MIL-OSI United Kingdom: Two men prosecuted for dumping waste in village

Source: United Kingdom – Executive Government & Departments

Press release

Two men prosecuted for dumping waste in village

Muddy tracks led to nearby house where excavation work had taken place. Environment Agency prosecution resulted in fines and costs totalling £6,400.

Farmer discovers dumped waste when looking to graze sheep on land.

The Environment Agency has successfully prosecuted two men for illegally dumping excavation waste at a site in West Haddon, Northamptonshire.

At Leicester Magistrates Court on Wednesday 23 July 2025, Richard Allen, 59, of Capeleira, Obidos, in Portugal, was fined £2,000 and ordered to pay £400 to the victims of the offence.

He was also ordered to pay prosecution costs of £2,000 and a victim surcharge of £800.

At a previous hearing, on Wednesday 25 June 2025, David Thomas George Warden, 50, of Welland Avenue, Gartree, Market Harborough, was fined £350 and ordered to pay costs of £500 and a victim surcharge of £350.

Both pleaded guilty to knowingly causing and depositing controlled waste between 24 and 30 April 2024, on land off Ryehills Lane, West Haddon, without the necessary environmental permit.

Both also admitted to charges relating to failing to comply with waste transfer regulations.

Farmer discovered dumped waste

The court was told that officers from the Environment Agency were alerted by a farmer who discovered the dumped waste when looking to graze sheep on the land off Ryehills Lane.

The farmer found that the field had been covered in numerous mounds of excavation waste making it unsuitable for grazing.

Due to the wet weather, muddy tyre tracks leading away from the site led officers to a nearby house where excavation work had taken place.

That property was owned by Richard Allen’s daughter and son-in-law who informed officers that Allen had gained planning permission to build a house in the grounds of their property.

Allen informed the investigation that he had employed Warden’s company Sky CFG to carry out the building works. He also alleged he had gained permission, some three years previously, to dump the top soil on the Ryehills’ site.

However, Allen was unable to name the person from whom he had obtained permission.

The owners of the land confirmed there was no such agreement in place for anyone to deposit waste onto their field. In any event, regardless of whether permission had been granted, there was no environmental permit in place at the site to allow waste to be deposited there.

Both Allen and Warden said they had little knowledge of the environmental regulations despite having experience of waste disposal as part of their day-to-day businesses.

The court was told that some remediation work had taken place at the site albeit most of the soil had been spread across the field and that the land was now fit to graze animals.

A spokesperson for the Environment Agency said:

This case shows that operators in the waste sector should realise we will not tolerate illegal waste activities.

We will take enforcement action to protect the environment, people and legitimate businesses.

Anyone with suspicions of waste crime can call our incident hotline, 0800 807060, or Crimestoppers, on 0800 555111.

Background information

Charges

Richard Allen

Between 24 April 2023 and 30 April 2023, knowingly cause controlled waste namely excavation waste consisting of sand and soil to be deposited on land off Ryehills Lane, West Haddon when there was not in force an environmental permit authorising such a deposit contrary to section 33(1) (a) and (6) of the Environmental Protection Act 1990, as amended.
Between 1 August 2023 and 30 September 2023 failed to comply with the duty of care imposed by section 34(1)(c)(ii) of the Environmental Protection Act 1990 in that, being a person that is a waste broker of controlled waste, namely, a quantity of excavation waste consisting of sand and soil, did fail to take such measures as were reasonable in the circumstances to secure that, on transfer of the waste, that there was such a written description of the waste as to enable other persons to avoid any contravention of section 33 contrary to section 34(1)(c)(ii) and (6) Environmental Protection Act 1990.

David Thomas George Warden

Between 24 April 2023 and 30 April 2023, did deposit controlled waste namely excavation waste consisting of sand and soil in or on land at Ryehills Lane, West Haddon when there was no environmental permit in force authorising such a deposit contrary to section 33 (1) (a) and (6) of the Environmental Protection Act 1990, as amended.
Between 24 April 2023 and 30 April 2023 failed to comply with the duty of care imposed by section 34(1)(c)(ii) of the Environmental Protection Act 1990 in that, being a person that produces controlled waste, namely, a quantity of excavation waste consisting of sand and soil, did fail to take such measures as were reasonable in the circumstances to secure that, on transfer of the waste, that there was such a written description of the waste as to enable other persons to avoid any contravention of section 33 contrary to section 34(1)(c)(ii) and (6) Environmental Protection Act 1990.

Published 25 July 2025

MIL OSI United Kingdom –

July 26, 2025

MIL-OSI Africa: Committee on Agriculture Commends Improved Performance of Agricultural Research Council (ARC), National Agricultural Marketing Council (NAMC) and Perishable Products Export Control Board (PPECB) in the Fourth Quarter of 2024/25

Source: APO

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The Portfolio Committee on Agriculture welcomed the briefings it received yesterday from the Agricultural Research Council (ARC), National Agricultural Marketing Council (NAMC), and the Perishable Products Export Control Board (PPECB) on their performance in the fourth quarter of the 2024/25 financial year and commended their notable performance.

In welcoming the briefings from the three entities of the Department of Agriculture, the Chairperson of the Committee, Ms Dina Pule, said the committee was happy about the progress that the entities reported to the committee. She said the committee notes the hard work the entities have demonstrated and called for more improvement in all the areas of work that included implementation of the Auditor General’s recommendations on their last audit outcomes.

The ARC reported that funding for building of the new Foot-and-mouth Disease (FMD) Vaccine Facility is still a challenge and that, efforts to obtain the required funding for the new facility remains a priority. The entity reported that field assessment of the FMD vaccine in Mpumalanga and Limpopo is ongoing and the study on vaccine safety in pregnant cows and young calves has been initiated.

In appreciating the performance of the NAMC, the committee called on the entity to do more on finding market access for the small-scale farmers as markets are alfa and omega for their growth, survival and meaningful contribution to the South African economy and for national food security.

The Chairperson told the Deputy Minister of the Department of Agriculture, Ms Zoleka Capa, who led the departmental delegation, that the committee notes with appreciation the accountability of both the Minister and his Deputy that they demonstrate to the committee.

The Chairperson also said that accountability is a critical starting point for the success of the department. “We deeply appreciate your availability to our meetings with the department. Your presence solidifies the accountability of the department to the committee and the oversight responsibility of the committee over the department,” emphasised the Chairperson.

Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

MIL OSI Africa –

July 26, 2025

MIL-OSI Africa: Boosting Growth with Inclusive Financial Development Crucial to Unlock Angola’s Poverty Alleviation Efforts

Source: APO

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Angola recorded the highest economic expansion since 2014, with real Gross Domestic Product (GDP) growth reaching 4.4% in 2024. According to the latest edition of the Angola Economic Update (AEU) published by the World Bank Group (WBG) today, titled Boosting Growth with Inclusive Financial Development, this growth was driven by the oil sector’s recovery and diamond extraction, along with strong expansion in commerce and fishing.

The report highlights that despite a rebound in economic activity in 2024, Angola still struggles with the lasting impacts of prolonged stagnation. From 2016 to 2020, the economy contracted by approximately 10.4%, averaging a 2.1% annual decline. This sluggish growth stemmed from structural challenges and heavy dependence on the oil sector, making it susceptible to global price fluctuations. Real GDP growth is projected at an average of 2.9% from 2025 to 2027, but this is unlikely to significantly improve living standards. Increased global uncertainty, including falling oil prices, emphasizes the need for Angola to diversify its economy and reduce reliance on oil.

“The Angolan economy is in urgent need of establishing a consistent pathway toward robust growth to address nearly a decade of stagnation and to improve conditions for poverty alleviation. There is optimism that the comprehensive economic reforms currently being implemented by the government will produce positive outcomes and unlock the country’s potential,” said Juan Carlos Alvarez, World Bank Country Manager for Angola. “The country must intensify its support for key sectors that can significantly contribute to the essential process of economic diversification. A deeper analysis of these sectors and the needed structural reforms are discussed in the Angola Country Economic Memorandum, also published today,” he added.

The AEU emphasizes the importance of promoting inclusive financial development in Angola to address the existing significant inequality and exclusion, particularly in rural areas where access to formal banking services is limited. Women and older adults are particularly affected. Compared to other countries in the region, Angolan households have less access to credit, savings, and digital financial services. Advancing financial inclusion can boost economic participation and resilience, leading to sustainable growth and poverty reduction. Access to banking, credit, and insurance empowers small businesses, farmers, and entrepreneurs, enhancing productivity and job creation. Moreover, financial inclusion can reduce income inequality by providing marginalized groups with opportunities to build assets and improve their well-being.

The report highlights that implementing key reforms can create a more robust and inclusive financial sector in Angola, essential for diversifying the economy and fostering growth and job creation. It emphasizes the need for broader access to financial services beyond Luanda, especially as Angola focuses on economic activities in the Lobito Corridor and develops secondary cities. Additionally, the rise of digital banking and mobile payments offers a significant opportunity to reach underserved populations, enhancing economic resilience and promoting inclusive development.

The report outlines essential reforms that Angola can implement to foster the growth of its financial sector and enhance accessibility in an inclusive manner. These reforms include:

Developing digital payments to expand access to financial services in remote areas.
Making digital payments more accessible and intuitive.
Establishing a favorable regulatory framework to increase access to finance for Microcredit and Small and Medium Enterprises (MSME).
Promoting lending to MSMEs and improving the transparency and market alignment of initiatives to finance MSMEs.
Implementing the Financial Action Task Force action plan and addressing deficiencies in the Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Framework.
Increasing access to insurance for individuals and MSMEs, including weather-based-index insurance for agricultural activities.

“While addressing financial inclusion in Angola has several challenges, particularly for low-income and rural communities, there are constructive opportunities to address these barriers. By implementing regulatory reforms, embracing digital innovations, and enhancing financial education, Angola can pave the way for a more diverse economy and unlock new avenues for growth and job creation,” said Benedicte Baduel, World Bank Senior Country Economist for Angola.

Distributed by APO Group on behalf of The World Bank Group.

MIL OSI Africa –

July 26, 2025

MIL-OSI Submissions: Trump’s push for more deportations could boost demand for foreign farmworkers with ‘guest worker’ visas

Source: The Conversation – USA (2) – By Scott Morgenstern, Professor of Political Science, University of Pittsburgh

Mexican farmworkers with H-2A visas weed a North Carolina tobacco field in 2016. Andrew Lichtenstein/Corbis via Getty Images

The U.S. has an important choice to make regarding agriculture.

It can import more people to pick crops and do other kinds of agricultural labor, it can raise wages enough to lure more U.S. citizens and immigrants with legal status to take these jobs, or it can import more food. All three options contradict key Trump administration priorities: reducing immigration, keeping prices low and importing fewer goods and services.

The big tax-and-spending bill President Donald Trump signed into law on July 4, 2025, included US$170 billion to fund the detention and deportation of those living in the U.S. without authorization. And about 1 million of them work in agriculture, accounting for more than 40% of all farmworkers.

As the detention and deportation of undocumented immigrants ramps up, one emerging solution is to replace at least some deported farmworkers with foreigners who are given special visas that allow them to help with the harvest but require them to go home after their visas expire.

Such “guest worker” programs have existed for decades, leading to today’s H-2A visa program. As of 2023, more than 310,000 foreigners, around 13% of the nation’s 2.4 million farmworkers, were employed through this program. About 90% of the foreign workers with these visas come from Mexico, and nearly all are men. The states where the largest numbers of them go are California, Florida, Georgia and Washington.

As a professor of Latin American politics and U.S.-Latin American relations, I teach my students to consider the difficult trade-offs that governments face. If the Trump administration removes a significant share of the immigrants living in the U.S. without legal permission from the agricultural labor force to try to meet its deportation goals, farm owners will have few options.

Few options available

First, farm owners could raise wages and improve working conditions enough to attract U.S. citizens and immigrants who are legal permanent residents or otherwise in the U.S. with legal status.

But many agricultural employers say they can’t find enough people to hire who can legally work – at least without higher wages and much-improved job requirements. Without any undocumented immigrant farmworkers, the prices of U.S.-sourced crops and other agricultural products would spike, creating an incentive for more food to be imported.

Second, farm owners could employ fewer people. That would require either growing different crops that require less labor or becoming more reliant on machinery to plant and harvest. But that would mean the U.S. could have to import more food. And automation for some crops is very expensive. For others, such as for berries, it’s currently impossible.

It’s also possible that some farm owners could put their land to other uses, ceasing production, but that would also necessitate more imported food.

Trump administration’s suggested fixes

U.S. Agriculture Secretary Brooke Rollins has predicted that farm owners will soon find plenty of U.S. citizens to employ.

She declared on July 8 that the new Medicaid work requirements included in the same legislative package as the immigration enforcement funds would encourage huge numbers of U.S. citizens to start working in the fields instead of losing their health insurance through that government program.

Farm trade groups say this scenario is far-fetched.

For one thing, most adults enrolled in the Medicaid program who can work already do. Many others are unable to do so due to disabilities or caregiving obligations.

Few people enrolled in Medicaid live close enough to a farm to work at one, and even those who do aren’t capable of doing farmwork. When farm owners tried putting people enrolled in a welfare program to work in the fields in the 1990s, it failed. Another experiment in the 1960s, which deployed teenagers, didn’t pan out either because the teens found the work too hard.

It seems more likely that farm owners will try to hire many more foreign farmworkers to do temporary but legal jobs through the H-2A program.

Although he has not made it an official policy, Trump seems to be moving toward this same conclusion.

In June, for example, Trump said his administration was working on “some kind of a temporary pass” for immigrants lacking authorization to be in the U.S. who are working on farms and in hotels.

Farmworkers with H-2A visas spend time in their employer-provided dormitory on April 28, 2020, in King City, Calif.
Brent Stirton/Getty Images

Established in 1952, numbers now rising quickly

The guest worker system, established in 1952 and revised significantly in 1986, has become a mainstay of U.S. agriculture because it offers important benefits to both the farm owners who need workers and the foreign workers they hire.

There is no cap on the number of potential workers. The number of H-2A visas issued is based only on how many employers request them. Farm owners may apply for visas after verifying that they are unable to locate enough workers who are U.S. citizens or present in the U.S. with authorization.

To protect U.S. workers, the government mandates that H-2A workers earn an “adverse effect wage rate.” The Labor Department sets that hourly wage, which ranges from $10.36 in Puerto Rico to about $15 in several southern states, to more than $20 in California, Alaska and Hawaii. These wages are set at relatively high levels to avoid putting downward pressure on what other U.S. workers are paid for the same jobs.

After certification, farm owners recruit workers in a foreign country who are offered a contract that includes transportation from their home country and a trip back – assuming they complete the contract.

The program provides farm owners with a short-term labor force. It guarantees the foreign workers who obtain H-2A visas relatively high wages, as well as housing in the U.S. That combination has proven increasingly popular in recent years: The annual number of H-2A visas rose to 310,700 in 2023, a more than fivefold increase since 2010.

Possible downsides

Boosting the number of agricultural guest workers would help fill some gaps in the agricultural labor force and reduce the risk of crops going unharvested. But it seems clear to me that a sudden change would pose risks for workers and farm owners alike.

Workers would be at risk because oversight of the H-2A program has historically been weak. Despite that lax track record, some unscrupulous farmers have been fined or barred from participating in the H-2A program because of unpaid wages and other abuses.

Relying even more on guest farmworkers than the U.S. does today would also swap workers who have built lives and families north of the border with people who are in the U.S. on a temporary basis. Immigration opponents are unlikely to object to this trade-off, but to immigrant rights groups, this arrangement would be cruel and unfair to workers with years of service behind them.

What’s more, the workers with guest visas can be at risk of exploitation and abuse. In 2022, the U.S. attorney for the Southern District of Georgia described conditions for H-2A workers at an onion farm the government had investigated as “modern-day slavery.”

The U.S. Government Accountability Office has researched the H-2A visa program and observed many problems it recommends be fixed.

For farm owners, the downside of ramping up guest worker programs is that it could increase costs and make production less efficient and more costly. That’s because transporting Mexican farmworkers back and forth each year is complicated and expensive. Farm groups say that compliance with H-2A visa requirements is cumbersome. It can be particularly difficult for small farms to participate in this program.

Some farm owners have objected to the costs of employing H-2A workers. Rollins has said that the Trump administration believes that the mandatory wages are too high.

To be sure, these problems aren’t limited to agriculture. Hotels, restaurants and other hospitality businesses, which rely heavily on undocumented workers, can also temporarily employ some foreigners through the H-2B visa program – which is smaller than the H-2A program, limits the number of visas issued and is available only for jobs considered seasonal.

Home health care providers and many other kinds of employers who rely on people who can’t legally work for them could also struggle. But so far, there is no temporary visa program available to help them fill those gaps.

If the U.S. does deport millions of workers, the price of tomatoes, elder care, restaurant meals and roof repairs would probably rise substantially. A vast increase in the number of guest workers is a potential but partial solution, but it would multiply problems that are inherent in these temporary visa programs.

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

– ref. Trump’s push for more deportations could boost demand for foreign farmworkers with ‘guest worker’ visas – https://theconversation.com/trumps-push-for-more-deportations-could-boost-demand-for-foreign-farmworkers-with-guest-worker-visas-259868

MIL OSI –

July 26, 2025

MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

“We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

Quarterly Financial Performance

Second Quarter 2025 versus Second Quarter 2024 highlights:

Return on average equity of 15.52%, compared to 14.19%
Return on average assets of 1.57%, compared to 1.37%
Tangible book value per share grew by $2.14, or 8%, to $27.48
Average loans grew by $194.8 million, or 4%, to $5.23 billion
Core deposits grew by $423.9 million, or 8%, to $6.03 billion
Net interest margin improved 25 basis points to 3.42% versus 3.17%
Net interest income increased by $6.6 million, or 14%
Provision expense of $3.0 million, compared to $8.5 million
Watch list loans as a percentage of total loans improved to 3.67% from 5.31%
Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million
Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%
Total risk-based capital ratio improved to 15.86%, compared to 15.53%
Tangible capital ratio improved to 10.15%, compared to 9.91%
Average equity increased by $58.0 million, or 9%

Second Quarter 2025 versus First Quarter 2025 highlights:

Return on average equity of 15.52%, compared to 11.70%
Return on average assets of 1.57%, compared to 1.20%
Average loans grew by $43.7 million, or 1%, to $5.23 billion
Core deposits grew by $191.6 million, or 3%, to $6.03 billion
Net interest margin improved 2 basis points to 3.42% versus 3.40%
Net interest income increased by $2.0 million, or 4%
Pretax, pre-provision earnings increased $4.9 million, or 16%
Provision expense of $3.0 million, compared to $6.8 million
Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million
Watch list loans as a percentage of total loans improved to 3.67% from 4.13%
Common equity tier 1 capital ratio of 14.73%, compared to 14.51%
Total risk-based capital ratio of 15.86%, compared to 15.77%
Tangible capital ratio of 10.15%, compared to 10.09%

Capital Strength

The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

As announced on July 8, 2025, the board of directors approved a cash dividend for the second quarter of $0.50 per share, payable on August 5, 2025, to shareholders of record as of July 25, 2025. The second quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the second quarter of 2024.

The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

“Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

Loan Portfolio

Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

“We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

Diversified Deposit Base

The bank’s diversified deposit base has grown on a year-over-year basis and on a linked quarter basis.

(in thousands)	June 30, 2025				March 31, 2025				June 30, 2024
Retail	$	1,755,750	28.4	%	$	1,787,992	30.0	%	$	1,724,777	29.9	%
Commercial		2,256,620	36.6			2,336,910	39.2			2,150,127	37.3
Public funds		2,014,047	32.6			1,709,883	28.7			1,727,593	30.0
Core deposits		6,026,417	97.6			5,834,785	97.9			5,602,497	97.2
Brokered deposits		150,416	2.4			125,409	2.1			161,040	2.8
Total	$	6,176,833	100.0	%	$	5,960,194	100.0	%	$	5,763,537	100.0	%

Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

“Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

Net Interest Margin

Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

Asset Quality

The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

“We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

Investment Portfolio Overview

Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

Noninterest Income

The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

“The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

Noninterest Expense

Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

LAKELAND FINANCIAL CORPORATION SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
END OF PERIOD BALANCES		2025			2025			2024			2025			2024
Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Investments		1,129,346			1,132,854			1,123,803			1,129,346			1,123,803
Loans		5,226,827			5,223,221			5,052,341			5,226,827			5,052,341
Allowance for Credit Losses		66,552			92,433			80,711			66,552			80,711
Deposits		6,176,833			5,960,194			5,763,537			6,176,833			5,763,537
Brokered Deposits		150,416			125,409			161,040			150,416			161,040
Core Deposits (1)		6,026,417			5,834,785			5,602,497			6,026,417			5,602,497
Total Equity		709,987			694,509			654,590			709,987			654,590
Goodwill Net of Deferred Tax Assets		3,803			3,803			3,803			3,803			3,803
Tangible Common Equity (2)		706,184			690,706			650,787			706,184			650,787
Adjusted Tangible Common Equity (2)		866,758			854,585			820,534			866,758			820,534
AVERAGE BALANCES
Total Assets	$	6,904,681		$	6,762,970		$	6,642,954		$	6,834,217		$	6,598,711
Earning Assets		6,570,607			6,430,804			6,295,281			6,501,092			6,256,105
Investments		1,125,597			1,136,404			1,118,776			1,130,970			1,138,639
Loans		5,229,646			5,185,918			5,034,851			5,207,903			5,002,935
Total Deposits		6,096,504			5,874,725			5,819,962			5,986,227			5,725,196
Interest Bearing Deposits		4,852,446			4,616,381			4,589,059			4,735,066			4,472,693
Interest Bearing Liabilities		4,886,943			4,716,465			4,666,136			4,802,175			4,599,136
Total Equity		696,976			696,053			638,999			696,517			642,003
INCOME STATEMENT DATA
Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Net Interest Income-Fully Tax Equivalent		55,986			53,983			49,493			109,970			98,176
Provision for Credit Losses		3,000			6,800			8,480			9,800			10,000
Noninterest Income		11,486			10,928			20,439			22,414			33,051
Noninterest Expense		30,432			32,763			33,333			63,195			64,038
Net Income		26,966			20,085			22,549			47,051			45,950
Pretax Pre-Provision Earnings (2)		35,930			31,040			35,402			66,970			64,725
PER SHARE DATA
Basic Net Income Per Common Share	$	1.05		$	0.78		$	0.88		$	1.83		$	1.79
Diluted Net Income Per Common Share		1.04			0.78			0.87			1.82			1.78
Cash Dividends Declared Per Common Share		0.50			0.50			0.48			1.00			0.96
Dividend Payout		48.08	%		64.10	%		55.17	%		54.95	%		53.93	%
Book Value Per Common Share (equity per share issued)	$	27.63		$	26.99		$	25.49		$	27.63		$	25.49
Tangible Book Value Per Common Share (2)		27.48			26.85			25.34			27.48			25.34
Market Value – High	$	62.39		$	71.77		$	66.62		$	71.77		$	73.22
Market Value – Low		50.00			58.24			57.59			50.00			57.59

	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30,
KEY RATIOS		2025			2025			2024			2025			2024
Basic Weighted Average Common Shares Outstanding		25,707,233			25,714,818			25,678,231			25,711,004			25,667,647
Diluted Weighted Average Common Shares Outstanding		25,776,205			25,802,865			25,742,871			25,782,817			25,746,773
Return on Average Assets		1.57	%		1.20	%		1.37	%		1.39	%		1.40	%
Return on Average Total Equity		15.52			11.70			14.19			13.62			14.39
Average Equity to Average Assets		10.09			10.29			9.62			10.19			9.73
Net Interest Margin		3.42			3.40			3.17			3.41			3.16
Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)		45.86			51.35			48.49			48.55			49.73
Loans to Deposits		84.62			87.64			87.66			84.62			87.66
Investment Securities to Total Assets		16.22			16.54			17.11			16.22			17.11
Tier 1 Leverage (3)		12.21			12.30			11.98			12.21			11.98
Tier 1 Risk-Based Capital (3)		14.73			14.51			14.28			14.73			14.28
Common Equity Tier 1 (CET1) (3)		14.73			14.51			14.28			14.73			14.28
Total Capital (3)		15.86			15.77			15.53			15.86			15.53
Tangible Capital (2)		10.15			10.09			9.91			10.15			9.91
Adjusted Tangible Capital (2)		12.17			12.19			12.18			12.17			12.18
ASSET QUALITY
Loans Past Due 30 – 89 Days	$	1,648		$	4,288		$	1,615		$	1,648		$	1,615
Loans Past Due 90 Days or More		7			7			26			7			26
Nonaccrual Loans		30,627			57,392			57,124			30,627			57,124
Nonperforming Loans		30,634			57,399			57,150			30,634			57,150
Other Real Estate Owned		284			284			384			284			384
Other Nonperforming Assets		183			193			90			183			90
Total Nonperforming Assets		31,101			57,876			57,624			31,101			57,624
Individually Analyzed Loans		52,069			81,346			78,533			52,069			78,533
Non-Individually Analyzed Watch List Loans		139,548			134,218			189,726			139,548			189,726
Total Individually Analyzed and Watch List Loans		191,617			215,564			268,259			191,617			268,259
Gross Charge Offs		29,111			508			1,076			29,619			1,580
Recoveries		230			181			127			411			319
Net Charge Offs/(Recoveries)		28,881			327			949			29,208			1,261
Net Charge Offs/(Recoveries) to Average Loans		2.22	%		0.03	%		0.08	%		1.13	%		0.05	%
Credit Loss Reserve to Loans		1.27			1.77			1.60			1.27			1.60
Credit Loss Reserve to Nonperforming Loans		217.25			161.04			141.23			217.25			141.23
Nonperforming Loans to Loans		0.59			1.10			1.13			0.59			1.13
Nonperforming Assets to Assets		0.45			0.84			0.88			0.45			0.88
Total Individually Analyzed and Watch List Loans to Total Loans		3.67	%		4.13	%		5.31	%		3.67	%		5.31	%


	Three Months Ended									Six Months Ended
(Unaudited – Dollars in thousands, except per share data)	June 30,			March 31,			June 30,			June 30,			June 30
KEY RATIOS		2025			2025			2024			2025			2024,
OTHER DATA
Full Time Equivalent Employees		675			647			653			675			653
Offices		54			54			53			54			53

(1	)	Core deposits equals deposits less brokered deposits.
(2	)	Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
(3	)	Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.

CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
	June 30, 2025			December 31, 2024
	(Unaudited)
ASSETS
Cash and due from banks	$	97,413		$	71,733
Short-term investments		212,767			96,472
Total cash and cash equivalents		310,180			168,205
Securities available-for-sale, at fair value		996,957			991,426
Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)		132,389			131,568
Real estate mortgage loans held-for-sale		1,637			1,700
Loans, net of allowance for credit losses of $66,552 and $85,960		5,160,275			5,031,988
Land, premises and equipment, net		61,449			60,489
Bank owned life insurance		127,399			113,320
Federal Reserve and Federal Home Loan Bank stock		21,420			21,420
Accrued interest receivable		29,109			28,446
Goodwill		4,970			4,970
Other assets		118,516			124,842
Total assets	$	6,964,301		$	6,678,374

LIABILITIES
Noninterest bearing deposits	$	1,261,740		$	1,297,456
Interest bearing deposits		4,915,093			4,603,510
Total deposits		6,176,833			5,900,966

Borrowings
Federal Home Loan Bank advance		1,200			0
Other borrowings		5,000				0
Total borrowings		6,200			0

Accrued interest payable		9,996			15,117
Other liabilities		61,285			78,380
Total liabilities		6,254,314			5,994,463

STOCKHOLDERS’ EQUITY
Common stock: 90,000,000 shares authorized, no par value
26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025
25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024		130,664			129,664
Retained earnings		757,739			736,412
Accumulated other comprehensive income (loss)		(161,121	)		(166,500		)
Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)		(17,384	)		(15,754		)
Total stockholders’ equity		709,898			683,822
Noncontrolling interest		89			89
Total equity		709,987			683,911
Total liabilities and equity	$	6,964,301		$	6,678,374

CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
NET INTEREST INCOME
Interest and fees on loans
Taxable	$	84,418	$	84,226	$	166,158	$	166,268
Tax exempt		291		632		583		1,532
Interest and dividends on securities
Taxable		3,457		3,104		6,846		6,143
Tax exempt		3,917		3,932		7,827		7,879
Other interest income		2,302		1,842		3,426		2,948
Total interest income		94,385		93,736		184,840		184,770

Interest on deposits		39,111		44,363		75,569		85,527
Interest on short-term borrowings		398		1,077		1,520		3,531
Total interest expense		39,509		45,440		77,089		89,058

NET INTEREST INCOME		54,876		48,296		107,751		95,712

Provision for credit losses		3,000		8,480		9,800		10,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		51,876		39,816		97,951		85,712

NONINTEREST INCOME
Wealth advisory fees		2,667		2,597		5,534		5,052
Investment brokerage fees		550		478		1,002		1,000
Service charges on deposit accounts		2,827		2,806		5,601		5,497
Loan and service fees		3,006		3,048		5,890		5,900
Merchant and interchange fee income		854		892		1,676		1,755
Bank owned life insurance income		1,040		890		1,362		1,926
Interest rate swap fee income		20		0		20		0
Mortgage banking income (loss)		124		23		73		75
Net securities gains (losses)		0		0		0		(46	)
Net gain on Visa shares		0		9,011		0		9,011
Other income		398		694		1,256		2,881
Total noninterest income		11,486		20,439		22,414		33,051

NONINTEREST EXPENSE
Salaries and employee benefits		17,096		16,158		34,998		32,991
Net occupancy expense		1,747		1,698		3,727		3,438
Equipment costs		1,437		1,343		2,819		2,755
Data processing fees and supplies		4,152		3,812		8,417		7,651
Corporate and business development		1,160		1,265		2,566		2,646
FDIC insurance and other regulatory fees		839		816		1,639		1,605
Professional fees		1,706		2,123		4,086		4,586
Other expense		2,295		6,118		4,943		8,366
Total noninterest expense		30,432		33,333		63,195		64,038

INCOME BEFORE INCOME TAX EXPENSE		32,930		26,922		57,170		54,725
Income tax expense		5,964		4,373		10,119		8,775
NET INCOME	$	26,966	$	22,549	$	47,051	$	45,950

BASIC WEIGHTED AVERAGE COMMON SHARES		25,707,233		25,678,231		25,711,004		25,667,647

BASIC EARNINGS PER COMMON SHARE	$	1.05	$	0.88	$	1.83	$	1.79

DILUTED WEIGHTED AVERAGE COMMON SHARES		25,776,205		25,742,871		25,782,817		25,746,773

DILUTED EARNINGS PER COMMON SHARE	$	1.04	$	0.87	$	1.82	$	1.78

LAKELAND FINANCIAL CORPORATION LOAN DETAIL (unaudited, in thousands)

	June 30, 2025					March 31, 2025					June 30, 2024
Commercial and industrial loans:
Working capital lines of credit loans	$	717,484		13.7	%	$	716,522		13.7	%	$	697,754		13.8	%
Non-working capital loans		776,278		14.9			807,048		15.5			828,523		16.4
Total commercial and industrial loans		1,493,762		28.6			1,523,570		29.2			1,526,277		30.2

Commercial real estate and multi-family residential loans:
Construction and land development loans		552,998		10.6			623,905		12.0			658,345		13.0
Owner occupied loans		780,285		14.9			804,933		15.4			830,018		16.4
Nonowner occupied loans		869,196		16.6			852,033		16.3			762,365		15.1
Multifamily loans		477,910		9.1			339,946		6.5			252,652		5.0
Total commercial real estate and multi-family residential loans		2,680,389		51.2			2,620,817		50.2			2,503,380		49.5

Agri-business and agricultural loans:
Loans secured by farmland		150,934		2.9			156,112		3.0			161,410		3.2
Loans for agricultural production		188,501		3.6			227,659		4.3			199,654		4.0
Total agri-business and agricultural loans		339,435		6.5			383,771		7.3			361,064		7.2

Other commercial loans		95,442		1.8			94,927		1.8			96,703		1.9
Total commercial loans		4,609,028		88.1			4,623,085		88.5			4,487,424		88.8

Consumer 1-4 family mortgage loans:
Closed end first mortgage loans		273,287		5.2			265,855		5.1			259,094		5.1
Open end and junior lien loans		226,114		4.4			217,981		4.2			197,861		3.9
Residential construction and land development loans		16,667		0.3			16,359		0.3			12,952		0.3
Total consumer 1-4 family mortgage loans		516,068		9.9			500,195		9.6			469,907		9.3

Other consumer loans		103,880		2.0			102,254		1.9			97,895		1.9
Total consumer loans		619,948		11.9			602,449		11.5			567,802		11.2
Subtotal		5,228,976		100.0	%		5,225,534		100.0	%		5,055,226		100.0	%
Less: Allowance for credit losses		(66,552	)				(92,433	)				(80,711	)
Net deferred loan fees		(2,149	)				(2,313	)				(2,885	)
Loans, net	$	5,160,275				$	5,130,788				$	4,971,630

LAKELAND FINANCIAL CORPORATION DEPOSITS AND BORROWINGS (unaudited, in thousands)

	June 30, 2025		March 31, 2025		June 30, 2024
Noninterest bearing demand deposits	$	1,261,740	$	1,296,907	$	1,212,989
Savings and transaction accounts:
Savings deposits		283,976		293,768		283,809
Interest bearing demand deposits		3,841,703		3,554,310		3,274,179
Time deposits:
Deposits of $100,000 or more		584,165		602,577		776,314
Other time deposits		205,249		212,632		216,246
Total deposits	$	6,176,833	$	5,960,194	$	5,763,537
FHLB advances and other borrowings		6,200		108,200		55,000
Total funding sources	$	6,183,033	$	6,068,394	$	5,818,537

LAKELAND FINANCIAL CORPORATION AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS (UNAUDITED)

	Three Months Ended June 30, 2025							Three Months Ended March 31, 2025							Three Months Ended June 30, 2024
(fully tax equivalent basis, dollars in thousands)	Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate		Average Balance			Interest Income		Yield (1)/ Rate
Earning Assets
Loans:
Taxable (2)(3)	$	5,204,006		$	84,418	6.51	%	$	5,160,031		$	81,740	6.42	%	$	4,993,270		$	84,226	6.78	%
Tax exempt (1)		25,640			359	5.62			25,887			361	5.66			41,581			783	7.57
Investments: (1)
Securities		1,125,597			8,416	3.00			1,136,404			8,338	2.98			1,118,776			8,082	2.91
Short-term investments		2,832			28	3.97			2,964			28	3.83			2,836			35	4.96
Interest bearing deposits		212,532			2,274	4.29			105,518			1,096	4.21			138,818			1,807	5.24
Total earning assets	$	6,570,607		$	95,495	5.83	%	$	6,430,804		$	91,563	5.77	%	$	6,295,281		$	94,933	6.07	%
Less: Allowance for credit losses		(93,644	)						(87,477	)						(74,166	)
Nonearning Assets
Cash and due from banks		66,713							71,004							64,518
Premises and equipment		61,280							60,523							58,702
Other nonearning assets		299,725							288,116							298,619
Total assets	$	6,904,681						$	6,762,970						$	6,642,954

Interest Bearing Liabilities
Savings deposits	$	285,944		$	43	0.06	%	$	283,888		$	42	0.06	%	$	289,107		$	48	0.07	%
Interest bearing checking accounts		3,767,903			31,499	3.35			3,486,447			28,075	3.27			3,275,502			33,323	4.09
Time deposits:
In denominations under $100,000		208,770			1,745	3.35			212,934			1,832	3.49			217,146			1,871	3.47
In denominations over $100,000		589,829			5,824	3.96			633,112			6,509	4.17			807,304			9,121	4.54
Other short-term borrowings		33,297			398	4.79			99,830			1,122	4.56			77,077			1,077	5.62
Long-term borrowings		1,200			0	0.00			254			0	0.00			0			0	0.00
Total interest bearing liabilities	$	4,886,943		$	39,509	3.24	%	$	4,716,465		$	37,580	3.23	%	$	4,666,136		$	45,440	3.92	%
Noninterest Bearing Liabilities
Demand deposits		1,244,058							1,258,344							1,230,903
Other liabilities		76,704							92,108							106,916
Stockholders’ Equity		696,976							696,053							638,999
Total liabilities and stockholders’ equity	$	6,904,681						$	6,762,970						$	6,642,954
Interest Margin Recap
Interest income/average earning assets					95,495	5.83	%					91,563	5.77	%					94,933	6.07	%
Interest expense/average earning assets					39,509	2.41						37,580	2.37						45,440	2.90
Net interest income and margin				$	55,986	3.42	%				$	53,983	3.40	%				$	49,493	3.17	%

(1	)	Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
(2	)	Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
(3	)	Nonaccrual loans are included in the average balance of taxable loans.

Reconciliation of Non-GAAP Financial Measures

Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Total Equity	$	709,987		$	694,509		$	654,590		$	709,987		$	654,590
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Common Equity		706,184			690,706			650,787			706,184			650,787
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Common Equity		866,758			854,585			820,534			866,758			820,534

Assets	$	6,964,301		$	6,851,178		$	6,568,807		$	6,964,301		$	6,568,807
Less: Goodwill		(4,970	)		(4,970	)		(4,970	)		(4,970	)		(4,970	)
Plus: DTA Related to Goodwill		1,167			1,167			1,167			1,167			1,167
Tangible Assets		6,960,498			6,847,375			6,565,004			6,960,498			6,565,004
Market Value Adjustment in AOCI		160,574			163,879			169,747			160,574			169,747
Adjusted Tangible Assets		7,121,072			7,011,254			6,734,751			7,121,072			6,734,751

Ending Common Shares Issued		25,697,093			25,727,393			25,679,066			25,697,093			25,679,066

Tangible Book Value Per Common Share	$	27.48		$	26.85		$	25.34		$	27.48		$	25.34

Tangible Common Equity/Tangible Assets		10.15	%		10.09	%		9.91	%		10.15	%		9.91	%
Adjusted Tangible Common Equity/Adjusted Tangible Assets		12.17	%		12.19	%		12.18	%		12.17	%		12.18	%

Net Interest Income	$	54,876		$	52,875		$	48,296		$	107,751		$	95,712
Plus: Noninterest Income		11,486			10,928			20,439			22,414			33,051
Minus: Noninterest Expense		(30,432	)		(32,763	)		(33,333	)		(63,195	)		(64,038	)
Pretax Pre-Provision Earnings	$	35,930		$	31,040		$	35,402		$	66,970		$	64,725

Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual and 2023 wire fraud loss insurance recoveries for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

	Three Months Ended									Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Noninterest Income	$	11,486		$	10,928		$	20,439		$	22,414		$	33,051
Less: Net Gain on Visa Shares		0			0			(9,011	)		0			(9,011	)
Less: Insurance Recovery		0			0			0			0			(1,000	)
Adjusted Core Noninterest Income	$	11,486		$	10,928		$	11,428		$	22,414		$	23,040

Noninterest Expense	$	30,432		$	32,763		$	33,333		$	63,195		$	64,038
Less: Legal Accrual		0			0			(4,537	)		0			(4,537	)
Adjusted Core Noninterest Expense	$	30,432		$	32,763		$	28,796		$	63,195		$	59,501

Earnings Before Income Taxes	$	32,930		$	24,240		$	26,922		$	57,170		$	54,725
Adjusted Core Impact:
Noninterest Income		0			0			(9,011	)		0			(10,011	)
Noninterest Expense		0			0			4,537			0			4,537
Total Adjusted Core Impact		0			0			(4,474	)		0			(5,474	)
Adjusted Earnings Before Income Taxes		32,930			24,240			22,448			57,170			49,251
Tax Effect		(5,964	)		(4,155	)		(3,261	)		(10,119	)		(7,414	)
Core Operational Profitability (1)	$	26,966		$	20,085		$	19,187		$	47,051		$	41,837

Diluted Earnings Per Common Share	$	1.04		$	0.78		$	0.87		$	1.82		$	1.78
Impact of Adjusted Core Items		0.00			0.00			(0.13	)		0.00			(0.16	)
Core Operational Diluted Earnings Per Common Share	$	1.04		$	0.78		$	0.74		$	1.82		$	1.62

Adjusted Core Efficiency Ratio		45.86	%		51.35	%		48.22	%		48.55	%		50.11	%

(1	)	Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.

Contact Lisa M. O’Neill
Executive Vice President and Chief Financial Officer
(574) 267-9125
lisa.oneill@lakecitybank.com

The MIL Network –

July 25, 2025

Parliament’s Monsoon session: Both houses adjourned till July 28 amid protests by opposition

Source: Government of India

Source: Government of India (4)

Both Houses of Parliament were adjourned on Friday till July 28 amid continued protests by opposition MPs demanding a discussion on the Special Intensive Revision (SIR) of voter rolls in Bihar. The Lok Sabha was adjourned twice – first at 11 a.m. and then for the day at 2 p.m. following relentless sloganeering in the well of the House. The Rajya Sabha was also adjourned at 2 p.m. and will now reconvene on Monday.

Lok Sabha Chairperson Jagdambika Pal, presiding in the absence of Speaker Om Birla, appealed to opposition members to maintain decorum and allow the introduction of private members’ bills. He highlighted that over 200 MPs were scheduled to present their proposals, calling Friday an important day for legislative discussion. However, protests continued, leading to a complete halt in proceedings.

Earlier in the day, Speaker Om Birla convened an all-party meeting to resolve the stalemate and emphasized the need for cooperation to allow the House to function. He also urged MPs to let the scheduled 16-hour debate on “Operation Sindoor” take place on July 28.

In the Rajya Sabha, Union Agriculture Minister Shivraj Singh Chouhan’s remarks were interrupted by opposition MPs demanding a discussion under Rule 267 on the Bihar SIR. Deputy Chairman Harivansh Narayan Singh rejected the notices, calling out members for breaches of decorum.

Meanwhile, actor-politician Kamal Haasan took oath as a Rajya Sabha MP in Tamil, along with other newly elected members from the DMK.

Congress leaders, including Rahul Gandhi, Priyanka Gandhi, and Mallikarjun Kharge, staged protests outside the Parliament.

Parliament has seen repeated disruptions since the Monsoon Session began on July 21, with little legislative business conducted so far.

July 25, 2025

MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Champions Women-Led Digital Trade in West Africa

Source: APO

.

The Economic Community of West African States (ECOWAS), in collaboration with the United Nations Conference on Trade and Development (UNCTAD) and with the support of the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank, convened an eTrade for Women Joint Workshop in Lagos, on Friday July 17th, 2025, to spotlight and strengthen the role of women-led digital businesses in regional trade. This event was held as part of a broader regional agenda to build a more inclusive, connected, and digitally enabled West Africa.

In his statement on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade at the ECOWAS Commission, welcomed participants and noted the event’s importance in advancing inclusive digital transformation. He highlighted that the ECOWAS E-Commerce Strategy, adopted by the ECOWAS Council of Ministers in July 2023, places women, youth, and small-scale producers at the centre of digital trade reforms to promote regional integration and inclusive development. Through platforms and dialogues such as the workshop, ECOWAS reaffirms its commitment to gender-responsive policymaking and sustainable digital trade development in West Africa.

In her opening remarks, Madam Sonia NNAGOZIE, the representative of the United Nations Conference on Trade and Development (UNCTAD) highlighted the role of digital trade in unlocking new opportunities for women entrepreneurs across West Africa. She echoed the importance of the workshop in delivering actionable recommendations to improve women’s participation in digital trade. She went on to commend ECOWAS for leading the way in building an enabling digital ecosystem that supports women and appreciated the ongoing partnership between UNCTAD and ECOWAS.

The workshop served as a platform for dialogue, policy coordination, and knowledge sharing. Participants discussed the structural and policy barriers women face in participating in the digital economy, and shared practical solutions and good practices that promote women’s digital empowerment.

The event also showcased ECOWAS-led initiatives such as the ECOWAS Trade and Gender Action Plan, export readiness trainings, and platforms like the 50 Million African Women Speak (50MAWS) and the Business-to-Business matchmaking platform of the West Africa Competitiveness Observatory.

The Workshop was attended by a cross-section of stakeholders including women entrepreneurs, representatives of Ministries responsible for trade in ECOWAS, and development partners.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

MIL OSI Africa –

July 25, 2025

MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Launches Regional E-Commerce Committee to Accelerate Digital Trade Integration

Source: APO

.

The Economic Community of West African States (ECOWAS) has officially launched the Regional E-Commerce Committee, marking another milestone in the implementation of the ECOWAS Regional E-Commerce Strategy (2023–2027) on Wednesday July 16th, 2025, in Lagos, Nigeria. The launch was immediately followed by the Committee’s first meeting, which brought together representatives from Member States and Community institutions.

In his opening remarks during the launch ceremony, Dr. Tony Luka Elumelu, the Acting Director of Private Sector, ECOWAS Commission highlighted the private sector as both a key driver and beneficiary of digital transformation. He stressed the significance of e-commerce in unlocking opportunities under African Continental Free Trade Agreement and called for robust implementation of digital reforms. He described the establishment of the Regional E-Commerce Committee as pivotal to fostering private-sector-led digital economies.

Madam Sally Koroma, the representative of the Ministry of Trade and Industry of the Republic of Sierra Leone and Chair of the Meeting emphasized the potential of e-commerce to boost inclusive growth. She highlighted the importance of harmonized regulations, secure infrastructure, digital literacy, and tailored financing to unlock the full benefits of digital trade. She commended the ECOWAS E-Commerce Strategy as critical to addressing these barriers and called for collective action among Member States, development partners, and the private sector to move from ambition to implementation, and build an inclusive, gender-responsive digital economy.

In his goodwill message, Mr. Pedro Manuel Moreno, Deputy Secretary-General of the United Nations Trade and Development (UNCTAD) congratulated ECOWAS on its 50th anniversary, marking five decades of regional cooperation. He celebrated the adoption of the ECOWAS Regional E-Commerce Strategy and highlighted the role of digitalisation in realizing ECOWAS Vision 2050. He reaffirmed UNCTAD’s commitment to support digital reform, encourage inclusive digital ecosystems, and advance women’s economic empowerment within the region. He closed with a call to action to make e-commerce a driver of prosperity, innovation, and regional unity.

In the keynote address, on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade of the ECOWAS Commission, underscored the significance of the launch of the Regional E-Commerce Committee during the 50th Anniversary celebrations of ECOWAS, noting the progress that had been made in advancing regional integration and the opportunities that lay ahead through digitalisation. He emphasized that the Committee would serve as a platform for implementing strategic goals, aligning policies, and accelerating digital trade across borders.

Mr. Sofola called for continued collaboration across all stakeholders to realise the Strategy’s vision of an inclusive and sustainable digital future for West Africa. Finally, he declared the ECOWAS Regional E-Commerce Committee launched.

The newly established Committee is a central feature of the governance framework outlined in the ECOWAS E-Commerce Strategy, which was adopted by the ECOWAS Council of Ministers in July 2023. It is designed to steer the implementation of digital trade reforms, foster inter-institutional coordination, and promote inclusive participation across the region, particularly of women, youth, and MSMEs.

The launch and first meeting were attended by representatives of the Ministries responsible for Trade from ECOWAS Member States and the internal working group on e-commerce, consisting of key directorates and agencies of the ECOWAS Commission. Prior to the launch, the internal working group on e-commerce received a training on the e-Trade Reform Tracker, a tool for monitoring implementation of the E-Commerce Strategy. Both activities were supported by the UNCTAD and the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank.

The meeting considered the overview of the ECOWAS E-Commerce Strategy, continental and regional digital initiatives as well as key initiatives from Member States in advancing e-commerce. The meeting concluded with the adoption of the terms of reference for the Committee and a call for continued collaboration among ECOWAS Member States to promote implementation of the E-Commerce Strategy.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

MIL OSI Africa –

July 25, 2025

Sealing the Deal: How the India–UK FTA redefines global trade dynamics

Source: Government of India

Source: Government of India (4)

The India–UK Free Trade Agreement (FTA), signed on July 24, 2025, marks a historic milestone in bilateral relations, transforming the economic landscape between two influential democracies with shared historical ties. At its core, this agreement aims to double the volume of trade between the two nations to $120 billion by 2030, signalling a shift in strategic and economic alignment in a post-Brexit global order. This comprehensive trade pact not only strengthens commercial ties but also deepens diplomatic and development-oriented collaboration across sectors. The agreement is ambitious in scope, eliminating tariffs on 99% of Indian exports to the United Kingdom covering almost 100% of trade value while India reciprocates by reducing tariffs on 90% of UK goods, with 85% becoming duty-free within a decade. The FTA is expected to boost India’s annual exports by $5 billion and create over one million jobs within five years, catalysing both industrial growth and employment in labour-intensive and technology-oriented sectors.

India’s principal gain lies in its sweeping access to the UK market for sectors where it has a strong comparative advantage. Labour-intensive industries textiles and clothing, leather and footwear, processed food, gems and jewellery, and marine exports stand to benefit immediately from duty-free treatment. The UK has agreed to eliminate tariffs that previously ranged from 4% to as high as 70% on many Indian goods. For example, the processed food sector, which was earlier subject to duties of up to 70%, now enjoys zero-duty access on 99.7% of tariff lines. This development is monumental for rural India, where the agri-processing ecosystem is vital for both livelihood generation and export earnings.

