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Category: Transport

  • MIL-Evening Report: 2 ways cities can beat the heat: Which is best, urban trees or cool roofs?

    Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University

    Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY

    When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the sun’s warmth and vehicles and air conditioners release more heat into the air.

    The temperature in an urban neighborhood with few trees can be more than 10 degrees Fahrenheit (5.5 Celsius) higher than in nearby suburbs. That means air conditioning works harder, straining the electrical grid and leaving communities vulnerable to power outages.

    There are some proven steps that cities can take to help cool the air – planting trees that provide shade and moisture, for example, or creating cool roofs that reflect solar energy away from the neighborhood rather than absorbing it.

    But do these steps pay off everywhere?

    We study heat risk in cities as urban ecologists and have been exploring the impact of tree-planting and reflective roofs in different cities and different neighborhoods across cities. What we’re learning can help cities and homeowners be more targeted in their efforts to beat the heat.

    The wonder of trees

    Urban trees offer a natural defense against rising temperatures. They cast shade and release water vapor through their leaves, a process akin to human sweating. That cools the surrounding air and reduces afternoon heat.

    Adding trees to city streets, parks and residential yards can make a meaningful difference in how hot a neighborhood feels, with blocks that have tree canopies nearly 3 F (1.7 C) cooler than blocks without trees.

    Comparing maps of New York’s vegetation and temperature shows the cooling effect of parks and neighborhoods with more trees. In the map on the left, lighter colors are areas with fewer trees. Light areas in the map on the right are hotter.
    NASA/USGS Landsat

    But planting trees isn’t always simple.

    In hot, dry cities, trees often require irrigation to survive, which can strain already limited water resources. Trees must survive for decades to grow large enough to provide shade and release enough water vapor to reduce air temperatures.

    Annual maintenance costs – about US$900 per tree per year in Boston – can surpass the initial planting investment.

    Most challenging of all, dense urban neighborhoods where heat is most intense are often too packed with buildings and roads to grow more trees.

    How cool roofs can help on hot days

    Another option is “cool roofs.” Coating rooftops with reflective paint or using light-colored materials allows buildings to reflect more sunlight back into the atmosphere rather than absorbing it as heat.

    These roofs can lower the temperature inside an apartment building without air conditioning by about 2 to 6 F (1 to 3.3 C), and can cut peak cooling demand by as much as 27% in air-conditioned buildings, one study found. They can also provide immediate relief by reducing outdoor temperatures in densely populated areas. The maintenance costs are also lower than expanding urban forests.

    Two workers apply a white coating to the roof of a row home in Philadelphia.
    AP Photo/Matt Rourke

    However, like trees, cool roofs come with limits. Cool roofs work better on flat roofs than sloped roofs with shingles, as flat roofs are often covered by heat-trapping rubber and are exposed to more direct sunlight over the course of an afternoon.

    Cities also have a finite number of rooftops that can be retrofitted. And in cities that already have many light-colored roofs, a few more might help lower cooling costs in those buildings, but they won’t do much more for the neighborhood.

    By weighing the trade-offs of both strategies, cities can design location-specific plans to beat the heat.

    Choosing the right mix of cooling solutions

    Many cities around the world have taken steps to adapt to extreme heat, with tree planting and cool roof programs that implement reflectivity requirements or incentivize cool roof adoption.

    In Detroit, nonprofit organizations have planted more than 166,000 trees since 1989. In Los Angeles, building codes now require new residential roofs to meet specific reflectivity standards.

    In a recent study, we analyzed Boston’s potential to lower heat in vulnerable neighborhoods across the city. The results demonstrate how a balanced, budget-conscious strategy could deliver significant cooling benefits.

    For example, we found that planting trees can cool the air 35% more than installing cool roofs in places where trees can actually be planted.

    However, many of the best places for new trees in Boston aren’t in the neighborhoods that need help. In these neighborhoods, we found that reflective roofs were the better choice.

    By investing less than 1% of the city’s annual operating budget, about US$34 million, in 2,500 new trees and 3,000 cool roofs targeting the most at-risk areas, we found that Boston could reduce heat exposure for nearly 80,000 residents. The results would reduce summertime afternoon air temperatures by over 1 F (0.6 C) in those neighborhoods.

    While that reduction might seem modest, reductions of this magnitude have been found to dramatically reduce heat-related illness and death, increase labor productivity and reduce energy costs associated with building cooling.

    Not every city will benefit from the same mix. Boston’s urban landscape includes many flat, black rooftops that reflect only about 12% of sunlight, making cool roofs that reflect over 65% of sunlight an especially effective intervention. Boston also has a relatively moist growing season that supports a thriving urban tree canopy, making both solutions viable.

    Phoenix, left, already has a lot of light-colored roots, compared with Boston, right, where roofs are mostly dark.
    Imagery © Google 2025.

    In places with fewer flat, dark rooftops suitable for cool roof conversion, tree planting may offer more value. Conversely, in cities with little room left for new trees or where extreme heat and drought limit tree survival, cool roofs may be the better bet.

    Phoenix, for example, already has many light-colored roofs. Trees might be an option there, but they will require irrigation.

    Getting the solutions where people need them

    Adding shade along sidewalks can do double-duty by giving pedestrians a place to get out of the sun and cooling buildings. In New York City, for example, street trees account for an estimated 25% of the entire urban forest.

    Cool roofs can be more difficult for a government to implement because they require working with building owners. That often means cities need to provide incentives. Louisville, Kentucky, for example, offers rebates of up to $2,000 for homeowners who install reflective roofing materials, and up to $5,000 for commercial businesses with flat roofs that use reflective coatings.

    In Boston, planting trees, left, and increasing roof reflectivity, right, were both found to be effective ways to cool urban areas.
    Ian Smith et al. 2025

    Efforts like these can help spread cool roof benefits across densely populated neighborhoods that need cooling help most.

    As climate change drives more frequent and intense urban heat, cities have powerful tools for lowering the temperature. With some attention to what already exists and what’s feasible, they can find the right budget-conscious strategy that will deliver cooling benefits for everyone.

    Lucy Hutyra has received funding from the U.S. federal government and foundations including the World Resources Institute and Burroughs Wellcome Fund for her scholarship on urban climate and mitigation strategies. She was a recipient of a 2023 MacArthur Fellowship for her work in this area.

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

    – ref. 2 ways cities can beat the heat: Which is best, urban trees or cool roofs? – https://theconversation.com/2-ways-cities-can-beat-the-heat-which-is-best-urban-trees-or-cool-roofs-260188

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Urumqi ranks among China’s top summer destinations

    Source: People’s Republic of China – State Council News

    URUMQI, July 23 — Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region, recorded 50.57 million tourist visits in the first half of 2025, making it China’s third most popular summer travel destination, said a press conference on Wednesday.

    A series of cultural and tourism events, such as traditional folk performances and performing arts festivals, have drawn tourists from around the world, according to the regional people’s government.

    The city’s tourism boom has been supported by an increasingly convenient transport network. Urumqi Tianshan International Airport, a national gateway hub, boasts annual passenger trips of 48 million and a cargo throughput of 550,000 tonnes. It operates 258 flight routes connecting over 100 cities at home and abroad.

    Last year, Xinjiang received over 300 million tourist visits, generating more than 359 billion yuan (about 50.27 billion U.S. dollars) in tourism revenue, a year-on-year increase of 21 percent.

    MIL OSI China News –

  • Skill development drive under PMKVY sees over 20 lakh youth trained in FY 2024-25

    Source: Government of India

    Source: Government of India (4)

    The Ministry of Skill Development and Entrepreneurship (MSDE) has reported notable progress under the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), with over 20 lakh candidates trained in the financial year 2024-25 alone. The flagship scheme, launched in 2015, aims to equip India’s youth with skill development through Short-Term Training (STT) and Recognition of Prior Learning (RPL) initiatives.

    Over the last five financial years, a cumulative effort across States and Union Territories has contributed to a significant rise in skilled manpower. Uttar Pradesh led the training numbers in FY 2024-25, with more than 4.63 lakh individuals trained, followed by Rajasthan with 2.79 lakh and Madhya Pradesh with over 2.58 lakh trainees.

    Placement tracking under PMKVY was actively carried out during its first three phases-PMKVY 1.0, 2.0, and 3.0-covering the period from 2015-16 to 2021-22. As per official data, the placement rate of candidates certified under the STT component during these phases stood at 43%. Under the current phase, PMKVY 4.0, the emphasis has shifted towards empowering candidates to make informed choices in their career paths with necessary orientation support.

    Third-party evaluations have reaffirmed the scheme’s impact. A study by Sambodhi Research and Communications found that individuals trained and certified under PMKVY 2.0 earned 15 percent more, on average, than their counterparts who had not participated in the scheme. RPL-certified individuals reported a 19 percent higher monthly income when compared to those without certification.

    Further, a study conducted by NITI Aayog in October 2020 revealed that 94 percent of employers surveyed expressed willingness to hire more PMKVY-trained candidates. Additionally, the Indian Institute of Public Administration (IIPA), in its impact evaluation, found that about 70.5 percent of surveyed trainees secured jobs in their desired skill sectors. Over half of the candidates trained under RPL also reported receiving or expecting better salaries than their untrained peers.

    To enhance employment opportunities under PMKVY 4.0, the Skill India Digital Hub (SIDH) has been launched. This integrated platform provides a unified digital space connecting the skilling, education, employment, and entrepreneurship ecosystems. Job seekers can access career opportunities and apprenticeships, while employers can tap into a database of trained candidates. Rozgar Melas are also being organized across the country to facilitate direct engagement between employers and job aspirants.

    This information was shared in a written reply by the Minister of State (Independent Charge) for the Ministry of Skill Development and Entrepreneurship, Jayant Chaudhary, in the Rajya Sabha.

  • MIL-OSI Russia: Rosneft Continues Whale Research

    Translation. Region: Russian Federal

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    World Whale and Dolphin Day is celebrated annually on July 23. The date was established to draw humanity’s attention to the need to preserve and protect cetaceans and other marine mammals.

    Rosneft pays special attention to environmental issues and the preservation of biodiversity. The Company’s activities are based on the principle of preserving a favorable environment and biological diversity in all regions of presence. Studying and protecting the population of whales and dolphins is one of the areas of Rosneft’s environmental program.

    One of the main species that receives close attention is the gray whale of the Okhotsk Sea population. The monitoring program for these whales has been carried out on the north-eastern shelf of Sakhalin Island for almost 30 years. As part of the research, specialists annually conduct a population census, observe the behavior of animals and study their food supply, carry out photo-identification studies, and acoustic monitoring.

    Until the 1990s, the Okhotsk Sea gray whale population was considered to be completely exterminated and was classified as a species on the verge of extinction. In 2018, the western gray whale population was classified as endangered, indicating a slow but steady recovery of the Okhotsk subpopulation of gray whales.

    In 2019, the Okhotsk Sea populations of gray and Greenland whales were included by the Russian Ministry of Natural Resources in the list of rare and endangered species of wildlife requiring priority measures for restoration and reintroduction. In 2020, the Okhotsk Sea population of gray whales was listed in the Red Book of the Russian Federation.

    In addition, the Company conducts environmental monitoring of the Okhotsk-Korean population of gray whales on the north-eastern shelf of Sakhalin Island. Specialists annually perform photo identification, population census, and studies of the food supply and behavior of mammals. The main life period of gray whales in the Sea of Okhotsk is fattening and reproduction, so studying the state of their food supply is one of the most important stages of observations.

    As part of the study of the Okhotsk-Korean gray whale population, unique acoustic monitoring is also being conducted, which includes recording and analyzing the level of natural and anthropogenic underwater noise. The research allows us to study the nature of sounds and model their propagation. Acoustic measurements are carried out using autonomous underwater recorders developed specifically for the project.

    Rosneft is an active participant in the Interdepartmental Working Group under the Ministry of Natural Resources of the Russian Federation to ensure the conservation of the Okhotsk-Korean population of gray whales. The working group develops proposals for the development of legislation for population management, coordinates the interaction of interested federal and regional executive authorities, the business community, scientific and public organizations.

    In 2020, Rosneft, together with the P.P. Shirshov Institute of Oceanology of the Russian Academy of Sciences, implemented a large-scale project to study and monitor Black Sea dolphins. Based on the results of 3 years of observations, modern up-to-date data were obtained on the number and preferred habitats of these Black Sea cetaceans, and the characteristics of their seasonal distribution. Recommendations for the study and conservation of dolphins were prepared.

    Reference:

    The gray whale is the only whale species that has mastered bottom feeding. Whales usually scoop up benthos from the bottom along with water, silt and pebbles at a depth of 15-60 m and filter the suspension through their baleen. The gray whale’s diet includes up to 70 species of invertebrates, including annelids, bivalves, small crustaceans and young fish.

    Gray whales swim slowly – on average 5-8 km/h, which allows marine parasites to cling to the whale’s skin and establish their colonies. The total weight of these fellow travelers can reach 180 kg per whale.

    Department of Information and AdvertisingPJSC NK RosneftJuly 23, 2025

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI Russia: “Online University Admission”: Super Service for Applicants

    Translation. Region: Russian Federal

    Source: Official website of the State –

    An important disclaimer is at the bottom of this article.

    In 2025, admission to universities for bachelor’s, specialist’s, master’s and postgraduate programs will be carried out through the “Online University Admission” service, developed by the Ministry of Education and Science of Russia, the Ministry of Digital Development, Communications and Mass Media of Russia, Rosobrnadzor and available on the “Gosuslugi” portal.

    It allows applicants to submit documents to educational and scientific organizations without a personal visit.

    What programs can I apply for?

    An applicant can apply for budgetary (including targeted) and fee-based education, full-time, part-time and correspondence, for bachelor’s and specialist’s degree programs, including programs of six universities participating in the pilot project to update the higher education system.

    Step by step instructions

    We will tell you in more detail about the procedure for submitting an application on the State Services portal.

    Step 1. Registration on the State Services portal and creation of a digital profile

    A verified account is required to submit an application.

    In your personal account, you can request your data on educational documents, individual achievements (IA), as well as information on disability, and then you will not have to enter them manually and confirm them with originals when submitting an application to a university.

    Step 2. Filling out the application for admission

    Provide information about education, benefits and special rights. Specify the desired areas of study. When applying for a bachelor’s degree, specialist degree or basic higher education, you can choose up to 5 universities and up to 5 areas in each of them, including paid education. The new service “University Selection” will help you quickly find the right university, select a specialty based on subjects and USE scores, and find out the passing scores of previous years. Specify admission priorities Attach documents confirming your individual achievements and entitlement to benefits.

    Details in the video instructions:

    Additionally, at this stage you can choose targeted training by answering “Yes” to the corresponding question on the questionnaire.

    You can find a customer for admission to targeted training on the portal “Work in Russia”.

    How to apply for targeted training, see the video instructions:

    https://guu.ru/wp-content/uploads/05_06_2025-Кака-подача-заяку на-целебное-обучение-в-вуз_17_06_2025.mp4

    Step 3. Submitting an application and tracking the status

    Please check your completed application again carefully and only then submit it.

    Please note that additional or internal entrance examinations must be registered separately.

    In addition, universities have the right to request additional documents or ask to replace copies that are difficult to read.

    Step 4: Submit consent

    This can be done immediately after submitting an application on Gosuslugi, in person at the admissions office, or by sending a letter by mail.

    You can submit consent on State Services starting with the application status “Submitted to the university”.

    If consent has been submitted, but according to the competition lists you see that you are not eligible for the required program, or your priorities have changed, you can revoke consent and submit it to another university.

    Step 5: Receive Notification of Enrollment

    Once the admission orders are published, you will receive a notification of the results.

    The video explains how to conclude an agreement if you are enrolling in a paid course.

    Any questions left?

    Find out more on the service website or ask the members of the admissions committee of the State University of Management by phone 8 (495) 371-00-55, online or in person.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –

  • MIL-OSI USA: Amid regional conflict, the Strait of Hormuz remains critical oil chokepoint

    Source: US Energy Information Administration

    In-brief analysis

    June 16, 2025

    The TIE was reposted to correct a data label and provide the figure data.

