NewzIntel.com

Category: Natural Disasters

  • MIL-OSI: MKS Instruments to Participate in JP Morgan’s 53rd Annual Global Technology, Media and Communications Conference

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., April 28, 2025 (GLOBE NEWSWIRE) —  MKS Instruments, Inc. (NASDAQ: MKSI), a global provider of enabling technologies that transform our world, announced today that John T.C. Lee, President and Chief Executive Officer, will participate in a fireside chat at JP Morgan’s Annual Global Technology, Media and Communications Conference on Wednesday, May 14, 2025 at 11:20 a.m. EDT.

    A live webcast of the session will be available in the Investor Relations section of the company’s website at https://investor.mksinst.com/events-and-presentations and a replay of the event will be available for a limited time thereafter.

    About MKS Instruments

    MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world’s leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.

    MKS Investor Relations Contact:
    Paretosh Misra
    Vice President, Investor Relations
    Telephone: +1 (978) 284-4705
    Email: paretosh.misra@mksinst.com

    The MIL Network –

  • MIL-OSI: Champion Safe Company Wraps Up a Strong Showing at the 154th NRA Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    PROVO, UT, April 28, 2025 (GLOBE NEWSWIRE) — Champion Safe Company, a leading manufacturer of premium safes and wholly-owned subsidiary of American Rebel Holdings, Inc. (NASDAQ: AREB), America’s Patriotic Brand (americanrebel.com), is proud to announce a strong and successful presence at the 154th NRA Annual Meetings & Exhibits held this past weekend in Atlanta, Georgia. Champion’s booth saw steady traffic and enthusiastic interest from NRA members passionate about protecting their firearms, their families, and their Second Amendment rights.

    “Our team was energized by the incredible passion and patriotism of the NRA members we met in Atlanta,” said Tom Mihalek, CEO of Champion Safe Company. “It’s clear that Champion’s commitment to building safes with American-made steel and uncompromising strength really resonates with people who care deeply about freedom and security.”

    Throughout the event, attendees explored Champion’s full lineup of gun safes and vault doors, drawn to the company’s reputation for superior strength, fire protection, and craftsmanship. Many took advantage of show specials, and the strong interest in Champion products led to a significant boost to the brand during the weekend.

    “The NRA Annual Meeting is a reminder of why we do what we do,” Mihalek added. “Champion safes are built to protect the rights, values, and possessions that matter most to Americans.”

    Champion Safe Company extends its thanks to the NRA, the City of Atlanta, The Atlanta Safe House and the thousands of attendees who made the 154th Annual Meeting a tremendous success.

    For more information about Champion Safe, visit championsafe.com.

    About Champion Safe Company

    Champion Safe Company has been at the forefront of safe manufacturing for over 25 years, offering a range of high-quality safes designed for ultimate security and fire protection. With a commitment to craftsmanship and innovation, Champion Safes are trusted by homeowners, gun owners, and businesses across the nation.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com and americanrebelbeer.com. For investor information, visit americanrebel.com/investor-relations.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of the meeting, actual effect of the meeting on sales, margin and profit growth, our ability to effectively execute our business plan, and the Risk Factors contained within AREB’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2023 and Form 10-Q for the nine months ended September 30, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Contact:
    ir@americanrebel.com

    The MIL Network –

  • MIL-OSI Global: Italy’s Meloni is positioning herself as bridge between EU and Trump – but will it work?

    Source: The Conversation – Global Perspectives – By Julia Khrebtan-Hörhager, Associate Professor of Critical Cultural & International Studies, Colorado State University

    Italy Prime Minister Giorgia Meloni looks to thread a divide. Brendan Smialowski/AFP via Getty Images

    Italian Prime Minister Giorgia Meloni recently became the first European leader to visit the United States after President Donald Trump announced a new tariff regime on trading partners, including a 20% levy on imports from the European Union.

    While those tariffs are currently on hold, the ongoing threat of them being enacted provided a telling backdrop for Meloni’s mid-April 2025 visit.

    Controversial and often perceived by critics as calculating, Meloni has walked a tightrope between European Union solidarity and embracing far-right causes since becoming Italy’s prime minister in 2022. She was the only European leader to attend Trump’s inauguration in January 2025 and counts tech titan Elon Musk among her allies.

    In many ways, Meloni reflects Europe’s own identity crisis: a regional power with global ambition. Italy, after all, was a founding pillar of the European Union, hosting the signing of the Treaties of Rome in 1957 establishing the European common market. Yet, for decades, Italy has often stood just outside the core of EU influence, overshadowed by the Franco-German partnership.

    Still, when the moment is right, Italy knows how to wield its leverage, especially as a bridge between clashing camps in Brussels.

    In Washington, Meloni made her pitch to Trump: a tighter ideological alliance over shared disdain for “woke” politics, diversity, equity and inclusion agendas, and lax immigration. She offered a sweetener – more Italian investment in the U.S. as a sop to the transatlantic trade dispute. But she also reiterated her and the EU’s support for Ukraine, a direct contrast to Trump’s skepticism to continued U.S. support in Ukraine’s conflict with Russia.

    In so doing, Meloni has cast herself as someone who can serve both Brussels and Washington without burning bridges on either side. The gamble? That balancing act could backfire. Trump’s demands over trade and increased defense spending by NATO countries force Meloni to choose between appeasing Washington or staying in line with EU norms. Her overtures to Trump risk alienating key European allies who are wary of his disruptive politics.

    In trying to play both sides, she could end up isolated from both – undermining Italy’s credibility and influence on the world stage.

    Italy was a founder member of the European Union, but it is often a third wheel behind Germany and France.
    Simona Granati/Corbis/Corbis via Getty Images

    Meloni as a bridge

    The story of modern Italy has been one of playing off sides.

    During the Cold War, Italy walked a fine line between NATO commitments and accommodating a powerful domestic Communist Party.

    Italy was regularly governed by a series of often fraught center-right coalitions that were forced to navigate fractious politics and quid pro quo political violence between the far right and far left. The center-right Christian Democrats that dominated this period married conservatism at home with a strong pro-European outlook.

    In the first decades after the Cold War ended, Italy continued to carve out its own lane – pushing for leniency on issues like immigration and fiscal rules. The period saw Italy oscillate between pro-European integration and bouts of euroscepticism, with successive governments frequently challenging Brussels over budgetary constraints or border management.

    Meloni’s own rise is deeply rooted in the post-2015 tensions, when Italy – overwhelmed by the Mediterranean migrant crisis – felt abandoned by its European partners. Her party’s hard-line stance on immigration capitalized on public frustration. While she now presents herself as firmly pro-EU, it’s a version of Europe that aligns with her own vision: more secure borders, stronger national sovereignty and less technocratic interference.

    Ironically, as the bloc itself drifts rightward on migration, Meloni’s positions no longer seem so fringe – perhaps allowing her to embrace the EU pragmatically, even as she critiques it ideologically. Meloni’s own background and rise reflect this ambiguity and duality. Emerging from a political movement with fascist roots, she now presents herself as a passionate Europeanist and pacifist while maintaining right-wing positions on immigration and cultural issues.

    Meloni has governed in that fashion: cultivating ties with conservative heavyweights like Trump and right-wing European leaders, pushing back against Brussels on contentious policy issues, but also remaining firmly committed to the European project when it suits her. Especially when the economy is at stake.

    Meloni as pragmatic European

    Meloni’s strongly nationalist rhetoric and right-wing cultural views might appear at odds with the EU’s purpose, but her approach to the continent is highly pragmatic.

    While she regularly critiques EU bureaucracy at home, her government remains the largest recipient of EU recovery funds, securing €191.5 billion (US$218 billion) from the EU’s post-COVID recovery plan program. That critical cash infusion for an aging country with persistently sluggish growth comes with a commitment to enact a series of stringent fiscal reforms and austerity measures by 2026. In addition, Italy continues to benefit from long-standing cohesion and structural funds, particularly the economically struggling south,.

    Meanwhile, Meloni’s support for Ukraine helps her stand apart from pro-Russia voices in her coalition and strengthens Italy’s standing with NATO and the EU. It’s another strategic move that boosts her credibility both at home and abroad. Far from being a fringe player, Italy under Meloni is central to the EU’s narrative of unity, solidarity and survival.

    A spaghetti Western alliance?

    While Meloni reconciles her nationalist views vis-a-vis the supranationalist EU, she has also prioritized selling her idea of Italy on a bilateral basis.

    That has largely focused on a shrewd charm offensive in the U.S., particularly since the return of Trump, whose right-wing administration provides any easy fit for Meloni. She has attempted to play both Trump and Musk to Italy’s advantage, leveraging Rome’s geopolitical position to secure economic agreements and ease tensions wrought by Trump tariffs, which Meloni called “wrong.”

    Trump has been quick to praise her stance against “anti-woke” politics, while Meloni promises to help resolve trade issues and boost U.S. gas imports, all while keeping Italy at the forefront of negotiations. With Musk, she has attempted to position Italy as a key partner in tech and energy, navigating the global game with both finesse and ambition.

    Italy runs a substantial trade surplus with the U.S. and underspends on NATO defense – two things that typically trigger Trump’s criticism. Yet with Meloni, Trump has been full of admiration: “She’s taken Europe by storm,” he said in April, agreeing during their last meeting to meet again in Rome in the near future.

    Italian Prime Minister Giorgia Meloni, left, has expressed solidarity with Ukrainian President Volodymyr Zelenskyy.
    Thierry Monasse/Getty Images

    Meloni’s diplomatic ambitions extend beyond the U.S., including making moves in the Middle East, particularly with Saudi Arabia. By promoting Italy as a gateway to Europe, she is securing key investments in energy and infrastructure, while boosting Italian exports and increasing her diplomatic leverage. The fact that many in Europe, and indeed Italy, eye such overtures toward Saudi money with distaste, appears neither here nor there. After all, in Italy there has long been an attitude among leaders that “money does not smell” – or “pecunia non olet” as the locals say – a phrase that by legend was uttered by Emperor Vespasian while slapping a tax on public urinals.

    Will all roads lead to Rome?

    While Meloni’s approach of casting Italy as a bridge between the U.S. and Europe may yield some short-term diplomatic gains, it’s nonetheless a delicate path fraught with risk. Cozying up to Washington under Trump, whose policies – especially on trade – have engendered widespread outrage in Europe, risks ruffling feathers in Brussels. Indeed, while Trump praised Meloni’s leadership, and both sides talked trade with no urgency on tariffs, Europe watched warily.

    Trying to navigate between Trump’s protectionist leanings and the EU’s collective trade stance could leave Meloni unable to satisfy either side. Should Trump push for concessions – like shrinking Italy’s trade surplus with the U.S. or increasing defense spending – Meloni may find herself at odds with EU standards and alienating European partners. But leaning too far into EU alignment – and the bloc’s commitment to Ukraine – risks souring her ties with Trump’s camp, potentially weakening her influence across the Atlantic.

    In trying to please both Washington and Brussels, Meloni could end up with enemies on both fronts – and very few wins to show for it.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Italy’s Meloni is positioning herself as bridge between EU and Trump – but will it work? – https://theconversation.com/italys-meloni-is-positioning-herself-as-bridge-between-eu-and-trump-but-will-it-work-254955

    MIL OSI – Global Reports –

  • MIL-OSI Global: 50 years later, Vietnam’s environment still bears the scars of war – and signals a dark future for Gaza and Ukraine

    Source: The Conversation – Global Perspectives – By Pamela McElwee, Professor of Human Ecology, Rutgers University

    During the Vietnam War, the U.S. bombed and defoliated vast areas of forest and protective mangroves. AP Photo

    When the Vietnam War finally ended on April 30, 1975, it left behind a landscape scarred with environmental damage. Vast stretches of coastal mangroves, once housing rich stocks of fish and birds, lay in ruins. Forests that had boasted hundreds of species were reduced to dried-out fragments, overgrown with invasive grasses.

    The term “ecocide” had been coined in the late 1960s to describe the U.S. military’s use of herbicides like Agent Orange and incendiary weapons like napalm to battle guerrilla forces that used jungles and marshes for cover.

    Fifty years later, Vietnam’s degraded ecosystems and dioxin-contaminated soils and waters still reflect the long-term ecological consequences of the war. Efforts to restore these damaged landscapes and even to assess the long-term harm have been limited.

    As an environmental scientist and anthropologist who has worked in Vietnam since the 1990s, I find the neglect and slow recovery efforts deeply troubling. Although the war spurred new international treaties aimed at protecting the environment during wartime, these efforts failed to compel post-war restoration for Vietnam. Current conflicts in Ukraine and the Middle East show these laws and treaties still aren’t effective.

    Agent Orange and daisy cutters

    The U.S. first sent ground troops to Vietnam in March 1965 to support South Vietnam against revolutionary forces and North Vietnamese troops, but the war had been going on for years before then. To fight an elusive enemy operating clandestinely at night and from hideouts deep in swamps and jungles, the U.S. military turned to environmental modification technologies.

    The most well-known of these was Operation Ranch Hand, which sprayed at least 19 million gallons (75 million liters) of herbicides over approximately 6.4 million acres (2.6 million hectares), of South Vietnam. The chemicals fell on forests, and also on rivers, rice paddies and villages, exposing civilians and troops. More than half of that spraying involved the dioxin-contaminated defoliant Agent Orange.

    A U.S. Air Force C-123 flies low along a South Vietnamese highway spraying defoliants on dense jungle growth beside the road to eliminate ambush sites during the Vietnam War.
    AP Photo/Department of Defense

    Herbicides were used to strip the leaf cover from forests, increase visibility along transportation routes and destroy crops suspected of supplying guerrilla forces.

    As news of the damage from these tactics made it back to the U.S., scientists raised concerns about the campaign’s environmental impacts to President Lyndon Johnson, calling for a review of whether the U.S. was intentionally using chemical weapons. American military leaders’ position was that herbicides did not constitute chemical weapons under the Geneva Protocol, which the U.S. had yet to ratify.

    Scientific organizations also initiated studies within Vietnam during the war, finding widespread destruction of mangroves, economic losses of rubber and timber plantations, and harm to lakes and waterways.

    A photo at the War Remnants Museum in Ho Chi Minh City, historically known as Saigon, shows the damage at Cần Giờ mangrove forest. The mangrove forest was destroyed by herbicides, bombs and plows.
    Gary Todd/Flickr

    In 1969, evidence linked a chemical in Agent Orange, 2,4,5-T, to birth defects and stillbirths in mice because it contained TCDD, a particularly harmful dioxin. That led to a ban on domestic use and suspension of Agent Orange use by the military in April 1970, with the last mission flown in early 1971.

    Incendiary weapons and the clearing of forests also ravaged rich ecosystems in Vietnam.

    The U.S. Forest Service tested large-scale incineration of jungles by igniting barrels of fuel oil dropped from planes. Particularly feared by civilians was the use of napalm bombs, with more than 400,000 tons of the thickened petroleum used during the war. After these infernos, invasive grasses often took over in hardened, infertile soils.

    Fires from napalm and other incendiary weapons cleared stretches of forest, in some cases scorching the soil so badly that nothing would regrow.
    AP Photo

    “Rome Plows,” massive bulldozers with an armor-fortified cutting blade, could clear 1,000 acres a day. Enormous concussive bombs, known as “daisy cutters”, flattened forests and set off shock waves killing everything within a 3,000-foot (900-meter) radius, down to earthworms in the soil.

    The U.S. also engaged in weather modification through Project Popeye, a secret program from 1967 to 1972 that seeded clouds with silver iodide to prolong the monsoon season in an attempt to cut the flow of fighters and supplies coming down the Ho Chi Minh Trail from North Vietnam. Congress eventually passed a bipartisan resolution in 1973 urging an international treaty to prohibit the use of weather modification as a weapon of war. That treaty came into effect in 1978.

    The U.S. military contended that all these tactics were operationally successful as a trade of trees for American lives.

    Despite Congress’ concerns, there was little scrutiny of the environmental impacts of U.S. military operations and technologies. Research sites were hard to access, and there was no regular environmental monitoring.

    Recovery efforts have been slow

    After the fall of Saigon to North Vietnamese troops on April 30, 1975, the U.S. imposed a trade and economic embargo on all of Vietnam, leaving the country both war-damaged and cash-strapped.

    Vietnamese scientists told me they cobbled together small-scale studies. One found a dramatic drop in bird and mammal diversity in forests. In the A Lưới valley of central Vietnam, 80% of forests subjected to herbicides had not recovered by the early 1980s. Biologists found only 24 bird and five mammal species in those areas, far below normal in unsprayed forests.

    Only a handful of ecosystem restoration projects were attempted, hampered by shoestring budgets. The most notable began in 1978, when foresters began hand-replanting mangroves at the mouth of the Saigon River in Cần Giờ forest, an area that had been completely denuded.

    Mangroves have been replanted in the Cần Giờ Biosphere Reserve near Ho Chi Minh City, but their restoration took decades.
    Tho Nau/Flickr, CC BY

    In inland areas, widespread tree-planting programs in the late 1980s and 1990s finally took root, but they focused on planting exotic trees like acacia, which did not restore the original diversity of the natural forests.

    Chemical cleanup is still underway

    For years, the U.S. also denied responsibility for Agent Orange cleanup, despite the recognition of dioxin-associated illnesses among U.S. veterans and testing that revealed continuing dioxin exposure among potentially tens of thousands of Vietnamese.

    The first remediation agreement between the two countries only occurred in 2006, after persistent advocacy by veterans, scientists and nongovernmental organizations led Congress to appropriate US$3 million for the remediation of the Da Nang airport.

    That project, completed in 2018, treated 150,000 cubic meters of dioxin-laden soil at an eventual cost of over $115 million, paid mostly by the U.S. Agency for International Development, or USAID. The cleanup required lakes to be drained and contaminated soil, which had seeped more than 9 feet (3 meters) deeper than expected, to be piled and heated to break down the dioxin molecules.

    Large amounts of Agent Orange had been stored at the Da Nang airport during the war and contaminated the soil with dioxin. The cleanup project, including heating contaminated soil to high temperatures, was completed in 2018.
    Richard Nyberg/USAID

    Another major hot spot is the heavily contaminated Biên Hoà airbase, where local residents continue to ingest high levels of dioxin through fish, chicken and ducks.

    Agent Orange barrels were stored at the base, which leaked large amounts of the toxin into soil and water, where it continues to accumulate in animal tissue as it moves up the food chain. Remediation began in 2019; however, further work is at risk with the Trump administration’s near elimination of USAID, leaving it unclear if there will be any American experts in Vietnam in charge of administering this complex project.

    Laws to prevent future ‘ecocide’ are complicated

    While Agent Orange’s health effects have understandably drawn scrutiny, its long-term ecological consequences have not been well studied.

    Current-day scientists have far more options than those 50 years ago, including satellite imagery, which is being used in Ukraine to identify fires, flooding and pollution. However, these tools cannot replace on-the-ground monitoring, which often is restricted or dangerous during wartime.

    The legal situation is similarly complex.

    In 1977, the Geneva Conventions governing conduct during wartime were revised to prohibit “widespread, long term, and severe damage to the natural environment.” A 1980 protocol restricted incendiary weapons. Yet oil fires set by Iraq during the Gulf War in 1991, and recent environmental damage in the Gaza Strip, Ukraine and Syria indicate the limits of relying on treaties when there are no strong mechanisms to ensure compliance.

    Remediation work to remove dioxin contamination was just getting started at the former Biên Hoà Air Base in Vietnam when USAID’s staff was dismantled in 2025.
    USAID Vietnam, CC BY-NC

    An international campaign currently underway calls for an amendment to the Rome Statute of the International Criminal Court to add ecocide as a fifth prosecutable crime alongside genocide, crimes against humanity, war crimes and aggression.

    Some countries have adopted their own ecocide laws. Vietnam was the first to legally state in its penal code that “Ecocide, destroying the natural environment, whether committed in time of peace or war, constitutes a crime against humanity.” Yet the law has resulted in no prosecutions, despite several large pollution cases.

    Both Russia and Ukraine also have ecocide laws, but these have not prevented harm or held anyone accountable for damage during the ongoing conflict.

    Lessons for the future

    The Vietnam War is a reminder that failure to address ecological consequences, both during war and after, will have long-term effects. What remains in short supply is the political will to ensure that these impacts are neither ignored nor repeated.

    Pamela McElwee receives funding from the Carnegie Corporation, National Science Foundation, and National Endowment for the Humanities.

    – ref. 50 years later, Vietnam’s environment still bears the scars of war – and signals a dark future for Gaza and Ukraine – https://theconversation.com/50-years-later-vietnams-environment-still-bears-the-scars-of-war-and-signals-a-dark-future-for-gaza-and-ukraine-254971

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump administration’s attempt to nix the labor rights of thousands of federal workers on ‘national security’ grounds furthers the GOP’s long-held anti-union agenda

    Source: The Conversation – USA – By Bob Bussel, Professor Emeritus of History and Labor Education, University of Oregon

    Airline passengers wait at a Transportation Security Administration checkpoint before boarding to flights in Denver in 2022. Patrick T. Fallon/AFP via Getty Images

    As the Trump administration seeks to shrink the federal workforce, slash nonmilitary spending and curb opposition to its policies, it is taking steps beyond the firing and furloughing of thousands of government workers.

