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Category: United States of America

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

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

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

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

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

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

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

    The text of the senators’ letter is available HERE.

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

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

    MIL OSI USA News –

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

    Source: Government of Canada News

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

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

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

    Associated links

    MIL OSI Canada News –

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    A copy of the bill can be found here.

    MIL OSI USA News –

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

    Source: US State of North Dakota

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

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

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

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

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

    Please see a link to the documents here.

    MIL OSI USA News –

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

    Source: United States Attorneys General

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

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

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

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

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

    Please see a link to the documents here.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Key Highlights for the Second Quarter 2025:

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

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

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

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

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

        Note (1) Additional Information:

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

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

        Non-GAAP Financial Measures

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

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

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

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

        Conference Call and Webcast Information

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

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

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

        About NXP Semiconductors

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

        Forward-looking Statements

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

        For further information, please contact:

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

        NXP-CORP

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

      The MIL Network –

  • MIL-OSI: Gouverneur Bancorp, Inc. Announces Fiscal 2025 Third Quarter and Nine Months Results

    Source: GlobeNewswire (MIL-OSI)

    GOUVERNEUR, N.Y., July 21, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association (the “Bank”), today announced the Company’s results for the third quarter and nine months of fiscal year 2025, ended June 30, 2025.

    The Company reported net income of $217,000, or $0.22 per basic and diluted share, for the quarter ended June 30, 2025, compared to net income of $183,000, or $0.17 per basic and diluted share, for the quarter ended June 30, 2024. The Company also reported net income of $495,000, or $0.48 per basic and diluted share, for the nine months ended June 30, 2025, compared to net income of $403,000, or $0.38 per basic and diluted share, for the nine months ended June 30, 2024.

    Summary of Financial Results

    Our results of operations depend primarily on our net interest income. Net interest income is the difference between the interest income we earn on our interest-earning assets, consisting primarily of loans and securities, and the interest we pay on our interest-bearing liabilities, consisting of savings and club accounts, NOW and money market accounts and time certificates. Our results of operations also are affected by our provisions for credit losses, non-interest income and non-interest expense. Non-interest income currently consists primarily of service charges, earnings on bank owned life insurance and loan servicing fees. Non-interest expense currently consists primarily of salaries and employee benefits, directors’ fees, occupancy and data processing expense and professional fees. Our results of operations also may be affected significantly by other factors including, but not limited to, general and local economic and competitive conditions, changes in market interest rates, governmental policies and actions of regulatory authorities.

    Total assets decreased by $0.6 million or 0.27%, from $197.3 million at September 30, 2024 to $196.7 million at June 30, 2025. Securities available for sale decreased $3.6 million, or 8.05%, from $45.3 million as of September 30, 2024 to $41.7 million as of June 30, 2025 as the Bank received principal paydowns and maturities along with a decrease in the market value as market rates fluctuate. Net loans increased by $1.6 million or 1.35%, from September 30, 2024 to June 30, 2025. The Bank recorded a $9,000 provision for credit loss on loans and a $3,000 provision for credit loss on unfunded commitments for the three months ended June 30, 2025, compared to no provision for credit loss recorded during the same period in the prior year. The Bank made a $27,000 provision for credit loss during the first nine months of fiscal 2025, a decrease from the $70,000 provision made in the same period of fiscal 2024. The higher provision in fiscal 2024 was primarily due to a few charge-offs recorded in the first quarter of that year.

    Deposits decreased $0.5 million or 0.31%, to $159.4 million at June 30, 2025 from $159.9 million at September 30, 2024 due to seasonal fluctuations. The Bank currently holds no Federal Home Loan Bank (FHLB) advances or brokered deposits.

    Shareholders’ equity was $31.4 million at June 30, 2025, representing a decrease of 4.18% from the September 30, 2024 balance of $32.8 million. The decrease in shareholders’ equity was primarily a result of a $1.1 million decrease to the market value of the securities portfolio included in accumulated other comprehensive loss, and the repurchase of common stock by the Company. The Company declared dividends of $0.16 per share totaling $173,000 during the nine months ended June 30, 2025. The Company’s book value was $29.74 per common share based on 1,107,134 shares issued and 1,055,671 shares outstanding at June 30, 2025. The Company’s book value was $29.59 per common share based on 1,107,134 shares issued and outstanding at September 30, 2024.

    Total interest income increased $26,000, or 1.21%, from $2.1 million for the quarter ended June 30, 2024 to $2.2 million for the quarter ended June 30, 2025 due to an increase in loan income, partially offset by a decrease in interest income from investments in taxable and non-taxable securities. For the nine months ended June 30, 2025, total interest income increased $56,000, or 0.87%, from $6.4 million for the nine months ended June 30, 2024 to $6.5 million. Interest income on loans increased $60,000, or 3.61%, for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, interest income on loans increased $203,000, or 4.15%, from the same period in fiscal 2024 due to an increase in market rates resulting in higher interest rates on loan originations and repricing, along with a slight increase in loan volume.

    Total interest expense decreased $27,000, or 6.98%, from $387,000 for the quarter ended June 30, 2024 to $360,000 for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, total interest expense increased $103,000, or 9.83%, from $1.0 million for the nine months ended June 30, 2024 to $1.2 million. Interest expense on deposits increased $39,000, from $321,000 for the quarter ended June 30, 2024 to $360,000 for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, interest expense on deposits increased $295,000, from $856,000 for the nine months ended June 30, 2024 to $1.2 million. Interest expense on FHLB borrowings decreased $98,000 and $304,000 for the three and nine months ended June 30, 2025, respectively, compared to the same periods in fiscal 2024 as the Bank currently holds no FHLB advances as of June 30, 2025. The decrease in total interest expense for the three months ended June 30, 2025 was due to the decrease in interest expense on FHLB borrowings, partially offset by an increase in interest expense on deposits. The increase in total interest expense for the nine months ended June 30, 2025 was due to the increase in interest on deposits, resulting from higher deposit rates from the respective prior year periods, and a decrease in income earned on swap agreements hedged against certain borrowings partially offset by a decrease in borrowing interest expense.

    Net interest margin, which represents net interest income as a percentage of average interest-earning assets, was 4.15% and 4.03% for the quarters ended June 30, 2025 and 2024, and 4.07% and 4.03% for the nine months ended June 30, 2025 and 2024, respectively. Net interest margin increased due to an increase in interest income and a slight decrease in interest-earning assets.

    Non-interest income increased $65,000, from $191,000 for the quarter ended June 30, 2024 to $256,000 for the quarter ended June 30, 2025. For the nine months ended June 30, 2025, non-interest income increased $180,000 to $708,000, from $528,000 for the nine months ended June 30, 2024. This includes the unrealized market value loss on swap agreements held with FHLBNY of $9,000 and $208,000 for the nine months ended June 30, 2025 and 2024, respectively. Other non-interest income increased $73,000 during the nine months ended June 30, 2025 compared to the same period last year, primarily due to the recognition of additional income from a tax-related refund, including a Mortgage Recording Tax (MRT) credit.

    Non-interest expense increased $16,000 for the three months ended June 30, 2025, remaining at $1.8 million compared to the three months ended June 30, 2024. The total increase included a $39,000 increase in foreclosed asset expenses primarily due to legal fees incurred on various property foreclosures this fiscal year, whereas the prior period included a gain on the sale of a foreclosed property. For the nine months ended June 30, 2025, non-interest expense increased $10,000 compared to the same period in fiscal 2024. Other non-interest expense increased $188,000 during the nine months ended June 30, 2025, primarily due to operational expenses related to the Company’s operations as a public company. Total non-interest expense included a decrease in salaries and employee benefits of $66,000 and a $18,000 decrease in earnings on the Bank’s deferred fees plan due to fluctuations in market rates. Data processing and occupancy expenses also decreased during the nine months ended June 30, 2025.

    Financial and Operational Metrics (GAAP) – The following information is preliminary and based on the Company’s data available at the time of presentation.

      06/30/2025   09/30/2024
      (In Thousands)
      (unaudited)    
    Statement of Condition      
    Assets      
    Cash and Cash Equivalents $ 7,205     $ 6,370  
    Securities Available-for-Sale   41,697       45,348  
    Loans Receivable, Net of Allowance for Credit Losses and Deferred Loan Fees   125,933       124,257  
    Premises and Equipment, Net   2,878       2,924  
    Goodwill and Intangible Assets   5,623       5,901  
    Accrued Interest Receivable and Other Assets   13,383       12,460  
    Total Assets $ 196,719     $ 197,260  
           
    Liabilities and Shareholders’ Equity      
    Deposits $ 159,414     $ 159,902  
    Accrued Interest Payable and Other Liabilities   5,908       4,593  
    Total Liabilities   165,322       164,495  
           
    Common Stock   11       11  
    Additional Paid in Capital   6,505       6,487  
    Unearned Common Stock held by ESOP   (501 )     (540 )
    Retained Earnings   28,735       28,413  
    Accumulated Other Comprehensive Loss   (2,721 )     (1,606 )
    Authorized but Unissued Stock   (632 )     –  
    Total Shareholders’ Equity   31,397       32,765  
    Total Liabilities and Shareholders’ Equity $ 196,719     $ 197,260  
           
      For the Quarter Ended   For the Nine Months Ended
      06/30/2025   06/30/2024   06/30/2025   06/30/2024
      (In Thousands except per share data)
      (unaudited)
    Statement of Earnings              
    Interest Income $ 2,170     $ 2,144     $ 6,473     $ 6,417  
    Interest Expense   360       387       1,151       1,048  
    Net Interest Income   1,810       1,757       5,322       5,369  
                   
    Provision for Credit Loss   12       –       27       70  
    Net Interest Income After Provision for Credit Loss   1,798       1,757       5,295       5,299  
                   
    Non-interest Income   256       191       708       528  
    Non-interest Expenses   1,786       1,770       5,474       5,464  
                   
    Income Before Income Tax Expense (Benefit)   268       178       529       363  
    Income Tax Expense (Benefit)   51       (5 )     34       (40 )
    Net Income $ 217     $ 183     $ 495     $ 403  
                   
    Performance Ratios              
    Basic and Diluted Earnings per Share $ 0.22     $ 0.17     $ 0.48     $ 0.38  
    Annualized Return on Average Assets   0.44 %     0.37 %     0.34 %     0.27 %
    Annualized Return on Average Equity   2.79 %     2.33 %     2.08 %     1.79 %
    Net Interest Spread   3.98 %     3.83 %     3.87 %     3.86 %
    Net Interest Margin   4.15 %     4.03 %     4.07 %     4.03 %
                                   

    About Gouverneur Bancorp, Inc.

    Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, Gouverneur Bancorp, Inc. had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.

    Forward-Looking Statements

    This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.

    Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company and the Bank assume no obligation to update any forward-looking statements.

    For more information, contact Charles C. Van Vleet, Jr., Interim President and Chief Executive Officer at (315) 287-2600.

    The MIL Network –

  • MIL-OSI: Par Pacific, Mitsubishi, and ENEOS to Establish Joint Venture for Renewable Fuels in Hawaii

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and TOKYO, July 21, 2025 (GLOBE NEWSWIRE) — Par Pacific Holdings, Inc. (including its subsidiaries and affiliates, “Par Pacific”), Mitsubishi Corporation (“Mitsubishi”), and ENEOS Corporation (“ENEOS”) today announced the signing of definitive agreements to establish Hawaii Renewables, LLC (“Hawaii Renewables”), a joint venture to produce renewable fuels at Par Pacific’s refinery in Kapolei Hawaii. Mitsubishi and ENEOS will form Alohi Renewable Energy, LLC, which will acquire a 36.5% equity stake in Hawaii Renewables in exchange for cash consideration of $100 million. Par Pacific will retain the remaining interest and lead the project’s execution and operations through its affiliate, Par Hawaii Refining, LLC. The project’s attractive capital cost, along with its operating and distribution cost advantages, are key differentiators.

