battery 5P, please visit the Enphase website.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power — and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, IQ8, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and ability of the IQ Battery 5P to maximize the value of federal tax incentives. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

  • MIL-OSI USA: Bilirakis, Pappas, Titus & Malliotakis Introduce Bipartisan End the Cyprus Embargo Act

    Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

    Washington, DC – Representatives Gus Bilirakis (FL-12), Chris Pappas (NH-01),  Dina Titus (NV-01), and Nicole Malliotakis (NY-11), co-chairs and vice co-chairs of the Hellenic Caucus, reintroduced the End the Cyprus Embargo Act, bipartisan legislation that would extend the waiver renewal period for the arms embargo on the Republic of Cyprus from one year to five years. This change will bolster the historic growth in U.S.-Cypriot relations, enhance bilateral cooperation, and advance U.S. security interests in the Eastern Mediterranean.   Over the past two decades, U.S.-Cyprus relations have strengthened substantially, with Cyprus emerging as a pivotal ally for U.S. interests and regional stability. The Eastern Mediterranean Security and Energy Partnership Act of 2019 authorized the President to waive the arms embargo on an annual basis. However, the annual renewal requirement restricts Cyprus’s ability to plan and procure U.S. defense articles effectively, compromises U.S.-Cypriot military interoperability, impedes joint research on cybersecurity and maritime security, and diminishes the effectiveness of the National Guard State Partnership Program in Cyprus.

    “Cyprus has proven itself to be a valued and reliable partner for the United States,” said Congressman Bilirakis.  “Giving Cyprus planning certainty will allow the partnership to continue to flourish and will prove mutually beneficial for both nations and our allies.” 

    “The Republic of Cyprus is a steadfast democratic ally in the Eastern Mediterranean and an essential partner in ensuring regional security,” said Congressman Pappas. “This policy change will better empower U.S.-Cyprus bilateral relations, support our mutual commitment to collaboration on security and defense, and improve long-term planning and procurement coordination.”

    “Cyprus is a key partner in the Eastern Mediterranean, and the U.S. must continue making efforts to improve diplomatic relations between our two countries,” said Congresswoman Titus. “Reducing the number of necessary embargo reviews for aid to Cyprus will allow this important ally to strategically plan for the future while supporting U.S. security interests abroad.”

    “For too long, the United States has maintained an outdated and counterproductive embargo on the sale of defense materials and services to the Republic of Cyprus,” Congresswoman Malliotakis said. “Our legislation seeks to correct this by recognizing Cyprus as a key strategic partner in the Eastern Mediterranean and allow for the responsible export of U.S. defense items to support our shared security interests. By strengthening Cyprus’s ability to defend itself, we can promote greater stability in the region.”

    The End the Cyprus Embargo Act will solidify U.S.-Cypriot relations, foster long-term planning and cooperation, and ensure interoperability with regional allies. Specifically, this legislation will: 

    • Extend the waiver renewal period for the arms embargo from one year to five years.
    • Permit the President to reconsider the arms embargo waiver only every five years following its enactment.
    • Prohibit the President from terminating the waiver unless Congress receives certification that the Republic of Cyprus is no longer:
      • Cooperating with U.S. efforts to implement anti-money laundering regulations and financial oversight reforms; and
      • Denying Russian military vessels access to ports for refueling and servicing.

    This legislation is supported by the American Hellenic Institute (AHI), Coordinated Effort of Hellenes, the Hellenic American Leadership Council (HALC), and PSKEA (International Coordinating Committee – Justice for Cyprus).

    MIL OSI USA News –

  • MIL-OSI Africa: Minister of State at Ministry of Foreign Affairs Meets US State Department Senior Advisor for Africa

    Source: Government of Qatar

    Doha, July 17, 2025

    HE Minister of State at the Ministry of Foreign Affairs Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi met on Thursday with HE Presidential Envoy and Senior Advisor for Africa at the US Department of State Massad Boulos, who is currently visiting the country.

    During the meeting, the two sides reviewed the close strategic relations between the State of Qatar and the United States and discussed ways to support and enhance them. They also discussed joint efforts to address the situation in the eastern Democratic Republic of the Congo, along with a number of issues of mutual interest.

    MIL OSI Africa –

  • MIL-OSI USA: Welch Votes Against Defunding Global Health, Public Media 

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C.—Early this morning, U.S. Senator Peter Welch (D-Vt.) voted against President Trump’s rescissions bill, which claws back more than $9 billion in congressionally-appropriated funding for global health, foreign aid, and public media:  
    “This federal funding was negotiated on a bipartisan basis, passed with bipartisan support in both the Senate and House, and signed into law by President Trump. The rescissions bill is a reckless abandonment of our obligation as an independent branch of government to set spending. Republicans have, yet again, willingly ceded even more power to President Trump and Elon Musk’s DOGE,” said Senator Welch. “This bill has far-reaching, devastating impacts—the cuts to public media, global health, peacekeeping missions, and international food aid will hurt hundreds of millions of people, at home and around the world. My colleagues have made it clear that they will turn their backs on rural American communities and starving children to appease Donald Trump.” 
    The bill passed around 2:30am on Thursday.
    Senator Welch voted in support of amendments to protect funding for the Corporation for Public Broadcasting (CPB) and to restore funding for global health and food and nutrition aid programs. 
    The rescissions package, requested by President Trump and supported by Senate Republicans, would claw back millions of dollars in humanitarian assistance, foreign aid, and global health initiatives. This bill cuts funding for the United States Agency for International Development (USAID); the World Health Organization (WHO); United Nations peacekeeping missions; migration and refugee assistance programs; the Global Fund to Fight AIDS, Tuberculosis and Malaria; international food aid missions; the United States Institute of Peace (USIP); the United Nations Children’s Fund (UNICEF); and more.  
    Earlier this week Senator Welch called on Republicans to drop efforts to cut funding for the Global Fund, as well as President’s Emergency Plan for AIDS Relief (PEPFAR), the latter of which was removed from the rescissions package Tuesday.
    The Corporation for Public Broadcasting supports National Public Radio (NPR), the Public Broadcasting Service (PBS) and member stations across the United States. This bill would cut more than $1 billion in funding from the CPB, and hurt over 1,500 public radio and television stations across the country. Vermont stations received more than $2 million from the CPB in Fiscal Year 2024. Rural communities, families, and farmers rely on CPB-funded systems and news stations for lifesaving emergency alerts, breaking news, and educational programming.  
    Last week, Senator Welch spoke out against the president’s request cut funding for CPB and public media, saying “We must not abandon the people we represent and the right they have to public broadcasting. And we cannot abandon the trust we must have in one another to keep our word. An agreement made must be an agreement kept.” 