    The government is also trying to strip hundreds of thousands of federal employees of their right to bargain collectively and have a voice in their conditions of employment.

    Citing “national security” concerns, President Donald Trump issued an executive order on March 27, 2025, that canceled collective bargaining agreements at more than 30 federal agencies, commissions and programs, including the Department of Veterans Affairs, the Environmental Protection Agency, the National Science Foundation and the Food and Drug Administration. A judge temporarily blocked the order’s enforcement on April 25.

    Over three decades of researching American unions, I’ve never witnessed such a sweeping assault on collective bargaining rights, which give workers represented by unions the ability to negotiate with employers about the terms of their employment.

    But advocates of strong labor rights should have known what might be in store given the labor policies recommended by the Heritage Foundation’s Project 2025. That document, which Trump disavowed on the campaign trail in 2024 but has embraced in practice during his second term, questions whether public-sector unions should exist at all.

    Keeping Americans ‘safe’

    The Trump administration’s broad attack on federal workers’ rights arrived less than three weeks after an earlier, similar action by Department of Homeland Security Secretary Kristi Noem.

    On March 7, Noem announced that the government was scrapping collective bargaining rights for all Transportation Security Administration workers, eliminating a 2024 agreement. She cited what she called an “irreconcilable conflict” between union representation for those 47,000 federal workers and national security.

    Only a “flexible, at-will” workforce can possess the “organizational agility” needed to “safeguard our transportation systems and keep Americans safe,” she said. Employers may fire “at-will” workers at their discretion with few limitations.

    Noem’s claim that unions and national security aren’t compatible strikes me as disingenuous.

    Unionized workforces have displayed in recent history both patriotism and dedication in their efforts to keep Americans safe. Unionized firefighters, police officers and other first responders rushed to the World Trade Center attempting to rescue those trapped inside on 9/11, for example.

    Similarly, many unionized public-sector workers risked their health during the toxic cleanup that followed the terrorist attacks.

    It is also worth noting that veterans comprise approximately 30% of the federal workforce. Their history of military service attests, I would argue, to their clear record of demonstrating loyalty and patriotism.

    To my eye, the argument that federal workers belonging to unions compromises national security appears to be more rooted in ideology than evidence.

    Demonstrators rally in support of federal workers outside the Department of Health and Human Services on Feb. 14, 2025, in Washington.
    AP Photo/Mark Schiefelbein

    TSA as a case study

    The TSA emerged as part of President George W. Bush’s administration’s response to the 9/11 attacks in 2001; it designated newly hired airport security officers as federal employees.

    At the time, Bush insisted that TSA security officers should not belong to a union. He invoked national security concerns, arguing that union representation would undercut the “culture of urgency” needed to wage the “war on terrorism.”

    TSA employees finally gained collective bargaining rights during the Obama administration when they joined the American Federation of Government Employees in 2011.

    But after joining a union, TSA workers were still paid less than most federal employees. And they still couldn’t appeal disciplinary cases outside of TSA’s authority to the external board used by other federal employees that they viewed as more impartial.

    However, in recent years, TSA workers have obtained wage increases and stronger rights of appeal, along with other advances contained in a 2024
    collective bargaining agreement that the American Federation of Government Employees described as “groundbreaking.” These gains included uniform allowances, greater input on safety concerns and a pledge to examine expanded child care options.

    Now, the union has sued Noem, another Trump administration official and the TSA itself to block the administration’s rollback of these workers’ rights and protect their 2024 contract.

    JFK empowered federal workers

    Federal employees had historically organized unions to advocate and lobby for their interests.

    However, these unions lacked the formal ability to negotiate with the federal government in a collective bargaining process where, as labor scholar Robert Repas has explained, “decisions are made jointly, rather than unilaterally,” or ultimately at managerial discretion.

    Their members did not gain collective bargaining rights until 1962 when President John F. Kennedy issued an executive order making that possible. Kennedy’s action reflected the view that government employees should not be denied basic union rights enjoyed by their private sector counterparts.

    Acknowledging concerns that union rights might limit the ability to exercise centralized command and control, Kennedy’s directive exempted the FBI, CIA and other agencies charged with national security functions from collective bargaining.

    Federal employees covered by the 1962 executive order were also barred from striking. They could not negotiate over wages and benefits; power to make these decisions remained in the hands of Congress.

    In 1978, Congress passed the Civil Service Reform Act, which expanded the right of federal employees to collectively bargain for better working conditions, which its authors said were “in the public interest.” This law created an authority to oversee federal labor relations and established an appeals board to adjudicate worker grievances.

    Although federal employees did not enjoy as many rights as most union members in the private sector, they did gain a stronger voice in determining their working conditions and accessing grievance procedures to address workplace issues and concerns.

    Reagan and the air traffic controllers union

    Three years later, however, President Ronald Reagan fired over 11,000 air traffic controllers who had gone on strike, even though they lacked the right to do so. The Federal Labor Relations Authority subsequently decertified their union, the Professional Air Traffic Controllers Organization – known as PATCO.

    The strike’s failure seriously diminished the economic and political leverage of all U.S. unions for years. Membership in private-sector unions has declined sharply, while public-sector union membership remained relatively stable at about 1 in 3 workers. Overall, just under 10% of U.S. workers belonged to a union in 2024.

    Besides seriously diminishing the labor movement’s power and influence, the PATCO strike also had important political consequences. In his book about this labor dispute, historian Joseph McCartin wrote that crushing the PATCO strike led the Republican Party “in the direction of an unambiguous antiunionism” and a heightened antipathy toward unions in the public sector.

    Members of PATCO, the air traffic controllers union, hold hands and raise their arms during a strike in 1981.
    Bettmann/Getty Images

    Long-term goal

    The White House’s attack on federal unions represents an attempt to fulfill a longtime ambition of conservative activists.

    Executive orders, which can be rescinded by any president, lack the power of laws.

    But Sens. Mike Lee of Utah and Marsha Blackburn of Tennessee, both Republicans, introduced a bill in March that would enshrine Trump’s executive order in law. If that bill were to become law, it would “end federal labor unions and immediately terminate their collective bargaining agreements,” Lee and Blackburn have said.

    Meanwhile, eight House Republicans have asked the president to reverse course on collective bargaining rights, as have all House Democrats. A bipartisan group of senators has made a similar request.

    As the courts make their determinations and political opposition gathers, the American public has, I believe, an important question to answer. Is the spirit of the Civil Service Reform Act of 1978 – that “labor organizations and collective bargaining in the civil service are in the public interest” – worth upholding?

    This question warrants careful consideration and scrutiny. How the courts, Congress and the public respond will have enormous consequences for federal workers and the future of the union movement and the state of American democracy.

    Bob Bussel 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. Trump administration’s attempt to nix the labor rights of thousands of federal workers on ‘national security’ grounds furthers the GOP’s long-held anti-union agenda – https://theconversation.com/trump-administrations-attempt-to-nix-the-labor-rights-of-thousands-of-federal-workers-on-national-security-grounds-furthers-the-gops-long-held-anti-union-agenda-252347

    MIL OSI – Global Reports –

  • MIL-OSI Global: Bureaucrats get a bad rap, but they deserve more credit − a sociologist of work explains why

    Source: The Conversation – USA – By Michel Anteby, Professor of Management and Organizations & Sociology at Questrom School of Business & College of Arts and Sciences, Boston University

    It’s telling that U.S. President Donald Trump’s administration wants to fire bureaucrats. In its view, bureaucrats stand for everything that’s wrong with the United States: overregulation, inefficiency and even the nation’s deficit, since they draw salaries from taxpayers.

    But bureaucrats have historically stood for something else entirely. As the sociologist Max Weber argued in his 1921 classic “Economy and Society,” bureaucrats represent a set of critical ideals: upholding expert knowledge, promoting equal treatment and serving others. While they may not live up to those ideals everywhere and every day, the description does ring largely true in democratic societies.

    I know this firsthand, because as a sociologist of work I’ve studied federal, state and local bureaucrats for more than two decades. I’ve watched them oversee the handling of human remains, screen travelers for security threats as well as promote primary and secondary education. And over and over again, I’ve seen bureaucrats stand for Weber’s ideals while conducting their often-hidden work.

    Bureaucrats as experts and equalizers

    Weber defined bureaucrats as people who work within systems governed by rules and procedures aimed at rational action. He emphasized bureaucrats’ reliance on expert training, noting: “The choice is only that between ‘bureaucratisation’ and ‘dilettantism.’” The choice between a bureaucrat and a dilettante to run an army − in his days, like in ours − seems like an obvious one. Weber saw that bureaucrats’ strength lies in their mastery of specialized knowledge.

    I couldn’t agree more. When I studied the procurement of whole body donations for medical research, for example, the state bureaucrats I spoke with were among the most knowledgeable professionals I encountered. Whether directors of anatomical services or chief medical examiners, they knew precisely how to properly secure, handle and transfer human cadavers so physicians could get trained. I felt greatly reassured that they were overseeing the donated bodies of loved ones.

    Weber also described bureaucrats as people who don’t make decisions based on favors. In other forms of rule, he noted, “the ruler is free to grant or withhold clemency” based on “personal preference,” but in bureaucracies, decisions are reached impersonally. By “impersonal,” Weber meant “without hatred or passion” and without “love and enthusiasm.” Put otherwise, the bureaucrats fulfill their work without regard to the person: “Everyone is treated with formal equality.”

    The federal Transportation Security Administration officers who perform their duties to ensure that we all travel safely epitomize this ideal. While interviewing and observing them, I felt grateful to see them not speculate about loving or hating anyone but treating all travelers as potential threats. The standard operating procedures they followed often proved tedious, but they were applied across the board. Doing any favors here would create immense security risks, as the recent Netflix action film “Carry-On” − about an officer blackmailed into allowing a terrorist to board a plane − illustrates.

    Advancing the public’s interests

    Finally, Weber highlighted bureaucrats’ commitment to serving the public. He stressed their tendency to act “in the interests of the welfare of those subjects over whom they rule.” Bureaucrats’ expertise and adherence to impersonal rules are meant to advance the common interest: for young and old, rural and urban dwellers alike, and many more.

    The state Department of Elementary and Secondary Education staff that I partnered with for years at the Massachusetts Commission on LGBTQ Youth exemplified this ethic. They always impressed me by the huge sense of responsibility they felt toward all state residents. Even when local resources varied, they worked to ensure that all young people in the state − regardless of sexual orientation or gender identity − could thrive. Based on my personal experience, while they didn’t always get everything right, they were consistently committed to serving others.

    Today, bureaucrats are often framed by the administration and its supporters as the root of all problems. Yet if Weber’s insights and my observations are any guide, bureaucrats are also the safeguards that stand between the public and dilettantism, favoritism and selfishness. The overwhelming majority of bureaucrats whom I have studied and worked with deeply care about upholding expertise, treating everyone equally and ensuring the welfare of all.

    Yes, bureaucrats can slow things down and seem inefficient or costly at times. Sure, they can also be co-opted by totalitarian regimes and end up complicit in unimaginable tragedies. But with the right accountability mechanisms, democratic control and sufficient resources for them to perform their tasks, bureaucrats typically uphold critical ideals.

    In an era of growing hostility, it’s key to remember what bureaucrats have long stood for − and, let’s hope, still do.

    Michel Anteby was during a decade a member of the Massachusetts Commission on LGBTQ Youth and a former Vice-Chair, and then Chair of the Commission.

    – ref. Bureaucrats get a bad rap, but they deserve more credit − a sociologist of work explains why – https://theconversation.com/bureaucrats-get-a-bad-rap-but-they-deserve-more-credit-a-sociologist-of-work-explains-why-253317

    MIL OSI – Global Reports –

  • MIL-OSI Global: How does soap keep you clean? A chemist explains the science of soap

    Source: The Conversation – USA – By Paul E. Richardson, Professor of Biochemistry, Coastal Carolina University

    Be sure to wash your hands for at least 20 seconds. Mladen Zivkovic/iStock via Getty Images Plus

    Curious Kids is a series for children of all ages. If you have a question you’d like an expert to answer, send it to CuriousKidsUS@theconversation.com.

    How does soap clean our bodies? – Charlie H., age 8, Stamford, Connecticut

    Thousands of years ago, our ancestors discovered something that would clean their bodies and clothes. As the story goes, fat from someone’s meal fell into the leftover ashes of a fire. They were astonished to discover that the blending of fat and ashes formed a material that cleaned things. At the time, it must have seemed like magic.

    That’s the legend, anyway. However it happened, the discovery of soap dates back approximately 5,000 years, to the ancient city of Babylon in what was southern Mesopotamia – today, the country of Iraq.

    As the centuries passed, people around the world began to use soap to clean the things that got dirty. During the 1600s, soap was a common item in the American colonies, often made at home. In 1791, Nicholas Leblanc, a French chemist, patented the first soapmaking process. Today, the world spends about US$50 billion every year on bath, kitchen and laundry soap.

    But although billions of people use soap every day, most of us don’t know how it works. As a professor of chemistry, I can explain the science of soap – and why you should listen to your mom when she tells you to wash up.

    You’ll be amazed at how much work it takes to make a bar of soap.

    The chemistry of clean

    Water – scientific name: dihydrogen monoxide – is composed of two hydrogen atoms and one oxygen atom. That molecule is required for all life on our planet.

    Chemists categorize other molecules that are attracted to water as hydrophilic, which means water-loving. Hydrophilic molecules can dissolve in water.

    So if you were to wash your hands under a running faucet without using soap, you’d probably get rid of lots of whatever hydrophilic bits are stuck to your skin.

    But there is another category of molecules that chemists call hydrophobic, which means water-fearing. Hydrophobic molecules do not dissolve in water.

    Oil is an example of something that’s hydrophobic. You probably know from experience that oil and water just don’t mix. Picture shaking up a jar of vinaigrette salad dressing – the oil and the other watery ingredients never stay mixed.

    So just swishing your hands through water isn’t going to get rid of water-fearing molecules such as oil or grease.

    Here’s where soap comes in to save the day.

    Soap, a complex molecule, is both water-loving and water-fearing. Shaped like a tadpole, the soap molecule has a round head and long tail; the head is hydrophilic, and the tail is hydrophobic. This quality is one of the reasons soap is slippery.

    It’s also what gives soap its cleaning superpower.

    The round head and long wiggly tail of the soap molecules work together to eradicate dirt, grease and grime.
    Tumeggy/Science Photo Library via Getty Images

    A microscopic view

    To see what happens when you wash your hands with soap and water, let’s zoom in.

    Picture all the gunk that you touch during the day and that builds up on your skin to make your hands dirty. Maybe there are smears of food, mud from outside, or even sweat and oils from your own skin.

    All of that material is either water-loving or water-fearing on the molecular level. Dirt is a jumbled mess of both. Dust and dead skin cells are hydrophilic; naturally occurring oils are hydrophobic; and environmental debris can be either.

    If you use only water to clean your hands, plenty will be left behind because you’d only remove the water-loving bits that dissolve in water.

    But when you add a bit of soap, it’s a different story, thanks to its simultaneously water-loving and water-fearing properties.

    Soap molecules work together to encapsulate grime within a bubblelike micelle structure.
    TUMEGGY/Science Photo Library via Getty Images

    Soap molecules come together and surround the grime on your hands, forming what’s known as a micelle structure. On a molecular level, it looks almost like a bubble encasing the hydrophobic bit of debris. The water-loving heads of the soap molecules are on the surface, with the water-fearing tails inside the micelle. This structure traps the dirt, and running water washes it all away.

    To get the full effect, wash your hands at the sink for at least 20 seconds. Rubbing your hands together helps force the soap molecules into whatever dirt is there to break it up and envelope it.

    It’s not just dirt

    Along with dirt, your body is covered by microorganisms – bacteria, viruses and fungi. Most are harmless and some even protect you from getting sick. But some microorganisms, known as pathogens, can cause illness and disease.

    Whether liquid or bar, soap gets the job done.
    velvelvel/iStock via Getty Images Plus

    They can also cause you to smell if you haven’t taken a bath in a while. These bacteria break down organic molecules and release stinky fumes.

    Although microorganisms are protected by a barrier – it’s called a membrane – soap and water can disrupt the membrane, causing the microorganism to burst open. The water then washes the remains of the microorganism away, along with the stink.

    To say that soap changed the course of civilization is an understatement. For thousands of years, it’s helped keep billions of people healthy. Think of that the next time Mom or Dad asks you to wash up – which will likely be sometime soon.

    Hello, curious kids! Do you have a question you’d like an expert to answer? Ask an adult to send your question to CuriousKidsUS@theconversation.com. Please tell us your name, age and the city where you live.

    And since curiosity has no age limit – adults, let us know what you’re wondering, too. We won’t be able to answer every question, but we will do our best.

    Paul E. Richardson receives funding from the NIH and NSF.

    – ref. How does soap keep you clean? A chemist explains the science of soap – https://theconversation.com/how-does-soap-keep-you-clean-a-chemist-explains-the-science-of-soap-247559

    MIL OSI – Global Reports –

  • MIL-OSI USA: ICE expands Federal Police of Brazil partnership in new memorandum of understanding

    Source: US Immigration and Customs Enforcement

    WASHINGTON — U.S. Immigration and Customs Enforcement Homeland Security Investigations announced an expanded partnership with the Federal Police of Brazil April 22 in a collaborative bid to combat transnational crime.

    HSI International Operations Deputy Assistant Director Jeff DaRin and PF Director of International Cooperation Felipe Tavares Seixas signed the memorandum of understanding at ICE headquarters in Washington, D.C.

    “This partnership will enable our agents and officers to collaborate seamlessly on high-impact investigations, strengthening our collective ability to address security threats and protect the well-being of citizens in both countries,” said DaRin.

    The memorandum upholds HSI’s longstanding, cooperative relationship with PF and establishes a robust framework for directly sharing criminal investigative intelligence, best practices and methodologies for investigating transnational crime across North and South America.

    “Today’s signing ceremony is not just a formal agreement, but a testament to our shared commitment to fighting crime and protecting our citizens,” said Tavares Seixas. “By leveraging our collective resources and expertise, we will make substantial strides in combating transnational crime and safeguarding the security of our nations.”

    HSI and PF have collaborated for over 20 years to combat some of the world’s most significant transnational criminal organizations, with a particular focus on human smuggling and trafficking, firearms trafficking, child exploitation, cybercrimes and financial criminal networks.

    Most recently, HSI and PF took down a transnational criminal organization allegedly responsible for smuggling hundreds of individuals from Brazil to the United States in March, with support from multiple partners.

    For more news and information on ICE’s efforts to enforce our nation’s immigration laws and combat transnational crime, follow us on X at @ICEgov and @HSI_HQ.

    MIL OSI USA News –

  • MIL-OSI: Endeavor Bancorp Reports Net Income of $1.4 Million for the First Quarter of 2025; Highlighted by Loan and Deposit Growth and Net Interest Margin Expansion

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 28, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company,” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.36 million, or $0.32 per diluted share, for the first quarter of 2025, compared to net income of $1.08 million, or $0.25 per diluted share, for the fourth quarter of 2024, and $407,000, or $0.10 per diluted share, for the first quarter of 2024. First Quarter 2025 financial results are unaudited.

    Results for the first quarter of 2025 included a $385,000 provision for credit losses, compared to a $374,000 provision for credit losses in the fourth quarter of 2024, and a $450,000 provision for credit losses in the first quarter of 2024. Excluding taxes and loan loss provisions, the Company’s pretax, pre-provision net income increased to $2.33 million in the first quarter of 2025, compared to $1.93 million in the preceding quarter and $1.04 million in the first quarter of 2024.

    “Endeavor’s first quarter performance marks a great start to the year, underscoring our continued commitment to delivering value to our shareholders and the businesses we serve,” stated Julie Glance, CFO. “We allocated significant resources toward growing the company and expanding our team in 2024, and our first quarter operating results demonstrate the positive impact of these investments on our earnings. We experienced meaningful growth in both loans and deposits, coupled with continued margin expansion. Net loans increased 4.6% during the quarter and 34.9% year-over-year. Additionally, total deposits grew nicely during the quarter, increasing 4.2% compared to the prior quarter end and 27.2% over the prior year. For a community bank like Endeavor, deposits are the most integral component in keeping our balance sheet healthy and keeping us lending to our business clients. We will continue to focus on deposit gathering in the year ahead, with an emphasis on bringing in full client relationships to grow our core deposit base.”

    Income Statement 
    Strong first quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $11.1 million, an increase of $365,000 compared to the preceding quarter, while total interest expenses decreased $130,000 during the same timeframe. Net interest income was $7.0 million in the first quarter of 2025, which was an increase of $495,000, or 7.6% compared to the preceding quarter and a 39.5% increase compared to the first quarter of 2024.

    “The 15-basis point increase in our net interest margin during the first quarter of 2025, compared to the prior quarter, was primarily the result of strong loan growth, in addition to improving funding costs,” said Dan Yates, CEO. “In the current rate environment, we continue to actively manage our asset-liability mix to protect our net interest margin, while ensuring competitive loan and deposit pricing across our portfolio.”

