NewzIntel.com

Category: United States of America

  • MIL-OSI Security: Two Mexican Nationals Sentenced for Roles in Black Market Peso Exchange Money Laundering Scheme

    Source: United States Attorneys General 6

    Two Mexican nationals were sentenced today by U.S. District Judge Keith P. Ellison to 55 months each in prison for their roles in a two-year, multimillion-dollar trade-based money laundering conspiracy to move drug trafficking proceeds through Texas to Mexico.

    According to court documents, Mauricio Anzures-Zarate, 53, of Mexico City, Mexico, and Beatriz Salcedo-Carreon, 63, of Guadalajara, Mexico, participated in a sophisticated, international money laundering conspiracy to transfer funds from the sale of illegal drugs in the United States to cartels in Mexico without physically transporting money across the U.S.-Mexico border. The conspirators concealed those funds through the movement of goods between the two countries.

    “The defendants used an elaborate, trade-based money laundering scheme to exploit our financial system and transfer the proceeds of illegal drug trafficking from the United States to Mexico,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “These financial facilitators actively promoted cartel operations in cities across the United States, which enabled the flow of deadly narcotics into our communities. The Criminal Division will continue to pursue the total elimination of cartels and the money launderers who enable their pernicious activities.”

    “The lifeblood of any drug trafficking organization is the uninterrupted flow of cash,” said U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas. “Here, defendants laundered drug proceeds through a sophisticated trade-based scheme. This criminal operation, and others like it, put money in the pockets of the cartels and endangered lives on both sides of the border. Taking this conspiracy out of commission is a great win, but it’s just the beginning.”

    “Despite the sophisticated tactics used to conceal profits made from smuggling poison into our country by the Mexican cartels, our expertise enabled us to dismantle their thriving operations,” said Acting Special Agent in Charge William Kimbell of the Drug Enforcement Administration (DEA) Houston Division. “DEA, along with its federal counterparts, has dealt a significant blow to the finances of the Mexican cartels through the incredible investigative work of our agents. If we trace your money activities back to the cartels, you will have your day in court and will face justice.”

    “Anzures-Zarate and Salcedo-Carreon thought they could escape justice, but found our reach extends past the money trail they left,” said Acting Special Agent in Charge Lucy Tan of IRS Criminal Investigation’s (IRS-CI) Houston Field Office. “They conspired to use black market peso exchanges, which are one of the classic methods to launder drug dollars, and a method that leaves a traceable trail to the cartels. For businesses that get approached for a quick cash sale to transport goods into Central and South America, remember that we will find you because your greed leaves evidence.”

    According to court documents, the defendants directed money couriers to collect drug proceeds in numerous U.S. cities and then transfer the funds to Laredo, Texas, to be laundered through local businesses. As part of the scheme, store owners in downtown Laredo accepted the drug proceeds as payment for merchandise to be exported to businesses in Mexico. In furtherance of the conspiracy, Salcedo-Carreon, Anzures-Zarate, and others instructed the Mexican businesses to transfer pesos to accounts or people in Mexico who were affiliated with cartels. Through this trade-based money laundering scheme, Mexican cartels disguised illicit drug proceeds as legitimate international commercial transactions and received laundered drug proceeds in Mexico without physically transporting cash across the U.S.-Mexico border. Eight other defendants were previously convicted and sentenced for their roles in the money laundering conspiracy. Anzures-Zarate was ordered to pay a money judgement of $1,176,165 and Salcedo-Carreon was ordered to pay a money judgement of $887,269.

    The DEA and IRS-CI investigated the case. The Justice Department’s Office of International Affairs and the Criminal Division’s Narcotic and Dangerous Drug Section’s Office of Judicial Attaché in Bogotá, Colombia provided significant assistance in this matter. The Justice Department’s Office of International Affairs worked with law enforcement partners in Mexico to secure the arrest and April 2024 extradition of Salcedo-Carreon.

    Trial Attorneys Keith H. Liddle and Stephanie Williamson of the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS) and Assistant U.S. Attorneys Lance Watt, Amanda Gould, and former Assistant U.S. Attorney José Angel Moreno for the Southern District of Texas prosecuted the case. 

    MIL Security OSI –

  • MIL-OSI USA: Tiffany Announces Nearly $1 Million for Superior Shipyards

    Source: United States House of Representatives – Representative Tom Tiffany (WI-07)

    WASHINGTON, DC – Today, Congressman Tom Tiffany (WI-07) announced that Fraser Shipyards in Superior will receive $817,146.23 from the U.S. Department of Transportation (DOT). The funding comes through the Small Shipyard Grant Program, which Congressman Tiffany has long supported. The funding will help Fraser Shipyards purchase a Link-Belt 130-ton Telescopic Boom Rough Terrain Crane to enhance its operations.   

    “The Trump administration’s commitment to maritime dominance is producing real results for small shipyards across the country, including right here in Wisconsin,” said Congressman Tiffany. “This investment not only strengthens our domestic supply chain and bolsters national security, but also supports the future of shipbuilding in the Twin Ports region.”

    You can read more from the DOT here. 