    Hawaii Renewables will leverage Par Pacific’s existing refining and logistics infrastructure and Lutros, LLC’s new and advantaged pretreatment technology. Construction is currently underway, and the facility is expected to be completed and operational by the end of the year. Once fully operational, Hawaii Renewables will be the state’s largest renewable fuels manufacturing facility and is expected to produce approximately 61 million gallons per year of renewable diesel (“RD”), sustainable aviation fuel (“SAF”), renewable naphtha and low carbon liquified petroleum gases.

    The facility is designed to produce up to 60% SAF as a first step toward decarbonizing Hawaii’s significant air travel market, with flexibility to process diverse feedstocks and shift yields to RD based on market conditions. These renewable fuels will contribute to reducing greenhouse gas emissions while providing reliable transportation and utility fuels to Hawaii consumers.

    This strategic partnership will combine Par Pacific’s advantaged West Coast and Pacific asset base and operational capabilities with Mitsubishi’s global integrated business, including access to Mitsubishi’s Petro-Diamond Inc. Terminal in Long Beach, California and global feedstock procurement expertise. As Japan’s leading energy company, ENEOS will strengthen the partnership by leveraging its historical success in fuel refining and trading across Asia-Pacific and North America.

    “We are thrilled to partner with Mitsubishi and ENEOS through the formation of this strategic joint venture,” said Will Monteleone, Par Pacific’s President & Chief Executive Officer. “Creating the Hawaii Renewables joint venture brings together the best of our three organizations and yields additional scale and expertise across feedstock origination, commercial optimization, and market access throughout the Pacific Basin.”

    “We are so honored to partner with Par Pacific in the renewable fuels business,” said Masaru Saito, Group CEO, Environmental Energy Group, Mitsubishi Corporation. “We view this partnership as an important step for our SAF initiative, supporting aviation sector decarbonization across Hawaii and beyond through our feedstock procurement and renewable fuels sales expertise.”

    “We anticipate this project will deliver a stable supply of energy and contribute to a carbon-neutral society,” said Marcus Echigoya, Senior Vice President, Managing Executive Officer, ENEOS Corporation. “ENEOS aims to contribute to this initiative by utilizing our deep experience in fuel refining and marketing, with an emphasis on enhancing Hawaii Renewable’s feedstock procurement capabilities.”

    The closing of the joint venture transaction is subject to customary closing conditions and regulatory approvals. Lazard served as financial advisor to Par Pacific on this transaction.

    About Par Pacific
    Par Pacific Holdings, Inc. (NYSE: PARR), headquartered in Houston, Texas, is a growing energy company providing both renewable and conventional fuels to the western United States. Par Pacific owns and operates 219,000 bpd of combined refining capacity across four locations in Hawaii, the Pacific Northwest and the Rockies, and an extensive energy infrastructure network, including 13 million barrels of storage, and marine, rail, rack, and pipeline assets. In addition, Par Pacific operates the Hele retail brand in Hawaii and the “nomnom” convenience store chain in the Pacific Northwest. Par Pacific also owns 46% of Laramie Energy, LLC, a natural gas production company with operations and assets concentrated in Western Colorado. More information is available at www.parpacific.com. 

    About Mitsubishi Corporation
    Mitsubishi Corporation is a global integrated business enterprise that develops and operates business together with its offices and subsidiaries worldwide. MC has eight Business Groups that operate across virtually every industry: Environmental Energy, Material Solution, Mineral Resources, Urban Development and Infrastructure, Mobility, Food Industry, Smart-Life Creation, and Power Solution.

    About ENEOS Corporation
    ENEOS Group is Japan’s leading energy company with manufacturing and sales facilities throughout the world. ENEOS has developed businesses in the refining and marketing of petroleum products, petrochemical products, and lubricants. While fulfilling our responsibility of providing a stable supply of energy and materials both now and in the future, we will realize a carbon neutral society through energy transition. This is also a great challenge for mankind, and we, the ENEOS Group, will maximize our corporate value by steadily taking on the challenge.

    Forward-Looking Statements
    This news release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, without limitation, statements about Par Pacific’s plans to invest in renewable fuels production. There can be no assurances that Par Pacific will be successful in its renewable fuels production efforts, which are subject to various risks and uncertainties. We cannot provide assurances that the assumptions upon which these forward-looking statements are based will prove to have been correct. Should one of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements, and investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. We do not intend to update or revise any forward-looking statements made herein or any other forward-looking statements as a result of new information, future events or otherwise. We further expressly disclaim any written or oral statements made by a third party regarding the subject matter of this news release.

    Par Pacific Contacts
    Investors:
    Ashimi Patel
    VP, Investor Relations & Sustainability
    +1 (832) 916-3355
    apatel@parpacific.com

    Media Inquiries:
    Marc Inouye
    Director, Government & Public Affairs
    +1 (808) 203-2344
    minouye@parpacific.com

    Mitsubishi Corporation Contacts
    Media Inquiries:
    Telephone: +81-3-3210-2171

    ENEOS Contacts
    Media Inquiries:
    pr@eneos.com

    The MIL Network –

  • MIL-OSI: Draganfly Announces Closing of US$25.0 Million Registered Direct Offering

    Source: GlobeNewswire (MIL-OSI)

    Saskatoon, SK., July 21, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8A) (“Draganfly” or the “Company”), an award-winning developer of drone solutions, software, and robotics, today announced the closing of its previously announced registered direct offering of 4,672,895 units of the Company (the “Units”), at a price of US$5.35 per Unit, for gross proceeds of approximately US$25.0 million, before deducting placement agent discounts and offering expenses (the “Offering”).

    Each Unit consists of one common share in the capital of the Company (each, a “Common Share”) and one common share purchase warrant (each, a “Warrant”). The Warrants entitle the holder thereof to purchase one Common Share at an exercise price of CA$7.3579 (the Canadian dollar equivalent of US$5.35) per Common Share, are exercisable immediately and will expire five years following the date of issuance.

    Maxim Group LLC acted as sole placement agent for the Offering.

    Draganfly currently intends to use the net proceeds from the Offering for general corporate purposes, including to fund its capabilities to meet demand for its new products including growth initiatives and/or for working capital requirements including the continuing development and marketing of the Company’s core products, potential acquisitions and research and development.

    The Offering was made pursuant to an effective shelf registration statement on Form F-10, as amended, (File No. 333-271498) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 5, 2023 and the Company’s Canadian short form base shelf prospectus dated June 30, 2023 (the “Base Shelf Prospectus”). Draganfly offered and sold the securities in the United States only. No securities were offered or sold to Canadian purchasers.

    A prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering and describing the terms thereof was filed with the applicable securities commissions in the Canadian provinces of British Columbia, Saskatchewan and Ontario, and with the SEC in the United States and is available for free by visiting the Company’s profiles on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca or the SEC’s website at www.sec.gov, as applicable. Copies of the prospectus supplement and accompanying Base Shelf Prospectus relating to the Offering may be obtained by contacting Maxim Group LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, or by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.

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

    About Draganfly

    Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

    Media Contact
    media@draganfly.com

    Company Contact
    Cameron Chell, Chief Executive Officer
    Tel: (306) 955-9907
    Email: info@draganfly.com

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements, based as they are on the current expectations of management, inherently involve numerous important risks, uncertainties and assumptions, known and unknown. In this news release, such forward-looking statements include, but are not limited to, statements regarding the intended use of proceeds of the Offering. These forward looking statements are subject to numerous factors, many of which are beyond Draganfly’s control, including but not limited to, those important factors disclosed previously and from time to time in Draganfly’s filings with the securities regulatory authorities in the Canadian provinces of British Columbia, Ontario and Saskatchewan and with the SEC. Actual future events may differ from the anticipated events expressed in such forward-looking statements. Draganfly believes that expectations represented by forward-looking statements are reasonable, yet there can be no assurance that such expectations will prove to be correct. The reader should not place undue reliance, if any, on any forward-looking statements included in this news release. These forward-looking statements speak only as of the date made, and Draganfly is under no obligation and disavows any intention to update publicly or revise such statements as a result of any new information, future event, circumstances or otherwise, unless required by applicable securities laws.‎ Investors are cautioned not to unduly rely on these forward-looking statements and are encouraged to read the Offering documents, as well as Draganfly’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar.

    The MIL Network –

  • MIL-Evening Report: Africa’s minerals are being bartered for security: why it’s a bad idea

    Source: The Conversation (Au and NZ) – By Hanri Mostert, SARChI Chair for Mineral Law in Africa, University of Cape Town

    A US-brokered peace deal between the Democratic Republic of Congo (DRC) and Rwanda binds the two African nations to a worrying arrangement: one where a country signs away its mineral resources to a superpower in return for opaque assurances of security.

    The peace deal, signed in June 2025, aims to end three decades of conflict between the DRC and Rwanda.

    A key part of the agreement binds both nations to developing a regional economic integration framework. This arrangement would expand cooperation between the two states, the US government and American investors on “transparent, formalized end-to-end mineral chains”.

    Despite its immense mineral wealth, the DRC is among the five poorest countries in the world. It has been seeking US investment in its mineral sector.

    The US has in turn touted a potential multi-billion-dollar investment programme to anchor its mineral supply chains in the traumatised and poor territory.

    The peace that the June 2025 deal promises, therefore, hinges on chaining mineral supply to the US in exchange for Washington’s powerful – but vaguely formulated – military oversight.

    The peace agreement further establishes a joint oversight committee – with representatives from the African Union, Qatar and the US – to receive complaints and resolve disputes between the DRC and Rwanda.

    But beyond the joint oversight committee, the peace deal creates no specific security obligations for the US.

    The relationship between the DRC and Rwanda has been marred by war and tension since the bloody First (1996-1997) and Second (1998-2003) Congo wars. At the heart of much of this conflict is the DRC’s mineral wealth. It has fuelled competition, exploitation and armed violence.

    This latest peace deal introduces a resources-for-security arrangement. Such deals aren’t new in Africa. They first emerged in the early 2000s as resources-for-infrastructure transactions. Here, a foreign state would agree to build economic and social infrastructure (roads, ports, airports, hospitals) in an African state. In exchange, it would get a major stake in a government-owned mining company. Or gain preferential access to the host country’s minerals.

    We have studied mineral law and governance in Africa for more than 20 years. The question that emerges now is whether a US-brokered resources-for-security agreement will help the DRC benefit from its resources.

    Based on our research on mining, development and sustainability, we believe this is unlikely.

    This is because resources-for-security is the latest version of a resource-bartering approach that China and Russia pioneered in countries such as Angola, the Central African Republic and the DRC.

    Resource bartering in Africa has eroded the sovereignty and bargaining power of mineral-rich nations such as the DRC and Angola.

    Further, resources-for-security deals are less transparent and more complicated than prior resource bartering agreements.

    DRC’s security gaps

    The DRC is endowed with major deposits of critical minerals like cobalt, copper, lithium, manganese and tantalum. These are the building blocks for 21st century technologies: artificial intelligence, electric vehicles, wind energy and military security hardware. Rwanda has less mineral wealth than its neighbour, but is the world’s third-largest producer of tantalum, used in electronics, aerospace and medical devices.

    For almost 30 years, minerals have fuelled conflict and severe violence, especially in eastern DRC. Tungsten, tantalum and gold (referred to as 3TG) finance and drive conflict as government forces and an estimated 130 armed groups vie for control over lucrative mining sites. Several reports and studies have implicated the DRC’s neighbours – Rwanda and Uganda – in supporting the illegal extraction of 3TG in this region.

    The DRC government has failed to extend security over its vast (2.3 million square kilometres) and diverse territory (109 million people, representing 250 ethnic groups). Limited resources, logistical challenges and corruption have weakened its armed forces.

    This context makes the United States’ military backing enormously attractive. But our research shows there are traps.

    What states risk losing

    Resources-for-infrastructure and resources-for-security deals generally offer African nations short-term stability, financing or global goodwill. However, the costs are often long-term because of an erosion of sovereign control.

    Here’s how this happens:

    Examples of loss or near-loss of sovereignty from these sorts of deals abound in Africa.