    The Company’s net interest margin increased 15 basis points to 4.12% in the first quarter of 2025 compared to 3.97% in the fourth quarter of 2024 and increased 44 basis points compared to 3.68% in the first quarter of 2024. The yield on total earning assets remained strong, decreasing only 2 basis points during the first quarter of 2025 to 6.52%, compared to 6.54% in the preceding quarter, and up from 6.23% in the first quarter of 2024. The cost of deposits decreased to 2.58% in the first quarter, compared to 2.76% in the fourth quarter, and unchanged from 2.76% in the first quarter of 2024.

    Non-Interest income was $183,000 in the first quarter of 2025, an increase of $23,000 or 14% compared to the fourth quarter of 2024, and a slight increase compared to $151,000 in the first quarter of 2024.

    Non-Interest expense was $4.86 million in the first quarter of 2025, an increase of $112,000 compared to the fourth quarter of 2024, and an increase of $725,000 compared to the first quarter of 2024. The higher expenses year-over-year were largely due to strategic investment in staff throughout 2024. “During 2024, Endeavor made significant investments in our team, increasing headcount by over 30%. These investments are now yielding results, as revenue growth driven by our expanded capabilities has more than offset the increase in expenses this quarter. The strong improvement in the efficiency ratio is also evidence that the 2024 additional hires are now fully engaged and productive driving the efficiency ratio from 79.9% in first quarter 2024, to 71.2% in fourth quarter 2024, to 67.6% in first quarter 2025. We have fewer new hires planned for 2025, and as we continue to leverage our expanded team we are well positioned for additional earnings growth throughout the remainder of the year,” said Yates.

    A significant portion of the annual board compensation will be paid in the second quarter of 2025 in contrast to 2024 in which the compensation was $312,000 in the first quarter. Adjusting the first quarter 2025 net income for the timing of board compensation and the annual expense for a contract negotiation, net income would have been reduced to $1.2 million in first quarter 2025.

    The Company’s annualized return on average equity for the first quarter of 2025 was 11.68%, compared to 9.35% in the fourth quarter of 2024 and 3.79% in the first quarter of 2024. The annualized return on average assets for the first quarter of 2025 was 0.79% compared to 0.65% in the fourth quarter of 2024 and 0.29% in the first quarter of 2024.

    Balance Sheet 
    Total assets increased by $26.2 million, or 3.9%, during the first quarter of 2025 to $704.6 million at March 31, 2025, compared to $678.3 million at December 31, 2024, and increased $138.7 million, or 24.5%, compared to March 31, 2024. Balance sheet liquidity remains strong with cash balances of $80.9 million, which represents 11.5% of total assets as of March 31, 2025. The Company’s bond portfolio increased $609,000 during the first quarter of 2025 to $26.4 million as of March 31, 2025, representing 3.7% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window totaled $210.0 million as of quarter end.

    “Our results for the first quarter emphasized the effort of our strong, experienced team, and our commitment to expanding our brand of business banking, which includes growing both sides of the balance sheet while maintaining strong credit quality,” said Steve Sefton, President. “Loan growth and new loan originations remained strong during the first quarter of 2025, as we continue to seek out high quality lending opportunities in our markets.”

    Total loans outstanding increased $26.0 million, or 4.6%, during the first quarter of 2025 to $597.8 million at March 31, 2025, compared to $571.8 million three months earlier, and increased $154.6 million, or 34.9%, when compared to $443.2 million a year earlier. Total non-performing loans decreased to 0.40% of the total loan portfolio as of March 31, 2025, compared to 0.46% in the prior quarter. The Company had no net charge offs during the first quarter of 2025, or in the prior quarter.

    Total deposits increased $24.9 million, or 4.1%, during the quarter to $626.2 million at March 31, 2025, compared to $601.2 million three months earlier, and increased $134.0 million, up 27.2% when compared to $492.2 million a year earlier. The loan to deposit ratio was 95.5% at March 31, 2025, compared to 95.1% at December 31, 2024, and 90.1% as of March 31, 2024.

    As a result of its participation in a reciprocal deposit placement network, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposits maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $82.6 million at March 31, 2025, and $113.7 million as of December 31, 2024. To support strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of March 31, 2025, total wholesale deposits, excluding the reciprocal deposits, was $60.2 million, representing 8.9% of total deposits compared to $60.7 million, or 10.1% of total deposits as of December 31, 2024.

    Shareholders’ equity was $47.7 million at March 31, 2025, compared to $46.0 million at December 31, 2024, and $42.5 million at March 31, 2024. Tangible book value per share increased to $13.49 at March 31, 2025, compared to $13.20 three months earlier and $12.64 a year earlier.

    Capital 
    The Bank’s Tier 1 leverage ratio was 10.57% as of March 31, 2025, compared to 10.90% at December 31, 2024. The Tier 1 risk-based capital ratio was 10.47% as of March 31, 2025, compared to 10.71% on December 31, 2024, and the Total risk-based capital ratio was 11.65% compared to 11.90% three months earlier, all of which were well above regulatory minimums.

    About Endeavor Bancorp 
    Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

    Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad and a branch office in La Mesa. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

    Endeavor Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Endeavor Bank an A rating.

    EDVR Shareholders 
    With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year. 

    Forward-Looking Statements 
    This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

               
    SELECTED FINANCIAL DATA
    (In thousands of dollars, except for ratios and per share amounts)
    Unaudited
              Three Months Ended        
        March 31, 2025 December 31, 2024   March 31, 2024
        (Consolidated) (Consolidated)   (Consolidated)
    SUMMARY OF OPERATIONS          
    Interest income   $ 11,119   $ 10,754     $ 8,516  
    Interest expense     4,106     4,236       3,488  
    Net interest income     7,013     6,518       5,029  
    Provision for credit losses     385     374       450  
    Net interest income after loss provision     6,628     6,144       4,580  
    Non-interest income     183     160       151  
    Non-interest expense     4,864     4,752       4,139  
    Income before tax     1,947     1,552       591  
    Federal income tax expense     372     296       117  
    State income tax expense     214     171       66  
    Net income   $ 1,361   $ 1,084     $ 407  
               
    Core pretax earnings*   $ 2,332   $ 1,926     $ 1,041  
    *excludes taxes and provision for loan losses              
               
    PER COMMON SHARE DATA          
    Number of shares outstanding (000s)*     3,503     3,494       3,422  
    *Adjusted for May 2024 Stock Dividend          
    Earnings per share, basic   $ 0.39   $ 0.31     $ 0.12  
    Earnings per share, diluted   $ 0.32   $ 0.25     $ 0.10  
    Book Value per share   $ 13.61   $ 13.17     $ 12.43  
               
    BALANCE SHEET DATA          
    Assets   $ 704,564   $ 678,332     $ 565,881  
    Investments securities     26,385     25,777       13,432  
    Total loans, net of unearned income     597,846     571,817       443,203  
    Total deposits     626,165     601,219       492,169  
    Borrowings     26,721     26,697       27,090  
    Shareholders’ equity     47,667     46,009       42,526  
    Loan to Deposit ratio     95.48 %   95.11 %     90.05 %
    Wholesale Deposits to Total Deposits     8.90 %   10.10 %    
               
    AVERAGE BALANCE SHEET DATA          
    Average assets   $ 697,617   $ 660,748     $ 557,691  
    Average total loans, net of unearned income     589,037     549,340       434,999  
    Average total deposits     618,844     582,583       514,445  
    Average shareholders’ equity     47,256     46,117       43,247  
               
    ASSET QUALITY RATIOS          
    Net (charge-offs) recoveries   $ –   $ –     $ –  
    Net (charge-offs) recoveries to average loans     0.00 %   0.00 %     0.74 %
    Non-performing loans as a % of loans     0.40 %   0.46 %     0.07 %
    Non-performing assets as a % of assets     0.34 %   0.38 %     0.05 %
    Allowance for loan losses as a % of total loans     1.36 %   1.37 %     1.45 %
    Non-performing assets as a % of allowance for loan losses     29.60 %   33.27 %     4.66 %
               
    FINANCIAL RATIOSSTATISTICS          
    Annualized return on average equity     11.68 %   9.35 %     3.79 %
    Annualized return on average assets     0.79 %   0.65 %     0.29 %
    Net interest margin     4.12 %   3.97 %     3.68 %
    Efficiency ratio     67.59 %   71.17 %     79.91 %
               
    CAPITAL RATIOS          
    Tier 1 leverage ratio — Bank     10.57 %   10.90 %     12.18 %
    Common equity tier 1 ratio — Bank     10.47 %   10.71 %     12.49 %
    Tier 1 risk-based capital ratio — Bank     10.47 %   10.71 %     12.49 %
    Total risk-based capital ratio –Bank     11.65 %   11.90 %     13.69 %
               
    TCE/TA *     6.77 %   6.78 %     7.52 %
    Tangible Book Value per Share   $ 13.49   $ 13.20     $ 12.64  
               
    *Non-GAAP financial measure.          
    Unaudited financials 2025          
               

    Endeavor Bancorp Contact Information:  
    (858) 230.5185  
    Dan Yates, CEO  
    dyates@bankendeavor.com   
      
    (858) 230.4243  
    Steve Sefton, President  
    ssefton@bankendeavor.com

    The MIL Network –

  • MIL-OSI: Bel Fuse Announces Upcoming Investor Conference Schedule for May 2025

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., April 28, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB), a leading global manufacturer of products that power, protect and connect electronic circuits, today announced its investor conference schedule for May 2025:

    • Oppenheimer’s 20thAnnual Industrial Growth Conference (Virtual)
      Farouq Tuweiq, CFO
      Lynn Hutkin, VP Financial Reporting & Investor Relations
      Thursday, May 8, 2025
      Conducting meetings throughout the day with a fireside chat at 12:45 pm ET
    • 22ndAnnual Craig-Hallum Institutional Investor Conference
      Farouq Tuweiq, CFO
      Lynn Hutkin, VP Financial Reporting & Investor Relations
      Wednesday, May 28, 2025
      Depot Renaissance Hotel Minneapolis
      Conducting meetings throughout the day
    • KeyBanc Industrial & Basics Conference
      Farouq Tuweiq, CFO
      Lynn Hutkin, VP Financial Reporting & Investor Relations
      Thursday, May 29, 2025
      InterContinental Boston
      Conducting meetings throughout the day

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the defense, commercial aerospace, networking, telecommunications, computing, general industrial high-speed data transmission, transportation and eMobility industries. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial and transportation power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Lynn Hutkin, VP Financial Reporting & Investor Relations
    ir@belf.com 

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339

    The MIL Network –

  • MIL-OSI Global: We’re throwing the Moomins a birthday party – and you’re invited

    Source: The Conversation – UK – By Anna Walker, Senior Arts + Culture Editor

    Tove Jansson published her first Moomin book, The Moomins and the Great Flood, 80 years ago, in 1945. The story follows a family of hippo-like creatures called “Moomintrolls”, who become refugees after a flood washes away their home. Written at the end of the second world war, when millions were displaced, it reflects the struggles of rebuilding lives after disaster.

    The official theme of the anniversary is “the door is always open”, reflecting the themes of acceptance, kindness and chosen families that run through Jansson’s books.

    We’re celebrating 80 wonderful years of her magical creatures with a special screening of the 2014 film Moomins on the Riviera and a panel discussion. Come along to the National Science & Media Museum in Bradford on Friday May 23 to watch the film with us and take part in the Q&A with four expert Moominologists about the theme of the refugee experience in Jansson’s work.

    As a City of Sanctuary and home to one of four public art commissions honouring Moomin 80, Bradford is the perfect place to mark this milestone. Tickets include a free ebook of expert articles about Jansson and her Moominous creations.

    We’d love to see you there, so come along and join in the discussion. Readers of The Conversation get an exclusive 25% off the ticket price – you can book them here using the code Moomins25.

    – ref. We’re throwing the Moomins a birthday party – and you’re invited – https://theconversation.com/were-throwing-the-moomins-a-birthday-party-and-youre-invited-248586

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Closure Order secured on residential property used for serious criminality

    Source: City of Wolverhampton

    This application followed the execution of a drugs warrant at the property by West Midlands Police on Friday 14 February when a firearm and ammunition were recovered alongside a quantity of suspected class A controlled drugs and other weapons involving a considerable number of additional officers and resources from across the area.

    The Police were met with a hostile and violent response and a critical incident was declared. A number of people were arrested and remain on police bail pending further investigation.

    Given the impact on the local community and clear evidence of serious criminality conducted at the property, Wolverhampton Homes Anti-Social Behaviour Team worked closely with West Midlands Police and applied for a Closure Order to close the premises immediately under the ASB, Crime and Policing Act 2014 to prevent further criminality and potential disorder taking place.

    A Closure Order forbids any persons, including all residents of the property to enter the property for an initial period of 3 months and can be extended on application to the Court. Any breach of the order is an offence which, on conviction, can result in a fine or imprisonment.

    The City Council’s Homeless Team is supporting the displaced residents to secure alternative accommodation.

    Councillor Obaida Ahmed, Cabinet member for Digital and Community said: “Such criminality and disorder is incredibly harmful to communities and will not be tolerated. The council, police and Wolverhampton Homes will not hesitate to take robust action in these circumstances to protect the local community.

    “Tackling ASB is one of the key priorities for the Safter Wolverhampton Partnership – giving confidence to residents that we are willing to take action and empowering them to report issues that are impacting individuals, communities and businesses.”

    Inspector Chris Turner, who covers policing across the local area, said: “We are committed to reducing anti-social and criminal behaviour across the neighbourhood and we understand the distress and disruption such issues can cause people living locally.

    “We always urge people to get in touch if they have concerns or information about criminal activity, as we will always seek to act on the information we receive.”

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Cardinal Parolin to young people at the “Jubilee for Adolescents”: may Pope Francis’ legacy become a way of life

    Source: Agenzia Fides – MIL OSI

    VaticanMedia

    Vatican City (Fides Agency) – In times of darkness, “the Lord comes to us with the light of the Resurrection to illuminate our hearts.” This is what happened to Jesus’ disciples when they encountered the Risen One, who after Jesus’ death on the cross had felt “ orphaned, alone, lost, threatened and helpless”. This is happening again today, with the light of Easter illuminating even the sadness over the end of Pope Francis’ earthly life.On the sun-drenched St. Peter’s Square, Cardinal Pietro Parolin addressed the approximately 200,000 young people who had come to Rome from all over the world to participate in the Holy Year of Youth with words of hope and Easter joy during the funeral Mass for the late Pope on the second day of the “Novendiale.”Easter joy, the Venetian cardinal told the boys and girls, “ can almost be touched in this square today; you can see it etched above all in your faces, dear children and young people who have come from all over the world to celebrate the Jubilee. You come from so many places: from all of the dioceses of Italy, from Europe, from the United States to Latin America, from Africa to Asia, from the United Arab Emirates… with you here, the whole world is truly present!”Cardinal Parolin recalled that Pope Francis, quoting the Apostolic Exhortation Evangelii gaudium, placed the joy of the Gospel at the center of his pontificate, which “fills the hearts and lives of all who encounter Jesus”. “Never forget,” the cardinal urged, ‘to nourish your lives with the true hope that has the face of Jesus Christ’ with whom ‘you will never be abandoned or alone,’ He ”who comes to meet you where you are, to give you the courage to live.” On the second Sunday of Easter, Dominica in Albis, when the Church also celebrates the Feast of Divine Mercy, Cardinal Parolin also recalled that “it is precisely the Father’s mercy, likewise the eagerness to proclaim and share God’s mercy with all – the proclamation of the Good News, evangelisation – was the principal theme of his pontificate. He reminded us that “mercy” is the very name of God, and, therefore, no one can put a limit on his merciful love with which he wants to raise us up and make us new people.” The affection manifested for Pope Francis after the end of his earthly life, the Cardinal emphasized in his homily, “must not remain a mere emotion of the moment; we must welcome his legacy and make it part of our lives, opening ourselves to God’s mercy and also being merciful to one another”. Mercy, added the cardinal, “brings us back to the heart of faith,” “heals and creates a new world, putting out the fires of distrust, hatred and violence: this is the great teaching of Pope Francis.” ( Fides Agency 27/4/2025).
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    MIL OSI Europe News –

  • MIL-OSI Europe: ASIA/INDIA – Tension between India and Pakistan after attack in Kashmir: a Catholic among the victims

    Source: Agenzia Fides – MIL OSI

    Srinagar (Fides Agency) – The Parliament of the Indian state of Jammu and Kashmir passed a resolution today, April 28, expressing its dismay at the terrorist attack on April 22 in Pahalgam (Kashmir), which killed 26 people, mostly Indian tourists. The resolution pledges to resolutely combat “plans to disrupt harmony between communities and hinder progress.” Meanwhile, tensions remain high on the border between India and Pakistan following the attack by Pakistan-based terrorist groups, which India has described as an “act of war.” Violations of the ceasefire were reported for the fourth consecutive day along the Line of Control (LoC), the temporary border dividing Indian-controlled and Pakistani-controlled areas of Kashmir.Meanwhile, the Indian government has banned 16 Pakistani YouTube channels for spreading provocative content and disinformation against India.On the Pakistani side, the government in Islamabad banned Indian airlines from using its airspace due to escalating tensions between the two countries. Pakistani Prime Minister Shehbaz Sharif emphasized that Pakistan “seeks peace in the region”: “Pakistan condemns all forms of terrorism and has nothing to do with the recent terrorist attack in Pahalgam in the Indian-controlled region of Kashmir,” he said. He reiterated that Pakistan was ready to “cooperate in a transparent and impartial investigation into the terrorist attack.” He recalled that the Pakistani people themselves had been victims of terrorism over the past two decades, with thousands of their citizens losing their lives. Commenting on India’s decision to suspend cooperation with Pakistan under the Indus Water Treaty, he said, “Using water as a weapon is unacceptable.”There is only one Catholic diocese (with about 7,000 faithful) in the Indian state of Kashmir, which covers the entire territory. The Bishop of Jammu-Srinagar, Ivan Pereira, expressed his deep shock and condemned the “horrific terrorist attack against innocent tourists.” “This senseless act of violence,” said Bishop Pereira, ‘casts a dark shadow on our collective conscience’ and constitutes ‘an attack on the sanctity of human life and a betrayal of the values we hold dear as a nation: peace, harmony, and the dignity of every human being.’ He assured that he would pray unceasingly for peace.Meanwhile, in central India, the Catholic community of the Diocese of Indore paid their respects and celebrated the funeral of Sushil Nathaniel, a 57-year-old Catholic who was one of the tourists killed in Kashmir. Nathaniel, regional director of an insurance company, was on vacation in Kashmir with his wife and two children, who managed to escape. According to his wife Jennifer, the terrorists stopped Nathaniel and asked him what his faith was. Nathaniel admitted he was Catholic. They then asked him to kneel and recite the “Kalima” (the six phrases that are the foundation of the Islamic faith, a declaration of loyalty to Allah), and Nathaniel confessed he did not know them. So they shot him in the head in cold blood. The Bishop of Indore, Monsignor Thomas Kuttimackal, celebrating the funeral, praised Nathaniel’s “courage in not hiding his faith even under threat of arms,” calling him “a martyr.” (PA) (Fides Agency 28/4/2025)
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    MIL OSI Europe News –

  • MIL-OSI: Roper Technologies announces first quarter financial results

    Source: GlobeNewswire (MIL-OSI)

    SARASOTA, Fla., April 28, 2025 (GLOBE NEWSWIRE) — Roper Technologies, Inc. (Nasdaq: ROP) reported financial results for the first quarter ended March 31, 2025.

    First quarter 2025 highlights

    • Revenue increased 12% to $1.88 billion; acquisition contribution was +8% and organic revenue was +5%
    • GAAP net earnings decreased 13% to $331 million; adjusted net earnings increased 9% to $517 million
    • Adjusted EBITDA increased 9% to $740 million
    • Operating cash flow decreased 1% to $529 million; trailing-twelve-months adjusted operating cash flow increased 12% to $2.39 billion
    • GAAP DEPS decreased 14% to $3.06; adjusted DEPS increased 8% to $4.78

    “Roper had a strong start to 2025 and our enterprise continues to execute at a high level,” said Neil Hunn, Roper’s President and CEO. “Our total revenue growth of 12% was driven by an 8% acquisition contribution and 5% organic growth. Importantly, our trailing-twelve-months free cash flow grew 12% with a 31% free cash flow margin. Last week, we completed the acquisition of CentralReach, a leading provider of cloud-native software enabling the workflow and administration of Applied Behavior Analysis therapy. CentralReach is a terrific business that not only meets each of our historical acquisition criteria but also meets our higher growth and higher return expectations.”

    “Despite an uncertain macroeconomic backdrop, we are increasing our full year outlook. This is underpinned by resilient demand for our mission critical solutions and our expanding recurring revenue base. Additionally, we are well positioned to continue executing our disciplined and process-driven capital deployment strategy, fueled by our significant M&A firepower and a large pipeline of attractive acquisition opportunities. Roper’s durable cash flow compounding model has historically performed well through economic and market cycles, and we expect our resilience will again be demonstrated in the current environment,” concluded Mr. Hunn.