    MIL OSI USA News –

  • G20 finance chiefs meet under tariff cloud in South Africa

    Source: Government of India

    Source: Government of India (4)

    South Africa urged G20 countries to provide global and cooperative leadership to tackle challenges including rising trade barriers as the club’s finance chiefs met on Thursday under the shadow of President Donald Trump’s tariff threats.

    The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, has for years been hobbled by disputes among key players that have been exacerbated by Russia’s war in Ukraine and Western sanctions on Moscow.

    Host South Africa, under its presidency’s motto “Solidarity, Equality, Sustainability”, has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action.

    In opening remarks, South Africa’s Finance Minister Enoch Godongwana said the G20 must provide strategic global leadership, cooperation and action in the face of complex challenges.

    “Many developing countries especially in Africa remain burdened by high and rising debt vulnerabilities, constrained fiscal space and high cost of capital that limits their ability to invest in their people and their futures,” he said.

    “The need for bold cooperative leadership has never been greater.”

    Questions, however, are lingering over the ability of the finance chiefs and central bankers meeting in the coastal city of Durban to tackle those issues and others together. The G20 aims to coordinate policies, but its agreements are non-binding.

    U.S. Treasury Secretary Scott Bessent will not attend the two-day meeting, his second absence from a G20 event in South Africa this year.

    Bessent also skipped February’s Cape Town gathering, where several officials from China, Japan and Canada were also absent, even though Washington is due to assume the G20 rotating presidency at the end of the year.

    Michael Kaplan, acting undersecretary for international affairs, will represent the United States at the meetings.

    A G20 delegate, who asked not to be named, said Bessent’s absence was not ideal but that the U.S. was engaging in discussions on trade, the global economy and climate language.

    Finance ministers from India, France and Russia are also set to miss the Durban meeting.

    South Africa’s central bank governor Lesetja Kganyago said that representation was what mattered most.

    “What matters is, is there somebody with a mandate sitting behind the flag and are all countries represented with somebody sitting behind the flag?” Kganyago told Reuters.

    U.S. officials have said little publicly about their plans for the presidency next year, but one source familiar with them said Washington would reduce the number of non-financial working groups and streamline the summit schedule.

    Brad Setser, a former U.S. official now at the Council on Foreign Relations, said he expected it to be “kind of a scaled-back G20 with less expectation of substantive outcomes.”

    TARIFF SHADOW

    Trump’s tariff policies have torn up the global trade rule book. With baseline levies of 10% on all U.S. imports and targeted rates as high as 50% on steel and aluminium, 25% on autos and potential levies on pharmaceuticals, extra tariffs on more than 20 countries are slated to take effect on August 1.

    His threat to impose further 10% tariffs on BRICS nations — of which eight are G20 members — has raised fears of fragmentation within global forums.

    German Finance Minister Lars Klingbeil said in Durban on Thursday that Europe was engaged in constructive talks with the U.S. on tariffs but was prepared to take countermeasures if necessary.

    He also said Germany and Europe must demonstrate they are safe destinations for investment.

    South Africa’s Treasury Director General Duncan Pieterse said the group hoped to issue the first communique under the South African G20 presidency by the end of the meetings.

    The G20 was last able to collectively issue a communique in July of 2024, mutually agreeing on the need to resist protectionism but making no mention of Russia’s invasion of Ukraine.

    (Reuters)

     

  • G20 finance chiefs meet under tariff cloud in South Africa

    Source: Government of India

    Source: Government of India (4)

    South Africa urged G20 countries to provide global and cooperative leadership to tackle challenges including rising trade barriers as the club’s finance chiefs met on Thursday under the shadow of President Donald Trump’s tariff threats.

    The G20, which emerged as a forum for cooperation to combat the 2008 global financial crisis, has for years been hobbled by disputes among key players that have been exacerbated by Russia’s war in Ukraine and Western sanctions on Moscow.

    Host South Africa, under its presidency’s motto “Solidarity, Equality, Sustainability”, has aimed to promote an African agenda, with topics including the high cost of capital and funding for climate change action.

    In opening remarks, South Africa’s Finance Minister Enoch Godongwana said the G20 must provide strategic global leadership, cooperation and action in the face of complex challenges.

    “Many developing countries especially in Africa remain burdened by high and rising debt vulnerabilities, constrained fiscal space and high cost of capital that limits their ability to invest in their people and their futures,” he said.

    “The need for bold cooperative leadership has never been greater.”

    Questions, however, are lingering over the ability of the finance chiefs and central bankers meeting in the coastal city of Durban to tackle those issues and others together. The G20 aims to coordinate policies, but its agreements are non-binding.

    U.S. Treasury Secretary Scott Bessent will not attend the two-day meeting, his second absence from a G20 event in South Africa this year.

    Bessent also skipped February’s Cape Town gathering, where several officials from China, Japan and Canada were also absent, even though Washington is due to assume the G20 rotating presidency at the end of the year.

    Michael Kaplan, acting undersecretary for international affairs, will represent the United States at the meetings.

    A G20 delegate, who asked not to be named, said Bessent’s absence was not ideal but that the U.S. was engaging in discussions on trade, the global economy and climate language.

    Finance ministers from India, France and Russia are also set to miss the Durban meeting.

    South Africa’s central bank governor Lesetja Kganyago said that representation was what mattered most.

    “What matters is, is there somebody with a mandate sitting behind the flag and are all countries represented with somebody sitting behind the flag?” Kganyago told Reuters.

    U.S. officials have said little publicly about their plans for the presidency next year, but one source familiar with them said Washington would reduce the number of non-financial working groups and streamline the summit schedule.

    Brad Setser, a former U.S. official now at the Council on Foreign Relations, said he expected it to be “kind of a scaled-back G20 with less expectation of substantive outcomes.”

    TARIFF SHADOW

    Trump’s tariff policies have torn up the global trade rule book. With baseline levies of 10% on all U.S. imports and targeted rates as high as 50% on steel and aluminium, 25% on autos and potential levies on pharmaceuticals, extra tariffs on more than 20 countries are slated to take effect on August 1.

    His threat to impose further 10% tariffs on BRICS nations — of which eight are G20 members — has raised fears of fragmentation within global forums.

    German Finance Minister Lars Klingbeil said in Durban on Thursday that Europe was engaged in constructive talks with the U.S. on tariffs but was prepared to take countermeasures if necessary.

    He also said Germany and Europe must demonstrate they are safe destinations for investment.

    South Africa’s Treasury Director General Duncan Pieterse said the group hoped to issue the first communique under the South African G20 presidency by the end of the meetings.

    The G20 was last able to collectively issue a communique in July of 2024, mutually agreeing on the need to resist protectionism but making no mention of Russia’s invasion of Ukraine.