India’s textile and apparel industry, a major source of employment and a vital segment of its exports, is among the biggest beneficiaries. Previously subject to duties of up to 10–12% in the UK, Indian textiles now enjoy duty-free access. This policy move levels the playing field for Indian exporters against rivals such as Bangladesh and Vietnam, enhancing the competitiveness of cotton, synthetic fabrics, and finished garments. With projected gains of $5 billion in textile exports alone, this sector is poised for accelerated growth, enhanced investments, and large-scale job creation, especially in states like Gujarat, Maharashtra, and Tamil Nadu.

Equally significant is the liberalisation of leather and footwear exports. These products, which were earlier taxed up to 16%, now enter the UK market duty-free. This shift supports the expansion of India’s footwear and leather goods industry key employment-generating sectors largely dominated by SMEs and artisanal clusters. The FTA is likely to generate substantial growth opportunities for exporters in Uttar Pradesh, West Bengal, and Tamil Nadu, giving a much-needed fillip to these traditionally under-capitalised industries.

In the high-value gems and jewellery sector, which contributes significantly to India’s export basket, the FTA brings immediate benefits. Duties of up to 4% on diamonds, gold, and silver ornaments have now been abolished. With duty-free access to a discerning and high-spending UK consumer base, Indian jewellery exporters are expected to see a surge in orders. The improved price competitiveness will also draw investment into India’s precious stones and jewellery sector, especially in Mumbai, Surat, and Jaipur, reinforcing India’s position as a global jewellery hub.

The agreement also opens new frontiers for engineering goods, auto components, mechanical machinery, and organic chemicals. Tariffs in these segments, previously ranging from 4% to 14%, have been brought down to zero, strengthening India’s manufacturing ecosystem. The UK has also agreed to slash tariffs on automobiles from over 100% to just 10%, albeit under a quota system. This will allow Indian auto parts and engine manufacturers to increase their exports significantly, supporting India’s ‘Make in India’ agenda and integrating more deeply into global supply chains.

India’s marine products sector particularly shrimp and frozen prawn exports gains a significant boost. Tariffs of up to 20% have been brought to zero, opening a $5.4 billion UK market. The removal of import duties will enhance price competitiveness for Indian seafood in the UK and directly benefit coastal communities and fishermen in Kerala, Andhra Pradesh, and Odisha. This measure also aligns with India’s broader objective of revitalising traditional sectors and expanding their global reach.

In agriculture and processed foods, the FTA proves to be a game-changer. With tariff-free access on 95% of agricultural products including spices, mango pulp, pulses, and tea India’s agri-exports are projected to grow by 20% within three years. This liberalisation directly benefits farmers and small agro-industrial units, integrating them into international markets. Importantly, India has retained full protection for sensitive sectors like dairy, poultry, apples, vegetables, cooking oils, and oats. By refusing tariff concessions in these areas, the agreement ensures that India’s small and marginal farmers are not displaced by foreign competition.

The India–UK FTA also provides significant advantages in high-tech sectors. Indian electronics exports smartphones, optical fibre cables, inverters, and electronic components now enjoy zero-duty access to the UK. The inclusion of streamlined customs processes and provisions on digital trade further lowers entry barriers, particularly for SMEs venturing into cross-border e-commerce. This has strong implications for India’s fast-growing technology manufacturing ecosystem and supports the expansion of Indian firms into high-value global markets.

One of the most transformative features of the agreement is its support for the mobility of Indian professionals and skilled workers. The FTA includes provisions to facilitate temporary movement for Indian professionals such as IT engineers, architects, nurses, financial consultants, and even niche cultural workers such as yoga instructors and chefs. Up to 1,800 Indian professionals in these categories will be allowed to work in the UK temporarily. These mobility concessions expand India’s soft power and human capital exports, aligning with the government’s strategy to promote services-led growth.

Additionally, the Double Contribution Convention (DCC) clause in the FTA exempts Indian workers from making social security contributions in the UK for a period of three years. This is expected to benefit over 75,000 Indian workers currently residing in the UK by significantly reducing their financial burden and enhancing the attractiveness of temporary employment opportunities in Britain. This provision is particularly impactful for the IT/ITeS sector, financial services professionals, and other knowledge economy workers.

In tandem with these trade and labour mobility benefits, the UK’s offer also includes 99.3% tariff elimination for animal products, 100% duty elimination for marine products, and full liberalisation of key sectors such as chemicals, electrical machinery, plastics, base metals, headgear, ceramics, glass, and clocks. Across all categories, the agreement promises enhanced market access, easier customs procedures, and a simplified regulatory environment each element helping Indian exporters reduce transaction costs and achieve scale.

Strategically, the FTA supports India’s broader development agenda. It reinforces the objectives of ‘Make in India’, the Production Linked Incentive (PLI) Scheme, and the goal of integrating Indian enterprises particularly MSMEs into global supply chains. The liberalised trade framework incentivises higher production volumes, improved quality standards, and adherence to international compliance norms, all of which contribute to India’s export dynamism. At the same time, by insulating sensitive sectors from duty concessions, the government has safeguarded domestic food security, protected vulnerable producer groups, and upheld rural economic stability.

The India–UK FTA also carries strong geopolitical undertones. For post-Brexit Britain, deepening trade relations with India a rising economic power is a strategic imperative. For India, the agreement allows diversification of export markets at a time when supply chain realignments are underway globally, particularly due to tensions with China and economic uncertainties in Europe. The FTA offers a resilient and rules-based alternative route to prosperity for both partners, anchored in democratic values and mutual respect.

The India–UK Free Trade Agreement of 2025 is a landmark pact with far-reaching consequences for trade, employment, mobility, and strategic cooperation. By unlocking duty-free access across vast sectors, protecting domestic interests, and enabling professional mobility, it serves as a blueprint for future FTAs India may sign with other developed economies. The deal is comprehensive, development-oriented, and forward-looking positioning India for a new era of global economic leadership and strengthening its strategic partnership with the United Kingdom in a rapidly evolving world order.

In conclusion the India–UK Free Trade Agreement (FTA) could serve as a significant catalyst in shaping India’s ongoing and future trade negotiations with the United States and the European Union. As a comprehensive and balanced agreement with a G7 nation, the UK FTA strengthens India’s credibility as a serious and capable negotiator on the global stage. The successful inclusion of sensitive sectors, labour mobility, digital trade provisions, and extensive tariff liberalisation sets a precedent that India can leverage in its stalled or complex discussions with the U.S. and EU. For the United States, which has been engaged in hectic negotiations with India on Bi-lateral Trade Agreement, the Indo-UK FTA could act as a catalyst and a template for further negotiations on a prospective BTA. Similarly, the European Union has also been in talks with India to clinch a FTA by the end of FY26 and the UK deal demonstrates India’s willingness to offer concessions while protecting key domestic interests. This FTA could thus help bridge trust deficits, unlock political momentum, and create negotiating templates for market access, investment protection, and digital standards. Ultimately, the India–UK FTA could become a benchmark, enhancing India’s bargaining position in global trade diplomacy.

(Navroop Singh is a New Delhi-based IP attorney and geopolitical analyst)

July 25, 2025

MIL-OSI Russia: Summer Internship in STB Format

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

An important disclaimer is at the bottom of this article.

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

On July 21, Huang Yi, a student at China Agricultural University (CAU), operates an agricultural drone to carry out precision fertilization of corn at the Science and Technology Backyard (STB) experimental field in Lishu County, Siping City, Jilin Province. She explained that creating a precision fertilization scenario using a drone involves several steps, including collecting spectral data and dividing into cells for trajectory planning. After data processing, flexible adjustments are also required based on actual soil moisture. During the summer holidays, Huang Yi and her classmates will be busy working in the fields, learning about agricultural technology and helping farmers reduce costs and increase yields. China Agricultural University, Jilin Agricultural University, and Lishu County government jointly developed the STB in 2009. And for more than ten years now, many students studying in agricultural specialties have come here to conduct field research, experiments and popularize advanced agricultural technologies.

Zhao Gang (center), chairman of Xinyuan Professional Agricultural Production Cooperative, talks to students about the current growth status of corn at the STB experimental field in Lishu County, Siping City, Jilin Province, July 21. Photo: Xinhua News Agency/Zhang Nan

Huang Yi, a student at China Agricultural University, adjusts the parameters of an agricultural drone at an STB experimental field in Lishu County, Siping City, Jilin Province, July 21. Photo: Xinhua News Agency/Zhang Nan

An agrodron applies fertilizer to corn with high precision at an STB experimental field in Lishu County, Siping City, Jilin Province, July 21 (photo by drone). Photo: Xinhua News Agency/Zhang Nan

Huang Yi, a student at China Agricultural University, operates an agricultural drone to carry out precision fertilization of corn at an STB experimental field in Lishu County, Siping City, Jilin Province, July 21. Photo: Xinhua News Agency/Zhang Nan

An agrodron applies fertilizer to corn with high precision at an STB experimental field in Lishu County, Siping City, Jilin Province, July 21 (photo by drone). Photo: Xinhua News Agency/Zhang Nan

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 –

July 25, 2025

MIL-OSI Africa: Benin: African Development Bank Approves Over $30 Million to Protect Farmers from Climate Shocks and Food Insecurity

Source: APO

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved $30.25 million in financing for a groundbreaking climate protection and agricultural sector resilience program in Benin. Thanks to this approval, Beninese farmers, particularly those in northern Benin, will no longer have to fear losing their entire harvest during devastating droughts or sudden floods.

This initiative will protect 150,000 smallholder farmers against climate shocks in a country where agriculture employs seven out of ten people but remains at the mercy of an increasingly unpredictable climate. The situation is particularly critical in the departments of Alibori and Atakora, where one in four farmers suffers from food insecurity, well above the national average.

These northern regions face a double burden of climate challenges and spillover effects from Sahel instability, creating additional pressures through forced displacement and border closures with Niger. Climate projections indicate alarming future risks, with cotton production and maize yields expected to drop by 22% and 6.3% respectively, with potential economic losses estimated at approximately 201 billion CFA francs.

“This investment represents our commitment to strengthening climate resilience in Benin’s agricultural sector while responding to the urgent needs of vulnerable farming communities,” said Robert Masumbuko, African Development Bank Country Representative in Benin. “By introducing innovative risk management tools and strengthening local capacities, we are helping farmers adapt to climate change while preventing conflicts and promoting social cohesion in fragile border areas.”

The project strengthens the Beninese government’s efforts to establish agricultural insurance, whose pilot phase is managed by Benin’s National Fund for Agricultural Development (FNDA).

It introduces innovative climate risk transfer mechanisms, including sovereign insurance coverage against droughts and floods via the African Risk Capacity, and agricultural micro- insurance for smallholders. These tools will improve farmers’ risk profiles with financial institutions, facilitating better access to credit and investment opportunities.

Beyond insurance mechanisms, the initiative will strengthen institutional capacities for climate disaster management, deploy early warning systems with agrometeorological equipment, and promote climate-smart agricultural practices. The program specifically targets 30% youth participation and ensures 30% female representation among the 150,000 direct beneficiaries. Furthermore, special attention is given to social cohesion activities to support peaceful integration of displaced populations in host communities.

The financing comes from multiple sources: $20 million from the “prevention” envelope of the Transition Support Facility, $5 million from the African Development Fund, $3 million from the ADRiFi multi-donor trust fund, and approximately $2.44 million in national counterpart contributions for insurance premiums.

The project aligns with Benin’s National Development Plan 2018-2025 and its National Adaptation Plan 2022-2027, supporting the country’s agricultural transformation objectives while strengthening climate change resilience through innovative instruments such as insurance. Strategic partnerships with the World Food Programme, the World Bank, and bilateral donors such as Swiss and Luxembourg cooperations ensure comprehensive support for sustainable agricultural development, including the establishment of agricultural insurance in Benin.

For Benin’s farming families, this financing represents hope for protected harvests, stable incomes, and a safer future for their children. For northern Benin communities, this project is a guarantee of stability and social cohesion in a strategic region of West Africa, and finally, for the Beninese state, the project ensures financial resilience against increasingly recurrent disaster risks.

The African Development Bank Group remains committed to supporting Africa’s agricultural transformation through innovative climate adaptation solutions that protect vulnerable communities while promoting sustainable development and regional stability.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Media Contact:
Natalie Nkembuh
Communication and External Relations Department
media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s leading development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Represented in 41 African countries, with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member countries. For more information: www.AfDB.org

Media files

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MIL OSI Africa –

July 25, 2025

PM Modi shares article highlighting benefits of India-UK trade deal

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi on Friday shared an article highlighting the wide-ranging benefits of the landmark India-UK Comprehensive Economic and Trade Agreement (CETA), calling it a transformative step for various sections of the Indian economy.

Reiterating Commerce Minister Piyush Goyal’s remarks, the Prime Minister’s Office (PMO) said on X:

“Union Minister Shri @PiyushGoyal explains how the landmark India–UK Comprehensive Economic and Trade Agreement will empower Indian farmers, fishermen, artisans, and small businesses, while ensuring quality products at better prices for everyday consumers.”

In his post on X, Goyal described the trade agreement as a “stellar example of how New India does business.” He noted that under the leadership of PM Modi, the deal would provide a significant boost to market access for Indian products and services, enhance competitiveness, and create jobs across sectors.

Goyal added that the CETA will empower key contributors to the Indian economy—including farmers, fisherfolk, MSMEs, artisans, and service professionals—by opening new opportunities in the UK market.

https://x.com/PiyushGoyal/status/1948588543422394553

Prime Minister Modi concluded a successful visit to the United Kingdom on Thursday, where he held talks with British Prime Minister Keir Starmer at Chequers, the official country residence of the UK Prime Minister.

During the meeting, both leaders welcomed the signing of the India-UK Comprehensive Economic and Trade Agreement (CETA), which is poised to boost bilateral trade, attract investment, and generate employment opportunities in both countries.

July 25, 2025

MIL-OSI Australia: Lowy Institute keynote speech – Navigating Australia’s Trading Future

Source: Australian Attorney General’s Agencies

I begin by acknowledging the traditional custodians of the land on which we gather today, and pay my respects to their elders past, present and emerging.

Good afternoon everyone and thank you to the Lowy Institute and Executive Director, Dr Michael Fullilove, for the opportunity to speak today.

Australia is a trading nation.

From the first known trading networks between indigenous Australians in northern Australia and the Makasar of Indonesia; to the Australian wool which helped clothe the world in the early 20^th century; to the energy and mineral resources that have helped societies across the globe develop their economies.

For centuries, we have relied on our ability to export as we have built the robust and modern economy from which we all benefit today.

However, until recently, most Australians did not have cause to pay much attention to international trade.

But that has changed in recent years.

The imposition of trade impediments by the Chinese Government on $20 billion worth of Australian exports highlighted the risk of putting all your eggs in one basket.

Upon my appointment as Minister for Trade and Tourism in 2022, working alongside Prime Minister Albanese and Minister for Foreign Affairs, Senator Wong, we worked calmly and methodically to resolve these blockages for Australian businesses.

Our patient and calibrated approach to stabilising the bilateral relationship with China – without compromising our core interests and values – was vital in achieving the removal of these impediments.

This means that our world class wine, beef, lobster and many other products are now back on the tables of Chinese consumers, benefiting Australian businesses and local jobs.

This turnaround could not have been achieved without personal engagement – I have now met my Chinese counterpart, Commerce Minister Wang Wentou, ten times.

Our government has also taken steps to deepen our economic ties with our nearest neighbours and increase opportunities with new partners further abroad.

We have worked hard to strengthen our relationships in Southeast Asia, boosting two-way trade and investment with our closest region and reached Australia’s first free trade agreement in the Middle East, when we signed the Australian-UAE agreement late last year.

I look forward to visiting Abu Dhabi again soon to turbo-charge business and investment.

Getting our products into the UAE is like getting it into the Woolies warehouse, if you can get it there, you can then get it to all the surrounding countries in the Middle East.

I am proud of what our Government has achieved in the past three years, with solid foundations laid for continuing the work of building stronger and deeper trading relationships with international partners.

The diversification of our trade networks will open new opportunities for Australian exporters to ship their goods to the world and bring down the cost of living for Australians.

Of course, diversification doesn’t mean selling less to our largest trading partners, it means selling more to new partners.

As the Treasurer laid out in his recent address to the National Press Club, the Albanese Labor Government has organised its economic policy for the second term around three priorities:

productivity;
economic resilience; and
budget sustainability.

Trade and investment support all three of these priorities.

Trade drives productivity through competitive innovation, spurred by global competition.

Trade enhances economic resilience by diversifying markets and supply chains.

And, trade contributes to budget sustainability by increasing revenues through exports and economic growth.

Nearly a third of Australia’s economic output is supported by trade.

One in four Australian jobs relate to trade.

And foreign investment provides the capital to build for the future, and access to global talent, new ideas, best practices and cutting-edge technologies.

Business craves certainty to enable long-term investment and planning.

For the past eight decades that certainty has been based on the institutions forged from the wreckage of World War Two – from trade agreements that have allowed the free flow of resources and capital, and the rules based order which has allowed for an even playing field, ushering in an unprecedented period of global economic growth.

But, these institutions and norms we worked so hard to build are being questioned and the rules we wrote are being challenged.

One of the chief designers of the global trading system, the United States, is now questioning the benefits of open, rules-based trade.

The Trump Administration is seeking to expand domestic manufacturing and influence the policies of trading partners.

Australia is a medium-sized open economy that is highly integrated with the global economy.

We rely on being able to send our produce, resources and human capital to the world to sustain the high standard of living which we enjoy today.

What we risk seeing is a shift from a system based on shared prosperity and interdependence to one based solely on power and size.

We cannot risk a return to the ‘law of the jungle’.

If our trading partners’ growth slows, without doubt we will suffer.

The costs to consumers and businesses of a global economic slowdown will be felt for generations, and the shockwaves of inflation will worsen.

Even before the imposition of tariffs by the current US Administration, several other forces have been reshaping global trade for some time.

Firstly, heightened geostrategic competition is increasing the intersection of national security and economic prosperity, made more complex by the rapidly evolving technology that is enabling both extraordinary new growth and adding to the global competition.

Secondly, the widespread use of industrial policy to support key sectors as nations seek to rebuild industrial bases and sovereign manufacturing capability and ensure technological dominance.

And thirdly, the transition towards net zero emissions.

These forces demand a more strategic, coordinated approach to trade policy.

An approach that balances openness with resilience and long-term competitiveness.

In 2025, we’re no longer in a “set and forget” world.

We can no longer afford to take the rules that underpin a stable trading system for granted.

So, how will the Albanese Labor Government navigate these challenges to best position Australia in a turbulent global economy?

We will be guided by five key principles.

The first principle is that free and open markets are essential to Australia’s prosperity.

Imposing tariffs of our own would drive up the costs for Australian families and businesses.

This position was backed up by the Productivity Commission in its most recent Trade and Assistance Review released earlier this month.

Our markets will remain open, and we will stand by our trade agreements. In fact, we will make them even stronger.

Our second principle is that world trade should be governed by rules and not by power alone.

We will always stand up for Australian industry and Australian jobs.

By fighting for a level playing field for our businesses and workers.

And by providing the right support to ensure our exporters are not locked out of the opportunities we have fought hard for.

The third principle is that of cooperation.

We have and will continue to take a good faith approach to trade negotiations – which means engaging with a genuine desire to achieve mutually beneficial outcomes and uphold the rules-based order which has benefited so many.

The fourth principle is that we will not leave those affected behind – Australian businesses, workers or the broader community.

As the Prime Minister has said, no one held back, no one left behind.

We will work hard to ensure that the benefits of trade are shared widely, which is why the Albanese Government is putting so much effort into inclusive trade policies, including our First Nations trade agenda.

That agenda has already had some big wins – a new international treaty recognising First Nations’ traditional knowledge, and a chapter specifically relating to first nations trade in our UAE agreement, which is the first time this has happened in any Australian trade agreement.

The final principle is that we will not compromise our fundamental values and interests.

Like the Pharmaceutical Benefits Scheme, and our biosecurity system.

To be clear, the announcement yesterday of the outcome of the technical assessment of beef from the United States is the culmination of a decade of science and risk-based import assessments and evaluations.

Australia is the land of the ‘’fair go’, we value social justice, fairness, inclusion and equality.

Programs like the PBS, which are at the heart of the health and wellbeing of our country, will never be up for negotiation under an Albanese Labor Government.

And while we believe in free and fair trade, we will not trade away parts of our core identity.

With these principles in mind, our government will continue to advance a trade policy which delivers for all Australians.

During the election campaign we committed to initiatives that would provide support to businesses impacted by protectionist trade measures.

This included strengthening our anti-dumping regime to help create a level playing field by addressing unfair trade.

In addition, we put $50 million dollars on the table to work closely with key industry peak bodies, supporting businesses to find and access new market opportunities and we will provide $1 billion in zero interest loans to firms.

We also committed to establishing a Strategic Reserve for critical minerals so we can make sure Australia can respond to trade and supply disruptions from a position of strength with our key partners.

And we will put Australian businesses at the front of the queue for government procurement and contracts.

This is in addition to implementing our Southeast Asia Economic Strategy2040 and our Roadmap for Economic Engagement with India.

And by backing local manufacturing through the Future Made in Australia policy, we will continue to invest in the skills, technology and renewable energy to make more things here, creating jobs and opportunities for Australians.

Of course, our ability to compete abroad depends on how productive we are at home.

Which is why the Government has such an ambitious domestic productivity reform agenda.

And that agenda depends, in turn, on the quality of our trade and investment connections to the world.

As I alluded to earlier in my remarks, trade diversification will continue to be a key focus.

We are fortunate to already have a strong network of 18 free trade agreements with 30 partners, covering almost 80 per cent of the value of our two-way trade.

But there is unfinished business.

I am committed to concluding a deal with the European Union, the missing piece in the puzzle of Australia’s network of FTAs, with a market of over 450 million consumers.

Having met recently with my European counterpart I know there is a genuine desire to reach an outcome.

But it will require a Team Australia approach both internationally and domestically with stakeholders, including business and farmers.

And I am committed to expanding our trade deal with India, the world’s most populous nation with a rapidly growing middle class.

Just these two new agreements bring in almost 2 billion new consumers for Australian products.

The good news is that my Indian counterpart, Piyush Goyal, and I have a shared vision to boost two-way trade and investment.

There is new energy in regional trade agreements.

We are here to work with the region to back this trend.

As Chair of the CPTPP in 2025, Australia is seeking to expand the membership and deepen its high standard rules.

And closer to home, in the Pacific region, I want to ensure the gains from trade are spread throughout our neighbourhood.

Many Pacific island partners tell us they want to participate more fully in global supply chains. I want our friends like Fiji and PNG to be part of our regional trading network that has worked so well for us.

One of the key ingredients in development and poverty alleviation in Southeast Asia has been a story of opening up to trade.

That’s why so many of our neighbours are backing regionalism in trade as a response to the current turbulence.

Because backing these norms of rules and openness backs our region’s strength and vitality.

We will leverage the G20, OECD and APEC to build support for continued openness around the world, acting as a calm and considered voice for trade across the world.

Underpinning these bilateral and regional deals is the World Trade Organization, through which most global trade still flows according to its rules.

Our message to the world is simple: we will continue to respect the rules and be a partner you can count on.

Shaping the rules of the road is in our DNA.

We were a founding member of the General Agreement on Tariffs and Trade in 1948 and played a major role in the Uruguay Round negotiations which led to the creation of the WTO.

Now we face a major challenge in global trade – a time when Australia can play its part as a calm and considered international partner, leveraging our relationships to support free and fair trade.

The meeting of the world’s trade ministers in Cameroon in March next year must tackle the big issues of WTO reform – how we make decisions, make new rules, and enforce those rules.

We have got to bring new agreements like the one we have helped create on E-commerce, into the WTO rulebook.

We must also make progress on agriculture, where there has been a tilted playing field for far too long.

Australian businesses, workers and consumers are on the front line of this new era of global trade policy.

That is why we will back business with real, practical support to assist Australian exporters to seize the new opportunities created by our trade deals.

The Government is committed to genuine consultation – to ensure that our approach both reflects our community’s experience and meets our nation’s expectations.

Taking an economy wide approach has allowed us to navigate these last few months of tariff disruption successfully.

It is only with that same approach that we can navigate through the period of uncertainty ahead.

And ensure that Australia isn’t just a passive witness to our circumstances – but instead shapes them – as we have at key points before in our history.

The new trading landscape we face is difficult, and challenging.

But we have to have the courage of our convictions.

We know that open, rules-based trade and investment works.

An outward looking trade and investment policy is central to this Government’s ambitions for our economy.

From our earliest days, Australia has always been a trading nation.

Our businesses, our people and our communities benefit from it.

And we will continue to be a successful trading nation if we can both lift our performance at home and shape our circumstances abroad.

With a genuine Team Australia approach, I am confident we are up to that task.

Thank you.