    Increasing 2025 guidance

    Roper now expects full year 2025 adjusted DEPS of $19.80 – $20.05, compared to previous guidance of $19.75 – $20.00. The Company increased its full year total revenue growth outlook to ~12%, compared to a previous outlook of 10%+, and continues to expect organic revenue growth of +6 – 7%.

    For the second quarter of 2025, the Company expects adjusted DEPS of $4.80 – $4.84.

    Roper’s guidance includes the impact of the previously announced acquisition of CentralReach, which closed on April 23, 2025. The Company’s guidance excludes the impact of unannounced future acquisitions or divestitures.

    Conference call to be held at 8:00 AM (ET) today

    A conference call to discuss these results has been scheduled for 8:00 AM ET on Monday, April 28, 2025. The call can be accessed via webcast or by dialing +1 800-836-8184 (US/Canada) or +1 646-357-8785, using conference call ID 07867. Webcast information and conference call materials will be made available in the Investors section of Roper’s website (www.ropertech.com) prior to the start of the call. The webcast can also be accessed directly by using the following URL https://event.webcast. Telephonic replays will be available for up to two weeks and can be accessed by dialing +1 646-517-4150 with access code 07867#.

    Use of non-GAAP financial information

    The Company supplements its consolidated financial statements presented on a GAAP basis with certain non-GAAP financial information to provide investors with greater insight, increase transparency and allow for a more comprehensive understanding of the information used by management in its financial and operational decision-making. Reconciliation of non-GAAP measures to their most directly comparable GAAP measures are included in the accompanying financial schedules or tables. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures prepared in accordance with GAAP, and the financial results prepared in accordance with GAAP and reconciliations from these results should be carefully evaluated.

    Minority interest

    Following the sale of a majority stake in its industrial businesses to CD&R, Roper holds a minority interest in Indicor. The fair value of Roper’s equity investment in Indicor is updated on a quarterly basis and reported as “equity investments (gain) loss, net.” Roper makes non-GAAP adjustments for the impacts associated with this investment.

    Table 1: Revenue and adjusted EBITDA reconciliation ($M)
      Q1 2024   Q1 2025   V %
    GAAP revenue $ 1,681     $ 1,883     12 %
               
    Components of revenue growth          
    Organic         5 %
    Acquisitions         8 %
    Foreign exchange         — %
    Revenue growth         12 %
               
    Adjusted EBITDA reconciliation          
    GAAP net earnings $ 382     $ 331      
    Taxes   102       87      
    Interest expense   53       63      
    Depreciation   9       9      
    Amortization   185       204      
    EBITDA $ 731     $ 694     (5)%
               
    Transaction-related expenses for completed
    acquisitions    		   2       1      
    Financial impacts associated with the minority
    investments in Indicor & Certinia    		   (57 )     44   A  
    Adjusted EBITDA $ 676     $ 740     9 %
    Adjusted EBITDA margin   40.2 %     39.3 %   (90 bps)
                       
    Table 2: Adjusted net earnings reconciliation ($M)
      Q1 2024   Q1 2025   V %
    GAAP net earnings $ 382     $ 331   (13)%
    Transaction-related expenses for completed
    acquisitions    		   1       1    
    Financial impacts associated with the minority
    investments in Indicor & Certinia    		   (48 )     32 A  
    Amortization of acquisition-related intangible
    assets    		   141       154 B  
    Adjusted net earnings C $ 476     $ 517   9 %
               
    Table 3: Adjusted DEPS reconciliation
      Q1 2024   Q1 2025   V %
    GAAP DEPS $ 3.54     $ 3.06   (14)%
    Transaction-related expenses for completed
    acquisitions    		   0.01       0.01    
    Financial impacts associated with the minority
    investments in Indicor & Certinia    		   (0.45 )     0.29 A  
    Amortization of acquisition-related intangible
    assets    		   1.31       1.42 B  
    Adjusted DEPSC $ 4.41     $ 4.78   8 %
               
    Table 4: Adjusted cash flow reconciliation ($M)
    (from continuing operations)    		    
      Q1 2024   Q1 2025   V %     TTM 2024   TTM 2025   V %
    Operating cash flow $ 531     $ 529     (1)%     $ 2,104     $ 2,390     14 %
    Taxes paid in period
    related to divestiture    		   —       —             32       —      
    Adjusted operating cash
    flow    		 $ 531     $ 529     (1)%     $ 2,136     $ 2,390     12 %
    Capital expenditures   (9 )     (10 )           (68 )     (66 )    
    Capitalized software
    expenditures    		   (10 )     (12 )           (40 )     (48 )    
    Adjusted free cash flow $ 513     $ 507     (1)%     $ 2,029     $ 2,276     12 %
                             
    Table 5: Forecasted adjusted DEPS reconciliation
      Q2 2025   FY 2025
      Low end   High end   Low end   High end
    GAAP DEPS D $ 3.33   $ 3.37   $ 13.72   $ 13.97
    YTD transaction-related expenses for
    completed acquisitions    		   —     —     0.01     0.01
    YTD financial impacts associated with the
    minority investment in Indicor A    		   —     —     0.29     0.29
    Amortization of acquisition-related
    intangible assets B    		   1.47     1.47     5.78     5.78
    Adjusted DEPS C $ 4.80   $ 4.84   $ 19.80   $ 20.05
                   

    Footnotes:

    A. Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods.
                         
        Q1 2025A     Q2 2025E   FY 2025E     YTD 2025A
      Pretax $ 44     TBD   TBD     $ 44
      After-tax $ 32     TBD   TBD     $ 32
      Per share $ 0.29     TBD   TBD     $ 0.29
                         
    B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data).
                         
        Q1 2025A     Q2 2025E   FY 2025E      
      Pretax $ 194     $ 202   $ 795      
      After-tax $ 154     $ 160   $ 628      
      Per share $ 1.42     $ 1.47   $ 5.78      
                         
    C. All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments.
                         
    D. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods.
       

    Note: Numbers may not foot due to rounding.

    About Roper Technologies

    Roper Technologies is a constituent of the Nasdaq 100, S&P 500, and Fortune 1000. Roper has a proven, long-term track record of compounding cash flow and shareholder value. The Company operates market leading businesses that design and develop vertical software and technology enabled products for a variety of defensible niche markets. Roper utilizes a disciplined, analytical, and process-driven approach to redeploy its excess capital toward high-quality acquisitions. Additional information about Roper is available on the Company’s website at www.ropertech.com.

    Contact information:
    Investor Relations
    941-556-2601
    investor-relations@ropertech.com

    The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as “anticipate,” “estimate,” “plans,” “expects,” “projects,” “should,” “will,” “believes,” “intends” and similar words and phrases. These statements reflect management’s current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.

    # # #

    Roper Technologies, Inc.      
    Condensed Consolidated Balance Sheets (unaudited)    
    (Amounts in millions)      
           
      March 31, 2025   December 31, 2024
    ASSETS:      
           
    Cash and cash equivalents $ 372.8     $ 188.2  
    Accounts receivable, net   813.3       885.1  
    Inventories, net   125.5       120.8  
    Income taxes receivable   20.3       25.6  
    Unbilled receivables   135.7       127.3  
    Prepaid expenses and other current assets   237.0       195.7  
    Total current assets   1,704.6       1,542.7  
           
    Property, plant and equipment, net   150.0       149.7  
    Goodwill   19,408.2       19,312.9  
    Other intangible assets, net   8,916.9       9,059.6  
    Deferred taxes   54.7       54.1  
    Equity investment   728.2       772.3  
    Other assets   456.2       443.4  
    Total assets $ 31,418.8     $ 31,334.7  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY:      
           
    Accounts payable $ 152.8     $ 148.1  
    Accrued compensation   179.1       289.0  
    Deferred revenue   1,667.9       1,737.4  
    Other accrued liabilities   544.5       546.2  
    Income taxes payable   144.3       68.4  
    Current portion of long-term debt, net   999.4       1,043.1  
    Total current liabilities   3,688.0       3,832.2  
           
    Long-term debt, net of current portion   6,457.0       6,579.9  
    Deferred taxes   1,611.6       1,630.6  
    Other liabilities   438.6       424.4  
    Total liabilities   12,195.2       12,467.1  
           
    Common stock   1.1       1.1  
    Additional paid-in capital   3,108.7       3,014.6  
    Retained earnings   16,276.9       16,034.9  
    Accumulated other comprehensive loss   (146.8 )     (166.5 )
    Treasury stock   (16.3 )     (16.5 )
    Total stockholders’ equity   19,223.6       18,867.6  
    Total liabilities and stockholders’ equity $ 31,418.8     $ 31,334.7  
           
    Roper Technologies, Inc.      
    Condensed Consolidated Statements of Earnings (unaudited)      
    (Amounts in millions, except per share data)      
           
      Three months ended
    March 31,
        2025     2024  
    Net revenues $ 1,882.8   $ 1,680.7  
    Cost of sales   589.1     499.7  
    Gross profit   1,293.7     1,181.0  
           
    Selling, general and administrative expenses   767.9     699.7  
    Income from operations   525.8     481.3  
           
    Interest expense, net   62.9     53.2  
    Equity investments (gain) loss, net   44.4     (57.0 )
    Other expense, net   0.5     1.2  
           
    Earnings before income taxes   418.0     483.9  
           
    Income taxes   86.9     101.9  
           
    Net earnings $ 331.1   $ 382.0  
           
    Net earnings per share:      
    Basic $ 3.08   $ 3.57  
    Diluted $ 3.06   $ 3.54  
           
    Weighted average common shares outstanding:      
    Basic   107.4     107.0  
    Diluted   108.2     107.9  
                 
    Roper Technologies, Inc.              
    Selected Segment Financial Data (unaudited)              
    (Amounts in millions; percentages of net revenues)              
                   
      Three months ended March 31,
       2025     2024 
      Amount   %   Amount   %
    Net revenues:              
    Application Software $ 1,068.2       $ 895.2    
    Network Software   375.9         370.8    
    Technology Enabled Products   438.7         414.7    
    Total $ 1,882.8       $ 1,680.7    
                   
                   
    Gross profit:              
    Application Software $ 720.8   67.5 %   $ 625.7   69.9 %
    Network Software   315.6   84.0 %     316.3   85.3 %
    Technology Enabled Products   257.3   58.7 %     239.0   57.6 %
    Total $ 1,293.7   68.7 %   $ 1,181.0   70.3 %
                   
                   
    Operating profit*:              
    Application Software $ 276.8   25.9 %   $ 239.6   26.8 %
    Network Software   166.7   44.3 %     167.0   45.0 %
    Technology Enabled Products   153.6   35.0 %     136.2   32.8 %
    Total $ 597.1   31.7 %   $ 542.8   32.3 %
                   
                   
    * Segment operating profit is before unallocated corporate general and administrative expenses and enterprise-wide stock-based compensation. These expenses were $71.3 and $61.5 for the three months ended March 31, 2025 and 2024, respectively.
     
    Roper Technologies, Inc.  
    Condensed Consolidated Statements of Cash Flows (unaudited)
    (Amounts in millions)
      Three months ended
    March 31,
        2025       2024  
    Cash flows from operating activities:      
    Net earnings $ 331.1     $ 382.0  
    Adjustments to reconcile net earnings to cash flows from operating
    activities:    		      
    Depreciation and amortization of property, plant and equipment   9.1       9.2  
    Amortization of intangible assets   204.0       185.0  
    Amortization of deferred financing costs   2.8       2.2  
    Non-cash stock compensation   38.8       33.6  
    Equity investments (gain) loss, net   44.4       (57.0 )
    Income tax provision   86.9       101.9  
    Changes in operating assets and liabilities, net of acquired businesses:      
    Accounts receivable   74.4       79.4  
    Unbilled receivables   (7.6 )     (12.2 )
    Inventories   (4.1 )     (7.9 )
    Prepaid expenses and other current assets   (41.3 )     (26.8 )
    Accounts payable   2.9       0.3  
    Other accrued liabilities   (107.4 )     (69.3 )
    Deferred revenue   (70.6 )     (70.5 )
    Cash income taxes paid   (29.1 )     (19.0 )
    Other, net   (5.6 )     0.6  
    Cash provided by operating activities   528.7       531.5  
           
    Cash flows used in investing activities:      
    Acquisitions of businesses, net of cash acquired   (124.9 )     (1,858.7 )
    Capital expenditures   (9.5 )     (9.3 )
    Capitalized software expenditures   (12.4 )     (9.6 )
    Other   —       (1.0 )
    Cash used in investing activities   (146.8 )     (1,878.6 )
           
    Cash flows from (used in) financing activities:      
    Borrowings (payments) under revolving line of credit, net   (125.0 )     1,390.0  
    Cash dividends to stockholders   (88.6 )     (80.5 )
    Proceeds from stock-based compensation, net   42.7       21.7  
    Treasury stock sales   7.2       5.8  
    Other, net   (44.1 )     (0.1 )
    Cash provided by (used in) financing activities   (207.8 )     1,336.9  
           
    Effect of exchange rate changes on cash   10.5       (5.7 )
           
    Net increase (decrease) in cash and cash equivalents   184.6       (15.9 )
           
    Cash and cash equivalents, beginning of period   188.2       214.3  
           
    Cash and cash equivalents, end of period $ 372.8     $ 198.4  
           

    The MIL Network –

  • MIL-OSI: EBC Financial Group Deepens Commitment to United to Beat Malaria with Renewed Global Partnership and First-Ever 5K Run Sponsorship

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, April 28, 2025 (GLOBE NEWSWIRE) — As the world marks World Malaria Day 2025 under the theme “Malaria Ends With Us: Reinvest, Reimagine, Reignite,” EBC Financial Group (EBC) is renewing its global partnership with the United Nations Foundation’s United to Beat Malaria campaign. Now entering its second year of collaboration, EBC is scaling up its impact through increased corporate sponsorship, cross-border employee mobilisation to raise awareness, and direct investment in frontline health tools that save lives.

    From a shared belief that no child should die from a mosquito bite, EBC is transforming its role from ally to active advocate—supporting both the global systems that drive malaria eradication and the grassroots initiatives that protect the world’s most vulnerable communities. As part of this commitment, EBC is stepping up as a first-time corporate sponsor of the Move Against Malaria 5K 2025 event, mobilising many in a global movement to raise awareness for one of the world’s deadliest—yet entirely preventable—diseases.

    “In 2024, we stood in solidarity. In 2025, we stand in action,” said David Barrett, CEO of EBC Financial Group (UK) Ltd. “This campaign is now embedded into our leadership strategy and employee culture. This is not a moment, it’s a movement.”

    EBC’s Commitment to Global Health Equity is a Shared Mission
    To mark this renewed partnership, Barrett sat down with Margaret McDonnell, Executive Director of United to Beat Malaria, for a candid 40-minute fireside chat. Their conversation explored the urgent need for global solidarity, the personal and professional impact of the campaign, and why EBC has chosen to walk alongside this cause—literally and figuratively.

    “The first year for me was a complete revelation in terms of how advocacy for this mission worked—not only in America but globally,” said Barrett. “This year, it was different. The politics have shifted, and the challenges have changed. But if anything, that makes this mission even more important.”

    As a global financial institution with operations in Africa, Latin America, and Asia—regions disproportionately affected by malaria—EBC views this fight as both urgent and deeply personal.

    “We have offices in Africa, Latin America, and Asia where malaria is a very real, on-ground problem. Supporting this campaign is a natural progression, resonating with our people and the communities we work in,” Barrett said. “At the beginning, it was something of interest. But the more you learn about the lives this movement has saved, the more you realise you’ve got to keep going.”

    McDonnell echoed the importance of having private sector allies like EBC on board, praising the company’s commitment to both the summit and the broader mission. “We appreciate that a company like EBC—though not in public health—recognises the impact of malaria on your workforce, clients, and communities,” said McDonnell. “Malaria isn’t just a health issue. It’s an economic issue, a workforce issue, and a strategic global issue.”

    Barrett also emphasised the ripple effect of even small funding disruptions: “If you break that chain, the progress and investment just unravel. These initiatives require macro thinking. If we keep looking only at the next quarter, we risk losing decades of momentum,” he added.

    Raising Voices at the 2025 United to Beat Malaria Annual Leadership Summit
    In March 2025, Barrett and EBC’s APAC Director of Operations, Samuel Hertz, joined over 120 passionate advocates at the United to Beat Malaria Annual Leadership Summit in Washington, D.C.—a three-day gathering of Champions, policymakers, scientists, students, and private sector leaders united by a common goal: ending malaria for good.

    The summit culminated in direct advocacy on Capitol Hill, where Barrett and Hertz met with members of Congress to push for full funding of the President’s Malaria Initiative (PMI), the Global Fund to Fight AIDS, Tuberculosis and Malaria, and the UN’s malaria-related programs. EBC stood with a network of global partners, amplifying the message that stable investment and strategic collaboration are essential to driving continued progress, alongside Beat Malaria Champions, a highlight of the summit.

    “What stood out most was the passion of the Champions,” said Barrett. “From students to scientists, their energy is contagious. They’re not just learning—they’re leading. And that gives me hope that a healthier, more just world is truly possible.”

    Hertz added, “Being able to walk into the halls of Congress alongside these dedicated Champions—people who are educating communities, building coalitions, and pushing policy forward—was a powerful reminder that advocacy works. EBC was proud to represent the private sector in this movement, and even prouder to walk beside the changemakers driving it.”

    More Than a Run: EBC Rallies a Worldwide Workforce to Move Against Malaria
    EBC is once again joining the global Move Against Malaria 5K—a virtual challenge running from April 25 to May 10 that invites participants around the world to walk, run, cycle, or move in any way to support malaria prevention efforts.

    While EBC actively participated in the campaign last year, 2025 marks the company’s first year as an official corporate sponsor, highlighting its deepened commitment to both advocacy and action. This step forward reflects EBC’s evolving role in supporting frontline initiatives and raising awareness, with more than 200 EBC employees across the UK, Asia, Africa, and Latin America pledging to take part—mobilising teams, engaging their communities—and helping to raise vital funds.

    Fuelling Frontline Impact through Purposeful Investment
    EBC is directing its investment toward life-saving malaria interventions, including insecticide-treated bed nets, rapid diagnostic tests, and antimalarial treatments. These contributions will be directed toward frontline health programs in Sub-Saharan Africa, Latin America and the Caribbean regions that bear the highest burden of malaria worldwide.

    “This partnership goes beyond corporate philanthropy, it reflects a shared mission to protect the world’s most vulnerable populations,” said McDonnell.

    Aligned with its broader Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) strategies, EBC continues to explore deeper collaborations with UN-affiliated organisations and global health partners to maximise its impact in the developing world. “As a global financial institution, we recognise that sustainable growth is inseparable from global well-being,” added Hertz. “In the fight against malaria, we are not only donors—we are advocates, allies, and catalysts for change.”

    In 2024 alone, United to Beat Malaria helped protect over 1.67 million people from malaria across vulnerable communities worldwide—an achievement made possible through the collective support of partners like EBC Financial Group. Registrations and donations are available via https://fundraise.unfoundation.org/event/move-against-malaria-5k-2025/e654861.

    These efforts spanned five high-risk African nations—DR Congo, Ethiopia, Nigeria, South Sudan, and Uganda—and supported malaria elimination programs across 20 Latin American and Caribbean countries, where vulnerable populations continue to face daily risks due to limited healthcare access, displacement, and ongoing conflict.

    Yet the fight is far from over. According to the World Health Organization (WHO)’s World Malaria Report 2024, malaria sickened an estimated 263 million people and claimed more than 597,000 lives—most of them children under the age of five. These are lives we can save—with continued global action, private sector leadership, and unwavering support from the international community.

    Together, with the United to Beat Malaria campaign, EBC is proud to stand at the forefront of a global movement to end malaria for good. For more information about EBC Financial Group’s CSR initiatives, please visit www.ebc.com/ESG.

    About EBC Financial Group

    Founded in London’s esteemed financial district, EBC Financial Group (EBC) is renowned for its expertise in financial brokerage and asset management. With offices in key financial hubs—including London, Sydney, Hong Kong, Singapore, the Cayman Islands, Bangkok, Limassol, and emerging markets in Latin America, Asia, and Africa—EBC enables retail, professional, and institutional investors to access a wide range of global markets and trading opportunities, including currencies, commodities, shares, and indices.

    Recognised with multiple awards, EBC is committed to upholding ethical standards and these subsidiaries are licensed and regulated within their respective jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA); EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA); EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC); EBC Financial (MU) Ltd is authorised and regulated by the Financial Services Commission Mauritius (FSC).

    At the core of EBC are a team of industry veterans with over 40 years of experience in major financial institutions. Having navigated key economic cycles from the Plaza Accord and 2015 Swiss franc crisis to the market upheavals of the COVID-19 pandemic. We foster a culture where integrity, respect, and client asset security are paramount, ensuring that every investor relationship is handled with the utmost seriousness it deserves.