    Data source: U.S. Energy Information Administration analysis based on Vortexa tanker tracking
    Note: 1Q25=first quarter of 2025. figure data

    The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The strait is deep enough and wide enough to handle the world’s largest crude oil tankers, and it is one of the world’s most important oil chokepoints. Large volumes of oil flow through the strait, and very few alternative options exist to move oil out of the strait if it is closed. In 2024, oil flow through the strait averaged 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption. In the first quarter of 2025, total oil flows through the Strait of Hormuz remained relatively flat compared with 2024.

    Although we have not seen maritime traffic through the Strait of Hormuz blocked following recent tensions in the region, the price of Brent crude oil (a global benchmark) increased from $69 per barrel (b) on June 12 to $74/b on June 13. This piece highlights the importance of the strait to global oil supplies.

    Chokepoints are narrow channels along widely used global sea routes that are critical to global energy security. The inability of oil to transit a major chokepoint, even temporarily, can create substantial supply delays and raise shipping costs, potentially increasing world energy prices. Although most chokepoints can be circumvented by using other routes—often adding significantly to transit time—some chokepoints have no practical alternatives. Most volumes that transit the strait have no alternative means of exiting the region, although there are some pipeline alternatives that can avoid the Strait of Hormuz.

    Between 2022 and 2024, volumes of crude oil and condensate transiting the Strait of Hormuz declined by 1.6 million b/d, which were only partially offset by a 0.5-million b/d increase in petroleum product cargoes. The decline in oil transit through the strait partially reflects the OPEC+ decision to voluntarily cut crude oil production several times starting in November 2022, which lowered exports from Saudi Arabia, Kuwait, and the United Arab Emirates (UAE). In addition, disruptions in 2024 to oil flows around the Bab al-Mandeb Strait, which connects the Arabian Sea to the Red Sea, led Saudi Arabia’s national oil company Aramco to shift seaborne crude oil flows from the Strait of Hormuz, instead sending it over land through its East-West pipeline to ports on the Red Sea. Also, more refining capacity in the Persian Gulf states increased regional demand for crude oil and shifted some flows to local markets within the Persian Gulf.

    Flows through the Strait of Hormuz in 2024 and the first quarter of 2025 made up more than one-quarter of total global seaborne oil trade and about one-fifth of global oil and petroleum product consumption. In addition, around one-fifth of global liquefied natural gas trade also transited the Strait of Hormuz in 2024, primarily from Qatar.

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, June 2025, and U.S. Energy Information Administration analysis based on Vortexa tanker tracking
    Note: World maritime oil trade excludes intra-country volumes except those volumes that transit the Strait of Hormuz. LNG=liquefied natural gas. 1Q25=first quarter of 2025

    Based on tanker tracking data published by Vortexa, Saudi Arabia moves more crude oil and condensate through the Strait of Hormuz than any other country. In 2024, exports of crude and condensate from Saudi Arabia accounted for 38% of total Hormuz crude flows (5.5 million b/d).

    Alternative routes
    Saudi Arabia and the UAE have some infrastructure in place that can bypass the Strait of Hormuz, which may somewhat mitigate any transit disruptions through the strait. The pipelines do not typically operate at full capacity, and we estimate that about 2.6 million b/d of capacity from the Saudi and UAE pipelines could be available to bypass the Strait of Hormuz in the event of a supply disruption.

    Saudi Aramco operates the 5 million-b/d East-West crude oil pipeline, which runs from the Abqaiq oil processing center near the Persian Gulf to the Yanbu port on the Red Sea. Aramco temporarily expanded the pipeline’s capacity to 7.0 million b/d in 2019 when it converted some natural gas liquids pipelines to accept crude oil. In 2024, Saudi Arabia pumped more crude oil through the East-West pipeline to avoid the shipping disruptions around the Bab al-Mandeb.

    The UAE also operates a pipeline that bypasses the Strait of Hormuz. This 1.8 million-b/d pipeline links onshore oil fields to the Fujairah export terminal in the Gulf of Oman. In 2024, crude oil and condensate volumes originating in the UAE and traversing Hormuz were 0.4 million b/d less than in 2022 because refinery upgrades allowed more heavy crude oil to be refined locally. These upgrades also allowed the UAE to increase exports of its lighter crude oil grades, and use of the pipeline to the Fujairah export terminal increased. Increased use of the pipeline for day-to-day operations has limited the excess capacity available to reroute additional volumes around the Strait of Hormuz.

    Iran inaugurated the Goreh-Jask pipeline and the Jask export terminal on the Gulf of Oman (avoiding the Strait of Hormuz) with a single export cargo in July 2021. The pipeline’s effective capacity remains around 300,000 b/d. However, during the summer of 2024 Iran exported less than 70,000 b/d from ports (Bandar-e-Jask and Kooh Mobarak) using the Goreh-Jask pipeline and stopped loading cargoes after September 2024.

    Destination markets
    We estimate that 84% of the crude oil and condensate and 83% of the liquefied natural gas that moved through the Strait of Hormuz went to Asian markets in 2024. China, India, Japan, and South Korea were the top destinations for crude oil moving through the Strait of Hormuz to Asia, accounting for a combined 69% of all Hormuz crude oil and condensate flows in 2024. These markets would likely be most affected by supply disruptions at Hormuz.

    Data source: U.S. Energy Information Administration analysis based on Vortexa tanker tracking
    Note: 1Q25=first quarter of 2025. figure data

    In 2024, the United States imported about 0.5 million b/d of crude oil and condensate from Persian Gulf countries through the Strait of Hormuz, accounting for about 7% of total U.S. crude oil and condensate imports and 2% of U.S. petroleum liquids consumption. In 2024, U.S. crude oil imports from countries in the Persian Gulf were at the lowest level in nearly 40 years as domestic production and imports from Canada have increased.

    Principal contributors: Candace Dunn, Justine Barden

    MIL OSI USA News –

  • MIL-OSI: Diane Davis Appointed to Boards of First Fed and First Northwest Bancorp

    Source: GlobeNewswire (MIL-OSI)

    PORT ANGELES, Wash., July 23, 2025 (GLOBE NEWSWIRE) — First Northwest Bancorp (NASDAQ: FNWB), the holding company for First Fed Bank, announced the appointment of Diane C. Davis to the Boards of Directors of both First Fed Bank and First Northwest Bancorp.

    Ms. Davis brings more than 25 years of leadership experience in the insurance industry, with expertise in executive management, strategy, risk management, and corporate governance. Further, Diane is an experienced community bank board member, having served on the board of First Financial Northwest Bancorp, which was acquired earlier this year.

    “Diane’s extensive experience in risk oversight and executive leadership will be a tremendous asset to our organization as we continue to grow and serve our communities,” said Geri Bullard, Interim CEO of First Fed. “Her proven expertise in strategy and governance aligns with our long-term goals, and we are excited to welcome her to the Board.”

    “Community banks play a vital role in building strong, resilient local economies, and I’m deeply passionate about supporting that mission. I’m honored to join First Fed’s board and work alongside its dedicated executive team and fellow board members,” said Diane Davis.

    Ms. Davis began her career at Farmers New World Life Insurance Company in 1992 and advanced through a variety of leadership roles, including Chief Risk Officer and ultimately President from 2016 until her retirement in 2019. She also served as Regional Chief Risk Officer for Global Life North America at Zurich Insurance Company Ltd., bringing broad actuarial and strategic planning experience to her board role.

    She holds a Bachelor of Science in Actuarial Science from the University of Illinois at Urbana-Champaign and a Master of Business Administration from the University of Washington. A Fellow of the Society of Actuaries, Ms. Davis currently serves as co-chair of 5050 Women on Boards of Greater Seattle and is a former member of the Board of Directors for Habitat for Humanity Seattle-King County.

    Her appointment reflects First Fed’s ongoing commitment to strong governance, sustainable growth, and long-term financial security for its customers and communities.

    About FNWB

    First Northwest Bancorp (Nasdaq: FNWB) is a financial holding company engaged in investment activities including the business of its subsidiary, First Fed Bank. First Fed is a Pacific Northwest-based financial institution which has served its customers and communities since 1923. Currently, First Fed has 18 locations in Washington State including 12 full-service branches. First Fed’s business and operating strategy is focused on building sustainable earnings by delivering a full array of financial products and services for individuals, small businesses, non-profit organizations and commercial customers. In 2022, First Northwest made an investment in The Meriwether Group, LLC, a boutique investment banking and accelerator firm. Additionally, First Northwest focuses on strategic partnerships to provide modern financial services such as digital payments and marketplace lending. First Northwest Bancorp was incorporated in 2012 and completed its initial public offering in 2015 under the ticker symbol FNWB. First Fed is headquartered in Port Angeles, Washington.

    First Fed Bank was recognized by Puget Sound Business Journal as a Best Workplace in 2023 and top Corporate Philanthropist in 2023 and 2024. By popular vote, First Fed received 2024 awards for Best Bank and Best Lender in Best of the Peninsula for Clallam County. First Fed is a Member FDIC and equal housing lender.

    Geri Bullard, Interim CEO / Chief Operating Officer
    First Fed 105 W. Eight Street
    Port Angeles, WA 98362
    360-565-8556

    The MIL Network –

  • MIL-OSI Submissions: Understanding the violence against Alawites and Druze in Syria after Assad

    Source: The Conversation – USA (3) – By Güneş Murat Tezcür, Professor and Director of the School of Politics and Global Studies, Arizona State University

    Bedouin fighters at Mazraa village on the outskirts of Sweida city, during clashes in southern Syria on July 18, 2025. AP Photo/Ghaith Alsayed

    In July 2025, clashes between the Druze religious minority and Sunni Arabs backed by government-affiliated forces led to hundreds of deaths in Sweida province in southern Syria. Israel later launched dozens of airstrikes in support of the Druze.

    This eruption of violence was an eerie reminder of what had unfolded in March 2025 when supporters of the fallen regime led by Bashar Assad, an Alawite, targeted security units. In retaliation, militias affiliated with the newly formed government in Damascus carried out indiscriminate killings of Alawites.

    While exact figures remain difficult to verify, more than 1,300 individuals, most of them Alawites, lost their lives. In some cases, entire families were summarily executed.

    Although the Syrian government promised an investigation into the atrocities, home invasions, kidnappings of Alawite women and extrajudicial executions of Alawite men continue.

    The violence in Sweida also bore a sectarian dimension, pitting members of a religious minority against armed groups aligned with the country’s Sunni majority.

    A key difference, however, involved the active Israeli support for the Druze and the U.S. efforts to broker a ceasefire.

    Post-Assad Syria has seen promising developments, including the lifting of international sanctions, a resurgence of civil society and the end of diplomatic isolation. There was even a limited rapprochement with the main Kurdish political party controlling northeastern Syria.

    The persistent violence targeting the Alawites and, to a more limited extent, the Druze, starkly contrasts with these trends. As a scholar of religious minorities and the Middle East, I argue that the current political situation reflects their historical persecution and marginalization.

    History of the Alawites

    The Alawites emerged as a distinct religious community in the 10th century in the region of the Latakia coastal mountains, which today make up northwestern Syria.

    Although their beliefs have some commonalities with Shiite Islam, the Alawites maintain their own unique religious leadership and rituals. Under the Ottoman regime in the late 19th century, they benefited from reforms such as the expansion of educational opportunities and economic modernization, while gaining geographical and social mobility.

    After Hafez Assad, the father of Bashar, came to power in a coup in 1970, he drew upon his Alawite base to reinforce his regime. Consequently, Alawites became disproportionately represented in the officer corps and intelligence services.

    Prior to the civil war, which began in 2011, their population was estimated at around 2 million, constituting roughly 10% of Syria’s population. During the civil war, Alawite young men fighting for the regime suffered heavy casualties. However, most Alawites remained in Syria, while Sunni Arabs and Kurds were disproportionately displaced or became refugees.

    Members of the Alawite minority gather outside the Russian air base in Hmeimim, near Latakia in Syria’s coastal region, on March 11, 2025, as they seek refuge there after violence and retaliatory killings in the area.
    AP Photo/Omar Albam

    Among Syria’s minorities, two key factors make the Alawites most vulnerable to mass violence in post-Assad Syria. The first factor is that, like the Druze, Alawites have their own distinct beliefs that deviate from Sunni Islam. Their religious practices and teachings are often described as “esoteric” and remain mostly inaccessible to outsiders.

    In my 2024 book “Liminal Minorities: Religious Difference and Mass Violence in Muslim Societies,” I categorize the Alawites and Druze in Syria alongside Yezidis in Iraq, Alevis in Turkey and Baha’is in Iran as “liminal minorities” – religious groups subject to deep-seated stigmas transmitted across generations.

    These groups are often treated as heretics who split from Islam and whose beliefs and rituals are deemed beyond the pale of acceptance. For instance, according to Alawite beliefs, Ali, the son-in-law of Prophet Muhammad, is a divine manifestation of God, which challenges the idea of strict monotheism central to Sunni Islam.

    From the perspective of Sunni orthodoxy, these groups’ beliefs have been a source of suspicion and disdain. A series of fatwas by prominent Sunni clerics from the 14th to the 19th century declared Alawites heretics.

    Resentment against the Alawites

    The second factor contributing to the Alawites’ vulnerability is the widespread perception that they were the main beneficiaries of the Assad regime, which engaged in mass murder against its own citizens. Although power remained narrowly concentrated under Assad, many Alawites occupied key positions in the security apparatus as well as the government.

    In today’s political landscape where the central government remains weak and its control over various armed groups is limited, religious stigmatization and political resentment create fertile ground for mass violence targeting the Alawites.

    The massacres of March 2025 were accompanied by sectarian hate speech, including open calls for the extermination of the Alawites, both in the streets and on social media.

    While many Sunni Muslims in Syria also perceive the Druze as heretics, they maintained a greater degree of distance from the Assad regime and were less integrated into its security apparatus.

    Nonetheless, in recent months the situation deteriorated rapidly in the Druze heartland. The Druze militias and local Bedouin tribes engaged in heavy fighting in July 2025. Unlike the Alawites, the Druze received direct military assistance from Israel, which has its small but influential Druze population. This further complicates peaceful coexistence among religious groups in post-Assad Syria.

    A sober future

    Sunni Arab identity is central to the newly formed government in Damascus, which can come at the expense of religious and ethnic pluralism. However, it has incentives to rein in arbitrary violence against the Alawites and Druze. Projecting itself as a source of order and national unity helps the government internationally, both diplomatically and economically.

    Internally, however, the new government remains fractured and lacks effective control over vast swaths of territory. While it pays lip service to transitional justice, it is also cautious about being perceived as overly lenient toward individuals associated with the Assad regime and its crimes. Meanwhile, Alawite and Druze demands for regional autonomy continue to stoke popular Sunni resentments and risk triggering further cycles of instability and violence.

    I believe that in a post-Assad Syria defined by fractured governance and episodic retribution, the Alawites as well as Druze are likely to face deepening marginalization.

    Güneş Murat Tezcür does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Understanding the violence against Alawites and Druze in Syria after Assad – https://theconversation.com/understanding-the-violence-against-alawites-and-druze-in-syria-after-assad-255292

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  • MIL-OSI Africa: Ambassador Gao Wenqi visits Early Childhood Development (ECD) center with United Nations Children’s Fund (UNICEF) country representative to Rwanda

    Source: APO

    On July 22, Ambassador Gao Wenqi, along with Ms. Lieke van de Wiel, UNICEF country Representative to Rwanda, visited the cross-border Early Childhood Development center in Burera District, Northern Province. They were warmly received by District Mayor MUKAMANA Soline and briefed by the ADEPE team and young parents on how the project has helped and empowered local children and families. The field trip also featured lively interactions with the kids.

    Ambassador GAO noted that as a signature tripartite cooperation project between China, UNICEF and Rwanda, the ECD project in Rwanda has made positive contributions to improving children nutrition and health, empowering education for young generations, and promoting Rwanda’s national strategic transformation. China will continue to work with UN agencies and the Rwandan government to support the country’s socio-economic development with more and more early harvest.