     

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    MIL OSI USA News –

  • MIL-OSI USA: Read More (Rep. Steube Partners with Sen. Banks to Protect Biological Reality at Work)

    Source: United States House of Representatives – Congressman Greg Steube (FL-17)

    July 21, 2025 | Press ReleasesWASHINGTON — U.S. Representative Greg Steube (R-Fla.) joined with Senator Jim Banks (R-Ind.) today in introducing the Restoring Biological Truth to the Workplace Act. This bill reinforces President Trump’s E.O. 14168, Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government, by protecting Americans from workplace discrimination and retaliation for affirming there are two genders. The Restoring Biological Truth to the Workplace Act is cosponsored by Representatives Barry Moore and Nancy Mace. “Americans should never be punished for saying there are only two genders: male and female,” said Rep. Steube. “Acknowledging reality is not grounds for termination. My bill protects workers from retaliation for refusing to conform with radical gender ideology. I am grateful to partner with Senator Banks to make sure that no American is fired, demoted, or silenced for standing up for truth.”The Restoring Biological Truth to the Workplace Act is the House companion to legislation introduced by U.S. Senator Jim Banks this Congress.“This bill is about protecting common sense,” said Senator Banks. “Americans shouldn’t fear losing their jobs simply for acknowledging the basic reality of biological sex.”Background: The bill strengthens employee protections under Title VII of the Civil Rights Act by making clear that employers cannot punish or retaliate against employees who express the view that there are only two sexes or who use workplace facilities consistent with their biological sex.The legislation affirms:

    The right of employees to state that individuals are biologically male or female, both on and off the job;
    The right to use restrooms, changing rooms, and other sex-specific spaces based on biological sex;
    That employers are prohibited from retaliating against employees who refuse to affirm or participate in gender ideology policies;
    That employer pretexts to discipline such employees will not be tolerated under federal civil rights law.

    Rep. Steube previously introduced the Protection of Women and Girls in Sports Act and continues to lead on legislation defending biological reality and standing up to leftist gender extremism.Read the full bill text here.

    MIL OSI USA News –

  • MIL-OSI USA: Justice Department Launches Second Investigation into George Mason University

    Source: US State of North Dakota

    The Justice Department’s Civil Rights Division announced today that it has launched an investigation into George Mason University to determine whether the University has denied equal treatment of individuals based on race or national origin, in violation of Title VI.

    The compliance review investigation will examine whether George Mason University, a recipient of federal financial assistance, has engaged in discriminatory practices based on race, color, or national origin against its students. It will be conducted pursuant to Title VI of the Civil Rights Act of 1964, which prohibits a recipient of federal funds from discrimination based on such protected characteristics. Institutions of higher education that are governed by Title VI are to protect students’ unfettered access to the school’s educational environment and opportunities, free from discrimination. The investigation will focus on discrimination against students based on race or national origin in George Mason’s admissions practices and the awarding of student benefits and scholarships. It will also investigate the University’s response to antisemitism on campus.

    “Public educational institutions are contractually obligated to follow our nation’s federal civil rights laws when receiving federal funds,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “No one should be denied access to opportunity or resources because of their race, color, or national origin, and the United States is committed to keeping our universities free of such invidious bias.”

    Note: Review the notice letter here.

    MIL OSI USA News –

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

    Source: United States Attorneys General 13

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

  • MIL-OSI Security: Justice Department Launches Second Investigation into George Mason University

    Source: United States Attorneys General

    The Justice Department’s Civil Rights Division announced today that it has launched an investigation into George Mason University to determine whether the University has denied equal treatment of individuals based on race or national origin, in violation of Title VI.

    The compliance review investigation will examine whether George Mason University, a recipient of federal financial assistance, has engaged in discriminatory practices based on race, color, or national origin against its students. It will be conducted pursuant to Title VI of the Civil Rights Act of 1964, which prohibits a recipient of federal funds from discrimination based on such protected characteristics. Institutions of higher education that are governed by Title VI are to protect students’ unfettered access to the school’s educational environment and opportunities, free from discrimination. The investigation will focus on discrimination against students based on race or national origin in George Mason’s admissions practices and the awarding of student benefits and scholarships. It will also investigate the University’s response to antisemitism on campus.

    “Public educational institutions are contractually obligated to follow our nation’s federal civil rights laws when receiving federal funds,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “No one should be denied access to opportunity or resources because of their race, color, or national origin, and the United States is committed to keeping our universities free of such invidious bias.”

    Note: Review the notice letter here.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Oslo, Norway, 21 July 2025.

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

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

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

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

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

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

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

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

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

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

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

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

    About IDEX Biometrics ASA

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

    Important information:

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

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

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

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

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

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

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

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

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

    The MIL Network –

  • MIL-OSI USA: Congresswomen Norma Torres and Kat Cammack Tour D.C. 911 Dispatch Center

    Source: United States House of Representatives – Congresswoman Norma Torres (35th District of California)

    July 21, 2025

    Launch Bipartisan and Bicameral NextGen 911 Caucus

    Washington, D.C. – Today, Congresswoman Norma Torres (CA-35) and Congresswoman Kat Cammack (FL-03) visited the District of Columbia’s Office of Unified Communications to meet with public safety telecommunicators and officially launch the Congressional NextGen 911 Caucus for the 119th Congress.

    As the only bipartisan, bicameral organization in Congress focused exclusively on 911 emergency communications, the NextGen 911 Caucus plays a critical role in educating lawmakers, constituents, and communities on the importance of modern, reliable, and responsive emergency response systems.

    “Public safety telecommunicators are the unsung heroes on the frontlines of every emergency,” said Congresswoman Norma Torres “As a former 911 Dispatcher for 17 years, I know there is a lot of work needed to highlight and strengthen our 911 systems nationwide. That’s why I am proud to be the co-chair of the NextGen 911 Caucus. As we work to modernize our emergency response systems, it’s imperative that we give these professionals and the systems they rely on the support they deserve.”

    “When you call 911, it’s often one of the worst moments of your life. That’s why it’s critical that our response system is fast, reliable, and built for the 21st century. The ability to text 911, send video, and deliver critical information to first responders before they arrive saves lives,” said Congresswoman Cammack. “As Co-Chair of the NextGen 9-1-1 Caucus, I’m committed to ensuring that all Americans—whether they live in a rural town or a major city—have access to a modern, responsive system.”