    As the Official Foreign Exchange Partner of FC Barcelona, EBC provides specialised services across Asia, LATAM, the Middle East, Africa, and Oceania. Through its partnership with the UN Foundation and United to Beat Malaria, the company contributes to global health initiatives. EBC also supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, helping to demystify economics and its application to major societal challenges, fostering greater public understanding and dialogue.

    https://www.ebc.com/

    About UN Foundation’s United to Beat Malaria

    For over 25 years, the UN Foundation has built novel innovations and partnerships to support the United Nations and help solve global problems at scale. As an independent charitable organization, the Foundation was created to work closely with the United Nations to address humanity’s greatest challenges and drive global progress. Learn more at www.unfoundation.org.

    The UN Foundation’s United to Beat Malaria campaign brings together key and diverse partners and supporters to take urgent action to end malaria and create a healthier, more equitable world. Since 2006, United to Beat Malaria has worked to equip and mobilize citizens across the U.S. and around the world to raise awareness, funds and voices. The campaign works with partners in endemic countries to channel life-saving resources to protect the most marginalized and vulnerable populations. By championing increased leadership, political will and resources from the U.S. and beyond, as well as more holistic, innovative tools and strategies, we can be the generation that ends malaria once and for all.

    Learn more at www.beatmalaria.org.

    Media Contact:
    Savitha Ravindran
    Global Public Relations Manager
    savitha.ravindran@ebc.com

    Chyna Elvina
    Global Public Relations Manager
    chyna.elvina@ebc.com

    Michelle Siow
    Brand Director
    michelle.siow@ebc.com

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/d08d69f6-099b-47e6-a289-c4c8b0630935
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2b4f4ac8-593b-417c-89c8-286a1b0f9731
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b6d511c0-f811-4390-88b0-321f0bb04158

    The MIL Network –

  • MIL-Evening Report: Vanuatu communities growing climate resilience in wake of Cyclone Lola

    Communities in Vanuatu are learning to grow climate resilient crops, 18 months after Cyclone Lola devastated the country.

    The category 5 storm struck in October 2023, generating wind speeds of up to 215 kmph, which destroyed homes, schools, plantations, and left at least four people dead.

    It was all the worse for following twin cyclones Judy and Kevin earlier that year.

    Save the Children Vanuatu country director Polly Banks said they have been working alongside Vanuatu’s Ministry of Agriculture and local partners, supporting families through the Tropical Cyclone Lola Recovery Programme.

    “It really affected backyard gardening and the communities across the areas affected – their ability to pursue an income and also their own nutritional needs,” she said.

    She said the programme looked at the impact of the cyclone on backyard gardening and on people’s economic reliance on what they grow in their gardens, and developed a recovery plan to respond.

    “We trained community members and also provided them with the equipment to establish cyclone resilient nurseries.

    Ready for harsh weather
    “So for example, nurseries that can be put up and then pulled down when a harsh weather event – including cyclones but even heavy rainfall — is arriving.

    “There was a focus on these climate resilient nurseries, but also through that partnership with the Department of Agriculture, there was also a much stronger focus than we’ve had before on teaching community members climate smart agricultural techniques.”

    Banks said these techniques included open pollinating seed and learning skills such as grassing; and another part of the project was introducing more variety into people’s diets.

    She said out of the project has also come the first seed bank on Epi Island.

    “That seed bank now has a ready supply of seeds, and the community are adding to that regularly, and they’re taking those seeds from really climate-resilient crops, so that they have a cyclone secure storage facility,” she said.

    “The next time a cyclone happens — and we know that they’re going to become more ferocious and more frequent — the community are ready to replant the moment that the cyclone passes.

    Setting up seed bank
    “But in setting the seed bank up as well, the community have been taught how to select the most productive seeds, the seeds that show the most promise; how to dry them out; how to preserve them.”

    Banks said they were also working with the Department of Agriculture in the delivery of a community-based climate resilience project, which is funded by the Green Climate Fund.

    Rolled out across 282 communities across the country, a key focus of it is the creation of more climate-resilient backyard gardening, food preservation and climate resilient nurseries.

    “We’re also setting up early warning systems through the provision of internet to really remote communities so that they have better access to more knowledge about when a big storm or a cyclone is approaching and what steps to take.

    “But that particular project is still just a drop in the ocean in terms of the adaptation needs that communities have.”

    This article is republished under a community partnership agreement with RNZ.

    Article by AsiaPacificReport.nz

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: FEMA Fire Management Assistance Granted for the Jones Road Wildfire in New Jersey

    Source: US Federal Emergency Management Agency 2

    strong>New York, N.Y. – The Federal Emergency Management Agency’s (FEMA) Region 2 Acting Regional Administrator authorized the use of federal funds on April 24 at 9:27 p.m. to assist the state of New Jersey in combating the Jones Road Wildfire, currently burning in Ocean County, New Jersey.
    On April 24, the state of New Jersey submitted a request for a federal Fire Management Assistance Grant (FMAG). At the time of the request, approximately 15,000 acres were burning. 
    The fire threatened approximately 1.845 structures in the state, including approximately 1,320 homes located mostly within Lacey and Ocean Townships, in Ocean County, combined population of more than 38,000. The fire started on April 22, 2025, and has burned in excess 15,000 acres of state and private land. 
    The authorization makes federal funding available to pay up to 75 percent of the state’s eligible firefighting costs under an approved grant to assist in fighting fires that threaten to become major incidents.
    FMAGs are provided through the Disaster Relief Fund and are made available by FEMA to assist in fighting fires that threaten to cause a major disaster. Eligible costs covered by FMAGs can include expenses for field camps, equipment use, materials, supplies and mobilization and demobilization activities attributed to fighting the fire. These grants do not provide assistance to individual home or business owners and do not cover other infrastructure damage caused by the fire. For more information on FMAGs, visit fema.gov/assistance/public/fire-management-assistance.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – The upgrading of the EU’s repressive mechanisms through ProtectEU at the expense of the people and their struggles against its war plans – E-001566/2025

    Source: European Parliament

    Question for written answer  E-001566/2025
    to the Commission
    Rule 144
    Kostas Papadakis (NI)

    The ‘European Internal Security Strategy’ (ProtectEU), along with the ‘White Paper’, the ‘Preparedness Strategy’ and the ‘European Democracy Shield’, complete the armouring of the EU framework for EU war preparation in the context of intensifying competition with China and Russia but even also the US – the simultaneous confrontation of the ‘enemy within’ for repression at the expense of the people.

    In view of this:

    • 1.What is the Commission’s position on the fact that the protection of ‘critical infrastructure’ in the context of war preparations bears no relation to the real needs of the people for civil protection, such as flood and fire protection measures, which have for a long time demonstrably not been included among the priorities of the EU and bourgeois governments, as they do not guarantee immediate profits for monopoly groups, in contrast to the war industry for which good money is paid by the people?
    • 2.What is the Commission’s position on the fact that infrastructure that is truly critical for the people, such as highways, bridges, railways, etc., is, due to the priority given to the war economy and ‘military mobility’, being devalued and condemned to decline without the required funding from the EU and governments, resulting in great risks to the safety and lives of passengers and workers, but at the same time the transport of NATO war cargo constitutes a risk to life and the potential cause of a large-scale accident?
    • 3.What is the Commission’s position on the fact that the upgrading of the role of the EU’s repressive mechanisms, as reflected in the ‘security strategy’, signals an intensification of the attack on the people and the suppression of workers’ and popular mobilisations against its war plans?

    Submitted: 17.4.2025

    Last updated: 28 April 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: REPORT on the request for the waiver of the immunity of Grzegorz Braun – A10-0081/2025

    Source: European Parliament

    PROPOSAL FOR A EUROPEAN PARLIAMENT DECISION

    on the request for the waiver of the immunity of Grzegorz Braun

    (2024/2102(IMM))

    The European Parliament,

    – having regard to the request for the waiver of the immunity of Grzegorz Braun by the Prosecutor General of Poland, dated 29 October 2024, transmitting a request submitted by the Regional Prosecutor’s Office in Warsaw, in connection with criminal proceedings brought against Grzegorz Braun, and announced in plenary on 14 November 2024,

    – having regard to the fact that Grzegorz Braun is deemed to have renounced his right to be heard under Rule 9(6) of its Rules of Procedure,

    – having regard to Articles 8 and 9 of Protocol No 7 on the Privileges and Immunities of the European Union, and Article 6(2) of the Act of 20 September 1976 concerning the election of the members of the European Parliament by direct universal suffrage,

    – having regard to the judgments of the Court of Justice of the European Union of 21 October 2008, 19 March 2010, 6 September 2011, 17 January 2013, 19 December 2019 and 5 July 2023[1],

    – having regard to Article 105(2) and (5) of the Constitution of the Republic of Poland,

    – having regard to Rule 5(2), Rule 6(1) and Rule 9 of its Rules of Procedure,

    – having regard to the report of the Committee on Legal Affairs (A10-0081/2025),

    A. whereas, by letter dated 29 October 2024, the Prosecutor General of Poland transmitted a request for the waiver of the immunity of Grzegorz Braun, submitted by the Regional Prosecutor’s Office in Warsaw, in relation to several alleged offences that occurred in 2022 and 2023;

    B. whereas, according to the request, on 1 March 2022, in the building of the National Institute of Cardiology – State Research Institute, Grzegorz Braun allegedly violated the bodily integrity of a public official who was acting in his capacity as Director of the National Institute of Cardiology, during and in connection with the performance of official duties by this public official; whereas the alleged actions constitute an offence under Article 222(1) of the Polish Criminal Code, concurrently with Article 191(1) of the Polish Criminal Code in conjunction with Article 11(2) of that Code;

    C. whereas, on 1 March 2022, Grzegorz Braun allegedly insulted the Director of the National Institute of Cardiology, during and in connection with the performance of official duties by this public official, by making accusations against him and by streaming the events over the internet, which could allegedly have damaged the official’s public reputation and rendered likely a loss of the necessary trust placed in him to perform his role as Director of the National Institute of Cardiology and exercise the profession of doctor; whereas the alleged actions constitute an offence under Article 226(1) of the Polish Criminal Code, concurrently with Article 212(1) and (2) of the Polish Criminal Code in conjunction with Article 11(2) of that Code;

    D. whereas, on 27 January 2023, Grzegorz Braun allegedly damaged a Christmas tree and destroyed decorations that were the property of two Polish associations whose offices were in the building of the Regional Court in Kraków, and whereas causing such damage constitutes an offence under Article 288(1) of the Polish Criminal Code;

    E. whereas, on 30 May 2023, at the headquarters of the German Historical Institute in Warsaw, Grzegorz Braun allegedly damaged property belonging to the German Historical Institute, which constitutes an offence under Article 288(1) of the Polish Criminal Code;

    F. whereas, on 30 May 2023, Grzegorz Braun allegedly failed to leave the headquarters of the German Historical Institute despite being asked to do so by an authorised person, which constitutes an offence under Article 193(1) of the Polish Criminal Code;

    G. whereas, on 12 December 2023, within the premises of the Sejm of the Republic of Poland, Grzegorz Braun allegedly publicly insulted a group of people on the grounds of their religious affiliation and allegedly publicly insulted an object of religious worship (a menorah) by extinguishing its lit candles with a fire extinguisher, thereby allegedly offending the religious sentiments of Jews, which constitutes an offence under Article 257 of the Polish Criminal Code, concurrently with Articles 195(1) and 196 of the Polish Criminal Code in conjunction with Article 11(2) of that Code;

    H. whereas, on 12 December 2023, within the premises of the Sejm of the Republic of Poland, Grzegorz Braun allegedly violated the bodily integrity of an aggrieved party who intervened with a view to protecting public order, by aiming at the aggrieved party the spray from a fire extinguisher containing a powdery substance; whereas Grzegorz Braun allegedly caused minor damage, lasting up to seven days, to the health of the aggrieved party, which constitutes an offence under Article 157(2) of the Polish Criminal Code, concurrently with Article 217a of the Polish Criminal Code in conjunction with Article 11(2) of that Code;

    I. whereas the investigation carried out in connection with the alleged offences outlined in the waiver request was initially opened on 25 May 2023, at which time Grzegorz Braun enjoyed immunity as a Member of the Sejm of the Republic of Poland; whereas on 17 January 2024, the Sejm of the Republic of Poland granted consent for criminal charges to be brought against Grzegorz Braun in connection with the offences outlined in the request; whereas Grzegorz Braun was elected to the European Parliament in the European elections in June 2024; whereas Grzegorz Braun was therefore not a Member of the European Parliament at the time of the alleged offences;

    J. whereas the alleged offences and the subsequent request for the waiver of his immunity are not related to an opinion expressed or a vote cast by Grzegorz Braun in the performance of his duties within the meaning of Article 8 of Protocol No 7 on the Privileges and Immunities of the European Union;

    K. whereas Article 9, first paragraph, point (a), of Protocol No 7 on the Privileges and Immunities of the European Union provides that Members of the European Parliament enjoy, in the territory of their own State, the immunities accorded to members of their parliament;

    L. whereas, in accordance with Article 105(2) and (5) of the Polish Constitution, from the day of the announcement of the results of the elections until the day of the expiry of his or her mandate, a Deputy shall not be subjected to criminal accountability without the consent of the Sejm of the Republic of Poland and he or she shall be neither detained nor arrested without the consent of the Sejm, except for cases when he or she has been apprehended in the commission of an offence and in which his or her detention is necessary for securing the proper course of proceedings;

    M. whereas the purpose of parliamentary immunity is to protect Parliament and its Members from legal proceedings in relation to activities carried out in the performance of parliamentary duties and which cannot be separated from those duties;

    N. whereas, in accordance with Rule 5(2) of its Rules of Procedure, parliamentary immunity is not a personal privilege of the Member but a guarantee of the independence of Parliament as a whole, and of its Members;

    O. whereas, in this case, Parliament found no evidence of fumus persecutionis, which is to say factual elements indicating that the intention underlying the legal proceedings in question is to undermine the Member’s political activity in his capacity as a Member of the European Parliament;

    P. whereas Parliament cannot assume the role of a court, and whereas, in a waiver of immunity procedure, a Member cannot be regarded as a defendant[2];

    1. Decides to waive the immunity of Grzegorz Braun;

    2. Instructs its President to forward this decision and the report of its committee responsible immediately to the competent authorities of the Republic of Poland and to Grzegorz Braun.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Community Risk Register

    Source: City of Sunderland

    Communities across Northumberland and Tyne and Wear have access to plans to respond to flooding, wildfires and other major incidents thanks to a new Community Risk Register.

    The Northumbria Local Resilience Forum (LRF) is a partnership made up of blue light services, local authorities, hospitals, health organisations and other public and private bodies across the North East.

    Each region has its own LRF with the partnerships ensuring a co-ordinated and effective response to any incident or event that impacts on communities.

    Much of the work takes place behind closed doors, with tests and exercises taking place among agencies to prepare their staff for any incident that may take place in our towns, cities and countryside.

    That could be a mass power outages, storms, wildfire or a pandemic, among other high impact events or major incidents that could take place at any time.

    The register includes details of those incidents identified as being of greater risk but also includes information on how communities themselves may prepare for them.

    Chair of the Northumbria LRF, Chief Fire Officer Peter Heath of Tyne and Wear Fire and Rescue Service (TWFRS), said the pandemic and recent extreme weather events demonstrate the value in communities being prepared.

    He said: “All the agencies represented in the LRF want to reassure our communities that we prepare for all eventualities and as a region our plans are well tested and co-ordinated.

     “Whatever the incident, we will be there to prioritise risk to life and ensure those in need receive the appropriate response from the appropriate agency.

     “In recent years we have seen Storm Arwen cause widespread disruption in our rural communities, wildfires lead to widespread destruction of nature reserves and a global pandemic that changed life as we know it.

     “The LRF was at the heart of our regional response but these are incidents that impacted on all communities and each incident has taught us a lesson in it’s own right.

     “One main theme is the preparedness of our communities, and how often residents will mobilise themselves to ensure the most vulnerable among us are supported. That community cohesion is what makes our region so great. 

     “Through the Community Risk Register residents can better prepare themselves for some of those high risk incidents.

     “As a partnership, we will be communicating advice and guidance on those risks identified in the register throughout the year so keep your eyes out and help us keep our communities safe.”

     You can find the Northumbria Community Risk Register on the Northumberland County Council website here: nland.uk/CRR

    MIL OSI United Kingdom –

  • MIL-OSI USA: Governor Newsom on new DOGE action to dismantle AmeriCorps: ‘We will serve the federal government with a lawsuit’

    Source: US State of California 2

    Apr 25, 2025

    What you need to know: DOGE is ramping up its work to dismantle AmeriCorps. California will sue to stop it.

    SACRAMENTO – Governor Gavin Newsom today issued the following statement after California received notice from the federal government of termination of its AmeriCorps grant programs which support volunteer and service efforts.

    The federal government is giving the middle finger to service. We will serve them with a lawsuit.

    Governor Gavin Newsom

    Last week, Governor Newsom announced that as the Trump Administration dismantles the AmeriCorps service program, California will both challenge the illegal action in court and accelerate recruitment for the California Service Corps program — already the largest service corps in the nation, surpassing the size of the Peace Corps.

    When the devastating fires struck Los Angeles earlier this year, AmeriCorps members were on the ground, distributing supplies and supporting families. The agency’s shutdown hamstrings these efforts.

    California Service Corps is the largest service force in the nation, consisting of four paid service programs:   

    Combined, it is a force larger than the Peace Corps and is mobilized at a time when California is addressing post-pandemic academic recovery, rebuilding from the LA fires and planning for the future of the state’s workforce. The federal government provides more than half of the funding for California Climate Action Corps and about 5% of College Corps, while the state fully funds the Youth Service Corps.

    In the 2023-24 service year, 6,264 AmeriCorps members in California: 

    • Provided 4,397,674 hours of service
    • Tutored/mentored 73,833 students
    • Supported 17,000 foster youth with education and employment  
    • Planted 39,288 trees

    Members helped 26,000 households impacted by the LA fires and packed 21,000 food boxes.

    Press Releases, Recent News

    Recent news

    Apr 25, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Suzanne Martindale, of Oakland, has been appointed Chief Deputy Commissioner at the California Department of Financial Protection and Innovation. Martindale has been the Senior Deputy…

    Apr 25, 2025

    News What you need to know: More Californians than ever are connecting with earthquake warning services as the MyShake app reaches over 4 million downloads. SACRAMENTO – During Earthquake Preparedness Month, Governor Gavin Newsom today announced a major milestone: the…

    Apr 25, 2025

    News What you need to know: California is working with state, local, and federal agencies in a historic project to repopulate the North Yuba River with native fish and help protect the state’s waterways and ecosystems.  MARYSVILLE – Governor Gavin Newsom announced a…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 4.25.25

    Source: US State of California 2

    Apr 25, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Suzanne Martindale, of Oakland, has been appointed Chief Deputy Commissioner at the California Department of Financial Protection and Innovation. Martindale has been the Senior Deputy Commissioner of the Division of Consumer Financial Protection at the California Department of Financial Protection and Innovation since 2021, and a Lecturer at the University of California, Berkeley School of Law since 2019. Martindale was a Student Loan Justice Fellow at the Student Borrower Protection Center from 2018 to 2021. She held multiple positions at Consumer Reports from 2010 to 2021, including Senior Policy Counsel and Western States Legislative Manager, Senior Attorney, and Staff Attorney. She was a Pro Bono Attorney at the East Bay Community Law Center from 2015 to 2018. She is a member of the Bar Association of San Francisco. Martindale earned a Juris Doctor degree from University of California, Berkeley, a Master of Arts degree in Humanities from University of Chicago, and a Bachelor of Arts degree in Philosophy from the University of California, Berkeley. This position does not require Senate confirmation, and the compensation is $207,600. Martindale is registered without party preference.

    Yvonne Hsu, of Washington D.C., has been appointed Deputy Director of Strategic Initiatives and External Affairs at the California Civil Rights Department. Hsu was the Chief of Staff of Rural Housing Service at the United State Department of Agriculture from 2023 to 2025. She was the Chief Policy and Government Affairs Officer at the National Asian Pacific American Women’s Forum from 2021 to 2023. Hsu was a Senior Housing Policy Specialist at the National Council of State Housing Agencies from 2020 to 2021. She was a Senior Advisor at the Office of United States Representative Katherine Clark in the United States House of Representatives from 2019 to 2020. Hsu was an Independent Consultant from 2018 to 2019. She held multiple positions at the United States Department of Housing and Urban Development from 2014 to 2017, including Policy Advisor at the Office of Fair Housing and Equal Opportunity and Special Assistant for Public Engagement at the Office of Public Affairs. Hsu held multiple positions in the Office of United States Representative Adam Schiff in the United States House of Representatives from 2008 to 2014, including Senior Legislative Assistant and District Representative. Hsu was the Outreach Coordinator at the Housing Rights Center from 2006 to 2008. She earned a Bachelor of the Arts degree in Sociology and History from the University of California, Riverside. This position does not require Senate confirmation, and compensation is $160,200. Hsu is a Democrat.