    The cooperation with the Chinese government has effectively enhanced local children’s well-being and promoted Rwanda’s sustainable development, the UNICEF Representative to Rwanda said. She expressed willingness to strengthen cooperation with the Embassy in the near future.

    The Early Childhood Development project is funded by the Chinese government through the Global Development and South-South Cooperation Fund and implemented by UNICEF Rwanda. It has been carried out across six districts in three provinces of the country since March 2025.

    Distributed by APO Group on behalf of Embassy of the People’s Republic of China in the Republic of Rwanda.

    Media files

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  • MIL-OSI Africa: Affluenz Magazine Unveils Commemorative Issue Spotlighting United Arab Emirates (UAE) Founding Father Sheikh Zayed, Noura Al Kaabi, and African Visionary Elvis Sepenya

    Source: APO

    Affluenz Magazine (www.Affluenz.com), International’s leading global luxury, leadership, and impact publication, has officially released its much-anticipated July/August 2025 issue — a special edition commemorating the 20th anniversary of the passing of His Highness Sheikh Zayed bin Sultan Al Nahyan, the Founding Father of the United Arab Emirates.

    This commemorative edition features a powerful trio of cover stories — spotlighting the enduring legacy of Sheikh Zayed, the cultural diplomacy of UAE’s Minister of State, Noura bint Mohammed Al Kaabi, and the entrepreneurial excellence of Elvis Sepenya, CEO of Skywise Group, one of Africa’s most innovative investment firms.

    This historic issue celebrates Sheikh Zayed’s vision of unity, progress, and inclusion — a legacy that continues to define the modern UAE. Affluenz Magazine delves into his leadership, values, and role in positioning the Emirates as a hub of diplomacy, innovation, and tolerance.

    Also on the cover is Noura Al Kaabi, a global advocate for cultural dialogue and creative economies. In her exclusive interview, she discusses the UAE’s mission to foster global cultural exchange and its investment in youth empowerment across the Arab world and Africa.

    Rounding out the trio is Elvis Sepenya, the young African magnate who has risen to prominence through Skywise Group’s diversified holdings in aviation, real estate, and tech. His story of resilience, reinvention, and corporate leadership offers inspiration for a new generation of African entrepreneurs.

    Beyond the covers, the issue features in-depth profiles on several influential leaders and institutions across Africa and the Middle East — from oil and gas executives and royalty to social innovators and philanthropists — all of whom are making measurable impact in their sectors and communities.

    Beyond its striking covers, the July/August 2025 edition of Affluenz Magazine delivers an enriching array of exclusive features and compelling interviews that spotlight transformative figures shaping Africa and the global stage.

    Among the celebrated personalities is Ameera Abraham, the trailblazing founder of The Nail Bar, who shares her journey in redefining luxury wellness and empowering a new wave of African beautypreneurs. Equally inspiring is Tonya Lawani, the formidable force behind SEAL Group, whose strategic leadership continues to drive innovation and empowerment across industries.

    Linda Turner, founder of Linda Hope Initiatives and CEO of Jat Holdings, exemplifies the powerful blend of business acumen and humanitarian spirit. With ventures spanning real estate, fashion, interior design, and hospitality, she personifies resilience and compassion, balancing her roles as a mother, wife, entrepreneur, and advocate—all grounded in her unwavering commitment to uplifting lives.

    Adunni Rinwa emerges as a beacon of integrity and innovation in Nigeria’s real estate sector. As founder and CEO of Rinwa Realty, she has revolutionized property investment and homeownership, raising the bar for transparency and delivery in the industry.

    The issue also features Hassan Imam, Managing Director of Keystone Bank, recognized for his strategic role in redefining digital banking and financial inclusion in Nigeria. From the UAE, Hussain Abdulrahman Khansaheb is profiled for his contributions to sustainable urban development and visionary leadership in construction and infrastructure.

    Adding to the intellectual gravitas of the edition is Peace Hyde, celebrated media entrepreneur, educator, and founder of Aim Higher Africa. Her voice continues to inspire a generation to dream big and build boldly.

    Together, these stories reflect the essence of Affluenz Magazine: a publication committed to elevating Africa’s voices, capturing legacies in the making, and connecting excellence across continents.

    Founded in 2011 as Pleasures Magazine and rebranded as Affluenz Magazine in 2024, the publication has evolved into a world-class platform that highlights African and Middle Eastern excellence, entrepreneurship, and culture. With editorial offices in Abuja, Dubai,Riyadh Accra, Washington DC and London, the magazine reaches readers in over 103 countries and maintains syndication through platforms like Yahoo Finance, Business Insider, and Washington Times.

    Speaking about the new edition, Executive Publisher Adedotun Olaoluwa remarked:

    “This special issue is not just a tribute to Sheikh Zayed, but a celebration of global visionaries — individuals building bridges across continents. Affluenz continues to be a vessel for celebrating our shared humanity and transformative leadership from Africa to the Middle East.”

    The July/August 2025 issue is now available in digital and print formats across select global outlets, including Barnes & Noble (US), WHSmith (UK), and Virgin Megastore (UAE), as well as through Affluenz’s official website: www.Affluenz.com and Selar (https://apo-opa.co/4f7wBiA).

    Distributed by APO Group on behalf of The Affluenz (formerly Pleasures Magazine).

    Contact:
    Dotmount Communications
    Email: info@affluenz.com
    Instagram: @ affluenzmag
    Phone: +234 816 090 6918
    https://apo-opa.co/4f7wBiA

    Media files

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    MIL OSI Africa –

  • MIL-OSI Security: Mexican national sentenced to over 11 years for importing nearly $8 million in methamphetamine

    Source: Office of United States Attorneys

    McALLEN, Texas – A 26-year-old resident of Camargo, Mexico, has been sentenced to federal prison for importing more than 100 kilograms of methamphetamine, announced U.S. Attorney Nicholas J. Ganjei.

    Cesar Alejandro Saavedra-Garcia pleaded guilty Feb. 28.

    Chief U.S. District Judge Randy Crane has now ordered Saavedra to serve 135 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court heard additional evidence that Saavedra-Garcia played an integral role in smuggling illegal narcotics into the United States. In handing down the sentence, the court noted the large amount of meth found in Saavedra-Garcia’s vehicle and the fact that he had admitted to transporting narcotics previously. 

    On Dec. 17, 2024, Saavedra-Garcia arrived at the Sarita Border Patrol Checkpoint and claimed he had no illegal drugs in his vehicle. 

    However, at secondary inspection, a K-9 alerted to the odor of narcotics. A subsequent search revealed 112 bricks of methamphetamine hidden in compartments near the vehicle’s cargo bed. 

    The drugs weighed approximately 109 kilograms and had an estimated street value of nearly $7.7 million. 

    At the time of his plea, Saavedra-Garcia admitted he knew he was smuggling narcotics into the United States. 

    Saavedra-Garcia will remain in custody pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    Customs and Border Protection and Immigration and Customs Enforcement-Homeland Security Investigations conducted the investigation. Assistant U.S. Attorneys Theodore Parran and Avery Benitez prosecuted the case.

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  • MIL-OSI Security: California man gets maximum sentence for laundering proceeds from email fraud scheme

    Source: Office of United States Attorneys

    HOUSTON – A San Fernando, California, man has been ordered to federal prison for operating an illegal money transmitting business, announced U.S. Attorney Nicholas J. Ganjei.

    Victor Rubio Jr. 28, pleaded guilty Feb. 6.

    U.S. District Judge George Hanks has now ordered Rubio to serve the maximum 60 months in federal prison to be immediately followed by three years of supervised release. At the hearing, the court considered additional evidence about other frauds Rubio committed while on bond in imposing the sentencing, assessing extra points for obstruction of justice. In handing down the sentence, Judge Hanks noted Rubio had committed obstruction after writing his letter to the judge asking for leniency and apologizing for his first crime. 

    Rubio admitted that from 2021 to 2022, he operated an unlicensed money transmitting business that received and transmitted funds from a business email compromise (BEC) scheme. Rubio ran the unlicensed money transmitting business by using shell companies that existed only on paper.

    As part of the plea, Rubio acknowledged opening and maintaining bank accounts to collect money from at least two victims in a BEC scheme, including a healthcare liability insurance company headquartered in Georgia and a township in New Jersey. Then, for a fee, he transmitted the fraud proceeds to co-conspirators.

    In response to fraudulent wire instructions from spoofed email accounts, victims sent interstate wire transfers for payment to Rubio instead of to the true creditors to whom the victims owed money.

    More than 45 people in multiple states, including Rubio and seven others in the Southern District of Texas, have been charged in separate business email compromise schemes that affected numerous victims.

    Previously released on bond, Rubio was taken into custody where he will remain pending transfer to a Federal Bureau of Prisons facility to be determined in the near future.

    The FBI – Bryan Resident Agency and IRS Criminal Investigation conducted the investigation. Assistant U.S. Attorney Belinda Beek is prosecuting the case.

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  • MIL-OSI Security: Laredo man with prior murder conviction sentenced to 30 years for smuggling methamphetamine

    Source: Office of United States Attorneys

    LAREDO, Texas – A 31-year-old resident of Laredo has been sentenced for illegally importing over 836 kilograms of methamphetamine into the country, announced U.S. Attorney Nicholas J. Ganjei.

    Cornelio Aguilar pleaded guilty July 9, 2024.

    U.S. District Judge Keith Ellison ordered him to serve the 30-year sentence to be immediately followed by five years of supervised release. At the hearing, the court heard about Aguilar’s violent criminal history, including prior convictions for murder and aggravated assault with a deadly weapon. In imposing the sentence, Judge Ellison noted that this was a serious offense.

    The investigation revealed Aguilar imported two loads of methamphetamine into the United States using tractor trailers between January and June 2022. Hidden inside the bags of charcoal he was hauling were bundles of methamphetamine. 

    Aguilar has been and will remain in custody pending transfer to a Federal Bureau of Prisons facility in the near future.

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the Organized Crime Drug Enforcement Task Forces (OCDETF) operation with the assistance of Customs and Border Protection.

    Assistant U.S. Attorney Steven Chamberlin prosecuted the case.

    OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found on the Department of Justice’s OCDETF webpage.

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  • MIL-OSI Security: Illegal alien pleads guilty to leading smuggling organization involving transportation of over 100 persons

    Source: Office of United States Attorneys

    CORPUS CHRISTI, Texas – A 40-year-old Mexican national who illegally resided in Houston has admitted to an alien smuggling conspiracy and illegal reentry into the country, announced U.S. Attorney Nicholas J. Ganjei.

    The investigation revealed Edgar Ruiz-Briones arranged transportation and coordinating trips for illegal aliens coming over the southern border with Mexico. Ruiz-Briones was the leader of the smuggling organization, recruiting drivers from as far away as Kansas to come to the Rio Grande Valley.

    Drivers would communicate directly with Ruiz-Briones to set up the trips, give updates on progress and set meeting spots for drop-offs in Houston after successful smuggling operations. They would pick up illegal aliens from different stash houses and transport them to Houston, where they met with Ruiz-Briones before going further into the United States. 

    Ruiz-Briones handled payments from the aliens to come into the United States and payments to the drivers he recruited. 

    Over the course of the 18-month conspiracy, Ruiz-Briones arranged for over 100 aliens to enter, remain and be transported further into the United States.

    An illegal alien himself, having been removed from the United States on multiple occasions, he also pleaded guilty to illegally reentering the United States from Mexico and remaining here in violation of the law.

    U.S. District Judge Nelva Gonzales Ramos will impose sentencing Oct. 30. At that time. Ruiz-Briones faces up to 10 years in federal prison for the alien smuggling conspiracy and 20 years for illegally re-entering the United States.

    Ruiz-Briones has been and will remain in custody pending sentencing.

    Immigration and Customs Enforcement – Homeland Security Investigations conducted the investigation with the assistance of Border Patrol.

    Assistant U.S. Attorney Joseph Griffith is prosecuting the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

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  • MIL-OSI Security: New York Man Charged For Making And Attempting To Use Improvised Explosive Devices In Manhattan

    Source: Office of United States Attorneys

    United States Attorney for the Southern District of New York, Jay Clayton; Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), Christopher G. Raia; and Commissioner of the New York City Police Department (“NYPD”), Jessica S. Tisch, announced today charges against MICHAEL GANN alleging that he manufactured at least seven improvised explosive devices (“IEDs”) using precursor chemicals—chemicals that can be combined to create an explosive mixture—that he had ordered on the internet, stored at least five IEDs and shotgun shells on adjoining rooftops of residential apartment buildings in the SoHo neighborhood of Manhattan, threw at least one IED onto the subway tracks of the Williamsburg Bridge, and subsequently lied to law enforcement about having disposed of his explosives and supplies in a dumpster.  This case has been assigned to U.S. District Judge Dale E. Ho.

    “The safety of New Yorkers is paramount,” said U.S. Attorney Jay Clayton.  “As alleged, Michael Gann built explosive devices, stored them on a rooftop in SoHo, and threw one onto the subway tracks—putting countless lives at risk.  Thanks to swift work by our law enforcement partners, no one was harmed.  That vigilance assuredly prevented a tragedy in New York.”

    “Michael Gann allegedly produced multiple improvised explosive devices intended for use in Manhattan,” said FBI Assistant Director in Charge Christopher G. Raia.  “Due to the successful partnership of law enforcement agencies in New York, Gann was swiftly brought to justice before he could harm innocent civilians shortly after his dangerous actions became known.  The FBI’s Joint Terrorism Task Force is enduring in its commitment and determination to protect the homeland.”

    “This defendant allegedly stockpiled homemade explosives and traveled to New York City with these deadly devices,” said NYPD Commissioner Jessica S. Tisch.  “He threw one of these devices onto an active subway track and stored others on the rooftop of a residential building, but because of the skilled investigative work and swift response from the NYPD and our partners, we were able to intervene before he caused any harm.  I am grateful to the members of the NYPD, FBI, and the U.S. Attorney’s Office for all the work they do every day to keep New Yorkers safe.”

    As alleged in the Complaint, Indictment, and public court filings:[1]

    In or about May 2025, GANN ordered approximately two pounds of potassium perchlorate and approximately one pound of aluminum powder—precursor chemicals—online, along with over 200 cardboard tubes and over 50-feet worth of fuses.  In or about early June 2025, GANN received his packages containing the precursor chemicals and other supplies, mixed the precursor chemicals together, applied a flame to the mixture, and caused an explosion.  GANN subsequently assembled at least seven IEDs using the precursor chemicals, cardboard tubes, and fuses.

    GANN stored the precursor chemicals and at least five IEDs, pictured below, on the rooftops of residential apartment buildings in SoHo.  The pictured black device contained approximately 30 grams of explosive powder—approximately 600 times the legal limit for consumer fireworks.

    GANN also stored at least four shotgun shells on the same rooftops, which he intended to combine with one or more of the IEDs.

    GANN threw a sixth IED onto the subway tracks on the Williamsburg Bridge, as pictured below.

    On or about June 5, 2025, law enforcement agents arrested GANN in SoHo, incident to which they recovered a seventh IED from GANN’s person.  Following GANN’s arrest, GANN falsely told law enforcement, in substance and in part, that he had disposed of the precursor chemicals and the shotgun shells in a dumpster in Manhattan.

    In or about May and June 2025, GANN conducted internet searches related to explosives and firearms, including: “will i pass a background check,” “gun background check test,” “can i buy a gun in any state without ffl [federal firearms license],” “3D gun printing,” “gun stores,” “clorine bomb,” “how to make flash powder from household items,” “what to mix with potassium perchlorate to make flash powder,” “alluminum powder,” “black powder nearby,” “quarter stick m1000 firecracker,” “1/2 stick dynamite,” and “rechargeable nail gun to shoot into steal.”

    On or about June 5, 2025, just hours before GANN was arrested with an IED on his person, GANN posted to Instagram, “Who wants me to go out to play like no tomorrow?”