    Public safety telecommunicators (PSTs) serve in more than 6,000 call centers nationwide. They are often the first voice a person hears in an emergency—coordinating responses from law enforcement, fire departments, and emergency medical services. Beyond their daily lifesaving efforts, they often serve as critical witnesses in court proceedings and high-profile investigations.

    However, America’s 911 systems are facing unprecedented challenges: from outdated technology and staffing shortages to increasing call volumes and evolving threats. The NextGen 911 Caucus is committed to ensuring federal support keeps pace with these demands by promoting advanced communication technologies, including text-to-911, real-time data sharing, and improved interoperability between agencies.

    Members of the caucus include: Gus Bilirakis (R-FL), Rosa DeLauro (D-CT) Richard Hudson (R-NC), Doris Matsui (D-CA), Robert Aderholt (R-AL), Vern Buchanan (R-FL), Brandon Gill (R-TX), James Comer (R-KY), Joe Courtney (D-CT), Suzan DelBene (D-WA), Lloyd Doggett (D-TX), Brian Fitzpatrick (R-PA), Brett Guthrie (R-KY), Jim Himes (D-CT), Jared Huffman (D-CA), Glenn Ivey (D-MD), Rick Larsen (D-WA), John B. Larson (D-CT), Zoe Lofgren (D-CA), Jim McGovern (D-MA), Kweisi Mfume (D-MD), Frank Pallone (D-NJ), Brittany Pettersen (D-CO), Jamie Raskin (D-MD), Mike Rogers (R-AL), John Rutherford (R-FL), Mike Simpson (R-ID), Mike Thompson (D-CA), Marc Veasey (D-TX), Tim Walberg (R-MI), Frederica Wilson (D-FL), Joe Wilson (R-SC)

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    MIL OSI USA News –

  • MIL-OSI USA: Gov. Pillen Issues Disaster Declaration for Dawson County Following June Storms

    Source: US State of Nebraska

    . Pillen Issues Disaster Declaration for Dawson County Following June Storms

    LINCOLN, NE – Governor Jim Pillen issued a disaster declaration for Dawson County as a result of last month’s storms that hit the area. The June 29th and 30th severe thunderstorms brought exceptionally high winds and heavy rain, which caused significant damage to public property and infrastructure, including millions of dollars of damage to NPPD infrastructure. 

    Governor Pillen has directed the Nebraska Adjutant General,  Major General Craig W. Strong – who also serves as State Disaster Coordinator – to activate appropriate State emergency plans. 

    The emergency disaster declaration will free up state funds and resources to assist the area as they work to address damage and other issues.

    The State of Nebraska is likely to seek a Presidential Disaster Declaration to aid recovery from these storms. 

    MIL OSI USA News –

  • MIL-OSI USA: Two Mexican Nationals Sentenced for Roles in Black Market Peso Exchange Money Laundering Scheme

    Source: US Justice – Antitrust Division

    Headline: Two Mexican Nationals Sentenced for Roles in Black Market Peso Exchange Money Laundering Scheme

    Two Mexican nationals were sentenced today by U.S. District Judge Keith P. Ellison to 55 months each in prison for their roles in a two-year, multimillion-dollar trade-based money laundering conspiracy to move drug trafficking proceeds through Texas to Mexico. 

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Sues Trump Administration for Gutting Critical Social Services

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today led a coalition of 20 other attorneys general in suing the federal administration to stop its unlawful attempt to gut lifesaving health, education, and social service programs for low-income families. Earlier this month, in a chaotic reversal of decades of agency policy, the administration issued sweeping new directives barring many safety net programs from serving all residents, regardless of immigration status. The changes threaten access to core services such as Head Start, Meals on Wheels, child welfare programs, domestic violence shelters, housing assistance, mental health treatment, food banks, and community health centers. Attorney General James and the coalition are asking the court to halt these policies and act quickly to prevent the collapse of some of the nation’s most vital public programs.

    “For decades, states like New York have built health, education, and family support systems that serve anyone in need,” said Attorney General James. “These programs work because they are open, accessible, and grounded in compassion. Now, the federal government is pulling that foundation out from under us overnight, jeopardizing cancer screenings, early childhood education, primary care, and so much more. This is a baseless attack on some of our country’s most effective and inclusive public programs, and we will not let it stand.”

    Starting on July 10, four federal agencies – the U.S. Departments of Health and Human Services (HHS), Education (ED), Labor (DOL), and Justice (DOJ) – issued a coordinated set of rules and guidance documents reinterpreting the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA), a 1996 law governing access to public benefits. For nearly three decades, under both Democratic and Republican administrations, federal agencies interpreted PRWORA to allow states to offer a wide range of essential services without regard to immigration status.

    That changed abruptly with new notices issued under the president’s executive order, “Ending Taxpayer Subsidization of Open Borders.” The new policies redefine broad swaths of federally funded programs as restricted “federal public benefits,” now subject to immigration verification. These rules took effect immediately or with little notice, bypassing public input and ignoring real-world consequences. The policies apply not just to undocumented immigrants, but also to some people with legal status, including student visa holders, temporary workers, and exchange visitors. In addition, the attorneys general warn that even U.S. citizens and lawful residents could be denied services, as many low-income individuals lack government-issued identification.

    Attorney General James and the coalition argue the policies are already causing significant disruption. The notices started to take effect almost immediately, and state programs face the risks of enforcement, endangering their federal funding. Providers, including those serving children, pregnant patients, refugees, and other vulnerable populations, are ill-equipped to implement the new policies under any timeline. Children in foster care, domestic violence survivors, people leaving homelessness, and many other vulnerable communities could lose access to some of their most critical supports. Although some charitable organizations remain exempt from the requirement to verify immigration status, states and their subgrantees are not. The attorneys general assert that in its rush to inflict harm on immigrant communities, the administration is poised to harm tens of thousands of low-income families, workers, and children, including U.S. citizens and lawful residents.

