MIL-OSI USA News: Fact Sheet: President Donald J. Trump Accelerates Federal Permitting of Data Center Infrastructure

Source: US Whitehouse

ACCELERATING DATA CENTER INFRASTRUCTURE DEVELOPMENT: Today, President Donald J. Trump signed an Executive Order to facilitate the rapid and efficient buildout of data center infrastructure.

The Order directs the Secretary of Commerce to launch an initiative to provide financial support, such as loans, grants, and tax incentives, for Qualifying Projects.
- These Qualifying Projects include data centers that require greater than 100 megawatts of new load, infrastructure projects related to data center energy needs, semiconductor facilities, networking equipment, or other data center or related infrastructure projects selected by the Secretary of Defense, Secretary of the Interior, Secretary of Commerce, or Secretary of Energy.
The Order revokes a Biden-era Executive Order that would have saddled AI data center development on Federal lands with pages of DEI and climate requirements.
The Order instructs agencies to streamline environmental reviews and permitting for data centers and related infrastructure by leveraging existing exemptions and creating new ones to expedite the construction of Qualifying Projects.
The Order enhances transparency and efficiency by designating Qualified Projects for expedited permitting under the FAST-41 framework.
The Order promotes the use of Brownfield and Superfund sites for data center development, repurposing these lands for productive use.
The Order directs the Department of the Interior, the Department of Energy and the Department of Defense to authorize data center construction on appropriate Federal lands.

STRENGTHENING AMERICA’S AI AND MANUFACTURING LEADERSHIP: President Trump is promoting the rapid buildout of AI data centers and critical infrastructure to secure economic prosperity, national security, and scientific leadership.

AI data centers and supporting infrastructure, such as energy systems and semiconductors, are essential for powering America’s technological and industrial future.
Lengthy and complex Federal regulations can delay critical projects, hindering America’s ability to lead in AI and manufacturing.
By streamlining permitting and providing financial support, the U.S. will accelerate the development of data centers and enable our global dominance in AI, which will in turn create jobs and enhance national security.
This initiative ensures American leadership in AI and critical technologies, positioning the U.S. to outpace global competitors and drive innovation for decades to come.

USHERING IN A GOLDEN AGE FOR AMERICAN TECHNOLOGICAL DOMINANCE: President Trump has made American leadership in AI a national priority.

President Trump signed the first-ever Executive Order on AI in 2019 recognizing the paramount importance of American AI leadership to the economic and national security of the United States.
- In historic actions, the Trump Administration established the first-ever national AI research institutes, strengthened American leadership in AI technical standards, and issued the world’s first AI regulatory guidance to govern AI development in the private sector.
President Trump also took executive action in 2020 to establish the first-ever guidance for Federal agency adoption of AI to more effectively deliver services to the American people and foster public trust in this critical technology.
In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.
The Administration is capitalizing on other permitting successes that will also enable data center development, such as dramatically reducing NEPA’s impact on critical infrastructure projects, developing emergency NEPA procedures that can permit major mining projects in under 28 days at the Department of the Interior, revising NOAA’s deep sea mining regulations, and more.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Prevents Woke AI in the Federal Government

Source: US Whitehouse

PREVENTING WOKE AI IN THE FEDERAL GOVERNMENT: Today, President Donald J. Trump signed an Executive Order to ensure that artificial intelligence (AI) models procured by the Federal government prioritize truthfulness and ideological neutrality.

President Trump is protecting Americans from biased AI outputs driven by ideologies like diversity, equity, and inclusion (DEI) at the cost of accuracy.
The Order directs agency heads to procure only large language models (LLMs) that adhere to “Unbiased AI Principles” defined in the Order: truth-seeking and ideological neutrality.
- Truth-seeking means that LLMS shall be truthful and prioritize historical accuracy, scientific inquiry, and objectivity, and acknowledge uncertainty where reliable information is incomplete or contradictory.
- Ideological neutrality means that LLMs shall be neutral, nonpartisan tools that do not manipulate responses in favor of ideological dogmas like DEI, and that developers will not intentionally encode partisan or ideological judgments into an LLM’s outputs unless those judgments are prompted by or readily accessible to the end user.
The Order instructs the Director of the Office of Management and Budget, in consultation with other Federal leaders, to issue guidance for agencies to implement these principles in AI procurement.
The Order mandates that Federal contracts for LLMs include terms ensuring compliance with the Unbiased AI Principles, including terms holding vendors accountable for certain costs if contracts are terminated due to noncompliance.