    *               *                *

    GANN, 55, of Inwood, New York, is charged with one count of attempted destruction of property by means of explosives, which carries a mandatory minimum of five years in prison and a maximum sentence of 20 years in prison; one count of transportation of explosive materials, which carries a maximum sentence of 10 years in prison; and one count of unlawful possession of destructive devices, which also carries a maximum sentence of 10 years in prison.

    The minimum and maximum potential sentences are prescribed by Congress and provided here for informational purposes only, as any sentencing of the defendant will be determined by a judge.

    Mr. Clayton praised the outstanding efforts of the New York Joint Terrorism Task Force of the FBI, which consists of investigators and analysts from the FBI, NYPD, and over 50 other federal, state, and local agencies; the Bureau of Alcohol, Tobacco, Firearms and Explosives; the Nassau County Police Department; and the New York Metropolitan Transportation Authority.

    This case is being handled by the Office’s National Security and International Narcotics Unit.  Assistant U.S. Attorneys Jonathan L. Bodansky, Michael D. Lockard, and Chelsea L. Scism, and Special Assistant U.S. Attorney Julie Isaacson, are in charge of the prosecution.

    [1] As the introductory phrase signifies, the entirety of the charging instruments and other public filings to date constitute only allegations, and every fact described herein should be treated as an allegation.

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  • MIL-OSI Security: Three Syracuse Men Plead Guilty to Possessing and Selling Firearms

    Source: Office of United States Attorneys

    UTICA, NEW YORK –Erik Burch, age 30, Khalid Richardson, age 30, and Lamar Stanford, age 33, each of Syracuse, have each pled guilty for their respective roles in a firearms trafficking operation. Burch pled guilty last week to the unlawful sale of a firearm to a prohibited person; Richardson pled guilty to possession of a firearm by a prohibited person on June 4, 2025; and Stanford pled guilty to possession of a firearm by a prohibited person on April 30, 2025. Acting United States Attorney John A. Sarcone III and Bryan Miller, Special Agent in Charge of the New York Field Division of the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), made the announcement.

    Richardson admitted that he sold firearms to an individual whom he knew to be a felon on four separate occasions in 2022. He further admitted that he obtained firearms on two of those occasions from his co-defendants, Stanford and Burch. Stanford and Burch each admitted to possessing firearms on the dates of the firearm sales that they engaged in with Richardson. Stanford and Burch were each prohibited from possessing firearms based on prior felony convictions.

    Acting United States Attorney John Sarcone stated, “If you sell firearms to felons, be ready to spend a long time in federal prison. We will not tolerate felons buying, selling, or possessing firearms in the Northern District of New York. We will use all of the tools at our disposal to make sure these people are prosecuted to the fullest extent of the law.”

    ATF Special Agent in Charge Bryan Miller stated: “This case underscores the serious threat that illegal firearms trafficking pose to our communities. These defendants — including two convicted felons — were involved in trafficking firearms, a crime that puts lives at risk and undermines the safety of our communities. Thanks to the diligent work of ATF NY Syracuse, in coordination with the Syracuse Police Department and the U.S. Attorney’s Office for the Northern District of New York, we were able to disrupt this operation and hold these individuals accountable. We remain committed to working alongside our law enforcement partners to stem schemes that fuel violent crime.”

    The charges filed against Burch, Richardson, and Stanford carry a maximum term of 15 years in prison, a maximum fine of $250,000, and a term of supervised release of up to 3 years. A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is convicted of violating, the U.S. Sentencing Guidelines, and other factors. Burch is scheduled to be sentenced on November 12, 2025; Richardson is scheduled to be sentenced on October 15, 2025; and Stanford is scheduled to be sentenced on August 27, 2025.  The defendants will appear for sentencing before Senior United States District Judge David N. Hurd.

    ATF investigated the case with assistance from the Syracuse Police Department’s Intelligence Unit. Assistant U.S. Attorney Jessica N. Carbone is prosecuting the case as part of Project Safe Neighborhoods.

    Project Safe Neighborhoods (PSN) is the centerpiece of the Department of Justice’s violent crime reduction efforts.  PSN is an evidence-based program proven to be effective at reducing violent crime.  Through PSN, a broad spectrum of stakeholders work together to identify the most pressing violent crime problems in the community and develop comprehensive solutions to address them.  As part of this strategy, PSN focuses enforcement efforts on the most violent offenders and partners with locally based prevention and reentry programs for lasting reductions in crime. For more information about Project Safe Neighborhoods, please visit https://www.justice.gov/psn.

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  • MIL-OSI Security: DRUG TRAFFICKER SENTENCED TO 120 MONTHS’ IMPRISONMENT FOR ROLE IN DRUG TRAFFICKING GANG

    Source: Office of United States Attorneys

    St. Thomas, VI – Acting United States Attorney Adam F. Sleeper announced today that on
    Tuesday, July 22, 2025, Kai James, 37, of St. Croix, was sentenced to 10 years in prison and six years
    of supervised release by District Judge Mark A. Kearney. He pleaded guilty on January 23, 2025, to
    conspiracy to possess with intent to distribute cocaine and marijuana for his role in a drug trafficking
    conspiracy led by James and his brother, Ivan James. Other members in the James gang, Ivan James,
    Joh Williams, Malachi Benjamin, Ariel Petersen, Jahkiebo Joseph, Tillisa Ceaser, and Luis Ortiz, Jr.,
    all of St. Croix, were previously sentenced by Judge Kearney for their roles in the drug trafficking
    conspiracy.
    According to court documents and evidence introduced at the trial of Ivan James and Joh
    Williams and other hearings, the investigation into the James drug trafficking organization began in
    January 2013 after Bureau of Corrections officers at the Golden Grove Correctional Facility seized
    an iPhone from then-inmate Joh Williams. A search of the cell phone seized from Williams revealed
    text messages related to smuggling and distribution of controlled substances in the prison. Thereafter,
    Drug Enforcement Administration obtained authorization to intercept calls from a second cell phone
    used by Williams while incarcerated. The wire investigation revealed evidence of distribution of
    controlled substances within the facility by Williams, supplied by Ivan James. The investigation
    further revealed that Vivian Ford, a former corrections officer, was a member of James’ organization
    who smuggled narcotics into Golden Grove in food containers for distribution by Williams.
    Members of the gang who worked at the Henry Rohlsen Airport in St. Croix used their
    secured access to smuggle multiple kilograms of cocaine per week onboard commercial aircrafts
    destined for the continental United States. Testimony revealed that Ivan and Kai James recruited
    couriers to deliver bricks of cocaine as passengers on board commercial flights. As a
    manager/supervisor in the drug trafficking gang, Kai James used as many as 10 couriers to travel to
    New York, North Carolina, and Florida with 2 to 3 kilograms of cocaine per trip in this broad and
    brazen drug trafficking operation.
    In addition, a search warrant was executed on the family home of Ivan and Kai James. Law
    enforcement recovered marijuana, cocaine, and marijuana cultivation equipment. In a field adjacent
    to the property, agents seized over 1,000 marijuana plants.
    A federal jury found Ivan James guilty on drug conspiracy, possession of 1,000 marijuana
    plants, possession of firearms in furtherance of a drug conspiracy and possession of firearms resulting
    in the death of Levar Pogson. On his conviction, Judge Kearney sentenced James to 420 months of
    imprisonment, followed by five years of supervised release. Joh Williams was also found guilty on
    the drug conspiracy charge and was sentenced to 90 months of imprisonment, followed by seven
    years of supervised release. Ariel Petersen and Jahkiebo Joseph pleaded guilty to possession of
    firearms in furtherance of a drug conspiracy and importation of firearms. Petersen was sentenced to
    93 months of imprisonment, followed by three years of supervised release, and Joseph was sentenced
    to 68 months of imprisonment, followed by three years of supervised release. Malachi Benjamin
    pleaded guilty to possession of a firearm in furtherance of a drug conspiracy and was sentenced to 72
    months of imprisonment, followed by three years of supervised release. Tillisa Ceaser and Luis Ortiz,
    Jr. both pleaded guilty to drug conspiracy. Ceaser was sentenced to 62 months of imprisonment, and
    Ortiz was sentenced to 60 months of imprisonment.
    “Due to the tremendous work of the Drug Enforcement Administration, Homeland Security
    Investigations, Customs and Border Patrol, the Virgin Islands Police Department and the Bureau of
    Corrections, the members of this drug trafficking organization have received just and lengthy
    sentences for their involvement in these crimes,” said Acting United States Attorney Adam Sleeper.
    “This sentence sends a clear message, and it is credited to the extensive collaboration between
    federal and local law enforcement partners. Our joint efforts are essential in the U.S. Virgin Islands
    towards combatting drug trafficking, weapons trafficking, and the myriads of other illicit activities of
    transnational criminal organizations in our area of responsibility,” said Homeland Security
    Investigations Special Agent in Charge Rebecca Gonzalez-Ramos.
    “The guilty plea of Kai James represents a decisive blow against the violent narcotics
    conspiracy that plagued the people of St. Croix for far too long,” stated DEA Caribbean Division
    Special Agent in Charge Michael A. Miranda. “This case underscores the unwavering commitment
    of the DEA and our law enforcement partners to dismantle criminal organizations that threaten the
    safety and well-being of our communities. We are proud to have worked alongside the USAO, HSI,
    FBI, CBP, and ATF to bring justice to those impacted by these crimes. Let this serve as a clear
    message: we will not relent in our fight to protect the Caribbean from the scourge of drug trafficking
    and violence.”
    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF)
    investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money
    launderers, gangs, and transnational criminal organizations that threaten the United States by using a
    prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal,
    state, and local law enforcement agencies against criminal networks.
    This case was investigated by the Drug Enforcement Administration, Homeland Security
    Investigations, Customs and Border Patrol, Virgin Islands Police Department and the Bureau of
    Corrections. It was prosecuted by former United States Attorney Delia Smith, Acting Assistant United
    States Attorney Adam Sleeper, and lead OCDETF attorney Kyle Payne.

    MIL Security OSI –

  • MIL-OSI Security: Keokuk Men Sentenced to 240 Months in Federal Prison for Conspiracy to Distribute 50 Grams or More of Methamphetamine

    Source: Office of United States Attorneys

    DAVENPORT, Iowa – Two Keokuk men were sentenced to federal prison for Conspiracy to Distribute 50 Grams or More of Methamphetamine.

    According to public court documents and evidence presented at trial, between at least April and July 2024, Ronald Dickey Mason, 75, and Ronald Kieth Mason, 43, father and son, conspired to sell large amounts of methamphetamine in Keokuk, Burlington, Riverside, Des Moines, and Cedar Rapids. In July 2024, law enforcement located 28 pounds of methamphetamine in the trunk and a pistol in the center console of Ronald Dickey Mason’s car.

    In February of 2025 Ronald Kieth Mason plead guilty as charged and Ronald Dickey Mason plead guilty to conspiracy and possession with intent to distribute methamphetamine. In March 2025, a jury convicted Ronald Dickey Mason of carrying a firearm during and in relation to a drug trafficking crime. On July 22, 2025, the Court sentenced him to 22 years in federal prison, followed by a five-year term of supervised release.

    Ronald Keith Mason was sentenced on June 25, 2025, to 20 years in federal prison, followed by a five-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by Lee County Narcotics Task Force, the Iowa Department of Public Safety’s Division of Narcotics Enforcement, Lee County Sheriff’s Office, and the Keokuk Police Department.

    MIL Security OSI –

  • MIL-OSI Security: Puerto Rican Man Sentenced to 137 Months in Prison for Cocaine Smuggling

    Source: Office of United States Attorneys

    ST. THOMAS – Acting U.S. Attorney Adan F. Sleeper announced today that Brian Santiago
    Gonzalez, 25, of Puerto Rico, was sentenced on July 1, 2025, by Chief District Judge Robert A.
    Molloy to 137 months’ imprisonment and 4 years of supervised release after pleading guilty to
    one count of possession with intent to distribute cocaine on December 9, 2024.
     

    According to court documents, on March 29, 2022, Brian Santiago Gonzalez and co-defendant
    Wesly Albert Amaro were stopped in the waters near Savanah Island, just west of St. Thomas,
    USVI. At approximately 4:00 a.m., the United States Coast Guard (USCG) detected a vessel
    operating without navigation lights traveling at a high rate of speed from Culebra, PR towards
    Hendrick Bay, St. Thomas. Customs and Boarder Protection Air and Marine (AMO) vessels
    responded as the USCG provided updates on the vessel’s location. AMO agents located the lightsout
    vessel using radar and attempted a stop. The vessel fled while the two men onboard jettisoned
    bags overboard. The vessel would not heave to, so AMO agents disabled the vessel’s engine.
    During the chase, AMO agents marked the locations where duffle bags were discarded from the
    vessel. Upon returning to the marked areas, AMO agents recovered three duffel bags containing
    79 kilograms of cocaine.
     

    Wesly Albert Amaro was sentenced to 108 months’ imprisonment and 3 years of supervised
    release on August 18, 202, following his guilty plea.
    CBP-AMO, the Drug Enforcement Administration, and Homeland Security Investigations
    investigated the case. Assistant United States Attorney Kyle Payne prosecuted the case.
     

    This effort is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation.
    OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten
    the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional
    information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    MIL Security OSI –

  • MIL-OSI: Ethereum-Based Meme Coin Little Pepe Stage 7 Sold Out and $11,225,000 Raised

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 23, 2025 (GLOBE NEWSWIRE) — Little Pepe ($LILPEPE), the Ethereum-based meme coin that’s taken the crypto market by storm, has sold out Stage 7 of its presale—marking a great milestone in its journey so far. With 8.25 billion tokens sold and a total of $11,225,000 raised, Little Pepe is proving that meme coins with real application cannot only seize interest but also preserve explosive momentum.

    The huge milestone indicates the growing pleasure around the project, which is built on an Ethereum-based Layer 2 network that offers quicker, less expensive transactions and scalable infrastructure. As Stage 7 closes and Stage 8 looms, investors and analysts alike are searching closely to see simply how far this viral sensation can move.

    $LILPEPE Stage 7 Presale Sold Out

    Stage 7 of the Little Pepe presale was met with huge demand, in the long run selling out in less than 48 hours. The $0.0016 token price didn’t deter buyers—in fact, it encouraged a surge of last-minute activity as investors rushed to secure their allocations before the next price increase.

    The rapid sellout highlights not only the growing reputation of $LILPEPE but also the strategic pricing model that rewards early backers at the same time as retaining sustained buying for strain throughout each stage. The total tokens sold now stand at over 8.25 billion, an impressive feat that places Little Pepe among the most successful meme coin launches of the year.

    Built on Ethereum, Powered by Layer 2

    At the heart of Little Pepe’s achievement is its meme technology. Unlike many meme coins that launch without long-term utility, Little Pepe operates on a custom-built Layer 2 blockchain that is fully like-minded with Ethereum’s Virtual Machine (EVM). This allows users to interact with Ethereum gear while enjoying quicker and notably cheaper transactions.

    The Ethereum-compatible Layer 2 design means builders can, without difficulty, build decentralized applications (dApps) on the network, while users can stake, trade, and mint NFTs without the high gas expenses normally associated with Ethereum. This mixture of utility and accessibility is a key element in why investors are flocking to the project.

    Little Pepe Ecosystem on the Rise

    Little Pepe is not stopping at presale success. The team has laid out a detailed roadmap. Already, upcoming dApps and Layer 2 incentives for developers are generating buzz.

    Future stages of the presale are expected to introduce even more features, with Stage 8 priced higher and likely to sell out quickly given the trend. Exchange listings are also on the horizon, which could introduce a new wave of liquidity and visibility for the token. Moreover, the project is planning token burns and community reward programs to help maintain long-term value for holders and increase scarcity over time.

    What’s Next for $LILPEPE?

    With Stage 7 now behind it, Little Pepe is entering Stage 8 with strong tailwinds. The token price will increase, making early investors even more satisfied with their entry points. At the same time, the project continues to focus on product development and exchange partnerships that will bring even more attention to the token once presale phases are completed.