    (Reuters)

     

  • MIL-OSI USA: NASA Program Builds Bridge From Military to Civilian Careers for Johnson Team Members

    Source: NASA

    Of all the possible entry points to NASA, the agency’s SkillBridge Program has been instrumental in helping servicemembers transition from the military and into civilian careers. Offered in partnership with the Department of Defense (DoD), the program enables individuals to spend their final months of military service working with a NASA office or organization. SkillBridge fellows work anywhere from 90 to 180 days, contributing their unique skillsets to the agency while building their network and knowledge.
    The Johnson Space Center in Houston hosted NASA’s first SkillBridge fellow in 2019, paving the way for dozens of others to follow. SkillBridge participants are not guaranteed a job offer at the end of their fellowship, but many have gone on to accept full-time positions with NASA. About 25 of those former fellows currently work at Johnson, filling roles as varied as their military experiences.

    Miguel Shears retired from the Marine Corps in November 2023. He ended his 30 years of service as the administration, academics, and operations chief for the Marine Corps University in Quantico, Virginia, where he was also an adjunct professor. Shears completed a SkillBridge fellowship with FOD in the summer and fall of 2023, supporting the instructional systems design team. He was hired as a full-time employee upon his military retirement and currently serves as an instructional systems designer for the Instructor Training Module, Mentorship Module, and Spaceflight Academy. He conducts training needs analysis for FOD, as well.

    Ever Zavala was very familiar with Johnson before becoming a SkillBridge fellow. He spent the last three of his nearly 24-year Air Force career serving as the deputy director of the DoD Human Spaceflight Payloads Office at Johnson. His team oversaw the development, integration, launch, and operation of payloads hosting DoD experiments on small satellites and the International Space Station. He also became a certified capsule communicator, or capcom, in December 2022, and was the lead capcom for SpaceX’s 28th commercial resupply services mission to the orbiting laboratory.
    Zavala’s SkillBridge fellowship was in Johnson’s Astronaut Office, where he worked as a capcom, capcom instructor, and an integration engineer supporting the Extravehicular Activity and Human Surface Mobility Program. He was involved in developing a training needs analysis and agency simulators for the human landing system, among other projects.
    He officially joined the center team as a full-time contractor in August 2024. He is currently a flight operations safety officer within the Flight Operations Directorate (FOD) and continues to serve as a part-time capcom.

    Carl Johnson thanks his wife for helping him find a path to NASA. While she was a Pathways intern — and his girlfriend at the time — she gave him a tour of the center that inspired him to join the agency when he was ready to leave the Army. She helped connect him to one of the center’s SkillBridge coordinators and the rest is history.
    Johnson was selected for a SkillBridge fellowship in the Dynamic System Test Branch. From February to June 2023, he supported development of the lunar terrain vehicle ground test unit and contributed to the Active Response Gravity Offload System (ARGOS), which simulates reduced gravity for astronaut training.
    Johnson officially joined the center team as an electrical engineer in the Engineering Directorate’s Software, Robotics, and Simulation Division in September 2023. He is currently developing a new ARGOS spacewalk simulator and training as an operator and test director for another ARGOS system. 
    Johnson holds an electrical engineering degree from the United States Military Academy. He was on active duty in the Army for 10 years and concluded his military career as an instructor and small group leader for the Engineer Captains Career Course. In that role, he was responsible for instructing, mentoring, and preparing the next generation of engineer captains.

    Kevin Quinn served in the Navy for 22 years. His last role was maintenance senior chief with Air Test and Evaluation Squadron 31, known as “the Dust Devils.” Quinn managed the operations and maintenance of 33 aircraft, ensuring their readiness for complex missions and contributing to developmental flight tests and search and rescue missions. He applied that experience to his SkillBridge fellowship in quality assurance at Ellington Field in 2024. Quinn worked to enhance flight safety and astronaut training across various aircraft, including the T-38, WB-57, and the Super Guppy. He has continued contributing to those projects since being hired as a full-time quality assurance employee in 2025.

    Andrew Ulat retired from the Air Force after serving for 21 years as an intercontinental ballistic missile launch control officer and strategic operations advisor. His last role in the military was as a director of staff at the Air Command and Staff College at Maxwell Air Force Base in Montgomery, Alabama. There he served as a graduate-level instructor teaching international security concepts to mid-level officers and civilian counterparts from all branches of the military and various federal agencies. 
    Ulat started his SkillBridge fellowship as an integration engineer in Johnson’s X-Lab, supporting avionics, power, and software integration for the Gateway lunar space station. Ulat transitioned directly from his fellowship into a similar full-time position at Johnson in May 2024.

    Ariel Vargas transitioned to NASA after serving for five years in the Army. His last role in the military was as a signal officer, which involved leading teams managing secure communications and network operations in dynamic and mission-critical environments in the Middle East and the United States.
    Vargas completed his SkillBridge fellowship in November 2023, supporting Johnson’s Office of the Chief Information Officer (OCIO). During his fellowship, he led a center-wide wireless augmentation project that modernized Johnson’s connectivity.
    He became a full-time civil servant in May 2024 and currently serves as the business operations and partnerships lead within OCIO, supporting a digital transformation initiative. In this role, he leads efforts to streamline internal business operations, manage strategic partnerships, and drive cross-functional collaboration.
    “My time in the military taught me the value of service, leadership, and adaptability—qualities that I now apply daily in support of NASA’s mission,” Vargas said. “I’m proud to be part of the Johnson team and hope my story can inspire other service members considering the SkillBridge pathway.”

    MIL OSI USA News –

  • MIL-OSI USA: DHS Statement on Capture of Violent Extremist Involved in Prairieland Attack on ICE Agents

    Source: US Federal Emergency Management Agency

    Headline: DHS Statement on Capture of Violent Extremist Involved in Prairieland Attack on ICE Agents

    Song, a former U

    S

    Marine Corps reservist, joined a violent group of at least 10 individuals in opening fire on officers at the federal facility just after 10:30 p

    m

    on Independence Day

    He is charged with three counts of attempted murder of federal agents and three counts of discharging a firearm during a crime of violence

    His capture brings the total number of arrests in the attack to 14

    Image

    “On Independence Day, as Americans were celebrating our freedoms, a group of violent extremists attempted to assassinate federal officers protecting us from violent criminals,” said Assistant Secretary Tricia McLaughlin

    “Song’s arrest sends a clear message: under President Trump and Secretary Noem, if you lay a hand on an ICE agent, you will NOT walk free

    We will not forget, and we will not rest until every attacker is in custody

    ” 

    The Prairieland Detention Center, which housed more than 1,000 illegal aliens on the night of the attack, includes detainees with convictions for rape, child molestation, murder, kidnapping, arson, human trafficking, and terrorism

    Nearly 50 known members of MS-13, Tren de Aragua, and other transnational gangs were among the detainees, in addition to 13 Known or Suspected Terrorists (KSTs)