    In New York, the consequences are especially alarming:

    • Community Health Centers: New York’s 850 community health centers provide primary and preventative care to 2.4 million low-income residents, regardless of insurance or immigration status. These centers are often the only healthcare provider available in underserved communities. Without federal funding or reimbursement for treating patients whose status cannot be verified, many centers could be forced to close – leaving entire communities without access to vaccines, mammograms, wellness exams, and chronic disease care.
    • Title X Family Planning Clinics: Title X clinics provide low- or no-cost reproductive care, STI testing, cancer screenings, and wellness exams to over 300,000 New Yorkers each year. In 2024, the state received more than $11 million in Title X funding – all of which may now be at risk unless clinics begin screening for verifying immigration status, a step providers call unworkable and deeply harmful.
    • Anti-Poverty Programs: New York receives approximately $65 million annually through the Community Services Block Grant, which supports food, housing, utility assistance, and more. In 2023, the state’s Community Action Agencies served more than half a million New Yorkers, distributed 1.5 million boxes of food, and provided before- and after-school programs for over 200,000 students. Under the new rules, far fewer people will access these critical anti-poverty services – either because they lack ID or because they fear immigration-related repercussions.
    • Early Childhood Education: Head Start provides early education to 43,000 low-income children at nearly 1,000 sites statewide and receives approximately $700 million in federal funding. New York’s Head Start providers warn that they may not have the ability or capacity to feasibly implement immigration screening. These programs are particularly fragile: when federal funding was temporarily frozen in January 2025, several centers shut down within days, forcing parents to miss work and threatening job stability.
    • Behavioral Health: New York receives nearly $180 million annually in federal mental health and substance use block grant funding to support critical programs like crisis intervention teams, substance use disorder treatment, school-based mental health services, peer support networks, the 988 suicide and crisis lifeline, and jail diversion initiatives. These services are now at serious risk under the new federal rules. For many individuals with serious mental illness – including those experiencing homelessness – immigration status screening and documentation requirements may pose an insurmountable barrier to care. The New York Office of Mental Health also warns that these changes could severely undermine the state’s mental health infrastructure and further worsen the nationwide youth mental health crisis.
    • Adult Education Services: More than 80,000 New Yorkers use Adult Career and Continuing Education Services (ACCES) each year to build literacy, earn high school equivalency diplomas, and gain career training. These programs are especially vital for new Americans and are essential to addressing workforce shortages. The administration’s rules would exclude thousands of learners overnight and destabilize the entire system. Providers warn they cannot implement the new requirements without gutting their mission and ability to serve.

    The attorneys general argue that the federal government acted unlawfully by issuing sweeping new mandates without following the required rulemaking process, in violation of the Administrative Procedure Act. They also argue the administration grossly misread PRWORA, improperly applying it to entire programs rather than individual benefits, and generally failed to consider the sweeping and devastating impacts these changes would have on states. Finally, they assert the rules violate the Constitution’s Spending Clause, which requires the federal government to provide clear and fair notice of any new conditions on funding before states accept those funds.

    Attorney General James and the coalition are asking the court to declare the new rules unlawful, halt their implementation through preliminary and permanent injunctions, vacate the rules and restore long-standing practice, and prevent the federal government from using PRWORA as a pretext to dismantle core safety net programs in the future.

    Joining Attorney General James in filing this lawsuit are the attorneys general of Arizona, California, Colorado, Connecticut, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, Oregon, Rhode Island, Vermont, Washington, Wisconsin, and the District of Columbia.

    MIL OSI USA News –

  • MIL-OSI USA: SEC Announces Roundtable on Trade-Through Prohibitions

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission announced today that it will host a roundtable on September 18, 2025, to discuss trade-through prohibitions in the National Market System (NMS) stock and listed options markets. 

    “Reg NMS and its Rule 611 have not served investors or broker-dealers well, given the market distortion and resulting gamesmanship by those that seek to take advantage of the Reg NMS structure,” said Chairman Paul S. Atkins. “It is incumbent upon the Commission to give the public an opportunity to weigh in on items in our rulebook that deserve a refresh, and I look forward to the input we will receive on various aspects of the Rule 611 trade-through prohibition applicable to NMS stocks and the analogous NMS plan trade-through prohibition applicable to listed options.”

    The roundtable will be open to the public and held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C. The discussion will be streamed live on SEC.gov, and a recording will be posted at a later date.

    Information regarding the roundtable’s agenda and speakers will be posted before the event. Please note that the number of in-person participants may be limited and visitors will be subject to security checks.

    Members of the public who wish to provide their views on the current Rule 611 trade-through prohibition applicable to NMS stocks and the analogous NMS plan trade-through prohibition applicable to listed options may submit comments electronically or on paper. Please submit comments using one method only. Information that is submitted will become part of the public record of the roundtable and posted on the SEC’s website. All comments received will be posted without change. Persons submitting comments are cautioned that personal identifying information is not redacted or edited from comment submissions. You should submit only information that you wish to make publicly available. All submissions should refer to File Number 4-862, and the file number should be included on the subject line if email is used.

    Electronic Comments:

    Use the SEC’s online submission form or send an email to rule-comments@sec.gov with “File Number 4-862” included in the subject line.

    Paper Comments:

    Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090.