    As centralized exchange listings near, many in the crypto space are eyeing Little Pepe as a potential breakout star—one that combines the fun of meme culture with the fundamentals of utility and scalability.

    Little Pepe’s success in Stage 7 is more than just another crypto milestone. By selling out 8.25 billion tokens and raising $11,225,000 in record time, $LILPEPE has firmly positioned itself as a frontrunner in the next generation of meme coins. With its Ethereum-compatible Layer 2 network, strong community support, and a roadmap packed with features, Little Pepe is proving that meme coins can be more than hype—they can be powerful platforms.

    As Stage 8 begins and the crypto world watches closely, one thing is clear: Little Pepe is no longer just riding the meme coin wave—it’s leading it.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:
    Website: https://littlepepe.com/
    Telegram: https://t.me/littlepepetoken
    Twitter: https://x.com/littlepepetoken

    Contact Details: COO- James Stephen Email: media@littlepepe.com

    Disclaimer: This content is provided by Little Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5851699f-8cd3-47e3-882a-cffda1ec6ef2

    The MIL Network –

  • MIL-OSI: Graphjet visited by Japanese trading company

    Source: GlobeNewswire (MIL-OSI)

    New York, United States, July 23, 2025 (GLOBE NEWSWIRE) — Graphjet Technology (“Graphjet” or “the Company”) was honoured to welcome a delegation from a Japanese trading company with international presence for an official visit on JULY 23, 2025 to discuss on the provision of sustainable graphite materials to their customers.

    This visit highlights the Japanese trading company’s strong interest in Graphjet’s proprietary technology, which utilize palm kernel shells as a renewable feedstock to produce high purity synthetic graphite. This patented process significantly reduce carbon emissions compared to traditional graphite production methods, aligning with global efforts toward decarbonization and green manufacturing.

    With over 75 years of history, this renowned Japanese enterprise is one of the major integrated trading houses in Asia, actively engaged in diverse sectors including aerospace components, advanced machinery and automation systems, and chemical products, it serves industry leaders across multiple sector for customers like Toshiba and Hitachi. With annual revenue of around ¥‎30 billion, the firm maintains operations in North America, Europe, and Southeast Asia.

    During the visit, the delegation toured Graphjet’s R&D production facilities, gaining valuable insights into the company’s manufacturing process and quality assurance system.

    “This engagement marks a meaningful step forward in strengthening mutual understanding and laying the groundwork for future collaboration in the field of sustainable graphite and next generation technology.” said Chris Lai the CEO of Graphjet.

    Graphjet Technology remains committed to advancing green innovation and building strong partnership with global industry leaders to drive sustainable progress in the graphite and graphene sector.

    About Graphjet Technology Sdn. Bhd.

    Graphjet Technology Sdn. Bhd. (Nasdaq: GTI) was founded in 2019 in Malaysia as an innovative graphene and graphite producer. Graphjet Technology has the world’s first patented technology to recycle palm kernel shells generated in the production of palm seed oil to produce single layer graphene and artificial graphite. Graphjet’s sustainable production methods utilizing palm kernel shells, a waste agricultural product that is common in Malaysia, will set a new shift in graphite and graphene supply chain of the world. For more information, please visit https://www.graphjettech.com/.

    Cautionary Statement Regarding Forward-Looking Statements

    The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “aim,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) changes in the markets in which Graphjet competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (ii) the risk that Graphjet will need to raise additional capital to execute its business plans, which may not be available on acceptable terms or at all; (iii) Graphjet is beginning the commercialization of its technology and it may not have an accurate estimate of future capital expenditures and future revenue; (iv) statements regarding Graphjet’s industry and market size; (v) financial condition and performance of Graphjet, including the anticipated benefits, the implied enterprise value, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Graphjet; (vi) Graphjet’s ability to develop and manufacture its graphene and graphite products; and (vii) those factors discussed in our filings with the SEC. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the documents to be filed by Graphjet from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward- looking statements, and while Graphjet may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law. Graphjet does not give any assurance that Graphjet will achieve its expectations.

    Graphjet Technology Contacts

    Investors
    ceo.office@graphjettech.com

    Media
    ceo.office@graphjettech.com

    ###

    The MIL Network –

  • MIL-OSI: Varonis Secures HDS Certification, Strengthening Commitment to Health Data Protection in France

    Source: GlobeNewswire (MIL-OSI)

    Certification affirms that Varonis’ cloud-native Data Security Platform meets stringent legal requirements for safeguarding personal medical information

    MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the leader in data security, announced it achieved Hébergeur de Données de Santé (Health Data Hosting) certification. This certification is a prerequisite for any organization wishing to host health data in France and provides a framework for the security and protection of personal health data.

    The certification demonstrates Varonis’ ability to meet the requirements as defined in the HDS Referential version 2.0.

    “Varonis is dedicated to upholding the highest international standards for data security,” said Gilad Raz, CIO and VP of Technical Services at Varonis. “Achieving the HDS certification reinforces our commitment to protecting our customers’ health data and complying with local regulations.”

    The HDS accreditation enables Varonis to serve French healthcare customers who are legally required to use HDS-certified providers, meet stringent regulatory requirements, expand its footprint in EU healthcare markets, and reinforce trust by ensuring data handling adheres to the highest standards of confidentiality, integrity, and availability.

    To explore the full list of Varonis certifications, visit www.varonis.com/trust.

    Additional Resources

    About Varonis
    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, identity protection, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Varonis Secures HDS Certification, Strengthening Commitment to Health Data Protection in France

    Source: GlobeNewswire (MIL-OSI)

    Certification affirms that Varonis’ cloud-native Data Security Platform meets stringent legal requirements for safeguarding personal medical information

    MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS), the leader in data security, announced it achieved Hébergeur de Données de Santé (Health Data Hosting) certification. This certification is a prerequisite for any organization wishing to host health data in France and provides a framework for the security and protection of personal health data.

    The certification demonstrates Varonis’ ability to meet the requirements as defined in the HDS Referential version 2.0.

    “Varonis is dedicated to upholding the highest international standards for data security,” said Gilad Raz, CIO and VP of Technical Services at Varonis. “Achieving the HDS certification reinforces our commitment to protecting our customers’ health data and complying with local regulations.”

    The HDS accreditation enables Varonis to serve French healthcare customers who are legally required to use HDS-certified providers, meet stringent regulatory requirements, expand its footprint in EU healthcare markets, and reinforce trust by ensuring data handling adheres to the highest standards of confidentiality, integrity, and availability.

    To explore the full list of Varonis certifications, visit www.varonis.com/trust.

    Additional Resources

    About Varonis
    Varonis (Nasdaq: VRNS) is the leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

    Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, identity protection, and insider risk management.

    Varonis protects data first, not last. Learn more at www.varonis.com.

    Investor Relations Contact:
    Tim Perz
    Varonis Systems, Inc.
    646-640-2112
    investors@varonis.com

    News Media Contact:
    Rachel Hunt
    Varonis Systems, Inc.
    877-292-8767 (ext. 1598)
    pr@varonis.com

    The MIL Network –

  • MIL-OSI: Grayscale Investments® Low-Cost Bitcoin ETP (Ticker: BTC) Surpasses $5,000,000,000 in AUM Within First Year and Expands Access Through Major Wealth Management Platform

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., July 23, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital asset-focused investment platform, today announced that Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC), has garnered over $5,000,000,000 in assets under management (AUM) since launching on July 31, 2024.1

    Grayscale Bitcoin Mini Trust ETF (“BTC”), an exchange traded product, is not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds. 

    “The momentum behind BTC underscores the growing role of crypto in diversified portfolios,” said John Hoffman, Grayscale’s Head of Distribution and Partnerships. “BTC continues to establish itself as a leading ETP for Bitcoin exposure among asset allocators, and its recent milestones reflect strong investor demand and increasing institutional utilization.”

    Since launch, Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC) has steadily attracted a growing share of spot Bitcoin ETP inflows in the U.S., supported by its low annual fee of 0.15% (15 basis points2) and performance benefits. As of July 14, 2025, BTC surpassed $5B in AUM within its first year – a milestone achieved by only nine ETF products.3

    In addition, BTC is now available for advisor solicitation on a major national broker-dealer platform, allowing financial advisors and wealth managers to incorporate BTC more easily into client portfolios. This expanded access reflects a broader trend of growing institutional interest in digital asset products and a shift toward Bitcoin exposure as part of diversified investment strategies.

    “Over the past decade, we’ve seen digital assets evolve from the fringes of portfolio construction into a credible option in mainstream asset allocation conversations,” Hoffman added. “At Grayscale, we remain focused on delivering investment vehicles through familiar, established structures, enabling allocators to access this asset class with confidence as it becomes an integral component of modern portfolios.”

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more about our product suite, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    1 Source: Bloomberg L.P.
    2 Basis Points (BPs) are a unit of measure used to indicate percentage changes in financial instruments
    3 Excluding mutual fund conversions, based in the U.S.

    Please read the prospectuses carefully before investing in BTC. Foreside Fund Services, LLC is the Marketing Agent for BTC. 

    An investment in BTC is subject to a high degree of risk and heightened volatility. BTC is not suitable for an investor that cannot afford the loss of the entire investment. An investment in BTC is not an investment in Bitcoin. Investing involves significant risk, including possible loss of principal.   

    There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of BTC. The value of BTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

    About Grayscale Investments® 
    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

    Media Contact
    press@grayscale.com

    Client Contact
    866-775-0313
    info@grayscale.com

    The MIL Network –

  • MIL-OSI: Grayscale Investments® Low-Cost Bitcoin ETP (Ticker: BTC) Surpasses $5,000,000,000 in AUM Within First Year and Expands Access Through Major Wealth Management Platform

    Source: GlobeNewswire (MIL-OSI)

    STAMFORD, Conn., July 23, 2025 (GLOBE NEWSWIRE) — Grayscale Investments®, the world’s largest digital asset-focused investment platform, today announced that Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC), has garnered over $5,000,000,000 in assets under management (AUM) since launching on July 31, 2024.1

    Grayscale Bitcoin Mini Trust ETF (“BTC”), an exchange traded product, is not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore is not subject to the same regulations and protections as 1940 Act-registered ETFs and mutual funds. 

    “The momentum behind BTC underscores the growing role of crypto in diversified portfolios,” said John Hoffman, Grayscale’s Head of Distribution and Partnerships. “BTC continues to establish itself as a leading ETP for Bitcoin exposure among asset allocators, and its recent milestones reflect strong investor demand and increasing institutional utilization.”

    Since launch, Grayscale® Bitcoin Mini Trust ETF (NYSE Arca: BTC) has steadily attracted a growing share of spot Bitcoin ETP inflows in the U.S., supported by its low annual fee of 0.15% (15 basis points2) and performance benefits. As of July 14, 2025, BTC surpassed $5B in AUM within its first year – a milestone achieved by only nine ETF products.3

    In addition, BTC is now available for advisor solicitation on a major national broker-dealer platform, allowing financial advisors and wealth managers to incorporate BTC more easily into client portfolios. This expanded access reflects a broader trend of growing institutional interest in digital asset products and a shift toward Bitcoin exposure as part of diversified investment strategies.

    “Over the past decade, we’ve seen digital assets evolve from the fringes of portfolio construction into a credible option in mainstream asset allocation conversations,” Hoffman added. “At Grayscale, we remain focused on delivering investment vehicles through familiar, established structures, enabling allocators to access this asset class with confidence as it becomes an integral component of modern portfolios.”

    The Grayscale team is pleased to provide industry-leading research, content, and no-cost resources for investors and financial professionals. If you’d like to learn more about our product suite, please email info@grayscale.com or call 866-775-0313 to speak directly to a member of the Grayscale team.  

    For additional information about BTC, please visit: https://etfs.grayscale.com/btc  

    1 Source: Bloomberg L.P.
    2 Basis Points (BPs) are a unit of measure used to indicate percentage changes in financial instruments
    3 Excluding mutual fund conversions, based in the U.S.

    Please read the prospectuses carefully before investing in BTC. Foreside Fund Services, LLC is the Marketing Agent for BTC. 

    An investment in BTC is subject to a high degree of risk and heightened volatility. BTC is not suitable for an investor that cannot afford the loss of the entire investment. An investment in BTC is not an investment in Bitcoin. Investing involves significant risk, including possible loss of principal.   

    There is no guarantee that a market for the shares will be available which will adversely impact the liquidity of BTC. The value of BTC relates directly to the value of the underlying digital asset, the value of which may be highly volatile and subject to fluctuations due to a number of factors.

    About Grayscale Investments® 
    Grayscale enables investors to access the digital economy through a family of future-forward investment products. Founded in 2013, Grayscale has a decade-long track record and deep expertise as a digital asset-focused investment platform. Investors, advisors, and allocators turn to Grayscale for single asset, diversified, and thematic exposure. Grayscale products are distributed by Grayscale Securities, LLC (Member FINRA/SIPC).

    Media Contact
    press@grayscale.com

    Client Contact
    866-775-0313
    info@grayscale.com

    The MIL Network –

  • MIL-OSI: Pacvue Partners with Unlimitail, a Leading European Grocery Media Network, to Expand Retail Media Access Across Europe, Starting with Carrefour

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, July 23, 2025 (GLOBE NEWSWIRE) — Pacvue today announced a strategic partnership with Unlimitail, the retail media network serving over 35 leading retailers across Europe and Latin America.

    This collaboration will expand Pacvue clients’ self-service capabilities by enabling brands and agencies to activate campaigns across Unlimitail’s network via Pacvue’s commerce operating system. It also unlocks incremental demand by opening access to global and regional budgets through Pacvue’s platform. The partnership will begin with Carrefour, the number one grocery player in Europe, with campaigns launchable starting this summer in France.

    This integration reflects the increasing maturity of Europe’s retail media landscape and aligns with the best practices established in the most advanced markets. It also showcases Unlimitail’s and Pacvue’s continued investments in creating a more unified, standardized, and accessible ecosystem through streamlined platforms and partner integrations.

    Through this integration, Pacvue now offers streamlined access to Carrefour France’s onsite media inventory, allowing brands and agencies to seamlessly plan, launch, and optimize retail media campaigns with greater precision, efficiency, and control. The partnership will progressively expand to other countries and other retailers in Europe.

    Strategic Impact for brands and agencies

    This partnership, enabled by Unlimitail’s exclusive retail media offering and ad tech infrastructure, positions Pacvue clients to capitalize on the growth of the European retail media market with more personalized campaigns, real-time optimization, and access to one of the region’s most influential grocery retail media channels.

    This partnership will bring key benefits to brands:

    • Access to exclusive retail media inventory: Activate campaigns across Unlimitail onsite media inventories, starting with Carrefour in France. Reach shoppers in high-impact placements throughout the whole purchase journey.
    • Performance measurement powered by transactional data: Use Pacvue’s platform to monitor and optimize campaigns in real time, with performance insights enriched by retailer’s transactional data.
    • Streamlined access to a top-tier retail media networks: Leverage Pacvue’s platform to easily activate and manage campaigns across one of Europe’s most influential retail media networks and advanced retailers, with centralized visibility and control. This global connectivity for brands and agencies will bring Europe closer to the most mature markets in retail media.

    “At Unlimitail, our mission is to make omnichannel retail media simpler, smarter, and more impactful for brands. Partnering with Pacvue, the worldwide leading Commerce platform, does exactly that, by allowing us to expand the accessibility of our retailer’s inventories to more global agencies and advertisers. This global connectivity, powered by Pacvue tools, is a significant step in steering the European markets towards the most mature countries in retail media. More than ever, we are committed to lead the way in helping brands put retail media at the core of their Marketing & Commerce strategies,” declares Thibault Hennion, COO of Unlimitail.

    Victor De La Fuente, the Head of Global eCommerce at Nestle, shared, “We’re thrilled about the opportunities this partnership between Unlimitail and Pacvue brings. Accessing and managing Carrefour’s data through the Pacvue solution marks a significant advancement in our retail digital media initiatives across Europe, enhancing operational efficiency and driving performance.”