    For instance, Angola’s US$2 billion oil-backed loan from China Eximbank in 2004. This was repayable in monthly deliveries of oil, with revenues directed to Chinese-controlled accounts. The loan’s design deprived Angolan authorities of decision-making power over that income stream even before the oil was extracted.

    These deals also fragment accountability. They often span multiple ministries (such as defence, mining and trade), avoiding robust oversight or accountability. Fragmentation makes resource sectors vulnerable to elite capture. Powerful insiders can manipulate agreements for private gain.

    In the DRC, this has created a violent kleptocracy, where resource wealth is systematically diverted away from popular benefit.

    Finally, there is the risk of re-entrenching extractive trauma. Communities displaced for mining and environmental degradation in many countries across Africa illustrate the long-standing harm to livelihoods, health and social cohesion.

    These are not new problems. But where extraction is tied to security or infrastructure, such damage risks becoming permanent features, not temporary costs.

    What needs to change

    Critical minerals are “critical” because they’re hard to mine or substitute. Additionally, their supply chains are strategically vulnerable and politically exposed. Whoever controls these minerals controls the future. Africa must make sure it doesn’t trade that future away.

    In a world being reshaped by global interests in critical minerals, African states must not underestimate the strategic value of their mineral resources. They hold considerable leverage.

    But leverage only works if it is wielded strategically. This means:

    • investing in institutional strength and legal capacity to negotiate better deals

    • demanding local value creation and addition

    • requiring transparency and parliamentary oversight for minerals-related agreements

    • refusing deals that bypass human rights, environmental or sovereignty standards.

    Africa has the resources. It must hold on to the power they wield.

    Hanri Mostert receives funding from the National Research Foundation (NRF) of South Africa. She is a member of the Expropriation Expert Group and a steering committee member of the International Bar Association’s (IBA) Academic Advisory Group (AAG) in the Sector for Energy, Environmental, Resources and Infrastructure Law (SEERIL).

    Tracy-Lynn Field receives funding from the Claude Leon Foundation. She is a non-executive director of the Wildlife and Environment Society of South Africa.

    – ref. Africa’s minerals are being bartered for security: why it’s a bad idea – https://theconversation.com/africas-minerals-are-being-bartered-for-security-why-its-a-bad-idea-260594

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy

    Source: The Conversation (Au and NZ) – By Stephanie A. (Sam) Martin, Frank and Bethine Church Endowed Chair of Public Affairs, Boise State University

    Congress’ cuts to public broadcasting will diminish the range and volume of the free press and the independent reporting it provides. MicroStockHub-iStock/Getty Images Plus

    Champions of the almost entirely party-line vote in the U.S. Senate to erase US$1.1 billion in already approved funds for the Corporation for Public Broadcasting called their action a refusal to subsidize liberal media.

    “Public broadcasting has long been overtaken by partisan activists,” said U.S. Sen. Ted Cruz of Texas, insisting there is no need for government to fund what he regards as biased media. “If you want to watch the left-wing propaganda, turn on MSNBC,” Cruz said.

    Accusing the media of liberal bias has been a consistent conservative complaint since the civil rights era, when white Southerners insisted news outlets were slanting their stories against segregation. During his presidential campaign in 1964, U.S. Sen. Barry Goldwater of Arizona complained that the media was against him, an accusation that has been repeated by every Republican presidential candidate since.

    But those charges of bias rarely survive empirical scrutiny.

    As chair of a public policy institute devoted to strengthening deliberative democracy, I have written two books about the media and the presidency, and another about media ethics. My research traces how news institutions shape civic life and why healthy democracies rely on journalism that is independent of both market pressure and partisan talking points.

    That independence in the United States – enshrined in the press freedom clause of the First Amendment – gives journalists the ability to hold government accountable, expose abuses of power and thereby support democracy.

    GOP Sen. Ted Cruz speaks to reporters as Senate Republicans vote on President Donald Trump’s request to cancel about $9 billion in foreign aid and public broadcasting spending on July 16, 2025.
    AP Photo/J. Scott Applewhite

    Trusting independence

    Ad Fontes Media, a self-described “public benefit company” whose mission is to rate media for credibility and bias, have placed the reporting of “PBS NewsHour” under 10 points left of the ideological center. They label it as both “reliable” and based in “analysis/fact.” “Fox and Friends,” by contrast, the popular morning show on Fox News, is nearly 20 points to the right. The scale starts at zero and runs 42 points to the left to measure progressive bias and 42 points to the right to measure conservative bias. Ratings are provided by three-person panels comprising left-, right- and center-leaning reviewers.

    A 2020 peer-reviewed study in Science Advances that tracked more than 6,000 political reporters likewise found “no evidence of liberal media bias” in the stories they chose to cover, even though most journalists are more left-leaning than the rest of the population.

    A similar 2016 study published in Public Opinion Quarterly said that media are more similar than dissimilar and, excepting political scandals, “major
    news organizations present topics in a largely nonpartisan manner,
    casting neither Democrats nor Republicans in a particularly favorable
    or unfavorable light    .”

    Surveys show public media’s audiences do not see it as biased. A national poll of likely voters released July 14, 2025, found that 53% of respondents trust public media to report news “fully, accurately and fairly,” while only 35% extend that trust to “the media in general.” A majority also opposed eliminating federal support.

    Contrast these numbers with attitudes about public broadcasters such as MTVA in Hungary or the TVP in Poland, where the state controls most content. Protests in Budapest October 2024 drew thousands demanding an end to “propaganda.” Oxford’s Reuters Institute for the Study of Journalism reports that TVP is the least trusted news outlet in the country.

    While critics sometimes conflate American public broadcasting with state-run outlets, the structures are very different.

    Safeguards for editorial freedom

    In state-run media systems, a government agency hires editors, dictates coverage and provides full funding from the treasury. Public officials determine – or make up – what is newsworthy. Individual media operations survive only so long as the party in power is happy.

    Public broadcasting in the U.S. works in almost exactly the opposite way: The Corporation for Public Broadcasting is a private nonprofit with a statutory “firewall” that forbids political interference.

    More than 70% of the Corporation for Public Broadcasting’s federal appropriation for 2025 of US$1.1 billion flows through to roughly 1,500 independently governed local stations, most of which are NPR or PBS affiliates but some of which are unaffiliated community broadcasters. CPB headquarters retains only about 5% of that federal funding.

    Stations survive by combining this modest federal grant money with listener donations, underwriting and foundation support. That creates a diversified revenue mix that further safeguards their editorial freedom.

    And while stations share content, each also has latitude when it comes to programming and news coverage, especially at the local level.

    As a public-private partnership, individual communities mostly own the public broadcasting system and its affiliate stations. Congress allocates funds, while community nonprofits, university boards, state authorities or other local license holders actually own and run the stations. Individual monthly donors are often called “members” and sometimes have voting rights in station-governance matters. Membership contributions make up the largest share of revenue for most stations, providing another safeguard for editorial independence.

    A host and guest in July 2024 sit inside a recording studio at KMXT, the public radio station on Kodiak Island in Alaska.
    Nathaniel Herz/Northern Journal

    Broadly shared civic commons

    And then there are public media’s critical benefits to democracy itself.

    A 2021 report from the European Broadcasting Union links public broadcasting with higher voter turnout, better factual knowledge and lower susceptibility to extremist rhetoric.

    Experts warn that even small cuts will exacerbate an already pernicious problem with political disinformation in the U.S., as citizens lose access to free information that fosters media literacy and encourages trust across demographics.

    In many ways, public media remains the last broadly shared civic commons. It is both commercial-free and independently edited.

    Another study, by the University of Pennsylvania’s Annenberg School in 2022, affirmed that “countries with independent and well-funded public broadcasting systems also consistently have stronger democracies.”

    The study highlighted how public media works to bridge divides and foster understanding across polarized groups. Unlike commercial media, where the profit motive often creates incentives to emphasize conflict and sensationalism, public media generally seeks to provide balanced perspectives that encourage dialogue and mutual respect. Reports are often longer and more in-depth than those by other news outlets.

    Such attention to nuance provides a critical counterweight to the fragmented, often hyperpartisan news bubbles that pervade cable news and social media. And this skillful, more balanced treatment helps to ameliorate political polarization and misinformation.

    In all, public media’s unique structure and mission make democracy healthier in the U.S. and across the world. Public media prioritizes education and civic enlightenment. It gives citizens important tools for navigating complex issues to make informed decisions – whether those decisions are about whom to vote for or about public policy itself. Maintaining and strengthening public broadcasting preserves media diversity and advances important principles of self-government.

    Congress’ cuts to public broadcasting will diminish the range and volume of the free press and the independent reporting it provides. Ronald Reagan once described a free press as vital for the United States to succeed in its “noble experiment in self-government.” From that perspective, more independent reporting – not less – will prove the best remedy for any worry about partisan spin.

    Stephanie A. (Sam) Martin does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. PBS and NPR are generally unbiased, independent of government propaganda and provide key benefits to US democracy – https://theconversation.com/pbs-and-npr-are-generally-unbiased-independent-of-government-propaganda-and-provide-key-benefits-to-us-democracy-261512

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Africa: Minister of State and Ministry of Foreign Affairs: Responsibility for Implementing DRC Peace Agreement Lies with Both Parties

    Source: Government of Qatar

    Doha, July 19, 2025

    HE Minister of State at the Ministry of Foreign Affairs, Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi, affirmed that the responsibility for implementing the agreement between the Government of the Democratic Republic of the Congo (DRC) and the Congo River Alliance/March 23 Movement lies with both parties. His Excellency emphasized that this achievement represents a firm foundation upon which to build a more secure and stable future for the region.

    Speaking at a press conference following the signing of the Declaration of Principles between the Government of the DRC and the Congo River Alliance/March 23 Movement in Doha today, His Excellency described the declaration as a critical step toward strengthening peace and stability in eastern DRC. It marks the beginning of direct negotiations aimed at achieving a comprehensive peace that addresses the root causes of the conflict. He expressed confidence in the commitment of both parties to uphold the agreement.

    HE Dr. Al Khulaifi underscored the State of Qatar’s role as a neutral and effective mediator, highlighting its efforts to bring the parties closer together and build bridges of understanding. He praised the sense of responsibility demonstrated by both sides in reaching this declaration and expressed appreciation for the trust placed in Qatar to facilitate the process.

    His Excellency commended the substantial support of HE President of the Democratic Republic of the Congo, Felix Tshisekedi, for the peace process, as well as the constructive approach of the Congolese government’s negotiating delegation. He also acknowledged the cooperation of Bernard Bisimwa, Vice President of the Congo River Alliance/M23 Movement, and the movement’s delegation during the talks.

    HE Dr. Al Khulaifi noted that Qatari mediation efforts began in March, when HH the Amir Sheikh Tamim bin Hamad Al-Thani hosted HE President Tshisekedi and HE President of the Republic of Rwanda, Paul Kagame, in Doha. During that meeting, President Tshisekedi expressed his readiness to engage in dialogue with the Congo River Alliance/March 23 Movement.

    Since then, Qatar has hosted direct negotiations between the parties, which were marked by a positive and responsible spirit, grounded in a shared belief in dialogue as the primary path to conflict resolution. These efforts culminated in the signing of the Declaration of Principles.

    Dr. Al Khulaifi stated that the leaders’ meeting in March served as a launching point for this process, leading to a series of positive developments, including the signing of the Washington Agreement between the DRC and Rwanda on June 27, 2025, an agreement that paved the way for today’s declaration.

    He emphasized that the Declaration of Principles is not solely focused on ending violence but also provides a practical roadmap for national reconciliation. It marks the beginning of a new phase of cooperation among various societal components in the DRC, including armed groups that have chosen the path of peace. The declaration also outlines a significant role for the international community in supporting peacebuilding and sustainable development.

    His Excellency noted that the two parties demonstrated a genuine determination to break the cycle of violence and build mutual trust through concrete actions, such as the exchange of prisoners and detainees, the restoration of state authority, and the dignified return of displaced persons and refugees.