SAFEGUARDING TRUST IN FEDERAL AI USE: President Trump is advancing trustworthy AI in the Federal government to protect the integrity of information and services provided to the American people.

AI is a critical technology that will shape how Americans learn, access information, and navigate their daily lives.
Ideological biases, such as those driven by DEI, can distort AI outputs, undermine historical and scientific accuracy, and erode public trust in AI systems.
- For example, one major AI model changed the race or sex of historical figures—including the Pope, the founding Fathers, and Vikings—when prompted for images because it was trained to prioritize DEI requirements.
- In another case, an AI model asserted that a user should not “misgender” another person even if necessary to stop a nuclear apocalypse.
By requiring truth-seeking and ideologically neutral AI models, the Federal government ensures reliable, objective information for Americans and prevents the spread of biased or misleading outputs.

SERVING AMERICA, NOT IDEOLOGICAL AGENDAS: President Trump is terminating DEI across the Federal government and advancing American leadership in AI to ensure technology and policies serve the public, not ideological agendas.

President Trump is harnessing AI to strengthen national security, economic prosperity, and technological leadership.
- In January 2025, President Trump signed an Executive Order to reverse harmful Biden Administration AI policies and enhance America’s global AI dominance.
- In April 2025, President Trump signed an Executive Order to advance AI education for America’s youth.
- Today, President Trump also signed Executive Orders on facilitating the rapid and efficient buildout of data infrastructure and promoting the export of American AI technologies.
President Trump is restoring fairness and merit by dismantling radical DEI programs
- In January, President Trump signed executive actions to end radical and wasteful DEI programs and preferencing, terminate radical DEI preferencing in Federal contracting and spending, eliminate DEI and restore excellence and safety within the Federal Aviation Administration (FAA), and abolish DEI bureaucracy within the Departments of Defense and Homeland Security.
- In March, President Trump signed a Memorandum removing DEI from the Foreign Service.
- In April, President Trump signed an Executive Order to ensure school discipline policies are based on objective behavior, not DEI.
- President Trump: “We will terminate every diversity, equity, and inclusion program across the entire Federal government.”

MIL OSI USA News –

July 24, 2025

MIL-OSI USA News: Accelerating Federal Permitting of Data Center Infrastructure

Source: US Whitehouse

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section  1. Policy and Purpose. My Administration has inaugurated a golden age for American manufacturing and technological dominance. We will pursue bold, large-scale industrial plans to vault the United States further into the lead on critical manufacturing processes and technologies that are essential to national security, economic prosperity, and scientific leadership. These plans include artificial intelligence (AI) data centers and infrastructure that powers them, including high‑voltage transmission lines and other equipment. It will be a priority of my Administration to facilitate the rapid and efficient buildout of this infrastructure by easing Federal regulatory burdens.

In addition, my Administration will utilize federally owned land and resources for the expeditious and orderly development of data centers. This usage will be done in a manner consistent with the land’s intended purpose — to be used in service of the prosperity and security of the American people.

Sec. 2. Definitions. For purposes of this order:

(a) “Data Center Project” means a facility that requires greater than 100 megawatts (MW) of new load dedicated to AI inference, training, simulation, or synthetic data generation.

(b) “Covered Components” means materials, products, and infrastructure that are required to build Data Center Projects or otherwise upon which Data Center Projects depend, including:

(i) energy infrastructure, such as transmission lines, natural gas pipelines or laterals, substations, switchyards, transformers, switchgear, and system protective facilities;

(ii) natural gas turbines, coal power equipment, nuclear power equipment, geothermal power equipment, and any other dispatchable baseload energy sources, including electrical infrastructure (including backup power supply) constructed or otherwise used principally to serve a Data Center Project;

(iii) semiconductors and semiconductor materials, such as wafers, dies, and packaged integrated circuits;

(iv) networking equipment, such as switches and routers; and

(v) data storage, such as hardware storage systems, software for data management and protection, and integrated services that work with public cloud providers.

(c) “Covered Component Project” means infrastructure comprising Covered Components, or a facility with the primary purposes of manufacturing or otherwise producing Covered Components.