    MIL OSI USA News –

  • MIL-OSI USA: Albertsons Companies Stores in Arkansas, Louisiana, Oklahoma and Texas Voluntarily Recalls Select Items Containing Tuna Salad from Reser’s Fine Foods Due to an Ingredient Recall Linked to Possible Listeria Monocytogenes Contamination

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    July 17, 2025
    FDA Publish Date:
    July 21, 2025
    Product Type:
    Food & BeveragesFoodborne Illness
    Reason for Announcement:

    Recall Reason Description
    Potential Foodborne Illness – Listeria monocytogenes

    Company Name:
    Albertsons
    Brand Name:

    Brand Name(s)
    Randalls, Albertsons

    Product Description:

    Product Description
    Tuna Salad products

    Company Announcement
    Albertsons, Randalls and Tom Thumb stores in Arkansas, Louisiana, Oklahoma and Texas are voluntarily recalling select items containing tuna salad supplied by Reser’s Fine Foods. This action follows a recall initiated by Reser’s Fine Food due to possible contamination with Listeria monocytogenes in breadcrumbs used as an ingredient in their tuna salad.
    Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.
    Consumers who have purchased these items are urged not to consume these products and to dispose of them or return the items to their local store for a full refund. The FDA recommends in these cases that anyone who purchased or received any recalled products to use extra vigilance in cleaning and sanitizing any surfaces and containers that may have come in contact with these products to reduce the risk of cross-contamination. Listeria monocytogenes can survive in refrigerated temperatures and can easily spread to other foods and surfaces.
    There have been no reports of injuries or adverse reactions due to consumption of these products. Anyone concerned about an injury or illness should contact a healthcare provider.
    The items containing tuna salad were available for purchase at the following banner stores: Albertsons, Randalls and Tom Thumb in Arkansas, Louisiana, Oklahoma and Texas.
    Consumers with questions should contact Albertsons Companies’ Customer Service Center at 1-877-723-3929 Monday through Friday from 5 a.m. to 9 p.m. PST.
    Product Recall Details:

    Product Name 

    UPC 

    Size 

    Sell Thru Dates (if applicable, Or Lot Code/Est. Number)

    Store Banners 

    States 

    RM DUO TUNA SALAD W/CRACKER S

    27183000000

    EA

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM SALAD TUNA PREMIUM SS

    21425000000

    EA

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM SNACKER TRAY TUNA SALAD

    21151300000

    EA

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM SNDWCH TUNA SALAD CROISSANT SS COLD

    21788400000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    RM TUNA SALAD OVER BED OF LETTUCE SS

    21786400000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    SALAD TUNA PREMIUM

    21228800000

    Variable Weight

    Jul 17 25 Thru Jul 19 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY CROISSANT MINI SALAD 16 IN

    27841300000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY CROISSANT MINI SALAD 18 IN

    27841200000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY SALAD SANDWICH 12 IN

    27841500000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    TRAY SALAD SANDWICH 16 IN

    27841400000

    EA

    Jul 16 25 Thru Jul 18 25

    Albertsons, Randalls, Tom Thumb

    AR, LA, OK, TX

    Company Contact Information

    Consumers:
    Albertsons Companies’ Customer Service Center
    1-877-723-3929

    Product Photos

    Content current as of:
    07/21/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI USA: Podcast: Unlocking the fourth state of matter [plasma]

    Source: US Government research organizations

    The fourth state of matter, plasma, is involved in several aspects of how modern microelectronic components are manufactured. Jeremiah Williams, a professor at Wittenberg University and a program director at the U.S. National Science Foundation, discusses how plasmas are used in semiconductor manufacturing and how understanding plasma physics spurs industrial innovation.

    [embedded content]

    Listen to NSF Discovery Files wherever you get your podcasts.

    MIL OSI USA News –

  • MIL-OSI USA: AG Brown files lawsuit to block federal restrictions on public benefits

    Source: Washington State News

    SEATTLE – Attorney General Nick Brown today joined a coalition of 20 other attorneys general in suing the federal administration to stop its unlawful attempt to restrict access to critical health, education, and social service programs.

    Earlier this month, in a chaotic reversal of agency policy, the administration issued notices prohibiting state safety net programs from serving all residents, regardless of immigration status. The change threatens access to critical services like Head Start, Title X family planning, adult education, mental health care, and Community Health Centers. Brown and the coalition are asking the court to halt the new federal rules and act quickly to ensure continued access to some of the nation’s most crucial social services programs.

    “Congress designed these services to be widely accessible to people in this country. But now the Trump administration wants to do an immigration check as preschoolers file into the classroom, ready to learn their ABCs,” Brown said. “These notices impose unworkable requirements on state agencies and providers that are plainly intended to damage these vital support systems and intimidate vulnerable people.” 

    Starting on July 10, the U.S. Departments of Health and Human Services (HHS), Education (ED), Labor (DOL), and Justice (DOJ) issued a coordinated set of rules and guidance documents that reinterpret the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA). The agencies’ new interpretation restricts states from using federal funds to provide services to individuals who cannot verify immigration status – a major shift from long-standing federal practice under both Republican and Democratic administrations. The rules took effect immediately or with minimal notice and affect not only undocumented immigrants, but also some lawful visa holders and, in practice, even U.S. citizens who lack access to formal documentation. 

    These new directives are already causing major disruptions. Because the HHS, ED, and DOL rules took effect last week, state programs are now expected to comply immediately, despite having no infrastructure in place to do so. Most providers cannot implement dramatic regulatory changes overnight and, as a result, they now face a dramatic loss of federal funding. Many crucial state programs must now institute immigration verification measures – including Head Start, Title X Clinics, community health centers, anti-poverty resources, adult education programs, and critical mental health and substance use services – but some providers warn that they will not be able to change their practices no matter how much time and money they have to do so and therefore face closure. 

    In Washington, the new guidance threatens the operation of community health clinics and providers that serve anyone who requests care for mental health or substance abuse, regardless of their ability to pay, place of residence, age, or immigration status. It creates new burdens for the state’s WorkSource centers, which allow local providers such as community colleges, school districts, non-profits, and tribal governments to deliver services such as job search assistance and help employers find workers to fill roles. Non-profit agencies that provide support to families with housing, energy assistance, training, emergency services, nutrition, employment, and financial management will be severely impacted if the new notices take effect. 