    HE Dr. Al Khulaifi expressed the State of Qatar’s gratitude to the African Union and acknowledged the support of the United States of America, particularly the efforts of HE US Presidential Envoy and Senior Advisor for African Affairs, Massad Boulos. He also commended the contributions of HE Chairperson of the African Union Commission, Mahmoud Ali Youssouf.

    Additionally, His Excellency recognized the constructive roles played by the Republic of Rwanda, the French Republic, the United Kingdom, and the Consultative Dialogue Group, as well as the engagement of all regional and international partners backing the process.

    HE Dr. Al Khulaifi affirmed that this initiative reflects Qatar’s steadfast commitment to mediation as a cornerstone of its foreign policy. The State of Qatar remains dedicated to supporting peacemaking efforts, advancing sustainable development, and empowering communities to achieve long-term stability grounded in justice, inclusiveness, and mutual respect.

    He expressed hope that the Declaration of Principles will represent a meaningful step toward lasting peace and sustainable development in the Democratic Republic of the Congo and the wider region.

    For his part, HE Massad Boulos, the US Presidential Envoy and Senior Advisor for African Affairs, praised Qatar’s vital role in facilitating the agreement, stating: “The State of Qatar is known for its pioneering role in resolving conflicts around the world, and we thank it for its essential efforts in this matter.”

    HE Boulos noted that the conflict in the DRC has displaced more than eight million people, and that past initiatives have largely failed to yield results, making the Doha agreement a rare and valuable opportunity to achieve peace.

    He further highlighted Qatar’s diplomatic leadership over the past two decades in facilitating complex peace processes, from Darfur in Sudan, to the Lebanese crisis, the Afghanistan negotiations, and now the DRC.

    HE Boulos emphasized that while the Declaration of Principles marks only the first step, it is a critical one. It addresses core issues such as the immediate and permanent cessation of violence, prisoner exchanges, the restoration of full state authority, and the safe, dignified return of displaced persons and refugees. He called for the launch of direct negotiations to address the roots of the conflict and reach a comprehensive peace agreement, while urging international support for national reconciliation and development in conflict-affected areas.

    MIL OSI Africa –

  • MIL-OSI USA: Press Release: Federal Bank Regulatory Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI USA: ICE Buffalo removes several violent criminal aliens from US

    Source: US Immigration and Customs Enforcement

    July 21, 2025Buffalo, NY, United StatesEnforcement and Removal

    BUFFALO, N.Y. — U.S. Immigration and Customs Enforcement Buffalo officers are on the streets every day, bravely executing the agency’s mission to locate, arrest and remove egregious criminal aliens from the United States in line with the president’s policy of “worst first.”

    “I’m extraordinarily proud of our officers who, despite a record increase in assaults against them, continue to selflessly dedicate themselves to protecting public safety and national security,” said ICE Enforcement and Removal Operations Buffalo acting Deputy Field Office Director James T. Bausch. “These violent criminals can no longer pose a threat to anyone in our country.”

    Between July 11 and July 17, ICE Buffalo removed the following criminal aliens with felony convictions and pending charges: 

    • Jesus Flores-Flores, a 49-year-old citizen of Mexico convicted of manslaughter, assault and criminal mischief.
    • Gerber Rosil-Galdamez, a 41-year-old citizen of Guatemala convicted of rape and sexual abuse.  
    • Ivan Fidencio Juarez-Rivera, a 42-year-old citizen of Mexico with convictions for domestic violence, assault, burglary, driving while intoxicated and illegal reentry.
    • Cristian Josue Pena-Contreras, a 21-year-old citizen of Honduras whose criminal history includes 13 convictions for receiving stolen property, larceny and larceny of a motor vehicle.
    • Jostin Javier Cabrera-Ruiz, an 18-year-old citizen of Ecuador whose criminal history includes pending charges for robbery, criminal mischief, criminal possession stolen property, possession of credit card, grand larceny, menacing, criminal possession of weapon and petit larceny.
    • Marlon Ganesh Beerbhajan, a 48-year-old citizen of Guyana pending charges for unlawful imprisonment and forcible touching.

    Learn more about ERO Buffalo’s mission to preserve public safety on X at @EROBuffalo.

    MIL OSI USA News –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Veritex Holdings, Inc. (NASDAQ: VBTX)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Veritex Holdings, Inc. (NASDAQ: VBTX) related to its sale to Huntington Bancshares Inc. Upon completion of the proposed transaction, Huntington will issue 1.95 shares for each outstanding share of Veritex. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/veritex-holdings-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Veritex Holdings, Inc. (NASDAQ: VBTX)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Veritex Holdings, Inc. (NASDAQ: VBTX) related to its sale to Huntington Bancshares Inc. Upon completion of the proposed transaction, Huntington will issue 1.95 shares for each outstanding share of Veritex. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/veritex-holdings-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Goldenstone Acquisition Limited (OTCMKTS: GDST)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Goldenstone Acquisition Limited (OTCMKTS: GDST) related to its merger with Infintium Fuel Cell Systems, Inc. Upon completion of the proposed transaction, Infinitum Class A and Class B common stock will be converted into shares of Goldenstone common stock. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/goldenstone-acquisition-limited/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Goldenstone Acquisition Limited (OTCMKTS: GDST)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Goldenstone Acquisition Limited (OTCMKTS: GDST) related to its merger with Infintium Fuel Cell Systems, Inc. Upon completion of the proposed transaction, Infinitum Class A and Class B common stock will be converted into shares of Goldenstone common stock. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/goldenstone-acquisition-limited/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Colombier Acquisition Corp. II (NYSE: CLBR)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Colombier Acquisition Corp. II (NYSE: CLBR) related to its merger with Metroplex Trading Company (“GrabAGun”). The proposed transaction is valued at $150 million with the current equity holders of GrabAGun receiving $100 million of stock in the combined company and $50 million of cash. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/colombier-acquisition-corp-ii/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Colombier Acquisition Corp. II (NYSE: CLBR)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Colombier Acquisition Corp. II (NYSE: CLBR) related to its merger with Metroplex Trading Company (“GrabAGun”). The proposed transaction is valued at $150 million with the current equity holders of GrabAGun receiving $100 million of stock in the combined company and $50 million of cash. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/colombier-acquisition-corp-ii/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of iTeos Therapeutics, Inc. (NASDAQ: ITOS)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating iTeos Therapeutics, Inc. (NASDAQ: ITOS) related to its sale to Concentra Biosciences, LLC. Under the terms of the proposed transaction, Concentra will acquire iTeos for $10.047 in cash per share, plus one non-transferable contingent value right, representing the right to receive: (i) 100% of the closing net cash of iTeos in excess of $475 million; and (ii) 80% of any net proceeds received from any disposition of certain iTeos product candidates that occurs within six months following the closing. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/iteos-therapeutics-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of iTeos Therapeutics, Inc. (NASDAQ: ITOS)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating iTeos Therapeutics, Inc. (NASDAQ: ITOS) related to its sale to Concentra Biosciences, LLC. Under the terms of the proposed transaction, Concentra will acquire iTeos for $10.047 in cash per share, plus one non-transferable contingent value right, representing the right to receive: (i) 100% of the closing net cash of iTeos in excess of $475 million; and (ii) 80% of any net proceeds received from any disposition of certain iTeos product candidates that occurs within six months following the closing. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/iteos-therapeutics-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of ZimVie Inc. (NASDAQ: ZIMV)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating ZimVie Inc. (NASDAQ: ZIMV) related to its sale to an affiliate of ARCHIMED. Under the terms of the proposed transaction, ZimVie shareholders will receive $19.00 in cash per share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/zimvie-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of ZimVie Inc. (NASDAQ: ZIMV)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating ZimVie Inc. (NASDAQ: ZIMV) related to its sale to an affiliate of ARCHIMED. Under the terms of the proposed transaction, ZimVie shareholders will receive $19.00 in cash per share. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/zimvie-inc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Skillful Application of Fundamental Principles Yields Standout Results: TrustCo Announces Net Income Up 19.8%; Net Interest Income up 10.5%

    Source: GlobeNewswire (MIL-OSI)

    Executive Snapshot:

    • Bank-wide financial results:
      • Key metrics for the second quarter 2025:
        • Net income of $15.0 million, or $0.79 diluted earnings per share, increased 19.8% compared to $12.6 million, or $0.66 diluted earnings per share for the second quarter 2024
        • Net interest income of $41.7 million, up 10.5% from $37.8 million for the second quarter 2024
        • Net interest margin of 2.71%, up 18 basis points from 2.53% in second quarter of 2024
        • Average loans were up $115.6 million for the second quarter 2025 compared to the second quarter 2024
        • Average deposits were up $173.4 million for the second quarter 2025 compared to the second quarter 2024
    • Capital position and key ratios:
      • Consolidated equity to assets increased to 10.91% as of June 30, 2025 from 10.73% as of June 30, 2024
      • Book value per share as of June 30, 2025 was $36.75, up from $34.46 as of June 30, 2024
      • 169 thousand shares of TrustCo common stock were purchased under the stock repurchase program during the second quarter 2025
    • Trustco Financial Services and Wealth Management income:
      • Fees increased to $1.8 million, or by 13.0%, compared to second quarter 2024
      • Assets under management increased to $1.19 billion, or by 8.2%, compared to second quarter 2024

    GLENVILLE, N.Y., July 21, 2025 (GLOBE NEWSWIRE) — TrustCo Bank Corp NY (TrustCo, NASDAQ: TRST) today announced strong financial results for the second quarter of 2025 underscored by rising net interest income, continued margin expansion, and accelerated loan growth across key portfolios. Net interest income increased 10.5% year over year to $41.7 million, driven by the ongoing repricing of the loan portfolio at higher yields and disciplined management of deposit costs, which remained well-controlled despite sustained competitive pressures. Net interest margin expanded to 2.71% from 2.53% in the prior year period, reflecting improved asset yields and prudent deposit pricing strategies. This resulted in second quarter 2025 net income of $15.0 million or $0.79 diluted earnings per share, compared to net income of $12.6 million or $0.66 diluted earnings per share for the second quarter 2024. Loan growth gained momentum during the quarter, with total average loans increasing $115.6 million or 2.3% for the second quarter 2025 over the same period in 2024. This growth signals increasing borrower confidence and supports the Bank’s strategic focus on high quality relationship lending.        

    Overview

    Chairman, President, and CEO, Robert J. McCormick said “Part of our long-term strategy is having the right mix of products available so that we can sell the right thing, to the right customer, at the right time. It is our ability to do this with agility and skill that has produced the standout results announced today. We saw double digit growth in our return metrics year over year, as return on average assets improved 17%, and return on average equity grew 12.5%. Our margin improved 7% year over year, in tandem with a 12% year over year improvement in adjusted efficiency ratio. Our ability to sell home equity products at a time of high market demand for the flexibility they offer has been key to this success. Home equity credit lines are up 18% year over year. Likewise, we strategically grew commercial loans 11% year over year – which we have done without exposure to risky multi-family loans or other industry-specific concentrations. We lowered non-performing loans to total loans by 7% year over year, and booked a second consecutive quarter of net recoveries. These exceptional results in the first half of 2025 provide a foundation for positive momentum moving into 2026.”

    Details

    As the year continues to progress, we are seeing increased opportunities to deploy our resources effectively. Some efforts include loan originations, targeted investments in technology and digital banking infrastructure, and strategic growth in key markets. Average loans were up $115.6 million, or 2.3%, in the second quarter 2025 over the same period in 2024. Average residential loans and HECLs, our primary lending focus, were up $27.9 million, or 0.6%, and $64.7 million, or 17.8%, respectively, in the second quarter 2025 over the same period in 2024. Average commercial loans also increased $25.8 million, or 9.2%, in the second quarter 2025 over the same period in 2024. We believe that this upward trend reflects improving economic confidence among borrowers, strong credit quality, and the Bank’s focus on relationship lending. The sustained growth in the loan portfolio will likely enhance net interest income in the quarters ahead. Average deposits were up $173.4 million, or 3.3%, for the second quarter 2025 over the same period in 2024, primarily as a result of an increase in time deposits, interest bearing checking accounts, and demand deposits. The Bank’s continued emphasis on relationship banking, combined with competitive product offerings and digital capabilities, has contributed to a stable deposit base that supports ongoing loan growth and expansion.