(d) “Qualifying Project” means:

(i) a Data Center Project or Covered Component Project for which the Project Sponsor has committed at least $500 million in capital expenditures as determined by the Secretary of Commerce;

(ii) a Data Center Project or Covered Component Project involving an incremental electric load addition of greater than 100 MW;

(iii) a Data Center Project or Covered Component Project that protects national security; or

(iv) a Data Center Project or Covered Component Project that has otherwise been designated by the Secretary of Defense, the Secretary of the Interior, the Secretary of Commerce, or the Secretary of Energy as a “Qualifying Project”.

(e) “Project Sponsor” means the lead sponsor providing financial and other support for a Data Center Project or Covered Component Project, as determined by the Secretary of Defense, the Secretary of the Interior, the Secretary of Commerce, or the Secretary of Energy, as appropriate.

(f) “Superfund Site” means any site where action is being taken pursuant to 42 U.S.C. 9604, 9606, or 9620.

(g) “Brownfield Site” means a site as defined in 42 U.S.C. 9601(39).

Sec.  3. Encouraging Qualifying Projects. The Secretary of Commerce, in consultation with the Director of the Office of Science and Technology Policy (OSTP) and other relevant executive departments and agencies (agencies), shall launch an initiative to provide financial support for Qualifying Projects, which could include loans and loan guarantees, grants, tax incentives, and offtake agreements. All relevant agencies shall identify and submit to the Director of OSTP any such relevant existing financial support that can be used to assist Qualifying Projects, consistent with the protection of national security.

Sec. 4. Revocation of Executive Order 14141. Executive Order 14141 of January 14, 2025 (Advancing United States Leadership in Artificial Intelligence Infrastructure), is hereby revoked.

Sec.  5. Efficient Environmental Reviews. (a) Within 10 days of the date of this order, each relevant agency shall identify to the Council on Environmental Quality any categorical exclusions already established or adopted by such agency pursuant to the National Environmental Policy Act (NEPA), reliance on and adoption of which by agencies (pursuant to 42 U.S.C. 4336 and 4336c) could facilitate the construction of Qualifying Projects.

(b) The Council on Environmental Quality shall coordinate with relevant agencies on the establishment of new categorical exclusions to cover actions related to Qualifying Projects that normally do not have a significant effect on the human environment. Agencies shall, for purposes of establishing these categorical exclusions, rely on any sufficient basis to do so as each such agency determines.

(c) Consistent with 42 U.S.C. 4336e(10)(B)(iii), loans, loan guarantees, grants, tax incentives, or other forms of Federal financial assistance for which an agency lacks substantial project-specific control and responsibility over the subsequent use of such financial assistance shall not be considered a “major Federal action” under NEPA. For purposes of this order, Federal financial assistance representing less than 50 percent of total project costs shall be presumed not to constitute substantial Federal control and responsibility.

Sec.  6. Efficiency and Transparency Through FAST‑41. (a) The Executive Director (Executive Director) of the Federal Permitting Improvement Steering Council (FPISC) may, within 30  days of the date that a project is identified to FPISC by a relevant agency, designate a Qualifying Project as a transparency project pursuant to 42 U.S.C. 4370m-2(b)(2)(A)(iii) and section 41003 of the Fixing America’s Surface Transportation Act (Public Law 114-94, 129 Stat. 1312, 1747) (FAST-41). Within 30 days of receiving such agency notification, the Executive Director may publish Qualifying Projects on the Permitting Dashboard established under section 41003(b) of FAST-41, including schedules for expedited review.

(b) In consultation with Project Sponsors, the Executive Director shall expedite the transition of eligible Qualifying Projects from transparency projects to FAST-41 “covered projects” as defined by 42 U.S.C. 4370m(6)(A). To the extent that a Qualifying Project does not meet the criteria set forth in 42 U.S.C. 4370m(6)(A)(i) or (iii), FPISC may consider all other available options to designate the project a covered project under 42 U.S.C. 4370m(6)(A)(iv).

Sec. 7. Streamlining of Permitting Review. (a) The Administrator of the Environmental Protection Agency shall assist in expediting permitting on Federal and non-Federal lands by developing or modifying regulations promulgated under the Clean Air Act (42 U.S.C. 7401 et seq.); the Clean Water Act (33 U.S.C. 1251 et seq.); the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. 9601 et seq.); the Toxic Substances Control Act (15 U.S.C. 2601 et seq.); and other relevant applicable laws, in each case, that impact the development of Qualifying Projects.