    Jaimie Huynh, of Sacramento, has been appointed Deputy Director of Strategic Engagement, Equity and Partnerships at the California Department of Fish and Wildlife. Huynh has been Acting Deputy Secretary for Environmental Justice and Equity at the California Environmental Protection Agency since 2025, where she has held multiple roles since 2022, including Environmental Justice Scientific Advisor and Climate Change Advisor. She was an Environmental Justice Enforcement Liaison at the California Department of Resources, Recycling, and Recovery from 2018 to 2022. Huynh was a California Sea Grant Fellow at the California State Lands Commission from 2017 to 2018. She earned a Master of Advanced Studies degree in Climate Science and Policy and a Bachelor of the Arts degree in Environmental Systems – Policymaking from the University of California, San Diego. This position does not require Senate confirmation, and compensation is $144,972. Huynh is a Democrat. 

    Robert Jenkins, of Victorville, has been appointed Administrator of the Veterans Home of California, Barstow at the California Department of Veterans Affairs. Jenkins has been Acting Administrator of the Veterans Home of California, Barstow since 2024, where he has held multiple roles since 2012, including Staff Services Manager II and Health and Safety Officer. Jenkins was a Firefighter/Security Officer Captain at the Veterans Home of California, Yountville, at the California Department of Veterans Affairs from 2010 to 2012. He was a Structural Firefighter at the Tule River Tribal Reservation Fire Department from 2009 to 2010. Jenkins was a Paid Call Firefighter/Engineer at the San Bernardino County Fire Department from 2009 to 2010. He was a Correctional Facility Fire Captain at the California Institution for Men-Chino Fire Department from 1997 to 2008. Jenkins was a Correctional Facility Firefighter at the Centinela Fire Department from 1993 to 1997. He was a Paid Call Firefighter/Captain at the San Bernardino County Fire Department from 1986 to 1997. Jenkins was a GS-06 Firefighter/Driver Operator at the Barstow Logistics Marine Base Fire Department from 1992 to 1993. This position does not require Senate confirmation, and the compensation is $160,428. Jenkins is a Democrat.

    Joseph “Joe” Nation, of South Lake Tahoe, has been appointed to the Independent Emissions Market Advisory Committee. Nation has been a Professor of the Practice in the Public Policy and Human Biology Programs at Stanford University since 2007. He was the Principal at Joe Nation Consulting from 1992 to 2024. Nation was the Senior Advisor to the President at the RAND Corporation from 1991 to 2024. He was an Assemblymember for District 6 in the California State Assembly from 2000 to 2006. He was an Associate Professor of Economics at the University of San Francisco from 1992 to 2000. Nation is a member of the Economic Advisory Board, Bay Area Council, and Climate Cabinet Action. He earned a Doctor of Philosophy degree in Public Policy Analysis from Pardee RAND Graduate School, a Master of Science degree in Diplomacy and Security from Georgetown University, and Bachelor of the Arts degrees in Economics, German, and French from University of Colorado, Boulder. This position does not require Senate confirmation, and there is no compensation. Nation is a Democrat.

    Press Releases, Recent News

    Recent news

    Apr 25, 2025

    News What you need to know: More Californians than ever are connecting with earthquake warning services as the MyShake app reaches over 4 million downloads. SACRAMENTO – During Earthquake Preparedness Month, Governor Gavin Newsom today announced a major milestone: the…

    Apr 25, 2025

    News What you need to know: California is working with state, local, and federal agencies in a historic project to repopulate the North Yuba River with native fish and help protect the state’s waterways and ecosystems.  MARYSVILLE – Governor Gavin Newsom announced a…

    Apr 24, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Leia Bailey, of Sacramento, has been appointed Chief Deputy Director at the California Department of Pesticide Regulation. Bailey has been Deputy Director of Communications and Outreach…

    MIL OSI USA News –

  • MIL-OSI USA: California exceeds 4 million MyShake app downloads, urges Californians to take preparedness steps

    Source: US State of California 2

    Apr 25, 2025

    What you need to know: More Californians than ever are connecting with earthquake warning services as the MyShake app reaches over 4 million downloads.

    SACRAMENTO – During Earthquake Preparedness Month, Governor Gavin Newsom today announced a major milestone: the MyShake app – which alerts Californians before an earthquake begins – has surpassed 4 million downloads, the equivalent of more than 10% of the state. This achievement is a significant step in expanding access to California’s life-saving earthquake technology and building resilience across the state.

    Launched under Governor Gavin Newsom’s leadership, California’s nation-leading Earthquake Early Warning system notifies residents in advance of shaking by using ground motion sensors across California. More than 60% of the 1,046 sensors have been installed since the program launched in 2019, making the system more accurate and able to deliver alerts faster.

    Last week, the MyShake app distributed 693,044 alerts for the 5.2 magnitude earthquake near Julian in San Diego County, a subset of the total 7.5 million alerts sent out for that event. Some MyShake users received as much as 35 seconds notice before shaking occurred.

    “MyShake provides Californians with life-saving seconds before earthquakes strike. This milestone is a proud moment for California, and a reminder that preparedness is a continuous effort. We urge everyone to spread the word to friends, family, neighbors, and co-workers to download this critical tool.”

    Governor Gavin Newsom

    The California Earthquake Early Warning System combines the MyShake smartphone application with traditional alert and warning delivery methods such as Wireless Emergency Alerts (WEA). Now, with the integration of early warning technology within the most popular smartphone devices, the system can deliver alerts to most Californians.

    Since its inception, MyShake has delivered more than 5 million alerts for nearly 170 earthquakes.

    The MyShake app is free, easy to use, and available in six languages (English, Spanish, Chinese (Traditional), Tagalog, Korean, and Vietnamese). It can be downloaded on iOS, Android, and Chromebooks. The app contains earthquake and tsunami preparedness information not found in other alerting platforms and includes the secure Homebase feature which allows users to set a default location where they can receive earthquake early warning alerts even if location services are temporarily down or turned off.

    Californians are also encouraged to pair earthquake early warning with the Cal OES Earthquake Readiness Guide. This recently released comprehensive guide offers clear, easy-to-follow earthquake safety tips, explains essential preparedness steps, and how Californians can take protective actions before, during, and after an earthquake. Download the guide here today to ensure you and your loved ones are prepared.

    To learn more about earthquake preparedness and download the MyShake earthquake early warning application, visit: www.earthquake.ca.gov.

    Recent news

    Apr 25, 2025

    News What you need to know: California is working with state, local, and federal agencies in a historic project to repopulate the North Yuba River with native fish and help protect the state’s waterways and ecosystems.  MARYSVILLE – Governor Gavin Newsom announced a…

    Apr 24, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Leia Bailey, of Sacramento, has been appointed Chief Deputy Director at the California Department of Pesticide Regulation. Bailey has been Deputy Director of Communications and Outreach…

    Apr 24, 2025

    News What you need to know: California’s second C-130 Hercules airtanker is ready for firefighting operations, adding to the state’s arsenal that stands ready to protect communities from catastrophic wildfire. SACRAMENTO – With peak fire season on the horizon,…

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Bun Scrambling Final to be held at Cheung Chau next Monday

    Source: Hong Kong Government special administrative region

    Bun Scrambling Final to be held at Cheung Chau next Monday 
         Trophies will be awarded to the champion, first runner-up and second runner-up in the men’s division and the champion in the women’s division. The Full Pockets of Lucky Buns award will continue to be presented to the participant who gathers the most buns.
     
         An opening ceremony for the Bun Scrambling Final will be held at 11.30pm on Monday. By tradition, the final competition will start at midnight. An invitation relay will be held immediately after the individual competition. In anticipation of a high volume of spectators, the organisers, together with the Islands District Office, Police, Transport Department (TD) and government departments concerned will implement the following measures.
     
         Four spectator zones will be set up on the competition night at the soccer pitch of Pak Tai Temple Playground, which can accommodate about 1 650 people. Distribution of free admission tickets will start at 10pm. Members of the public can line up at Pak She First Lane, next to the Cheung Chau Fire Station, and along Ping Chong Road for the tickets. Each person will be given one ticket on a first-come, first-served basis while tickets last. Spectators with tickets should follow the instructions of the Police and the organisers for entry into Zone 1 to Zone 4 starting from 10.30pm.
     
         Public notices will be put up at Central Pier No. 5 on the arrangements of the event. Similar notices and enquiry counters will also be set up at Cheung Chau Ferry Pier and the entrance of Pak Tai Temple Playground where relevant staff will address public enquiries.
     
         The organisers will pay close attention to the weather conditions in that evening. For public safety, the Bun Scrambling Final may be cancelled under inclement weather (e.g. thunderstorms). As stipulated in the prospectus, the awards would then be determined based on the selection contest results. Since the Bun Scrambling Final is traditionally held in a specified period during the Cheung Chau Jiao Festival, the competition would not be rescheduled.
     
         The Police will conduct crowd-control measures. Members of the public should follow the instructions of the Police and the organisers, and be patient in crowded places.
     
         The TD will closely monitor passenger demand for public transport services, and will closely liaise with ferry and bus companies in making appropriate arrangements.
     
         To facilitate members of the public to leave Cheung Chau after the event, the ferry company will operate a special service from Cheung Chau to Central at 1.15am on May 6.
     
         The bus companies will operate special bus route No. 104R from Central Pier No. 5 to Mong Kok from about 1.10am to 2.30am on May 6.
     
         In addition, overnight bus routes including Citybus route Nos. N8X (to Siu Sai Wan) and N90 (to South Horizons), Cross-Harbour Tunnel route Nos. N182 (to Kwong Yuen), N619 (to Shun Lee), and Kowloon Motor Bus (KMB) route Nos. N373 (to Fanling), and N368 (to Yuen Long West) will be diverted via Central Pier No. 5 from their first departures on May 6. The diversion arrangements will last on that day until about 2am (for route No. N8X), about 2.15am (for route No. N90) and about 2.50am (for the remaining routes aforementioned).
     
         Citybus overnight bus route Nos. N930 (departure at 1.35am to Tsuen Wan Discovery Park), N952 (departure at 1.25am to Tuen Mun Chi Lok Fa Yuen), N962 (departures at 1.15am and 1.45am to Tuen Mun Lung Mun Oasis) and KMB overnight bus route No. N960 (departure at 1.25am to Tuen Mun Kin Sang Estate) will also be diverted via Central Pier No. 5.
     
         A temporary bus stop of the routes concerned will be designated outside Central Pier No. 5 for passengers’ convenience. 
     
         For emergency rescues, St John Hospital will arrange for manpower to respond to possible needs. The Government Flying Service will send its search and rescue team to provide assistance if necessary.
    Issued at HKT 11:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Five property owners fined over $470,000 in total for not complying with statutory orders

    Source: Hong Kong Government special administrative region

    ​Five property owners were convicted and fined over $470,000 in total by the court this month for failing to comply with statutory orders issued under the Buildings Ordinance (BO) (Cap. 123).

    The first case involved an unauthorised structure with an area of about 24 square metres on a flat roof and an opening formed at an enclosure wall of a common corridor of a residential building on Boundary Street, Kowloon. The unauthorised building works (UBWs) and the alteration works were carried out without prior approval and consent from the Buildings Department (BD) and affected the fire-resisting construction of the building, which contravened the BO and the Building (Construction) Regulation. Therefore, a removal order was served on the two co-owners under section 24(1) of the BO.

    Failing to comply with the removal order, the two co-owners were prosecuted by the BD and were fined $103,800 in total, of which $93,800 was the fine for the number of days that the offence continued, upon conviction at the Kowloon City Magistrates’ Courts on April 9. 

    The second case involved an alteration of four units into mini-storages in an industrial building at Kin Wing Lane, Tuen Mun, while the third case involved the alteration of five units into mini-storages in an industrial building at Ng Fong Street and Sze Mei Street, Kowloon. These alteration and addition works were carried out without prior approval and consent from the BD and obstructed the means of escape and access for fire fighting and rescues, while affecting the fire-resisting construction of the building, which contravened the Building (Planning) Regulations and the Building (Construction) Regulation. The alterations also rendered the building as dangerous, therefore removal orders and repair orders were served on the owners concerned under section 24(1) and section 26 of the BO.

    Failing to comply with the removal orders and the repair orders, the two owners in the second case were prosecuted by the BD and were fined $259,500 in total, of which $151,500 was the fine for the number of days that the offences continued, upon conviction at the Tuen Mun Magistrates’ Courts on April 11, whereas the owner of the third case was fined $114,440 in total, of which $88,440 was the fine for the number of days that the offences continued, upon conviction at the Kowloon City Magistrates’ Courts on April 16.

    A spokesman for the BD said today (April 28), “UBWs, including unauthorised alterations causing obstruction to the means of escape and means of access for fire fighting and rescues, or affecting the fire-resisting construction of a building, may lead to serious consequences. The owners concerned must comply with the statutory orders issued by the BD without delay. The BD will continue to take enforcement action against owners who fail to comply with statutory orders, including instigation of prosecution, to ensure building safety.”

    Failure to comply with a removal order without reasonable excuse is a serious offence under the BO. The maximum penalty upon conviction is a fine of $200,000 and one year’s imprisonment, and a further fine of $20,000 for each day that the offence continues. Moreover, failure to comply with a repair order without reasonable excuse is a serious offence. The maximum penalty upon conviction is a fine of level 5 ($50,000 at present) and one year’s imprisonment, and a further fine of $5,000 for each day that the offence continues.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Two-Day Interactive Workshop on Adoption of Industry & Quality Assurance for Defence Production held in New Delhi

    Source: Government of India

    Posted On: 28 APR 2025 3:27PM by PIB Delhi

    A two-day interactive workshop on adoption of Industry 4.0 & Quality Assurance (QA) 4.0 for Defence Production was conducted by Ministry of Defence (MoD) & Department of Defence Production (DDP) on April 24 & 25, 2025 at HQ Directorate General of Quality Assurance (DGQA). The workshop was aimed at brainstorming the nuances for implementation of automation in different Defence Public Sector Undertaking (DPSUs) and learning from each other’s experience.

    The workshop was inaugurated by Joint Secretary (Land Systems) MoD/ DDP, Dr Garima Bhagat. Dr Bhagat highlighted that MoD is committed to working with DPSUs and the Industry to use niche technologies like loT, Big data Analytics, Al & Block Chain etc. for Adoption of Industry 4.0 and QA 4.0 towards producing World Class Defence Products. During the interactive workshop, Director General, DGQA Shri N Manoharan, informed that a National Level Defence Quality Conclave is scheduled on May 08, 2025 wherein the vision document of Adoption of Industry 4.0 & QA 4.0 will be released and an expert panel discussion on the subject will be held.

    The workshop was conducted under the ‘Year of Reforms’ initiative as per the directions of Raksha Mantri Shri Rajnath Singh and Secretary (Defence Production) Shri Sanjeev Kumar.

    *******

    SR/KB

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Using custom earthquakes to define the top of Yellowstone’s magma reservoir

    Source: US Geological Survey

    Yellowstone Caldera Chronicles is a weekly column written by scientists and collaborators of the Yellowstone Volcano Observatory. This week’s contribution is from Brandon Schmandt, Professor of Earth, Environmental and Planetary Sciences and Chenglong Duan, Postdoctoral researcher, both at Rice University.

    When standing in many places in Yellowstone National Park, the signs of a buried heat source are unmistakable, making one inclined to wonder “how far beneath my feet is there magma”? The answer is important to fundamental science questions about magma reservoirs as well as for understanding the potential hazards from Yellowstone.  And it’s just a darn interesting question, too!

    A 53,000-pound vibroseis truck, with a hydraulic vibration plate that creates signals like tiny earthquakes. Here, the truck is parked at a roadside pullout near the Continental Divide in Yellowstone National Park.  Photo by Jamie Farrell, University of Utah, September 2020, taken under Yellowstone National Park research permit YELL-2020-SCI-8146.   Support for the field research was provided by the National Science Foundation (EAR-1950328).

    There is a long history of physical and chemical measurements that provide evidence for magma beneath Yellowstone caldera, with estimates for the depth to the top of the reservoir ranging from about 3 to 9 km (about 2 to 5.5 mi) beneath the surface. Most prior seismic imaging estimated smooth 3-D structure that is informative regarding the approximate size, shape, and location of magma storage. A limitation is that the resulting edges of the reservoir are blurry. Sharpening the view is important, as better knowledge of the depth and characteristics of the top of the magma reservoir would give additional insights into magma storage and release of magmatic gases. 

    To obtain that sharper view of the top of the magma reservoir, and to determine its depth and whether it is marked by a gradual or sharp transition, a group of seismologists used a controlled seismic source and hundreds of seismometers to image the subsurface. The “controlled source” was a 53,000-pound truck with a vibrating hydraulic plate that creates seismic signals, like tiny custom earthquakes. During the summer of 2020, the truck created these custom earthquakes on numerous paved roadside turnouts throughout the caldera. The work was done in the middle of night to avoid impacting park visitors, both from the minor ground vibrations and any traffic delays. The seismic signals created by the truck were measured at several dozen permanent Yellowstone Seismic Network stations, as well as about 600 temporarily installed seismometers that were deployed along roads and trails specifically for this seismic experiment. The seismic waves generated by the truck were tuned to bounce off the magma chamber, with the data from that reflection hopefully providing new insights into just where the top of the magma chamber is located and what it looks like.

    And the results are in, recently published in the journal Nature by Duan et al. 2025 (https://www.nature.com/articles/s41586-025-08775-9). The answer?  There is a very sharp transition marking the magma chamber top at about 3.8 km (2.4 mi) depth beneath the northeastern part of the caldera near the Yellowstone River.

    Seismic reflection data showing the top of the magma reservoir beneath Yellowstone Caldera along a cross section that runs from Canyon Village in the northwest (X) to near Lake Butte in the southeast (X`).  The top panel shows seismic P-wave (compressional wave) reflectivity, with evidence for the sharp reservoir top labeled. The middle panel shows seismic reflections where P-waves convert to S-waves (shear waves) as they reflect off the top of the reservoir. Combined information from the two reflection types helps constrain the total fluid fraction and relative amounts of bubbles and magma at the very top of the reservoir. The bottom panel shows a schematic cartoon interpretation in which a large reservoir that is several kilometers thick mostly contains a small amount of magma in the pore space between crystals, and a thin layer at the very top transiently accumulates bubbles that rise through the magma and temporarily reside in pore space between crystals and some melt.

    Beyond locating the top of the magma reservoir and determining that the boundary is less than about 100 m thick, the seismologists estimated the concentration and type of fluids present at the very top of the reservoir. They found that a two-part mixture of only magma and solid mineral crystals would not fit the strength of the reflected seismic signals, but a three-part mixture with supercritical fluid bubbles, magma, and solid mineral crystals can explain the reflections much better. This result is consistent with geochemical models that indicate bubbles would be coming out of magma stored at depths as shallow as 3.8 km (2.4 mi). At greater depths, and correspondingly greater pressures, the elements that form the bubbles would stay dissolved within the magma. But at the depth measured from the new seismic data, bubbles would emerge from the magma and rise to form a cap layer atop the magma reservoir.

    That might sound alarming—bubble accumulation in magma reservoir can be an important step toward creating the conditions suitable for eruption—but it depends on the concentrations of magma and bubbles. Fortunately, the Yellowstone magma system appears to be in a stable configuration. The seismic reflection results suggest about 14% fluid and about 86% solid crystals in the cap layer of the reservoir. Under these conditions, bubbles are expected to rise efficiently toward the surface, which prevents excessive build-up of pressure. And indeed, this fits with gas measurements that find magmatic gases emitted at the surface in many areas of Yellowstone National Park.

    Finding evidence for bubbles atop the Yellowstone magma reservoir gives new perspectives that align with the long-term view of a magmatic system that is mostly solid and currently stable. The results also highlight that it may be within reach to measure bubble accumulation beneath volcanoes in general, demonstrating once again that using Yellowstone as a natural laboratory can help better understand volcanoes and their eruptions elsewhere on Earth.

    MIL OSI USA News –

  • MIL-OSI: Provident Financial Holdings Reports Third Quarter of Fiscal Year 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income of $1.86 million in the March 2025 Quarter, Up 113% from the Sequential Quarter and Up 24% from the Comparable Quarter Last Year

    Net Interest Margin of 3.02% in the March 2025 Quarter, Up 11 Basis Points from the Sequential Quarter and 28 Basis Points from the Comparable Quarter Last Year

    Loans Held for Investment of $1.06 Billion at March 31, 2025, Up 1% from June 30, 2024

    Total Deposits of $901.3 Million at March 31, 2025, Up 2% from June 30, 2024

    Non-Performing Assets to Total Assets Ratio of 0.11% at March 31, 2025, Down from 0.20% at June 30, 2024

    RIVERSIDE, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced earnings for the third quarter of the fiscal year ending June 30, 2025.

    The Company reported net income of $1.86 million, or $0.28 per diluted share (on 6.73 million average diluted shares outstanding), for the quarter ended March 31, 2025, up 24 percent from net income of $1.50 million, or $0.22 per diluted share (on 6.94 million average diluted shares outstanding), in the comparable period a year ago. The increase was due primarily to a $653,000 increase in net interest income and a $391,000 recovery of credit losses (in contrast to a $124,000 provision for credit losses in the comparable period a year ago), partly offset by a $688,000 increase in non-interest expense (primarily attributable to higher salaries and employee benefits and other operating expenses).