    During the second quarter of 2025, we remained committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. TrustCo purchased 169 thousand, or 0.9%, of total shares outstanding of TrustCo common stock under the previously announced stock repurchase program during the second quarter of 2025. Our approach ensures every dollar of capital is working to generate solid returns, strengthen customer relationships, and enhance shareholder value. As of June 30, 2025, our equity to asset ratio was 10.91%, compared to 10.73% as of June 30, 2024. Book value per share as of June 30, 2025 was $36.75, up 6.6% compared to $34.46 a year earlier.

    Net interest income was $41.7 million for the second quarter 2025, an increase of $4.0 million, or 10.5%, compared to the second quarter of 2024, driven by loan growth at higher interest rates, increase in interest on federal funds sold and other short-term investments, and less interest expense on deposit products, partially offset by lower investment interest income. The net interest margin for the second quarter 2025 was 2.71%, up 18 basis points from 2.53% in the second quarter of 2024. The yield on interest earnings assets increased to 4.19% in the second quarter of 2025, up 13 basis points from 4.06% in the second quarter of 2024. The cost of interest bearing liabilities decreased to 1.91% in the second quarter 2025, down from 1.97% in the second quarter 2024. The Bank is well positioned to continue delivering strong net interest income performance even as the Federal Reserve signals a potential easing cycle in the months ahead. Our balance sheet is built for resilience and flexibility, with a favorable asset mix and a stable deposit base that we believe positions us to thrive across interest rate environments. In addition to new loan originations, we are seeing ongoing opportunities to reprice portions of our existing loan book as higher-rate loans replace paydowns and early payoffs, helping us maintain attractive yields. With loan demand accelerating and funding costs stabilizing, we believe there is meaningful upside to net interest income in the coming quarters. Our proactive asset-liability management strategy gives us confidence in sustaining margin strength and driving consistent profitable growth.

    Non-interest income, net of net gains on equity securities, increased to $4.9 million as compared to $4.3 million for the second quarter of 2024. This increase was primarily attributable to wealth management and financial services fees, which increased by 13.0% to $1.8 million, driven by strong client demand and higher assets under management. These revenues represent 37.5% of non-interest income for the second quarter of 2025. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Non-interest expense increased $236 thousand over the second quarter of 2024.

    Asset quality remains strong and has been consistent over the past twelve months. The Company recorded a provision for credit losses on loans of $650 thousand in the second quarter of 2025. The ratio of allowance for credit losses on loans to total loans was 0.99% as of both June 30, 2025 and 2024. The allowance for credit losses on loans was $51.3 million as of June 30, 2025, compared to $49.8 million as of June 30, 2024. Nonperforming loans (NPLs) were $17.9 million as of June 30, 2025, compared to $19.2 million as of June 30, 2024. NPLs were 0.35% and 0.38% of total loans as of June 30, 2025 and 2024, respectively. The coverage ratio, or allowance for credit losses on loans to NPLs, was 286.2% as of June 30, 2025, compared to 259.4% as of June 30, 2024. Nonperforming assets (NPAs) were $19.0 million as of June 30, 2025, compared to $21.5 million as of June 30, 2024.  

    A conference call to discuss second quarter 2025 results will be held at 9:00 a.m. Eastern Time on July 22, 2025. Those wishing to participate in the call may dial toll-free for the United States at 1-833-470-1428, and for Canada at 1-833-950-0062, Access code 258501. A replay of the call will be available for thirty days by dialing toll-free for the United States at 1-866-813-9403, Access code 410483.   The call will also be audio webcast at  https://events.q4inc.com/attendee/979003710, and will be available for one year.

    About TrustCo Bank Corp NY

    TrustCo Bank Corp NY is a $6.3 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 136 offices in New York, New Jersey, Vermont, Massachusetts, and Florida as of June 30, 2025.

    In addition, the Bank’s Wealth Management Department offers a full range of investment services, retirement planning and trust and estate administration services. The common shares of TrustCo are traded on the NASDAQ Global Select Market under the symbol TRST.

    Forward-Looking Statements

    All statements in this news release and the related earnings call that are not historical are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future development, results or periods. Examples of forward-looking statements include, among others, statements we make regarding our expectations for our future performance, including our expectations regarding the impact of our loan portfolio’s growth, loan demand and funding cost on net interest income, and the anticipated effects of our capital management strategy, including our stock repurchase program. Forward-looking statements are based on management’s current expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made. Such forward-looking statements are subject to factors and uncertainties that could cause actual results to differ materially for TrustCo from the views, beliefs and projections expressed in such statements, and many of the risks and uncertainties are heightened by or may, in the future, be heightened by volatility in financial markets and macroeconomic or geopolitical concerns related to inflation, changes in United States and foreign trade policy, continued elevated interest rates and ongoing armed conflicts (including the Russia/Ukraine conflict and the conflict in Israel and surrounding areas). TrustCo wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The following important factors, among others, in some cases have affected and in the future could affect TrustCo’s actual results and could cause TrustCo’s actual financial performance to differ materially from that expressed in any forward-looking statement: future changes in interest rates; external economic factors, such as changes in monetary policy, ongoing inflationary pressures and continued elevated prices; exposure to credit risk in our lending activities; the risk of weakness in residential real estate markets; our increasing commercial loan portfolio; the sufficiency of our allowance for credit losses on loans to cover actual loan losses; our ability to meet the cash flow requirements of our depositors or borrowers or meet our operating cash needs to fund corporate expansion and other activities; claims and litigation pertaining to fiduciary responsibility and lender liability; the enforcement of federal cannabis laws and regulations and its impact on our ability to provide services in the cannabis industry; our dependency upon the services of the management team; our disclosure controls and procedures’ ability to prevent or detect errors or acts of fraud; the adequacy of our business continuity and disaster recovery plans; the effectiveness of our risk management framework; the impact of any expansion by us into new lines of business or new products and services; an increase in the prevalence of fraud and other financial crimes; the impact of severe weather events and climate change on us and the communities we serve, including societal responses to climate change; environmental, social and governance risks, as well as diversity, equity, and inclusion-related risks, and their impact on our reputation and relationships; the chance of a prolonged economic downturn, especially one affecting our geographic market area; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the soundness of other financial institutions; U.S. government shutdowns, credit rating downgrades, or failure to increase the debt ceiling; fluctuations in the trust wealth management fees we receive as a result of investment performance; the impact of regulatory capital rules on our growth; changes in laws and regulations, including changes in cybersecurity or privacy regulations; restrictions on data collection and use; our compliance with the USA PATRIOT Act, Bank Secrecy Act, and other laws and regulations that could result in material fines or sanctions; changes in tax laws; limitations on our ability to pay dividends; TrustCo Realty Corp.’s ability to qualify as a real estate investment trust; changes in accounting standards; competition within our market areas; consumers and businesses’ use of non-banks to complete financial transactions; our reliance on third-party service providers; the impact of data breaches and cyber-attacks; the development and use of artificial intelligence; the impact of a failure in or breach of our operational or security systems or infrastructure, or those of third parties; the impact of an unauthorized disclosure of sensitive or confidential client or customer information; the impact of interruptions in the effective operation of our computer systems; the impact of anti-takeover provisions in our organizational documents; the impact of the manner in which we allocate capital; and other risks and uncertainties set forth in our public filings made with the Securities and Exchange Commission (the “SEC”), including our most recent Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 to be filed with the SEC. The forward-looking statements contained in this news release represent TrustCo management’s judgment as of the date of this news release. TrustCo disclaims, however, any intent or obligation to update forward-looking statements, either as a result of future developments, new information or otherwise, except as may be required by law.

    TRUSTCO BANK CORP NY
    GLENVILLE, NY
     
    FINANCIAL HIGHLIGHTS
     
    (dollars in thousands, except per share data)
    (Unaudited)
      Three months ended
      6/30/2025
    		   3/31/2025
    		   6/30/2024
    Summary of operations          
    Net interest income $ 41,746     $ 40,373     $ 37,788  
    Provision for credit losses   650       300       500  
    Net gains on equity securities   –       –       1,360  
    Noninterest income, excluding net gains on equity securities   4,852       4,974       4,291  
    Noninterest expense   26,223       26,329       26,459  
    Net income   15,039       14,275       12,551  
               
    Per share          
    Net income per share:          
    – Basic $ 0.79     $ 0.75     $ 0.66  
    – Diluted   0.79       0.75       0.66  
    Cash dividends   0.36       0.36       0.36  
    Book value at period end   36.75       36.16       34.46  
    Market price at period end   33.42       30.48       28.77  
               
    At period end          
    Full time equivalent employees   733       740       753  
    Full service banking offices   136       136       138  
               
    Performance ratios          
    Return on average assets   0.96 %     0.93 %     0.82 %
    Return on average equity   8.73       8.49       7.76  
    Efficiency ratio (GAAP)   56.27       58.06       60.91  
    Adjusted Efficiency ratio (1)   55.15       58.00       62.84  
    Net interest spread   2.28       2.21       2.09  
    Net interest margin   2.71       2.64       2.53  
    Dividend payout ratio   45.27       47.97       54.57  
               
    Capital ratios at period end          
    Consolidated equity to assets   10.91 %     10.85 %     10.73 %
    Consolidated tangible equity to tangible assets (1)   10.91 %     10.84 %     10.72 %
               
    Asset quality analysis at period end          
    Nonperforming loans to total loans   0.35 %     0.37 %     0.38 %
    Nonperforming assets to total assets   0.30       0.33       0.35  
    Allowance for credit losses on loans to total loans   0.99       0.99       0.99  
    Coverage ratio (2)   2.9x       2.7x       2.6x  
               
               
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.
    (2) Calculated as allowance for credit losses on loans divided by total nonperforming loans.          
    FINANCIAL HIGHLIGHTS, Continued      
     
    (dollars in thousands, except per share data)      
    (Unaudited)      
      Six Months Ended
      06/30/25
    		   06/30/24
    Summary of operations      
    Net interest income $ 82,119       74,366  
    Provision for credit losses   950       1,100  
    Net gains on equity securities   –       1,360  
    Noninterest income, excluding net gains on equity securities   9,826       9,134  
    Noninterest expense   52,552       51,362  
    Net income   29,314       24,677  
           
    Per share      
    Net income per share:      
    – Basic $ 1.54       1.30  
    – Diluted   1.54       1.30  
    Cash dividends   0.72       0.72  
    Book value at period end   36.75       34.46  
    Market price at period end   33.42       28.77  
           
    Performance ratios      
    Return on average assets   0.94 %     0.81  
    Return on average equity   8.61       7.65  
    Efficiency ratio (GAAP)   57.16       60.53  
    Adjusted Efficiency ratio (1)   56.56       61.40  
    Net interest spread   2.24       2.05  
    Net interest margin   2.68       2.48  
    Dividend payout ratio   46.58       55.51  
           
    (1) Non-GAAP Financial Measure, see Non-GAAP Financial Measures Reconciliation.      
    CONSOLIDATED STATEMENTS OF INCOME
                       
    (dollars in thousands, except per share data)                  
    (Unaudited)                  
      Three months ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024     6/30/2024  
    Interest and dividend income:                  
    Interest and fees on loans $ 54,557     $ 53,450     $ 53,024     $ 52,112     $ 50,660  
    Interest and dividends on securities available for sale:                  
    U. S. government sponsored enterprises   614       596       680       718       909  
    State and political subdivisions   –       –       –       –       1  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   1,613       1,483       1,418       1,397       1,451  
    Corporate bonds   210       260       358       361       362  
    Small Business Administration – guaranteed                  
    participation securities   75       81       84       90       94  
    Other securities   8       7       6       2       2  
    Total interest and dividends on securities available for sale   2,520       2,427       2,546       2,568       2,819  
                       