MIL OSI News –

July 25, 2025

MIL-OSI USA: National Capital Region Members of Congress Release a Joint Statement on the Trump Administration’s Plan to Relocate USDA Agencies

US Senate News:

Source: United States Senator for Virginia Tim Kaine

WASHINGTON, D.C. – Today, the U.S. Department of Agriculture announced a reorganization of the department that would shut down several facilities in the National Capital Region and relocate thousands of employees across the country. U.S. Senators Tim Kaine (D-VA), Chris Van Hollen (D-MD), Angela Alsobrooks (D-MD), and Mark Warner (D-VA), and Representatives Suhas Subramanyam (D-VA-10), Donald S. Beyer, Jr. (D-VA-08), Sarah Elfreth (D-MD-03), Glenn Ivey (D-MD-4), Steny Hoyer (D-MD-05), Jamie Raskin (D-MD-8), Robert C. “Bobby” Scott (D-VA-03), and Eugene Vindman (D-VA-07) released the following statement:

“This is a betrayal of American farmers, and an attack on the federal workforce that will severely damage services that the American people depend on. We are disappointed but not surprised that the Trump administration is continuing its attacks on the federal workforce, this time through wasting taxpayer dollars to relocate key USDA facilities. Let us be clear: these haphazard, unlawful relocations do not save taxpayer dollars or improve agency efficiency. We’ve seen this tactic before, and we know that it only results in brain drain, crushed morale, and cuts to vital programs American farmers depend on. We will continue to stand up for the dedicated federal workers who provide critical services to our nation as they navigate these relocations, mass firings, and the administration’s continued attacks on the civil service.”

During the first Trump administration, the Department of Agriculture (USDA) relocated both the Economic Research Service (ERS) and the National Institute of Food and Agriculture (NIFA) from Washington, DC to Kansas City, MO. A GAO study of these relocations found that these relocations had significant impacts on both agencies’ staffing and productivity, including:

The loss of over a third of each agency’s permanent full-time staff following the announcement of the relocation in 2018.
A significant loss of experience, with staff with more than two years of experience declining from 83% of both agencies’ combined workforces in 2018 to 27% in 2021.
Declines in productivity, with ERS issuing fewer key reports and NIFA taking over a month longer to process and fund competitive grants in 2019.

GAO also found that USDA did not follow many leading practices for agency relocations, including a failure to consult with its employees at any point during the process and the exclusion of several key variables, including employee attrition, in its economic analysis to support the relocations. Both agencies have made positive improvements in these areas under the Biden administration, but the damage has already been done and many experienced, dedicated federal workers were essentially removed from their jobs.

In March 2025, the members introduced the COST of Relocations Act, led by Congressman Suhas Subramanyam (D-VA-10) and Senator Chris Van Hollen (D-MD), to fight back against President Trump’s relentless effort to relocate federal agencies and decimate their workforces. The legislation would require a cost-benefit analysis to be submitted to Congress in order to ensure that any attempt to move federal agencies is appropriately analyzed to guarantee it is in the best interest of the taxpayer and the agency’s mission.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: SBA Opens Disaster Loan Outreach Center in Clayton

Source: United States Small Business Administration

SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of a Disaster Loan Outreach Center (DLOC) in St. Louis County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds, tornadoes and wildfires occurring March 14–15 and also for those affected by severe storms, straight-line winds, tornadoes and flooding occurring May 16.

Beginning Friday, July 25, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center in Clayton to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

The center’s hours of operation are as follows:

ST. LOUIS COUNTY

Disaster Loan Outreach Center

Mid-County Branch Library

7821 Maryland Ave.

Clayton, MO 63105

Opens at 9:00 a.m., Friday, July 25

Mondays – Thursdays, 9:00 a.m. – 6:00 p.m.

Fridays – Saturdays, 9:00 a.m. – 5:00 p.m.

The following locations are also open and continue to serve survivors:

THE INDEPENDENT CITY OF ST. LOUIS

Business Recovery Center

St. Louis Community College

Harrison Education Center

3140 Cass Ave., Rm. #104

St. Louis, MO 63106

Mondays – Fridays, 8:30 a.m. – 6:00 p.m.

ST. LOUIS COUNTY

Disaster Loan Outreach Center

St. Louis County Library

Florissant Vallet Branch

Quiet Room

195 S. New Florissant Rd.

Florissant, MO 63031

Mondays – Thursdays, 9:00 a.m. – 6:00 p.m.

Fridays – Saturdays, 9:00 – 5:00 p.m.

“When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration. “At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”

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

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

Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

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

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

For SBA declaration MO 21094 for the March storms, interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years.

For SBA declaration MO 21129 for the May storms, interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years.

Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

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

Although the deadline to return applications for physical property damage due to the March storms has passed, there is a grace period of 60 days the SBA will accept applications beyond the July 22 deadline. The grace period will end on Sept. 20, 2025. The deadline to return economic injury applications is Feb. 23, 2026.

The filing deadline to return applications for physical property damage due to the May storms is Aug. 11, 2025. The deadline to return economic injury applications is March 9, 2026.

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About the U.S. Small Business Administration

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

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: SBA Relief Available to New Mexico Small Businesses, Private Nonprofits and Residents Affected by Severe Storms, Flooding and Landslides

Source: United States Small Business Administration

SACRAMENTO, Calif. – In response to a Presidential disaster declaration issued July 22, the U.S. Small Business Administration (SBA)announced the availability of low interest federal disaster loans to New Mexico small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, flooding and landslides beginning June 23.

The disaster declaration covers the New Mexico county of Lincoln which is eligible for both Physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and PNP organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Chaves, De Baca, Guadalupe, Otero, Sierra, Socorro and Torrance.

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

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

Applicants may be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and PNPs including faith based impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

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

“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

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

As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

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

###

About the U.S. Small Business Administration

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

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Ernst Makes Permanent Exclusions to Overreaching Obama-Era WOTUS Regulations

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – After recently scoring a major victory in her longstanding fight to overturn the harmful expansion of the “waters of the United States” (WOTUS) rule, U.S. Senator Joni Ernst (R-Iowa) is introducing legislation to prevent future overregulation. Her new bill would make permanent key exclusions clarifying that waste treatment systems, temporary streams from rain, and groundwater are not navigable waterways.
The Clarifying Legal Exclusions Around Regulated (CLEAR) Waters Act excludes covered water features that do not interact with navigable waters from being regulated under WOTUS.
“If you try and navigate a wastewater treatment pool, you will be up a creek without a paddle,” said Ernst. “WOTUS regulatory uncertainty has threatened the livelihoods of hardworking Iowa farmers, small businesses, and landowners for far too long, and I was thrilled to join EPA Administrator Zeldin in announcing that the Trump administration is revising this misguided and harmful regulatory expansion. After leading this fight for a decade, I am making it CLEAR that the federal government has no businesses regulating cooling ponds, municipal treatment plants, groundwater, and streams that only flow after rainfall under WOTUS.”
“Senator Ernst continues to be a champion for Iowa’s farmers and businesses, and her CLEAR Waters Act is another example of her leadership,” said Mike Naig, Iowa Secretary of Agriculture. “This legislation will provide much-needed clarity and consistency when it comes to WOTUS, helping end the constant policy whiplash that changes with each new administration. It’s a commonsense approach that brings certainty to those who are working every day to responsibly manage our land and water.”
“The CLEAR Waters Act would provide Iowa farmers regulatory certainty to ensure waste treatment systems are not treated as navigable waters,” said Brent Swart, Iowa Soybean Association President and farmer from Spencer, Iowa. “This commonsense exclusion allows farmers to continue being good stewards of the land without being overregulated.”
“Thank you, Sen. Joni Ernst, for introducing the CLEAR Waters Act and leading on this issue, which is critical to the aggregates industry,” said Michele Stanley, National Stone, Sand & Gravel Association Interim CEO. “The definition of Waters of the United States (WOTUS) is often subject to change under different administrations. The CLEAR Waters Act will provide the clarity and certainty our association members have long sought by excluding waste treatment systems from WOTUS and Clean Water Act permitting programs. This exclusion has historically received bipartisan support from Republican and Democratic administrations. It was maintained under the definitions of WOTUS established by the past four administrations of Presidents Obama, Trump and Biden. Importantly, the bill codifies key parts of the Sackett decision.”
Click here to view the bill text.
Background:
After leading the fight against Obama’s WOTUS overreach for years, Ernst and Environmental Protection Agency Administrator Zeldin recently announced a revision that adheres to the law, cuts red tape, and provides certainty for Iowans.
During her first year in the Senate, Senator Ernst led an effort against the harmful WOTUS rule to protect Iowans from burdensome regulations. Her effort was passed by both the Senate and the House, but President Obama vetoed it.
During Trump’s first term, Ernst commended his administration for successfully rolling back the harmful Obama-era WOTUS rule to help spur economic growth and called on Congress to codify a reasonable definition of WOTUS into law.
After Biden doubled down on Obama’s government overreach, Ernst supported a bipartisan effort, worked in 2023 to stop Biden’s out-of-touch WOTUS rule that aimed to repeal the Trump administration’s Navigable Waters Protection Rule (NWPR), and applauded the Supreme Court’s ruling in Sackett v. EPA.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Ernst Protects U.S. Farmland, Calls for Modernization for Farmers

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), a member of the Senate Agriculture Committee, is working to modernize outdated U.S. Department of Agriculture (USDA) systems that burden many farmers and leave farmland vulnerable to foreign adversaries.
During the hearing, Ernst secured a commitment from Richard Fordyce, nominee for Undersecretary of Agriculture for Farm Production and Conservation, to update and digitize the process for producers when working with their local USDA offices. She also pointed out her oversight efforts and ongoing work to overhaul the outdated Agricultural Foreign Investment Disclosure Act (AFIDA) reporting system to better protect American farmland from malign foreign actors.

Watch her full line of questioning here.
“That same modernization is needed when it comes to how USDA tracks and monitors foreign land in the United States,” said Ernst.“The Agriculture Foreign Investment Disclosure Act – AFIDA – was signed into law in 1978, and it has been barely touched since then. Even today, foreign land purchases are reported on paper and staff must manually reenter each submission, a process that’s inefficient and prone to errors, and I’ve seen this firsthand…The recent commitments from Secretary Rollins to modernize the AFIDA reporting process is welcome news. It’s a much-needed step to protect our farmland from adversaries.”
Background:
Ernst understands that food security is national security. Her bipartisan FARMLAND Act will overhaul the current outdated system that has allowed China’s malign influence to threaten American security.
Ernst confronted the Biden USDA about its lack of oversight of foreign involvement in American agricultural land and questioned officials to ensure they make updates to the AFIDA reporting process a priority.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Schatz, Murphy Introduce New Legislation To Improve Wages, Operations Transparency For Rideshare Drivers, Delivery App Workers

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

WASHINGTON – U.S. Senators Brian Schatz (D-Hawai‘i) and Chris Murphy (D-Conn.) today introduced the Empowering App-Based Workers Act, new legislation to improve transparency on how app companies operate and help boost wages for rideshare drivers and delivery app workers.

“Every day rideshare drivers and delivery app workers work long hours and travel many miles to make a living, often without knowing how much money they’ll make. Our bill would shed some light on how apps determine work assignments and pay, ensuring workers are treated and paid fairly,” said Senator Schatz.

Millions of workers across multiple industries, report to work by turning on an app. These platforms collect data from both workers and consumers to shape working conditions, evaluate workers, and make work-related decisions, including decisions on how much to pay a worker, which workers get which assignments, and whether, when, or for how long a worker will be suspended or ‘deactivated.’ All this is done with systems that are not transparent to workers, consumers, or regulators, creating information imbalances that mask wage theft, discrimination, and price-gouging.

The Empowering App-Based Workers Act would create a level playing field for workers managed by digital labor platforms by:

Requiring disclosure of electronic monitoring and automated decision systems uses, including how they are used to determine pay and other work decisions;
Providing itemized receipts to workers and consumers after every work assignment;
Providing workers receive weekly pay statements with relevant information on their compensation;
Ensuring rideshare workers receive at least 75 percent of the amount paid by consumers; and
Stopping platforms from using interfaces that contain unfair or deceptive information on compensation.

“We applaud Senators Schatz and Murphy for listening to workers’ demands and introducing the Empowering App-Based Workers Act,” said Rebecca Dixon, President and CEO of NELP. “App-based workers have long sought better pay and greater accountability from corporations that use hidden algorithms to determine pay, work assignments, and discipline. This legislation is an important step forward in building a good-jobs economy where all workers have expansive rights and thrive in good jobs.”

“Senator Schatz’s bill is a great first step toward protecting app-based workers from hidden fees, undue surveillance, and algorithms that violate their civil rights. It also creates mechanisms to hold Big Tech accountable when their greed harms workers,” said Jody Calemine, AFL-CIO Director of Advocacy.

The bill is supported by the ACE Collaborative of New Virginia Majority, Action Center on Race and Economy, AFL-CIO, Athena, Center for Law and Social Policy, Color Of Change, Colorado Independent Drivers United, Connecticut Drivers United, Coworker, Data & Society, Drivers Union Washington/Teamsters Local 117, Economic Policy Institute, Fair Work Center, Groundwork Collaborative, Hawai‘i Workers Center, Los Deliveristas Unidos, Minnesota Uber/Lyft Drivers Association, Make the Road New Jersey, National Women’s Law Center, National Employment Law Project (NELP), New York Taxi Workers Alliance, New School Center for NYC Public Affairs, NLAN/GLOW, National Partnership for Women & Families, National Women’s Law Center Action Fund, Open Markets Institute, Portland Drivers United, Rideshare Drivers United, PowerSwith Action, Service Employees International Union (SEIU), Tech Equity Collaborative, Tennessee Drivers Union, The People’s Lobby, Towards Justice, United Food and Commercial Workers International Union, and Working Washington.

The text of the bill is available here.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Reps. Salinas and Ansari Lead 37 Colleagues in Demanding Secretary Rollins Reinstate the 2001 Roadless Rule

Source: US Representative Andrea Salinas (OR-06)

Washington, D.C. – Today, Congresswoman Andrea Salinas (OR-06), alongside Congresswoman Yassmin Ansari (AZ-03), led 37 of their colleagues in sending a letter to Secretary of Agriculture Brooke Rollins urging her to reverse the decision to fully rescind the 2001 Roadless Rule and to reinstate full roadless protections.

Since its inception, the Roadless Rule has protected 58.5 million acres of forestland by preventing road construction and ensured consistent, dependable protections for these critical landscapes. Earlier this year, Reps. Salinas and Ansari, alongside Sens. Cantwell and Gallego, introduced legislation to enshrine the Roadless Rule into law.

Click here or see below for the full letter:

Dear Secretary Rollins,

We write to express profound concern with your recent decision to fully rescind the 2001 Roadless Area Conservation Rule. This critical environmental safeguard ensures the protection of 58.5 million acres of our nation’s most pristine wild forestlands and provides durable climate benefits; protects watersheds that provide drinking water to millions of Americans; preserves critical habitats for threatened species; and supports recreation opportunities for American communities.

In your announcement, you claimed that this rule is overly restrictive and limits our ability to protect forests from devastating fires. However, the Roadless Rule already includes commonsense provisions to allow road construction to protect public health and safety and timber harvests when needed to maintain healthy ecosystems and reduce wildfire risks. Moreover, evidence shows that roads actually increase the risk of fire. According to the U.S. Forest Service (USFS):

“Building roads into inventoried roadless areas would likely increase the chance of human-caused fires due to the increased presence of people. Fire occurrence data indicates that prohibiting road construction and reconstruction in inventoried roadless areas would not cause an increase in the number of acres burned by wildland fires or in the number of large fires.”

Additionally, recent analysis of wildfire data shows that fires are nearly four times as likely within 50 meters of roads as in roadless areas. Further, USFS has stated that “the agency rarely builds new roads to suppress fires.” It is simply untrue to assert that repealing the Roadless Rule will necessarily result in fewer or less damaging fires or that the USFS lacks the flexibility to respond effectively to these disasters.

This also represents a significant potential burden on USFS resources at a time when your Administration has pursued staff reductions and proposed spending cuts that threaten the agency’s ability to effectively carry out its mission. This Administration has already put more Americans at risk from wildfire as a result of dismantling the Forest Service. Rescinding the Roadless Rule will only exacerbate the wildfire crisis facing our western communities. Now is not the time to ask this critical agency to do more with less.

USFS already has an enormous backlog of maintenance needs for the existing 368,102-mile road system, which will cost $5,980,000,000 to eliminate. One of the many reasons the Roadless Rule was adopted 25 years ago was to stop the excessive and fiscally irresponsible road construction that was happening across our national forests at American taxpayer expense. Forcing the recission of this policy to allow more roads to be built is an irresponsible distraction and massive waste of taxpayer funding.

Beyond these realities, repeal is deeply unpopular. More than 1.6 million comments were submitted in favor of the Roadless Rule – more than any other rulemaking in our nation’s history at the time it was adopted– and the rule has survived decades of attacks. This is precisely because millions of Americans are clear-eyed about the value of these protected ecosystems. These include anglers and hunters, hikers, tribal communities, and so many more Americans who use and cherish our country’s incredible natural resources. That includes the outdoor recreation and tourism industry. A 2019 analysis of the economic values of roadless area conservation found that the recreational and passive uses of inventoried roadless areas yielded a total of nearly $9 billion in economic benefits each year – benefits our country and forest-adjacent communities cannot afford to lose.

The Roadless Rule keeps these wild ecosystems intact, sustaining critical habitats for threatened species such as native salmon populations that provide immense economic value in the Pacific Northwest and represent significant tribal cultural resources. In Alaska, the Tongass National Forest is the largest national forest, with 9 million acres of roadless areas and mature and old-growth rainforest, storing more than 1.5 billion metric tons of CO2-equivalent and sequestering 10 million metric tons a year. These forests protect clean drinking water for American communities, particularly rural communities which cannot afford to pay for drinking water infrastructure. They also serve as carbon sinks, making them an important tool in our work to address climate change, which agricultural producers depend on to sustain their businesses.

For over two decades, the Roadless Rule has served as dependable protection for some of our nation’s most valued public lands. We urge you to reverse course and retain full roadless protections for these 58.5 million acres.

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MIL OSI USA News –

July 25, 2025

MIL-OSI Russia: Alexander Novak chaired a meeting of the subcommittee on increasing the sustainability of the agricultural engineering industry

Translation. Region: Russian Federal

Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

An important disclaimer is at the bottom of this article.

Deputy Prime Minister Alexander Novak held a meeting of the subcommittee on increasing the stability of the financial sector and individual sectors of the economy. The situation in agricultural engineering and the work of individual systemically important organizations were discussed.

The event was attended by the Minister of Economic Development Maxim Reshetnikov, the Minister of Agriculture Oksana Lut, the First Deputy Chairman of the State Duma Alexander Zhukov, the Deputy Chairman of the Federation Council Nikolai Zhuravlev, the President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin, representatives of federal authorities, the Central Bank of Russia, heads and representatives of investment banks, development institutions, industry companies, and parliamentarians.

The meeting participants reviewed the current situation in terms of production and sales of domestic agricultural machinery. It was noted that the measures to support the industry agreed upon at previous meetings of the subcommittee help maintain the sustainability of its work. These include preferential leasing, lending and subsidies, deferrals of payment of the recycling fee, and the possibility for farmers to purchase domestic machinery at discounts.

In addition, the Russian Ministry of Agriculture is working on the issue of increasing the rate of subsidizing loans issued for the purchase of agricultural machinery. The participants of the meeting agreed that as demand for agricultural machinery stabilizes, and subsidizing loans are launched in the near future, there is currently no need to introduce additional measures to support the industry.

Alexander Novak instructed the Ministry of Economic Development, the Ministry of Agriculture, and the Ministry of Industry and Trade to continue monitoring the situation in the agricultural engineering sector and to promptly propose solutions to ensure the development of the industry.

The Deputy Prime Minister also instructed federal authorities to promptly monitor the situation at all systemically important enterprises to ensure their sustainable operation in the current economic conditions.

“Previously adopted support measures are working successfully and have begun to produce a positive effect from implementation. We continue to monitor the situation, if necessary, we will fine-tune the current measures and return to the issue of developing new mechanisms,” emphasized Alexander Novak.

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 –

July 25, 2025

MIL-OSI Russia: Dmitry Patrushev and Acting Governor of the Sverdlovsk Region Denis Pasler discussed issues of agriculture and ecology in the region

Translation. Region: Russian Federal

Source: Government of the Russian Federation – Government of the Russian Federation –

An important disclaimer is at the bottom of this article.

Dmitry Patrushev held a working meeting with the acting governor of the Sverdlovsk region Denis Pasler

July 24, 2025

Dmitry Patrushev held a working meeting with the acting governor of the Sverdlovsk region Denis Pasler

July 24, 2025

Dmitry Patrushev held a working meeting with the acting governor of the Sverdlovsk region Denis Pasler

July 24, 2025

Previous news Next news

Dmitry Patrushev held a working meeting with the acting governor of the Sverdlovsk region Denis Pasler

Deputy Prime Minister Dmitry Patrushev held a working meeting with Acting Governor of the Sverdlovsk Region Denis Pasler. The main topics were issues of development of the agro-industrial complex and ecology of the region.

Denis Pasler reported on the sowing campaign that took place in the region. Regional farmers are cultivating over 760 thousand hectares of land. These are primarily spring crops, which occupy 470 thousand hectares. All work on this area was completed on time.

Sverdlovsk Region is one of the country’s leaders in milk production, and annual and perennial forage grasses play a significant role here. The forage base for the cow population for the coming winter is currently being actively formed, which will allow not only to maintain, but also to increase milk production volumes.

Dmitry Patrushev and Denis Pasler also discussed the results of the implementation of the national project “Ecology”. Sverdlovsk Region worked within the framework of projects to eliminate unauthorized landfills, create solid municipal waste disposal facilities, reduce emissions of pollutants into the atmosphere, clean water bodies and reforestation. More than 3.3 billion rubles were allocated from the federal budget for these purposes. Work will be continued within the framework of the national project “Ecological Well-Being”.

Particular attention at the meeting was paid to the participation of the Sverdlovsk region in incident No. 58 “Organization of a system for handling municipal solid waste”, in particular the construction of waste handling infrastructure in the region, as well as a key complex for its processing.

Dmitry Patrushev instructed the Russian Ecological Operator State Enterprise and the Sverdlovsk Region to step up work on creating eight waste management facilities. The Deputy Prime Minister particularly emphasized that the planned commissioning dates should not go beyond 2030.

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 –

July 25, 2025

MIL-OSI USA: AG Brown files a lawsuit against Fidelity Information Services to protect the personal data of people who apply for or receive food assistance benefits

Source: Washington State News

SEATTLE – Attorney General Nick Brown today filed a breach of contract lawsuit against Fidelity Information Services (FIS) to block the company from illegally disclosing the private, personal data of more than one million Washington residents who receive or applied for food assistance benefits to the federal government for its deportation efforts.

Since 2015, FIS has served as the contractor for Washington’s Department of Social and Health Services (DSHS) to deliver benefit payments to recipients. DSHS administers food assistance programs including the federally funded Supplemental Nutrition Assistance Program (SNAP) and the state-funded Food Assistance Program (FAP). FAP provides food benefits to people who would be eligible for SNAP but are excluded from the federal program because of their immigration status.

“People who need food assistance for themselves and their families should be able to trust that their data will be protected and kept private,” Brown said. “If a contractor fails to uphold the terms they’ve agreed to, we will hold them accountable under the law.”

Washington law requires that the information of public benefits applicants and recipients be protected from unauthorized disclosure or improper use. Additionally, the contract with FIS requires the company to get DSHS’s express written consent before disclosing this information and to follow DSHS policies and rules protecting recipients’ information.

Nevertheless, FIS informed DSHS on May 9 that it intended to turn over the personal data of SNAP cardholders and data about transactions to the U.S. Department of Agriculture (USDA). That came in the wake of guidance from USDA incorrectly claiming it could use federal food benefits law to obtain SNAP data directly from contractors, rather than state agencies, to use for the Trump administration’s immigration enforcement efforts.

DSHS told FIS on May 14 that the agency does not consent to the disclosure of confidential information to USDA, and FIS initially pledged that it would refrain from sharing the data until authorized. But since then, as USDA has continued its efforts to collect personal data of SNAP recipients, FIS failed to respond to repeated requests from DSHS asking for confirmation that it would not turn over any data without DSHS’s express consent.

In the complaint, filed in Thurston County Superior Court, Brown argues that DSHS is entitled to a court order blocking FIS from disclosing confidential information to USDA and a declaration that unauthorized disclosure would constitute a breach of contract. The complaint also asks the court to determine that any unauthorized disclosure of confidential and personally identifiable information would violate the Washington Consumer Protection Act and the Washington Law Against Discrimination.

Brown is asking the court to order FIS not to disclose any confidential information to any third party without the express written consent of DSHS.

A copy of the complaint is available here.

