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  • MIL-OSI USA: As School Year Nears, Reed, Whitehouse & Colleagues Demand Trump Admin. End Blockade on Funding for Afterschool Programs, K-12 Schools Across America

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Approximately $30 million for Rhode Island public schools and educational programs is in limbo after the Trump Administration froze federal funding that had previously been approved by Congress.

    Today, U.S. Senators Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) joined Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and twenty-nine colleagues in sending a letter to President Trump’s Office of Management and Budget (OMB) Director Russ Vought and U.S. Secretary of Education Linda McMahon demanding the immediate release of nearly $7 billion in funding for K-12 schools and adult literacy programs across America that the Trump administration abruptly let states and school districts know it would indefinitely block last week.

    The Trump Administration’s decision to withhold the funding has sent school districts nationwide scrambling to determine how they could fill the massive budget hole and whether they’ll have to lay off teachers or end after school programs in the coming weeks.

    Rhode Island faces the potential loss of nearly $30 million in federal education as a result of the abrupt cutoff of education funds by the Trump Administration and may be forced to end afterschool programs, specialized literacy programs, educator training, and support for English language learners as a result of this misguided executive maneuver.

    The funding was expected to be disbursed by the federal government on July 1 and impacts every school district across the state.

    Nationwide, school districts have already told parents to prepare backup options, and adult literacy programs have already been forced to lay off staff.

    “We are writing to demand an immediate end to the illegal withholding of nearly $7 billion in federal education formula grant funds our states and communities are expecting for the coming school year, which is set to begin in just a few weeks in some communities,” write the 32 U.S. Senators. “These funds were made available by the bipartisan Full-Year Continuing Appropriations and Extensions Act, 2025, signed into law on March 15, 2025. Yet, instead of supporting the tens of millions of students and adult learners intended to benefit from these investments, the administration has chosen to continue an unprecedented and opaque ‘programmatic review’ of these formula grant funds past the July 1, 2025, date these funds became available for allotment to states.”

    The lawmakers blasted the administration for its abrupt notice and illegal freeze of the funds, which has sent school districts and programs nationwide scrambling: “We are shocked by the continued lack of respect for states and local schools evidenced by this latest action by the administration.”

    They note that blocking funding for before and after school programs, as well as summer learning programs, is already hurting families nationwide: “By withholding these funds from states, the Department will impact programs for nearly 1.4 million students served by 10,000 summer and before and afterschool programs around the nation, which the Department’s latest performance report showed supported significant improvements in student attendance, grades, and teacher reports of student engagement in learning.  These centers also help working parents by providing a safe and productive place for their children to be after the school day ends and during the summer months. It is beyond comprehension why the administration would want to jeopardize these outcomes.”

    Warning of how denying these funds will cause schools to lay off teachers and cut back on teacher training, they write: “This rash decision will only worsen school working conditions and teacher shortages.”

    The lawmakers also detail how the move affects adult learners nationwide: “This pause could jeopardize services to more than 1.2 million adult learners working to develop foundational literacy and numeracy skills needed to enter and succeed in workforce training and health, financial, digital, and information literacy skills necessary for full participation in community and civic life. The withholding will have an even more significant impact on 12 states that rely on these funds for 70 to 75 percent of their adult education programs.”

    The Trump administration has confirmed it is blocking funding for the following programs—all of which are programs President Trump has requested to eliminate in his budget request, raising serious concerns about this administration’s intentions to simply impound the funding:

    1. Supporting Effective Instruction State Grants (Title II-A), which support professional development and other activities to improve the effectiveness of teachers and school leaders, including reducing class size.
    2. 21st Century Community Learning Centers (Title IV-B), which support high-quality before and after-school programs focused on providing academic enrichment opportunities for students.
    3. Student Support and Academic Enrichment Grants (Title IV-A), which provide flexible funding for school districts for a wide range of activities including supporting STEM education, accelerated learning courses, college and career counseling, school-based mental health services, and improving school technology, among many others.
    4. English Language Acquisition (Title III-A), which supports language instruction to help English language learners become proficient in English.
    5. Migrant Education (Title I-C), which supports the educational needs of migratory children, including children of migrant and seasonal farmworkers.
    6. Adult Basic and Literacy Education State Grants (including Integrated English Literacy and Civics Education State Grants), which support adult education and literacy programs to provide the basic skills to help prepare adults and out-of-school youth for success in the workforce.

    In addition to Senators Murray, Reed, and Whitehouse, the letter was also signed by Senators Bernie Sanders (I-VT), Tammy Baldwin (D-WI), Chuck Schumer (D-NY), Maize Hirono (D-HI), Cory Booker (D-NJ), Lisa Blunt Rochester (D-MD), Richard Blumenthal (D-CT), John Fetterman (D-PA), Chris Coons (D-DE), Ron Wyden (D-OR), Jeanne Shaheen (D-NH), John Hickenlooper (D-CO), Dick Durbin (D-IL), Martin Heinrich (D-NM), Chris Van Hollen (D-NM), Andy Kim (D-NJ), Maggie Hassan (D-NH), Ed Markey (D-MA), Elissa Slotkin (D-MI), Brian Schatz (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Elizabeth Warren (D-MA), Tim Kaine (D-VA), Maria Cantwell (D-WA), Gary Peters (D-MI), Angela Alsobrooks (D-MD), Tammy Duckworth (D-IL), and Jeff Merkley (D-OR).

    Full text of the letter follows:

    Dear Director Vought and Secretary McMahon:

    We are writing to demand an immediate end to the illegal withholding of nearly $7 billion in federal education formula grant funds our states and communities are expecting for the coming school year, which is set to begin in just a few weeks in some communities. These funds were made available by the bipartisan Full-Year Continuing Appropriations and Extensions Act, 2025, signed into law on March 15, 2025. Yet, instead of supporting the tens of millions of students and adult learners intended to benefit from these investments, the administration has chosen to continue an unprecedented and opaque “programmatic review” of these formula grant funds past the July 1, 2025, date these funds became available for allotment to states. This delay not only undermines effective state and local planning for using these funds to address student needs consistent with federal education law, which often takes place months before these funds become available, but also flies in the face of the nation’s education laws which confers state and local educational agency discretion on permissible uses of federal formula grant funds.

    We are shocked by the continued lack of respect for states and local schools evidenced by this latest action by the administration. Late on June 30, 2025, the Department of Education (“Department”) informed states that it would not release fiscal year 2025 funds expected on July 1 before completing a “review” of six programs. The Department even noted ironically that it “remains committed to ensuring taxpayer resources are spent in accordance with the President’s priorities and the Department’s statutory responsibilities.” Apparently, the Department needs a refresher course on its statutory responsibilities.

    The Full-Year Continuing Appropriations law requires funds to be allocated under the terms and conditions of the fiscal year 2024 appropriations law. This includes a requirement that “$1,329,673,000 shall be for part B of title IV”, which is the authority for the Nita M. Lowey 21st Century Community Learning Centers program. This authority requires the Secretary to allot funds to each state for subgrants for before, after, and summer school programming. The law further describes the allotment formula, authorized state and local activities, and other program requirements. By withholding these funds from states, the Department will impact programs for nearly 1.4 million students served by 10,000 summer and before and afterschool programs around the nation, which the Department’s latest performance report showed supported significant improvements in student attendance, grades, and teacher reports of student engagement in learning. These centers also help working parents by providing a safe and productive place for their children to be after the school day ends and during the summer months. It is beyond comprehension why the administration would want to jeopardize these outcomes.

    The Full-Year Continuing Appropriations law also requires the Department to use $890 million to carry out part A of title III of the Elementary and Secondary Education Act. The purpose of the program is to ensure English learners (ELs) and immigrant students have access to the resources they need to attain English language proficiency and reach the same challenging academic standards as their English-proficient peers, which will prepare them to fully participate in society and the workforce as they grow older. Part A of title III specifies the allotment formula, permissible uses of funds and other program requirements for this program serving more than 5 million EL students enrolled in the nation’s public schools. Yet, the administration’s review will disrupt school hiring decisions and cause real and immediate harm to EL students.

    The Department issued preliminary allocations to states on May 29, 2025, stating that “The Full Year Appropriations and Extension Act, 2025 provides $629,600,400 for formula grants to States to carry out adult education and literacy activities.” Just more than a month later, the Department issued its curt memo indicating that the funds would not go out on July 1, 2025, as

    just promised in the May preliminary allocations. This pause could jeopardize services to more than 1.2 million adult learners working to develop foundational literacy and numeracy skills needed to enter and succeed in workforce training and health, financial, digital, and information literacy skills necessary for full participation in community and civic life. The withholding will have an even more significant impact on 12 states that rely on these funds for 70 to 75 percent of their adult education programs.

    The withholding also extends to more than $2 billion for Supporting Effective Instruction State Grants. According to the Department’s latest report, more than half of these funds are used for professional development for teachers and other educators, and nearly one-third of school districts used the funds to recruit, hire, and retain effective educators.12 Nearly $1.4 billion is being withheld for Student Support and Academic Enrichment Grants and $375 million for Migrant Education programs. All these programs were funded in fiscal year 2024 and continued by the Full-Year Appropriations Act. This rash decision will only worsen school working conditions and teacher shortages.

    It is unacceptable that the administration is picking and choosing what parts of the appropriations law to follow, and you must immediately implement the entire law as Congress intended and as the oaths you swore require you to do. While the administration continues to deny federal funds to our states and local communities that they are expecting as the law requires, it has found time to move expeditiously to award funding to the Kennedy Center and acknowledged it is required to do so by the appropriations law. In its action here, the Department stated in a recent waiver proposal, “The waiver will allow the Department to issue a continuation award in FY 2025, as directed by Congress to the currently funded 84.351A AENP [Arts in Education National Program] project at an amount consistent with the amount awarded in FY 2024.” While it’s true the appropriations law requires such an action, it does so as well for billions in funding for state grants the Department recently informed states it will not release.

    The administration’s “programmatic review”—with no public information about what the review entails, what data the administration is examining, or a timeline for such review—appears to be an intentional delay that will result in school budget cuts in every State. In multiple statutes, Congress has prohibited the Federal government from directing or controlling state and local education decisions with these dollars. This programmatic review may be in violation of these longstanding and bipartisan prohibitions.

    We might be more inclined to believe the administration’s stated interest in ensuring federal funds were properly used if its actions to date didn’t tell a different story. The Department has impeded a review by the Office of Inspector General, which is charged with promoting the efficiency, effectiveness, and integrity of the Department’s programs and operations. Earlier this year, the administration terminated contracts for regional educational laboratories and grants required for comprehensive centers, which help states and districts use research and evidence in addressing local challenges of policy and practice. It has also halted evaluations of federal literacy programs, adult learning strategies, and strategies to help teens with disabilities transition from high school to college or work.

    We insist you immediately reverse your decision to illegally withhold federal education funding appropriated by Congress and provide the funds as the law requires. Such an action would represent a faithful execution of the law as required by the Constitution and a benefit to the tens of millions of students and adult learners that are intended to benefit from these federal education investments.

    Thank you for your attention to this matter.

    MIL OSI USA News –

  • MIL-OSI USA: As School Year Nears, Reed, Whitehouse & Colleagues Demand Trump Admin. End Blockade on Funding for Afterschool Programs, K-12 Schools Across America

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Approximately $30 million for Rhode Island public schools and educational programs is in limbo after the Trump Administration froze federal funding that had previously been approved by Congress.

    Today, U.S. Senators Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) joined Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, and twenty-nine colleagues in sending a letter to President Trump’s Office of Management and Budget (OMB) Director Russ Vought and U.S. Secretary of Education Linda McMahon demanding the immediate release of nearly $7 billion in funding for K-12 schools and adult literacy programs across America that the Trump administration abruptly let states and school districts know it would indefinitely block last week.

    The Trump Administration’s decision to withhold the funding has sent school districts nationwide scrambling to determine how they could fill the massive budget hole and whether they’ll have to lay off teachers or end after school programs in the coming weeks.

    Rhode Island faces the potential loss of nearly $30 million in federal education as a result of the abrupt cutoff of education funds by the Trump Administration and may be forced to end afterschool programs, specialized literacy programs, educator training, and support for English language learners as a result of this misguided executive maneuver.

    The funding was expected to be disbursed by the federal government on July 1 and impacts every school district across the state.

    Nationwide, school districts have already told parents to prepare backup options, and adult literacy programs have already been forced to lay off staff.

    “We are writing to demand an immediate end to the illegal withholding of nearly $7 billion in federal education formula grant funds our states and communities are expecting for the coming school year, which is set to begin in just a few weeks in some communities,” write the 32 U.S. Senators. “These funds were made available by the bipartisan Full-Year Continuing Appropriations and Extensions Act, 2025, signed into law on March 15, 2025. Yet, instead of supporting the tens of millions of students and adult learners intended to benefit from these investments, the administration has chosen to continue an unprecedented and opaque ‘programmatic review’ of these formula grant funds past the July 1, 2025, date these funds became available for allotment to states.”

    The lawmakers blasted the administration for its abrupt notice and illegal freeze of the funds, which has sent school districts and programs nationwide scrambling: “We are shocked by the continued lack of respect for states and local schools evidenced by this latest action by the administration.”

    They note that blocking funding for before and after school programs, as well as summer learning programs, is already hurting families nationwide: “By withholding these funds from states, the Department will impact programs for nearly 1.4 million students served by 10,000 summer and before and afterschool programs around the nation, which the Department’s latest performance report showed supported significant improvements in student attendance, grades, and teacher reports of student engagement in learning.  These centers also help working parents by providing a safe and productive place for their children to be after the school day ends and during the summer months. It is beyond comprehension why the administration would want to jeopardize these outcomes.”

    Warning of how denying these funds will cause schools to lay off teachers and cut back on teacher training, they write: “This rash decision will only worsen school working conditions and teacher shortages.”

    The lawmakers also detail how the move affects adult learners nationwide: “This pause could jeopardize services to more than 1.2 million adult learners working to develop foundational literacy and numeracy skills needed to enter and succeed in workforce training and health, financial, digital, and information literacy skills necessary for full participation in community and civic life. The withholding will have an even more significant impact on 12 states that rely on these funds for 70 to 75 percent of their adult education programs.”

    The Trump administration has confirmed it is blocking funding for the following programs—all of which are programs President Trump has requested to eliminate in his budget request, raising serious concerns about this administration’s intentions to simply impound the funding:

    1. Supporting Effective Instruction State Grants (Title II-A), which support professional development and other activities to improve the effectiveness of teachers and school leaders, including reducing class size.
    2. 21st Century Community Learning Centers (Title IV-B), which support high-quality before and after-school programs focused on providing academic enrichment opportunities for students.
    3. Student Support and Academic Enrichment Grants (Title IV-A), which provide flexible funding for school districts for a wide range of activities including supporting STEM education, accelerated learning courses, college and career counseling, school-based mental health services, and improving school technology, among many others.
    4. English Language Acquisition (Title III-A), which supports language instruction to help English language learners become proficient in English.
    5. Migrant Education (Title I-C), which supports the educational needs of migratory children, including children of migrant and seasonal farmworkers.
    6. Adult Basic and Literacy Education State Grants (including Integrated English Literacy and Civics Education State Grants), which support adult education and literacy programs to provide the basic skills to help prepare adults and out-of-school youth for success in the workforce.