    Interest on held to maturity securities:                  
    obligations – residential   54       57       59       62       65  
    Total interest on held to maturity securities   54       57       59       62       65  
                       
    Federal Home Loan Bank stock   129       151       152       153       147  
                       
    Interest on federal funds sold and other short-term investments   7,212       6,732       6,128       6,174       6,894  
    Total interest income   64,472       62,817       61,909       61,069       60,585  
                       
    Interest expense:                  
    Interest on deposits:                  
    Interest-bearing checking   536       558       397       311       288  
    Savings   733       734       719       770       675  
    Money market deposit accounts   2,086       1,989       2,024       2,154       2,228  
    Time deposits   19,195       18,983       19,680       18,969       19,400  
    Interest on short-term borrowings   176       180       187       194       206  
    Total interest expense   22,726       22,444       23,007       22,398       22,797  
                       
    Net interest income   41,746       40,373       38,902       38,671       37,788  
                       
    Less: Provision for credit losses   650       300       400       500       500  
    Net interest income after provision for credit losses   41,096       40,073       38,502       38,171       37,288  
                       
    Noninterest income:                  
    Trustco Financial Services income   1,818       2,120       1,778       2,044       1,609  
    Fees for services to customers   2,266       2,645       2,226       2,482       2,399  
    Net gains on equity securities   –       –       –       23       1,360  
    Other   768       209       405       382       283  
    Total noninterest income   4,852       4,974       4,409       4,931       5,651  
                       
    Noninterest expenses:                  
    Salaries and employee benefits   11,876       11,894       12,068       12,134       12,520  
    Net occupancy expense   4,518       4,554       4,563       4,271       4,375  
    Equipment expense   1,918       1,944       2,404       1,757       1,990  
    Professional services   1,886       1,726       1,782       1,863       1,570  
    Outsourced services   2,460       2,700       3,051       2,551       2,755  
    Advertising expense   304       361       590       339       466  
    FDIC and other insurance   1,136       1,188       1,113       1,112       797  
    Other real estate expense, net   522       28       476       204       16  
    Other   1,603       1,934       2,118       1,969       1,970  
    Total noninterest expenses   26,223       26,329       28,165       26,200       26,459  
                       
    Income before taxes   19,725       18,718       14,746       16,902       16,480  
    Income taxes   4,686       4,443       3,465       4,027       3,929  
                       
    Net income $ 15,039     $ 14,275     $ 11,281     $ 12,875     $ 12,551  
                       
    Net income per common share:                  
    – Basic $ 0.79     $ 0.75     $ 0.59     $ 0.68     $ 0.66  
                       
    – Diluted   0.79       0.75       0.59       0.68       0.66  
                       
    Average basic shares (in thousands)   18,965       19,020       19,015       19,010       19,022  
    Average diluted shares (in thousands)   18,994       19,044       19,045       19,036       19,033  
    CONSOLIDATED STATEMENTS OF INCOME, Continued
     
    (dollars in thousands, except per share data)
    (Unaudited)
      Six Months Ended
      06/30/25   06/30/24
    Interest and dividend income:      
    Interest and fees on loans $ 108,007       100,464  
    Interest and dividends on securities available for sale:      
    U. S. government sponsored enterprises   1,210       1,815  
    State and political subdivisions   –       1  
    Mortgage-backed securities and collateralized mortgage      
    obligations – residential   3,096       2,945  
    Corporate bonds   470       838  
    Small Business Administration – guaranteed      
    participation securities   156       194  
    Other securities   15       5  
    Total interest and dividends on securities available for sale   4,947       5,798  
           
    Interest on held to maturity securities:      
    Mortgage-backed securities-residential   111       133  
    Total interest on held to maturity securities   111       133  
           
    Federal Home Loan Bank stock   280       299  
           
    Interest on federal funds sold and other short-term investments   13,944       13,644  
    Total interest income   127,289       120,338  
           
    Interest expense:      
    Interest on deposits:      
    Interest-bearing checking   1,094       528  
    Savings   1,467       1,387  
    Money market deposit accounts   4,075       4,570  
    Time deposits   38,178       39,077  
    Interest on short-term borrowings   356       410  
    Total interest expense   45,170       45,972  
           
    Net interest income   82,119       74,366  
           
    Less: Provision for credit losses   950       1,100  
    Net interest income after provision for credit losses   81,169       73,266  
           
    Noninterest income:      
    Trustco Financial Services income   3,938       3,425  
    Fees for services to customers   4,911       5,144  
    Net gains on equity securities   –       1,360  
    Other   977       565  
    Total noninterest income   9,826       10,494  
           
    Noninterest expenses:      
    Salaries and employee benefits   23,770       23,947  
    Net occupancy expense   9,072       8,986  
    Equipment expense   3,862       3,728  
    Professional services   3,612       3,030  
    Outsourced services   5,160       5,256  
    Advertising expense   665       874  
    FDIC and other insurance   2,324       1,891  
    Other real estate expense, net   550       90  
    Other   3,537       3,560  
    Total noninterest expenses   52,552       51,362  
           
    Income before taxes   38,443       32,398  
    Income taxes   9,129       7,721  
           
    Net income $ 29,314       24,677  
           
    Net income per common share:      
    – Basic $ 1.54       1.30  
           
    – Diluted   1.54       1.30  
           
    Average basic shares (in thousands)   18,992       19,023  
    Average diluted shares (in thousands)   19,019       19,033  
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
     
    (dollars in thousands)
    (Unaudited)
      6/30/2025
    		   3/31/2025
    		   12/31/2024
    		   9/30/2024
    		   6/30/2024
    ASSETS:                  
                       
    Cash and due from banks $ 45,218     $ 48,782     $ 47,364     $ 49,659     $ 42,193  
    Federal funds sold and other short term investments   668,373       707,355       594,448       473,306       493,920  
    Total cash and cash equivalents   713,591       756,137       641,812       522,965       536,113  
                       
    Securities available for sale:                  
    U. S. government sponsored enterprises   71,241       65,942       85,617       90,588       106,796  
    States and political subdivisions   18       18       18       26       26  
    Mortgage-backed securities and collateralized mortgage                  
    obligations – residential   221,721       219,333       213,128       222,841       218,311  
    Small Business Administration – guaranteed                  
    participation securities   12,945       13,683       14,141       15,171       15,592  
    Corporate bonds   29,943       24,779       44,581       54,327       53,764  
    Other securities   698       698       700       701       688  
    Total securities available for sale   336,566       324,453       358,185       383,654       395,177  
                       
    Held to maturity securities:                  
    Mortgage-backed securities and collateralized mortgage                  
    obligations-residential   4,836       5,090       5,365       5,636       5,921  
    Total held to maturity securities   4,836       5,090       5,365       5,636       5,921  
                       
    Federal Reserve Bank and Federal Home Loan Bank stock   6,601       6,507       6,507       6,507       6,507  
                       
    Loans:                  
    Commercial   314,273       302,753       286,857       280,261       282,441  
    Residential mortgage loans   4,394,317       4,380,561       4,388,302       4,382,674       4,370,640  
    Home equity line of credit   435,433       419,806       409,261       393,418       370,063  
    Installment loans   12,678       13,017       13,638       14,503       15,168  
    Loans, net of deferred net costs   5,156,701       5,116,137       5,098,058       5,070,856       5,038,312  
                       
    Less: Allowance for credit losses on loans   51,265       50,606       50,248       49,950       49,772  
    Net loans   5,105,436       5,065,531       5,047,810       5,020,906       4,988,540  
                       
    Bank premises and equipment, net   38,129       37,178       33,782       33,324       33,466  
    Operating lease right-of-use assets   36,322       34,968       36,627       37,958       38,376  
    Other assets   106,894       108,681       108,656       98,730       102,544  
                       
    Total assets $ 6,348,375     $ 6,338,545     $ 6,238,744 $ 6,109,680     $ 6,106,644  
                       
    LIABILITIES:                  
    Deposits:                  
    Demand $ 784,351     $ 793,306     $ 762,101     $ 753,878     $ 745,227  
    Interest-bearing checking   1,045,043       1,067,948       1,027,540       988,527       1,029,606  
    Savings accounts   1,082,489       1,094,968       1,086,534       1,092,038       1,144,427  
    Money market deposit accounts   467,087       478,872       465,049       477,113       517,445  
    Time deposits   2,111,344       2,061,576       2,049,759       1,952,635       1,840,262  
    Total deposits   5,490,314       5,496,670       5,390,983       5,264,191       5,276,967  
                       
    Short-term borrowings   82,370       82,275       84,781       91,450       89,720  
    Operating lease liabilities   39,350       38,324       40,159       41,469       42,026  
    Accrued expenses and other liabilities   43,536       33,468       46,478       43,549       42,763  
                       
    Total liabilities   5,655,570       5,650,737       5,562,401       5,440,659       5,451,476  
                       
    SHAREHOLDERS’ EQUITY:                  
    Capital stock   20,097       20,097       20,097       20,058       20,058  
    Surplus   259,490       259,182       258,874       257,644       257,490  
    Undivided profits   462,158       453,931       446,503       442,079       436,048  
    Accumulated other comprehensive income (loss), net of tax   1,663       (132 )     (3,861 )     (6,600 )     (14,268 )
    Treasury stock at cost   (50,603 )     (45,270 )     (45,270 )     (44,160 )     (44,160 )
                       
    Total shareholders’ equity   692,805       687,808       676,343       669,021       655,168  
                       
    Total liabilities and shareholders’ equity $ 6,348,375     $ 6,338,545     $ 6,238,744 $ 6,109,680     $ 6,106,644  
                       
    Outstanding shares (in thousands)   18,851       19,020       19,020       19,010       19,010  
    NONPERFORMING ASSETS
               
    (dollars in thousands)
    (Unaudited)
      6/30/2025
    		   3/31/2025
    		   12/31/2024
    		   9/30/2024
    		   6/30/2024
    Nonperforming Assets                                      
                                           
    New York and other states*                                      
    Loans in nonaccrual status:                                      
    Commercial $ 684     $ 688     $ 343     $ 466     $ 741  
    Real estate mortgage – 1 to 4 family   14,048       14,795       14,671       15,320       14,992  
    Installment   34       139       108       163       131  
    Total nonperforming loans   14,766       15,622       15,122       15,949       15,864  
    Other real estate owned   1,136       2,107       2,175       2,503       2,334  
    Total nonperforming assets $ 15,902     $ 17,729     $ 17,297     $ 18,452     $ 18,198  
               
    Florida          
    Loans in nonaccrual status:          
    Commercial $ –     $ –     $ –     $ 314     $ 314  
    Real estate mortgage – 1 to 4 family   3,132       3,135       3,656       3,176       2,985  
    Installment   12       3       22       5       22  
    Total nonperforming loans   3,144       3,138       3,678       3,495       3,321  
    Other real estate owned   –       –       –       –       –  
    Total nonperforming assets $ 3,144     $ 3,138     $ 3,678     $ 3,495     $ 3,321  
               
    Total          
    Loans in nonaccrual status:          
    Commercial $ 684     $ 688     $ 343     $ 780     $ 1,055  
    Real estate mortgage – 1 to 4 family   17,180       17,930       18,327       18,496       17,977  
    Installment   46       142       130       168       153  
    Total nonperforming loans   17,910       18,760       18,800       19,444       19,185  
    Other real estate owned   1,136       2,107       2,175       2,503       2,334  
    Total nonperforming assets $ 19,046     $ 20,867     $ 20,975     $ 21,947     $ 21,519  
               
               
    Quarterly Net (Recoveries) Chargeoffs          
               
    New York and other states*          
    Commercial $ –     $ (3 )   $ 62     $ 65     $ –  
    Real estate mortgage – 1 to 4 family   (121 )     41       (316 )     104       (74 )
    Installment   18       4       41       11       (2 )
    Total net chargeoffs (recoveries) $ (103 )   $ 42     $ (213 )   $ 180     $ (76 )
               