    This is just the latest in a disturbing pattern of politically motivated violence targeting DHS personnel

    Last week, ICE officers conducting enforcement operations in San Francisco were assaulted by violent protestors

    In June, rioters stormed an ICE field office in Portland

    ICE agents are now facing an 830% increase in assaults against them

    DHS and its law enforcement partners continue working around the clock to identify, arrest, and prosecute anyone involved in the July 4 ambush or other coordinated attacks against federal officers

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: DHS Statement on Capture of Violent Extremist Involved in Prairieland Attack on ICE Agents

    Source: US Federal Emergency Management Agency

    Headline: DHS Statement on Capture of Violent Extremist Involved in Prairieland Attack on ICE Agents

    Song, a former U

    S

    Marine Corps reservist, joined a violent group of at least 10 individuals in opening fire on officers at the federal facility just after 10:30 p

    m

    on Independence Day

    He is charged with three counts of attempted murder of federal agents and three counts of discharging a firearm during a crime of violence

    His capture brings the total number of arrests in the attack to 14

    Image

    “On Independence Day, as Americans were celebrating our freedoms, a group of violent extremists attempted to assassinate federal officers protecting us from violent criminals,” said Assistant Secretary Tricia McLaughlin

    “Song’s arrest sends a clear message: under President Trump and Secretary Noem, if you lay a hand on an ICE agent, you will NOT walk free

    We will not forget, and we will not rest until every attacker is in custody

    ” 

    The Prairieland Detention Center, which housed more than 1,000 illegal aliens on the night of the attack, includes detainees with convictions for rape, child molestation, murder, kidnapping, arson, human trafficking, and terrorism

    Nearly 50 known members of MS-13, Tren de Aragua, and other transnational gangs were among the detainees, in addition to 13 Known or Suspected Terrorists (KSTs)

    This is just the latest in a disturbing pattern of politically motivated violence targeting DHS personnel

    Last week, ICE officers conducting enforcement operations in San Francisco were assaulted by violent protestors

    In June, rioters stormed an ICE field office in Portland

    ICE agents are now facing an 830% increase in assaults against them

    DHS and its law enforcement partners continue working around the clock to identify, arrest, and prosecute anyone involved in the July 4 ambush or other coordinated attacks against federal officers

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: Wildfire Smoke Billows Over Northern California

    Source: NASA

    Several large wildland fires burned in Northern California in mid-July 2025 amid exceptional heat and low humidity. Notable blazes included the Green and Butler fires, visible in images captured by the OLI (Operational Land Imager) on the Landsat 8 satellite on July 13.
    On July 1, lightning ignited the Green fire north of the Pit River arm of Shasta Lake. By the date Landsat acquired these images, the blaze had grown to 10,334 acres (4,182 hectares), according to the U.S. Forest Service. The wide view above shows smoke billowing south, contributing to unhealthy air quality around the lake and in communities along the Sacramento River from Redding to Anderson, according to the interagency air quality monitoring tool AirNow. The second image below shows a detailed view of the active fire area; bright orange indicates the infrared signature of actively burning fires.

    Meanwhile, approximately 120 kilometers (75 miles) to the northwest, the Butler fire was burning in the Six Rivers National Forest east of Orleans. When Landsat 8 captured this image (below) on July 13, the blaze had burned 7,203 acres, according to the U.S. Forest Service. Smoke plumes billowed toward the west over Orleans and had also wafted over regions east of the blaze. NASA’s TEMPO (Tropospheric Emissions: Monitoring of Pollution) sensor also observed nitrogen dioxide air pollution from the fire throughout the day.

    The weather conditions around the time of these images were favorable for fire, according to U.S. Forest Service reports, with temperatures climbing over 100 degrees Fahrenheit and humidity dropping below 20 percent. By mid-week, conditions improved somewhat as temperatures dropped below 100 degrees and humidity increased slightly.
    As of July 16, the fires had expanded to 15,438 acres (Green) and 9,191 acres (Butler) and were 13 percent and zero percent contained, respectively. Evacuation orders and warnings persisted in several zones in Shasta County near the Green fire and expanded to include several new zones, such as the area around Forks of Salmon, near the Butler fire.
    These fires and others can be tracked using NASA tools such as the Fire Information for Resource Management System (FIRMS), Worldview, and the Fire Events Explorer.
    NASA Earth Observatory images by Lauren Dauphin, using Landsat data from the U.S. Geological Survey. Story by Kathryn Hansen.

    MIL OSI USA News –

  • MIL-OSI USA: Wildfire Smoke Billows Over Northern California

    Source: NASA

    Several large wildland fires burned in Northern California in mid-July 2025 amid exceptional heat and low humidity. Notable blazes included the Green and Butler fires, visible in images captured by the OLI (Operational Land Imager) on the Landsat 8 satellite on July 13.
    On July 1, lightning ignited the Green fire north of the Pit River arm of Shasta Lake. By the date Landsat acquired these images, the blaze had grown to 10,334 acres (4,182 hectares), according to the U.S. Forest Service. The wide view above shows smoke billowing south, contributing to unhealthy air quality around the lake and in communities along the Sacramento River from Redding to Anderson, according to the interagency air quality monitoring tool AirNow. The second image below shows a detailed view of the active fire area; bright orange indicates the infrared signature of actively burning fires.

    Meanwhile, approximately 120 kilometers (75 miles) to the northwest, the Butler fire was burning in the Six Rivers National Forest east of Orleans. When Landsat 8 captured this image (below) on July 13, the blaze had burned 7,203 acres, according to the U.S. Forest Service. Smoke plumes billowed toward the west over Orleans and had also wafted over regions east of the blaze. NASA’s TEMPO (Tropospheric Emissions: Monitoring of Pollution) sensor also observed nitrogen dioxide air pollution from the fire throughout the day.

    The weather conditions around the time of these images were favorable for fire, according to U.S. Forest Service reports, with temperatures climbing over 100 degrees Fahrenheit and humidity dropping below 20 percent. By mid-week, conditions improved somewhat as temperatures dropped below 100 degrees and humidity increased slightly.
    As of July 16, the fires had expanded to 15,438 acres (Green) and 9,191 acres (Butler) and were 13 percent and zero percent contained, respectively. Evacuation orders and warnings persisted in several zones in Shasta County near the Green fire and expanded to include several new zones, such as the area around Forks of Salmon, near the Butler fire.
    These fires and others can be tracked using NASA tools such as the Fire Information for Resource Management System (FIRMS), Worldview, and the Fire Events Explorer.
    NASA Earth Observatory images by Lauren Dauphin, using Landsat data from the U.S. Geological Survey. Story by Kathryn Hansen.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Invites Media to Marshall’s 65th Anniversary Celebration July 19

    Source: NASA

    NASA’s Marshall Space Flight Center will host astronauts for a media opportunity as the center celebrates its 65th anniversary during a free, community event on Saturday, July 19, from noon to 5 p.m. CDT at The Orion Amphitheater in Huntsville, Alabama.
    Marshall, along with its partners and collaborators, will fill the amphitheater with space exhibits, music, food vendors, and hands-on activities for all ages. The summer celebration will mark 65 years of innovation and exploration, not only for Marshall, but for Huntsville and other North Alabama communities.
    The event will kick off with a program at 12:30 p.m. led by Joseph Pelfrey, director of NASA Marshall, and will include a presentation from some of the Expedition 72 crew members who recently returned from their mission after dedicating more than 1,000 combined hours to scientific research and technology demonstrations aboard the International Space Station. The crew will share their experiences in space with the community.