    In addition to Senators Murray, Reed, and Whitehouse, the letter was also signed by Senators Bernie Sanders (I-VT), Tammy Baldwin (D-WI), Chuck Schumer (D-NY), Maize Hirono (D-HI), Cory Booker (D-NJ), Lisa Blunt Rochester (D-MD), Richard Blumenthal (D-CT), John Fetterman (D-PA), Chris Coons (D-DE), Ron Wyden (D-OR), Jeanne Shaheen (D-NH), John Hickenlooper (D-CO), Dick Durbin (D-IL), Martin Heinrich (D-NM), Chris Van Hollen (D-NM), Andy Kim (D-NJ), Maggie Hassan (D-NH), Ed Markey (D-MA), Elissa Slotkin (D-MI), Brian Schatz (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Elizabeth Warren (D-MA), Tim Kaine (D-VA), Maria Cantwell (D-WA), Gary Peters (D-MI), Angela Alsobrooks (D-MD), Tammy Duckworth (D-IL), and Jeff Merkley (D-OR).

    Full text of the letter follows:

    Dear Director Vought and Secretary McMahon:

    We are writing to demand an immediate end to the illegal withholding of nearly $7 billion in federal education formula grant funds our states and communities are expecting for the coming school year, which is set to begin in just a few weeks in some communities. These funds were made available by the bipartisan Full-Year Continuing Appropriations and Extensions Act, 2025, signed into law on March 15, 2025. Yet, instead of supporting the tens of millions of students and adult learners intended to benefit from these investments, the administration has chosen to continue an unprecedented and opaque “programmatic review” of these formula grant funds past the July 1, 2025, date these funds became available for allotment to states. This delay not only undermines effective state and local planning for using these funds to address student needs consistent with federal education law, which often takes place months before these funds become available, but also flies in the face of the nation’s education laws which confers state and local educational agency discretion on permissible uses of federal formula grant funds.

    We are shocked by the continued lack of respect for states and local schools evidenced by this latest action by the administration. Late on June 30, 2025, the Department of Education (“Department”) informed states that it would not release fiscal year 2025 funds expected on July 1 before completing a “review” of six programs. The Department even noted ironically that it “remains committed to ensuring taxpayer resources are spent in accordance with the President’s priorities and the Department’s statutory responsibilities.” Apparently, the Department needs a refresher course on its statutory responsibilities.

    The Full-Year Continuing Appropriations law requires funds to be allocated under the terms and conditions of the fiscal year 2024 appropriations law. This includes a requirement that “$1,329,673,000 shall be for part B of title IV”, which is the authority for the Nita M. Lowey 21st Century Community Learning Centers program. This authority requires the Secretary to allot funds to each state for subgrants for before, after, and summer school programming. The law further describes the allotment formula, authorized state and local activities, and other program requirements. By withholding these funds from states, the Department will impact programs for nearly 1.4 million students served by 10,000 summer and before and afterschool programs around the nation, which the Department’s latest performance report showed supported significant improvements in student attendance, grades, and teacher reports of student engagement in learning. These centers also help working parents by providing a safe and productive place for their children to be after the school day ends and during the summer months. It is beyond comprehension why the administration would want to jeopardize these outcomes.

    The Full-Year Continuing Appropriations law also requires the Department to use $890 million to carry out part A of title III of the Elementary and Secondary Education Act. The purpose of the program is to ensure English learners (ELs) and immigrant students have access to the resources they need to attain English language proficiency and reach the same challenging academic standards as their English-proficient peers, which will prepare them to fully participate in society and the workforce as they grow older. Part A of title III specifies the allotment formula, permissible uses of funds and other program requirements for this program serving more than 5 million EL students enrolled in the nation’s public schools. Yet, the administration’s review will disrupt school hiring decisions and cause real and immediate harm to EL students.

    The Department issued preliminary allocations to states on May 29, 2025, stating that “The Full Year Appropriations and Extension Act, 2025 provides $629,600,400 for formula grants to States to carry out adult education and literacy activities.” Just more than a month later, the Department issued its curt memo indicating that the funds would not go out on July 1, 2025, as

    just promised in the May preliminary allocations. This pause could jeopardize services to more than 1.2 million adult learners working to develop foundational literacy and numeracy skills needed to enter and succeed in workforce training and health, financial, digital, and information literacy skills necessary for full participation in community and civic life. The withholding will have an even more significant impact on 12 states that rely on these funds for 70 to 75 percent of their adult education programs.

    The withholding also extends to more than $2 billion for Supporting Effective Instruction State Grants. According to the Department’s latest report, more than half of these funds are used for professional development for teachers and other educators, and nearly one-third of school districts used the funds to recruit, hire, and retain effective educators.12 Nearly $1.4 billion is being withheld for Student Support and Academic Enrichment Grants and $375 million for Migrant Education programs. All these programs were funded in fiscal year 2024 and continued by the Full-Year Appropriations Act. This rash decision will only worsen school working conditions and teacher shortages.

    It is unacceptable that the administration is picking and choosing what parts of the appropriations law to follow, and you must immediately implement the entire law as Congress intended and as the oaths you swore require you to do. While the administration continues to deny federal funds to our states and local communities that they are expecting as the law requires, it has found time to move expeditiously to award funding to the Kennedy Center and acknowledged it is required to do so by the appropriations law. In its action here, the Department stated in a recent waiver proposal, “The waiver will allow the Department to issue a continuation award in FY 2025, as directed by Congress to the currently funded 84.351A AENP [Arts in Education National Program] project at an amount consistent with the amount awarded in FY 2024.” While it’s true the appropriations law requires such an action, it does so as well for billions in funding for state grants the Department recently informed states it will not release.

    The administration’s “programmatic review”—with no public information about what the review entails, what data the administration is examining, or a timeline for such review—appears to be an intentional delay that will result in school budget cuts in every State. In multiple statutes, Congress has prohibited the Federal government from directing or controlling state and local education decisions with these dollars. This programmatic review may be in violation of these longstanding and bipartisan prohibitions.

    We might be more inclined to believe the administration’s stated interest in ensuring federal funds were properly used if its actions to date didn’t tell a different story. The Department has impeded a review by the Office of Inspector General, which is charged with promoting the efficiency, effectiveness, and integrity of the Department’s programs and operations. Earlier this year, the administration terminated contracts for regional educational laboratories and grants required for comprehensive centers, which help states and districts use research and evidence in addressing local challenges of policy and practice. It has also halted evaluations of federal literacy programs, adult learning strategies, and strategies to help teens with disabilities transition from high school to college or work.

    We insist you immediately reverse your decision to illegally withhold federal education funding appropriated by Congress and provide the funds as the law requires. Such an action would represent a faithful execution of the law as required by the Constitution and a benefit to the tens of millions of students and adult learners that are intended to benefit from these federal education investments.

    Thank you for your attention to this matter.

    MIL OSI USA News –

  • MIL-OSI Security: Marijuana Dealer Who Possessed Machine Gun Sentenced to 27 Months in Federal Prison

    Source: US FBI

                WASHINGTON – U.S. Attorney Jeanine Ferris Pirro announced that Zimarie Bryant, 20, of the District of Columbia, was sentenced today to 27 months in federal prison in connection with marijuana trafficking and illegally possessing a machine gun.

                Bryant, an aspiring rapper aka “Cruddy Marie,” pleaded guilty on March 13, 2025, to one count of possession with intent to distribute marijuana and to one count of unlawful possession of a machine gun. In addition to the 30-month prison term, U.S. District Court Judge Amy Berman Jackson ordered Bryant to serve three years of supervised release.

                According to court documents, on Aug. 31, 2023, FBI agents went to an apartment in the 3600 Block of Jay Street, NE, to execute a federal arrest warrant. Agents knocked on the door but did not gain entry for more than 20 minutes. Agents obtained a search warrant and recovered numerous firearms, including a 9mm Glock 45 that had been modified with a switch to make it a functionally fully automatic machine gun.

                Agents also recovered about 12 pounds of marijuana, ammunition, and a firearm magazine. As part of this plea, Bryant acknowledged that he possessed the marijuana with the intent to distribute it, that he possessed the machine gun in connection with that possession with intent to distribute, and that he knew the firearm was a machine gun.

                While Bryant was released from the apartment, messages from his Instagram account from around the time of the search acknowledge his presence at the scene. On Aug. 31, 2023, Bryant sent an Instagram message to another user saying, “I was just locked up and got picked up by the fbi.” In a separate conversation that day, another Instagram user asked him, “Ever found some thunder 1” “? *”, which refers to marijuana. Bryant responded, “I had some but fbi ran in our spot and took everything”.

                On May 30, 2024, Bryant was arrested at an apartment in Southeast Washington, D.C. Law enforcement recovered a disassembled Glock 19 handgun, two 9mm magazines with 15 rounds each, a black scale, and two additional 9mm rounds. When Bryant was shown his arrest warrant during booking, he denied having a machine gun but did admit he had a Glock 19.

                Bryant has a history of using and possessing firearms unlawfully. On June 30, 2023, he posted a video on Instagram showing him possessing what appears to be the same firearm involved in this case.

                Joining in the announcement were Assistant Director in Chief Steven J. Jensen of the FBI Washington Field Office, Special Agent in Charge Ibrar A. Mian of the Drug Enforcement Administration (DEA) Washington Division, and Chief Pamela Smith of the Metropolitan Police Department (MPD).

                This case was investigated by the FBI Washington Field Office, the DEA, and MPD. It was prosecuted by Assistant U.S. Attorney Solomon Eppel.

    This news release, originally issued on July 2, was updated July 8 to reflect a resentencing of the defendant.

    MIL Security OSI –

  • MIL-OSI Security: Anarchists and Rioters in Portland Illegally Dox ICE Officers and Federal Law Enforcement

    Source: US Department of Homeland Security

    ICE officers are facing a 700 percent increase in assaults as family members are doxed and targeted

    PORTLAND – Department of Homeland Security Secretary Kristi Noem today released the following statement addressing criminals and Antifa-affiliated groups continued efforts to dox the personal information of Immigration and Customs Enforcement (ICE) officers in Oregon.

    ICE law enforcement is facing a nearly 700 percent increase in assaults against them. These doxxing websites that attempt to reveal ICE officers’ identity, and even their families and children, put our law enforcement grave danger as highly sophisticated gangs like Tren de Aragua and MS-13, criminal rings, murderers, and rapists can use this information to carry out attacks on federal law enforcement and their families.

    “We will prosecute those who dox ICE agents to the fullest extent of the law. These criminals are taking the side of vicious cartels and human traffickers,” said Secretary Noem.“We won’t allow it in America.”

    Across the country, federal law enforcement has come under attack. Gunmen opened fire on Border Patrol and ICE officers in Texas over the Fourth of July weekend on two separate occasions, seriously wounding two.

    Multiple organizations appear to be responsible for doxing these federal officers, including an anarchist and Antifa-affiliated group based in Portland called “Rose City Counter-Info” and another called “The Crustian Daily.” Both of these groups have published the names, pictures, and personal address of ICE officers on their websites.

    Criminals have posted fliers in officers’ neighborhoods, that includes their name, address, pictures of them and their families. These fliers threaten officers with text that says, “NO PEACE FOR ICE” and “CHINGA LA MIGRA” (translation: F**K immigration services).

    At the same time, an ICE facility in Portland has been under siege. Rioters have attacked law enforcement officials, destroyed federal property, and have posted death threats at the facility. Outside of the facility, graffiti on the sidewalk reads “Kill Your Masters.”

    Others have trespassed on an official’s personal property, dumping trash on their front lawn and directly threatening this officer by name.

    Prominent politicians are actively encouraging these attacks by demonizing federal law enforcement, refusing to cooperate with lawful immigration enforcement, and even assaulting law enforcement themselves.

    In addition, sanctuary cities like Portland prevent local city and state police from working with federal law enforcement. Not only does this leave their own communities vulnerable to crime and violence, but it creates an unsafe environment on the ground as federal and local law enforcement are unable to coordinate their activities.

    ###

    MIL Security OSI –

  • MIL-OSI Security: Anarchists and Rioters in Portland Illegally Dox ICE Officers and Federal Law Enforcement

    Source: US Department of Homeland Security

    ICE officers are facing a 700 percent increase in assaults as family members are doxed and targeted

    PORTLAND – Department of Homeland Security Secretary Kristi Noem today released the following statement addressing criminals and Antifa-affiliated groups continued efforts to dox the personal information of Immigration and Customs Enforcement (ICE) officers in Oregon.

    ICE law enforcement is facing a nearly 700 percent increase in assaults against them. These doxxing websites that attempt to reveal ICE officers’ identity, and even their families and children, put our law enforcement grave danger as highly sophisticated gangs like Tren de Aragua and MS-13, criminal rings, murderers, and rapists can use this information to carry out attacks on federal law enforcement and their families.

    “We will prosecute those who dox ICE agents to the fullest extent of the law. These criminals are taking the side of vicious cartels and human traffickers,” said Secretary Noem.“We won’t allow it in America.”

    Across the country, federal law enforcement has come under attack. Gunmen opened fire on Border Patrol and ICE officers in Texas over the Fourth of July weekend on two separate occasions, seriously wounding two.

    Multiple organizations appear to be responsible for doxing these federal officers, including an anarchist and Antifa-affiliated group based in Portland called “Rose City Counter-Info” and another called “The Crustian Daily.” Both of these groups have published the names, pictures, and personal address of ICE officers on their websites.

    Criminals have posted fliers in officers’ neighborhoods, that includes their name, address, pictures of them and their families. These fliers threaten officers with text that says, “NO PEACE FOR ICE” and “CHINGA LA MIGRA” (translation: F**K immigration services).

    At the same time, an ICE facility in Portland has been under siege. Rioters have attacked law enforcement officials, destroyed federal property, and have posted death threats at the facility. Outside of the facility, graffiti on the sidewalk reads “Kill Your Masters.”

    Others have trespassed on an official’s personal property, dumping trash on their front lawn and directly threatening this officer by name.

    Prominent politicians are actively encouraging these attacks by demonizing federal law enforcement, refusing to cooperate with lawful immigration enforcement, and even assaulting law enforcement themselves.