    “The operating environment for Provident has improved over the course of this fiscal year. Our net interest margin has improved each quarter subsequent to June 30, 2024, loan and deposit balances have grown for two consecutive quarters, borrowings have declined for two consecutive quarters, and credit quality remains strong,” stated Donavon P. Ternes, President and Chief Executive Officer of the Company. “We remain active in our stock repurchase plan and continue to maintain our quarterly cash dividend at a consistent level,” concluded Ternes.

    Return on average assets was 0.59 percent for the third quarter of fiscal 2025, compared to 0.28 percent in the second quarter of fiscal 2025 and 0.47 percent for the third quarter of fiscal 2024. Return on average stockholders’ equity for the third quarter of fiscal 2025 was 5.71 percent, compared to 2.66 percent for the second quarter of fiscal 2025 and 4.57 percent for the third quarter of fiscal 2024.

    On a sequential quarter basis, the $1.86 million net income for the third quarter of fiscal 2025 reflects a 113 percent increase from $872,000 in the second quarter of fiscal 2025. The increase was primarily attributable to a $391,000 recovery of credit losses (in contrast to a $586,000 provision for credit losses in the prior sequential quarter), and a $453,000 increase in net interest income (primarily due to a higher net interest margin). Diluted earnings per share for the third quarter of fiscal 2025 were $0.28 per share, up 115 percent from $0.13 per share in the second quarter of fiscal 2025.

    For the nine months ended March 31, 2025, net income decreased $769,000, or 14 percent, to $4.63 million from $5.40 million in the comparable period in fiscal 2024. Diluted earnings per share for the nine months ended March 31, 2025 decreased 12 percent to $0.68 per share (on 6.80 million average diluted shares outstanding) from $0.77 per share (on 6.98 million average diluted shares outstanding) for the comparable nine-month period last year. The decrease was primarily attributable to a $1.81 million increase in non-interest expense (primarily due to an increase in salaries and employee benefits, premises and occupancy, equipment and other operating expenses), partly offset by a $451,000 higher recovery of credit losses, a $177,000 increase in non-interest income and a $115,000 increase in net interest income.

    In the third quarter of fiscal 2025, net interest income increased $653,000 or eight percent to $9.21 million from $8.56 million for the same quarter last year. The increase in net interest income was due to a higher net interest margin, partly offset by a lower average balance of interest-earning assets. The net interest margin for the third quarter of fiscal 2025 increased 28 basis points to 3.02 percent from 2.74 percent in the same quarter last year. The increase in net interest margin was due to increased yields on interest-earning assets outpacing increased funding costs. The average yield on interest-earning assets increased 32 basis points to 4.73 percent in the third quarter of fiscal 2025 from 4.41 percent in the same quarter last year. In contrast, our average funding costs increased by five basis points to 1.91 percent in the third quarter of fiscal 2025 from 1.86 percent in the same quarter last year. The average balance of interest-earning assets decreased two percent to $1.22 billion in the third quarter of fiscal 2025 from $1.25 billion in the same quarter last year, primarily due to decreases in the average balance of investment securities and loans receivable, partly offset by an increase in interest-earning deposits.

    Interest income on loans receivable increased $685,000, or five percent, to $13.37 million in the third quarter of fiscal 2025 from $12.68 million in the same quarter of fiscal 2024. The increase was due to a higher average loan yield, partly offset by a lower average loan balance. The average yield on loans receivable increased 32 basis points to 5.06 percent in the third quarter of fiscal 2025 from 4.74 percent in the same quarter last year. Adjustable-rate loans of approximately $130.9 million repriced downward in the third quarter of fiscal 2025 by approximately four basis points, from a weighted average rate of 7.56 percent to 7.52 percent. However, the overall increase in average yield was driven by an upward repricing of adjustable mortgage loans during the last 12 months. The average balance of loans receivable decreased $14.6 million, or one percent, to $1.06 billion in the third quarter of fiscal 2025 from $1.07 billion in the same quarter last year. Total loans originated for investment in the third quarter of fiscal 2025 were $27.9 million, up 53 percent from $18.2 million in the same quarter last year, while loan principal payments received in the third quarter of fiscal 2025 were $23.0 million, down 19 percent from $28.5 million in the same quarter last year.

    Interest income from investment securities decreased $58,000, or 11 percent, to $459,000 in the third quarter of fiscal 2025 from $517,000 for the same quarter of fiscal 2024. This decrease was attributable to a lower average balance, partly offset by a higher average yield. The average balance of investment securities decreased $23.0 million, or 16 percent, to $118.4 million in the third quarter of fiscal 2025 from $141.4 million in the same quarter last year. The decrease in the average balance was due to scheduled principal payments and prepayments of investment securities. The average yield on investment securities increased nine basis points to 1.55 percent in the third quarter of fiscal 2025 from 1.46 percent for the same quarter last year. The increase in the average yield was primarily attributable to a lower premium amortization during the current quarter in comparison to the same quarter last year ($86,000 vs. $124,000) due to lower total principal repayments ($5.3 million vs. $5.7 million) and, to a lesser extent, the upward repricing of adjustable-rate mortgage-backed securities.

    In the third quarter of fiscal 2025, the Bank received $213,000 in cash dividends from the Federal Home Loan Bank (“FHLB”) – San Francisco stock and other equity investments, up one percent from $210,000 in the same quarter last year, resulting in an average yield of 8.30 percent in the third quarter of fiscal 2025 compared to 8.84 percent in the same quarter last year. The average balance of FHLB – San Francisco stock and other equity investments in the third quarter of fiscal 2025 was $10.3 million, up from $9.5 million in the same quarter of fiscal 2024.

    Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank (“FRB”) of San Francisco, was $389,000 in the third quarter of fiscal 2025, down $8,000 or two percent from $397,000 in the same quarter of fiscal 2024. The decrease was due to a lower average yield, partly offset by a higher average balance. The average yield earned on interest-earning deposits in the third quarter of fiscal 2025 was 4.42 percent, down 98 basis points from 5.40 percent in the same quarter last year. The decrease in the average yield was due to a lower average interest rate on the FRB’s reserve balances resulting from decreases in the targeted federal funds rate during the comparable periods. The average balance of the Company’s interest-earning deposits increased $6.1 million, or 21 percent, to $35.2 million in the third quarter of fiscal 2025 from $29.1 million in the same quarter last year.

    Interest expense on deposits for the third quarter of fiscal 2025 was $2.75 million, an increase of $71,000 or three percent from $2.68 million for the same period last year. The increase was attributable to higher rates paid on deposits, partly offset by a lower average balance. The average cost of deposits was 1.26 percent in the third quarter of fiscal 2025, up eight basis points from 1.18 percent in the same quarter last year, primarily due to a greater proportion of time deposits, including brokered certificates of deposit which carry higher interest rates. The average balance of deposits decreased $25.8 million, or three percent, to $885.0 million in the third quarter of fiscal 2025 from $910.8 million in the same quarter last year.

    Transaction account balances, or “core deposits,” decreased $23.1 million, or four percent, to $591.4 million at March 31, 2025 from $614.5 million at June 30, 2024, while time deposits increased $36.0 million, or 13 percent, to $309.9 million at March 31, 2025 from $273.9 million at June 30, 2024. As of March 31, 2025, brokered certificates of deposit (which amounts are reflected in time deposits above) totaled $129.8 million, down $2.0 million or two percent from $131.8 million at June 30, 2024. The weighted average cost of brokered certificates of deposit was 4.34 percent and 5.18 percent (including broker fees) at March 31, 2025 and June 30, 2024, respectively.

    Interest expense on borrowings, consisting of FHLB advances, for the third quarter of fiscal 2025 decreased $102,000, or four percent, to $2.47 million from $2.57 million for the same period last year. The decrease was primarily the result of a lower average cost and, to a lesser extent, a lower average balance. The average cost of borrowings decreased 11 basis points to 4.52 percent in the third quarter of fiscal 2025 from 4.63 percent in the same quarter last year. The average balance of borrowings decreased $1.8 million, or one percent, to $221.8 million in the third quarter of fiscal 2025 from $223.6 million in the same quarter last year.

    At March 31, 2025, the Bank had approximately $269.8 million of remaining borrowing capacity at the FHLB. Additionally, the Bank has a remaining borrowing facility of approximately $151.0 million with the FRB of San Francisco and an unused unsecured federal funds borrowing facility of $50.0 million with its correspondent bank. The total available borrowing capacity across all sources totaled approximately $470.8 million at March 31, 2025.

    During the third quarter of fiscal 2025, the Company recorded a recovery of credit losses totaling $391,000, which included a $12,000 recovery related to unfunded loan commitment reserves. This compares to a $124,000 provision for credit losses in the same quarter last year and a $586,000 provision in the second quarter of fiscal 2025 (sequential quarter). The recovery of credit losses recorded in the third quarter of fiscal 2025 was primarily attributable to improved qualitative factors related to single-family residential collateral, partly offset by a lengthening of the average loan life due to lower estimated loan prepayments as of March 31, 2025, compared to December 31, 2024.

    Non-performing assets, comprised solely of non-accrual loans secured by properties located in California, decreased $1.2 million or 46 percent to $1.4 million, which represented 0.11 percent of total assets at March 31, 2025, compared to $2.6 million, which represented 0.20 percent of total assets at June 30, 2024. At March 31, 2025, non-performing loans were comprised of seven single-family loans and one multi-family loan, while at June 30, 2024, non-performing loans were comprised of 10 single-family loans. At both dates, the Bank had no real estate owned and no loans 90 days or more past due that were still accruing interest. Additionally, there were no loan charge-offs during the quarters ended March 31, 2025 and 2024.

    The January 2025 wildfires in Los Angeles, California did not have a material impact on the Company’s operations or the Bank’s customers. The Bank’s branches and facilities remained operational throughout the wildfire events, and there were no significant disruptions to customer services or business activities. Additionally, the Bank did not have any significant credit exposure or financial impact attributable to the wildfires.

    Classified assets were $6.8 million at March 31, 2025, consisting of $1.7 million of loans in the special mention category and $5.1 million of loans in the substandard category. Classified assets at June 30, 2024 were $5.8 million, consisting of $1.1 million of loans in the special mention category and $4.7 million of loans in the substandard category.

    The allowance for credit losses on loans held for investment was $6.6 million, or 0.62 percent of gross loans held for investment, at March 31, 2025, down from $7.1 million, or 0.67 percent of gross loans held for investment, at June 30, 2024. The decrease in the allowance for credit losses was due primarily to improved qualitative factors related to single-family residential collateral, partially offset by an increase in the estimated average life of the loan portfolio, reflecting lower loan prepayment expectations as of March 31, 2025. Management believes, based on currently available information, the allowance for credit losses is sufficient to absorb expected losses inherent in loans held for investment at March 31, 2025.

    Non-interest income increased by $59,000, or seven percent, to $907,000 in the third quarter of fiscal 2025 from $848,000 in the same period last year, due primarily to a $43,000 increase in loan servicing and other fees and a $55,000 increase in other fees (primarily attributable to an increase in the unrealized gain on other equity investments). These increases were partly offset by decreases of $26,000 and $13,000 in card and processing fees and deposit account fees, respectively, primarily due to lower transaction volumes and reduced customer activity. On a sequential quarter basis, non-interest income increased $63,000, or seven percent, primarily due to an increase in loan servicing and other fees.

    Non-interest expense increased $688,000, or 10 percent, to $7.86 million in the third quarter of fiscal 2025 from $7.17 million for the same quarter last year, primarily due to a $236,000 increase in salaries and employee benefits expenses and a $235,000 increase in other operating expenses. The higher salaries and employee benefits expenses was primarily due to higher compensation expenses, a higher accrual adjustment for the supplemental executive retirement plan expense, higher group insurance expenses and higher equity incentive expenses, partly offset by a decrease in retirement plan benefit expenses. The increase in other operating expenses was primarily attributable to a $239,000 litigation settlement expense. On a sequential quarter basis, non-interest expense increased $62,000, or one percent as compared to $7.79 million in the second quarter of fiscal 2025, due primarily to the litigation settlement expense, partly offset by decreases in salaries and employee benefits expenses, premises and occupancy expenses and professional expenses.

    The Company’s efficiency ratio, defined as non-interest expense divided by the sum of net interest income and non-interest income, in the third quarter of fiscal 2025 was 77.64 percent, a slight increase from 76.20 percent in the same quarter last year but an improvement from 81.15 percent in the second quarter of fiscal 2025 (sequential quarter). The increase in the efficiency ratio during the current quarter in comparison to the comparable quarter last year was due to higher non-interest expense relative to total net interest income plus non-interest income.

    The Company’s provision for income taxes was $797,000 for the third quarter of fiscal 2025, up 29 percent from $620,000 in the same quarter last year and up 126 percent from $352,000 for the second quarter of fiscal 2025 (sequential quarter). The increase during the current quarter compared to both the sequential quarter and same quarter last year was due to an increase in pre-tax income. The effective tax rate in the third quarter of fiscal 2025 was 30.0 percent as compared to 29.3 percent in the same quarter last year and 28.8 percent for the second quarter of fiscal 2025 (sequential quarter).

    The Company repurchased 51,869 shares of its common stock at an average cost of $15.30 per share during the quarter ended March 31, 2025. As of March 31, 2025, a total of 293,132 shares remained available for future purchase under the Company’s current repurchase program.

    The Bank currently operates 13 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire).

    The Company will host a conference call for institutional investors and bank analysts on Tuesday, April 29, 2025 at 9:00 a.m. (Pacific) to discuss its financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 7361828. An audio replay of the conference call will be available through Tuesday, May 6, 2025 by dialing 1-800-770-2030 and referencing Conference ID number 7361828.

    For more financial information about the Company please visit the website at www.myprovident.com and click on the “Investor Relations” section.

    Safe-Harbor Statement

    This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company’s financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements as they are subject to various risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company.

    There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to: adverse economic conditions in our local market areas or other markets where we have lending relationships; effects of employment levels, labor shortages, inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decreases in the Board of Governors of the Federal Reserve Board (the “Federal Reserve”) benchmark rate and the duration of such levels, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the Federal Reserve monetary policy; the effects of any Federal government shutdown; credit risks of lending activities, including loan delinquencies, write-offs, changes in our allowance for credit losses (“ACL”), and provision for credit losses; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; fluctuations in deposits; secondary market conditions for loans and our ability to sell loans in the secondary market; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; expectations regarding key growth initiatives and strategic priorities; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; results of examinations of us by regulatory authorities, which may the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; use of estimates in determining the fair value of assets, which may prove incorrect; disruptions or security breaches, or other adverse events, failures or interruptions in or attacks on our information technology systems or on our third-party vendors; the potential for new or increased tariffs, trade restrictions or geopolitical tensions that could affect economic activity or specific industry sectors; staffing fluctuations in response to product demand or corporate implementation strategies; our ability to pay dividends on our common stock; environmental, social and governance goals; effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with and furnished to the Securities and Exchange Commission (“SEC”), which are available on our website at www.myprovident.com and on the SEC’s website at www.sec.gov.

    We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance.

             

    Contacts:

    		   Donavon P. Ternes   Haryanto L. Sunarto
        President and   Interim Chief Financial Officer
        Chief Executive Officer   (951) 686-6060
    PROVIDENT FINANCIAL HOLDINGS, INC.
    Condensed Consolidated Statements of Financial Condition
    (Unaudited –In Thousands, Except Share and Per Share Information)
                                   
        March 31,   December 31,   September 30,   June 30,   March 31,
        2025
    		   2024
    		   2024
    		   2024
    		   2024
    Assets                              
    Cash and cash equivalents   $ 50,915     $ 45,539     $ 48,193     $ 51,376     $ 51,731  
    Investment securities – held to maturity, at cost with no allowance for credit losses     113,617       118,888       124,268       130,051       135,971  
    Investment securities – available for sale, at fair value     1,681       1,750       1,809       1,849       1,935  
    Loans held for investment, net of allowance for credit losses of $6,577, $6,956, $6,329, $7,065 and $7,108, respectively; includes $1,032, $1,016, $1,082, $1,047 and $1,054 of loans held at fair value, respectively     1,058,980       1,053,603       1,048,633       1,052,979       1,065,761  
    Accrued interest receivable     4,263       4,167       4,287       4,287       4,249  
    FHLB – San Francisco stock and other equity investments, includes $721, $650, $565, $540 and $0 of other equity investments at fair value, respectively     10,289       10,218       10,133       10,108       9,505  
    Premises and equipment, net     9,388       9,474       9,615       9,313       9,637  
    Prepaid expenses and other assets     11,047       11,327       10,442       12,237       11,258  
    Total assets   $ 1,260,180     $ 1,254,966     $ 1,257,380     $ 1,272,200     $ 1,290,047  
                                   
    Liabilities and Stockholders’ Equity                              
    Liabilities:                              
    Noninterest-bearing deposits   $ 89,103     $ 85,399     $ 86,458     $ 95,627     $ 91,708  
    Interest-bearing deposits     812,216       782,116       777,406       792,721       816,414  
    Total deposits     901,319       867,515       863,864       888,348       908,122  
                                   
    Borrowings     215,580       245,500       249,500       238,500       235,000  
    Accounts payable, accrued interest and other liabilities     14,406       13,321       14,410       15,411       17,419  
    Total liabilities     1,131,305       1,126,336       1,127,774       1,142,259       1,160,541  
                                   
    Stockholders’ equity:                              
    Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding)     —       —       —       —       —  
    Common stock, $.01 par value; (40,000,000 shares authorized; 18,229,615, 18,229,615, 18,229,615, 18,229,615 and 18,229,615 shares issued respectively; 6,653,822, 6,705,691, 6,769,247, 6,847,821 and 6,896,297 shares outstanding, respectively)     183       183       183       183       183  
    Additional paid-in capital     99,096       98,747       98,711       98,532       99,591  
    Retained earnings     211,701       210,779       210,853       209,914       208,923  
    Treasury stock at cost (11,573,793, 11,523,924, 11,460,368, 11,381,794, and 11,333,318 shares, respectively)     (182,121 )     (181,094 )     (180,155 )     (178,685 )     (179,183 )
    Accumulated other comprehensive income (loss), net of tax     16       15       14       (3 )     (8 )
    Total stockholders’ equity     128,875       128,630       129,606       129,941       129,506  
    Total liabilities and stockholders’ equity   $ 1,260,180     $ 1,254,966     $ 1,257,380     $ 1,272,200     $ 1,290,047  
    PROVIDENT FINANCIAL HOLDINGS, INC.
    Condensed Consolidated Statements of Operations
    (Unaudited – In Thousands, Except Per Share Information)
                             
        For the Quarter Ended   Nine Months Ended
           March 31,      March 31,
           2025
    		      2024      2025
    		      2024
    Interest income:                        
    Loans receivable, net   $ 13,368     $ 12,683   $ 39,441     $ 37,368  
    Investment securities     459       517     1,412       1,565  
    FHLB – San Francisco stock and other equity investments     213       210     636       586  
    Interest-earning deposits     389       397     1,036       1,295  
    Total interest income     14,429       13,807     42,525       40,814  
                             
    Interest expense:                        
    Checking and money market deposits     46       90     150       219  
    Savings deposits     127       97     356       208  
    Time deposits     2,573       2,488     7,738       6,406  
    Borrowings     2,471       2,573     7,694       7,509  
    Total interest expense     5,217       5,248     15,938       14,342  
                             
    Net interest income     9,212       8,559     26,587       26,472  
    (Recovery of) provision for credit losses     (391 )     124     (502 )     (51 )
    Net interest income, after (recovery of) provision for credit losses     9,603       8,435     27,089       26,523  
                             
    Non-interest income:                        
    Loan servicing and other fees     135       92     299       195  
    Deposit account fees     276       289     856       876  
    Card and processing fees     291       317     911       1,003  
    Other     205       150     585       400  
    Total non-interest income     907       848     2,651       2,474  
                             
    Non-interest expense:                        
    Salaries and employee benefits     4,776       4,540     14,235       13,223  
    Premises and occupancy     880       835     2,748       2,641  
    Equipment     417       329     1,139       962  
    Professional     386       321     1,224       1,203  
    Sales and marketing     181       167     541       516  
    Deposit insurance premiums and regulatory assessments     195       190     568       596  
    Other     1,021       786     2,718       2,227  
    Total non-interest expense     7,856       7,168     23,173       21,368  
    Income before income taxes     2,654       2,115     6,567       7,629  
    Provision for income taxes     797       620     1,938       2,231  
    Net income   $ 1,857     $ 1,495   $ 4,629     $ 5,398  
                             
    Basic earnings per share   $ 0.28     $ 0.22   $ 0.69     $ 0.77  
    Diluted earnings per share   $ 0.28     $ 0.22   $ 0.68     $ 0.77  
    Cash dividends per share   $ 0.14     $ 0.14   $ 0.42     $ 0.42  
    PROVIDENT FINANCIAL HOLDINGS, INC.
    Condensed Consolidated Statements of Operations – Sequential Quarters
    (Unaudited – In Thousands, Except Per Share Information)
                                   