    Media are invited to attend the event and participate in a news conference with the astronauts after the presentation but must confirm their attendance by 4:30 p.m., Thursday, July 17, to Lance D. Davis – lance.d.davis@nasa.gov – in Marshall’s Office of Communications.
    Media should arrive at the front entrance of The Orion Amphitheater by 11:45 a.m., Saturday, July 19, to be escorted by the Office of Communications.
    Founded July 1, 1960, in Huntsville, Marshall has shaped or supported nearly every facet of the nation’s ongoing mission of space exploration and discovery, solving the most complex, technical flight challenges, and contributing to science to improve life and protect resources around the world.
    Learn more about Marshall’s 65th anniversary celebration at:
    https://www.nasa.gov/marshall65/
    Lance D. DavisMarshall Space Flight Center, Huntsville, Ala. 256-640-9065 lance.d.davis@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: NASA’s Chandra Finds Baby Exoplanet is Shrinking

    Source: NASA

    A star is unleashing a barrage of X-rays that is causing a closely-orbiting, young planet to wither away an astonishing rate, according to a new study using data from NASA’s Chandra X-ray Observatory and described in our latest press release. A team of researchers has determined that this planet will go from the size of Jupiter down to a small, barren world.
    This graphic provides a visual representation of what astronomers think is happening around the star (known as TOI 1227) and a planet that is orbiting it at a fraction the distance between Mercury and the Sun. This “baby” planet, called TOI 1227 b, is just about 8 million years old, about a thousand times younger than our Sun. The main panel is an artist’s concept that shows the Jupiter-sized planet (lower left) around TOI 1227, which is a faint red star. Powerful X-rays from the star’s surface are tearing away the atmosphere of the planet, represented by the blue tail. The star’s X-rays may eventually completely remove the atmosphere.
    The team used new Chandra data — seen in the inset — to measure the amounts of X-rays from TOI 1227 that are striking the planet. Using computer models of the effects of these X-rays, they concluded they will have a transformative effect, rapidly stripping away the planet’s atmosphere. They estimate that the planet is losing a mass equivalent to a full Earth’s atmosphere about every 200 years.
    The researchers used different sets of data to estimate the age of TOI 1227 b. One method exploits measurements of how TOI 1227 b’s host star moves through space in comparison to nearby populations of stars with known ages. A second method compared the brightness and surface temperature of the star with theoretical models of evolving stars. The very young age of TOI 1227 b makes it the second youngest planet ever to be observed passing in front of its host star (a so-called transit). Previously the planet had been estimated by others to be about 11 million years old.
    Of all the exoplanets astronomers have found with ages less than 50 million years, TOI 1227 b stands out for having the longest year and the host planet with the lowest mass. These properties, and the high dose of X-rays it is receiving, make it an outstanding target for future observations.
    A paper describing these results has been accepted publication in The Astrophysical Journal and a preprint is available here. The authors of the paper are Attila Varga (Rochester Institute of Technology), Joel Kastner (Rochester Institute of Technology), Alexander Binks (University of Tubingen, Germany), Hans Moritz Guenther (Massachusetts Institute of Technology), and Simon J. Murphy (University of New South Wales Canberra in Australia).
    NASA’s Marshall Space Flight Center in Huntsville, Alabama, manages the Chandra program. The Smithsonian Astrophysical Observatory’s Chandra X-ray Center controls science operations from Cambridge, Massachusetts, and flight operations from Burlington, Massachusetts.

    Learn more about the Chandra X-ray Observatory and its mission here:

    chandra

    https://chandra.si.edu

    This release features an artist’s illustration of a Jupiter-sized planet closely orbiting a faint red star. An inset image, showing the star in X-ray light from Chandra, is superimposed on top of the illustration at our upper left corner.
    At our upper right, the red star is illustrated as a ball made of intense fire. The planet, slightly smaller than the star, is shown at our lower left. Powerful X-rays from the star are tearing away the atmosphere of the planet, causing wisps of material to flow away from the planet’s surface in the opposite direction from the star. This gives the planet a slight resemblance to a comet, complete with a tail.
    X-ray data from Chandra, presented in the inset image, shows the star as a small purple orb on a black background. Astronomers used the Chandra data to measure the amount of X-rays striking the planet from the star. They estimate that the planet is losing a mass equivalent to a full Earth’s atmosphere about every 200 years, causing it to ultimately shrink from the size of Jupiter down to a small, barren world.

    Megan WatzkeChandra X-ray CenterCambridge, Mass.617-496-7998mwatzke@cfa.harvard.edu
    Corinne BeckingerMarshall Space Flight Center, Huntsville, Alabama256-544-0034corinne.m.beckinger@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: NASA to Preview Advanced US-India Radar Mission Ahead of Launch

    Source: NASA

    NASA will host a news conference at 12 p.m. EDT Monday, July 21, to discuss the upcoming NISAR (NASA-ISRO Synthetic Aperture Radar) mission.
    The Earth-observing satellite, a first-of-its-kind collaboration between NASA and ISRO (Indian Space Research Organisation), carries an advanced radar system that will help protect communities by providing a dynamic, three-dimensional view of Earth in unprecedented detail and detecting the movement of land and ice surfaces down to the centimeter.
    The NISAR mission will lift off from ISRO’s Satish Dhawan Space Centre in Sriharikota, on India’s southeastern coast. Launch is targeted for no earlier than late July.
    NASA’s Jet Propulsion Laboratory in Southern California will stream the briefing live on its X, Facebook, and YouTube channels. Learn how to watch NASA content through a variety of platforms, including social media.
    Participants in the news conference include:

    Nicky Fox, associate administrator, Science Mission Directorate, NASA Headquarters
    Karen St. Germain, director, Earth Science Division, NASA Headquarters
    Wendy Edelstein, deputy project manager, NISAR, NASA JPL
    Paul Rosen, project scientist, NISAR, NASA JPL