    In addition, sanctuary cities like Portland prevent local city and state police from working with federal law enforcement. Not only does this leave their own communities vulnerable to crime and violence, but it creates an unsafe environment on the ground as federal and local law enforcement are unable to coordinate their activities.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Senator Collins Welcomes Kennebunk Native as a Summer Intern in Her Washington Office

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Published: July 11, 2025

    Click HERE for a high-resolution photo
    Washington, D.C. – U.S. Senator Susan Collins announced that Renee Bergeon, a Kennebunk native, has been awarded a summer internship in her Washington office.  Renee is a graduate of Kennebunk High School.
    “It is a pleasure to give Mainers an opportunity to serve their state,” said Senator Collins. “Renee has a strong work ethic and impressive leadership skills. I am glad she will have the opportunity to learn more about the legislative process through this internship.”
    Renee is a rising junior at the George Washington University, where she is majoring in International Affairs, concentrating in Security Policy. On campus, she is the President of the Rotary-sponsored Rotaract Club. Upon graduation, Renee plans to pursue a career in security policy.
    Maine students who are interested in applying for future sessions of the internship program can do so through Senator Collins’ website at: https://www.collins.senate.gov/services/students.

    MIL OSI USA News –

  • MIL-OSI: Credit Acceptance Announces Extension of Revolving Secured Warehouse Facility

    Source: GlobeNewswire (MIL-OSI)

    Southfield, Michigan, July 11, 2025 (GLOBE NEWSWIRE) — Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that we extended the date on which our $75.0 million revolving secured warehouse facility will cease to revolve from September 30, 2026, to September 30, 2028. The interest rate on borrowings under the facility has decreased from the Secured Overnight Financing Rate (“SOFR”) plus 210 basis points to SOFR plus 185 basis points. The amendment has also decreased the servicing fee from 6.0% to 4.0% of collections on the underlying consumer loans. There were no other material changes to the terms of the facility.

    As of July 11, 2025, we did not have a balance outstanding under the facility.

    Description of Credit Acceptance Corporation

    We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.

    Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.

    The MIL Network –

  • MIL-OSI USA: Senator Collins Welcomes Gorham Native as a Summer Intern in Her Washington Office

    US Senate News:

    Source: United States Senator for Maine Susan Collins
    Published: July 11, 2025

    Click HERE for a high-resolution photo
    Washington, D.C. – U.S. Senator Susan Collins announced that Charles Hubbard, a Gorham native, has been awarded a summer internship in her Washington office. Charles is a graduate of Gorham High School.
    “I am delighted to welcome Charles to my Washington, D.C., office,” said Senator Collins. “Charles is very diligent in his work, and I am pleased that he will have the opportunity to see the legislative process firsthand as well as serve his fellow Mainers.”
    Charles graduated from the University of Maine, where he majored in Political Science. Charles plans to continue his education and pursue a career in law.
    Maine students who are interested in applying for future sessions of the internship program can do so through Senator Collins’ website at: https://www.collins.senate.gov/services/students.

    MIL OSI USA News –

  • MIL-OSI: Solitron Devices, Inc. Announces Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., July 11, 2025 (GLOBE NEWSWIRE) — Solitron Devices, Inc. (OTC Pink: SODI) (“Solitron” or the “Company”) is pleased to announce fiscal 2026 first quarter results. 

    FISCAL 2026 FIRST QUARTER HIGHLIGHTS –

    • Net sales decreased 32% to approximately $2.70 million in the fiscal 2026 first quarter versus $3.97 million in the fiscal 2025 first quarter.
    • Net bookings increased 37% to $2.80 million in the fiscal 2026 first quarter versus $2.04 million in the prior year first quarter.
    • Backlog increased 94% to $18.26 million at the end of the fiscal 2026 first quarter as compared to $9.41 million at the end of the fiscal 2025 first quarter.
    • Net income (loss) was ($0.34) million, or ($0.16) per share, for the fiscal 2026 first quarter versus net income of $0.59 million, or $.28 per share, for the fiscal 2025 first quarter.

    Revenue continued to be down in the first quarter, similar to the fourth quarter of fiscal year 2025, due to the lag time between receipt of orders and production/fulfillment of those orders. As previously noted in our last press release, we expected lower revenues in this quarter and anticipate sales to pick up at the end of the fiscal second quarter, before reaching a steadier level in the fiscal third quarter.

    On a positive note, the Company’s backlog remains at record levels. Backlog increased from $18.11 million at the beginning of the fiscal year to $18.26 million at the end of fiscal 2026 first quarter.

    During the quarter we invested $1.65 million for 6.4% of the units in CBE LLC (“CBE”). CBE purchased a 25% interest in CrossingBridge Advisors (“CrossingBridge”), a subsidiary of ENDI Corp., for $25.9 million. CBE will be entitled to a royalty equal to approximately 14.9% of the revenue of CrossingBridge, which equated to an initial “cap” rate based on CrossingBridge’s revenue run rate as of December 31, 2024, of approximately 11.7%. Solitron’s royalty share will be just under 6.4% of CBE’s. CrossingBridge reported that its assets under management were $4.0 billion as of June 30, 2025, versus $3.4 billion as of December 31, 2024.

    By law, certain U.S. Department of Defense officials and other executive branch agency officials are required to submit reports to Congress describing defense and intelligence-related priorities that were not included in the President’s annual budget request. These reports, known as unfunded priorities lists (UPLs), identify certain programs, activities, or mission requirements for which appropriations were not requested, along with the funding amounts that may be necessary to resource them. In the recent unfunded priorities list it has been reported that the U.S. Air Force requested an increase in AMRAAM production from 1,200 annually to 2,400 annually by 2028. AMRAAM is the largest defense program that Solitron supplies to. While the request is positive news, any increase requires Congressional approval, and there are no assurances that approval will happen. We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.

    We continue to see increased interest in new product development, including silicon carbide. We have developed various prototypes for testing by potential customers and continue to be optimistic about creating additional revenue sources.

     
    SOLITRON DEVICES, INC.
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
    FOR THE THREE MONTHS ENDED MAY 31, 2025, AND MAY 31, 2024
    (in thousands except for share and per share amounts)
     
        For The Three Months Ended   For The Three Months Ended
        May 31, 2025   May 31, 2024
        unaudited   unaudited
    Net sales   $ 2,700     $ 3,967  
    Cost of sales     2,310       2,292  
             
    Gross profit     390       1,675  
             
    Selling, general and administrative expenses     768       883  
             
    Operating income     (378 )     792  
             
    Other income (loss)        
    Interest income     –       5  
    Interest expense     (74 )     (50 )
    Dividend income     41       16  
    Realized gain (loss) on investments     81       11  
    Unrealized gain (loss) on investments     (127 )     27  
    Total other income (loss)     (79 )     9  
             
    Net income (loss) before income tax     (457 )     801  
    Income tax (expense) benefit     121       (212 )
             
    Net income (loss)   $ (336 )   $ 589  
             
    Net income (loss) per common share – basic and diluted   $ (0.16 )   $ 0.28  
             
    Weighted average shares outstanding – basic and diluted     2,082,553       2,083,436  
     
    SOLITRON DEVICES, INC. 
    CONSOLIDATED CONDENSED BALANCE SHEETS 
    AS OF MAY 31, 2025, AND FEBRUARY 28, 2025
    (in thousands, except for share and per share amounts)
     
        May 31,
    2025    		     February 28,
    2025    		  
                     
    ASSETS                
    CURRENT ASSETS                
    Cash and cash equivalents   $ 2,570     $ 4,099  
    Marketable securities     659       919  
    Accounts receivable     1,750       2,129  
    Inventories, net     3,591       3,440  
    Prepaid expenses and other current assets     212       132  
    TOTAL CURRENT ASSETS     8,782       10,719  
                     
    Property, plant and equipment, net     8,532       8,635  
    Intangible assets     2,852       2,905  
    Deferred tax asset     1,743       1,622  
    Long-term investment     1,650       –  
    Other assets     428       555  
    TOTAL ASSETS   $ 23,987     $ 24,436  
                     
    LIABILITIES AND STOCKHOLDERS’ EQUITY                
    CURRENT LIABILITIES                
    Accounts payable   $ 732     $ 439  
    Customer deposits     119       118  
    Accrued contingent consideration, current     598       570  
    Mortgage loan, current portion     155       152  
    Accrued expenses and other current liabilities     857       846  
    TOTAL CURRENT LIABILITIES     2,461       2,125  
                     
    Accrued contingent consideration, non-current     254       663  
    Mortgage loan, net of current portion     3,725       3,765  
    TOTAL LIABILITIES     6,440       6,553  
                     
    STOCKHOLDERS’ EQUITY                
    Preferred stock, $.01 par value, authorized 500,000 shares, none issued     –       –  
    Common stock, $.01 par value, authorized 10,000,000 shares, 2,082,553 shares outstanding, net of 487,827 treasury shares at May 31, 2025 and 2,082,553 shares outstanding, net of 487,827 treasury shares at February 28, 2025, respectively     21       21  
    Additional paid-in capital     1,834       1,834  
    Retained earnings     17,104       17,440  
    Less treasury stock     (1,412 )     (1,412 )
    TOTAL STOCKHOLDERS’ EQUITY     17,547       17,883  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 23,987     $ 24,436  

    The unaudited financial information disclosed in this press release for the three months ended May 31, 2025, is based on management’s review of operations for that period and the information available to the Company as of the date of this press release. The Company’s results included herein have been prepared by, and are the responsibility of, the Company’s management. The Company’s independent auditors have audited the Company’s results for the fiscal year ending February 28, 2025. The financial results presented herein should not be considered a substitute for the information filed or to be filed with the SEC in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the respective periods once such reports become available.

    About Solitron Devices, Inc. 
    Solitron Devices, Inc., a Delaware corporation, designs, develops, manufactures, and markets solid state semiconductor components and related devices primarily for the military and aerospace markets. The Company manufactures a large variety of bipolar and metal oxide semiconductor (“MOS”) power transistors, power and control hybrids, junction and power MOS field effect transistors (“Power MOSFETS”), and other related products. Most of the Company’s products are custom made pursuant to contracts with customers whose end products are sold to the United States government. Other products, such as Joint Army/Navy (“JAN”) transistors, diodes, and Standard Military Drawings voltage regulators, are sold as standard or catalog items.

    Effective September 1, 2023, Solitron closed its acquisition of Micro Engineering Inc. (MEI) based in Apopka, Florida. MEI specializes in solving design layout and manufacturing challenges while maximizing efficiency and keeping flexibility to meet unique customer needs. Since 1980 the MEI team has been dedicated to overcoming obstacles to provide cost efficient and rapid results. MEI specializes in low to mid volume projects that require engineering dedication, quality systems and efficient manufacturing.

    Forward-Looking Statements 
    This press release contains forward-looking statements regarding future events and the future performance of Solitron Devices, Inc. that involve risks and uncertainties that could materially affect actual results, including statements regarding the Company’s expectations regarding future performance and trends, including production levels, government spending, backlog and delivery timelines, new product development, our efforts and performance following our acquisition of MEI, and potential future revenue and trends with respect thereto from each of the foregoing. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to, the risks and uncertainties arising from potential adverse developments or changes in government budgetary spending and policy including with respect to the war in Ukraine, which may among other factors be affected by the possibility of reduced government spending on programs in which we participate, inflation, elevated interest rates, adverse trends in the economy and the possibility of a recession the likelihood of which appears to have increased based on recent economic data, the possibility that management’s estimates and assumptions regarding bookings, sales and other metrics prove to be incorrect; the timing and size of orders from our clients, our delivery schedules and our liquidity and cash position; our ability to make the appropriate adjustments to our cost structure; our ability to properly account for inventory in the future; the demand for our products and potential loss of, or reduction of business from, substantial clients our dependence on government contracts, which are subject to termination, price renegotiations and regulatory compliance and which may among other factors be adversely affected by the factors described elsewhere herein, our ability to continue to integrate MEI in an efficient and effective manner, and the possibility that such acquisition or any other acquisition or strategic transaction we may pursue does not yield the results or benefits desired or anticipated. Descriptions of other risk factors and uncertainties are contained in the Company’s Securities and Exchange Commission filings, including its most recent Annual Report on Form 10-K for the fiscal year ended February 28, 2025.

    Tim Eriksen 
    Chief Executive Officer 
    (561) 848-4311 
    Corporate@solitrondevices.com

    The MIL Network –

  • MIL-OSI: ETC Announces Fiscal 2026 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., July 11, 2025 (GLOBE NEWSWIRE) — Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) today reported its financial results for the thirteen week period ended May 30, 2025 (the “2026 first fiscal quarter”).

    Robert L. Laurent, Jr., ETC’s Chief Executive Officer and President stated, “We are pleased with the 39% increase in ETC operating income vs. prior year driven by an increase in sales of Aircrew Training Systems (“ATS”) and a decrease in operating expenses as compared to the prior year, as well as our 34% gross profit margin excluding the impact of lower margin sales related to construction of an aeromedical center during the 2026 first fiscal quarter. We exit the quarter with a sales backlog of $73 million and a large pipeline of opportunities.”

    Fiscal 2026 First Quarter Results of Operations

    Net Income

    Net income was $1.3 million, or $0.07 diluted earnings per share, in the 2026 first fiscal quarter, compared to net income of $1.4 million during the 2025 first fiscal quarter, or $0.08 diluted earnings per share. The $0.1 million decrease is primarily attributable to a $0.4 million, or 385.3% increase in interest expense, net and a $0.4 million, or 1850.0% increase in income tax provision in the 2026 first fiscal quarter as compared to 2025 first fiscal quarter partially offset by the net effect of a $0.9 million increase in ATS net sales, excluding the Aeromedical center building revenue, and a $0.7 million decrease in Commercial/Industrial Systems (“CIS”) net sales, and a $0.5 million decrease in operating expenses.

    Net Sales

    Net sales in the 2026 first fiscal quarter were $17.6 million, an increase of $4.1 million, or 30.5%, compared to 2025 first fiscal quarter net sales of $13.5 million. The increase in net sales was mainly a result of a $4.8 million, or 74.9% increase in ATS sales, $3.9 million of which relates to aeromedical center building revenue, slightly offset by a $0.8 million, or 14.2% decrease in Sterilizer Systems sales in the 2026 first fiscal quarter as compared to 2025 first fiscal quarter.

    Gross Profit

    Gross profit for the 2026 first fiscal quarter was $4.7 million (26.5% of net sales) compared to $4.5 million in 2025 first fiscal quarter (33.6% of net sales). The decrease in gross profit margin as a percentage of sales was a direct result of the increase in aeromedical center building revenue within the ATS business unit, which is lower margin than ETC’s core businesses as the work is being performed by a sub-contracted construction firm. Excluding the impact of the aeromedical center building revenue, gross profit margin was 34.3% for first fiscal quarter 2026 as compared to 33.9% for first fiscal quarter 2025.