    These programs serve broad populations, including U.S. citizens, lawful residents, and new immigrants, and are not designed to collect or verify immigration status. Providers warn that the new rules could deter people from seeking help, lead to service cutoffs, and destabilize systems already stretched thin. Many of these programs, which prevent the spread of communicable disease or promote economic development, exist for the benefit and protection of the broader community, which will be harmed by the effects of the new guidance. 

    The lawsuit argues that the federal government acted unlawfully by issuing these changes without following required procedures under the Administrative Procedure Act, and by misapplying PRWORA to entire programs rather than to individual benefits. The changes also violate the Constitution’s Spending Clause by imposing new funding conditions on states without fair notice or consent. 

    The coalition is asking the court to declare the new rules unlawful, halt their implementation through preliminary and permanent injunctions, vacate the rules and restore the long-standing agency practice, and prevent the federal government from using PRWORA as a pretext to dismantle core safety net programs in the future. 

    Joining Brown in filing this lawsuit are the attorneys general of Arizona, California, Colorado, Connecticut, Hawaiʻi, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Oregon, Rhode Island, Vermont, Wisconsin, and the District of Columbia.

    A copy of the complaint is available here. A copy of the motion for a preliminary injunction is available here.

    -30-

    Washington’s Attorney General serves the people and the state of Washington. As the state’s largest law firm, the Attorney General’s Office provides legal representation to every state agency, board, and commission in Washington. Additionally, the Office serves the people directly by enforcing consumer protection, civil rights, and environmental protection laws. The Office also prosecutes elder abuse, Medicaid fraud, and handles sexually violent predator cases in 38 of Washington’s 39 counties. Visit www.atg.wa.gov to learn more.

    Media Contact:

    Email: press@atg.wa.gov

    Phone: (360) 753-2727

    General contacts: Click here

    Media Resource Guide & Attorney General’s Office FAQ

    MIL OSI USA News –

  • MIL-OSI Security: Remarks of Deputy Director/General Counsel Ramona D. Elliott for the 60th Annual Seminar of the National Association of Chapter Thirteen Trustees

    Source: United States Attorneys General 13

    Note: Remarks as prepared for delivery.

    Thank you for the opportunity to speak with you today. I last joined you in San Francisco three years ago, and I thank President Lon Jenkins, Vice President Melissa Davey, and the rest of the National Association of Chapter Thirteen Trustees’ leadership team for their indulgence in arranging for me to participate today by video. While we wish that we could meet with you in person, I value this opportunity on behalf of the United States Trustee Program to share with you information that is important to all of us.

    I am happy to pick up where we left off last year. I am supported by a strong and experienced leadership team you know well. And we are all committed to moving the Program forward in accomplishing our critical role in the bankruptcy system. 

    There have been, and will be more, changes further to the government’s broader efficiency objectives. You see that today in my appearance by video. Among other measures, we are minimizing travel costs that are unrelated to court appearances.

    And as you may have seen reported, the USTP will have less staff. This is reflected in the President’s recent Budget Request for Fiscal Year 2026. If enacted, the President’s Budget will reduce the USTP’s staffing to 670 employees. Many Program staff have already taken advantage of the offers to retire or resign by the end of September.

    Fortunately, as a nationwide Program, we have opportunities to build on our earlier consolidation efforts to more effectively deploy our resources. We can leverage staff by looking beyond the boundaries of individual field offices and even regions, and we will consolidate more functions across the Program. These efforts will lessen burdens for individual field offices and improve consistency across the country.

    In the weeks and months to come, the Program will refocus and enhance its efficiency in exercising our core statutory duties. I assure you that trustee supervision remains an important priority. We will continue to discuss with your leadership ways we can work together to improve the efficient administration of chapter 13 cases.

    But I want to touch on two things that have come up already in those conversations. The first is criminal referrals. You play an important role in promoting the integrity of the bankruptcy process by referring suspected criminal activity. Please continue to make your criminal referrals to your local field office. And if there have been staffing changes in that office, feel free to elevate to the Assistant U.S. Trustee or the U.S. Trustee. 

    The second issue that has been raised relates to trustee budget season. Many of you have submitted your annual budgets for the next fiscal year. Program staff remain committed to completing our review of your budgets, resolving any issues, and issuing your compensation notices as expeditiously as possible before the end of September. In fact, some of you have heard from us already.

    We also understand that many of you remain rightly concerned about the financial impact of the prolonged decrease in case filings that began at the outset of the pandemic. My message on the operating reserve cap remains the same as the last time I spoke with you: (1) the operating reserve cap remains suspended; and (2) you will receive plenty of notice before any hard cap is reinstituted.

    We continue to have discussions with each of you regarding an appropriate year-end target for your operating reserves. As we have said before, we generally expect the operating reserves not to exceed 50 percent, unless there is an adequate justification in writing. We are also addressing on a case-by-case basis trust operations that are significantly over- or under-reserved. 

    Lastly, I want to remind you that the operating reserve is designed to provide funds to cover actual and necessary trust operation expenses, particularly in the first part of each new fiscal year. As case filings rebound, the continued suspension of the operating reserve cap requires your commitment to remain accountable for managing your operating expenses, including your reserve. Controlling trust operation costs benefits the system broadly, including putting downward pressure on your fixed percentage fees.   

    I will turn to trustee recruitment, which is another of the USTP’s foundational statutory responsibilities. We are committed to recruiting and appointing highly qualified private trustees. I am pleased to report that the quality of interested trustee candidates remains strong.

    For the first three quarters of FY 2025 ending June 30, we have successfully recruited and appointed 41 new trustees, including three chapter 13 trustees. We also have closed four standing chapter 12 trust operations and replaced them with case-by-case trustees. In addition, we are actively recruiting a chapter 13 standing trustee in Richmond, Virginia.