    To ask questions by phone, members of the media must RSVP no later than two hours before the start of the event to: rexana.v.vizza@jpl.nasa.gov. NASA’s media accreditation policy is available online. Questions can be asked on social media during the briefing using #AskNISAR.
    With its two radar instruments — an S-band system provided by ISRO and an L-band system provided by NASA — NISAR will use a technique known as synthetic aperture radar (SAR) to scan nearly all the planet’s land and ice surfaces twice every 12 days. Each system’s signal is sensitive to different sizes of features on Earth’s surface, and each specializes in measuring different attributes, such as moisture content, surface roughness, and motion.
    These capabilities will help scientists better understand processes involved in natural hazards and catastrophic events, such as earthquakes, volcanic eruptions, land subsidence, and landslides.
    Additionally, NISAR’s cloud penetrating ability will aid urgent responses to communities during weather disasters such as hurricanes, storm surge, and flooding. The detailed maps the mission creates also will provide information on both gradual and sudden changes occurring on Earth’s land and ice surfaces.
    Managed by Caltech for NASA, JPL leads the U.S. component of the NISAR project and provided the L-band SAR. NASA JPL also provided the radar reflector antenna, the deployable boom, a high-rate communication subsystem for science data, GPS receivers, a solid-state recorder, and payload data subsystem. NASA’s Goddard Space Flight Center in Greenbelt, Maryland, manages the Near Space Network, which will receive NISAR’s L-band data.
    Multiple ISRO centers have contributed to NISAR. The Space Applications Centre is providing the mission’s S-band SAR. The U R Rao Satellite Centre provided the spacecraft bus. The rocket is from Vikram Sarabhai Space Centre, launch services are through Satish Dhawan Space Centre, and satellite mission operations are by the ISRO Telemetry Tracking and Command Network. The National Remote Sensing Centre is responsible for S-band data reception, operational products generation, and dissemination.
    To learn more about NISAR, visit:
    https://nisar.jpl.nasa.gov
    -end-
    Karen Fox / Elizabeth VlockHeadquarters, Washington202-358-1600karen.c.fox@nasa.gov / elizabeth.a.vlock@nasa.gov
    Andrew Wang / Scott HulmeJet Propulsion Laboratory, Pasadena, Calif.626-379-6874 / 818-653-9131andrew.wang@jpl.nasa.gov / scott.d.hulme@jpl.nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom calls on Trump to end Los Angeles militarization, shares community resources

    Source: US State of California 2

    Jul 16, 2025

    What you need to know: Governor Newsom visited local businesses in the Los Angeles area that have been impacted by the federal government’s indiscriminate immigration raids, called on Trump to end his deployment of soldiers, and shared new “know your rights” resources with the community.

    LOS ANGELES – Providing support to local communities impacted by federal immigration enforcement actions, Governor Gavin Newsom today met with business owners and faith leaders in the Los Angeles area.

    Enough is enough – Stephen Miller and Trump’s chaos campaign needs to end now. They are violating constitutional rights, terrorizing neighborhoods and businesses, and targeting people because of their skin color and the language they speak. These heartless and cruel actions have real consequences for our economy and society.

    Governor Gavin Newsom

    Visiting with community members

    Governor Newsom met with local restaurant owners of Cuernavaca’s Grill in the City of Bell to discuss the economic impact these indiscriminate immigration actions have had on their small business.

    The Governor then stopped by a church in Downey that recently was targeted by federal immigration agents. 

    Economic impact of this cruel policy

    Trump’s actions have a chilling 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 deportations in California could slash $275 billion from the state’s economy and eliminate $23 billion in annual tax revenue. The loss of immigrant labor 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.

    New resource for community 

    Trump’s militarization of Los Angeles has also led to increasingly concerning tactics by federal immigration enforcement, including violating the law and people’s constitutional rights. Families are being terrorized by the broad enforcement efforts targeting Latino neighborhoods, harming U.S. citizens, and racially profiling families and workers. That’s why it’s important to remember the following if you are affected by a federal immigration action:

    • You can observe and record public immigration arrests, but stay calm and at a safe distance to avoid risk to yourself and others.
    • Do not interfere or argue with federal agents. Physical obstruction or verbal escalation can put your safety at risk and may lead to criminal charges.
    • Agents don’t need a judge-signed warrant to arrest someone in public — but do need one to enter non-public areas of private property.
    • Prepare yourself and your family in case you are arrested. Memorize the phone numbers of your family members and your lawyer. Make emergency plans if you have children or take medication. 

    For more information on helpful community resources, the Governor’s Office has released new factsheets here in English and here in Spanish.

    End the militarization of LA 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 just now beginning to demobilize, 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.

    The federal government can enforce immigration laws and keep us safe without violating our rights, terrorizing entire communities, breaking the law, disrupting the economy, and raising costs for families. 

    Recent news

    Jul 16, 2025

    News What you need to know: Residents impacted by the Eaton and Palisades fires have an opportunity to help directly shape the next steps of rebuilding their communities. The first phase of the engagement with fire survivors has led to a series of early actions guided…

    Jul 16, 2025

    News What you need to know: On July 17, the LGBTQ support option on the 988 Suicide & Crisis Lifeline will end thanks to the Trump administration – but California is stepping up and doubling down on life-saving support for young gay people in crisis.  LOS…

    Jul 16, 2025

    News LOS ANGELES COUNTY — Governor Gavin Newsom will hold a media availability to speak on the federal government’s demobilization of 2,000 National Guard members, as well as the effect of immigration raids on immigrant communities across California.WHEN: Wednesday,…

    MIL OSI USA News –

  • MIL-OSI USA: UH Seeks New Proposals to Expand Statewide Broadband Access

    Source: US State of Hawaii

    UH Seeks New Proposals to Expand Statewide Broadband Access

    FOR IMMEDIATE RELEASE
    July 14, 2025

    HONOLULU — The University of Hawaiʻi Broadband Office has announced the release of eight new Requests for Proposals (RFPs) aimed at expanding high-speed internet access across the state through Hawaii’s Broadband Equity, Access and Deployment (BEAD) program, a federal initiative to provide affordable, high-speed broadband access to all Americans, especially those in areas that are currently unserved or underserved. The re-release of all RFPs, with revisions, is part of a final “Benefit of the Bargain” Round conducted in compliance with the latest federal policy guidance.

    This latest posting of the RFPs mark Hawaii’s continued efforts to respond quickly to changing federal guidance while still moving forward on a multi-year effort under the BEAD program to address disparities in broadband coverage.

    “High-speed internet is critical for creating opportunity and improving digital access,” said Lieutenant Governor Sylvia Luke, who leads the state’s Connect Kākou initiative. “We are continuing to move forward to connect communities that have been historically underserved, and I’m grateful to the many partners who are contributing to a more connected Hawaiʻi.”