    Unlocking Carrefour’s Retail Media Ecosystem

    This partnership will start by providing access to Carrefour inventories in France. Carrefour.fr welcomes close to 17 million unique monthly visitors, with nearly 2 million new visitors added in the past year (source: Médiamétrie net ratings, February 2025). In France, 1 in 4 people now visit the retailer regularly, with 97% of shoppers still shopping through the website at least 2 years after their first purchase (source: Kantar).

    With such a loyal and high-traffic environment, Unlimitail and Carrefour offer a strong foundation for performance. According to Unlimitail’s latest benchmark study, Retail Media Decoded, Sponsored Product campaigns in Europe on grocery reach an average click-through rate around 1,0%, with 1-1 ROAS above 3x and Halo ROAS around 6x, demonstrating the power of well-executed activations and their impact not only on products, but brands as a whole.

    Pacvue’s Investment in European Expansion

    This announcement comes as Pacvue deepens its investment in Europe with the appointment of Mark James as VP, Head of EMEA. With over 15 years of experience in retail media and digital advertising, James will support the company’s continued growth and localized value for brands across the region.

    The partnership with Unlimitail underscores Pacvue’s commitment to expanding its European footprint. Backed by Mark James’ 15+ years of experience in retail media and digital advertising, the company is well-positioned to capitalize on growth opportunities and foster them for clients in the EMEA region.

    Pacvue CRO Ross McNab commented: “Mark is the ideal leader to drive Pacvue’s growth across the EMEA region. He has deep expertise in retail media and a proven track record. Coupled with our partnership with Unlimitail, this is a big leap forward in our mission to give brands a competitive advantage through cutting-edge retail media capabilities.”

    Romain Schneider, eRetail Media Director at WPP, underscored what this move signals for the brands and advertisers: “We’re always looking for innovative, scalable ways to drive meaningful outcomes for our clients at WPP. The partnership between Pacvue and Carrefour represents a significant advancement for retail media in Europe. Access to Carrefour’s high-traffic, data-rich ecosystem via Pacvue’s platform gives our brands unprecedented precision, speed, and control in campaign execution.”

    About Unlimitail, The Retail Media Powerhouse

    Unlimitail is a global retail media platform enabling brands and retailers to deploy simplified, unified, and optimized retail media strategies. Through deep consumer insights, omnichannel campaign activation, and end-to-end measurement, Unlimitail helps drive visibility and generate sales.

    The company stands out for its advanced advertising technologies through Epsilon Retail Media, offering unified onsite and offsite solutions, as well as its global reach and premium data assets. Unlimitail aggregates over 2 billion monthly page views and connects more than 220 million addressable customers worldwide through 35 retail partners.

    For more information, visit www.unlimitail.com

    Unlimitail Communications Department: communication@unlimitail.com

    About Pacvue

    Pacvue is the leading commerce acceleration platform that integrates retail media, commerce management and measurement. The company’s first-to-market platform drives incrementality, profitability and market share for brands, while turning insights into actionable recommendations. Backed by a global team of experts, Pacvue works with over 70,000 brands and agencies across 95+ retailers worldwide including Amazon, Walmart, Target and Instacart. With the incorporation of Pacvue’s enterprise solution with Helium 10 for SMBs, Pacvue is now the most comprehensive commerce and retail media platform available in the market. Founded in 2018, their global presence includes locations in Chicago, Seattle, New York, Los Angeles, Washington DC, London, Shanghai and Tokyo.

    The MIL Network –

  • MIL-OSI: FFB Bancorp Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., July 23, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $6.04 million, or $1.94 per diluted share, for the second quarter of 2025, compared to $8.08 million, or $2.54 per diluted share, for the second quarter of 2024, and $8.10 million, or $2.55 per diluted share, for the first quarter of 2025.

    For the six months ended June 30, 2025, net income was $14.13 million, or $4.50 per diluted share, compared to $15.87 million, or $4.99 per diluted share, for the same period in 2024. All results are unaudited.

    Second Quarter 2025 Summary: As of, or for the quarter ended June 30, 2025, compared to the quarter ended June 30, 2024:

    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 11% to $27.35 million.
    • Pre-tax, pre-provision income increased 1% to $11.58 million.
    • Net income decreased 25% to $6.04 million.
    • Return on average equity (“ROAE”) was 13.75%.
    • Return on average assets (“ROAA”) was 1.59%.
    • Net interest margin contracted 22 basis points to 5.09% from 5.31%.
    • Total assets increased 2% to $1.47 billion.
    • Total portfolio of loans increased 13% to $1.09 billion.
    • Total deposits increased 6% to $1.23 billion.
    • Shareholder equity increased 17% to $173.91 million.
    • Book value per common share increased 22% to $56.87.
    • The Company’s tangible common equity ratio was 11.80%, while the Bank’s regulatory leverage capital ratio was 14.41%, and the total risk-based capital ratio was 20.61% at June 30, 2025.

    “During the quarter FFB Bank was recognized as #1 in American Banker’s top-performing public banks with under $2B in assets and #34 in S&P Global’s 100 best-performing US community banks of 2024, for bank’s under $3B in assets,” said Steve Miller, President & CEO. “This recognition is a testament to the consistent success we’ve enjoyed, and a reminder of the results we expect and continue to strive toward. As we navigate the challenges this year has brought, we’re proud to build upon our history of success.”

    “During the quarter we have made continued and timely progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. We are confident we can continue to address these items going forward. Although the added resource allocation to properly address the order will have near-term impacts to our performance, we feel that building a best in-class compliance and risk frame-work will enable the bank to drive results over the long-term.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of June 30, 2025, the Company has repurchased 133,021 shares, at an average price of $76.79, totaling $10.22 million. This represents approximately 5.33% of total shareholders’ equity at June 30, 2025. During the second quarter of 2025 the Company repurchased 91,106 shares, at an average price of $74.58, totaling $6.79 million. These purchases represent approximately 3.54% of total shareholders’ equity at June 30, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended June 30, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 11% to $27.35 million for the second quarter of 2025, compared to $24.73 million for the second quarter a year ago, and decreased 4% from $28.48 million for the first quarter of 2025.

    Net interest income, before the provision for credit losses, increased 5% to $18.11 million for the second quarter of 2025, compared to $17.31 million for the same quarter a year ago, and decreased 4% to $18.90 million from last quarter. “Net interest income has benefited from strong loan portfolio growth, partially offset by higher funding costs,” said Bhavneet Gill, Chief Financial Officer. “We have been able to capitalize on a higher yielding loan portfolio, but that yield was impacted by a $261,000 interest reversal as loans, totaling $11.86 million, were placed on non-accrual during the quarter.”

    The Company’s net interest margin (“NIM”) decreased by 22 basis points to 5.09% for the second quarter of 2025, compared to 5.31% for the second quarter of 2024, and decreased 26 basis points from 5.35% for the preceding quarter. “The decrease in NIM is primarily the result of an increase in deposit and borrowing interest expense, and the decrease in investment interest income. During the quarter, average non-interest bearing deposits decreased $37.67 million. The resulting shift in the deposit portfolio saw the cost of deposits increase 13 basis points,” noted Gill. “During the second quarter of 2025 we sold $48.05 million in investment securities to generate liquidity ahead of anticipated deposit outflows due to ISO partner exits. That transaction was the driver of the decrease in investment interest income in the current quarter and will result in lower investment income in future quarters.”

    The yield on earning assets was 6.18% for the second quarter of 2025, compared to 6.40% for the second quarter a year ago, and 6.31% for the previous quarter. The cost to fund earning assets increased to 1.09% for the second quarter of 2025 compared to 0.96% for the previous quarter, and 1.10% for the same quarter a year earlier. This increase is the result of an increase in brokered deposits and overnight borrowings during the quarter due to ISO deposit outflow that occurred in early June.

    Total non-interest income was $9.24 million for the second quarter of 2025, compared to $7.42 million for the second quarter of 2024, and $9.58 million for the previous quarter. The increase in non-interest income, from the second quarter of 2024, was driven by more gain on the sale of loans, higher merchant services revenue, and a reduction in loss on sale of investments. The quarter-over-quarter decrease in non-interest income was attributed to a decrease in merchant services revenue, partially offset by more gain on the sale of loans.

    Merchant services revenue increased 9% to $6.61 million for the second quarter of 2025, compared to $6.07 million from the second quarter of 2024. The increase over prior year was primarily related to higher volume across ISO partner sponsorship lines and higher gross revenue related to FFB Payments. Merchant services revenue decreased from $7.86 million when compared to the first quarter of 2025 as a result of seasonality and the loss of a significant FFB Payments direct merchant.

    During the first and second quarters of 2025, ISO Partner Sponsorship volumes included $2.78 billion and $2.56 billion in volume, respectively, for the ISO partners that were exited in the second quarter of 2025. Additionally, the first and second quarters of 2025 included ISO Partner Sponsorship revenues of $990,000 and $1.09 million, respectively, from the ISO partners that were exited in the second quarter of 2025. “These ISO exits were driven by our efforts to comply with the Consent Order and designed to ensure best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes(in thousands)
    Source   Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    ISO Partner Sponsorship   $ 5,347,695   $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365  
    FFB Payments – Sub-ISO Merchants     20,766     21,551     22,950     24,661     24,414  
    FFB Payments – Direct Merchants     71,746     97,095     91,133     64,512     76,059  
    Total volume   $ 5,440,207   $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838  
    Merchant ISO Processing Revenues(in thousands)
    Source of Revenue   Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net Revenue*:            
    ISO Partner Sponsorship   $ 2,654   $ 2,410   $ 2,535   $ 2,284   $ 2,156  
                 
    Gross Revenue:            
    FFB Payments – Sub-ISO Merchants     727     745     764     810     795  
    FFB Payments – Direct Merchants     3,228     4,709     4,262     2,476     3,117  
          3,955     5,454     5,026     3,286     3,912  
    Gross Expense:            
    FFB Payments – Sub-ISO Merchants     708     616     638     723     675  
    FFB Payments – Direct Merchants     2,179     2,558     2,511     1,766     1,989  
          2,887     3,174     3,149     2,489     2,664  
    Net Revenue:            
    FFB Payments – Sub-ISO Merchants     19     129     126     87     120  
    FFB Payments – Direct Merchants     1,049     2,151     1,751     710     1,128  
    FFB Payments Net Revenue     1,068     2,280     1,877     797     1,248  
    Net Merchant Services Income:   $ 3,722   $ 4,690   $ 4,412   $ 3,081   $ 3,404  
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.

    Total deposit fee income increased 1% to $854,000 for the second quarter of 2025, compared to $847,000 for the second quarter of 2024, and increased 1% from $849,000 for the previous quarter.

    There was a $1.45 million gain on the sale of loans during the second quarter of 2025, compared to a gain on the sale of loans of $509,000 during the second quarter 2024, and a gain on the sale of loans of $261,000 in the previous quarter. There was a $243,000 loss on the sale of investments during the second quarter of 2025, compared to a $459,000 loss recorded during the second quarter of 2024, and no loss recorded in the previous quarter. The gain on the sale of loans was the result of $16.95 million in SBA loans sold and a $31.77 million RE-multifamily loan sale package that was completed during the quarter. These sales contributed $968,000 and $482,000 in gain respectively.

    Non-interest expense increased 19% to $15.77 million for the second quarter of 2025, compared to $13.29 million for the second quarter 2024, and decreased 4% from $16.47 million from the previous quarter. The increase on a year-over-year comparison was driven by increases in salaries and employee benefits expense, and increases in other operating expense, primarily data and software related expenses and professional fees. Compared to the first quarter of 2025 the decrease in non-interest expense was attributed to a decrease in merchant services operating expenses, marketing expense, director fess, and operational losses.

    Salaries and employee benefits increased 19% to $8.00 million for the second quarter of 2025, compared to $6.72 million for the second quarter 2024. The increase year-over-year was primarily the result of expense associated with the increase in full-time employees. Full-time employees increased to 181 at June 30, 2025, compared to 147 full-time employees a year earlier, and 175 full-time employees from the previous quarter. Total salaries and employee benefits decreased 1% from $8.06 million in the previous quarter. The decrease when compared to the first quarter of 2025 is the result of a decrease in payroll tax expense and increased loan originations, partially offset by higher salary expense from additional full-time employees. Compensation related direct costs associated with loan originations offset salary and employee benefits expense upon loan origination.

    Occupancy and equipment expenses decreased 19% from a year ago, representing 2% of non-interest expense, and remained consistent with the preceding quarter. Merchant operating expense totaled $2.89 million for the second quarter of 2025, compared to $2.66 million for the second quarter of 2024 and $3.17 million for the previous quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 31% or $1.07 million to $4.53 million from a year earlier and decreased 7% or $357,000 from the previous quarter. The year-over-year increase was driven by increases of $458,000 in data and software related expense, $327,000 in professional fees, $136,000 in regulatory assessment expense, and $127,000 in marketing expense. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.15% for the second quarter of 2025, compared to 52.74% for the same quarter a year ago, and 57.83% for the preceding quarter. The efficiency ratio can fluctuate period-over-period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.14% for the second quarter of 2025, compared to 47.15% for the same quarter a year ago, and 52.54% for the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We saw elevated legal, audit, and technology related expenses in the first half of the year mostly related to addressing the Consent Order,” said Miller.

    Six months ended June 30, 2025:

    For the six months ended June 30, 2025, operating revenue increased 15% to $55.83 million, compared to $48.34 million for the same period in 2024. For the six months ended June 30, 2025, net interest income before the provision for credit losses increased 11% to $37.01 million, compared to $33.44 million for the same period in 2024. The increase in revenue is attributed to growth in the loan portfolio, partially offset by a decrease in investment interest income, an increase in interest bearing liabilities, and the cost of funds. For the six months ended June 30, 2025, the yield on earning assets was 6.24% compared to 6.27% for the same period in 2024, while the cost to fund earning assets was 1.02% for the six months ended June 30, 2025, compared to 1.05% for the same period in 2024.

    For the six months ended June 30, 2025, non-interest income increased 26% to $18.82 million compared to $14.90 million for the same period in 2024. Deposit fee income increased 4% to $1.70 million resulting from growth in business demand deposit accounts. The year-over-year growth in non-interest income was also largely attributable to the decrease in loss on sale of investments, an increase in the gain on sale of loans, and an increase in merchant services revenue.

    For the six months ended June 30, 2025, operating expenses increased by 24% to $32.24 million from $25.99 million for the same period in 2024. Salaries and employee benefits expense increased 21% to $16.06 million as a result of the increase in FTE. There was a 21% increase in merchant services operating expenses, to $6.06 million, which represents 19% of total operating expenses for six months ended June 30, 2025. Other operating expenses increased 38% to $9.41 million due to a $711,000 increase in technology related expenses, increases of $683,000 in professional fees, and increase of $389,000 in marketing expense, and a $293,000 increase in operational losses.

    For the six months ended June 30, 2025, the efficiency ratio was 57.49%, compared to 52.85% for the same period ended June 30, 2024. The adjusted efficiency ratio was 52.34%, compared to 47.48% for the same period ended June 30, 2024.

    Balance Sheet Review

    Total assets increased 2% to $1.47 billion at June 30, 2025, compared to $1.44 billion at June 30, 2024, and decreased 6% compared to March 31, 2025.

    The total portfolio of loans increased 13%, or $122.20 million, to $1.09 billion, compared to $969.76 million at June 30, 2024, and remained consistent with the $1.09 billion reported at March 31, 2025.

    Commercial real estate loans increased 22% year-over-year to $683.74 million, representing 63% of total loans at June 30, 2025. The CRE portfolio includes approximately $254.16 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $74.32 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.78 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.07 million, or 2% of loans, at June 30, 2025, compared to $17.44 million one year ago.