    We appreciate your colleagues’ efforts to keep U.S. Trustees apprised of their plans to resign or retire and working with the Program to facilitate a smooth transition. Providing advance notice is important for both you and us. With each departure, we evaluate whether to recruit a successor trustee or to consolidate the trusteeship with another operation. That decision is largely dictated by case filings and trust operation finances. We are committed to all of you to ensure financially viable trust operations.

    Successfully running a trust operation requires effectively safeguarding sensitive information to protect the trust operation and those who have provided sensitive information in the bankruptcy process. Sadly, the nature of your work in handling and disbursing funds has attracted bad actors eager to exploit vulnerabilities in the process. Continued vigilance from each of you — as well as every member of your staff — remains as important as ever.

    Fortunately, you have procedures to mitigate these risks, even as these schemes evolve over time. For example, trustee adoption of positive pay and secure electronic payments has reduced the potential for misdirected paper checks and related schemes from bad actors. Likewise, STACS (the Standing Trustee Alliance for Computer Security) helps improve the security of your computer systems. We value our participation in STACS as a critical information-sharing measure to protect trust operations and personal data.

    Notwithstanding these important activities, some trustees have experienced breaches or other cybersecurity incidents. These events require immediate action to mitigate potential harm. Indeed, trustees must inform the USTP as soon as possible, in addition to giving appropriate notice to affected parties if required by law. While it may take some time to understand all relevant facts, you must not delay in initiating your remediation and notification efforts. And to be clear, trustees remain obligated to perform these critical functions even if another party, such as a software vendor, undertakes parallel remediation and notification efforts.

    I remind you that the Chapter 13 Trustee Handbook and Supplemental Materials specifically address insurance coverage for cyber liability. While these materials specifically mention a $1 million policy limit per occurrence, I want to make clear that this is not a hard cap. In working with NACTT’s liaison committee in recent years, we have consistently stressed that trustees can, and should, periodically evaluate their cyber liability risks and make an appropriate justification to their U.S. Trustee if they believe that the $1 million policy limit is insufficient. The Program takes these requests seriously.

    Next, I want to touch on something else that I addressed the last time I spoke with you. Then, I informed you that we would soon begin a pilot in a single region of the Program’s new, permanent policy to conduct first meetings of creditors by video in chapter 7, 12, and 13 cases. Last year we updated you on our progress, and today I can close the circle and report that the Program successfully completed its nationwide transition to Zoom 341 meetings.

    I thank you and your leadership in ensuring that the meetings have proceeded smoothly with few reported issues.  We especially appreciated the efforts of Lon Jenkins and Krispen Carroll in arranging a special trustee-only Q&A session with the USTP at the outset of the nationwide expansion. More than 100 of you attended this session as we proactively addressed many of your concerns unique to chapter 13 practice.

    The Program spent more than three years researching, developing, and implementing the transition to video 341 meetings. We were very deliberate, and I thought it would be helpful to provide some insight into the procedures that underpin the successful nationwide rollout.

    As you know, we procured and provided to each of you a Zoom license for conducting these virtual meetings. We also established standard Zoom settings and features. That includes a Zoom login page with an FBI warning and a formal virtual background for your use when conducting your video 341 meetings.

    We also developed Interim Procedures for conducting these virtual meetings. And we devoted substantial time and effort in assisting and providing training for you. We made this significant investment and developed these minimum standards to ensure adequate security, to maintain decorum, and to promote consistency and uniformity nationally. But we also were careful to retain flexibility in our implementation to permit improvements or adjustments as we gained experience and obtained your feedback. 

    For example, the settings and virtual background were subject to adjustment upon U.S. Trustee approval. The Interim Procedures contemplated the incorporation or use of other features, technology, hardware, software, or security protections as virtual meeting technology developed and we learned more. And although the USTP-provided Zoom licenses were limited to conducting 341 meetings, we also have been clear that you may purchase other Zoom licenses or video conferencing capability for other trust operation business.   

    Now that we have fully transitioned to Zoom meetings, through our liaison groups we are engaged with NACTT, as well as with the chapter 7 and chapter 12 trustee organizations (NABT and ACT12), about suggestions for further improvements. This includes incorporating NACTT’s feedback and authorizing you to deploy enhanced virtual waiting room videos, subject to key safeguards and USTP approval. These videos assist debtors by providing additional information to facilitate their successful progress through their chapter 13 cases.

    Another is the ongoing pilot of a virtual “portal” led by Al Russo and Lon Jenkins, which is designed to reduce staffing burdens on your trust operations by increasing debtor access to the meetings through their mobile devices. In our liaison group meeting yesterday, we discussed extending that testing more broadly. If you have other suggestions for improvements, we encourage you to reach out to your leadership and share them.  

    In this same vein, I note that the Program is also engaged with NACTT and the other trustee organizations about proposed changes to Federal Rule of Bankruptcy Procedure 2003. The trustee organizations sent suggestions to the Judicial Conference’s Advisory Committee on Bankruptcy Rules advocating for changes to both the timing and location of the meetings. Nancy Whaley serves as NACTT’s representative on the Rules Committee, and I appreciate her assistance in engaging with all three trustee organizations to try to address your concerns. This includes exploring potential clarifications to the USTP’s interim procedures.

    With respect to the timing of the 341 meetings, we appreciated hearing NACTT’s perspective in seeking additional time to conduct the first meeting of creditors in chapter 13 cases. As to the location of the meetings, I understand that there is a concern about inconsistencies in the USTP’s current practice. So, I want to explain that practice and hopefully dispel any misunderstanding.