    The RFP process will lead to the competitive selection of vendors to connect these communities, as well as nearly 700 community anchor institutions, which include schools, libraries, healthcare facilities, and other public spaces that provide broadband access and essential support services to residents.

    Interested parties are encouraged to review the RFP details and submit proposals by August 1, 2025 at 5:00pm HST. Click here for more information on the RFPs and submission guidelines. Hawaiʻi’s participation in the BEAD program is part of Connect Kākou, the State of Hawaiʻi initiative to ensure people from all walks of life have reliable access to high-speed internet, and have the tools and knowledge to safely and confidently use the internet.

    # # #

    Media Contact:
    Shari Nishijima
    Office of the Lieutenant Governor

    Daniel Meisenzahl
    UH Office of Communications

    MIL OSI USA News –

  • MIL-OSI USA: DLNR News Release – Seeking Community Input for Maui Nearshore Marine Management, July 16, 2025

    Source: US State of Hawaii

    DLNR News Release – Seeking Community Input for Maui Nearshore Marine Management, July 16, 2025

    Posted on Jul 16, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

         JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES

    KA ‘OIHANA KUMUWAIWAI ‘ĀINA

     

    DAWN N.S. CHANG
    CHAIRPERSON

     

     

    SEEKING COMMUNITY INPUT FOR MAUI NEARSHORE MARINE MANAGEMENT

     

     

    FOR IMMEDIATE RELEASE

    July 16, 2025

      

    MAUI COUNTY, Hawai‘i – Maui residents are called to join the conversation and provide feedback on a revised draft proposal developed for Maui’s nearshore waters, ensuring healthy reefs and abundant resources for future generations. The DLNR Division of Aquatic Resources (DAR) Holomua Marine Initiative is hosting two upcoming information exchange sessions on the proposal.

    The community-nominated Maui Navigation Team has worked collaboratively with DAR for more than two years to create draft management recommendations with the Maui community, which were first shared to the public through a series of Information Exchange Sessions hosted in September of 2024. The navigation team is grateful to everyone who attended these sessions and took time to share their manaʻo and feedback. Based on the comments received during these initial sessions, the navigation team has further revised the proposal to reflect the priorities and needs communicated to it by the Maui community and is seeking additional input.

    Please save the date, RSVP at https://bit.ly/holomuarsvp and join one of these upcoming sessions:

    • Pukalani: Tuesday, July 29, 2025 – 5:30 p.m. – 8:00 p.m.
      Mayor Hannibal Tavares Pukalani Community Center
      91 Pukalani St., Pukalani
    • Kīhei: Wednesday, August 6, 2025 – 5:30 p.m. – 8:00 p.m.
      Kīhei Community Center
       303 E Lipoa St., Kīhei

     

     

    The Holomua Marine Initiative first launched on Maui in October of 2022 with a series of public talk-story sessions to learn more about community management priorities and concerns regarding the status of Maui’s nearshore resources. Holomua is an inclusive, bottom-up approach to marine resource management that is community-driven and incorporates local ecological and cultural knowledge.

    When the process first launched, the Maui community nominated members to form a navigation team, which is a 16-member hui of Maui fishers, community leaders, cultural practitioners and scientists who were tasked to co-develop a nearshore management plan with support from DAR. The team members bring decades of experience with Maui’s nearshore resources and knowledge of local fishing practices. The team represents 10 of the 12 Maui moku.  

    The navigation team’s management proposal for Maui includes strategies that are centered around the Holomua Marine Initiative’s four main pillars for effective management: 1) place-based planning, 2) pono practices, 3) monitoring and 4) restoration. Some key topics in the draft proposal include fishing rules geared toward reducing unsustainable fishing practices, improved enforcement and strengthening compliance, creating a habitat restoration area and addressing land-based threats to the nearshore reefs such as injection wells and sedimentation.

    The draft recommendations offer a holistic approach to nearshore marine management for Maui, and balance the need for conservation and restoration of resources like fish and corals, while also allowing sustainable harvest to continue feeding Maui families.

     

     

    # # # 

     

    RESOURCES 

    (All images/video courtesy: DLNR) 

     

    For information and updates: Holomua Marine Initiative on Instagram (@holomuamarine) and Facebook (@holomuamarine), or visit the website at https://dlnr.hawaii.gov/holomua/

     

    Event flyer: see attached

     

    Video – Holomua Information Exchange Session, Lahaina (September 25, 2024): https://www.dropbox.com/scl/fi/im45i4aocp20s7gu060ak/Lahaina-Meeting-September-25-2024.mov?rlkey=2i47awpeyv9k9egzthk8u6y5b&st=17m1tjc6&dl=0

     

     

     

    Media Contacts: 

    Patti Jette                                                                                         

    Communications Specialist                                                          

    Hawai‘i Dept. of Land and Natural Resources                           

    808-587-0396                                                                                  

    [email protected]                                                           

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom invites LA Fire survivors to continue shaping rebuilding efforts through Engaged California

    Source: US State of California 2

    Jul 16, 2025

    What you need to know: Residents impacted by the Eaton and Palisades fires have an opportunity to help directly shape the next steps of rebuilding their communities. The first phase of the engagement with fire survivors has led to a series of early actions guided by residents’ input, including streamlined permitting technology for local communities.

    LOS ANGELES – Today, Governor Gavin Newsom is urging anyone who was affected by the LA fires in January to sign up for the Engaged California platform and use their voice to shape the rebuilding of their community. This call to action is for anyone who has lived or worked in, or was impacted by the evacuation zones in the path of the Eaton and Palisades fires.

    “Recovery isn’t something that happens to you, it happens with you. The feedback generated from the Engaged California process is reflective of residents’ experiences and is needed for leaders to understand their vision for rebuilding the future. Engaged California is designed to build trust and understanding of what actions need to be taken. I am very grateful to everyone who has participated so far. We are just getting started.”

    Governor Gavin Newsom

    After signing up, individuals affected by the evacuation zones will be invited to the program’s platform to share ideas on rebuilding Altadena and the Palisades, weighing choices that can guide recovery in both the short and long term.

    “Engaged California has given us valuable insight into how people are feeling in a moment of unimaginable tragedy,” said California Government Operations Secretary Nick Maduros. “This next step will be pivotal for us to listen and learn about how rebuilding should look according to those who experienced it firsthand.”

    You spoke. We listened.

    Engaged California was piloted as part of the administration’s response to the fire recovery, and nearly 8,000 people have signed up. It marks the first time California has used a dedicated, open digital tool to gather wildfire survivor input at this scale

    Launching in February, participants began to share comments as they prioritized topics for wildfire recovery from mid-March through May 16. Residents were asked to weigh in on 10 recovery topics, including housing and infrastructure, emotional well-being, and wildfire prevention.