(b) The Administrator of the Environmental Protection Agency shall, consistent with the Environmental Protection Agency’s statutory authorities, expeditiously identify Brownfield Sites and Superfund Sites for use by Qualifying Projects. As part of this effort, within 180 days of the date of this order, the Administrator of the Environmental Protection Agency shall develop guidance to help expedite environmental reviews for qualified reuse and assist State governments and private parties to return such Brownfield Sites and Superfund Sites to productive use as expeditiously as possible.

Sec.  8. Biological and Water Permitting Efficiencies. (a) Upon identification of sites by the Secretary of the Interior and the Secretary of Energy as described in section 9 of this order, the action agency, as identified through the process described in the Endangered Species Act (16 U.S.C. 1531-1544) (ESA), shall initiate consultation under section 7 of the ESA with the Secretary of the Interior, the Secretary of Commerce, or both with respect to common construction activities for Qualifying Projects that will occur over the next 10 years at a programmatic level. The Secretary of the Interior and the Secretary of Commerce shall utilize programmatic consultation to ensure timely and efficient completion of such consultation.

(b) Within 180 days of the date of this order, the Secretary of the Army, acting through the Assistant Secretary of the Army for Civil Works, shall review the nationwide permits issued under section 404 of the Clean Water Act of 1972 (33 U.S.C. 1344) and section 10 of the Rivers and Harbors Appropriation Act of 1899 (33 U.S.C. 403) to determine whether an activity-specific nationwide permit is needed to facilitate the efficient permitting of activities related to Qualifying Projects.

Sec. 9. Federal Lands Availability. (a) The Department of the Interior and the Department of Energy shall, after consultation with industry and further in consultation with the Department of Commerce as to the Project Sponsors to which relevant authorizations shall be granted, offer appropriate authorizations for sites identified by the Secretary of the Interior or the Secretary of Energy, as applicable and appropriate for the relevant uses, consistent with 42 U.S.C. 2201, 42 U.S.C. 7256, 43 U.S.C. 1701 et seq., and all other applicable law.

(b) The Secretary of Defense shall, pursuant to 10 U.S.C. 2667 or other applicable law and as and when the Secretary of Defense deems it necessary or desirable, identify suitable sites on military installations for Covered Component infrastructure uses and competitively lease available lands for Qualifying Projects to support the Department of Defense’s energy, workforce, and mission needs, subject to security and force protection considerations.

Sec. 10. General Provisions. (a)  Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the Department of Energy.

DONALD J. TRUMP

THE WHITE HOUSE,

July 23, 2025.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA News: Promoting The Export of the American AI Technology Stack

Source: US Whitehouse

By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, it is hereby ordered:

Section 1. Purpose. Artificial intelligence (AI) is a foundational technology that will define the future of economic growth, national security, and global competitiveness for decades to come. The United States must not only lead in developing general-purpose and frontier AI capabilities, but also ensure that American AI technologies, standards, and governance models are adopted worldwide to strengthen relationships with our allies and secure our continued technological dominance. This order establishes a coordinated national effort to support the American AI industry by promoting the export of full-stack American AI technology packages.

Sec. 2. Policy. It is the policy of the United States to preserve and extend American leadership in AI and decrease international dependence on AI technologies developed by our adversaries by supporting the global deployment of United States-origin AI technologies.

Sec. 3. Establishment of the American AI Exports Program. (a) Within 90 days of the date of this order, the Secretary of Commerce shall, in consultation with the Secretary of State and the Director of the Office of Science and Technology Policy (OSTP), establish and implement the American AI Exports Program (Program) to support the development and deployment of United States full-stack AI export packages.

(b) The Secretary of Commerce shall issue a public call for proposals from industry-led consortia for inclusion in the Program. The public call shall require that each proposal must:

(i) include a full-stack AI technology package, which encompasses:

(A) AI-optimized computer hardware (e.g., chips, servers, and accelerators), data center storage, cloud services, and networking, as well as a description of whether and to what extent such items are manufactured in the United States;

(B) data pipelines and labeling systems;

(C) AI models and systems;

(D) measures to ensure the security and cybersecurity of AI models and systems; and

(E) AI applications for specific use cases (e.g., software engineering, education, healthcare, agriculture, or transportation);

(ii) identify specific target countries or regional blocs for export engagement;

(iii) describe a business and operational model to explain, at a high level, which entities will build, own, and operate data centers and associated infrastructure;

(iv) detail requested Federal incentives and support mechanisms; and

(v) comply with all relevant United States export control regimes, outbound investment regulations, and end-user policies, including chapter 58 of title 50, United States Code, and relevant guidance from the Bureau of Industry and Security within the Department of Commerce.