    Operating Expenses

    Operating expenses, including sales and marketing, general and administrative, and research and development, for the 2026 first fiscal quarter were $2.5 million, a decrease of $0.5 million, or 16.0%, compared to $3.0 million for the 2025 first fiscal quarter. The decrease in operating expenses was due primarily to lower research and development expense at ETC-PZL in 2026 first fiscal quarter as compared to 2025 first fiscal quarter. In 2025 first fiscal quarter, ETC-PZL had limited sales which resulted in employees working on non-chargeable research and development projects.

    Operating Income

    Operating income for the 2026 fiscal first quarter was $2.2 million, an increase of $0.6 million, or 39.4%, compared to $1.6 million for the 2025 first fiscal quarter. The increase in operating income is attributable to the net effect of a $0.9 million increase in ATS net sales, excluding the Aeromedical center building revenue, and a $0.7 million decrease in Commercial/Industrial Systems (“CIS”) net sales, and a $0.5 million decrease in operating expenses.

    Interest Expense, Net

    Interest expense, net, for the 2026 first fiscal quarter was $0.6 million compared to $0.1 million in the 2025 first fiscal quarter, an increase of $0.4 million, or 385.3%, reflecting increased borrowing attributable to the leaseback of the demonstration equipment in 2025 fourth fiscal quarter.

    Income Tax Provision

    Income tax provision for the 2026 first fiscal quarter was $0.4 million compared to $0.0 million in the 2025 first fiscal quarter, an increase of $0.4 million, or 1850.0%. The increase is a non-cash tax expense attributable to the utilization of our Net Operating Loss (NOL) carryforward for which a deferred tax asset was established in the fourth quarter of fiscal 2025.

    Cash Flows from Operating, Investing, and Financing Activities

    During the 2026 first fiscal quarter, cash flows used in operating activities were $2.7 million, a decrease of $5.6 million compared to cash flows provided by operating activities of $2.9 million during 2025 first fiscal quarter. Cash flows during the 2026 first fiscal quarter primarily decreased as a result of an increase in accounts receivable, net, slightly offset by an increase in accounts payable, trade for 2026 first fiscal quarter as compared to 2025 first fiscal quarter.

    Cash used for investing activities primarily relates to funds used for capital expenditures of equipment and software development. The Company’s investing activities used $0.1 million during the 2026 and 2025 first fiscal quarter.

    The Company’s financing activities provided $1.0 million of cash during the 2026 first fiscal quarter from borrowings under the Company’s credit facility as compared to repayments under the Company’s credit facility of $3.1 during the 2025 first fiscal quarter.

    About ETC

    ETC was incorporated in 1969 in Pennsylvania. For over five decades, we have provided our customers with products, services, and support. Innovation, continuous technological improvement and enhancement, and product quality are core values that are critical to our success. We are a significant supplier and innovator in the following areas: (i) software driven products and services used to create and monitor the physiological effects of flight, including high performance jet tactical flight simulation, fixed and rotary wing upset prevention and recovery and spatial disorientation, and both suborbital and orbital commercial human spaceflight, collectively, Aircrew Training Systems (“ATS”); (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); (iv) Advanced Disaster Management Simulators (“ADMS”); (v) steam and gas (ethylene oxide) sterilizers (“Sterilizer Systems” or “Sterilizers”); and (vi) Environmental Testing and Simulation Systems (“ETSS”).

    We operate in two primary business segments, Aerospace Solutions (“Aerospace”) and Commercial/Industrial Systems (“CIS”). Aerospace encompasses the design, manufacture, and sale of: (i) ATS products; (ii) altitude (hypobaric) chambers; (iii) hyperbaric chambers for multiple persons (multiplace chambers); and (iv) ADMS, as well as integrated logistics support (“ILS”) for customers who purchase these products or similar products manufactured by other parties. These products and services provide customers with an offering of comprehensive solutions for improved readiness and reduced operational costs. Sales of our Aerospace products are made principally to U.S. and foreign government agencies and to civil aviation organizations. CIS encompasses the design, manufacture, and sale of: (i) steam and gas (ethylene oxide) sterilizers; and (ii) ETSS; as well as parts and service support for customers who purchase these products or similar products manufactured by other parties. Sales of our CIS products are made principally to the healthcare, pharmaceutical, and automotive industries.

    ETC-PZL Aerospace Industries Sp. z o.o. (“ETC-PZL”), our 100%-owned subsidiary in Warsaw, Poland, is currently our only operating subsidiary. ETC-PZL manufactures certain simulators and provides software to support products manufactured domestically within our Aerospace segment.

    The majority of our net sales are generated from long-term contracts with foreign and U.S. governments and agencies (including foreign military sales (“FMS”) contracted through the U.S. Government) for the research, design, development, manufacture, integration, and sustainment of ATS products, including Chambers and the simulators manufactured and sold through ETC-PZL, collectively, ATS as well as long-term contracts with domestic and international customers for the sale of Sterilizer systems. The Company also enters into long-term contracts with domestic customers for the sale of ETSS. Net sales of ADMS are generally much shorter term in nature and vary between domestic and international customers. We generally provide our products and services under fixed-price contracts.

    ETC’s unique ability to offer complete systems, designed and produced to high technical standards, sets it apart from its competition. ETC’s headquarters is located in Southampton, PA. For more information about ETC, visit http://www.etcusa.com/. The information contained on our website is not incorporated by reference in this news release.

    Forward-looking Statements

    This news release contains forward-looking statements, which are based on management’s expectations and are subject to uncertainties and changes in circumstances. Words and expressions reflecting something other than historical fact are intended to identify forward-looking statements, and these statements may include words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “future”, “predict”, “potential”, “intend”, or “continue”, and similar expressions. We base our forward-looking statements on our current expectations and projections about future events or future financial performance. Our forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about ETC and its subsidiaries that may cause actual results to be materially different from any future results implied by these forward-looking statements. We caution you not to place undue reliance on these forward-looking statements. Except as required by law, we assume no obligation to update or revise any forward looking statements.

    Contact: Tim Kennedy, CFO
    Phone: (215) 355-9100 x1531
    E-mail: tkennedy@etcusa.com
       

    – Financial Table Follows –

    Table A                
    ENVIRONMENTAL TECTONICS CORPORATION  
    SUMMARY TABLE OF RESULTS  
    (in thousands, except per share information)  
    (unaudited)  
                     
      Thirteen weeks ended   Variance  
    (in thousands, except per share information) May 30, 2025   May 24, 2024   ($)   (%)  
    Net sales $ 17,601     $ 13,492     $ 4,109     30.5    
    Cost of goods sold   12,939       8,965       3,974     44.3    
    Gross Profit   4,662       4,527       135     3.0    
    Gross profit margin %   26.5 %     33.6 %     -7.1 %   -21.1 %  
                     
    Operating expenses   2,498       2,975       (477 )   -16.0    
    Operating income   2,164       1,552       612     39.4    
    Operating margin %   12.3 %     11.5 %     0.8 %   6.9 %  
                     
    Interest expense, net   563       116       447     385.3    
    Other (income) expense, net   (78 )     55       (133 )   -241.8    
    Income before income taxes   1,679       1,381       298     21.6    
    Pre-tax margin %   9.5 %     10.2 %     -0.7 %   -6.9 %  
                     
    Income tax provision   390       20       370     1850.0    
    Net income   1,289       1,361       (72 )   -5.3    
    Preferred Stock dividends   (121 )     (121 )     –     0.0    
    Income attributable to common and                
    participating shareholders $ 1,168     $ 1,240     $ (72 )   -5.8    
                     
    Per share information:                
    Basic earnings per common and participating share:                
    Distributed earnings per share:                
    Common $ –     $ –     $ –        
    Preferred $ 0.02     $ 0.02     $ –     0.0    
    Undistributed earnings per share:                
    Common $ 0.07     $ 0.08     $ (0.01 )   -12.5    
    Preferred $ 0.07     $ 0.08     $ (0.01 )   -12.5    
    Diluted earnings per share $ 0.07     $ 0.08     $ (0.01 )   -12.5    
                     
                     
    Total basic weighted average common and participating shares   15,665       15,569            
                     
    Total diluted weighted average shares   16,998       16,062            
     

    The MIL Network –

  • MIL-OSI USA: REPORT: Wisconsin Hospitals Will Lose $264 Million Annually Under Republicans’ Budget Bill

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – A new report was released projecting that hospitals in Wisconsin will lose $264.6 million a year because of the Republicans’ budget bill. Senator Baldwin voted against the bill, which will terminate health care for over 270,000 Wisconsinites, increase costs for working families, and jeopardize the ability of hospitals and clinics to remain open.

    “At a time when Wisconsin families are asking us to bring down the skyrocketing costs of health care and prescription drugs, Republicans pushed through a bill that has devastating consequences to Wisconsin’s working families and hospitals,” said Senator Baldwin. “While the top 0.1% get their tax cuts, Republicans’ bill will shutter hospitals, increase drive and wait times for everyone, and put a tremendous strain on our already overworked doctors and nurses.”

    The Republicans’ bill, which every Congressional Republican from Wisconsin supported, is projected to terminate health care for 17 million Americans, including 270,000 Wisconsinites. One-fifth of total spending on hospital care comes from Medicaid, and one in three Wisconsin hospitals was operating at a loss. Over 300 rural hospitals across the country are at disproportionate risk of closure, conversion, or service reductions due to health care cuts in the bill, including 3 in Wisconsin.

    Read the full report here.  

    MIL OSI USA News –

  • MIL-OSI: BJMining Launches XRP-Compatible Cloud Mining Contracts Amid Market Volatility and Increased XRP Demand

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, D.C., July 12, 2025 (GLOBE NEWSWIRE) — As XRP experiences a sharp increase in market interest during July’s volatile crypto climate, BJMining has announced a timely expansion of its global mining services by enabling XRP as a supported asset for its cloud-based mining contracts. The development comes as part of BJMining’s commitment to providing more accessible and diversified digital asset options for global users.

    The recent market uptick—marked by Ethereum gas fee reductions, Bitcoin stabilizing above $114,000, and a surge in Solana activity—has prompted investors to revisit XRP’s long-term utility. Amid this environment, BJMining’s new support for XRP-based cloud mining aims to meet demand from investors seeking stable digital income models beyond traditional coin-holding strategies.

    Transforming Passive Holdings into Productive Assets

    With XRP lacking a native staking mechanism, many long-term holders have had limited opportunities to earn on idle assets. BJMining addresses this gap by offering a system where users can participate in crypto mining using XRP as payment for cloud-based contract plans.

    “By integrating XRP as a payment and mining option, we’re giving users a practical way to generate income without needing advanced technical knowledge or infrastructure,” said a BJMining representative. “This is especially important for those looking to diversify and stabilize their exposure in the crypto sector.”

    BJMining’s seven advantages make mining easy and reliable

    • Sign up and get $15: New users can get a $15 when they register, and can start mining without recharging;
    • No equipment or maintenance required:The platform is responsible for operation and maintenance and energy consumption management throughout the process, and users only need to select a contract to start earning profits;
    • AI Intelligent Scheduling System:Automatically determine the currency market and mining difficulty, dynamically allocate computing power, and improve yield;
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    The MIL Network –

  • MIL-OSI United Nations: Desperate Afghan refugees return to an unfamiliar home

    Source: United Nations MIL OSI

    The agency is calling for calm and cooperation to provide a dignified path forward for millions of displaced Afghans.

    More than 1.6 million Afghans have returned from both neighbouring countries in 2024 alone, according to UNHCR – a figure that has already surpassed earlier forecasts for the entire year.

    ‘From Afghanistan – not of Afghanistan’

    The scale and speed of these returns are placing enormous pressure on border provinces ill-equipped to absorb them, exacerbating poverty, insecurity and humanitarian need in a country still reeling from economic collapse and widespread human rights abuses.

    Complicating the situation further is the fact that many returnees – especially women and children – are coming back to a country they barely know.

    “They are from Afghanistan [but] not of Afghanistan – often born abroad with better education and different cultural norms. Their outlook is different from and often at odds with present day Afghanistan,” says Arafat Jamal, UNHCR Representative in the country.

    Women and girls in particular face a jarring shift: from relative autonomy in host countries to a context where their rights are severely restricted by edicts from Taliban authorities.

    © UNICEF/Shehzad Noorani

    Women’s rights in Afghanistan continue to face severe setbacks, with restrictions deepening across education, employment and public life

    Disorientated and disorganised

    He reported conditions that he had seen for himself recently in Islam Qala, a key border crossing with Iran.

    Daily arrivals have surged to around 50,000 people, many of them disoriented and exhausted after arduous journeys. UN officials described scenes of desperation at reception centres.

    “Many of these returnees have been abruptly uprooted and have undergone arduous, exhausting and degrading journeys – they arrive tired, disoriented, brutalised and often in despair, and they sprawl throughout a crowded centre in often 40°C (104°F) heat,” Mr. Jamal said.

    While some returns are voluntary, he added that many are occurring under duress or without proper protections in place. Those returning include both officially registered refugees and people in “refugee-like” situations who may face serious risks upon arrival.

    Funding crisis

    The UN and humanitarian partners have mounted a broad-based response along the borders, providing food, water, health services, protection and onward transportation.

    However, funding shortfalls are critically hampering operations. UNHCR’s response is just 28 per cent funded as of July, forcing aid agencies to ration supplies and make painful choices.

    “We are living on borrowed funds,” Mr. Jamal said. “Daily, we are asking ourselves – should we give one blanket instead of four? One meal instead of three? These are heartbreaking, soul-destroying decisions.”

    The situation is equally dire for other agencies: the wider, UN-led 2025 Humanitarian Needs and Response Plan for Afghanistan – which seeks $2.4 billion to assist nearly 17 million people across the country – is only 22 per cent funded.

    Poverty and drought

    Recent UN assessments have also warned of deteriorating conditions and deepening poverty within Afghanistan.

    The UN Food and Agriculture Organization (FAO) issued alerts over worsening drought across much of the country, while the UN Development Programme (UNDP) reports that 70 per cent of Afghans already live at subsistence levels, as the collapse of public services and ongoing rights violations leaves millions in despair.

    As returnees cross the border, often without notice or resources, local populations are being stretched to the limit.

    Mr. Jamal noted that this “precarity layered upon poverty” risks fuelling frustration, competition over limited resources and new forms of social tension.

    “Afghanistan may be welcoming, but it is wholly unprepared to receive this volume of returnees,” he said. “The communities who are taking people in are doing so with great generosity, but they are themselves in crisis.”

    Global attention

    The growing emergency comes just days after the UN General Assembly overwhelmingly adopted a resolution expressing “deep concern” over deteriorating conditions facing Afghans.

    The resolution, passed with 116 votes in favour and only two against, urged the Taliban to reverse repressive policies and called for renewed international cooperation to support Afghan civilians.

    The resolution highlighted the need for “coherent approaches” that bridge humanitarian, development and political efforts. It also called on donor countries to maintain or increase support.