    The commercial and industrial (C&I) portfolio increased 15% to $266.81 million, at June 30, 2025, compared to $232.79 million a year earlier, and increased 3% from $260.06 million at March 31, 2025. C&I loans represented 24% of total loans at June 30, 2025. Agriculture loans represented 10% of the loan portfolio at June 30, 2025. At June 30, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $53.36 million, or 4.9% of the loan portfolio.

    Investment securities totaled $254.18 million at June 30, 2025, compared to $345.49 million a year earlier, and decreased $59.65 million from $313.83 million at March 31, 2025. Investment securities were sold during the quarter to generate liquidity ahead of anticipated deposit outflows due to ISO partner exits. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At June 30, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $25.41 million, compared to a net unrealized loss of $24.50 million at March 31, 2025. The Company’s investment securities portfolio had an effective duration of 6.26 years at June 30, 2025, compared to 5.61 years at March 31, 2025.

    Total deposits increased 6%, or $65.69 million, to $1.23 billion at June 30, 2025, compared to $1.17 billion from a year earlier, and decreased $85.73 million from $1.32 billion at March 31, 2025. Non-interest bearing demand deposits increased 4% to $759.30 million at June 30, 2025, compared to $731.03 million at June 30, 2024, and decreased $66.10 million from $825.40 million at March 31, 2025. Non-interest bearing demand deposits represented 61% of total deposits at June 30, 2025. During the second quarter of 2025 non-interest bearing demand deposits were reduced by $111.20 million due to ISO partner exits completed in early June 2025. Certificates of deposits increased 49%, or $55.01 million, during the quarter primarily due to the addition of $51.00 million in brokered deposits that mature over the next 12 months.

    Included in non-interest bearing deposits at June 30, 2025 are $75.83 million from ISO partners for merchant reserves, $45.24 million from ISO partners for settlement, and $11.61 million in ISO partner operating accounts, totaling $132.68 million. These deposits represent 17.5% of non-interest bearing deposits and 10.7% of total deposits.

    Within the $132.68 million in ISO partner deposits retained as of June 30, 2025 are $29.56 million in deposits for ISO partners being exited in the second half of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $16.00 million in short-term borrowings at June 30, 2025, compared to $68.00 million at June 30, 2024, and $10.00 million at March 31, 2025. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at June 30, 2025:

    Liquidity Source
    (in thousands)    		   June 30, 2025 March 31, 2025
           
    Cash and cash equivalents   $ 77,244   $ 103,071  
    Unpledged investment securities, fair value     67,952     104,732  
    FHLB advance capacity     293,198     338,036  
    Federal Reserve discount window capacity     162,755     130,590  
    Correspondent bank unsecured lines of credit     71,500     71,500  
        $ 672,649   $ 747,929  

    The total primary and secondary liquidity of $672.65 million at June 30, 2025 represents a decrease of $75.28 million in primary and secondary liquidity quarter-over-quarter. The decreases in unpledged investment securities and the FHLB advance capacity are the result of investment and loan sales that occurred during the quarter.

    Shareholders’ equity increased 17% to $173.91 million at June 30, 2025, compared to $148.64 million from a year ago, and decreased slightly from the $174.71 million reported at March 31, 2025. Book value per common share increased 22% to $56.87, at June 30, 2025, compared to $46.79 at June 30, 2024, and increased 2% from $55.52 at March 31, 2025. The tangible common equity ratio was 11.80% at June 30, 2025, compared to 10.30% a year earlier, and 11.20% at March 31, 2025. Book value improved as a result of quarterly net income and a reduction in shares outstanding through the bank’s strategic share repurchase program.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $222.14 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.41% for the current quarter, while the total risk-based capital ratio was 20.61%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets, which consists of nonperforming loans and other real estate owned, increased to $27.23 million, or 1.85% of total assets, at June 30, 2025, compared to $15.37 million, or 0.98% of total assets, from the previous quarter. Of the $26.29 million in nonperforming loans, $10.98 million are covered by SBA guarantees. Total delinquent loans decreased to $2.86 million at June 30, 2025, compared to $19.12 million at March 31, 2025. The increase in nonperforming loans is primarily the result of two multi-family loans, which are real estate secured, totaling $10.00 million to a related group of borrowers. These loans were included in the delinquent balances for the quarter ended March 31, 2025. As a result of their non-accrual status, the balance of the loans exceeding the real estate collateral value is reserved for in the allowance for credit loss, resulting in $1.62 million of additional reserve. The Bank is working closely with the borrowers as they work through stabilization and sale of the properties.

    Past due loans 30-60 days were $1.80 million at June 30, 2025, compared to $17.53 million at March 31, 2025, and $1.05 million at June 30, 2024. There were $1.02 million past due loans from 60-90 days at June 30, 2025, compared to $1.54 million at March 31, 2025 and $175,000 in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at June 30, 2025, compared to $1.05 million, at June 30, 2024. Of the $2.86 million in past due loans at June 30, 2025, $965,000 were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary   Organic Purchased Govt. Guaranteed Total
    (in thousands)  
             
    Delinquent accruing loans 30-59 days   $ 877   $ 919   $ 1,796  
    Delinquent accruing loans 60-89 days     1,020     —     1,020  
    Delinquent accruing loans 90+ days     —     46     46  
    Total delinquent accruing loans   $ 1,897   $ 965   $ 2,862  
             
    Non-Accrual Loan Summary   Organic Purchased Govt. Guaranteed Total
    (in thousands)  
             
    Loans on non-accrual   $ 26,285   $ —   $ 26,285  
    Non-accrual loans with SBA guarantees     10,979     —     10,979  
    Net Bank exposure to non-accrual loans   $ 15,306   $ —   $ 15,306  

    There was a $3.16 million provision for credit losses in the second quarter of 2025, compared to $291,000 provision for credit losses in the second quarter a year ago, and a $1.16 million provision for credit losses booked in the first quarter of 2025. The provision recorded during the second quarter of 2025 is the result of changes in loan portfolio concentrations, net charge-offs recognized, and a $10.92 million increase in total non-accrual loans which were individually evaluated in the allowance for credit losses.

    The ratio of allowance for credit losses to total loans was 1.40% at June 30, 2025, compared to 1.11% a year earlier and 1.18% at March 31, 2025. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    During the second quarter of 2025 the Bank recorded $949,000 in other real estate owned (“OREO”). This OREO was the result of a loan foreclosure completed during the quarter where the bank acquired a single-family-residence property as payment through collateral. The property is in good condition and is anticipated to sell during the second half of 2025.

    “As SBA loans have historically been the primary driver of nonperforming loans, the portfolio is watched very closely. Rates have increased so rapidly over the last two years putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief may occur during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.48%, as of June 30, 2025, and our total non-guaranteed exposure on these SBA loans is $44.61 million spread over 222 loans.”

    “We incurred net charge offs of $605,000 during the current quarter, compared to $27,000 in net recoveries in the second quarter a year ago, and $167,000 in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 13% from a year ago with commercial real estate (“CRE”) loans representing 63% of the total loan portfolio. Within the CRE portfolio, there are $49.90 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands)   CRE Office Exposure of June 30, 2025
    Region   Owner-Occupied Non-Owner Occupied Total
    Central Valley   $ 24,611   $ 17,268   $ 41,879  
    Southern California     2,262     350     2,612  
    Other California     4,463     417     4,880  
    Total California     31,336     18,035     49,371  
    Out of California     —     524     524  
    Total CRE Office   $ 31,336   $ 18,559   $ 49,895  


    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. The Bank was also ranked by S&P Global as the #34 best performing US community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates, and in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; the tariff strategy of the Trump administration, and its related effects on the agriculture industry and connected businesses in the Central Valley; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios   For the Quarter Ended:   Year to Date as of:
      June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
    BALANCE SHEET – ENDING BALANCES:                    
    Total assets   $ 1,473,927     $ 1,560,376     $ 1,443,723          
    Total portfolio loans     1,091,964       1,092,441       969,764          
    Investment securities     254,177       313,826       345,491          
    Total deposits     1,234,648       1,320,381       1,168,957          
    Shareholders equity, net     173,908       174,711       148,640          
                         
    INCOME STATEMENT DATA                    
    Operating revenue     27,349       28,476       24,729       55,825       48,340  
    Operating expense     15,768       16,467       13,285       32,235       25,986  
    Pre-tax, pre-provision income     11,581       12,009       11,444       23,590       22,354  
    Net income after tax     6,036       8,098       8,076       14,134       15,866  
                         
    SHARE DATA                    
    Basic earnings per share   $ 1.95     $ 2.56     $ 2.54     $ 4.51     $ 5.00  
    Fully diluted EPS   $ 1.94     $ 2.55     $ 2.54     $ 4.50     $ 4.99  
    Book value per common share   $ 56.87     $ 55.52     $ 46.79          
    Common shares outstanding     3,057,874       3,146,727       3,176,611          
    Fully diluted shares     3,104,067       3,175,178       3,183,844       3,139,346       3,178,974  
    FFBB – Stock price   $ 78.00     $ 76.50     $ 89.00          
                         
    RATIOS                    
    Return on average assets     1.59 %     2.14 %     2.31 %     1.86 %     2.32 %
    Return on average equity     13.75 %     18.83 %     22.89 %     16.26 %     23.08 %
    Efficiency ratio     57.15 %     57.83 %     52.74 %     57.49 %     52.85 %
    Adjusted efficiency ratio     52.14 %     52.54 %     47.15 %     52.34 %     47.48 %
    Yield on earning assets     6.18 %     6.31 %     6.40 %     6.24 %     6.27 %
    Yield on investment securities     4.13 %     4.36 %     4.60 %     4.25 %     4.54 %
    Yield on portfolio loans     6.70 %     6.81 %     6.89 %     6.75 %     6.79 %
    Cost to fund earning assets     1.09 %     0.96 %     1.10 %     1.02 %     1.05 %
    Cost of interest-bearing deposits     2.81 %     2.60 %     2.75 %     2.71 %     2.73 %
    Net Interest Margin     5.09 %     5.35 %     5.31 %     5.22 %     5.22 %
    Equity to assets     11.80 %     11.20 %     10.30 %        
    Net loan to deposit ratio     88.44 %     82.74 %     82.96 %        
    Full time equivalent employees     181       175       147          
                         
    BALANCE SHEET – AVERAGES                    
    Total assets     1,525,601       1,531,573       1,407,255       1,528,570       1,377,447  
    Total portfolio loans     1,112,380       1,076,848       954,871       1,094,712       940,216  
    Investment securities     289,127       325,699       334,416       307,312       325,117  
    Total deposits     1,281,357       1,300,550       1,199,124       1,290,901       1,164,121  
    Shareholders equity, net     176,074       174,410       141,881       175,247       138,251  
    Consolidated Balance Sheet (unaudited)   June 30, 2025   March 31, 2025   June 30, 2024
    (in thousands)      
    ASSETS            
    Cash and due from banks   $ 55,897     $ 83,033     $ 46,477  
    Interest bearing deposits in banks     21,347       20,038       26,842  
    CDs in other banks     1,722       1,724       1,683  
    Investment securities     254,177       313,826       345,491  
    Loans held for sale     —       —       —  
                 
    Construction & land development     12,784       12,649       79,132  
    Residential RE 1-4 family     17,066       17,146       17,439  
    Commercial real estate     683,743       696,625       562,548  
    Agriculture     109,926       104,616       77,518  
    Commercial and industrial     266,810       260,063       232,786  
    Consumer and other     1,635       1,342       341  
    Portfolio loans     1,091,964       1,092,441       969,764  
    Deferred fees & discounts     (3,541 )     (3,946 )     (4,106 )
    Allowance for credit losses     (15,330 )     (12,913 )     (10,749 )
    Loans, net     1,073,093       1,075,582       954,909  
                 
    Non-marketable equity investments     9,809       8,890       8,440  
    Cash value of life insurance     12,594       12,496       12,211  
    Other real estate owned     949       —       —  
    Accrued interest and other assets     44,339       44,787       47,670  
    Total assets   $ 1,473,927     $ 1,560,376     $ 1,443,723  
                 
    LIABILITIES AND EQUITY            
    Non-interest bearing deposits   $ 759,300     $ 825,404     $ 731,030  
    Interest checking     75,815       109,555       75,907  
    Savings     49,657       54,686       51,052  
    Money market     183,071       218,940       184,495  
    Certificates of deposits     166,805       111,796       126,473  
    Total deposits     1,234,648       1,320,381       1,168,957  
    Short-term borrowings     16,000       10,000       68,000  
    Long-term debt     38,086       38,046       39,678  
    Other liabilities     11,285       17,238       18,448  
    Total liabilities     1,300,019       1,385,665       1,295,083  
                 
    Common stock     29,501       35,693       37,430  
    Retained earnings     162,272       156,235       129,856  
    Accumulated other comprehensive loss     (17,865 )     (17,217 )     (18,646 )
    Shareholders’ equity     173,908       174,711       148,640  
    Total liabilities and shareholders’ equity   $ 1,473,927     $ 1,560,376     $ 1,443,723  
    Consolidated Income Statement (unaudited)   Quarter ended:   Year ended:
    (in thousands)   June 30, 2025   March 31, 2025   June 30, 2024   June 30, 2025   June 30, 2024
                         
    INTEREST INCOME:                    
    Loan interest income   $ 18,582     $ 18,069     $ 16,354     $ 36,651     $ 31,726  
    Investment income     2,978       3,499       3,823       6,477       7,335  
    Int. on fed funds & CDs in other banks     270       574       316       844       572  
    Dividends from non-marketable equity     141       132       394       272       523  
    Total interest income     21,971       22,274       20,887       44,244       40,156  
                         
    INTEREST EXPENSE:                    
    Int. on deposits     3,288       2,891       3,008       6,178       5,526  
    Int. on short-term borrowings     126       31       109       158       258  
    Int. on long-term debt     451       451       464       902       929  
    Total interest expense     3,865       3,373       3,581       7,238       6,713  
    Net interest income     18,106       18,901       17,306       37,006       33,443  
    PROVISION FOR CREDIT LOSSES     3,157       1,164       291       4,321       670  
    Net interest income after provision     14,949       17,737       17,015       32,685       32,773  
                         
    NON-INTEREST INCOME:                    
    Total deposit fee income     854       849       847       1,703       1,643  
    Debit / credit card interchange income     215       191       186       407       353  
    Merchant services income     6,609       7,864       6,068       14,473       12,137  
    Gain on sale of loans     1,446       261       509       1,707       961  
    Loss on sale of investments     (243 )     —       (459 )     (243 )     (833 )
    Other operating income     362       410       272       772       636  
    Total non-interest income     9,243       9,575       7,423       18,819       14,897  
                         
    NON-INTEREST EXPENSE:                    
    Salaries & employee benefits     8,002       8,056       6,724       16,058       13,306  
    Occupancy expense     352       353       437       705       820  
    Merchant services operating expense     2,887       3,174       2,664       6,060       5,023  
    Other operating expense     4,527       4,884       3,460       9,412       6,837  
    Total non-interest expense     15,768       16,467       13,285       32,235       25,986  
                         
    Income before provision for income tax     8,424       10,845       11,153       19,269       21,684  
    PROVISION FOR INCOME TAXES     2,388       2,747       3,077       5,135       5,818  
    Net income   $ 6,036     $ 8,098     $ 8,076     $ 14,134     $ 15,866  
    ASSET QUALITY   June 30, 2025   March 31, 2025   June 30, 2024
    (in thousands)      
    Delinquent accruing loans 30-60 days   $ 1,796     $ 17,533     $ 1,046  
    Delinquent accruing loans 60-90 days     1,020       1,537       175  
    Delinquent accruing loans 90+ days     46       46       1,052  
    Total delinquent accruing loans   $ 2,862     $ 19,116     $ 2,273  
                 
    Loans on non-accrual   $ 26,285     $ 15,366     $ 11,250  
    Other real estate owned     949       —       —  
    Nonperforming assets   $ 27,234     $ 15,366     $ 11,250  
                 