    Florida          
    Commercial $ –     $ (315 )   $ 314     $ –     $ –  
    Real estate mortgage – 1 to 4 family   –       –       –       –       17  
    Installment   94       15       1       42       7  
    Total net (recoveries) chargeoffs $ 94     $ (300 )   $ 315     $ 42     $ 24  
               
    Total          
    Commercial $ –     $ (318 )   $ 376     $ 65     $ –  
    Real estate mortgage – 1 to 4 family   (121 )     41       (316 )     104       (57 )
    Installment   112       19       42       53       5  
    Total net (recoveries) chargeoffs $ (9 )   $ (258 )   $ 102     $ 222     $ (52 )
               
               
    Asset Quality Ratios          
               
    Total nonperforming loans (1) $ 17,910     $ 18,760     $ 18,800     $ 19,444     $ 19,185  
    Total nonperforming assets (1)   19,046       20,867       20,975       21,947       21,519  
    Total net (recoveries) chargeoffs (2)   (9 )     (258 )     102       222       (52 )
               
    Allowance for credit losses on loans (1)   51,265       50,606       50,248       49,950       49,772  
               
    Nonperforming loans to total loans   0.35 %     0.37 %     0.37 %     0.38 %     0.38 %
    Nonperforming assets to total assets   0.30 %     0.33 %     0.34 %     0.36 %     0.35 %
    Allowance for credit losses on loans to total loans   0.99 %     0.99 %     0.99 %     0.99 %     0.99 %
    Coverage ratio (1)   286.2 %     269.8 %     267.3 %     256.9 %     259.4 %
    Annualized net (recoveries) chargeoffs to average loans (2)   0.00 %     -0.02 %     0.01 %     0.02 %     0.00 %
    Allowance for credit losses on loans to annualized net chargeoffs (2) N/A N/A 123.2x 56.3x N/A
     
    * Includes New York, New Jersey, Vermont and Massachusetts.
    (1) At period-end
    (2) For the three-month period ended
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL
     
    (dollars in thousands)                              
    (Unaudited) Three months ended   Three months ended
      June 30, 2025   June 30, 2024
      Average   Interest     Average     Average   Interest     Average  
      Balance         Rate     Balance         Rate  
    Assets                              
                                   
    Securities available for sale:                              
    U. S. government sponsored enterprises $ 73,468     $ 614       3.34 %   $ 113,844     $ 909       3.20 %  
    Mortgage backed securities and collateralized mortgage                              
    obligations – residential   244,628       1,613       2.62       250,517       1,451       2.30  
    State and political subdivisions   18       0       6.77       26       1       6.75  
    Corporate bonds   25,707       210       3.26       55,065       362       2.63  
    Small Business Administration – guaranteed                              
    participation securities   14,083       75       2.14       17,436       94       2.15  
    Other   697       8       4.59       694       2       1.15  
                                   
    Total securities available for sale   358,601       2,520       2.81       437,582       2,819       2.58  
                                   
    Federal funds sold and other short-term Investments   648,457       7,212       4.46       506,493       6,894       5.48  
                                   
    Held to maturity securities:                              
    Mortgage backed securities and collateralized mortgage                              
    obligations – residential   4,970       54       4.37       6,054       65       4.28  
                                   
    Total held to maturity securities   4,970       54       4.37       6,054       65       4.28  
                                   
    Federal Home Loan Bank stock   6,591       129       7.83       6,340       147       9.27  
                                   
    Commercial loans   306,373       4,261       5.56       280,559       3,765       5.37  
    Residential mortgage loans   4,387,181       43,236       3.94       4,359,232       40,819       3.75  
    Home equity lines of credit   428,933       6,830       6.39       364,210       5,814       6.42  
    Installment loans   12,523       230       7.35       15,395       262       6.86  
                                   
    Loans, net of unearned income   5,135,010       54,557       4.25       5,019,396       50,660       4.04  
                                   
    Total interest earning assets   6,153,629     $ 64,472       4.19       5,975,865     $ 60,585       4.06  
                                   
    Allowance for credit losses on loans   (50,777 )                 (49,454 )            
    Cash & non-interest earning assets   204,006                   181,688              
                                   
                                   
    Total assets $ 6,306,858                 $ 6,108,099              
                                   
                                   
    Liabilities and shareholders’ equity                              
                                   
    Deposits:                              
    Interest bearing checking accounts $ 1,039,242     $ 536       0.21 %   $ 1,009,048     $ 288       0.11 %  
    Money market accounts   470,824       2,086       1.78       524,068       2,228       1.71  
    Savings   1,087,467       733       0.27       1,145,922       675       0.24  
    Time deposits   2,085,329       19,195       3.69       1,873,139       19,400       4.17  
                                   
    Total interest bearing deposits   4,682,862       22,550       1.93       4,552,177       22,591       2.00  
    Short-term borrowings   81,055       176       0.87       93,703       206       0.89  
                                   
    Total interest bearing liabilities   4,763,917     $ 22,726       1.91       4,645,880     $ 22,797       1.97  
                                   
    Demand deposits   777,956                   735,262              
    Other liabilities   73,903                   76,258              
    Shareholders’ equity   691,082                   650,699              
                                   
    Total liabilities and shareholders’ equity $ 6,306,858                 $ 6,108,099              
                                   
    Net interest income     $ 41,746                 $ 37,788          
                                   
    Net interest spread           2.28 %             2.09 %  
                                   
                                   
    Net interest margin (net interest income to                              
    total interest earning assets)           2.71 %             2.53 %  
    DISTRIBUTION OF ASSETS, LIABILITIES AND SHAREHOLDERS’ EQUITY –
    INTEREST RATES AND INTEREST DIFFERENTIAL, Continued
                                     
    (dollars in thousands)                                
    (Unaudited) Six Months Ended     Six Months Ended  
      June 30, 2025     June 30, 2024  
      Average   Interest       Average     Average   Interest     Average  
      Balance           Rate     Balance         Rate  
    Assets                                
                                     
    Securities available for sale:                                
    U. S. government sponsored enterprises $ 74,071       1,210       3.27 %   $ 119,908       1,815       3.03 %
    Mortgage backed securities and collateralized mortgage                                
    obligations – residential   242,083       3,096       2.56       254,665       2,945       2.31  
    State and political subdivisions   18       –       6.77       26       1       6.82  
    Corporate bonds   32,823       470       2.86       64,345       838       2.60  
    Small Business Administration – guaranteed                                
    participation securities   14,540       156       2.15       17,830       194       2.18  
    Mortgage backed securities and collateralized mortgage                                
    obligations – commercial   –                     –       –       –  
    Other   698       15       4.30       695       5       1.44  
                                     
    Total securities available for sale   364,233       4,947       2.72       457,469       5,798       2.53  
                                     
    Federal funds sold and other short-term Investments   631,148       13,944       4.46       502,072       13,644       5.47  
                                     
    Held to maturity securities:                                
    Mortgage backed securities and collateralized mortgage                                
    obligations – residential   5,101       111       4.35       6,192       133       4.29  
                                     
    Total held to maturity securities   5,101       111       4.35       6,192       133       4.29  
                                     
    Federal Home Loan Bank stock   6,549       280       8.55       6,271       299       9.54  
                                     
    Commercial loans   302,173       8,426       5.58       278,871       7,425       5.33  
    Residential mortgage loans   4,386,418       85,851       3.92       4,359,351       81,236       3.73  
    Home equity lines of credit   421,498       13,265       6.35       358,607       11,277       6.32  
    Installment loans   12,744       465       7.36       15,761       526       6.72  
                                     
    Loans, net of unearned income   5,122,833       108,007       4.22       5,012,590       100,464       4.01  
                                     
    Total interest earning assets   6,129,864       127,289       4.16       5,984,594       120,338       4.03  
                                     
    Allowance for credit losses on loans   (50,627 )                   (49,139 )            
    Cash & non-interest earning assets   202,590                     188,364              
                                     
                                     
    Total assets $ 6,281,827                   $ 6,123,819              
                                     
                                     
    Liabilities and shareholders’ equity                                
                                     
    Deposits:                                
    Interest bearing checking accounts $ 1,038,733       1,094       0.21 %   $ 999,589       528       0.11 %
    Money market accounts   469,952       4,075       1.75       534,378       4,570       1.72  
    Savings   1,088,408       1,467       0.27       1,152,241       1,387       0.24  
    Time deposits   2,069,998       38,178       3.72       1,881,535       39,077       4.18  
                                     
    Total interest bearing deposits   4,667,091       44,814       1.94       4,567,743       45,562       2.01  
    Short-term borrowings   82,125       356       0.87       93,510       410       0.88  
                                     
    Total interest bearing liabilities   4,749,216       45,170       1.92       4,661,253       45,972       1.98  
                                     
    Demand deposits   769,923                     730,781              
    Other liabilities   76,308                     83,105              
    Shareholders’ equity   686,380                     648,680              
                                     
    Total liabilities and shareholders’ equity $ 6,281,827                   $ 6,123,819              
                                     
    Net interest income       82,119                   74,366          
                                     
    Net interest spread             2.24 %             2.05 %
                                     
                                     
    Net interest margin (net interest income to                                
    total interest earning assets)             2.68 %             2.48 %

    Non-GAAP Financial Measures Reconciliation

    Tangible book value per share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible book value by excluding the balance of intangible assets from total shareholders’ equity divided by shares outstanding. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity exclusive of changes in intangible assets.

    Tangible equity as a percentage of tangible assets at period end is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible equity and tangible assets by excluding the balance of intangible assets from total shareholders’ equity and total assets, respectively. We calculate tangible equity as a percentage of tangible assets at period end by dividing tangible equity by tangible assets at period end. We believe that this is consistent with the treatment by bank regulatory agencies, which exclude intangible assets from the calculation of risk-based capital ratios. Additionally, we believe that this measure is important to many investors in the marketplace who are interested in relative changes from period to period in equity and total assets, each exclusive of changes in intangible assets.

    Adjusted efficiency ratio is a non-GAAP measures of expense control relative to revenue from net interest income and non-interest fee income. We calculate the efficiency ratio by dividing total non-interest expense by the sum of net interest income and total non-interest income. We calculate the adjusted efficiency ratio by dividing total noninterest expenses as determined under GAAP, excluding other real estate expense, net, by net interest income and total noninterest income as determined under GAAP, excluding net gains on equity securities. We believe that this provides a reasonable measure of primary banking expenses relative to primary banking revenue. Additionally, we believe this measure is important to investors looking for a measure of efficiency in our productivity measured by the amount of revenue generated for each dollar spent.

    We believe that these non-GAAP financial measures provide information that is important to investors and that is useful in understanding our financial results. Our management internally assesses our performance based, in part, on these measures. However, these non-GAAP financial measures are supplemental and not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these measures, this presentation may not be comparable to other similarly titled measures reported by other companies. A reconciliation of the non-GAAP measures of tangible book value to shares outstanding, tangible equity as a percentage of tangible assets, and efficiency ratio to the most directly comparable GAAP measures is set forth below.  