    MIL OSI United Nations News –

  • MIL-OSI Security: District Man Pleads Guilty in Attempt to Import Mass Quantity of Chinese ‘Boot,’ an Illegal Psychostimulant

    Source: Office of United States Attorneys

                WASHINGTON – Marvin Benjamin Martin, 32, of the District of Columbia, pleaded guilty today in federal court in connection with an attempt to import a mass quantity of Chinese dipentylone, an illegal psychostimulant known as “boot,” announced U.S. Attorney Jeanine Ferris Pirro.

                Martin pleaded guilty before Judge Beryl A. Howell to attempted possession with intent to distribute N,N Dimethylpentylone hydrochloride. Judge Howell scheduled sentencing for Oct. 17, 2025. Martin is eligible for up to 20 years in prison.

                According to court documents, in early 2024, Homeland Security Investigations (HSI) Washington D.C. High Intensity Drug Trafficking Area group (HIDTA) was conducting an ongoing investigation into illegal shipments of narcotics and precursor chemicals originating in China. In February 2024, officers with U.S. Customs and Border Protection (CBP) seized a package at the International Mail Facility at Los Angeles International Airport (LAX).The package, addressed to “Martin Hall” on 58th Street SE. had been mailed from China, and contained 10 kilos of N,N-Dimethylpentylone, aka boot.

                HSI agents swapped out the boot in the package for sham materials and added a GPS tracking device.

                On March 7, 2024, HIDTA, comprised of HSI, the Metropolitan Police Department, and officers from various other agencies, delivered the package to the front steps of the residence on 58th Street. The officers watched as Martin drove up to the address, retrieved the package, and took it back to his vehicle.

                About an hour later, Martin discarded the package. At 12:37 p.m., investigators found Martin driving in a nearby residential neighborhood and attempted to detain him. Martin sped off and crashed into a minivan and fence before evading officers.

                Agents subsequently found Martin at a home in Lanham, Maryland, and attempted to block him in with their vehicles. Martin accelerated his car towards the agents, striking the front side of an agent’s vehicle at high speed. About two hours later, agents again found Martin at the Latham residence. Officers positioned their vehicles to block the street, Martin drove his car towards the agents at a high speed, swerved onto asidewalk, and hit a tree while accelerating past agents’ vehicles, once again evading capture.

                On April 10, 2024, Martin was arrested in Annapolis, Maryland.

                This case was investigated by Homeland Security Investigations Washington D.C. High Intensity Drug Trafficking Area group (HIDTA), the Metropolitan Police Department, the U.S. Postal Inspection Service, the Drug Enforcement Administration Washington Division, the Prince George’s County Police Department, and the Annapolis Police Department.

                The matter is being prosecuted by Assistant U.S. Attorney Iris McCranie and Anthony Scarpelli of the Violent Crime and Narcotics Trafficking section of the U.S. Attorneys Office for the District of Columbia.

    24cr196

    MIL Security OSI –

  • MIL-OSI USA: Warren Secures Wins on Right to Repair, Service Member Safety, Military Housing, Transparency at Defense Department in Senate Version of FY 2026 Defense Policy Bill

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    July 11, 2025

    Executive Summary of Senate FY26 NDAA (Website)

    Washington, D.C. — During the Senate Armed Services Committee’s (SASC) markup of the Fiscal Year 2026 National Defense Authorization Act (FY26 NDAA) this week, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Armed Services Personnel Subcommittee, secured key wins, including on right to repair, transparency on the removal of top military officials, troop health and safety, boosting competition among defense contractors, improved housing protections for American troops, and education. All were secured with bipartisan support in the Senate Armed Services Committee. 

    Senator Warren secured the following provisions in SASC’s version of the FY26 NDAA: 

    Right to Repair

    “It’s common sense for members of the military to be able to fix their own weapons. Senator Sheehy and I fought hard to secure this provision that will improve military readiness and save taxpayers billions of dollars. It’s about time we stand up to Pentagon contractors that are squeezing every last cent from us at the expense of our national security,” said Senator Warren.

    • A provision, which includes portions of Senator Warren’s bipartisan Warrior Right to Repair Act, to guarantee all branches of the military the right to repair their equipment and requires contractors to provide any information needed to repair the equipment.

    In January, Senator Warren secured Army Secretary Dan Driscoll’s support for taking on costly right to repair restrictions. She has also questioned defense contractors directly for their opposition to right to repair reform and introduced separate bicameral legislation to require contractors to provide repair materials in a timely and reasonable manner. 

    Promoting Transparency

    “Secretary Hegseth’s attack on independent legal advisors doesn’t make anyone safer. I’m fighting to rein in this abuse of power and ensure transparency from this administration,” said Senator Warren.

    • A provision requiring DoD to notify Congress five days before the removal of a Judge Advocate General (JAG), top legal officers for the military services, and provide a justification.

    Senator Warren, along with several of her SASC colleagues, sent a letter to Secretary Hegseth earlier this year raising concerns about how his firings of these top military lawyers would damage public trust and the apolitical foundation of the military legal system. In a March 2025 hearing, Senator Warren also highlighted, and a Trump defense nominee agreed with, the importance of the Judge Advocate General’s Corps, whom American troops rely on for legal advice and Senator Lindsey Graham has praised as “the conscience of the military.”

    Service Member Health and Safety

    “I’ve heard so many stories of service members suffering from the devastating effects of blast overpressure – cases of depression, suicide, and seizures. I led historic, bipartisan reforms in last year’s NDAA and will keep pushing DoD to do more,” said Senator Warren. “I’ve been fighting on this issue for years, and a long-term study on exposure would help us better ensure troops get the care and support they deserve.”

    • A provision providing an additional $5 million for blast overpressure analysis and mitigation beyond the Trump administration’s request; 
    • A provision requiring DoD to provide a Congressional briefing on the feasibility of conducting a study on the long-term effects of blast overpressure exposure in partnership with a non-profit medical center specializing in Traumatic Brain Injuries (TBI) and with experience working with Special Operators; 
    • A provision requiring the Government Accountability Office to study DoD’s compliance with blast overpressure reforms passed in last year’s NDAA, as well as DoD’s efforts to use cognitive assessments to track brain health, to document service member exposure, and to address the potential link between exposure and risks of suicide; and 
    • A provision requiring the Joint Safety Council to provide Congress the executive summaries of Safety Investigation Boards (SIBs) conducted for the past three years and any corrective actions that were taken. 

    For over seven years, Senator Warren has led efforts to measure blast exposure and develop protocols that protect our military. She’s introduced bipartisan legislation to track service members’ exposure to and mitigate the effects of blast overpressure. She’s also hosted a hearing and a forum to highlight service members’ and veterans’ experiences with getting care for these injuries. In last year’s NDAA, Senator Warren secured historic reforms to improve access to care after exposure to blast overpressure and mitigate exposure risks. 

    Senator Warren has also highlighted the need for transparency around military accidents, the crash that killed Staff Sergeant Jacob Galliher– a young father from Pittsfield, Massachusetts. 

    Increasing Competition 

    “Increasing competition for our military’s AI and cloud computing programs creates better tools, saves money, and protects our national security. I’ll keep fighting to protect our military from being ripped off while keeping our markets fair and our information secure,” said Senator Warren. 

    • Based on Senator Warren’s bipartisan Protecting AI and Cloud Competition Act, the bill requires DoD to produce a report on competition dynamics between AI and commercial cloud providers, the impacts of competition on overall innovation in AI, barriers to entry for small and new performers, and the impact of potential or perceived concentrations of market power or market share on competition; 
    • A provision requiring the DoD Inspector General to review sole source cloud computing contracts awarded under the Joint Warfighter Cloud Capability program, including justifications, approvals, and systemic challenges to competition. 
    • A provision requiring DoD to provide its strategy to monitor and mitigate the risks of future mergers and acquisitions; 
    • A provision requiring DoD to maintain multiple sources as soon as possible, and no later than fiscal year 2031, for products in critical sectors; and
    • A provision tackling consolidation in the defense contracting industry by requiring that the Government Accountability Office (GAO) conduct a review of mergers in the previous 10 years to determine if changes to defense merger review laws and policies are necessary. 

    Senator Warren has urged the Defense Department to ensure its AI contracting processes will protect government data, save taxpayer funds, and promote competition. She’s also introduced bipartisan legislation to help rein in Big Tech companies and prevent them from cutting out competitors in the AI and cloud computing markets when it comes to defense contracting. 

    Drug Supply Chains and Health Care

    “The DoD’s overreliance on overseas manufacturers gives our adversaries the power to restrict our access to the critical drugs we need to treat our men and women in uniform,” said Senator Warren. “Congress can save lives and save money by strengthening our domestic pharmaceutical supply to ensure we have access to the medicines necessary to treat service members in the field.” 

    “One of the nation’s biggest drug middlemen may be ripping off our military to boost its profits–and trying to hide this information from Congress. My provision ensures Congress has the information we need to hold contractors accountable for price-gouging on the backs of our servicemembers and taxpayers,” said Senator Warren.

    • A provision requiring DoD to report on how shortages and supply challenges for drugs and medical countermeasures have impacted military readiness and the ability for DoD to obtain the pharmaceuticals it needs for its personnel; and 
    • A provision requiring DoD to provide a confidential briefing to the Armed Services Committee every six months on the differences in reimbursement rates or practices, direct and indirect remuneration fees or other price concessions, and clawbacks between pharmacies that are affiliates of TRICARE’s contracted Pharmacy Benefit Manager (PBM) and pharmacies that are not affiliates of TRICARE’s contracted PBM. 

    Senator Warren has long sounded the alarm on the danger of overly relying on foreign pharmaceutical manufacturers, for both the military and civilians. She has led bipartisan oversight and urged the Defense Department to reform acquisition rules to give preference to American-made products. She has also filed legislation to end the country’s reliance on foreign countries for critical drugs and a bipartisan bill to study the impacts of foreign investment in the U.S. pharmaceutical industry. Senator Warren has also called for audits into pharmacy benefit managers that price gouge the military. 

    Military Housing and Childcare

    “Military families deserve safe, affordable housing. Congress must investigate the potential use of rent-setting algorithms used to price gouge military families and ban abusive landlords’ use of NDAs meant to keep military tenants quiet,” said Senator Warren. 

    • A provision requiring DoD to provide a report and briefing to SASC on the extent to which privatized military housing companies are using algorithmic software, including RealPage, to set apartment rents for service members paid by basic allowance for housing (BAH); 
    • A provision banning landlords from requesting that tenants sign non-disclosure agreements (NDAs) in privatized military housing; 
    • A provision to establish a pilot program for increasing child development center employee wages on at least three military installations; and
    • A provision increasing the transparency of landlord financial practices by requiring privatized military housing companies to report their liability insurance coverage and the amounts of payments to tenants to resolve dispute resolutions. 

    Senator Warren has been a leader in raising concerns about problems with privatized military housing and led the push to protect military families. She has led oversight into landlords’ use of algorithmic pricing tools like RealPage to hike rents on servicemembers. She has also introduced legislation to address private military housing landlords’ use of NDAs and unsafe housing conditions. At an April 2025 hearing, Senator Warren secured a commitment from a Trump defense nominee to hold military housing contractors accountable, if needed.  

    Education

    “Service members put their lives on the line for this country, so there’s no excuse for our government to fall short of its promises to them. Helping service members afford quality education is how our country recruits and maintains a fighting force,” said Senator Warren.

    • A provision requiring DoD to issue a report on the status of a data match to ensure service members can automatically receive Public Service Loan Forgiveness (PSLF); and  
    • A provision directing GAO to issue a report on challenges service members face in student loan repayment, including scams, repayment procedures, and servicer misconduct.

    Senator Warren has been a leading voice in fighting for strong education benefits for service members and families, fighting to restore benefits to veterans cheated by for-profit colleges and pushing the Defense Department to release data on the Postsecondary Education Complaint System (PECS), a centralized database to track complaints against schools who participate in tuition assistance programs. At an April 2025 hearing, she pressed military leaders on the impact of the Defense Department’s shortcomings on education benefits.  

    The House Armed Services Committee will convene to mark up its version of the NDAA next week. 

    MIL OSI USA News –

  • MIL-OSI United Nations: Desperate Afghan refugees return to an unfamiliar home

    Source: United Nations MIL OSI

    The agency is calling for calm and cooperation to provide a dignified path forward for millions of displaced Afghans.

    More than 1.6 million Afghans have returned from both neighbouring countries in 2024 alone, according to UNHCR – a figure that has already surpassed earlier forecasts for the entire year.

    ‘From Afghanistan – not of Afghanistan’

    The scale and speed of these returns are placing enormous pressure on border provinces ill-equipped to absorb them, exacerbating poverty, insecurity and humanitarian need in a country still reeling from economic collapse and widespread human rights abuses.

    Complicating the situation further is the fact that many returnees – especially women and children – are coming back to a country they barely know.

    “They are from Afghanistan [but] not of Afghanistan – often born abroad with better education and different cultural norms. Their outlook is different from and often at odds with present day Afghanistan,” says Arafat Jamal, UNHCR Representative in the country.

    Women and girls in particular face a jarring shift: from relative autonomy in host countries to a context where their rights are severely restricted by edicts from Taliban authorities.

    © UNICEF/Shehzad Noorani

    Women’s rights in Afghanistan continue to face severe setbacks, with restrictions deepening across education, employment and public life

    Disorientated and disorganised

    He reported conditions that he had seen for himself recently in Islam Qala, a key border crossing with Iran.

    Daily arrivals have surged to around 50,000 people, many of them disoriented and exhausted after arduous journeys. UN officials described scenes of desperation at reception centres.

    “Many of these returnees have been abruptly uprooted and have undergone arduous, exhausting and degrading journeys – they arrive tired, disoriented, brutalised and often in despair, and they sprawl throughout a crowded centre in often 40°C (104°F) heat,” Mr. Jamal said.

    While some returns are voluntary, he added that many are occurring under duress or without proper protections in place. Those returning include both officially registered refugees and people in “refugee-like” situations who may face serious risks upon arrival.

    Funding crisis

    The UN and humanitarian partners have mounted a broad-based response along the borders, providing food, water, health services, protection and onward transportation.

    However, funding shortfalls are critically hampering operations. UNHCR’s response is just 28 per cent funded as of July, forcing aid agencies to ration supplies and make painful choices.

    “We are living on borrowed funds,” Mr. Jamal said. “Daily, we are asking ourselves – should we give one blanket instead of four? One meal instead of three? These are heartbreaking, soul-destroying decisions.”

    The situation is equally dire for other agencies: the wider, UN-led 2025 Humanitarian Needs and Response Plan for Afghanistan – which seeks $2.4 billion to assist nearly 17 million people across the country – is only 22 per cent funded.

    Poverty and drought

    Recent UN assessments have also warned of deteriorating conditions and deepening poverty within Afghanistan.