    The USTP’s procedures specify that trustees should conduct virtual meetings from their primary business location or another location within the district. They also allow for flexibility for conducting meetings from alternative locations when circumstances warrant. And they include an approval process for exceptions.

    Absent unusual circumstances, U.S. Trustees can, and should, approve infrequent exception requests so long as the trustee takes reasonable steps to satisfy decorum and information security requirements. We have recently reiterated this policy with the U.S. Trustees to promote consistency in the exception process.

    Again, I appreciate NACTT’s willingness to engage with us to hopefully resolve these concerns.

    The last topic I want to touch on is chapter 13 trustee audits. Collectively, chapter 13 trustees distribute billions to creditors each year, and the audits are a critical tool that ensures public confidence in the bankruptcy system. As you know, we have a new five-year contract cycle, and I thank you for your efforts in successfully completing the audits for the first year. 

    You were each audited by a different firm than the one that performed your audits for the prior three years. Along the way, you raised legitimate questions and concerns. In addition, after the audits were completed, we solicited and obtained your feedback.  We have made adjustments in response to your input to improve the process. And we conducted our own review and evaluation, which resulted in additional changes.

    Next year is the first year of the “streamlined” audits.  The audits will be reduced in scope with fewer tested elements and with less in-person field work. We expect that this will reduce the costs for all trust operations. And as we did with the first year of the new contract, we will review and evaluate this second year and welcome your feedback.

    To wrap up, I appreciate the invitation to join you today. As the Program explores new ways to efficiently and effectively meet our mission, we are excited to continue our collaborative relationship with the NACTT.

    And I look forward to working with your incoming President Greg Burrell and your strong leadership team on improving the efficient administration of chapter 13 cases. You have an ambitious agenda for your conference, and I thank you for sharing some of your time with me this morning.

    MIL Security OSI –

  • MIL-OSI USA: SEC Announces George Botic to Serve as Acting Chair of the Public Company Accounting Oversight Board

    Source: Securities and Exchange Commission

    The Securities and Exchange Commission announced today that it has designated George R. Botic to serve as Acting Chair of the Public Company Accounting Oversight Board, effective July 23, 2025. Current PCAOB Chair Erica Y. Williams has resigned from the Board, effective July 22, 2025.

    “I thank Erica Williams for her dedicated service on the Board, and I look forward to working with George Botic as Acting Chair,” said SEC Chairman Paul Atkins.

    “I am honored to work with the SEC and the staff of the PCAOB as Acting Chair to ensure that we meet the mission established by Congress,” said Mr. Botic.

    Mr. Botic is a Certified Public Accountant and became a PCAOB Board Member on October 25, 2023. Prior to joining the Board, he served as the Director of the PCAOB’s Division of Registration and Inspections, where he oversaw the registration and inspection of all domestic and foreign accounting firms that audit public companies whose securities trade in the U.S., as well as all broker-dealer audits. He previously served in various roles at the PCAOB, including as its Director of the Office of International Affairs, Special Advisor to former Chairperson James R. Doty, and Deputy Director of the Registration and Inspections Division. Earlier in his career, Mr. Botic was a Senior Manager with PricewaterhouseCoopers. He is a graduate of Shepherd University and received a Master of Accountancy from Virginia Tech.

    The PCAOB was established by the Sarbanes-Oxley Act of 2002 and oversees the audits of the financial statements of public companies, brokers, and dealers through registration, standard setting, inspection, and disciplinary programs. Under the Act, the Commission selects members and the Chairperson of the Board.

    MIL OSI USA News –

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

    Source: US State of North Dakota

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

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

    Source: US Global Legal Monitor

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

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

    The laws are

    Why are they called the Castbergian Child Laws?

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

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

    What are the Castbergian Laws?

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

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

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

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

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

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

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

    What was the reason for the change in law?

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

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

    How was paternity established?

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

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

    What if the father denied paternity?

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

    What were other notable changes?

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

    Where can I find rules on paternity today?

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

    Additional Resources

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

    Library of Congress Collection Holdings authored by Johan Castberg

    Additional Law Library of Congress Online resources on Norway

    Additional Law Library of Congress Online resources on Child law

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

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

    MIL OSI USA News –

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

    Source: US State of California Governor

    Jul 21, 2025

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

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

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

    Governor Gavin Newsom

    End the militarization now

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

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

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

    Police off the streets, teachers out of classrooms

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

    Drugs arriving at the border, fewer soldiers to stop them

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

    High-ranking U.S. military officials agree

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

    Economic impact of cruel immigration policy

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

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

    Recent news

    Jul 19, 2025

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

    Jul 19, 2025

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

    Jul 17, 2025

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Important Information and Where to Find It

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

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

    Forward-Looking Statements

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

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

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

    No Offer or Solicitation

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

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

    StablecoinX
    press@stablecoinx.com

    TLGY Acquisition Corp.
    media@tlgycpc.com

    Ethena Foundation
    nate.johnson@augustco.com

    The MIL Network –

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

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

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

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

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

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

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

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

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

    About reAlpha Tech Corp.

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

    Forward-Looking Statements

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

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Highlights

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

    Provision for Credit Losses

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

    Noninterest Income

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

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

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

    Noninterest Expense

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

    Income Taxes

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

    Shareholders’ Equity

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

    Dividend Announcement

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    ___________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

    About TWFG

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

    Investor Contact:

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

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

    The MIL Network –

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

    US Senate News:

    Source: United States Senator for Michigan Gary Peters

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

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

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

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

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

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

    MIL OSI USA News –

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

    US Senate News:

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

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

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

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

    MIL OSI USA News –

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

    US Senate News:

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

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

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

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

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

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

    The full letter is here.

    A web version of this release is here.

    MIL OSI USA News –

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

    US Senate News:

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

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

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

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

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

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

    The full letter is here.

    A web version of this release is here.

    MIL OSI USA News –