    NON-GAAP FINANCIAL MEASURES RECONCILIATION              
                   
    (dollars in thousands)              
    (Unaudited)              
        6/30/2025   3/31/2025   6/30/2024      
    Tangible Book Value Per Share              
                   
    Equity (GAAP)   $ 692,805     $ 687,808     $ 655,168        
    Less: Intangible assets     553       553       553        
    Tangible equity (Non-GAAP)   $ 692,252     $ 687,255     $ 654,615        
                   
    Shares outstanding     18,851       19,020       19,010        
    Tangible book value per share     36.72       36.13       34.44        
    Book value per share     36.75       36.16       34.46        
                   
    Tangible Equity to Tangible Assets              
    Total Assets (GAAP)   $ 6,348,375     $ 6,338,545     $ 6,106,644        
    Less: Intangible assets     553       553       553        
    Tangible assets (Non-GAAP)   $ 6,347,822     $ 6,337,992     $ 6,106,091        
                   
    Consolidated Equity to Assets (GAAP)     10.91 %     10.85 %     10.73 %      
    Consolidated Tangible Equity to Tangible Assets (Non-GAAP)     10.91 %     10.84 %     10.72 %      
                   
        Three months ended   Six Months Ended
    Efficiency and Adjusted Efficiency Ratios   6/30/2025 3/31/2025 6/30/2024   6/30/2025     6/30/2024  
    Net interest income (GAAP) A $ 41,746     $ 40,373     $ 37,788     $ 82,119     $ 74,366  
    Non-interest income (GAAP) B   4,852       4,974       5,651       9,826       10,494  
    Less: Net gains on equity securities     –       –       1,360       –       1,360  
    Revenue used for efficiency ratio (Non-GAAP) C $ 46,598     $ 45,347     $ 42,079     $ 91,945     $ 83,500  
                   
    Total noninterest expense (GAAP) D $ 26,223     $ 26,329     $ 26,459     $ 52,552     $ 51,362  
    Less: Other real estate expense, net E   522       28       16       550       90  
    Expense used for efficiency ratio (Non-GAAP) F $ 25,701     $ 26,301     $ 26,443     $ 52,002     $ 51,272  
                   
    Efficiency Ratio (GAAP) D/(A+B)   56.27 %     58.06 %     60.91 %     57.16 %     60.53 %
    Adjusted Efficiency Ratio (Non-GAAP) F/C   55.15 %     58.00 %     62.84 %     56.56 %     61.40 %

    Subsidiary: Trustco Bank

    Contact: Robert Leonard
      Executive Vice President
      (518) 381-3693

    The MIL Network –

  • MIL-OSI: Arizona Sonoran to Present at the Metals & Mining Virtual Investor Conference July 23

    Source: GlobeNewswire (MIL-OSI)

    CASA GRANDE, Ariz. and TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer, today announces that George Ogilvie, President, CEO and Director, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

    DATE: July 23
    TIME: 12:30 pm ET
    LINK: REGISTER HERE
    Available for 1×1 meetings: July 28

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights:

    • Well-funded with recent C$57.6 million financings (June 20, 2025, July 10, 2025)
    • Advancing to PFS in 2025
    • Brownfield open pit project with significant in place infrastructure
    • Lower-risk copper cathode developer on private land in Arizona


    Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

    About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
    ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    For more information:
    Alison Dwoskin, Director, Investor Relations
    647-233-4348
    adwoskin@arizonasonoran.com

    George Ogilvie, President, CEO and Director
    416-723-0458
    gogilvie@arizonasonoran.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Cautionary Statements regarding Forward-Looking Statements and Other Matters
    Forward-Looking Statements 
    All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and ” “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipated”, “become”, “believe”, “continuing”, “developer”, “emerging”, “forward”, “generational”, “long-term”, “looking”, “may”, “objective”, “ongoing”, “PEA”, “PFS”, “potential”, “pre-feasibility”, “preliminary”, “project”, “projected”, “proposes”, “provide”, “risk”, “study”, ”subject to”, and “will”, “or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect.  Forward-looking statements include those relating to the Company’s presentation at the Metals & Mining Virtual Investor Conference on July 23, 2025; the Company being well-funded, the ongoing pre-feasibility study (or PFS) in respect of the Cactus Project and the timing thereof); the 2024 PEA and results thereof (including risk, economic returns, operating costs, production, and proposal of a generational open pit copper mine); and the Company’s strategic and other objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements.  The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) disclosed for the year ended December 31, 2024 and filed for quarter(s) already ended in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report and the 2024-25 Financial Disclosure, all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

    Preliminary Economic Assessments
    The Preliminary Economic Assessment (or “2024 PEA”) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

    The MIL Network –

  • MIL-OSI: Arizona Sonoran to Present at the Metals & Mining Virtual Investor Conference July 23

    Source: GlobeNewswire (MIL-OSI)

    CASA GRANDE, Ariz. and TORONTO, July 21, 2025 (GLOBE NEWSWIRE) — Arizona Sonoran Copper Company Inc. (TSX:ASCU | OTCQX:ASCUF) (“ASCU” or the “Company”), an emerging US-based copper developer, today announces that George Ogilvie, President, CEO and Director, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

    DATE: July 23
    TIME: 12:30 pm ET
    LINK: REGISTER HERE
    Available for 1×1 meetings: July 28

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights:

    • Well-funded with recent C$57.6 million financings (June 20, 2025, July 10, 2025)
    • Advancing to PFS in 2025
    • Brownfield open pit project with significant in place infrastructure
    • Lower-risk copper cathode developer on private land in Arizona


    Neither the TSX nor the regulating authority has approved or disproved the information contained in this press release.

    About Arizona Sonoran Copper Company (www.arizonasonoran.com | www.cactusmine.com)
    ASCU is a copper exploration and development company with a 100% interest in the brownfield Cactus Project. The Project, on privately held land, contains a large-scale porphyry copper resource and a recent 2024 PEA proposes a generational open pit copper mine with robust economic returns. Cactus is a lower risk copper developer benefitting from a State-led permitting process, in place infrastructure, highways and rail lines at its doorstep and onsite permitted water access. The Company objective is to develop Cactus and become a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders. The Company is led by an executive management team and Board which have a long-standing track record of successful project delivery in North America complemented by global capital markets expertise.

    About Virtual Investor Conferences®
    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors. Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    For more information:
    Alison Dwoskin, Director, Investor Relations
    647-233-4348
    adwoskin@arizonasonoran.com

    George Ogilvie, President, CEO and Director
    416-723-0458
    gogilvie@arizonasonoran.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com

    Cautionary Statements regarding Forward-Looking Statements and Other Matters
    Forward-Looking Statements 
    All statements, other than statements of historical fact, contained or incorporated by reference in this press release constitute “forward-looking statements” and ” “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipated”, “become”, “believe”, “continuing”, “developer”, “emerging”, “forward”, “generational”, “long-term”, “looking”, “may”, “objective”, “ongoing”, “PEA”, “PFS”, “potential”, “pre-feasibility”, “preliminary”, “project”, “projected”, “proposes”, “provide”, “risk”, “study”, ”subject to”, and “will”, “or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, could, may, should, would, will (or not) be achieved, occur, provide, result or support in the future, or which, by their nature, refer to future events. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect.  Forward-looking statements include those relating to the Company’s presentation at the Metals & Mining Virtual Investor Conference on July 23, 2025; the Company being well-funded, the ongoing pre-feasibility study (or PFS) in respect of the Cactus Project and the timing thereof); the 2024 PEA and results thereof (including risk, economic returns, operating costs, production, and proposal of a generational open pit copper mine); and the Company’s strategic and other objectives (including development of the Cactus Project, becoming a mid-tier copper producer with low operating costs, that could generate robust returns and provide a long-term sustainable and responsible operation for the community, investors and all stakeholders, and any other continuing or future successes). Although the Company believes that such statements are reasonable, there can be no assurance that those forward-looking statements will prove to be correct, and any forward-looking statements by the Company are not guarantees of future actions, results or performance. Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements.  The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this press release which may prove to be incorrect include those set forth or referenced in this press release, as well as those stated in the technical report for the Cactus Project filed on August 27, 2024 (the “2024 PEA Technical Report”), the Company’s Annual Information Form dated March 27, 2025 (the “AIF”), Management’s Discussion and Analysis (together with the accompanying financial statements) disclosed for the year ended December 31, 2024 and filed for quarter(s) already ended in 2025 (collectively, the “2024-25 Financial Disclosure”), and the Company’s other applicable public disclosure (collectively, “Company Disclosure”), all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca. Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of ASCU to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the “Risk Factors” in the AIF, and the risks, uncertainties, contingencies and other factors identified in the 2024 PEA Technical Report and the 2024-25 Financial Disclosure. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company’s business, financial condition and prospects that is provided in the AIF, the 2024-25 Financial Disclosure and other Company Disclosure. Although ASCU has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this press release (or as otherwise expressly specified) and ASCU disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements referenced or contained in this press release are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the AIF, the 2024 PEA Technical Report and the 2024-25 Financial Disclosure, all available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

    Preliminary Economic Assessments
    The Preliminary Economic Assessment (or “2024 PEA”) referenced in this press release and summarized in the 2024 PEA Technical Report is only a conceptual study of the potential viability of the Cactus Project and the economic and technical viability of the Cactus Project has not been demonstrated. The 2024 PEA is preliminary in nature and provides only an initial, high-level review of the Cactus Project’s potential and design options; there is no certainty that the 2024 PEA will be realized. For further detail on the Cactus Project and the 2024 PEA, including applicable technical notes and cautionary statements, please refer to the Company’s press release dated August 7, 2024 and the 2024 PEA Technical Report, both available on the Company’s website at www.arizonasonoran.com and under its issuer profile at www.sedarplus.ca.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of TLGY Acquisition Corporation (OTCMKTS: TLGYF)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating TLGY Acquisition Corporation (OTCMKTS: TLGYF) related to its merger with StableCoinX Assets Inc. Under the terms of the proposed transaction, each Class A ordinary share of TLGY will be converted into one share of Class A common stock of StableCoinX. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/tlgy-acquisition-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of TLGY Acquisition Corporation (OTCMKTS: TLGYF)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating TLGY Acquisition Corporation (OTCMKTS: TLGYF) related to its merger with StableCoinX Assets Inc. Under the terms of the proposed transaction, each Class A ordinary share of TLGY will be converted into one share of Class A common stock of StableCoinX. Is it a fair deal?

    Click here for more info https://monteverdelaw.com/case/tlgy-acquisition-corporation/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI Security: Defense News in Brief: 510th Buzzards, a history of excellence

    Source: United States Airforce

    AVIANO AIR BASE, Italy (AFNS) —  

    Nine pilots from the 510th Expeditionary Fighter Squadron at Aviano Air Base earned Single-Event Air Medals, and two were simultaneously awarded the Distinguished Flying cross, after returning from a deployment to the Central Command area of responsibility. During the deployment, they flew various defensive counter air sorties to protect U.S. Naval assets traveling through the Bab el Mandeb Strait, breaking records along the way.

    “As the new Buzzard Commander, I am honored and humbled to lead such an accomplished team,” said Lt. Col. Brent Smith, the newly appointed commander of the 510th EFS. “The legacy of excellence, dedication and professionalism is inspiring and motivating. It’s a privilege to step into this role and work alongside some of the most talented and mission-focused individuals in the Air Force.”

    During the deployment, the Buzzards flew 8,800 hours and 1,400 total sorties.

    “The Buzzards supported a variety of missions, including Inherent Resolve’s fight against ISIS, Operation Prosperity Guardian’s protection of coalition partners and civilian vessels in the Red Sea, Operation Spartan Shield’s defense of US interests in the Arabian Gulf, and many other force protection and deterrence missions,” Smith said.

    The 510th EFS has a long history of excellence, beginning in 1943 as the 625th Bombardment Squadron until being re-designated the 510th Fighter-Bomber Squadron later that same year.

    After being stationed at various locations across the globe and experiencing multiple periods of activation and inactivation, the 510th EFS was permanently reactivated in 1994, establishing its current home at Aviano AB, Italy.

    The 510th EFS has been the highest flown PSAB fighter unit since 2019, highest flown Aviano deployed unit since 2010, and the highest flown rotation fighter unit in the area of responsibility.

    The Buzzards have flown combat missions during World War II, the Vietnam War, Operation Desert Storm, Operation Provide Comfort, Operation Deny Flight and many more. During their most recent deployment to support Operation Prosperity Guardian, the squadron exuded excellence while protecting American assets overseas.

    “Each decoration represents not only a specific event, but also the precision, teamwork and unwavering commitment to the mission required to successfully execute in combat,” Smith said. “They represent countless hours of preparation, sacrifice and high intensity training by the whole Buzzard operations and maintenance team. They are proof of a culture that demands and delivers high performance every single day.”

    MIL Security OSI –