    The UN Food and Agriculture Organization (FAO) issued alerts over worsening drought across much of the country, while the UN Development Programme (UNDP) reports that 70 per cent of Afghans already live at subsistence levels, as the collapse of public services and ongoing rights violations leaves millions in despair.

    As returnees cross the border, often without notice or resources, local populations are being stretched to the limit.

    Mr. Jamal noted that this “precarity layered upon poverty” risks fuelling frustration, competition over limited resources and new forms of social tension.

    “Afghanistan may be welcoming, but it is wholly unprepared to receive this volume of returnees,” he said. “The communities who are taking people in are doing so with great generosity, but they are themselves in crisis.”

    Global attention

    The growing emergency comes just days after the UN General Assembly overwhelmingly adopted a resolution expressing “deep concern” over deteriorating conditions facing Afghans.

    The resolution, passed with 116 votes in favour and only two against, urged the Taliban to reverse repressive policies and called for renewed international cooperation to support Afghan civilians.

    The resolution highlighted the need for “coherent approaches” that bridge humanitarian, development and political efforts. It also called on donor countries to maintain or increase support.

    MIL OSI United Nations News –

  • MIL-OSI USA: ICYMI: In Joint CBS Interview, Warren, Sheehy Highlight Bipartisan Fight For Military’s Right to Repair Its Own Equipment

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    July 11, 2025

    Warren: “The choice will belong to our military to make the right economic decision to purchase and then the right economic decisions down the line on how to repair it.”

    Sheehy: “We’re at a point where we’ll have systems that are not ready for missions overseas in war zones, on ships, at forward-deployed bases, and we can’t conduct basic repairs to those systems.”

    Full Interview (YouTube)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Tim Sheehy (R-Mont.), who are both members of the Senate Armed Services Committee, sat down with CBS’s Caitlin Huey-Burns to highlight their Warrior Right to Repair Act of 2025, which would require contractors to provide the Department of Defense access to technical data and materials the military needs to repair and maintain its own equipment. This legislation aims to reduce government spending, promote competition, and improve military readiness. Portions of the bill are included in the Senate’s National Defense Authorization Act of 2026.

    Watch the interview here and read the full transcript below: 

    CBS News: Why Sens. Elizabeth Warren and Tim Sheehy are teaming up to tame Pentagon spending
    July 10, 2025

    Caitlin Huey-Burns: Why can’t the military fix its own equipment? 

    Senator Elizabeth Warren: You want to go first, Tim? 

    Senator Tim Sheehy: Well, we’ve had decades of bureaucratic sclerosis that have created a really broken system that’s rife with perverse incentives. It’s also rife with requirements that aren’t always grounded in what the warfighter actually needs, and a huge focus on process over outcome. We’re at a point where we’ll have systems that are not ready for missions overseas in war zones, on ships, at forward-deployed bases, and we can’t conduct basic repairs to those systems. And I think we’re at a point now where we’ve seen multiple theaters of war, from Iraq to Afghanistan to Israel to Ukraine. We’re understanding the limits of this current defense acquisition paradigm, and it’s about time we fix it. So, it’s not one thing that happened. It’s an accumulation of 30 years of bureaucracy that’s kind of led to where we’re at now.

    Senator Warren: And I would just add to what Senator Sheehy says here by pointing out that the defense contractors have figured out they get two bites at every apple this way. So, they sell you the initial product, whether it’s an oven on a submarine or it’s a fancy piece of warfighting equipment—that’s one—and they negotiate a price for that, but they hold back in the fine print. You can’t fix it yourself. So, when the safety clip breaks, when you get sand down in the equipment, and you need to mess with it some more, the answer is, too often, because of what’s in that contract that the military says to our service member, don’t touch that thing. You’ve got to retire, in effect, the piece of equipment, hold it over there, call a contractor, have the contractor fly in from a long, long way away, charge us for flying in, take the delay and charge us whatever they want to charge us to come in and fix that thing. That has turned out to be a very profitable model for some of the defense contractors. And what our bill says is no more, no more. The Defense Department, going forward, if our bill is signed into law, it basically says, here’s the deal: you negotiate the price to buy the thing, and if the thing breaks, we may fix it ourselves. We may go to another small business, a startup, some guy who set up shop to be able to fix just that kind of thing. Or we may come back to the manufacturer. But the choice will belong to our military to make the right economic decision to purchase and then the right economic decisions down the line on how to repair it.

    Caitlin Huey-Burns: What about the argument, though, that the contractor knows the equipment better than anyone else has the ability to fix it better than anyone? Why shouldn’t they be allowed to be the ones?

    Senator Warren: Let them compete. They want to offer. They want to say, “Hey, we can fix that.” You know what? I’ll bet if that happened, that the price of fixing it would go down, if there were competition—that is, if other little guys were in there saying, “Hey, we can fix this.” Or, let’s face it, the servicemember, himself or herself, who actually also knows this stuff. Let’s have that open competition. That’s what we need here on the military side, and frankly, it’s what we need throughout the country, whether we’re talking about cars or tractors or telephones, or anything else. But we’re starting here. 

    Caitlin Huey-Burns: So, you’re saying—you’re not saying that the contractor won’t be able to fix the equipment, they just can’t have a monopoly in it?

    Senator Warren: That’s right, that they negotiated up front in fine print when nobody was looking and nobody was pricing it in. That’s where they’re making off like bandits.

    Caitlin Huey-Burns: And Senator Sheehy, you approach this issue as a former seal officer. What kind of impact—Senator Warren talked about the financial aspects of this. What kind of impact has this had on the battlefield, on training, on our soldiers out there? What does it mean for military readiness?

    Senator Sheehy: Less. Less readiness, to put it bluntly. We’ve had less readiness as a result of this. Now, our acquisition paradigm was really designed in the 1950s and 60s and hasn’t really changed since then. And in fairness to the Pentagon individuals and the contractors together, much of that’s been on us. We have not forced an upgrade to our DFARS, defense acquisition regulations, that govern the entire federal acquisition environment. We have not forced them to upgrade those, and it’s about time we do, because the systems simply were not as complicated. Software. Software is becoming one of the core pieces of functional equipment that we have.

    Caitlin Huey-Burns: You two come from very different parties. You’re a very conservative Republican. You’re a very progressive Democrat. How is it that you two found this common ground? How is it that you guys came together on this piece of legislation? 

    Senator Sheehy: Well, I was making the rounds as a freshman who’s never served in any political office before, when I got here, I said, the first thing I do is I’m trying to meet with every single member I can, on both parties, and just introduce myself and get some advice and wisdom. And in our first meeting, you know, we just—she said, “Well, what do you want to do when you’re here?” And I listed the handful of things I wanted to focus on. One of them was defense acquisition reform. And I kind of went on my riff about how frustrated I was.

    Caitlin Huey-Burns: Your eyes light up.

    Senator Warren: I did. 

    Senator Sheehy: She popped up like an aerobics video, like, “That, we’re going to do it.” And we dug into it.

    Caitlin Huey-Burns: “That’s my language.” 

    Senator Warren: Exactly, I said, “Another nerd, we can do this. We can do this.” But it is, there are these places that this isn’t political. This is about doing what is right.

    MIL OSI USA News –

  • MIL-OSI USA: Warnock Pushes Trump Admin For Answers on FEMA Cuts

    US Senate News:

    Source: United States Senator Reverend Raphael Warnock – Georgia
    Senator Reverend Warnock first pressed DHS Secretary Kristi Noem for answers on major cuts to FEMA over a month ago. Secretary Noem has yet to respond to critical questions, even in the midst of hurricane season.
    Senator Reverend Warnock: “Know that I will not sit idly by while Georgia lives and livelihoods are endangered. This is about our safety, and we deserve answers.”
    Washington, D.C. – U.S. Senator Reverend Raphael Warnock (D-GA) is escalating his fight to get answers from DHS Secretary Kristi Noem on FEMA’s ability to respond to hurricanes in Georgia this storm season. Senator Warnock renewed his call for answers on social media after Noem failed to respond to his inquiry at the beginning of hurricane season in June. 
    Senator Warnock first pressed Secretary Noem for answers after leaked internal assessments revealed that FEMA is unprepared for the current storm season that began on June 1. The Senator’s calls also follow Secretary Noem’s recent statement in which she doubled down on the administration’s plan to eliminate the agency all together.
    Senator Warnock asked Secretary Noem to commit to ensuring that FEMA’s Region IV office in Atlanta, which oversees disaster response for all of Georgia and much of the southeast, remains fully staffed and resourced for the 2025 hurricane season. 
    “We have seen the devastation and the impact of hurricanes and big storms in Georgia, time and time again,” said Senator Reverend Warnock. “We need to know if the administration is taking this seriously. We do know based on internal reports that much of the agency has been hollowed out. The evidence suggests that we do not have the personnel to respond at the beginning of hurricane season” 
    This is Senator Warnock’s latest effort to ensure that FEMA has the resources needed to protect Georgians from natural disasters and assist with recovery. In the aftermath of Hurricane Helene, Senator Warnock led a bipartisan, bicameral effort to secure billions of dollars in federal funding for disaster recovery efforts in Georgia. The Senator also introduced bipartisan legislation to extend the tax deadline for Georgians impacted by Hurricane Helene and other natural disasters. Senator Warnock also joined a bipartisan effort to demand that the Trump Administration reinstate the Building Resilient Infrastructure and Communities (BRIC) program, which supports local disaster mitigation projects including a $30 million award to Savannah for flood reduction measures that was canceled earlier this year. 
    Full text of the letter can be found HERE and below:
    Dear Secretary Noem,
    As the 2025 Atlantic hurricane season begins this week, and following Acting Administrator Richardson’s stunning and disturbing reported admission that he was unaware the United States has a hurricane season, I write with deep concern about the Trump administration’s efforts to dismantle the Federal Emergency Management Agency (FEMA) and the potentially devastating consequences for Georgia communities.
    Nearly a year ago, in September 2024, Georgia and the entire southeast were bombarded by Hurricane Helene – a multi-state major disaster and the deadliest storm to strike the mainland United States in 20 years. At its peak, Hurricane Helene left more than 1 million Georgians without power, demanded 300 boil water advisories across the state, damaged over 200,000 homes, and left thousands of families displaced.
    Fortunately, thanks to an early presence in Georgia and a “great” working relationship with the Georgia Emergency Management Agency and state leadership, FEMA was prepared to quickly mobilize assistance teams, deliver meals and water to the hardest-hit areas, and coordinate response and recovery efforts with state, local, and nonprofit leaders. Most importantly, FEMA remained in Georgia long after the national cameras left, helping Georgians along their road to recovery and hosting resource fairs for impacted communities on everything from applications for individual assistance to small business loans to housing needs. To date, FEMA has provided over $360 million to survivors and more than $400 million to local governments and communities in Georgia. Though not perfect, this effort required a level of coordination across state lines, rapid mobilization of personnel and supplies, and deep experience that only the federal government and FEMA can provide.
    According to the National Oceanic and Atmospheric Administration (NOAA), the 2025 Atlantic hurricane season will likely be “above normal” and feature up to ten hurricanes, including five major storms that will threaten Georgia and much of the southeast. However, instead of working with state and local governments, nonprofits, and federal partners to prepare for the 2025 hurricane season, the Trump administration and the Department of Homeland Security (DHS) have haphazardly and irresponsibly worked to dismantle the nation’s lead disaster response agency without any workable alternative or sense of direction.
    These reckless actions include:
    Proposing a $646 million budget cut to FEMA in Fiscal Year (FY) 2026, along with the cancellation of billions in disaster relief and mitigation grants that help states prepare for future disasters;
    Gutting FEMA’s workforce by nearly 30 percent, including more than 1,800 voluntary buyouts, 200 terminations, a hiring freeze, the departure of 16 senior officials, as well as the abject firing of FEMA’s administrator who warned against eliminating the agency;
    Pursuing ill-conceived, shortsighted, and abrupt changes to longstanding FEMA policy, including quadrupling the damage threshold for Georgia communities to receive federal assistance from roughly $21 million to more than $84 million;
    Canceling hurricane readiness trainings for state and local emergency managers in Georgia and across the country; and,
    Eliminating the disaster resiliency-focused Building Resilient Infrastructure and Communities (BRIC) program, including a $30 million award to reduce flooding in Savannah, Georgia.
    I am always open to considering thoughtful, transparent reforms developed in close partnership with Congress, states, and local officials, but these unilateral actions are gambling with the lives and livelihoods of millions of Georgians. As DHS’s own internal agency review states, “FEMA is not ready” for the upcoming hurricane season – a frightening assessment that I fear will soon have severe consequences in Georgia and southeastern coastal states.
    To that end, I request answers to the following questions by June 26, 2025, so that Georgians may better understand how your actions will affect their safety during the 2025 hurricane season:
    How would a budget cut of $646 million, as proposed in your FY26 budget request, help FEMA better prepare for and respond to future disasters in Georgia?
    What analyses did DHS conduct to ensure that these budget cuts will not diminish the safety of Americans during hurricane season?

    Please provide any policy justification or budget analysis supporting the cancellation of hurricane readiness trainings for state and local officials, including how such cancellations better prepare local communities for hurricane season.[1] In the absence of such trainings, how does DHS intend to ensure that local officials are prepared for hurricane season?
    Of the FEMA employees who were terminated or accepted voluntary buyouts, how many performed a hurricane preparedness, logistic, or safety function, including those who collaborated with state and local governments before, during, and after a disaster?
    What analyses, if any, has DHS conducted to assess the impact of implemented and proposed workforce reductions on FEMA’s ability to perform its emergency management functions? Please provide copies of any written communications, analyses, and other documentation concerning how workforce reductions will limit FEMA’s ability to carry out its core functions.
    How many counties in Georgia that received federal assistance in the aftermath of previous disasters would have been denied that assistance if FEMA’s proposal to quadruple the damage threshold had been implemented prior to those disasters? Please provide a list of affected disasters and Georgia counties, including how much federal disaster assistance would have been lost by each county under FEMA’s new proposed threshold.
    What public process or consultation, if any, did FEMA conduct before proposing an increase to the per capita impact indicator threshold?
    Please provide a cost-benefit analysis supporting the cancellation of the BRIC program and awarded projects like Savannah, Georgia’s flood reduction measures, including how such cancellations make communities like Savannah more resilient and safer in the event of a severe storm.
    What contingency plans are in place if FEMA staff and resources are overwhelmed during the 2025 hurricane season?
    Are there plans to further adjust or reduce staffing at FEMA’s Region IV office in Atlanta, Georgia, which oversees disaster response for all of Georgia and much of the southeast?
    Will you commit to ensuring this office remains fully staffed and resourced for the duration of the 2025 hurricane season?

    MIL OSI USA News –

  • MIL-OSI New Zealand: Road closed, Horahora Road, Arapuni

    Source: New Zealand Police

    Horahora Road, between State Highway 1 and Arapuni Road, Arapuni, is blocked following a road incident this morning.