        For the Quarter Ended
        March 31,   December 31,   September 30,   June 30,   March 31,
           2025
    		      2024      2024
    		      2024
    		      2024
    Interest income:                              
    Loans receivable, net   $ 13,368     $ 13,050   $ 13,023     $ 12,826     $ 12,683
    Investment securities     459       471     482       504       517
    FHLB – San Francisco stock and other equity investments     213       213     210       207       210
    Interest-earning deposits     389       287     360       379       397
    Total interest income     14,429       14,021     14,075       13,916       13,807
                                   
    Interest expense:                              
    Checking and money market deposits     46       51     53       71       90
    Savings deposits     127       117     112       105       97
    Time deposits     2,573       2,506     2,659       2,657       2,488
    Borrowings     2,471       2,588     2,635       2,632       2,573
    Total interest expense     5,217       5,262     5,459       5,465       5,248
                                   
    Net interest income     9,212       8,759     8,616       8,451       8,559
    (Recovery of) provision for credit losses     (391 )     586     (697 )     (12 )     124
    Net interest income, after (recovery of) provision for credit losses     9,603       8,173     9,313       8,463       8,435
                                   
    Non-interest income:                              
    Loan servicing and other fees     135       60     104       142       92
    Deposit account fees     276       282     298       278       289
    Card and processing fees     291       300     320       381       317
    Other     205       203     177       666       150
    Total non-interest income     907       845     899       1,467       848
                                   
    Non-interest expense:                              
    Salaries and employee benefits     4,776       4,826     4,633       4,419       4,540
    Premises and occupancy     880       917     951       945       835
    Equipment     417       379     343       347       329
    Professional     386       412     426       327       321
    Sales and marketing     181       187     173       193       167
    Deposit insurance premiums and regulatory assessments     195       190     183       184       190
    Other     1,021       883     814       757       786
    Total non-interest expense     7,856       7,794     7,523       7,172       7,168
    Income before income taxes     2,654       1,224     2,689       2,758       2,115
    Provision for income taxes     797       352     789       805       620
    Net income   $ 1,857     $ 872   $ 1,900     $ 1,953     $ 1,495
                                   
    Basic earnings per share   $ 0.28     $ 0.13   $ 0.28     $ 0.28     $ 0.22
    Diluted earnings per share   $ 0.28     $ 0.13   $ 0.28     $ 0.28     $ 0.22
    Cash dividends per share   $ 0.14     $ 0.14   $ 0.14     $ 0.14     $ 0.14
                                   
    PROVIDENT FINANCIAL HOLDINGS, INC.
    Financial Highlights
    (Unaudited – Dollars in Thousands, Except Share and Per Share Information)
                               
        As of and For the  
        Quarter Ended   Nine Months Ended  
        March 31,   March 31,  
           2025      2024      2025      2024  
    SELECTED FINANCIAL RATIOS:                          
    Return on average assets     0.59 %   0.47 %   0.50 %   0.56 %
    Return on average stockholders’ equity     5.71 %   4.57 %   4.72 %   5.51 %
    Stockholders’ equity to total assets     10.23 %   10.04 %   10.23 %   10.04 %
    Net interest spread     2.82 %   2.55 %   2.74 %   2.64 %
    Net interest margin     3.02 %   2.74 %   2.92 %   2.80 %
    Efficiency ratio     77.64 %   76.20 %   79.26 %   73.82 %
    Average interest-earning assets to average interest-bearing liabilities     110.25 %   110.28 %   110.38 %   110.24 %
                               
    SELECTED FINANCIAL DATA:                          
    Basic earnings per share   $ 0.28   $ 0.22   $ 0.69   $ 0.77  
    Diluted earnings per share   $ 0.28   $ 0.22   $ 0.68   $ 0.77  
    Book value per share   $ 19.37   $ 18.78   $ 19.37   $ 18.78  
    Shares used for basic EPS computation     6,679,808     6,919,397     6,753,060     6,968,353  
    Shares used for diluted EPS computation     6,732,794     6,935,053     6,796,743     6,981,223  
    Total shares issued and outstanding     6,653,822     6,896,297     6,653,822     6,896,297  
                               
    LOANS ORIGINATED FOR INVESTMENT:                          
    Mortgage loans:                          
    Single-family   $ 22,163   $ 8,946   $ 74,195   $ 30,058  
    Multi-family     4,087     5,865     15,772     17,586  
    Commercial real estate     1,135     2,172     2,760     8,047  
    Commercial business loans     500     1,250     550     1,250  
    Total loans originated for investment   $ 27,885   $ 18,233   $ 93,277   $ 56,941  
    PROVIDENT FINANCIAL HOLDINGS, INC.
    Financial Highlights
    (Unaudited – Dollars in Thousands, Except Share and Per Share Information)
                                     
        As of and For the  
        Quarter   Quarter   Quarter   Quarter   Quarter  
        Ended   Ended   Ended   Ended   Ended  
           03/31/25      12/31/24      09/30/24      06/30/24      03/31/24  
    SELECTED FINANCIAL RATIOS:                                
    Return on average assets     0.59 %   0.28 %   0.61 %   0.62 %   0.47 %
    Return on average stockholders’ equity     5.71 %   2.66 %   5.78 %   5.96 %   4.57 %
    Stockholders’ equity to total assets     10.23 %   10.25 %   10.31 %   10.21 %   10.04 %
    Net interest spread     2.82 %   2.74 %   2.66 %   2.54 %   2.55 %
    Net interest margin     3.02 %   2.91 %   2.84 %   2.74 %   2.74 %
    Efficiency ratio     77.64 %   81.15 %   79.06 %   72.31 %   76.20 %
    Average interest-earning assets to average interest-bearing liabilities     110.25 %   110.52 %   110.34 %   110.40 %   110.28 %
                                     
    SELECTED FINANCIAL DATA:                                
    Basic earnings per share   $ 0.28   $ 0.13   $ 0.28   $ 0.28   $ 0.22  
    Diluted earnings per share   $ 0.28   $ 0.13   $ 0.28   $ 0.28   $ 0.22  
    Book value per share   $ 19.37   $ 19.18   $ 19.15   $ 18.98   $ 18.78  
    Average shares used for basic EPS     6,679,808     6,744,653     6,833,125     6,867,521     6,919,397  
    Average shares used for diluted EPS     6,732,794     6,792,759     6,863,083     6,893,813     6,935,053  
    Total shares issued and outstanding     6,653,822     6,705,691     6,769,247     6,847,821     6,896,297  
                                     
    LOANS ORIGINATED FOR INVESTMENT:                                
    Mortgage loans:                                
    Single-family   $ 22,163   $ 29,583   $ 22,449   $ 10,862   $ 8,946  
    Multi-family     4,087     6,495     5,190     4,526     5,865  
    Commercial real estate     1,135     365     1,260     1,710     2,172  
    Construction     —     —     —     1,480     —  
    Commercial business loans     500     —     50     —     1,250  
    Total loans originated for investment   $ 27,885   $ 36,443   $ 28,949   $ 18,578   $ 18,233  
    PROVIDENT FINANCIAL HOLDINGS, INC.
    Financial Highlights
    (Unaudited – Dollars in Thousands)
                                     
           As of      As of      As of      As of      As of  
        03/31/25   12/31/24   09/30/24   06/30/24   03/31/24  
    ASSET QUALITY RATIOS AND DELINQUENT LOANS:                                
    Recourse reserve for loans sold   $ 23   $ 23   $ 23   $ 26   $ 31  
    Allowance for credit losses on loans held for investment   $ 6,577   $ 6,956   $ 6,329   $ 7,065   $ 7,108  
    Non-performing loans to loans held for investment, net     0.13 %   0.24 %   0.20 %   0.25 %   0.21 %
    Non-performing assets to total assets     0.11 %   0.20 %   0.17 %   0.20 %   0.17 %
    Allowance for credit losses on loans to gross loans held for investment     0.62 %   0.66 %   0.61 %   0.67 %   0.67 %
    Net loan charge-offs (recoveries) to average loans receivable (annualized)     — %   — %   — %   — %   — %
    Non-performing loans   $ 1,395   $ 2,530   $ 2,106   $ 2,596   $ 2,246  
    Loans 30 to 89 days delinquent   $ 199   $ 3   $ 2   $ 1   $ 388  
                                   
           Quarter      Quarter      Quarter      Quarter      Quarter
        Ended   Ended   Ended   Ended   Ended
        03/31/25   12/31/24   09/30/24   06/30/24   03/31/24
    (Recovery) recourse provision for loans sold   $ —     $ —   $ (3 )   $ (5 )   $ —
    (Recovery of) provision for credit losses   $ (391 )   $ 586   $ (697 )   $ (12 )   $ 124
    Net loan charge-offs (recoveries)   $ —     $ —   $ —     $ —     $ —
                           
           As of      As of      As of      As of      As of  
        03/31/2025   12/31/2024   09/30/2024   06/30/2024   03/31/2024  
    REGULATORY CAPITAL RATIOS (BANK):                      
    Tier 1 leverage ratio   9.85 % 9.81 % 9.63 % 10.02 % 9.70 %
    Common equity tier 1 capital ratio   19.01 % 18.60 % 18.36 % 19.29 % 18.77 %
    Tier 1 risk-based capital ratio   19.01 % 18.60 % 18.36 % 19.29 % 18.77 %
    Total risk-based capital ratio   20.03 % 19.67 % 19.35 % 20.38 % 19.85 %
                           
        As of March 31,  
           2025      2024  
           Balance      Rate(1)      Balance      Rate(1)  
    INVESTMENT SECURITIES:                      
    Held to maturity (at cost):                      
    U.S. SBA securities   $ 328   4.85 % $ 458   5.85 %
    U.S. government sponsored enterprise MBS     109,718   1.60     131,711   1.54  
    U.S. government sponsored enterprise CMO     3,571   2.13     3,802   2.16  
    Total investment securities held to maturity   $ 113,617   1.62 % $ 135,971   1.57 %
                           
    Available for sale (at fair value):                      
    U.S. government agency MBS   $ 1,119   4.72 % $ 1,274   3.72 %
    U.S. government sponsored enterprise MBS     482   6.91     570   6.05  
    Private issue CMO     80   6.10     91   4.96  
    Total investment securities available for sale   $ 1,681   5.41 % $ 1,935   4.46 %
    Total investment securities   $ 115,298   1.68 % $ 137,906   1.61 %

    (1) Weighted-average yield earned on all instruments included in the balance of the respective line item.

    PROVIDENT FINANCIAL HOLDINGS, INC.
    Financial Highlights
    (Unaudited – Dollars in Thousands)
                           
        As of March 31,  
           2025      2024  
           Balance      Rate(1)      Balance      Rate(1)  
    LOANS HELD FOR INVESTMENT:                      
    Mortgage loans:                      
    Single-family (1 to 4 units)   $ 545,377     4.66 % $ 517,039     4.39 %
    Multi-family (5 or more units)     429,547     5.47     457,401     5.14  
    Commercial real estate     75,349     6.63     83,136     6.36  
    Construction     837     11.00     2,745     8.81  
    Other     89     5.25     99     5.25  
    Commercial business loans     4,255     9.52     2,835     9.79  
    Consumer loans     52     17.50     60     18.50  
    Total loans held for investment     1,055,506     5.15 %   1,063,315     4.89 %
                           
    Advance payments of escrows     519           371        
    Deferred loan costs, net     9,532           9,183        
    Allowance for credit losses on loans     (6,577 )         (7,108 )      
    Total loans held for investment, net   $ 1,058,980         $ 1,065,761        
    Purchased loans serviced by others included above   $ 1,721     5.72 % $ 1,999     5.80 %

    (1) Weighted-average yield earned on all instruments included in the balance of the respective line item.

                           
        As of March 31,  
           2025      2024  
           Balance      Rate(1)      Balance      Rate(1)  
    DEPOSITS:                      
    Checking accounts – noninterest-bearing   $ 89,103   — % $ 91,708   — %
    Checking accounts – interest-bearing     248,392   0.04     275,920   0.04  
    Savings accounts     232,308   0.24     247,847   0.17  
    Money market accounts     21,640   0.16     26,715   0.41  
    Time deposits     309,876   3.57     265,932   3.89  
    Total deposits(2)(3)   $ 901,319   1.30 % $ 908,122   1.21 %
                           
    Brokered CDs included in time deposits above   $ 129,770   4.34 % $ 130,900   5.19 %
                           
    BORROWINGS:                      
    Overnight   $ 20,000   4.65 % $ —   — %
    Three months or less     22,500   4.17     59,500   5.28  
    Over three to six months     5,000   5.33     33,000   5.34  
    Over six months to one year     108,000   4.65     70,000   4.51  
    Over one year to two years     45,000   4.66     42,500   4.62  
    Over two years to three years     80   4.50     15,000   4.87  
    Over three years to four years     15,000   4.41     —   —  
    Over four years to five years     —   —     15,000   4.41  
    Over five years     —   —     —   —  
    Total borrowings(4)   $ 215,580   4.60 % $ 235,000   4.86 %

    (1) Weighted-average rate paid on all instruments included in the balance of the respective line item.
    (2) Includes uninsured deposits of approximately $162.2 million (of which, $57.1 million are collateralized) and $136.4 million (of which, $9.2 million are collateralized) at March 31, 2025 and 2024, respectively.
    (3) The average balance of deposit accounts was approximately $37 thousand and $34 thousand at March 31, 2025 and 2024, respectively.
    (4) The Bank had approximately $269.8 million and $269.2 million of remaining borrowing capacity at the FHLB – San Francisco, approximately $151.0 million and $172.7 million of borrowing capacity at the FRB of San Francisco and $50.0 million and $50.0 million of borrowing capacity with its correspondent bank at March 31, 2025 and 2024, respectively.

    PROVIDENT FINANCIAL HOLDINGS, INC.
    Financial Highlights
    (Unaudited – Dollars in Thousands)
                             
        For the Quarter Ended   For the Quarter Ended  
        March 31, 2025   March 31, 2024  
           Balance      Rate(1)      Balance      Rate(1)  
    SELECTED AVERAGE BALANCE SHEETS:                        
                             
    Loans receivable, net   $ 1,056,441     5.06 % $ 1,071,004   4.74 %
    Investment securities     118,431     1.55     141,390   1.46  
    FHLB – San Francisco stock and other equity investments     10,268     8.30     9,505   8.84  
    Interest-earning deposits     35,182     4.42     29,099   5.40  
    Total interest-earning assets   $ 1,220,322     4.73 % $ 1,250,998   4.41 %
    Total assets   $ 1,251,168         $ 1,281,975      
                             
    Deposits(2)   $ 885,032     1.26 % $ 910,781   1.18 %
    Borrowings     221,787     4.52     223,632   4.63  
    Total interest-bearing liabilities(2)   $ 1,106,819     1.91 % $ 1,134,413   1.86 %
    Total stockholders’ equity   $ 130,081         $ 130,906      

    (1) Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item.
    (2) Includes the average balance of noninterest-bearing checking accounts of $88.4 million and $91.0 million during the quarters ended March 31, 2025 and 2024, respectively. The average balance of uninsured deposits of $131.2 million and $139.0 million in the quarters ended March 31, 2025 and 2024, respectively.

                             
        Nine Months Ended   Nine Months Ended  
           March 31, 2025      March 31, 2024  
           Balance      Rate(1)      Balance      Rate(1)  
    SELECTED AVERAGE BALANCE SHEETS:                        
                             
    Loans receivable, net   $ 1,050,748     5.00 % $ 1,072,741   4.64 %
    Investment securities     123,983     1.52     147,445   1.42  
    FHLB – San Francisco stock and other equity investments     10,186     8.33     9,505   8.22  
    Interest-earning deposits     28,404     4.79     31,538   5.38  
    Total interest-earning assets   $ 1,213,321     4.67 % $ 1,261,229   4.31 %
    Total assets   $ 1,243,635         $ 1,291,902      
                             
    Deposits(2)   $ 876,176     1.25 % $ 921,905   0.99 %
    Borrowings     223,087     4.59     222,206   4.50  
    Total interest-bearing liabilities(2)   $ 1,099,263     1.93 % $ 1,144,111   1.67 %
    Total stockholders’ equity   $ 130,911         $ 130,686      

    (1) Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item.
    (2) Includes the average balance of noninterest-bearing checking accounts of $88.4 million and $98.9 million during the nine months ended March 31, 2025 and 2024, respectively. The average balance of uninsured deposits of $127.5 million and $139.1 million in the nine months ended March 31, 2025 and 2024, respectively.

    ASSET QUALITY:

                                   
           As of      As of      As of      As of      As of
        03/31/25   12/31/24   09/30/24   06/30/24   03/31/24
    Loans on non-accrual status                              
    Mortgage loans:                              
    Single-family   $ 925   $ 2,530   $ 2,106   $ 2,596   $ 2,246
    Multi-family     470     —     —     —     —
    Total     1,395     2,530     2,106     2,596     2,246
                                   
    Accruing loans past due 90 days or more:     —     —     —     —     —
    Total     —     —     —     —     —
                                   
    Total non-performing loans (1)     1,395     2,530     2,106     2,596     2,246
                                   
    Real estate owned, net     —     —     —     —     —
    Total non-performing assets   $ 1,395   $ 2,530   $ 2,106   $ 2,596   $ 2,246

    (1) The non-performing loan balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans.

    The MIL Network –

  • MIL-OSI: ESET announces major integration with Splunk SIEM

    Source: GlobeNewswire (MIL-OSI)

    • ESET PROTECT, including its Detection and Response capabilities, integrates seamlessly with Splunk SIEM.
    • This integration empowers security admins to benefit from endpoint protection data correlated with other security insights in Splunk, facilitating rapid investigation and automated workflows.
    • Easier aggregation of ESET detection events with broader security telemetry within Splunk ensures holistic insight and a way for security teams to do more with fewer tools and less manual work.

    SAN FRANCISCO, April 28, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, today announced a new major integration of its ESET Endpoint Management Platform (ESET PROTECT) with Splunk, a leading security information and event management (SIEM) platform.

    Security professionals often find themselves stretched thin due to a general lack of resources, including talent. This presents opportunities for incomplete visibility and delayed response, which can be devastating in an era of burgeoning cyber-attacks. Thus, there is a demand for simpler workflows and enhanced efficiencies. This though requires a different approach, which is why integrations have become critical.

    At ESET, we’ve already integrated our ESET PROTECT Platform or its modules with multiple solutions such as Microsoft Sentinel, Stellar Cyber, or IBM QRadar, and we are continuing this journey with the Splunk SIEM.

    Splunk is widely used for IT operations, security, and business analytics, helping organizations gain valuable insights from their data. It is designed for searching, monitoring, and analyzing machine-generated big data via a web-style interface. It captures, indexes, and correlates real-time data in a searchable repository from which it can generate graphs, reports, alerts, dashboards, and visualizations. It supports a wide range of data sources and provides tools for data ingestion, processing, and visualization, making it a versatile solution for managing and interpreting large volumes of data efficiently.

    The ESET PROTECT Platform, including its Detection and Response capabilities (ESET Inspect), integrates seamlessly with Splunk SIEM, enabling organizations to consolidate security alerts and telemetry into a single pane of glass by:

    • Streaming ESET endpoint alerts directly to Splunk in real-time, allowing for immediate correlation with firewall logs, IDS/IPS data, and user activities.
    • Splunk can also query ESET for deeper endpoint insights and response actions. ESET can leverage Splunk’s advanced analytics and customized detection rules.
    • Splunk’s alerting and workflow capabilities can automatically trigger containment and remediation actions.

    To achieve all this, ESET is supporting two approaches to data sharing:

    • Syslog-based integration – ESET PROTECT can export syslog-format events to Splunk.
    • API-based integration – ESET provides REST APIs allowing Splunk to query and pull relevant security events and telemetry directly.

    Thanks to our varied data sharing methods, we can cater to diverse client architectures, leaving no one behind when it comes to their security needs or wants. Businesses of any size can benefit here, achieving a prevention-first security posture with a streamlined approach to threat response.

    “At ESET, we are committed to improving our customers’ experience. This integration can augment their existing security toolset, supplying ESET threat data with network and user activity logs, enabling faster threat detection without the need to hop between multiple consoles,” said Pavol Šalátek, Director of Global Business Partnerships and Alliances at ESET. “This is also a boon for MSPs, which can integrate ESET data into their existing Splunk environments, offering advanced detection and response services for their diverse clientele,” he added.

    Security analysts, incident responders or IT admins will find that by harnessing the award-winning power of the ESET PROTECT Platform, with its low impact on performance and capability to offer deep insight into devices, can enhance any existing setup, leading to risk reduction, satisfying business leadership and regulatory compliance.

    Learn more about the way we approach integrations on our dedicated ESET integrations webpage.

    Discover more about the ESET PROTECT Platform’s comprehensive power.

    Find out how Splunk enhances threat response.

    About ESET

    ESET® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of emerging global cyberthreats, both known and unknown— securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. The ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow our social media, podcasts and blogs.

    The MIL Network –