-30-

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MIL OSI USA News –

July 25, 2025

MIL-OSI: Landmark Bancorp, Inc. Announces Second Quarter 2025 Earnings per Share of $0.75 Declares Cash Dividend of $0.21 per Share

Source: GlobeNewswire (MIL-OSI)

Manhattan, KS, July 24, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.75 for the second quarter of 2025, compared to $0.81 per share in the first quarter of 2025 and $0.52 per share in the same quarter of the prior year. Net earnings for the second quarter totaled $4.4 million, compared to $4.7 million in the prior quarter and $3.0 million in the second quarter of 2024. For the three months ended June 30, 2025, the return on average assets was 1.11%, the return on average equity was 12.25% and the efficiency ratio⁽¹⁾ was 62.8%.

For the first six months of 2025, diluted earnings per share totaled $1.56 compared to $1.01 during the same period in 2024. Net earnings for the first six months of 2025 totaled $9.1 million, compared to $5.8 million in the first six months of 2024. For the six months ended June 30, 2025, the return on average assets was 1.16%, the return on average equity was 12.96%, and the efficiency ratio⁽¹⁾ was 63.4%.

Second Quarter 2025 Performance Highlights

	●	Total gross loans increased in the second quarter 2025 by $42.9 million, an annualized increase of 16.0% over the prior quarter.
	●	The net interest margin improved 7 basis points to 3.83% compared to 3.76% in prior quarter and 3.25% in the second quarter of the prior year.
	●	Net interest income increased $564,000, or 4.3%, in the second quarter of 2025, and increased $2.7 million, or 24.7%, from the same quarter of the prior year.
	●	Deposits increased $23.4 million, or 1.9%, from the same quarter of the prior year, and declined $61.9 million from the prior quarter.
	●	Total assets increased $46.7 million, or 11.9% annualized, compared to the prior quarter.
	●	Credit quality remained stable with net charge-offs totaling $40,000 in the second quarter.
	●	Stockholders’ equity increased $5.7 million, and the ratio of equity to assets increased to 9.13% in the second quarter.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report continued strong net earnings this quarter driven by growth in loans and net interest income. Loan demand remained strong in the second quarter of 2025, especially for commercial, commercial real estate and residential mortgage loans as total gross loans increased by $42.9 million or 16.0% annualized. Despite a decrease in total deposits in the second quarter, we have sustained year-over-year growth of $23.4 million, or 1.9%. The strong growth in our loan portfolio led to net interest income growth of 24.7% over the previous year and continued expansion in our net interest margin, which increased to 3.83%. Non-interest income increased by 8.0% this quarter compared to the prior quarter and expenses were well controlled. Credit quality remained solid overall with minimal net charge-offs. A provision for credit losses of $1.0 million was recorded this quarter to reflect the growth in loans and higher reserves against individually evaluated loans on non-accrual. Our strong performance is a direct result of the daily commitment and effort our associates put into making Landmark the top choice for both customers and investors.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid August 27, 2025, to common stockholders of record as of the close of business on August 13, 2025.

Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Friday, July 25, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 703723. A replay of the call will be available through August 1, 2025, by dialing (855) 762-8306 and using access code 160217.

(1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation.

Net Interest Income

Net interest income in the second quarter of 2025 totaled $13.7 million representing an increase of $564,000, or 4.3%, compared to the previous quarter and an increase of $2.7 million, or 24.7%, in the same quarter of the prior year. The increase in net interest income this quarter was driven by higher interest income on loans and lower interest expense on deposits. The net interest margin increased to 3.83% during the second quarter from 3.76% during the prior quarter and 3.25% in the second quarter of the prior year. Compared to the previous quarter, interest income on loans increased $791,000 to $17.2 million, due to higher average balances combined with higher yields on loans. Average loan balances increased $33.3 million, while the average tax-equivalent yield on the loan portfolio increased 3 basis points to 6.37%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the first quarter of 2025, interest on deposits decreased $92,000, or 1.8%, due to lower rates and balances. Interest on other borrowed funds increased by $284,000, due to higher average balances. The average rate on interest-bearing deposits decreased 3 basis points to 2.14% while the average rate on other borrowed funds decreased 11 basis points to 4.98% in the second quarter of 2025.

Non-Interest Income

Non-interest income totaled $3.6 million for the second quarter of 2025, an increase of $268,000 from the previous quarter. The increase in non-interest income during the second quarter of 2025 was primarily due to increases of $178,000 in gains on sales of loans and $88,000 in fees and service charges.

Non-Interest Expense

During the second quarter of 2025, non-interest expense totaled $11.0 million, an increase of $200,000, or 1.9%, compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $233,000 in data processing expense and $101,000 in other non-interest expense. The increase in data processing expense resulted from the implementation of additional services added and account growth, while the increase in other non-interest expense was primarily due to higher losses at our captive insurance subsidiary. Partially offsetting those increases was a decline in professional fees related to lower consulting and legal expenses during the quarter.

Income Tax Expense

Landmark recorded income tax expense of $944,000 in the second quarter of 2025 compared to $1.0 million in the first quarter of 2025. The effective tax rate was 17.7% in the second quarter of 2025 compared to 17.8% in the first quarter of 2025.

Balance Sheet Highlights

As of June 30, 2025, gross loans totaled $1.1 billion, an increase of $42.9 million, or 16.0% annualized since March 31, 2025. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $21.5 million), commercial (growth of $13.4 million) and commercial real estate (growth of $10.9 million). Investment securities available-for-sale decreased $3.6 million during the second quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $17.1 million at March 31, 2025, to $13.9 million at June 30, 2025, mainly due to lower market rates for these securities at June 30, 2025.

Period end deposit balances decreased $61.9 million to $1.3 billion at June 30, 2025. The decline in deposits was driven by decreases in money market and checking accounts (decrease of $50.5 million), non-interest-bearing demand deposits (decrease of $16.5 million) and savings (decrease of $1.1 million), partially offset by an increase in certificates of deposit (increase of $6.2 million). The decrease in deposits was primarily driven by a decline in brokered deposits as well as lower core deposit balances at June 30, 2025. Total borrowings increased $105.9 million during the second quarter 2025 to fund asset growth and to offset lower deposit balances. At June 30, 2025, the loan to deposits ratio was 86.6% compared to 79.5% in the prior quarter.

Stockholders’ equity increased to $148.4 million (book value of $25.66 per share) as of June 30, 2025, from $142.7 million (book value of $24.69 per share) as of March 31, 2025. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings during the quarter. The ratio of equity to total assets increased to 9.13% on June 30, 2025, from 9.04% on March 31, 2025.

The allowance for credit losses totaled $13.8 million, or 1.23% of total gross loans on June 30, 2025, compared to $12.8 million, or 1.19% of total gross loans on March 31, 2025. Net loan charge-offs totaled $40,000 in the second quarter of 2025, compared to $23,000 during the first quarter of 2025 and net recoveries of $52,000 in the second quarter of the prior year. A provision for credit losses on loans of $1.0 million was recorded in the second quarter of 2025 compared to no provision in the first quarter of 2025.

Non-performing loans totaled $17.0 million, or 1.52% of gross loans, at June 30, 2025, compared to $13.3 million, or 1.24% of gross loans, at March 31, 2025. Loans 30-89 days delinquent totaled $4.3 million, or 0.39% of gross loans, as of June 30, 2025, compared to $10.0 million, or 0.93% of gross loans, as of March 31, 2025.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:
Mark A. Herpich
Chief Financial Officer
(785) 565-2000

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and other governmental agencies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, DEI and ESG initiatives, consumer protection, foreign policy and tax regulations; ; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) rapid and expensive technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (x) the loss of key executives or employees; (xi) changes in consumer spending; (xii) integration of acquired businesses; (xiii) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xiv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xv) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvi) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xvii) fluctuations in the value of securities held in our securities portfolio; (xviii) concentrations within our loan portfolio and large loans to certain borrowers (including commercial real estate loans); (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xx) the level of non-performing assets on our balance sheets; (xxi) the ability to raise additional capital; (xxii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) declines in real estate values; (xxiv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxv) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024
Assets
Cash and cash equivalents	$	25,038		$	21,881		$	20,275		$	21,211		$	23,889
Interest-bearing deposits at other banks		3,463			3,973			4,110			4,363			4,881
Investment securities available-for-sale, at fair value:
U.S. treasury securities		51,624			58,424			64,458			83,753			89,325
Municipal obligations, tax exempt		100,802			101,812			107,128			112,126			114,047
Municipal obligations, taxable		75,037			70,614			71,715			75,129			74,588
Agency mortgage-backed securities		124,979			125,142			129,211			140,004			142,499
Total investment securities available-for-sale		352,442			355,992			372,512			411,012			420,459
Investment securities held-to-maturity		3,730			3,701			3,672			3,643			3,613
Bank stocks, at cost		10,946			6,225			6,618			7,894			9,647
Loans:
One-to-four family residential real estate		377,133			355,632			352,209			344,380			332,090
Construction and land		26,373			28,645			25,328			23,454			30,480
Commercial real estate		370,455			359,579			345,159			324,016			318,850
Commercial		204,303			190,881			192,325			181,652			178,876
Agriculture		100,348			101,808			100,562			91,986			84,523
Municipal		6,938			7,082			7,091			7,098			6,556
Consumer		32,234			31,297			29,679			29,263			29,200
Total gross loans		1,117,784			1,074,924			1,052,353			1,001,849			980,575
Net deferred loan (fees) costs and loans in process		(615	)		(426	)		(307	)		(63	)		(583	)
Allowance for credit losses		(13,762	)		(12,802	)		(12,825	)		(11,544	)		(10,903	)
Loans, net		1,103,407			1,061,696			1,039,221			990,242			969,089
Loans held for sale, at fair value		4,773			2,997			3,420			3,250			2,513
Bank owned life insurance		39,607			39,329			39,056			39,176			38,826
Premises and equipment, net		19,654			19,886			20,220			20,976			20,986
Goodwill		32,377			32,377			32,377			32,377			32,377
Other intangible assets, net		2,275			2,426			2,578			2,729			2,900
Mortgage servicing rights		3,082			3,045			3,061			3,041			2,997
Real estate owned, net		167			167			167			428			428
Other assets		23,904			24,894			26,855			23,309			28,149
Total assets	$	1,624,865		$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand		351,993			368,480			351,595			360,188			360,631
Money market and checking		562,919			613,459			636,963			565,629			546,385
Savings		148,092			149,223			145,514			145,825			150,996
Certificates of deposit		210,897			204,660			194,694			203,860			192,470
Total deposits		1,273,901			1,335,822			1,328,766			1,275,502			1,250,482
FHLB and other borrowings		155,110			48,767			53,046			92,050			131,330
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		5,825			6,256			13,808			9,528			8,745
Accrued interest and other liabilities		20,002			23,442			20,656			25,229			20,292
Total liabilities		1,476,489			1,435,938			1,437,927			1,423,960			1,432,500
Stockholders’ equity:
Common stock		58			58			58			55			55
Additional paid-in capital		95,266			95,148			95,051			89,532			89,469
Retained earnings		63,612			60,422			56,934			60,549			57,774
Treasury stock, at cost		–			–			–			(396	)		(330	)
Accumulated other comprehensive loss		(10,560	)		(12,977	)		(15,828	)		(10,049	)		(18,714	)
Total stockholders’ equity		148,376			142,651			136,215			139,691			128,254
Total liabilities and stockholders’ equity	$	1,624,865		$	1,578,589		$	1,574,142		$	1,563,651		$	1,560,754

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Consolidated Statements of Earnings (unaudited)

	Three months ended,							Six months ended,
	June 30,		March 31,			June 30,		June 30,			June 30,
(Dollars in thousands, except per share amounts)	2025		2025			2024		2025			2024
Interest income:
Loans	$	17,186	$	16,395		$	15,022	$	33,581		$	29,512
Investment securities:
Taxable		2,163		2,180			2,359		4,343			4,787
Tax-exempt		701		719			759		1,420			1,523
Interest-bearing deposits at banks		48		48			40		96			103
Total interest income		20,098		19,342			18,180		39,440			35,925
Interest expense:
Deposits		5,144		5,236			5,673		10,380			11,130
FHLB and other borrowings		861		565			1,027		1,426			2,049
Subordinated debentures		358		357			418		715			830
Repurchase agreements		52		65			88		117			195
Total interest expense		6,415		6,223			7,206		12,638			14,204
Net interest income		13,683		13,119			10,974		26,802			21,721
Provision for credit losses		1,000		–			–		1,000			300
Net interest income after provision for credit losses		12,683		13,119			10,974		25,802			21,421
Non-interest income:
Fees and service charges		2,476		2,388			2,691		4,864			5,152
Gains on sales of loans, net		740		562			648		1,302			1,160
Bank owned life insurance		278		272			248		550			493
Losses on sales of investment securities, net		–		(2	)		–		(2	)		–
Other		132		138			133		270			315
Total non-interest income		3,626		3,358			3,720		6,984			7,120
Non-interest expense:
Compensation and benefits		6,234		6,154			5,504		12,388			11,036
Occupancy and equipment		1,244		1,252			1,294		2,496			2,684
Data processing		629		396			492		1,025			973
Amortization of mortgage servicing rights and other intangibles		238		239			256		477			668
Professional fees		540		745			649		1,285			1,296
Valuation allowance on real estate held for sale		–		–			979		–			1,108
Other		2,076		1,975			1,921		4,051			3,881
Total non-interest expense		10,961		10,761			11,095		21,722			21,646
Earnings before income taxes		5,348		5,716			3,599		11,064			6,895
Income tax expense		944		1,015			587		1,959			1,105
Net earnings	$	4,404	$	4,701		$	3,012	$	9,105		$	5,790

Net earnings per share (1)
Basic	$	0.76	$	0.81		$	0.52	$	1.58		$	1.01
Diluted		0.75		0.81			0.52		1.56			1.01
Dividends per share (1)		0.21		0.21			0.20		0.42			0.40
Shares outstanding at end of period (1)		5,783,312		5,778,610			5,743,044		5,783,312			5,743,044
Weighted average common shares outstanding – basic (1)		5,782,555		5,777,593			5,745,310		5,780,930			5,744,381
Weighted average common shares outstanding – diluted (1)		5,840,923		5,814,650			5,748,053		5,827,844			5,748,332

Tax equivalent net interest income	$	13,851	$	13,291		$	11,167	$	27,142		$	22,075

(1) Share and per share values at or for the periods ended June 30, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Select Ratios and Other Data (unaudited)

	As of or for the									As of or for the
	three months ended,									six months ended,
	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share amounts)	2025			2025			2024			2025			2024
Performance ratios:
Return on average assets (1)		1.11	%		1.21	%		0.78	%		1.16	%		0.75	%
Return on average equity (1)		12.25	%		13.71	%		9.72	%		12.96	%		9.30	%
Net interest margin (1)(2)		3.83	%		3.76	%		3.21	%		3.80	%		3.16	%
Effective tax rate		17.7	%		17.8	%		16.3	%		17.7	%		16.0	%
Efficiency ratio (3)		62.8	%		64.1	%		67.9	%		63.4	%		70.0	%
Non-interest income to total income (3)		20.9	%		20.4	%		25.3	%		20.7	%		24.7	%

Average balances:
Investment securities	$	363,878		$	377,845		$	437,136		$	370,823		$	447,034
Loans		1,081,865			1,048,585			955,104			1,065,317			950,420
Assets		1,592,939			1,574,295			1,545,816			1,583,669			1,550,739
Interest-bearing deposits		965,214			979,787			936,237			972,460			935,827
FHLB and other borrowings		74,007			48,428			72,875			61,288			72,747
Subordinated debentures		21,651			21,651			21,651			21,651			21,651
Repurchase agreements		6,683			8,634			11,524			7,653			12,947
Stockholders’ equity	$	144,151		$	139,068		$	124,624		$	141,623		$	125,235

Average tax equivalent yield/cost (1):
Investment securities		3.34	%		3.29	%		3.04	%		3.32	%		2.99	%
Loans		6.37	%		6.34	%		6.33	%		6.36	%		6.25	%
Total interest-bearing assets		5.60	%		5.53	%		5.29	%		5.56	%		5.20	%
Interest-bearing deposits		2.14	%		2.17	%		2.44	%		2.15	%		2.39	%
FHLB and other borrowings		4.67	%		4.73	%		5.67	%		4.69	%		5.66	%
Subordinated debentures		6.63	%		6.69	%		7.76	%		6.66	%		7.71	%
Repurchase agreements		3.12	%		3.05	%		3.07	%		3.08	%		3.03	%
Total interest-bearing liabilities		2.41	%		2.38	%		2.78	%		2.40	%		2.74	%

Capital ratios:
Equity to total assets		9.13	%		9.04	%		8.22	%
Tangible equity to tangible assets (3)		7.15	%		6.99	%		6.09	%
Book value per share	$	25.66		$	24.69		$	22.33
Tangible book value per share (3)	$	19.66		$	18.66		$	16.19

Rollforward of allowance for credit losses (loans):
Beginning balance	$	12,802		$	12,825		$	10,851		$	12,825		$	10,608
Charge-offs		(103	)		(108	)		(119	)		(211	)		(260	)
Recoveries		63			85			171			148			305
Provision for credit losses for loans		1,000			–			–			1,000			250
Ending balance	$	13,762		$	12,802		$	10,903		$	13,762		$	10,903

Allowance for unfunded loan commitments	$	150		$	150		$	300

Non-performing assets:
Non-accrual loans	$	16,984		$	13,280		$	5,007
Accruing loans over 90 days past due		–			–			–
Real estate owned		167			167			428
Total non-performing assets	$	17,151		$	13,447		$	5,435

Loans 30-89 days delinquent	$	4,321		$	9,977		$	1,872

Other ratios:
Loans to deposits		86.62	%		79.48	%		77.50	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding		0.39	%		0.93	%		0.19	%
Total non-performing loans to gross loans outstanding		1.52	%		1.24	%		0.51	%
Total non-performing assets to total assets		1.06	%		0.85	%		0.35	%
Allowance for credit losses to gross loans outstanding		1.23	%		1.19	%		1.11	%
Allowance for credit losses to total non-performing loans		81.03	%		96.40	%		217.76	%
Net loan charge-offs to average loans (1)		0.01	%		0.01	%		-0.02	%		0.01	%		-0.01	%

(1	)	Information is annualized.
(2	)	Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3	)	Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.

LANDMARK BANCORP, INC. AND SUBSIDIARIES
Non-GAAP Finacials Measures (unaudited)

	As of or for the									As of or for the
	three months ended,									six months ended,
	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share amounts)	2025			2025			2024			2025			2024

Non-GAAP financial ratio reconciliation:
Total non-interest expense	$	10,961		$	10,761		$	11,095		$	21,722		$	21,646
Less: foreclosure and real estate owned expense		49			(50	)		39			(1	)		(11	)
Less: amortization of other intangibles		(151	)		(152	)		(171	)		(303	)		(341	)
Less: valuation allowance on real estate held for sale		–			–			(979	)		–			(1,108	)
Adjusted non-interest expense (A)		10,859			10,559			9,984			21,418			20,186

Net interest income (B)		13,683			13,119			10,974			26,802			21,721

Non-interest income		3,626			3,358			3,720			6,984			7,120
Less: losses on sales of investment securities, net		–			2			–			2			–
Less: gains on sales of premises and equipment and foreclosed assets		(9	)		–			–			(9	)		9
Adjusted non-interest income (C)	$	3,617		$	3,360		$	3,720		$	6,977		$	7,129

Efficiency ratio (A/(B+C))		62.8	%		64.1	%		67.9	%		63.4	%		70.0	%
Non-interest income to total income (C/(B+C))		20.9	%		20.4	%		25.3	%		20.7	%		24.7	%

Total stockholders’ equity	$	148,376		$	142,651		$	128,254
Less: goodwill and other intangible assets		(34,652	)		(34,803	)		(35,277	)
Tangible equity (D)	$	113,724		$	107,848		$	92,977

Total assets	$	1,624,865		$	1,578,589		$	1,560,754
Less: goodwill and other intangible assets		(34,652	)		(34,803	)		(35,277	)
Tangible assets (E)	$	1,590,213		$	1,543,786		$	1,525,477

Tangible equity to tangible assets (D/E)		7.15	%		6.99	%		6.09	%

Shares outstanding at end of period (F)		5,783,312			5,778,610			5,743,044

Tangible book value per share (D/F)	$	19.66		$	18.66		$	16.19

The MIL Network –

July 25, 2025

MIL-OSI USA: Ricketts Introduces the Streamlining Rural Housing Act

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), along with Senators Jerry Moran (R-KS), Jeanne Shaheen (D-NH), and Ruben Gallego (D-AZ), introduced the Streamlining Rural Housing Act. The bill directs the U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of Agriculture (USDA) to establish a memorandum of understanding to evaluate the feasibility of joint environmental review and inspection processes. By streamlining the review and inspection processes between HUD and USDA, this bill would make rural housing development more efficient for home builders, affordable housing non-profits, and state housing finance agencies.

“Duplicative red tape and burdensome regulations create additional costs and deter much-needed investments in rural affordable housing,” said Ricketts. “The Streamlining Rural Housing Act is the first step to enhance efficiency and eliminate conflicting requirements that delay approvals so that we can build more housing in rural Nebraska. When I was Governor of Nebraska, our state created a rural workforce housing fund to help administer support to communities for rural housing needs, like construction costs, down payment assistance, and technical assistance.”

“Across Kansas, the demand for rural housing has been on the rise, and it’s important that we find innovative solutions to address this issue,” said Moran. “Streamlining rural housing regulations between HUD and USDA will simplify the regulatory process for developers, allowing them to more efficiently address the growing housing needs in Kansas and across the country.”

“To address the shortage of quality, affordable housing in rural areas, federal regulations need to work for communities rather than against them,” said Senator Shaheen. “I’m glad to join my colleagues in introducing bipartisan legislation that would improve and streamline environmental reviews and housing unit inspections so that we can build more homes and lower costs where it’s needed most.”

“Americans are facing an affordable housing crisis. We need to build more housing and build it fast to bring down costs and get more people into homes,” said Gallego. “Government should be part of the solution, but right now it’s part of the problem. By reducing red tape and streamlining redundant processes, this bipartisan bill will accelerate construction, lower costs, and get more desperately needed homes on the market.”

The Streamlining Rural Housing Act would direct the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) to:

Create a Memorandum of Understanding (MOU) to evaluate categorical exclusion under the environmental review process for housing projects that use combined funding;
Create an MOU to develop a process for designating a lead agency.
- This process will streamline adoption of Environmental Impact Statements and Environment Assessments approved by the other Department to construct housing projects funded by both agencies;
Create an MOU to evaluate the feasibility of a joint inspection process for housing projects that use combined funding;
Establish an advisory working group to consult on the MOUs consisting of:
- Affordable housing non-profits;
- State housing and housing finance agencies;
- Non-profit and for-profit home builders and housing developers;
- Property management companies;
- Owners of multifamily properties;
- Public housing agencies;
- Residents in housing assisted by HUD and USDA;
- Housing contract administrators.

“The Council for Affordable and Rural Housing (CARH) applauds the efforts of Senators Moran, Ricketts, Shaheen, and Gallego in introducing this important legislation which will help streamline program requirements at the Department of Housing and Urban Development (HUD) and the United States Department of Agriculture’s Rural Development (RD) programs,” said Colleen Fisher, Executive Director of the Council for Affordable and Rural Housing (CARH). “Many times when housing developers and owners are operating a property here is a need to have multiple sources of funding so that the property can cash flow and rents are at levels that low-income residents can afford. When this occurs, the agencies require separate if not identical inspections, somewhat negating the purpose of having the multiple layers of funding, thus increasing regulatory costs. By requiring one inspection, operating costs will be reduced or redirected toward services on properties. The approach envisioned in the bill has been supported by several different Administrations, with the goal of reducing regulatory burdens and improving the delivery of affordable housing programs.”

BACKGROUND

Often, when a housing project draws federal funding from Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) Rural Development, one has to follow separate processes for environmental review and housing inspections for both agencies. This can incur more costs, lead to delays in project completion, and present challenges in getting over excessive bureaucratic procedures. This is burdensome especially at a time when housing needs in rural America are growing and existing housing supply is aging. Memoranda of Understanding (MOUs) are an effective way to address duplicative compliance requirements and regulatory misalignment across different federal, state, and local agencies.

Full text of the legislation can be found here.

MIL OSI USA News –

July 25, 2025

MIL-Evening Report: Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough?

Source: The Conversation (Au and NZ) – By Alan Renwick, Professor of Agricultural Economics, Lincoln University, New Zealand

RobynRoper/Getty Images

The alarming rise of butter prices has become a real source of frustration for New Zealand consumers, as well as a topic of political recrimination. The issue has become so serious that Miles Hurrell, chief executive of dairy co-operative Fonterra, was summoned to meetings with the government and opposition parties this week.

After meeting Hurrell, Finance Minister Nicola Willis appeared to place some of the blame for the high price of butter on supermarkets rather than on the dairy giant.

According to Stats NZ, butter prices rose by 46.5% in the year to June and are now 120% higher than a decade ago. The average price for a 500g block is NZ$8.60, with some local brands costing over $10.