    Police were notified at around 5:45am of a tree that had fallen onto a vehicle, which is now blocking the road.

    Forunately, no one was injured.

    The road is closed, and motorists should avoid the area and expect significant delays.

    ENDS

    Issued by the Police Media Centre.

    MIL OSI New Zealand News –

  • MIL-OSI: DRML Miner Launch Marks New Era as Bitcoin Surges Past $116K

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 11, 2025 (GLOBE NEWSWIRE) — Bitcoin has lately hit the amazing landmark of $116,000, this marks an incredibly important milestone in finance history. I don’t think this milestone is merely a price, representing further entrenchment and acceptance of Bitcoin and cryptocurrencies in a global economy. A price above $100,000 represents a total paradigm shift in finance; there is increasing optimism in the market, mainstream adoption is accelerating, and Bitcoin keeps surprising us by outperforming all expectations.

    The price increase is also connected to the underlying market trend occurring overall, that is being fueled by institutional adoption and interest, rising inflation concerns, and the search for digital decentralized assets. The global crypto market itself is maturing, and people start to see bitcoin not just as a ‘currency’, but as a long term store of value, it can replace gold as a store of value.

    A Quick Look Back: Bitcoin’s Unstoppable Ascent

    Bitcoin’s journey began in 2009 with little fanfare. Created by the pseudonymous Satoshi Nakamoto, it was introduced as a peer-to-peer electronic cash system. The early days were experimental—few believed it would ever become a serious financial asset.

    Starting from just fractions of a cent, Bitcoin was valued at $1,000 in 2013, followed by $20,000 in 2017. After some extreme volatility over the next few years, it surpassed $60,000 in 2021. Now it’s 2025 and Bitcoin is over $116,000, setting records and changing the investment landscape.

    Bitcoin’s supply is capped at 21 million coins, which is another part of its value proposition, creating scarcity of the asset and increasing interest. And as currency declines due to inflation, Bitcoin holds the possibility of becoming an alternative to a decentralized, scarce currency.

    Why Bitcoin Is Surging in 2025

    Several key factors have driven this historic price advance:

    – Institutional Investment: The top financial institutions and corporations are investing serious money and adding Bitcoin to their balance sheet as a hedge against inflation.

    – Adoption: Bitcoin is now being accepted across all areas of retail—everything from your local online retailer to multinational banks.

    – Macroeconomic Instability: The growing inflation in all major economies has led many investors to consider crypto as a store of value.

    – Technological Advances: New mining technologies have allowed or increased the security of the blockchain while pushing costs lower.

    This is not a hype train—this is a train running on actual data, demand, and real value.

    Enter DRML Miner: Redefining Crypto Mining for the Future

    Amid Bitcoin’s surge, one name is making headlines in the mining industry: DRML Miner. As the demand for Bitcoin increases, so does the competition to mine it. Traditional mining rigs often fail to offer consistent profitability due to rising energy costs and difficulty levels.

    DRML Miner is here to change that. With cutting-edge technology, unparalleled efficiency, and a user-first approach, DRML Miner is enabling individuals and businesses to mine Bitcoin profitably, regardless of scale.

    What Sets DRML Miner Apart?

    Unlike outdated mining equipment that requires high upfront investment and complex setup, DRML Miner delivers a modern, plug-and-play mining solution designed for efficiency and ease. Here’s why it stands out:

    • High Hash Rate Efficiency: Achieve maximum mining power with optimized processing speed.
    • Energy-Saving Design: Built to consume less power, reducing overhead and maximizing ROI.
    • Scalable Infrastructure: Suitable for solo miners, small businesses, and large-scale operations.
    • Real-Time Monitoring: Integrated dashboards allow users to track performance, earnings, and hardware status 24/7.
    • Global Support: Dedicated customer service ensures smooth onboarding and continued operational success.

    DRML Miner doesn’t just offer hardware—it offers a complete, supported ecosystem designed to maximize earnings and simplify the mining process.

    The Mining Industry Reimagined

    Mining has often been associated with high complexity and low returns. DRML Miner is redefining this narrative by introducing mining solutions that are accessible, reliable, and scalable. Whether you’re new to crypto or an experienced investor, DRML makes profitable mining achievable.

    By reducing the barrier to entry, DRML Miner empowers more people to participate in the Bitcoin ecosystem. This democratization of mining aligns perfectly with the decentralized spirit of cryptocurrency itself.

    The Economic Impact of DRML Miner’s Technology

    As Bitcoin reaches new heights, mining profitability becomes more attractive. However, only those with efficient systems can truly capitalize on these gains. DRML Miner helps miners stay ahead of rising competition by offering future-proof technology.

    Its proprietary cooling systems, low power usage, and intelligent management tools allow users to achieve consistent returns—even as mining difficulty increases. This long-term approach creates stability in an otherwise volatile space.

    The Road Ahead: Bitcoin and the Future of Finance

    Based on the momentum Bitcoin possesses, it is set to reach new heights. Financial analysts suggest the price will reach and exceed $150,000 in the next year and with the amount of financial uncertainty existing across the globe, this is likely. Bitcoin’s adoption is expanding throughout the continents and creating a diversified investment portfolio.

    At the same time, tools like DRML Miner will help with the infrastructure development and ultimately increase the network. With more people validating blockchain transactions, there will be a stronger foundation laid.

    The future of Bitcoin lies well beyond just price—it is about infrastructure and access but also about impact on the world.

    Conclusion: Your Opportunity to Join the Crypto Revolution

    Bitcoin has verified the myth of breaking through all barriers as it confidently holds its position at $116,000. This accomplishment is monumental since price experience is one thing, but as decentralized finance continues to gain legitimacy, this is more far-reaching! As the markets take shape, chances like these are becoming increasingly limited.

    With DRML Miner, you can be a part of the revolution from day one. The opportunity is available whether you want to diversify your income or create a mining dynasty. Reliable, scalable, and available tools are finally at our disposal.

    Start mining smarter. Grow your crypto wealth. Be part of the future.

    Explore the future of mining today at https://drmlminers.com/

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks. There is a possibility of financial loss. You are advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024    		   December 31,
    2024    		   June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024    		   December 31,
    2024    		   June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued   —       —       —  
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
    		   2025
    		   2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)    		   Interest   Yield/
    Rate (10)    		   Average
    Balance
    (9)    		   Interest   Yield/
    Rate (10)    		   Average
    Balance
    (9)    		   Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)    		   Interest   Yield/
    Rate (10)    		     Average
    Balance (9)    		   Interest   Yield/
    Rate (10)    		  
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)    		   119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
    		   March 31,
    		   June 30,
    		   June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network –

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024    		   December 31,
    2024    		   June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024    		   December 31,
    2024    		   June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued   —       —       —  
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
    		   2025
    		   2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)    		   Interest   Yield/
    Rate (10)    		   Average
    Balance
    (9)    		   Interest   Yield/
    Rate (10)    		   Average
    Balance
    (9)    		   Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)    		   Interest   Yield/
    Rate (10)    		     Average
    Balance (9)    		   Interest   Yield/
    Rate (10)    		  
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)    		   119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
    		   March 31,
    		   June 30,
    		   June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network –

  • MIL-OSI USA: Senator Coons, SFRC Colleagues Demand Answers Regarding State Department Layoffs

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON, D.C. – Today, U.S. Senator Chris Coons (D-DE), a member of the Senate Foreign Relations Committee, and his Democratic committee colleagues wrote a letter to Secretary of State Marco Rubio expressing deep concerns with imminent Reductions in Force (RIFs) at the State Department, and requested answers on the Trump administration’s process for carrying out these layoffs. 

    “RIFs should remain a tool of last resort, and if implemented must be conducted according to long-standing procedures that prioritize transparency and a merit-based process for both career civil service employees and Foreign Service Officers (FSOs). During a time of increasingly complex and wide-spread challenges to U.S. national security, this administration should be strengthening our diplomatic corps—an irreplaceable instrument of U.S. power and leadership—not weakening it. However, RIFs would severely undermine the Department’s ability to achieve U.S. foreign policy interests, putting our nation’s security, strength, and prosperity at risk,” the senators wrote. 

    Since January, the Foreign Service has shrunk by nearly 25 percent and the number of civil service employees has also decreased due to agency closures, early retirement, and buyouts. 

    “While every administration is entitled to set new priorities and engage in reorganization of executive agencies, we are deeply concerned by the breadth of these RIFs and the lack of clarity and transparency of the Department’s RIF process,” the senators continued. 

    The senators requested a response to the following questions by no later than July 18, 2025: 

    RIF Criteria:

    When were RIF lists created, by whom, and against what criteria?
    Is the Department choosing to RIF based on current office assignment rather than globally ranking FSOs and civil servants based on grade and skillsets?  If so, why?
    Are the lists being updated to reflect Permanent Changes in Station (PCS) or curtailments?
    How many veterans and consular coned generalists are included on the list?
    It can take years of training for an FSO or civil servant to master diplomatic and negotiation skills, including obtaining fluency in critical languages. Why are skilled officers, including those with specialized language skills not being reassigned? How will the Department fill these specialized skill and experience gaps?

    Foreign Service Officers:

    Why is the administration preventing FSOs from transferring into critical vacancies?
    Why is the administration preventing candidates who accepted a “handshake” from being paneled to a position they were chosen for based on merit?
    What is the rationale for conducting RIFs before the reorganization takes effect?
    How many vacant FSO positions will there be worldwide after RIFs are processed? How does the Department plan to fill mission critical posts?
    Why is the Department processing RIFs prior to determining the number of vacant positions remaining following your reorganization efforts?
    How is the Department protecting the pipeline of FSOs to ensure no critical skill gaps in the future?

    Civil Service:

    Civil service employees often come to the Department with specialized experience.  How is the Department working to retain critical, hard to replace employees in the civil service?
    How is the Department working to ensure key specialties, knowledge, and personnel are retained and transferred during the reorganization?
    Why is the Department refusing to process any lateral moves by civil service employees who have been offered other civil service positions within the Department?
    If reducing waste, fraud, and abuse is the goal of the reorganization, why is the Department not efficiently allowing these experienced civil service employees to laterally move into vacant positions they were chosen for based on merit?
    If remaining officers are going to be asked to take on additional work, how will they be remunerated for their time and effort? 
    Will the hiring and lateral transition freezes be lifted once RIFs are complete?

    Reassignment Process:

    Will there be a competitive reassignment for high-performing, mission-critical personnel following the RIFs?  If so, what is the timeline and criteria for this reassignment process?  How will the Department communicate these details with its employees?

    The letter is cosigned by Ranking Member Jeanne Shaheen (D-NH) and Senators Cory Booker (D-NJ), Chris Van Hollen (D-MD), Chris Murphy (D-CT), Tim Kaine (D-VA), Jeff Merkley (D-OR), Brian Schatz (D-HI), Tammy Duckworth (D-IL), and Jacky Rosen (D-NV).

    To read the full text of the letter, click here. 

    MIL OSI USA News –

  • MIL-OSI USA: Idaho Statesman: Crapo: One Big Beautiful Bill Won’t ‘Explode the National Debt’

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Claiming that the One Big Beautiful Bill will “explode the national debt” is plain wrong.
    According to a more accurate estimate by the Congressional Budget Office, it cuts federal spending by over $1.5 trillion and reduces the deficit by $400 billion. That doesn’t include the bill’s pro-growth elements, which the Council of Economic Advisers estimates will increase federal revenues by more than $4 trillion, adding up to nearly $4.5 trillion in deficit reduction.
    Contrary to the “politics of fear” that Democrats employ, it strengthens and improves spending programs, like Medicaid, by targeting waste, fraud and abuse. And despite false narratives about “tax cuts for billionaires,” the reality is this legislation not only prevents massive across-the-board tax hikes, but provides additional tax relief that overwhelmingly benefits low- and middle-class families and workers. Through policies like a boosted standard deduction, expanded benefits for child care, no taxes on tips or overtime, and tax relief for seniors, working class Americans are the biggest winners under this bill.
    In addition to historic mandatory spending reductions, deficit reduction and tax relief, the bill invests in our border, modernizes our military and restores American energy dominance. I’d call that a win for Idahoans and all Americans.

    MIL OSI USA News –

  • MIL-OSI Canada: New habitat-protection measures support caribou in northeastern B.C.

    Source: Government of Canada regional news

    The B.C. government, Fort Nelson First Nation and the B.C. Energy Regulator (BCER) are working collaboratively to implement new protection measures to support boreal caribou recovery in northeastern B.C.

    “Helping caribou populations recover is a complex challenge requiring multiple approaches to stabilize and reverse the decline of herds in B.C.,” said Randene Neill, Minister of Water, Land and Resource Stewardship. “The Boreal Caribou Protection and Recovery Plan and the implementation of the new measures are crucial for caribou-recovery efforts in these four northeast ranges. The Fort Nelson First Nation community continues to be an integral partner in this important work.”

    The new measures are consistent with the Boreal Caribou Protection and Recovery Plan that was endorsed by the B.C. government in 2023. The Boreal Caribou Protection and Recovery Plan was co-developed by the B.C. government and Fort Nelson First Nation, with contributions from the Northern Rockies Regional Municipality. The plan is designed to meet federal and provincial targets for species-at-risk recovery, while supporting opportunities to strengthen the natural-resource economy in the region.

    “Finalizing the Boreal Caribou Protection and Recovery Plan is a vital step in our shared responsibility to steward the land,” said Chief Archie Harrold, Fort Nelson First Nation. “By working together with the provincial government, we are proving that true collaboration, rooted in respect for Indigenous knowledge and western science, leads to real action. This plan reflects our commitment to protecting boreal caribou and ensuring a healthy land for future generations.”

    The new protection measures applied to selected boreal caribou habitat areas include:

    • the establishment of six new Wildlife Habitat Areas (WHA) through a Government Actions Regulation (GAR) order approved by the delegated decision-maker;
    • the establishment of Resource Review Areas (RRA), where new requests to grant the right to explore for and produce petroleum or natural gas have been temporarily suspended; and
    • interim permitting measures for energy-resource activities.  

    The GAR order to establish the new WHAs targets areas of highest habitat value to boreal caribou, while avoiding areas of highest timber value as much as possible. The management measures laid out in the order apply to primary forestry activities, such as timber harvesting and the construction of associated resource roads in specified areas of the Fort Nelson Timber Supply Area.

    The BCER is implementing interim permitting measures in 1.4 million hectares of habitat that is important for boreal caribou protection. These measures prohibit the issuance of new or amended permits for energy-resource activities or authorizations in Boreal Caribou Management Type 1 areas (core areas) in the affected region, except for:

    • activities necessary to protect health and safety;
    • restoration activities; or
    • technical or administrative activities, with appropriate mitigations to protect boreal caribou habitat and support habitat restoration.