    “This is a significant milestone in a brand-new program for the State of California,” said Office of Data and Innovation Director Jeffery Marino. “The voices of Californians impacted by the fires are being heard by their government and used to make data-driven decisions. This early action shows it is possible to have a two-way conversation between Californians and their government that results in meaningful, impactful outcomes.” 

    Early actions

    Here are a few examples of the early actions taken that deliver on what survivors said they need

    Provide clear and affordable rebuilding pathways

    Residents said they want an easier permit process and less red tape for rebuilding.

    ✅ Action taken: The state launched Archistar, a new artificial intelligence-driven software tool to aid Los Angeles City and County in accelerating the approval process for rebuilding permits. This week marked the beta launch of the new AI permitting tool made possible by a partnership between the state and philanthropic partners, including LA Rises. The tool aims to fast-track the approval process for rebuilding permits to help Angelenos get back into their homes following the Eaton and Palisades fires. 

    ✅ Action taken: Launched the CalAssist Mortgage Fund to assist homeowners whose homes were destroyed or left uninhabitable.

    Mental health

    Residents expressed a need for mental health support.

    ✅ Action taken: There are many resources available now on the ca.gov/lafires recovery website, including immediate assistance, ongoing support, and care for all age groups and language needs. Yesterday, the Governor also announced a new public outreach campaign with LA Rises, which will connect and support impacted Angelenos with key resources and share stories of community efforts to recover and rebuild for the long term in the aftermath of the Eaton and Palisades fires.

    Efficient, effective, and engaged

    Since the start of his administration in 2019, Governor Newsom has made efficiency and engagement a top priority, implementing new technologies and practices that make government more efficient and responsive to the people it serves. In 2019, the Governor established the Office of Data Innovation to help advance this important work and yesterday announced a new effort through the California Breakthrough Project —  which brings together innovators and leaders from the Golden State’s top tech companies to help guide this work

    As the birthplace of the tech industry, California is at the forefront in the study and implementation of AI in government. In 2023, Governor Newsom issued an executive order directing the state to utilize Generative AI technologies to improve state services and help solve important issues. Since that time, the state has integrated AI and other efficiency solutions to make state government work faster and even more effectively.

    Engaged California is a bold, new state program that elevates the voices of survivors through a digital platform. They opt in and share their thoughts while connecting with other people in their communities on topics that are important to them. The comments are anonymous and will remain anonymous. You can read all comments in full here.

    To get involved in the rebuilding conversation, visit engaged.ca.gov and sign up. 

    Press releases, Recent news

    Recent news

    Jul 16, 2025

    News What you need to know: On July 17, the LGBTQ support option on the 988 Suicide & Crisis Lifeline will end thanks to the Trump administration – but California is stepping up and doubling down on life-saving support for young gay people in crisis.  LOS…

    Jul 16, 2025

    News LOS ANGELES COUNTY — Governor Gavin Newsom will hold a media availability to speak on the federal government’s demobilization of 2,000 National Guard members, as well as the effect of immigration raids on immigrant communities across California.WHEN: Wednesday,…

    Jul 15, 2025

    News What you need to know: Productions filmed in California are raking in the nominations in this year’s Emmy bids.  SACRAMENTO –  Today, the nominees for the 77th Emmy Awards were announced, with California-based television productions securing at least 104…

    MIL OSI USA News –

  • MIL-OSI Africa: International Relations (IR) Committee Launches People-Centred Oversight Mechanism in Western Cape

    Source: APO


    .

    The Portfolio Committee on International Relations and Cooperation yesterday successfully launched the People-Centred Oversight Mechanism in the Western Cape where there were traditional leaders, academics, students and representatives from different non-governmental organisations.

    The Chairperson of the committee, Mr Supra Mahumapelo, said the People-Centred Oversight Mechanism is an initiative of the committee to ensure that ordinary citizens in villages, townships and small towns have a say in foreign policy and international trade relations that impact on their lives.

    The committee heard from the Western Cape legislature that no one must be left behind when it comes to international and trade relations and these policies have an impact on job creation and the economy of the country.

    There was a call to link trade agreements negotiated by the DIRCO and the Department of Trade, Industry and Competition with local governments that are affected by those agreements. That will ensure that municipalities will have a say in these agreements and implementation is at local level.

    Student representatives from the universities of the Western Cape, Cape Town and Stellenbosch appealed for opportunities for students to be able to participate in international trade delegations and in the drafting of policies on international relations. They called for inclusion in decision making as the future leaders of the country.

    The women’s wing of the Congress of Traditional Leaders of South Africa welcomed the opportunity to engage with the committee. The role of the DIRCO is significant and the management of the influx of refugees is a challenge that requires engagement with all stakeholders. There is little engagement with traditional leaders in this regard. With the incorporation of the traditional leadership, social cohesion will be enhanced.

    With reference to the United States (USA), the opposition parties in the Western Cape Legislature reiterated the need for the province to send a positive message to the international community that South Africa is a united country especially when there are utterances that impact on the economic policy of South Africa.

    Labour unions positively viewed the engagement and called for more such dialogues so that workers on the ground can understand what foreign policy is and informed the committee that there is a need for structured platforms so that information reaches the workers. A call was made to the DIRCO to use social media platforms to disseminate information to inform workers and ordinary people on the ground about what is happening internationally.

    COSATU representatives called for all international agreements to translate into job creation in the country. The representative called for migrant workers to be protected and there should be a labour impact assessment in countries that export goods to South Africa. The impact of imported goods from the European Union and China have an impact on local jobs.

    Africa’s Growth and Opportunity Act was passed as part of the Trade and Development Act of 2000 in the USA. It provides duty- free access to the USA market for almost all products from more than 40 eligible sub-Saharan African countries including South Africa. The impact of the 30% increase on tariffs on exports needs to be engaged on.

    The committee heard the sentiment among the people about the importance of the oversight mechanism and their hope for its effectiveness. Representatives also called for monitoring and evaluation of the oversight mechanism, transparency and accessibility. The committee will upon the end of the launch proramme at all the nine provinces, develop monitoring and evaluation mechanism for the programme.

    The Chairperson of the committee, Mr Supra Mahumapelo said that going forward the DIRCO will provide reports on Trade Agreements and their impact on a quarterly basis. The reports will include the volume of minerals/products produced and released in SA for export. He said: “ Together with the Portfolio Committee on Employment and Labour we must be able to engage with our counterparts on the trumpeting tariffs of the US.”

    Mr Mahumapelo said workers in South Africa must be able to understand how the utterances of the US affect the economic growth of South Africa. The People-Centred Oversight Mechanism has been launched in Mpumalanga, North West and Gauteng provinces. The committee strives to complete to launch the programme in the remaining five provinces by early next year 2026.”

    Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

    MIL OSI Africa –