But solving the problem is not a matter of waving a magic economic wand. Several factors influence butter prices, few of which can be altered directly by government policy.

And the question remains – would we want to? Proposals such as reducing exports to boost domestic supply, or cutting goods and services tax (GST) on dairy products, all carry consequences.

A key factor driving butter prices in New Zealand is that 95% of the country’s dairy production is exported.

Limited domestic supply and strong global demand have pushed up prices for a range of commodities – not just milk, but beef as well. These increases are reflected in local retail prices.

Another contributing factor is rising costs along the supply chain. At the farm level, producers are receiving record prices for dairy. But this comes at a time when input costs have also increased significantly. It is not all profit.

Weighing the options

Before changing rules around dairy exports, the government must weigh the broader consequences.

On the one hand, high milk prices benefit “NZ Inc”. The dairy sector accounts for 25% of exports and employs 55,000 New Zealanders. When farmers do well, the wider rural economy benefits – with flow-on effects for the country as a whole.

On the other hand, there is the ongoing challenge of domestic food security. Many people cannot afford basic groceries and foodbank use is rising.

So how can New Zealand maintain a food system that benefits from exports while also supporting struggling domestic consumers?

One option is to remove GST from food. Other countries exempt dairy products from such taxes in an effort to make staples more affordable.

This idea has been repeatedly reviewed and rejected – including by the 2018 Tax Working Group. In 2024, it was estimated that removing GST could cost the government between $3.3bn and $3.9bn, with only modest benefits for the average household.

Fonterra or supermarkets?

Another route would be to examine Fonterra’s dominance in the supply chain. There are advantages to having a strong global player. And it is not in the national interest for the company to incur losses on domestic sales.

Still, the structure of the market may warrant scrutiny. For a long time there were just two main suppliers of processed dairy products – Fonterra and Goodman Fielder – and two main retailers – Foodstuffs and Woolworths. This set up reduced the need to compete on prices.

While there is arguably more competition in manufacturing sector now, supermarkets are still under scrutiny and have long faced criticism for a lack of competition.

The opaque nature of the profit margins across the supply chain also fuels suspicion. Consumers know what they pay at the checkout and what farmers receive. But the rest is less clear. This lack of transparency invites speculation about who benefits from soaring prices.

In the end, though, the government may not need to act at all.

As economists like to say: “Nothing cures high prices like high prices.” While demand for butter is relatively inelastic, there comes a point at which consumers reduce their purchases or seek alternatives. International buyers will also push back – and falling global demand may redirect more supply to domestic markets.

High prices also act as a signal to producers across the globe to increase production, which could happen relatively quickly if there are favourable climatic and other conditions.

We only need to look back to 2014, when the price of dairy dropped by 48% over the course of 12 months due to reduced demand and increased supply, to see how quickly the situation can change.

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

– ref. Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough? – https://theconversation.com/butter-wars-nothing-cures-high-prices-like-high-prices-but-will-market-forces-be-enough-261750

MIL OSI Analysis – EveningReport.nz –

July 25, 2025

MIL-OSI USA: Under Cantwell Pressure, Admin Releases Critical Wildfire Funds

US Senate News:

Source: United States Senator for Washington Maria Cantwell

07.24.25

Under Cantwell Pressure, Admin Releases Critical Wildfire Funds

Trump’s Office of Management and Budget had been withholding $20 million already allocated to WA state to prepare for and respond to wildfires

WASHINGTON, D.C. — The federal Office of Management and Budget (OMB) has approved the Spend Plan for the over $280 million in overdue FY 2025 U.S. Forest Service State, Private and Tribal Forestry (SPTF) funding, including approximately $20 million for the Washington State Department of Natural Resources to use for firefighting training and equipment, forest management, and landscape restoration.

“The State of Washington is in the middle of an active and dangerous wildfire season. After questioning the Chief of the Forest Service and the Secretary of Agriculture, I am pleased that Washington — and all states — are finally receiving the funding they need to prepare for and respond to wildfires this summer and in the future,” said U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Committee on Energy and Natural Resources.

“Thank you, Senator Cantwell, for your leadership in securing the release of fiscal year (FY) 2025 Forest Service funding for the State, Private, and Tribal Forestry programs,” said George Geissler, State Forester for Washington. “This critical funding was at risk of being included in a recission by the Trump Administration, but because of your efforts will now be put to work in support of forest health protection, private forest landowners, urban and community forests, and wildfire preparedness and response efforts across the State of Washington. On behalf of the Washington State Department of Natural Resources (DNR), we thank you for your tireless advocacy in support of our work.”

SPTF funding is typically released to states months prior to the start of wildfire season to be used to train and equip state, local, and volunteer emergency responders and firefighters. This includes funding for fire academies, personal protection equipment, fire pumps, hoses, nozzles, and other safety gear. Delays risked the funding being rescinded by the Trump Administration and could degrade state and local efforts to prepare for and respond to wildfires this summer and in the future.

On July 10, Sen. Cantwell questioned U.S. Forest Service Chief Tom Schultz about why the Trump Administration was withholding the SPTF funding.

“It’s a budget that’s already been approved. So why aren’t we releasing the funds that go to the community so that they can best prepare for this fire season?” Sen. Cantwell asked during the July 10 Energy and Natural Resources Committee hearing.

“We have not made a determination yet, but that’s something that is being evaluated,” Schultz responded. “We can’t commit that that’s for sure going to go out yet.”

Video of Sen. Cantwell’s questioning of Schultz is HERE; a transcript is HERE.

On July 16, Sen. Cantwell participated in a virtual briefing hosted by U.S. Secretary of Agriculture Brooke Rollins outlining the current wildfire situation and outlook across the western United States. During the briefing, she questioned Rollins on why OMB continued to withhold $280 million in SPTF funds.

Nationally, state, local, and volunteer fire departments respond to roughly 80% of all wildfires each year. Last year DNR, along with local first responders, successfully kept over 93% of fires in Washington state at 10 acres or less. Funds from the SPTF can also be used for hazardous fuels work on non-federal land in the wildland urban interface (WUI), to recover land that has been burned, and for forest health management.

The National Interagency Fire Center outlook predicts high wildfire risk across the entirety of Washington state from July through September 2025, and a high risk in Eastern and Central Washington in October. Six wildfires are currently burning in the state, and as of July 22, more than 37,000 acres have burned in the State of Washington this year.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Shaheen Helps Introduce Bipartisan Legislation to Streamline Housing Regulations, Increase Supply of Affordable Housing in Rural Communities

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) joined Senators Jerry Moran (R-KS), Pete Ricketts (R-NE) and Ruben Gallego (D-AZ) in introducing bipartisan legislation to streamline rural housing regulations between the U.S. Department of Housing and Urban Development (HUD) and U.S. Department of Agriculture (USDA) by requiring the two agencies to enter into a memorandum of understanding (MOU) to align housing standards. The Streamlining Rural Housing Act would simplify the process to build housing, lowering the cost and shortening project timelines for developers.

“To address the shortage of quality, affordable housing in rural areas, federal regulations need to work for communities rather than against them,” said Senator Shaheen. “I’m glad to join my colleagues in introducing bipartisan legislation that would improve and streamline environmental reviews and housing unit inspections so that we can build more homes and lower costs where it’s needed most.”

“The Council for Affordable and Rural Housing (CARH) applauds the efforts of Senators Moran, Ricketts, Shaheen, and Gallego in introducing this important legislation which will help streamline program requirements at the Department of Housing and Urban Development (HUD) and the United States Department of Agriculture’s Rural Development (RD) programs,” said Colleen Fisher, Executive Director of CARH. “Many times when housing developers and owners are operating a property here is a need to have multiple sources of funding so that the property can cash flow and rents are at levels that low-income residents can afford. When this occurs, the agencies require separate if not identical inspections, somewhat negating the purpose of having the multiple layers of funding, thus increasing regulatory costs. By requiring one inspection, operating costs will be reduced or redirected toward services on properties. The approach envisioned in the bill has been supported by several different Administrations, with the goal of reducing regulatory burdens and improving the delivery of affordable housing programs.”

Specifically, the Streamlining Rural Housing Act would:

Require HUD and USDA to enter into a memorandum of understanding to align housing standards.
Require the creation of an advisory group to consult with the agencies on the MOU’s implementation. This group would include rural affordable housing nonprofit organizations, state housing agencies, home builders, property management companies, multifamily property owners and housing contract administrators.
Require HUD and USDA to report to the appropriate committees on recommendations for legislative, regulatory or administrative actions to improve the efficiency and effectiveness of combined funding housing projects.

The full text of the legislation can be found here.

As a senior member of the U.S. Senate Appropriations Committee and Ranking Member of the Agriculture, Rural Development, Food and Drug Administration and Related Agencies (Ag-FDA) Subcommittee, Shaheen has continually worked to ensure rural communities have the federal funding needed to tackle the housing affordability crisis. In the Fiscal Year (FY) 2026 Ag-FDA Appropriations bill, Shaheen fought to fully fund the Rental Assistance program so that participating families can remain housed, provides funding to preserve the existing affordable housing portfolio and makes $1 billion in financing available for very low-income homebuyers, many of whom are first-time homeowners. In the FY24 Ag-FDA bill, Shaheen two Shaheen-led provisions were signed into law to help to preserve existing rural housing, build new housing in rural areas and protect low-income renters in rural areas from losing their homes.

MIL OSI USA News –

July 25, 2025

MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

2nd Quarter 2025 Highlights:

Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

First Half 2025 Highlights

Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
Dividends declared in the first half of 2025 were $0.66 per share.

Financial Summary

	At or for the Three Months ended							At or for the Six Months ended
(Dollars in thousands, except per share and market data)	Jun 30, 2025			Mar 31, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Operating results
Net income	$	52,781		54,568		44,708		107,349		77,335
Basic earnings per share	$	0.45		0.48		0.39		0.93		0.68
Diluted earnings per share	$	0.45		0.48		0.39		0.93		0.68
Dividends declared per share	$	0.33		0.33		0.33		0.66		0.66
Market value per share
Closing	$	43.08		44.22		37.32		43.08		37.32
High	$	44.70		52.81		40.18		52.81		42.75
Low	$	36.76		43.18		34.35		36.76		34.35
Selected ratios and other data
Number of common stock shares outstanding		118,550,475		113,517,944		113,394,092		118,550,475		113,394,092
Average outstanding shares – basic		116,890,776		113,451,199		113,390,539		115,180,489		112,941,341
Average outstanding shares – diluted		116,918,290		113,546,365		113,405,491		115,244,550		112,981,531
Return on average assets (annualized)		0.74	%	0.80	%	0.66	%	0.77	%	0.56	%
Return on average equity (annualized)		6.13	%	6.77	%	5.77	%	6.44	%	5.01	%
Efficiency ratio		62.08	%	65.49	%	67.97	%	63.72	%	71.17	%
Loan to deposit ratio		85.91	%	83.64	%	84.03	%	85.91	%	84.03	%
Number of full time equivalent employees		3,665		3,457		3,399		3,665		3,399
Number of locations		247		227		231		247		231
Number of ATMs		300		286		286		300		286

KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	BOID
(Dollars in thousands)	April 30, 2025
Total assets	$	1,369,764
Cash and cash equivalents		26,127
Debt securities		139,974
Loans receivable		1,075,232
Non-interest bearing deposits		271,385
Interest bearing deposits		806,992
Borrowings and subordinated debt		71,932
Core deposit intangible		19,758
Goodwill		75,207

On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

Asset Summary

										$ Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Cash and cash equivalents	$	915,507		981,485		848,408		800,779		(65,978	)	67,099		114,728
Debt securities, available-for-sale		4,024,980		4,172,312		4,245,205		4,499,541		(147,332	)	(220,225	)	(474,561	)
Debt securities, held-to-maturity		3,206,133		3,261,575		3,294,847		3,400,403		(55,442	)	(88,714	)	(194,270	)
Total debt securities		7,231,113		7,433,887		7,540,052		7,899,944		(202,774	)	(308,939	)	(668,831	)
Loans receivable
Residential real estate		1,931,554		1,850,079		1,858,929		1,771,528		81,475		72,625		160,026
Commercial real estate		11,935,109		10,952,809		10,963,713		10,713,964		982,300		971,396		1,221,145
Other commercial		3,303,889		3,121,477		3,119,535		3,066,028		182,412		184,354		237,861
Home equity		975,429		920,132		930,994		905,884		55,297		44,435		69,545
Other consumer		386,759		374,021		388,678		394,587		12,738		(1,919	)	(7,828	)
Loans receivable		18,532,740		17,218,518		17,261,849		16,851,991		1,314,222		1,270,891		1,680,749
Allowance for credit losses		(226,799	)	(210,400	)	(206,041	)	(200,955	)	(16,399	)	(20,758	)	(25,844	)
Loans receivable, net		18,305,941		17,008,118		17,055,808		16,651,036		1,297,823		1,250,133		1,654,905
Other assets		2,557,546		2,435,389		2,458,719		2,453,581		122,157		98,827		103,965
Total assets	$	29,010,107		27,858,879		27,902,987		27,805,340		1,151,228		1,107,120		1,204,767

The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

Credit Quality Summary

	At or for the Six Months ended			At or for the Three Months ended		At or for the Year ended		At or for the Six Months ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Allowance for credit losses
Balance at beginning of period	$	206,041		206,041		192,757		192,757
Acquisitions		35		—		3		3
Provision for credit losses		24,163		6,154		27,179		14,157
Charge-offs		(7,236	)	(3,897	)	(18,626	)	(8,430	)
Recoveries		3,796		2,102		4,728		2,468
Balance at end of period	$	226,799		210,400		206,041		200,955
Provision for credit losses
Loan portfolio	$	24,163		6,154		27,179		14,157
Unfunded loan commitments		3,918		1,660		1,127		(2,390	)
Total provision for credit losses	$	28,081		7,814		28,306		11,767
Other real estate owned	$	1,737		1,085		1,085		432
Other foreclosed assets		142		68		79		198
Accruing loans 90 days or more past due		11,371		5,289		6,177		4,692
Non-accrual loans		35,356		32,896		20,445		12,686
Total non-performing assets	$	48,606		39,338		27,786		18,008
Non-performing assets as a percentage of subsidiary assets		0.17	%	0.14	%	0.10	%	0.06	%
Allowance for credit losses as a percentage of non-performing loans		485	%	551	%	774	%	1,116	%
Allowance for credit losses as a percentage of total loans		1.22	%	1.22	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.02	%	0.01	%	0.08	%	0.04	%
Accruing loans 30-89 days past due	$	54,403		46,458		32,228		49,678
U.S. government guarantees included in non-performing assets	$	2,651		685		748		1,228

Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
Second quarter 2025	$	18,009	$	1,645	1.22	%	0.29	%	0.17	%
First quarter 2025		6,154		1,795	1.22	%	0.27	%	0.14	%
Fourth quarter 2024		6,041		5,170	1.19	%	0.19	%	0.10	%
Third quarter 2024		6,981		2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%

Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

						$ Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Dec 31, 2024	Jun 30, 2024	Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Deposits
Non-interest bearing deposits	$	6,593,728	6,100,548	6,136,709	6,093,430	493,180		457,019		500,298
NOW and DDA accounts		5,747,388	5,676,177	5,543,512	5,219,838	71,211		203,876		527,550
Savings accounts		2,956,387	2,896,378	2,845,124	2,862,034	60,009		111,263		94,353
Money market deposit accounts		3,089,115	2,816,874	2,878,213	2,858,850	272,241		210,902		230,265
Certificate accounts		3,238,576	3,140,333	3,139,821	3,064,613	98,243		98,755		173,963
Core deposits, total		21,625,194	20,630,310	20,543,379	20,098,765	994,884		1,081,815		1,526,429
Wholesale deposits		3,308	3,740	3,615	2,994	(432	)	(307	)	314
Deposits, total		21,628,502	20,634,050	20,546,994	20,101,759	994,452		1,081,508		1,526,743
Repurchase agreements		1,976,228	1,849,070	1,777,475	1,629,504	127,158		198,753		346,724
Deposits and repurchase agreements, total		23,604,730	22,483,120	22,324,469	21,731,263	1,121,610		1,280,261		1,873,467
Federal Home Loan Bank advances		1,255,088	1,520,000	1,800,000	2,350,000	(264,912	)	(544,912	)	(1,094,912	)
Other borrowed funds		81,771	82,443	83,341	88,149	(672	)	(1,570	)	(6,378	)
Subordinated debentures		157,127	133,145	133,105	133,024	23,982		24,022		24,103
Other liabilities		374,003	352,563	338,218	365,459	21,440		35,785		8,544
Total liabilities	$	25,472,719	24,571,271	24,679,133	24,667,895	901,448		793,586		804,824

Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

Stockholders’ Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Common equity	$	3,776,043		3,550,719		3,533,150		3,492,096		225,324		242,893		283,947
Accumulated other comprehensive loss		(238,655	)	(263,111	)	(309,296	)	(354,651	)	24,456		70,641		115,996
Total stockholders’ equity		3,537,388		3,287,608		3,223,854		3,137,445		249,780		313,534		399,943
Goodwill and intangibles, net		(1,191,474	)	(1,099,229	)	(1,102,500	)	(1,066,790	)	(92,245	)	(88,974	)	(124,684	)
Tangible stockholders’ equity	$	2,345,914		2,188,379		2,121,354		2,070,655		157,535		224,560		275,259
Stockholders’ equity to total assets		12.19	%	11.80	%	11.55	%	11.28	%
Tangible stockholders’ equity to total tangible assets		8.43	%	8.18	%	7.92	%	7.74	%
Book value per common share	$	29.84		28.96		28.43		27.67		0.88		1.41		2.17
Tangible book value per common share	$	19.79		19.28		18.71		18.26		0.51		1.08		1.53

Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

Cash Dividends
On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended June 30, 2025
Compared to March 31, 2025, and June 30, 2024

Income Summary

	Three Months ended							$ Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Jun 30, 2024		Mar 31, 2025		Jun 30, 2024
Net interest income
Interest income	$	308,115		289,925		273,834		18,190		34,281
Interest expense		100,499		99,946		107,356		553		(6,857	)
Total net interest income		207,616		189,979		166,478		17,637		41,138
Non-interest income
Service charges and other fees		20,405		18,818		19,422		1,587		983
Miscellaneous loan fees and charges		5,067		4,664		4,821		403		246
Gain on sale of loans		4,273		4,311		4,669		(38	)	(396	)
Loss on sale of securities		—		—		(12	)	—		12
Other income		3,199		4,849		3,304		(1,650	)	(105	)
Total non-interest income		32,944		32,642		32,204		302		740
Total income	$	240,560		222,621		198,682		17,939		41,878
Net interest margin (tax-equivalent)		3.21	%	3.04	%	2.68	%

Net Interest Income
Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

Non-interest Income
Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

Non-interest Expense Summary

	Three Months ended				$ Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Jun 30, 2024	Mar 31, 2025		Jun 30, 2024
Compensation and employee benefits	$	94,355	91,443	84,434	2,912		9,921
Occupancy and equipment		12,558	12,294	11,594	264		964
Advertising and promotions		4,394	4,144	4,362	250		32
Data processing		9,883	9,138	9,387	745		496
Other real estate owned and foreclosed assets		26	63	149	(37	)	(123	)
Regulatory assessments and insurance		5,847	5,534	5,393	313		454
Intangibles amortization		3,624	3,270	3,017	354		607
Other expenses		24,432	25,432	22,616	(1,000	)	1,816
Total non-interest expense	$	155,119	151,318	140,952	3,801		14,167

Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

Federal and State Income Tax Expense
Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

Efficiency Ratio
The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

Operating Results for Six Months Ended June 30, 2025
Compared to June 30, 2024

Income Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2025			Jun 30, 2024			$ Change			% Change
Net interest income
Interest income	$	598,040		$	553,236		$	44,804		8	%
Interest expense		200,445			220,278			(19,833	)	(9)	%
Total net interest income		397,595			332,958			64,637		19	%
Non-interest income
Service charges and other fees		39,223			37,985			1,238		3	%
Miscellaneous loan fees and charges		9,731			9,183			548		6	%
Gain on sale of loans		8,584			8,031			553		7	%
Gain on sale of securities		—			4			(4	)	(100)	%
Other income		8,048			6,990			1,058		15	%
Total non-interest income		65,586			62,193			3,393		5	%
Total Income	$	463,181		$	395,151		$	68,030		17	%
Net interest margin (tax-equivalent)		3.12	%		2.64	%

Net Interest Income
Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

Non-interest Income
Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

Non-interest Expense Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2025		Jun 30, 2024		$ Change			% Change
Compensation and employee benefits	$	185,798	$	170,223	$	15,575		9	%
Occupancy and equipment		24,852		23,477		1,375		6	%
Advertising and promotions		8,538		8,345		193		2	%
Data processing		19,021		18,546		475		3	%
Other real estate owned and foreclosed assets		89		174		(85	)	(49)	%
Regulatory assessments and insurance		11,381		13,154		(1,773	)	(13)	%
Core deposit intangibles amortization		6,894		5,777		1,117		19	%
Other expenses		49,864		53,099		(3,235	)	(6)	%
Total non-interest expense	$	306,437	$	292,795	$	13,642		5	%

Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

Provision for Credit Losses
The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

Federal and State Income Tax Expense
Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in any of the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Assets
Cash on hand and in banks	$	375,398		322,253		268,746		271,107
Interest bearing cash deposits		540,109		659,232		579,662		529,672
Cash and cash equivalents		915,507		981,485		848,408		800,779
Debt securities, available-for-sale		4,024,980		4,172,312		4,245,205		4,499,541
Debt securities, held-to-maturity		3,206,133		3,261,575		3,294,847		3,400,403
Total debt securities		7,231,113		7,433,887		7,540,052		7,899,944
Loans held for sale, at fair value		47,738		40,523		33,060		39,745
Loans receivable		18,532,740		17,218,518		17,261,849		16,851,991
Allowance for credit losses		(226,799	)	(210,400	)	(206,041	)	(200,955	)
Loans receivable, net		18,305,941		17,008,118		17,055,808		16,651,036
Premises and equipment, net		426,801		411,095		411,968		391,266
Right-of-use assets, net		56,525		54,441		56,252		60,249
Other real estate owned and foreclosed assets		1,879		1,153		1,164		630
Accrued interest receivable		108,286		103,992		99,262		102,279
Deferred tax asset		114,528		122,942		138,955		155,834
Intangibles, net		64,949		47,911		51,182		43,028
Goodwill		1,126,525		1,051,318		1,051,318		1,023,762
Non-marketable equity securities		76,990		88,134		99,669		121,810
Bank-owned life insurance		191,623		191,044		189,849		187,793
Other assets		341,702		322,836		326,040		327,185
Total assets	$	29,010,107		27,858,879		27,902,987		27,805,340
Liabilities
Non-interest bearing deposits	$	6,593,728		6,100,548		6,136,709		6,093,430
Interest bearing deposits		15,034,774		14,533,502		14,410,285		14,008,329
Securities sold under agreements to repurchase		1,976,228		1,849,070		1,777,475		1,629,504
FHLB advances		1,255,088		1,520,000		1,800,000		2,350,000
Other borrowed funds		62,366		62,216		62,062		64,702
Finance lease liabilities		19,405		20,227		21,279		23,447
Subordinated debentures		157,127		133,145		133,105		133,024
Accrued interest payable		27,973		30,231		33,626		31,000
Operating lease liabilities		42,274		39,244		39,902		41,421
Other liabilities		303,756		283,088		264,690		293,038
Total liabilities		25,472,719		24,571,271		24,679,133		24,667,895
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,186		1,135		1,134		1,134
Paid-in capital		2,661,018		2,449,311		2,448,758		2,445,479
Retained earnings – substantially restricted		1,113,839		1,100,273		1,083,258		1,045,483
Accumulated other comprehensive loss		(238,655	)	(263,111	)	(309,296	)	(354,651	)
Total stockholders’ equity		3,537,388		3,287,608		3,223,854		3,137,445
Total liabilities and stockholders’ equity	$	29,010,107		27,858,879		27,902,987		27,805,340