    The Ministry of Energy and Climate Solutions is establishing RRAs within Boreal Caribou Management Type 1 areas where new requests for petroleum and natural gas rights (postings) in the affected region are temporarily suspended. These measures align with the BCER’s interim permitting restrictions and are expected to remain in place for at least three years.

    Collectively, these actions target the specific threats to caribou habitat and support caribou-population recovery objectives, while leaving room for sustainable, inclusive economic opportunities and public access and recreational uses that are compatible with shared recovery goals. The conservation measures will not affect recreation or public access to these areas.

    In July 2024, the B.C. government consulted First Nation governments and potentially affected forestry licensees about the establishment of WHAs. These discussions were completed in February 2025.

    The Province has also engaged with and notified other parties who are not legally affected by habitat-protection measures, such as registered trappers, guide outfitters or local governments, but have interests overlapping the WHAs. The consultation and engagement process provided an opportunity to review the socio-economic assessment and refine boundaries or regulatory actions if needed.

    Learn More:

    To learn more about Boreal Caribou Protection and Recovery Plan, visit: https://www2.gov.bc.ca/assets/download/7701D375C38E4E29ACB37046EC9FAF8F

    MIL OSI Canada News –

  • MIL-OSI USA: SBA Opens Business Recovery Center in Kerrville to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Kerr County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 11, SBA customer service representatives will be on hand at the Business Recovery Center in Kerrville to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    KERR COUNTY

    Business Recovery Center

    The YES Center at First Presbyterian Church

    823 North St.

    Kerrville, TX  78028

    Opens at 11 a.m. Friday, July 11

    Mondays – Fridays, 9 a.m. – 6 p.m.

    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Opens Business Recovery Center in Kerrville to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Kerr County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 11, SBA customer service representatives will be on hand at the Business Recovery Center in Kerrville to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    KERR COUNTY

    Business Recovery Center

    The YES Center at First Presbyterian Church

    823 North St.

    Kerrville, TX  78028

    Opens at 11 a.m. Friday, July 11

    Mondays – Fridays, 9 a.m. – 6 p.m.

    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: RIDOH and DEM Recommend Avoiding Contact with Select Roger Williams Park Ponds

    Source: US State of Rhode Island

    The Rhode Island Department of Health (RIDOH) and Rhode Island Department of Environmental Management (DEM) are advising people to avoid contact with Roger William Park Ponds (Edgewood Lake, Cunliff Lake, and Elm Lake) in Providence due to a confirmed cyanobacteria bloom. Cyanobacteria, also known as blue-green algae, are naturally present in bodies of water, but under certain environmental conditions will form harmful algae blooms (HABs). All recreation, including swimming, fishing, boating and kayaking, is high risk to health and recommended to be avoided at these locations. HABs can produce toxins which can be harmful to humans and animals. Toxins and/or high cell counts have been detected by the RIDOH State Health Laboratory from water samples collected by DEM at these locations. This advisory recommendation remains in effect until further notice.

    Use caution in all areas of Roger William Park Ponds as cyanobacteria HABs can move locations in ponds and lakes. People should not drink untreated water or eat fish from affected waterbodies. Pet owners should not allow pets to drink or swim in this water.

    Skin contact with water containing toxin-producing cyanobacteria can cause irritation of the skin, nose, eyes, and throat. Symptoms from ingestion of water can include stomachache, diarrhea, vomiting, and nausea. Less common symptoms can include dizziness, headache, fever, liver damage, and nervous system damage. Young children and pets are at higher risk for health effects associated with cyanobacteria HABs because they are more likely to swallow water when they are in or around bodies of water. People who have had contact with these ponds and experience those symptoms should contact their healthcare provider.

    If you or your pet come into contact with a cyanobacteria HAB: — Rinse your skin with clean water right away. — Shower and wash your cloths when you get home. — If your pet was exposed, wash it with clean water immediately and don’t let it lick algae from its fur. — Call a vet if your pet shows signs of illness like tiredness, no eating, vomiting, diarrhea or other symptoms within a day. — If you feel sick after contact, call a healthcare provider.

    Affected waters might look bright to dark green, with thick algae floating on the surface. It may resemble green paint, pea soup, or green cottage cheese. If you see water like this, people and pets should avoid contact with the water. To report suspected cyanobacteria blooms, contact DEM’s Office of Water Resources at 401-222-4700 Press 6 or DEM.OWRCyano@dem.ri.gov and if possible, send a photograph of the reported algae bloom.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom provides $11 million to organizations helping underserved job seekers find training and employment

    Source: US State of California 2

    Jul 11, 2025

    What you need to know: Governor Newsom is announcing that the California Employment Development Department is awarding $11 million to help six California organizations connect underserved adults — including veterans, people with disabilities, and at-risk young adults — with job training and career development services.

    SACRAMENTO — A nearly $11 million grant will help six California-based organizations develop and deliver job training and career development services to Californians facing some of the most significant barriers to finding employment. This includes veterans, people with disabilities, English-language learners, the long-term unemployed, workers over the age of 55, and at-risk young adults who are not in school or are unemployed. According to a national Georgetown University study, Jobs for All, there are approximately 27 to 35 million individuals who want to work but face significant barriers (such as poverty, disability, or long-term unemployment) to getting hired. 

    In California, investments like the Employment Social Enterprise program supports Governor Newsom’s Master Plan for Career Education, which aims to bridge the gap and equip all students and workers with the tools necessary to achieve stability through good-paying jobs. 

    “Every Californian deserves the opportunity to pursue a meaningful career. This investment advances California’s Master Plan for Career Education and California Jobs First by expanding access to career pathways for Californians who’ve historically faced systemic barriers. It’s a step toward a more inclusive and opportunity-rich economy for everyone.”

    Governor Gavin Newsom

    “The Employment Social Enterprise Program brings jobs and dignity to Californians who’ve been left out of the workforce by connecting them to real work, supportive services, and long-term opportunity. These grants help mission-driven businesses grow while unlocking potential in communities too often excluded from the labor market.”

    Stewart Knox, Secretary of Laboy & Workforce Development

    “By providing opportunities for those who have been overlooked in society, we’re helping more Californians build lasting careers that strengthen our workforce,” said EDD Director Nancy Farias.

     These awards from the Employment Development Department (EDD), in coordination with the California Labor and Workforce Development Agency, are part of the Employment Social Enterprise program.

    Employment Social Enterprises are businesses that sell goods and services and provide transitional jobs and support to people breaking through employment barriers. Grant funds focus on transitioning individuals into stable, good-paying jobs — where they can earn wages, gain work experience, improve job skills, and access supportive services. Supportive services may include housing assistance, childcare access, mental health services, job coaching, and more.

    The Employment Social Enterprise program is a part of the California Jobs First initiative. In partnership with its 13 economic regions, the State is investing in job creation, industrial strategy, and economic development initiatives, to create a more equitable economy that works for all Californians. 

    What they’re saying

    Jeff Negrete, Executive Director, Catholic Charities of the Diocese of Fresno: “At Catholic Charities, we’ve always been here to meet immediate needs — food, clothing, and critical support in moments of crisis. But this grant allows us to do something more. It gives us the opportunity to offer a true hand up. Our mission calls us to serve, advocate for, and empower those in need, and this program truly brings empowerment to life. With this workforce development program, we can help people take real steps forward — to find meaningful work, to experience the power of the paycheck, and to help them gain the tools necessary to shape a better future.”

    Will Oliver, President & CEO, Fresno County Economic Development Corporation: “We’re thrilled to receive this EDD grant. It’s a critical investment that will allow us to expand access to high-quality careers, providing vital talent for our growing businesses and ensuring job seekers from social enterprises can step into good-paying, sustainable employment.”

    Kerry Doi, PACE President & CEO: “TEACH Track represents an intentional investment in the people and future of Los Angeles. By connecting underserved job seekers to meaningful, quality careers in early childhood education, we are strengthening families, the workforce, and the community.”

    Elisabeth White, Founder, Plan of Action: “Our mission is to open doors for autistic talent in the creative industries by building an inclusive, industry-focused employment pipeline. By bringing animation jobs back to Los Angeles, we’re showcasing the outstanding talents and contributions of neurodiverse individuals.”

    Jessica Filbrun, CEO Stanislaus Equity Partners: “We have a unique mission and opportunity, through California Employment Development Department’s Social Enterprise Grant to catalyze social enterprise incubation, increase job training models, and create employment opportunities. This truly mobilizes regional partnerships to develop creative, low-cost housing solutions through the development of a regional San Joaquin Valley modular home manufacturing facility.”

    Maria Kim, President & CEO, REDF: “This program goes beyond just creating jobs; these grantee organizations help restore dignity, expand opportunity, and build a more inclusive economy. Inspired by the ESE [Employment Social Enterprise] model that leverages the power of real work experiences as a critical first step, the California Employment Social Enterprise WIOA program supports 6 innovative organizations as they unlock economic mobility and workforce equity for some of our most vulnerable Californians. REDF is honored to help these organizations to grow and to surface economic mobility models that can be inspiration for the field.”

    Employment social enterprise program awardees

    • Fresno County: Catholic Charities of the Diocese of Fresno, $1.91 million; The Economic Development Corporation Serving Fresno County, $1.7 million
    • Los Angeles County: Pacific Asian Consortium in Employment, $1.91 million; Plan of Action, $833,829
    • Riverside County: Inland Southern California 211+, $1.73 million
    • Stanislaus County: Stanislaus Equity Partners, $1.91 million
    • Statewide: REDF, $978,735

    An additional $1 million has been awarded to REDF to provide technical assistance and strengthen collaboration among the six awardees, share best practices, and support program development and implementation.

    These grants are funded under the Workforce Innovation and Opportunity Act Governor’s Discretionary funds and are 100 percent federally funded by two separate awards totaling $9,999, $199.53, and $978,735.71 respectively, from the U.S. Department of Labor.

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  • MIL-OSI USA: Governor Newsom restructures state government to combat homelessness, boost housing and affordability

    Source: US State of California 2

    Jul 11, 2025

    What you need to know: As part of California’s strategy to combat homelessness and expand housing, Governor Gavin Newsom is reorganizing state agencies to institutionalize housing, homelessness, and affordability as long-term priorities. The reorganization creates a new California Housing and Homelessness Agency and a separate Business and Consumer Services Agency to enhance focus and accountability across these critical areas.

    SACRAMENTO – Building on the Administration’s efforts to reverse decades of inaction on housing and homelessness, Governor Gavin Newsom today announced the reorganization proposal went into effect last week, authorizing the state to move forward and create the California Housing and Homelessness Agency and the Business and Consumer Services Agency. As a result, the state will move forward with the formation of the two new agencies to institutionalize these policy priorities for years to come: The California Housing and Homelessness Agency (CHHA) focused on housing, homelessness, and civil rights, and the Business and Consumer Services Agency (BCSA) is dedicated to business regulation and consumer protection.  

    “Housing and homelessness are complex and multifaceted issues — deserving of full and prioritized attention — something we have established within this administration. I am grateful that the legislature recognized the need for a new standalone agency dedicated to addressing these vexing issues that continue to face our state and nation, so that these issues will never fall into the shadows again. We have a moral imperative to continue this work and to ensure every Californian has a safe place to call home.”

    Governor Gavin Newsom

    Since taking office in 2019, Governor Newsom has created unprecedented policy and structural changes in state government to help California better address its housing and homelessness crises, including additional and unprecedented support for local governments, stronger accountability and enforcement, transformational changes to mental health services, and groundbreaking reforms — including a recently signed housing and infrastructure package that delivers foundational reforms to break down systemic barriers and help ensure California can meet the housing needs of current and future generations. These changes have helped connect hundreds of thousands of people at risk of or experiencing homelessness with vital supports.

    Today’s announcement continues the administration’s ongoing work to increase housing, reduce homelessness, and improve affordability. Establishing a standalone agency provides the alignment needed to speed up the construction and financing of housing under California’s affordable housing programs. This approach aims to reduce, prevent, and ultimately end homelessness, while safeguarding civil rights and reinforcing California’s leadership in consumer protections. The new structure will also create a new housing continuum system to better align housing programs and financing and provide a more streamlined process with an all-of-government approach.

    Creating long-term solutions

    By creating a dedicated housing agency and streamlining consumer oversight, the Newsom Administration is ensuring California remains focused on long-term, scalable solutions that serve current and future generations.

    “This bold plan shows we are being more aggressive in prioritizing change for the better,” said Tomiquia Moss, Secretary of the Business, Consumer Services, and Housing Agency. “This will enable us to better reach our goal of 2.5 million new homes by 2030, with one million of them being affordable housing. I’m extremely pleased the Governor is cementing his legacy by taking the Administration’s accomplishments to the next level, providing the structure to make lasting and sustainable change.”

    The California Housing and Homelessness Agency (CHHA) will concentrate on coordinating efforts across government to tackle housing and homelessness challenges, as well as protecting Californians’ civil rights. In this all-of-government approach, CHHA will utilize resources and expertise within government to address these important issues. It includes the following departments:

    • The Housing Development and Finance Committee (HDFC)
    • Department of Housing and Community Development (HCD) 
    • California Interagency Council on Homelessness (Cal ICH) 
    • California Housing Finance Agency (CalHFA)
    • Civil Rights Department (CRD) 

    The Business and Consumer Services Agency (BCSA) will strengthen the state’s ability to protect consumers by providing focused leadership and oversight across a wide range of industries, such as occupational licensing, alcohol regulation, cannabis regulation, and financial protection, fostering a proactive approach to addressing emerging risks and needs. It includes the following departments:

    • Department of Alcoholic Beverage Control (ABC) 
    • Alcoholic Beverage Control Appeals Board (ABC AB) 
    • Department of Cannabis Control (DCC) 
    • Cannabis Control Appeals Panel (CCAP) 
    • California Horse Racing Board (CHRB) 
    • Department of Consumer Affairs (DCA) 
    • Department of Real Estate (DRE) 
    • Department of Financial Protection and Innovation (DFPI) 

    The new California Housing and Homelessness Agency and the Business Consumer Services Agency will become effective July 1, 2026, at which time the current Business Consumer Services and Housing Agency will be dissolved. 

    Reversing decades of inaction

    The Newsom administration is making significant progress in reversing decades of inaction on homelessness. Between 2014 and 2019—before Governor Newsom took office—unsheltered homelessness in California rose by approximately 37,000 people. Since then, under this Administration, California has significantly slowed that growth, even as many other states have seen worsening trends

    In 2024, while homelessness increased nationally by over 18%, California limited its overall increase to just 3%—a lower rate than in 40 other states. The state also held the growth of unsheltered homelessness to just 0.45%, compared to a national increase of nearly 7%. States like Florida, Texas, New York, and Illinois saw larger increases both in percentage and absolute numbers. California also achieved the nation’s largest reduction in veteran homelessness and made meaningful progress in reducing youth homelessness.

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