    Delinquent 30-60 / Total Loans     0.16 %     1.60 %     0.11 %
    Delinquent 60-90 / Total Loans     0.09 %     0.14 %     0.02 %
    Delinquent 90+ / Total Loans     — %     — %     0.11 %
    Delinquent Loans / Total Loans     0.26 %     1.75 %     0.23 %
    Non-accrual / Total Loans     2.41 %     1.41 %     1.16 %
    Nonperforming assets to total assets     1.85 %     0.98 %     0.78 %
                 
    Year-to-date charge-off activity            
    Charge-offs   $ 772     $ 167     $ —  
    Recoveries     —       —       31  
    Net charge-offs (recoveries)   $ 772     $ 167     $ (31 )
    Annualized net loan losses to average loans     0.14 %     0.06 %     (0.01 )%
                 
    CREDIT LOSS RESERVE RATIOS:            
    Allowance for credit losses   $ 15,330     $ 12,913     $ 10,749  
                 
    Total loans   $ 1,091,964     $ 1,092,441     $ 969,764  
    Purchased govt. guaranteed loans   $ 15,138     $ 16,081     $ 18,141  
    Originated govt. guaranteed loans   $ 38,224     $ 45,285     $ 41,201  
                 
    ACL / Total loans     1.40 %     1.18 %     1.11 %
    ACL / Loans less 100% govt. gte. loans (purchased)     1.42 %     1.20 %     1.13 %
    ACL / Loans less all govt. guaranteed loans     1.48 %     1.25 %     1.18 %
    ACL / Total assets     1.04 %     0.83 %     0.74 %
    SELECT FINANCIAL TREND INFORMATION   For the Quarter Ended:
      June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    BALANCE SHEET – PERIOD END            
    Total assets   $ 1,473,927   $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723  
    Loans held for sale     —     —     —     —     —  
    Loans held for investment     1,091,964     1,092,441     1,071,079     998,222     969,764  
    Investment securities     254,177     313,826     322,186     345,428     345,491  
                 
    Non-interest bearing deposits     759,300     825,404     828,508     826,708     731,030  
    Interest bearing deposits     475,348     494,977     455,869     460,241     437,927  
    Total deposits     1,234,648     1,320,381     1,284,377     1,286,949     1,168,957  
    Short-term borrowings     16,000     10,000     —     —     68,000  
    Long-term debt     38,086     38,046     38,007     37,967     39,678  
                 
    Total equity     191,773     191,928     186,574     176,350     167,286  
    Accumulated other comprehensive loss     (17,865 )   (17,217 )   (18,182 )   (12,715 )   (18,646 )
    Shareholders’ equity     173,908     174,711     168,392     163,635     148,640  
                 
    QUARTERLY INCOME STATEMENT            
    Interest income   $ 21,971   $ 22,274   $ 22,403   $ 21,404   $ 20,887  
    Interest expense     3,865     3,373     3,591     3,617     3,581  
    Net interest income     18,106     18,901     18,812     17,787     17,306  
    Non-interest income     9,243     9,575     9,435     7,616     7,423  
    Gross revenue     27,349     28,476     28,247     25,403     24,729  
                 
    Provision for credit losses     3,157     1,164     1,671     762     291  
                 
    Non-interest expense     15,768     16,467     13,270     12,735     13,285  
    Net income before tax     8,424     10,845     13,306     11,906     11,153  
    Tax provision     2,388     2,747     3,588     3,343     3,077  
    Net income after tax     6,036     8,098     9,718     8,563     8,076  
                 
    BALANCE SHEET – AVERAGE BALANCE            
    Total assets   $ 1,525,601   $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255  
    Loans held for sale     —     —     —     —     —  
    Loans held for investment     1,112,380     1,076,848     1,038,215     982,152     954,871  
    Investment securities     289,127     325,699     333,135     343,096     334,416  
                 
    Non-interest bearing deposits     812,753     850,426     838,748     822,200     758,977  
    Interest bearing deposits     468,604     450,124     460,321     432,143     440,147  
    Total deposits     1,281,357     1,300,550     1,299,069     1,254,343     1,199,124  
    Short-term borrowings     11,110     2,856     951     —     10,053  
    Long-term debt     38,068     38,028     37,989     39,479     39,660  
                 
    Shareholders’ equity     176,074     174,410     167,268     161,363     141,881  
    Contact: Steve Miller – President & CEO
      Bhavneet Gill – EVP & CFO
      (559) 439-0200

    The MIL Network –

  • MIL-OSI: Usio to Host Second Quarter 2025 Conference Call to Discuss Results and Provide Company Update on August 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    SAN ANTONIO, July 23, 2025 (GLOBE NEWSWIRE) — Usio, Inc. (Nasdaq:USIO), a leading provider of integrated, cloud-based electronic payment and embedded financial solutions, today announced it will release second quarter 2025 financial results for the period ended June 30, 2025, after the market closes on Wednesday, August 6, 2025.

    Usio’s management will host a conference call the same day, August 6, 2025, beginning at 4:30 p.m. Eastern time to review financial results and provide a business update. Following management’s formal remarks, there will be a question-and-answer session.

    To listen to the conference call, interested parties within the U.S. should call 1-888-999-6281. International callers should call 1-848-280-6550. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at usio.com/events/.

    A replay of the call will be available approximately one hour after the end of the call through August 20, 2025. The replay can be accessed via the Company’s website or by dialing 1-877-344-7529 (U.S.), 1-855-669-9658 (Canada) or 1-412-317-0088 (all other international). The replay conference playback code is: 9584705.

    About Usio, Inc.
    Usio, Inc. (Nasdaq: USIO), a leading, cloud-based, integrated FinTech electronic payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, integrated software vendors and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services clients through its unique payment facilitation platform as a service. The company, through its Usio Output Solutions division, offers services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the card issuing sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas.

    Websites: www.usio.com and www.akimbocard.com. 
    Find us on LinkedIn, Facebook® and Twitter.

    FORWARD-LOOKING STATEMENTS DISCLAIMER

    Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief, and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “schedule,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new tax legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2024. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

    Contact
    Paul Manley
    Senior Vice President, Investor Relations
    paul.manley@usio.com
    612-834-1804

    The MIL Network –

  • MIL-OSI Analysis: What Canada can learn from Australia on adequately protecting citizens at live events

    Source: The Conversation – Canada – By Sean Spence, Security Risk Management Pracitioner & Researcher, Royal Military College of Canada

    In April 2025, a man drove an SUV through a crowd of people attending a Filipino cultural festival in Vancouver, killing 11 people and injuring dozens more. In response, the British Columbia government immediately commissioned an inquiry to examine the systemic causes of the incident and whether any lessons could be learned from the tragedy.



    Read more:
    Vancouver SUV attack exposes crowd management falldowns and casts a pall on Canada’s election

    The commission came up with six recommendations based on gaps in the current municipal application and approval system for public events across the province.

    One key recommendation was that all public events should be required to complete a risk assessment. This isn’t currently happening across the province. The absence of such analysis poses a risk for public safety.

    Another recommendation was the creation of local knowledge capacity to support event organizers, particularly for small and rural events, where the expertise to conduct a basic security risk assessment is lacking.

    Forseeable tragedy?

    As I argued in August 2022, the live events industry lacks the same level of professionalism as other occupations. Many of these small event organizers are amateurs who lack the resources to properly deal with the security risks involved in holding their events.



    Read more:
    Canada could have its own Fyre Festival fiasco if it doesn’t amp up event regulations

    These factors, combined with emerging security risks, meant that the tragedy at the Lapu Lapu festival could be considered a foreseeable event given the risk realities associated with modern mass gatherings.

    The inquiry report highlighted how B.C. is lagging behind other international jurisdictions in terms of legislative pro-activeness in securing public events. This policy deficiency is actually a Canada-wide problem; the country is woefully behind other western nations when it comes to securing public events.

    My doctoral thesis examined this very issue when I compared the regulation and application process to host public events in Canada and Australia’s largest cities.

    Australia vs. Canada

    Firstly, it’s important to note that Canada is a less safe country in terms of security than Australia, all things considered equal. Canada’s porous border with the United States means more illegal firearms are entering the country, resulting in more gun violence than in Australia, where there are more restrictive gun ownership laws.

    The Lapu Lapu attack was not investigated as an act of terrorism, but in a related concern, Canada’s intelligence-gathering and national security laws place it at a counter-terrorism disadvantage compared to Australia.

    Relatively speaking, research suggests Canada’s Charter of Rights and Freedoms hinders its security services from being able to detect and investigate terrorism-related offences given the greater importance placed on individual rights compared to Australia, where there is no such Charter equivalent.

    Australia also has pro-active foreign intelligence collection capabilities to aid in its counter-terrorism efforts, while Canada’s CSIS agency only has domestic capabilities. That essentially requires it to import intelligence from its allies.

    Given these facts, it would seem plausible that Canada would be at greater risk for security threats at public events — including terrorist attacks, active shooters, etc. — than Australia.

    When I compared the data between both countries in my research, it suggested Australia has more public event regulation than Canada.

    It was quantitatively shown that Australian officials require risk assessments and other proactive measures from event organizers, including for risk mitigation, while Canadian officials are mostly concerned with reactive security response plans — in other words, determining how organizers would respond to attacks after they occurred.

    An analysis of event application documents in both countries reveal that Australian municipalities disproportionately emphasize “risk management” in approving events compared to Canadian municipalities.

    Three ways the B.C. report falls short

    The B.C. report missed out on examining several important elements.

    Firstly, it did not take a holistic, deep dive into just how vulnerable public events are to myriad security threats — like active shooters, crowd crushing and terrorist attacks — but instead focused solely on the hostile vehicle threat.

    It also failed to consider the urgency of governments to adopt policy changes in the face of emerging threats on public spaces, like drone attacks.

    Secondly, the report made no mention of the need for law enforcement to develop stronger ties to share intelligence with event organizers as a proactive measure to protect mass gathering events from violence. The Hamas attacks at a music festival in Israel in October 2023 highlight the worst outcome of such failures.



    Read more:
    How Israel underestimated Hamas’s intelligence capabilities – an expert reviews the evidence

    Lastly, there was no call for action or recommendation for the federal government to play a greater role in providing guidance to the industry and lower levels of government.

    National security is a federal issue as well as the regulation of airspace for drones. In countries such as the United Kingdom, Australia and the United States, the national government provides guidance on protecting public spaces. There is no such policy leadership in Canada.

    The B.C. findings show Canadian authorities have a lot of work to do to make public events safer for Canadians. With the FIFA World Cup coming to Canada next year, Canadian governments still have time to implement corrective actions to ensure soccer fans stay safe.

    Sean Spence provides security consulting services within the hospitality industry.

    – ref. What Canada can learn from Australia on adequately protecting citizens at live events – https://theconversation.com/what-canada-can-learn-from-australia-on-adequately-protecting-citizens-at-live-events-261161

    MIL OSI Analysis –

  • MIL-OSI United Kingdom: Government unveils updates to Private Fund Regime and Sound Business Practice Policy23 July 2025 The first two initiatives which will help to protect and grow Jersey’s financial services sector have been announced. The Jersey Private Fund, JPF, regime has been modernised to be better aligned with… Read more

    Source: Channel Islands – Jersey

    23 July 2025

    The first two initiatives which will help to protect and grow Jersey’s financial services sector have been announced. 

    The Jersey Private Fund, JPF, regime has been modernised to be better aligned with the needs of international professional investors. 

    Proposals to simplify the Sound Business Practice Policy, SBPP, have been published which, once approved, will streamline its application whilst a more comprehensive review of this framework is undertaken. 

    Both initiatives are part of the Competitiveness Programme and were unveiled at its launch event. 

    Jersey Private Fund 

    The Minister with responsibility for Financial Services, Deputy Ian Gorst, has signed a Ministerial Order to update the JPF. 

    Effective from 6 August 2025, the revised JPF Guide and a new statutory instrument, the Collective Investment Funds (Jersey Private Funds) Order, will come into force. 

    These changes will: 

    • remove the 50-offer / investor cap; 
    • expand the definition of professional investor; 
    • permit the listing of interests in JPFs with the Jersey Financial Services Commission’s consent; and 
    • introduce a 24-hour authorisation process for JPF applications submitted by registered Designated Service Providers.

    Jill Britton, Director General of the JFSC, said: “The updated JPF regime is a significant step, keeping Jersey’s fund offering evolving with the needs of industry. JPFs continue to be a regulated product that investors can have confidence in – these changes streamline the regime and, together with our commitment to faster authorisation, we are underscoring our commitment to excellent service.” 

    Joe Moynihan, CEO, Jersey Finance, said: “Since its launch in 2017, the JPF has become Jersey’s fastest-growing fund category, particularly well-suited to private equity, venture capital and real asset strategies. As private capital continues to evolve globally, these updates will further increase Jersey’s appeal to managers and professional investors seeking flexible and well-regulated fund solutions.” 

    Deputy Gorst said: “These revisions follow industry engagement and reflect a broader global movement toward bespoke, efficient private fund vehicles for professional investors. They provide certainty for fund promoters and reinforce Jersey’s appeal as a jurisdiction of choice for private capital.” 

    Sound Business Practice Policy 

    The SBPP, jointly developed by Government of Jersey and the JFSC, identifies ‘sensitive activities’ which require additional information or scrutiny before the JFSC consents to them. The Codes of Practice for investment business, funds service business, certified funds and trust and company businesses all require registered persons to have due regard to the SBPP. 

    The SBPP has served Jersey well in understanding and managing risk, but updates are required to ensure it remains fit for modern-day business. 

    The proposed amendments simplify its scope of application, reducing potential business frictions and delays. The “Repeal of the Control of Borrowing Framework”, recently published by the Government of Jersey, includes a review of the SBBP framework with a view to establish a more flexible risk-based approach in the medium-term. 

    Jill Britton said: “This is about modernising regulation while taking a progressive stance against financial crime. Refining the SBPP removes unnecessary complexity and enables firms to focus on what matters, identifying and managing real risk. It’s a shift toward more intelligent regulation, where the emphasis is on outcomes and accountability, not just process”. 

    Joe Moynihan added: “We welcome the simplification of the SBPP, which should have a material impact on Jersey’s competitiveness as an IFC that is very much open for high quality business. These changes, which are in response to industry feedback, are another good example of our agility as an IFC and the positive collaborative relationship there is between industry, the Government of Jersey and the JFSC.” 

    Deputy Gorst said: “This change will enable businesses to do what they already do well: determine the risk of their activity and to act accordingly. Jersey has a mature and sophisticated financial services sector, and this change acknowledges that. The simplification of the SBPP does not reduce Jersey’s commitment to combatting financial crime but rather acknowledges that the industry understand risk and allows them to take greater responsibility for managing it.” 

    Competitiveness Programme 

    The Competitiveness Progamme has brought together government, the regulator and industry with the goal of protecting Jersey’s current economic strength, while unlocking new pathways for growth over the next ten years. 

    The programme is organised around four strategic workstreams, with each designed to address a key dimension of Jersey’s competitiveness: 

    • International Tax Strategy – focusing on creating a tax framework that keeps Jersey competitive and compliant in a fast-changing global landscape. 
    • Business and Regulatory Environment – delivering practical, quick-impact improvements to ease of doing business and regulatory efficiency, while also shaping longer-term reforms. 
    • External Growth Strategy – comparing Jersey’s strengths and weaknesses, opportunities and threats, against global trends and competing jurisdictions, this stream will offer data-driven insights and targeted investment opportunities to fuel long-term, realisable international growth. 
    • Future Competitiveness and Regulation – bringing together a high-level panel of global experts to synthesise and prioritise the findings from across the workstreams, producing an independent report for Ministers. 

    At the end of this process of research and reflection, the Government will publish a final report and action plan in 2026 that will shape Jersey’s strategy into the next decade.

    These efforts align closely with other major initiatives such as Jersey Finance’s Vision2050 and the JFSC’s registry and strategic reviews, which ensures that workstreams are not happening in silos, but as part of a broader, coordinated vision. 

    For more on the Financial Services Competitiveness Programme, please see: Financial services competitiveness programme​​.

    MIL OSI United Kingdom –