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended					Six Months ended
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Jun 30, 2024		Jun 30, 2025	Jun 30, 2024
Interest Income
Investment securities	$	44,148	45,646	42,165		89,794	98,383
Residential real estate loans		25,361	24,275	21,754		49,636	42,518
Commercial loans		214,816	197,388	188,326		412,204	369,798
Consumer and other loans		23,790	22,616	21,589		46,406	42,537
Total interest income		308,115	289,925	273,834		598,040	553,236
Interest Expense
Deposits		65,569	62,865	67,852		128,434	135,048
Securities sold under agreements to repurchase		14,109	13,733	13,566		27,842	26,164
Federal Home Loan Bank advances		17,806	20,719	24,179		38,525	28,428
FRB Bank Term Funding		—	—	—		—	27,097
Other borrowed funds		400	402	353		802	697
Subordinated debentures		2,615	2,227	1,406		4,842	2,844
Total interest expense		100,499	99,946	107,356		200,445	220,278
Net Interest Income		207,616	189,979	166,478		397,595	332,958
Provision for credit losses		20,267	7,814	3,518		28,081	11,767
Net interest income after provision for credit losses		187,349	182,165	162,960		369,514	321,191
Non-Interest Income
Service charges and other fees		20,405	18,818	19,422		39,223	37,985
Miscellaneous loan fees and charges		5,067	4,664	4,821		9,731	9,183
Gain on sale of loans		4,273	4,311	4,669		8,584	8,031
(Loss) gain on sale of securities		—	—	(12	)	—	4
Other income		3,199	4,849	3,304		8,048	6,990
Total non-interest income		32,944	32,642	32,204		65,586	62,193
Non-Interest Expense
Compensation and employee benefits		94,355	91,443	84,434		185,798	170,223
Occupancy and equipment		12,558	12,294	11,594		24,852	23,477
Advertising and promotions		4,394	4,144	4,362		8,538	8,345
Data processing		9,883	9,138	9,387		19,021	18,546
Other real estate owned and foreclosed assets		26	63	149		89	174
Regulatory assessments and insurance		5,847	5,534	5,393		11,381	13,154
Intangibles amortization		3,624	3,270	3,017		6,894	5,777
Other expenses		24,432	25,432	22,616		49,864	53,099
Total non-interest expense		155,119	151,318	140,952		306,437	292,795
Income Before Income Taxes		65,174	63,489	54,212		128,663	90,589
Federal and state income tax expense		12,393	8,921	9,504		21,314	13,254
Net Income	$	52,781	54,568	44,708		107,349	77,335

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	June 30, 2025						March 31, 2025
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514	$	25,361	5.23	%	$	1,885,497	$	24,275	5.15	%
Commercial loans ¹		14,884,885		216,385	5.83	%		14,091,210		198,921	5.73	%
Consumer and other loans		1,336,030		23,790	7.14	%		1,302,687		22,616	7.04	%
Total loans ²		18,161,429		265,536	5.86	%		17,279,394		245,812	5.77	%
Tax-exempt debt securities ³		1,594,895		13,999	3.51	%		1,604,851		13,936	3.47	%
Taxable debt securities ^{4, 5}		6,645,312		32,045	1.93	%		6,946,562		33,598	1.93	%
Total earning assets		26,401,636		311,580	4.73	%		25,830,807		293,346	4.61	%
Goodwill and intangibles		1,153,466						1,100,801
Non-earning assets		918,007						847,855
Total assets	$	28,473,109					$	27,779,463
Liabilities
Non-interest bearing deposits	$	6,256,245	$	—	—	%	$	5,989,490	$	—	—	%
NOW and DDA accounts		5,674,990		16,045	1.13	%		5,525,976		15,065	1.11	%
Savings accounts		2,904,389		5,402	0.75	%		2,861,675		5,159	0.73	%
Money market deposit accounts		3,000,487		15,389	2.06	%		2,849,470		13,526	1.93	%
Certificate accounts		3,211,418		28,667	3.58	%		3,152,198		29,075	3.74	%
Total core deposits		21,047,529		65,503	1.25	%		20,378,809		62,825	1.25	%
Wholesale deposits ⁶		5,618		66	4.67	%		3,600		40	4.53	%
Repurchase agreements		1,898,841		14,109	2.98	%		1,842,773		13,733	3.02	%
FHLB advances		1,494,781		17,806	4.71	%		1,744,000		20,719	4.75	%
Subordinated debentures and other borrowed funds		231,902		3,015	5.21	%		216,073		2,629	4.94	%
Total funding liabilities		24,678,671		100,499	1.63	%		24,185,255		99,946	1.68	%
Other liabilities		338,289						326,764
Total liabilities		25,016,960						24,512,019
Stockholders’ Equity
Stockholders’ equity		3,456,149						3,267,444
Total liabilities and stockholders’ equity	$	28,473,109					$	27,779,463
Net interest income (tax-equivalent)			$	211,081					$	193,400
Net interest spread (tax-equivalent)					3.10	%					2.93	%
Net interest margin (tax-equivalent)					3.21	%					3.04	%

______________________________

¹	Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
⁴	Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
⁵	Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	June 30, 2025						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514	$	25,361	5.23	%	$	1,796,787	$	21,754	4.84	%
Commercial loans ¹		14,884,885		216,385	5.83	%		13,740,455		189,939	5.56	%
Consumer and other loans		1,336,030		23,790	7.14	%		1,290,587		21,589	6.73	%
Total loans ²		18,161,429		265,536	5.86	%		16,827,829		233,282	5.58	%
Tax-exempt debt securities ³		1,594,895		13,999	3.51	%		1,707,269		15,111	3.54	%
Taxable debt securities ^{4, 5}		6,645,312		32,045	1.93	%		7,042,885		29,461	1.67	%
Total earning assets		26,401,636		311,580	4.73	%		25,577,983		277,854	4.37	%
Goodwill and intangibles		1,153,466						1,068,250
Non-earning assets		918,007						754,491
Total assets	$	28,473,109					$	27,400,724
Liabilities
Non-interest bearing deposits	$	6,256,245	$	—	—	%	$	6,026,709	$	—	—	%
NOW and DDA accounts		5,674,990		16,045	1.13	%		5,221,883		15,728	1.21	%
Savings accounts		2,904,389		5,402	0.75	%		2,914,538		6,014	0.83	%
Money market deposit accounts		3,000,487		15,389	2.06	%		2,904,438		14,467	2.00	%
Certificate accounts		3,211,418		28,667	3.58	%		3,037,638		31,593	4.18	%
Total core deposits		21,047,529		65,503	1.25	%		20,105,206		67,802	1.36	%
Wholesale deposits ⁶		5,618		66	4.67	%		3,726		50	5.50	%
Repurchase agreements		1,898,841		14,109	2.98	%		1,597,887		13,566	3.41	%
FHLB advances		1,494,781		17,806	4.71	%		2,007,747		24,179	4.76	%
Subordinated debentures and other borrowed funds		231,902		3,015	5.21	%		224,778		1,759	3.15	%
Total funding liabilities		24,678,671		100,499	1.63	%		23,939,344		107,356	1.80	%
Other liabilities		338,289						344,105
Total liabilities		25,016,960						24,283,449
Stockholders’ Equity
Stockholders’ equity		3,456,149						3,117,275
Total liabilities and stockholders’ equity	$	28,473,109					$	27,400,724
Net interest income (tax-equivalent)			$	211,081					$	170,498
Net interest spread (tax-equivalent)					3.10	%					2.57	%
Net interest margin (tax-equivalent)					3.21	%					2.68	%

______________________________

¹	Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
⁴	Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
⁵	Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Six Months ended
	June 30, 2025						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,913,157	$	49,636	5.19	%	$	1,771,985	$	42,518	4.80	%
Commercial loans ¹		14,490,240		415,306	5.78	%		13,626,941		372,984	5.50	%
Consumer and other loans		1,319,451		46,406	7.09	%		1,286,988		42,537	6.65	%
Total loans ²		17,722,848		511,348	5.82	%		16,685,914		458,039	5.52	%
Tax-exempt debt securities ³		1,599,845		27,935	3.49	%		1,713,819		30,268	3.53	%
Taxable debt securities ^{4, 5}		6,795,105		65,643	1.93	%		7,609,930		72,938	1.92	%
Total earning assets		26,117,798		604,926	4.67	%		26,009,663		561,245	4.34	%
Goodwill and intangibles		1,127,279						1,060,102
Non-earning assets		883,125						683,020
Total assets	$	28,128,202					$	27,752,785
Liabilities
Non-interest bearing deposits	$	6,123,604	$	—	—	%	$	5,996,627	$	—	—	%
NOW and DDA accounts		5,600,895		31,110	1.12	%		5,248,793		31,646	1.21	%
Savings accounts		2,883,150		10,561	0.74	%		2,907,594		11,669	0.81	%
Money market deposit accounts		2,925,396		28,915	1.99	%		2,926,366		28,860	1.98	%
Certificate accounts		3,181,971		57,742	3.66	%		3,019,176		62,768	4.18	%
Total core deposits		20,715,016		128,328	1.25	%		20,098,556		134,943	1.35	%
Wholesale deposits ⁶		4,615		106	4.62	%		3,846		105	5.50	%
Repurchase agreements		1,870,962		27,842	3.00	%		1,555,642		26,164	3.38	%
FHLB advances		1,618,702		38,525	4.73	%		1,179,251		28,428	4.77	%
FRB Bank Term Funding		—		—	—	%		1,241,538		27,097	4.39	%
Subordinated debentures and other borrowed funds		224,031		5,644	5.08	%		221,525		3,541	3.21	%
Total funding liabilities		24,433,326		200,445	1.65	%		24,300,358		220,278	1.82	%
Other liabilities		332,558						350,329
Total liabilities		24,765,884						24,650,687
Stockholders’ Equity
Stockholders’ equity		3,362,318						3,102,098
Total liabilities and stockholders’ equity	$	28,128,202					$	27,752,785
Net interest income (tax-equivalent)			$	404,481					$	340,967
Net interest spread (tax-equivalent)					3.02	%					2.52	%
Net interest margin (tax-equivalent)					3.12	%					2.64	%

______________________________

¹	Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
⁴	Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
⁵	Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type									% Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025		Dec 31, 2024
Custom and owner occupied construction	$	254,790		$	233,584		$	242,844		9	%	5	%
Pre-sold and spec construction		208,106			200,921			191,926		4	%	8	%
Total residential construction		462,896			434,505			434,770		7	%	6	%
Land development		176,925			177,448			197,369		—	%	(10)	%
Consumer land or lots		229,823			197,553			187,024		16	%	23	%
Unimproved land		127,550			115,528			113,532		10	%	12	%
Developed lots for operative builders		73,053			64,782			61,661		13	%	18	%
Commercial lots		175,929			95,574			99,243		84	%	77	%
Other construction		753,056			714,151			693,461		5	%	9	%
Total land, lot, and other construction		1,536,336			1,365,036			1,352,290		13	%	14	%
Owner occupied		3,529,536			3,182,589			3,197,138		11	%	10	%
Non-owner occupied		4,283,986			4,054,107			4,053,996		6	%	6	%
Total commercial real estate		7,813,522			7,236,696			7,251,134		8	%	8	%
Commercial and industrial		1,545,498			1,392,365			1,395,997		11	%	11	%
Agriculture		1,167,611			1,016,081			1,024,520		15	%	14	%
First lien		2,590,433			2,499,494			2,481,918		4	%	4	%
Junior lien		80,170			85,343			76,303		(6)	%	5	%
Total 1-4 family		2,670,603			2,584,837			2,558,221		3	%	4	%
Multifamily residential		975,785			874,071			895,242		12	%	9	%
Home equity lines of credit		1,048,595			989,043			1,005,783		6	%	4	%
Other consumer		197,744			188,388			209,457		5	%	(6)	%
Total consumer		1,246,339			1,177,431			1,215,240		6	%	3	%
States and political subdivisions		973,145			1,001,058			983,601		(3)	%	(1)	%
Other		188,743			176,961			183,894		7	%	3	%
Total loans receivable, including loans held for sale		18,580,478			17,259,041			17,294,909		8	%	7	%
Less loans held for sale ¹		(47,738	)		(40,523	)		(33,060	)	18	%	44	%
Total loans receivable	$	18,532,740		$	17,218,518		$	17,261,849		8	%	7	%

______________________________

¹	Loans held for sale are primarily first lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Dec 31, 2024	Jun 30, 2024	Jun 30, 2025	Jun 30, 2025	Jun 30, 2025
Custom and owner occupied construction	$	235	194	198	206	189	46	—
Pre-sold and spec construction		2,806	2,896	2,132	2,908	2,043	763	—
Total residential construction		3,041	3,090	2,330	3,114	2,232	809	—
Land development		885	935	966	—	875	10	—
Consumer land or lots		460	173	78	429	164	296	—
Developed lots for operative builders		531	531	531	608	—	531	—
Commercial lots		47	47	47	47	—	47	—
Other construction		—	—	—	25	—	—	—
Total land, lot and other construction		1,923	1,686	1,622	1,109	1,039	884	—
Owner occupied		4,412	3,601	2,979	1,992	4,407	5	—
Non-owner occupied		1,206	2,235	2,235	257	—	—	1,206
Total commercial real estate		5,618	5,836	5,214	2,249	4,407	5	1,206
Commercial and Industrial		14,764	12,367	2,069	2,044	13,452	1,243	69
Agriculture		6,603	2,382	2,335	2,442	2,141	4,462	—
First lien		10,549	8,752	9,053	2,923	7,856	2,162	531
Junior lien		533	296	315	492	293	240	—
Total 1-4 family		11,082	9,048	9,368	3,415	8,149	2,402	531
Multifamily residential		398	400	389	385	398	—	—
Home equity lines of credit		4,016	3,479	3,465	2,145	2,834	1,182	—
Other consumer		921	1,003	955	1,089	704	144	73
Total consumer		4,937	4,482	4,420	3,234	3,538	1,326	73
Other		240	47	39	16	—	240	—
Total	$	48,606	39,338	27,786	18,008	35,356	11,371	1,879

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Custom and owner occupied construction	$	385	$	786	$	969	$	1,323	(51)	%	(60)	%	(71)	%
Pre-sold and spec construction		—		—		564		816	n/m		(100)	%	(100)	%
Total residential construction		385		786		1,533		2,139	(51)	%	(75)	%	(82)	%
Land development		170		—		1,450		—	n/m		(88)	%	n/m
Consumer land or lots		1,210		1,026		402		411	18	%	201	%	194	%
Unimproved land		75		32		36		158	134	%	108	%	(53)	%
Developed lots for operative builders		—		—		214		—	n/m		(100)	%	n/m
Commercial lots		—		189		—		21	(100)	%	n/m		(100)	%
Other construction		7,840		—		—		—	n/m		n/m		n/m
Total land, lot and other construction		9,295		1,247		2,102		590	645	%	342	%	1,475	%
Owner occupied		3,903		3,786		2,867		4,326	3	%	36	%	(10)	%
Non-owner occupied		13,806		346		5,037		8,119	3,890	%	174	%	70	%
Total commercial real estate		17,709		4,132		7,904		12,445	329	%	124	%	42	%
Commercial and industrial		6,711		5,358		6,194		17,591	25	%	8	%	(62)	%
Agriculture		8,243		5,731		744		5,288	44	%	1,008	%	56	%
First lien		3,583		14,826		6,326		2,637	(76)	%	(43)	%	36	%
Junior lien		—		1,023		214		17	(100)	%	(100)	%	(100)	%
Total 1-4 family		3,583		15,849		6,540		2,654	(77)	%	(45)	%	35	%
Home equity lines of credit		5,482		6,993		3,731		5,432	(22)	%	47	%	1	%
Other consumer		1,615		1,824		1,775		2,192	(11)	%	(9)	%	(26)	%
Total consumer		7,097		8,817		5,506		7,624	(20)	%	29	%	(7)	%
States and political subdivisions		—		3,220		—		—	(100)	%	n/m		n/m
Other		1,380		1,318		1,705		1,347	5	%	(19)	%	2	%
Total	$	54,403	$	46,458	$	32,228	$	49,678	17	%	69	%	10	%

______________________________

^{n/m – not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Jun 30, 2025	Jun 30, 2025
Pre-sold and spec construction	$	50		—		(4	)	(4	)	51	1
Land development		(341	)	(341	)	1,095		(1	)	—	341
Consumer land or lots		(3	)	(3	)	(22	)	(22	)	—	3
Unimproved land		—		—		1,338		5		—	—
Commercial lots		—		—		319		319		—	—
Total land, lot and other construction		(344	)	(344	)	2,730		301		—	344
Owner occupied		(1	)	(1	)	(73	)	(73	)	—	1
Non-owner occupied		(8	)	(6	)	2		(2	)	—	8
Total commercial real estate		(9	)	(7	)	(71	)	(75	)	—	9
Commercial and industrial		26		92		1,422		644		827	801
Agriculture		(109	)	(1	)	64		68		—	109
First lien		(79	)	(69	)	32		(22	)	1	80
Junior lien		(137	)	(5	)	(65	)	(55	)	—	137
Total 1-4 family		(216	)	(74	)	(33	)	(77	)	1	217
Home equity lines of credit		(20	)	(20	)	69		1		10	30
Other consumer		656		276		1,078		493		789	133
Total consumer		636		256		1,147		494		799	163
Other		3,406		1,873		8,643		4,611		5,558	2,152
Total	$	3,440		1,795		13,898		5,962		7,236	3,796

Visit our website at www.glacierbancorp.com

The MIL Network –

July 25, 2025

MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

2nd Quarter 2025 Highlights:

Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

First Half 2025 Highlights

Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
Dividends declared in the first half of 2025 were $0.66 per share.

Financial Summary

	At or for the Three Months ended							At or for the Six Months ended
(Dollars in thousands, except per share and market data)	Jun 30, 2025			Mar 31, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Operating results
Net income	$	52,781		54,568		44,708		107,349		77,335
Basic earnings per share	$	0.45		0.48		0.39		0.93		0.68
Diluted earnings per share	$	0.45		0.48		0.39		0.93		0.68
Dividends declared per share	$	0.33		0.33		0.33		0.66		0.66
Market value per share
Closing	$	43.08		44.22		37.32		43.08		37.32
High	$	44.70		52.81		40.18		52.81		42.75
Low	$	36.76		43.18		34.35		36.76		34.35
Selected ratios and other data
Number of common stock shares outstanding		118,550,475		113,517,944		113,394,092		118,550,475		113,394,092
Average outstanding shares – basic		116,890,776		113,451,199		113,390,539		115,180,489		112,941,341
Average outstanding shares – diluted		116,918,290		113,546,365		113,405,491		115,244,550		112,981,531
Return on average assets (annualized)		0.74	%	0.80	%	0.66	%	0.77	%	0.56	%
Return on average equity (annualized)		6.13	%	6.77	%	5.77	%	6.44	%	5.01	%
Efficiency ratio		62.08	%	65.49	%	67.97	%	63.72	%	71.17	%
Loan to deposit ratio		85.91	%	83.64	%	84.03	%	85.91	%	84.03	%
Number of full time equivalent employees		3,665		3,457		3,399		3,665		3,399
Number of locations		247		227		231		247		231
Number of ATMs		300		286		286		300		286

KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

	BOID
(Dollars in thousands)	April 30, 2025
Total assets	$	1,369,764
Cash and cash equivalents		26,127
Debt securities		139,974
Loans receivable		1,075,232
Non-interest bearing deposits		271,385
Interest bearing deposits		806,992
Borrowings and subordinated debt		71,932
Core deposit intangible		19,758
Goodwill		75,207

On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

Asset Summary

										$ Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Cash and cash equivalents	$	915,507		981,485		848,408		800,779		(65,978	)	67,099		114,728
Debt securities, available-for-sale		4,024,980		4,172,312		4,245,205		4,499,541		(147,332	)	(220,225	)	(474,561	)
Debt securities, held-to-maturity		3,206,133		3,261,575		3,294,847		3,400,403		(55,442	)	(88,714	)	(194,270	)
Total debt securities		7,231,113		7,433,887		7,540,052		7,899,944		(202,774	)	(308,939	)	(668,831	)
Loans receivable
Residential real estate		1,931,554		1,850,079		1,858,929		1,771,528		81,475		72,625		160,026
Commercial real estate		11,935,109		10,952,809		10,963,713		10,713,964		982,300		971,396		1,221,145
Other commercial		3,303,889		3,121,477		3,119,535		3,066,028		182,412		184,354		237,861
Home equity		975,429		920,132		930,994		905,884		55,297		44,435		69,545
Other consumer		386,759		374,021		388,678		394,587		12,738		(1,919	)	(7,828	)
Loans receivable		18,532,740		17,218,518		17,261,849		16,851,991		1,314,222		1,270,891		1,680,749
Allowance for credit losses		(226,799	)	(210,400	)	(206,041	)	(200,955	)	(16,399	)	(20,758	)	(25,844	)
Loans receivable, net		18,305,941		17,008,118		17,055,808		16,651,036		1,297,823		1,250,133		1,654,905
Other assets		2,557,546		2,435,389		2,458,719		2,453,581		122,157		98,827		103,965
Total assets	$	29,010,107		27,858,879		27,902,987		27,805,340		1,151,228		1,107,120		1,204,767

The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

Credit Quality Summary

	At or for the Six Months ended			At or for the Three Months ended		At or for the Year ended		At or for the Six Months ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Allowance for credit losses
Balance at beginning of period	$	206,041		206,041		192,757		192,757
Acquisitions		35		—		3		3
Provision for credit losses		24,163		6,154		27,179		14,157
Charge-offs		(7,236	)	(3,897	)	(18,626	)	(8,430	)
Recoveries		3,796		2,102		4,728		2,468
Balance at end of period	$	226,799		210,400		206,041		200,955
Provision for credit losses
Loan portfolio	$	24,163		6,154		27,179		14,157
Unfunded loan commitments		3,918		1,660		1,127		(2,390	)
Total provision for credit losses	$	28,081		7,814		28,306		11,767
Other real estate owned	$	1,737		1,085		1,085		432
Other foreclosed assets		142		68		79		198
Accruing loans 90 days or more past due		11,371		5,289		6,177		4,692
Non-accrual loans		35,356		32,896		20,445		12,686
Total non-performing assets	$	48,606		39,338		27,786		18,008
Non-performing assets as a percentage of subsidiary assets		0.17	%	0.14	%	0.10	%	0.06	%
Allowance for credit losses as a percentage of non-performing loans		485	%	551	%	774	%	1,116	%
Allowance for credit losses as a percentage of total loans		1.22	%	1.22	%	1.19	%	1.19	%
Net charge-offs as a percentage of total loans		0.02	%	0.01	%	0.08	%	0.04	%
Accruing loans 30-89 days past due	$	54,403		46,458		32,228		49,678
U.S. government guarantees included in non-performing assets	$	2,651		685		748		1,228

Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.

Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

(Dollars in thousands)	Provision for Credit Losses Loans		Net Charge-Offs		ACL as a Percent of Loans		Accruing Loans 30-89 Days Past Due as a Percent of Loans		Non-Performing Assets to Total Subsidiary Assets
Second quarter 2025	$	18,009	$	1,645	1.22	%	0.29	%	0.17	%
First quarter 2025		6,154		1,795	1.22	%	0.27	%	0.14	%
Fourth quarter 2024		6,041		5,170	1.19	%	0.19	%	0.10	%
Third quarter 2024		6,981		2,766	1.19	%	0.33	%	0.10	%
Second quarter 2024		5,066		2,890	1.19	%	0.29	%	0.06	%
First quarter 2024		9,091		3,072	1.19	%	0.37	%	0.09	%
Fourth quarter 2023		4,181		3,695	1.19	%	0.31	%	0.09	%
Third quarter 2023		5,095		2,209	1.19	%	0.09	%	0.15	%

Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

Liability Summary

						$ Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Dec 31, 2024	Jun 30, 2024	Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Deposits
Non-interest bearing deposits	$	6,593,728	6,100,548	6,136,709	6,093,430	493,180		457,019		500,298
NOW and DDA accounts		5,747,388	5,676,177	5,543,512	5,219,838	71,211		203,876		527,550
Savings accounts		2,956,387	2,896,378	2,845,124	2,862,034	60,009		111,263		94,353
Money market deposit accounts		3,089,115	2,816,874	2,878,213	2,858,850	272,241		210,902		230,265
Certificate accounts		3,238,576	3,140,333	3,139,821	3,064,613	98,243		98,755		173,963
Core deposits, total		21,625,194	20,630,310	20,543,379	20,098,765	994,884		1,081,815		1,526,429
Wholesale deposits		3,308	3,740	3,615	2,994	(432	)	(307	)	314
Deposits, total		21,628,502	20,634,050	20,546,994	20,101,759	994,452		1,081,508		1,526,743
Repurchase agreements		1,976,228	1,849,070	1,777,475	1,629,504	127,158		198,753		346,724
Deposits and repurchase agreements, total		23,604,730	22,483,120	22,324,469	21,731,263	1,121,610		1,280,261		1,873,467
Federal Home Loan Bank advances		1,255,088	1,520,000	1,800,000	2,350,000	(264,912	)	(544,912	)	(1,094,912	)
Other borrowed funds		81,771	82,443	83,341	88,149	(672	)	(1,570	)	(6,378	)
Subordinated debentures		157,127	133,145	133,105	133,024	23,982		24,022		24,103
Other liabilities		374,003	352,563	338,218	365,459	21,440		35,785		8,544
Total liabilities	$	25,472,719	24,571,271	24,679,133	24,667,895	901,448		793,586		804,824

Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

Stockholders’ Equity Summary

										$ Change from
(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Common equity	$	3,776,043		3,550,719		3,533,150		3,492,096		225,324		242,893		283,947
Accumulated other comprehensive loss		(238,655	)	(263,111	)	(309,296	)	(354,651	)	24,456		70,641		115,996
Total stockholders’ equity		3,537,388		3,287,608		3,223,854		3,137,445		249,780		313,534		399,943
Goodwill and intangibles, net		(1,191,474	)	(1,099,229	)	(1,102,500	)	(1,066,790	)	(92,245	)	(88,974	)	(124,684	)
Tangible stockholders’ equity	$	2,345,914		2,188,379		2,121,354		2,070,655		157,535		224,560		275,259
Stockholders’ equity to total assets		12.19	%	11.80	%	11.55	%	11.28	%
Tangible stockholders’ equity to total tangible assets		8.43	%	8.18	%	7.92	%	7.74	%
Book value per common share	$	29.84		28.96		28.43		27.67		0.88		1.41		2.17
Tangible book value per common share	$	19.79		19.28		18.71		18.26		0.51		1.08		1.53

Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

Cash Dividends
On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

Operating Results for Three Months Ended June 30, 2025
Compared to March 31, 2025, and June 30, 2024

Income Summary

	Three Months ended							$ Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Jun 30, 2024		Mar 31, 2025		Jun 30, 2024
Net interest income
Interest income	$	308,115		289,925		273,834		18,190		34,281
Interest expense		100,499		99,946		107,356		553		(6,857	)
Total net interest income		207,616		189,979		166,478		17,637		41,138
Non-interest income
Service charges and other fees		20,405		18,818		19,422		1,587		983
Miscellaneous loan fees and charges		5,067		4,664		4,821		403		246
Gain on sale of loans		4,273		4,311		4,669		(38	)	(396	)
Loss on sale of securities		—		—		(12	)	—		12
Other income		3,199		4,849		3,304		(1,650	)	(105	)
Total non-interest income		32,944		32,642		32,204		302		740
Total income	$	240,560		222,621		198,682		17,939		41,878
Net interest margin (tax-equivalent)		3.21	%	3.04	%	2.68	%

Net Interest Income
Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

Non-interest Income
Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

Non-interest Expense Summary

	Three Months ended				$ Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Jun 30, 2024	Mar 31, 2025		Jun 30, 2024
Compensation and employee benefits	$	94,355	91,443	84,434	2,912		9,921
Occupancy and equipment		12,558	12,294	11,594	264		964
Advertising and promotions		4,394	4,144	4,362	250		32
Data processing		9,883	9,138	9,387	745		496
Other real estate owned and foreclosed assets		26	63	149	(37	)	(123	)
Regulatory assessments and insurance		5,847	5,534	5,393	313		454
Intangibles amortization		3,624	3,270	3,017	354		607
Other expenses		24,432	25,432	22,616	(1,000	)	1,816
Total non-interest expense	$	155,119	151,318	140,952	3,801		14,167

Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

Federal and State Income Tax Expense
Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

Efficiency Ratio
The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

Operating Results for Six Months Ended June 30, 2025
Compared to June 30, 2024

Income Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2025			Jun 30, 2024			$ Change			% Change
Net interest income
Interest income	$	598,040		$	553,236		$	44,804		8	%
Interest expense		200,445			220,278			(19,833	)	(9)	%
Total net interest income		397,595			332,958			64,637		19	%
Non-interest income
Service charges and other fees		39,223			37,985			1,238		3	%
Miscellaneous loan fees and charges		9,731			9,183			548		6	%
Gain on sale of loans		8,584			8,031			553		7	%
Gain on sale of securities		—			4			(4	)	(100)	%
Other income		8,048			6,990			1,058		15	%
Total non-interest income		65,586			62,193			3,393		5	%
Total Income	$	463,181		$	395,151		$	68,030		17	%
Net interest margin (tax-equivalent)		3.12	%		2.64	%

Net Interest Income
Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

Non-interest Income
Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

Non-interest Expense Summary

	Six Months ended
(Dollars in thousands)	Jun 30, 2025		Jun 30, 2024		$ Change			% Change
Compensation and employee benefits	$	185,798	$	170,223	$	15,575		9	%
Occupancy and equipment		24,852		23,477		1,375		6	%
Advertising and promotions		8,538		8,345		193		2	%
Data processing		19,021		18,546		475		3	%
Other real estate owned and foreclosed assets		89		174		(85	)	(49)	%
Regulatory assessments and insurance		11,381		13,154		(1,773	)	(13)	%
Core deposit intangibles amortization		6,894		5,777		1,117		19	%
Other expenses		49,864		53,099		(3,235	)	(6)	%
Total non-interest expense	$	306,437	$	292,795	$	13,642		5	%

Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

Provision for Credit Losses
The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

Federal and State Income Tax Expense
Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

Efficiency Ratio
The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in any of the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.

The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

Conference Call Information
A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

About Glacier Bancorp, Inc.
Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Assets
Cash on hand and in banks	$	375,398		322,253		268,746		271,107
Interest bearing cash deposits		540,109		659,232		579,662		529,672
Cash and cash equivalents		915,507		981,485		848,408		800,779
Debt securities, available-for-sale		4,024,980		4,172,312		4,245,205		4,499,541
Debt securities, held-to-maturity		3,206,133		3,261,575		3,294,847		3,400,403
Total debt securities		7,231,113		7,433,887		7,540,052		7,899,944
Loans held for sale, at fair value		47,738		40,523		33,060		39,745
Loans receivable		18,532,740		17,218,518		17,261,849		16,851,991
Allowance for credit losses		(226,799	)	(210,400	)	(206,041	)	(200,955	)
Loans receivable, net		18,305,941		17,008,118		17,055,808		16,651,036
Premises and equipment, net		426,801		411,095		411,968		391,266
Right-of-use assets, net		56,525		54,441		56,252		60,249
Other real estate owned and foreclosed assets		1,879		1,153		1,164		630
Accrued interest receivable		108,286		103,992		99,262		102,279
Deferred tax asset		114,528		122,942		138,955		155,834
Intangibles, net		64,949		47,911		51,182		43,028
Goodwill		1,126,525		1,051,318		1,051,318		1,023,762
Non-marketable equity securities		76,990		88,134		99,669		121,810
Bank-owned life insurance		191,623		191,044		189,849		187,793
Other assets		341,702		322,836		326,040		327,185
Total assets	$	29,010,107		27,858,879		27,902,987		27,805,340
Liabilities
Non-interest bearing deposits	$	6,593,728		6,100,548		6,136,709		6,093,430
Interest bearing deposits		15,034,774		14,533,502		14,410,285		14,008,329
Securities sold under agreements to repurchase		1,976,228		1,849,070		1,777,475		1,629,504
FHLB advances		1,255,088		1,520,000		1,800,000		2,350,000
Other borrowed funds		62,366		62,216		62,062		64,702
Finance lease liabilities		19,405		20,227		21,279		23,447
Subordinated debentures		157,127		133,145		133,105		133,024
Accrued interest payable		27,973		30,231		33,626		31,000
Operating lease liabilities		42,274		39,244		39,902		41,421
Other liabilities		303,756		283,088		264,690		293,038
Total liabilities		25,472,719		24,571,271		24,679,133		24,667,895
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,186		1,135		1,134		1,134
Paid-in capital		2,661,018		2,449,311		2,448,758		2,445,479
Retained earnings – substantially restricted		1,113,839		1,100,273		1,083,258		1,045,483
Accumulated other comprehensive loss		(238,655	)	(263,111	)	(309,296	)	(354,651	)
Total stockholders’ equity		3,537,388		3,287,608		3,223,854		3,137,445
Total liabilities and stockholders’ equity	$	29,010,107		27,858,879		27,902,987		27,805,340

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended					Six Months ended
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Jun 30, 2024		Jun 30, 2025	Jun 30, 2024
Interest Income
Investment securities	$	44,148	45,646	42,165		89,794	98,383
Residential real estate loans		25,361	24,275	21,754		49,636	42,518
Commercial loans		214,816	197,388	188,326		412,204	369,798
Consumer and other loans		23,790	22,616	21,589		46,406	42,537
Total interest income		308,115	289,925	273,834		598,040	553,236
Interest Expense
Deposits		65,569	62,865	67,852		128,434	135,048
Securities sold under agreements to repurchase		14,109	13,733	13,566		27,842	26,164
Federal Home Loan Bank advances		17,806	20,719	24,179		38,525	28,428
FRB Bank Term Funding		—	—	—		—	27,097
Other borrowed funds		400	402	353		802	697
Subordinated debentures		2,615	2,227	1,406		4,842	2,844
Total interest expense		100,499	99,946	107,356		200,445	220,278
Net Interest Income		207,616	189,979	166,478		397,595	332,958
Provision for credit losses		20,267	7,814	3,518		28,081	11,767
Net interest income after provision for credit losses		187,349	182,165	162,960		369,514	321,191
Non-Interest Income
Service charges and other fees		20,405	18,818	19,422		39,223	37,985
Miscellaneous loan fees and charges		5,067	4,664	4,821		9,731	9,183
Gain on sale of loans		4,273	4,311	4,669		8,584	8,031
(Loss) gain on sale of securities		—	—	(12	)	—	4
Other income		3,199	4,849	3,304		8,048	6,990
Total non-interest income		32,944	32,642	32,204		65,586	62,193
Non-Interest Expense
Compensation and employee benefits		94,355	91,443	84,434		185,798	170,223
Occupancy and equipment		12,558	12,294	11,594		24,852	23,477
Advertising and promotions		4,394	4,144	4,362		8,538	8,345
Data processing		9,883	9,138	9,387		19,021	18,546
Other real estate owned and foreclosed assets		26	63	149		89	174
Regulatory assessments and insurance		5,847	5,534	5,393		11,381	13,154
Intangibles amortization		3,624	3,270	3,017		6,894	5,777
Other expenses		24,432	25,432	22,616		49,864	53,099
Total non-interest expense		155,119	151,318	140,952		306,437	292,795
Income Before Income Taxes		65,174	63,489	54,212		128,663	90,589
Federal and state income tax expense		12,393	8,921	9,504		21,314	13,254
Net Income	$	52,781	54,568	44,708		107,349	77,335

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	June 30, 2025						March 31, 2025
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514	$	25,361	5.23	%	$	1,885,497	$	24,275	5.15	%
Commercial loans ¹		14,884,885		216,385	5.83	%		14,091,210		198,921	5.73	%
Consumer and other loans		1,336,030		23,790	7.14	%		1,302,687		22,616	7.04	%
Total loans ²		18,161,429		265,536	5.86	%		17,279,394		245,812	5.77	%
Tax-exempt debt securities ³		1,594,895		13,999	3.51	%		1,604,851		13,936	3.47	%
Taxable debt securities ^{4, 5}		6,645,312		32,045	1.93	%		6,946,562		33,598	1.93	%
Total earning assets		26,401,636		311,580	4.73	%		25,830,807		293,346	4.61	%
Goodwill and intangibles		1,153,466						1,100,801
Non-earning assets		918,007						847,855
Total assets	$	28,473,109					$	27,779,463
Liabilities
Non-interest bearing deposits	$	6,256,245	$	—	—	%	$	5,989,490	$	—	—	%
NOW and DDA accounts		5,674,990		16,045	1.13	%		5,525,976		15,065	1.11	%
Savings accounts		2,904,389		5,402	0.75	%		2,861,675		5,159	0.73	%
Money market deposit accounts		3,000,487		15,389	2.06	%		2,849,470		13,526	1.93	%
Certificate accounts		3,211,418		28,667	3.58	%		3,152,198		29,075	3.74	%
Total core deposits		21,047,529		65,503	1.25	%		20,378,809		62,825	1.25	%
Wholesale deposits ⁶		5,618		66	4.67	%		3,600		40	4.53	%
Repurchase agreements		1,898,841		14,109	2.98	%		1,842,773		13,733	3.02	%
FHLB advances		1,494,781		17,806	4.71	%		1,744,000		20,719	4.75	%
Subordinated debentures and other borrowed funds		231,902		3,015	5.21	%		216,073		2,629	4.94	%
Total funding liabilities		24,678,671		100,499	1.63	%		24,185,255		99,946	1.68	%
Other liabilities		338,289						326,764
Total liabilities		25,016,960						24,512,019
Stockholders’ Equity
Stockholders’ equity		3,456,149						3,267,444
Total liabilities and stockholders’ equity	$	28,473,109					$	27,779,463
Net interest income (tax-equivalent)			$	211,081					$	193,400
Net interest spread (tax-equivalent)					3.10	%					2.93	%
Net interest margin (tax-equivalent)					3.21	%					3.04	%

______________________________

¹	Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
⁴	Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
⁵	Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Three Months ended
	June 30, 2025						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514	$	25,361	5.23	%	$	1,796,787	$	21,754	4.84	%
Commercial loans ¹		14,884,885		216,385	5.83	%		13,740,455		189,939	5.56	%
Consumer and other loans		1,336,030		23,790	7.14	%		1,290,587		21,589	6.73	%
Total loans ²		18,161,429		265,536	5.86	%		16,827,829		233,282	5.58	%
Tax-exempt debt securities ³		1,594,895		13,999	3.51	%		1,707,269		15,111	3.54	%
Taxable debt securities ^{4, 5}		6,645,312		32,045	1.93	%		7,042,885		29,461	1.67	%
Total earning assets		26,401,636		311,580	4.73	%		25,577,983		277,854	4.37	%
Goodwill and intangibles		1,153,466						1,068,250
Non-earning assets		918,007						754,491
Total assets	$	28,473,109					$	27,400,724
Liabilities
Non-interest bearing deposits	$	6,256,245	$	—	—	%	$	6,026,709	$	—	—	%
NOW and DDA accounts		5,674,990		16,045	1.13	%		5,221,883		15,728	1.21	%
Savings accounts		2,904,389		5,402	0.75	%		2,914,538		6,014	0.83	%
Money market deposit accounts		3,000,487		15,389	2.06	%		2,904,438		14,467	2.00	%
Certificate accounts		3,211,418		28,667	3.58	%		3,037,638		31,593	4.18	%
Total core deposits		21,047,529		65,503	1.25	%		20,105,206		67,802	1.36	%
Wholesale deposits ⁶		5,618		66	4.67	%		3,726		50	5.50	%
Repurchase agreements		1,898,841		14,109	2.98	%		1,597,887		13,566	3.41	%
FHLB advances		1,494,781		17,806	4.71	%		2,007,747		24,179	4.76	%
Subordinated debentures and other borrowed funds		231,902		3,015	5.21	%		224,778		1,759	3.15	%
Total funding liabilities		24,678,671		100,499	1.63	%		23,939,344		107,356	1.80	%
Other liabilities		338,289						344,105
Total liabilities		25,016,960						24,283,449
Stockholders’ Equity
Stockholders’ equity		3,456,149						3,117,275
Total liabilities and stockholders’ equity	$	28,473,109					$	27,400,724
Net interest income (tax-equivalent)			$	211,081					$	170,498
Net interest spread (tax-equivalent)					3.10	%					2.57	%
Net interest margin (tax-equivalent)					3.21	%					2.68	%

______________________________

¹	Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
⁴	Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
⁵	Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Average Balance Sheets (continued)

	Six Months ended
	June 30, 2025						June 30, 2024
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,913,157	$	49,636	5.19	%	$	1,771,985	$	42,518	4.80	%
Commercial loans ¹		14,490,240		415,306	5.78	%		13,626,941		372,984	5.50	%
Consumer and other loans		1,319,451		46,406	7.09	%		1,286,988		42,537	6.65	%
Total loans ²		17,722,848		511,348	5.82	%		16,685,914		458,039	5.52	%
Tax-exempt debt securities ³		1,599,845		27,935	3.49	%		1,713,819		30,268	3.53	%
Taxable debt securities ^{4, 5}		6,795,105		65,643	1.93	%		7,609,930		72,938	1.92	%
Total earning assets		26,117,798		604,926	4.67	%		26,009,663		561,245	4.34	%
Goodwill and intangibles		1,127,279						1,060,102
Non-earning assets		883,125						683,020
Total assets	$	28,128,202					$	27,752,785
Liabilities
Non-interest bearing deposits	$	6,123,604	$	—	—	%	$	5,996,627	$	—	—	%
NOW and DDA accounts		5,600,895		31,110	1.12	%		5,248,793		31,646	1.21	%
Savings accounts		2,883,150		10,561	0.74	%		2,907,594		11,669	0.81	%
Money market deposit accounts		2,925,396		28,915	1.99	%		2,926,366		28,860	1.98	%
Certificate accounts		3,181,971		57,742	3.66	%		3,019,176		62,768	4.18	%
Total core deposits		20,715,016		128,328	1.25	%		20,098,556		134,943	1.35	%
Wholesale deposits ⁶		4,615		106	4.62	%		3,846		105	5.50	%
Repurchase agreements		1,870,962		27,842	3.00	%		1,555,642		26,164	3.38	%
FHLB advances		1,618,702		38,525	4.73	%		1,179,251		28,428	4.77	%
FRB Bank Term Funding		—		—	—	%		1,241,538		27,097	4.39	%
Subordinated debentures and other borrowed funds		224,031		5,644	5.08	%		221,525		3,541	3.21	%
Total funding liabilities		24,433,326		200,445	1.65	%		24,300,358		220,278	1.82	%
Other liabilities		332,558						350,329
Total liabilities		24,765,884						24,650,687
Stockholders’ Equity
Stockholders’ equity		3,362,318						3,102,098
Total liabilities and stockholders’ equity	$	28,128,202					$	27,752,785
Net interest income (tax-equivalent)			$	404,481					$	340,967
Net interest spread (tax-equivalent)					3.02	%					2.52	%
Net interest margin (tax-equivalent)					3.12	%					2.64	%

______________________________

¹	Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
⁴	Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
⁵	Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type									% Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025		Dec 31, 2024
Custom and owner occupied construction	$	254,790		$	233,584		$	242,844		9	%	5	%
Pre-sold and spec construction		208,106			200,921			191,926		4	%	8	%
Total residential construction		462,896			434,505			434,770		7	%	6	%
Land development		176,925			177,448			197,369		—	%	(10)	%
Consumer land or lots		229,823			197,553			187,024		16	%	23	%
Unimproved land		127,550			115,528			113,532		10	%	12	%
Developed lots for operative builders		73,053			64,782			61,661		13	%	18	%
Commercial lots		175,929			95,574			99,243		84	%	77	%
Other construction		753,056			714,151			693,461		5	%	9	%
Total land, lot, and other construction		1,536,336			1,365,036			1,352,290		13	%	14	%
Owner occupied		3,529,536			3,182,589			3,197,138		11	%	10	%
Non-owner occupied		4,283,986			4,054,107			4,053,996		6	%	6	%
Total commercial real estate		7,813,522			7,236,696			7,251,134		8	%	8	%
Commercial and industrial		1,545,498			1,392,365			1,395,997		11	%	11	%
Agriculture		1,167,611			1,016,081			1,024,520		15	%	14	%
First lien		2,590,433			2,499,494			2,481,918		4	%	4	%
Junior lien		80,170			85,343			76,303		(6)	%	5	%
Total 1-4 family		2,670,603			2,584,837			2,558,221		3	%	4	%
Multifamily residential		975,785			874,071			895,242		12	%	9	%
Home equity lines of credit		1,048,595			989,043			1,005,783		6	%	4	%
Other consumer		197,744			188,388			209,457		5	%	(6)	%
Total consumer		1,246,339			1,177,431			1,215,240		6	%	3	%
States and political subdivisions		973,145			1,001,058			983,601		(3)	%	(1)	%
Other		188,743			176,961			183,894		7	%	3	%
Total loans receivable, including loans held for sale		18,580,478			17,259,041			17,294,909		8	%	7	%
Less loans held for sale ¹		(47,738	)		(40,523	)		(33,060	)	18	%	44	%
Total loans receivable	$	18,532,740		$	17,218,518		$	17,261,849		8	%	7	%

______________________________

¹	Loans held for sale are primarily first lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Dec 31, 2024	Jun 30, 2024	Jun 30, 2025	Jun 30, 2025	Jun 30, 2025
Custom and owner occupied construction	$	235	194	198	206	189	46	—
Pre-sold and spec construction		2,806	2,896	2,132	2,908	2,043	763	—
Total residential construction		3,041	3,090	2,330	3,114	2,232	809	—
Land development		885	935	966	—	875	10	—
Consumer land or lots		460	173	78	429	164	296	—
Developed lots for operative builders		531	531	531	608	—	531	—
Commercial lots		47	47	47	47	—	47	—
Other construction		—	—	—	25	—	—	—
Total land, lot and other construction		1,923	1,686	1,622	1,109	1,039	884	—
Owner occupied		4,412	3,601	2,979	1,992	4,407	5	—
Non-owner occupied		1,206	2,235	2,235	257	—	—	1,206
Total commercial real estate		5,618	5,836	5,214	2,249	4,407	5	1,206
Commercial and Industrial		14,764	12,367	2,069	2,044	13,452	1,243	69
Agriculture		6,603	2,382	2,335	2,442	2,141	4,462	—
First lien		10,549	8,752	9,053	2,923	7,856	2,162	531
Junior lien		533	296	315	492	293	240	—
Total 1-4 family		11,082	9,048	9,368	3,415	8,149	2,402	531
Multifamily residential		398	400	389	385	398	—	—
Home equity lines of credit		4,016	3,479	3,465	2,145	2,834	1,182	—
Other consumer		921	1,003	955	1,089	704	144	73
Total consumer		4,937	4,482	4,420	3,234	3,538	1,326	73
Other		240	47	39	16	—	240	—
Total	$	48,606	39,338	27,786	18,008	35,356	11,371	1,879

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Custom and owner occupied construction	$	385	$	786	$	969	$	1,323	(51)	%	(60)	%	(71)	%
Pre-sold and spec construction		—		—		564		816	n/m		(100)	%	(100)	%
Total residential construction		385		786		1,533		2,139	(51)	%	(75)	%	(82)	%
Land development		170		—		1,450		—	n/m		(88)	%	n/m
Consumer land or lots		1,210		1,026		402		411	18	%	201	%	194	%
Unimproved land		75		32		36		158	134	%	108	%	(53)	%
Developed lots for operative builders		—		—		214		—	n/m		(100)	%	n/m
Commercial lots		—		189		—		21	(100)	%	n/m		(100)	%
Other construction		7,840		—		—		—	n/m		n/m		n/m
Total land, lot and other construction		9,295		1,247		2,102		590	645	%	342	%	1,475	%
Owner occupied		3,903		3,786		2,867		4,326	3	%	36	%	(10)	%
Non-owner occupied		13,806		346		5,037		8,119	3,890	%	174	%	70	%
Total commercial real estate		17,709		4,132		7,904		12,445	329	%	124	%	42	%
Commercial and industrial		6,711		5,358		6,194		17,591	25	%	8	%	(62)	%
Agriculture		8,243		5,731		744		5,288	44	%	1,008	%	56	%
First lien		3,583		14,826		6,326		2,637	(76)	%	(43)	%	36	%
Junior lien		—		1,023		214		17	(100)	%	(100)	%	(100)	%
Total 1-4 family		3,583		15,849		6,540		2,654	(77)	%	(45)	%	35	%
Home equity lines of credit		5,482		6,993		3,731		5,432	(22)	%	47	%	1	%
Other consumer		1,615		1,824		1,775		2,192	(11)	%	(9)	%	(26)	%
Total consumer		7,097		8,817		5,506		7,624	(20)	%	29	%	(7)	%
States and political subdivisions		—		3,220		—		—	(100)	%	n/m		n/m
Other		1,380		1,318		1,705		1,347	5	%	(19)	%	2	%
Total	$	54,403	$	46,458	$	32,228	$	49,678	17	%	69	%	10	%

______________________________

^{n/m – not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type									Charge-Offs	Recoveries
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Jun 30, 2025	Jun 30, 2025
Pre-sold and spec construction	$	50		—		(4	)	(4	)	51	1
Land development		(341	)	(341	)	1,095		(1	)	—	341
Consumer land or lots		(3	)	(3	)	(22	)	(22	)	—	3
Unimproved land		—		—		1,338		5		—	—
Commercial lots		—		—		319		319		—	—
Total land, lot and other construction		(344	)	(344	)	2,730		301		—	344
Owner occupied		(1	)	(1	)	(73	)	(73	)	—	1
Non-owner occupied		(8	)	(6	)	2		(2	)	—	8
Total commercial real estate		(9	)	(7	)	(71	)	(75	)	—	9
Commercial and industrial		26		92		1,422		644		827	801
Agriculture		(109	)	(1	)	64		68		—	109
First lien		(79	)	(69	)	32		(22	)	1	80
Junior lien		(137	)	(5	)	(65	)	(55	)	—	137
Total 1-4 family		(216	)	(74	)	(33	)	(77	)	1	217
Home equity lines of credit		(20	)	(20	)	69		1		10	30
Other consumer		656		276		1,078		493		789	133
Total consumer		636		256		1,147		494		799	163
Other		3,406		1,873		8,643		4,611		5,558	2,152
Total	$	3,440		1,795		13,898		5,962		7,236	3,796

Visit our website at www.glacierbancorp.com

The MIL Network –

July 25, 2025

Category: Agriculture

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