(c) The Department of Commerce shall require proposals to be submitted no later than 90 days after the public call for proposals is issued, and shall consider proposals on a rolling basis for inclusion in the Program.

(d) The Secretary of Commerce shall, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Energy, and the Director of OSTP, evaluate submitted proposals for inclusion under the Program. Proposals selected by the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of Defense, the Secretary of Energy, and the Director of OSTP, will be designated as priority AI export packages and will be supported through priority access to the tools identified in section 4 of this order, as consistent with applicable law.

Sec. 4. Mobilization of Federal Financing Tools. (a) The Economic Diplomacy Action Group (EDAG), established in the Presidential Memorandum of June 21, 2024, chaired by the Secretary of State, in consultation with the Secretary of Commerce and the United States Trade Representative, and as described in section 708 of the Championing American Business Through Diplomacy Act of 2019 (Title VII of Division J of Public Law 116-94) (CABDA), shall coordinate mobilization of Federal financing tools in support of priority AI export packages.

(b) I delegate to the Administrator of the Small Business Administration and the Director of OSTP the authority under section 708(c)(3) of CABDA to appoint senior officials from their respective executive departments and agencies to serve as members of the EDAG.

(c) The Secretary of State, in consultation with the EDAG, shall be responsible for:

(i) developing and executing a unified Federal Government strategy to promote the export of American AI technologies and standards;

(ii) aligning technical, financial, and diplomatic resources to accelerate deployment of priority AI export packages under the Program;

(iii) coordinating United States participation in multilateral initiatives and country-specific partnerships for AI deployment and export promotion;

(iv) supporting partner countries in fostering pro‑innovation regulatory, data, and infrastructure environments conducive to the deployment of American AI systems;

(v) analyzing market access, including technical barriers to trade and regulatory measures that may impede the competitiveness of United States offerings; and

(vi) coordinating with the Small Business Administration’s Office of Investment and Innovation to facilitate, to the extent permitted under applicable law, investment in United States small businesses to the development of American AI technologies and the manufacture of AI infrastructure, hardware, and systems.

(d) Members of the EDAG shall deploy, to the maximum extent permitted by law, available Federal tools to support the priority export packages selected for participation in the Program, including direct loans and loan guarantees (12  U.S.C. 635); equity investments, co-financing, political risk insurance, and credit guarantees (22  U.S.C. 9621); and technical assistance and feasibility studies (22 U.S.C. 2421(b)).

Sec. 5. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the Department of Commerce.

DONALD J. TRUMP

THE WHITE HOUSE,

July 23, 2025.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA News: Preventing Woke AI in the Federal Government

Source: US Whitehouse

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

Section 1. Purpose. Artificial intelligence (AI) will play a critical role in how Americans of all ages learn new skills, consume information, and navigate their daily lives. Americans will require reliable outputs from AI, but when ideological biases or social agendas are built into AI models, they can distort the quality and accuracy of the output.

One of the most pervasive and destructive of these ideologies is so-called “diversity, equity, and inclusion” (DEI). In the AI context, DEI includes the suppression or distortion of factual information about race or sex; manipulation of racial or sexual representation in model outputs; incorporation of concepts like critical race theory, transgenderism, unconscious bias, intersectionality, and systemic racism; and discrimination on the basis of race or sex. DEI displaces the commitment to truth in favor of preferred outcomes and, as recent history illustrates, poses an existential threat to reliable AI.

For example, one major AI model changed the race or sex of historical figures — including the Pope, the Founding Fathers, and Vikings — when prompted for images because it was trained to prioritize DEI requirements at the cost of accuracy. Another AI model refused to produce images celebrating the achievements of white people, even while complying with the same request for people of other races. In yet another case, an AI model asserted that a user should not “misgender” another person even if necessary to stop a nuclear apocalypse.

While the Federal Government should be hesitant to regulate the functionality of AI models in the private marketplace, in the context of Federal procurement, it has the obligation not to procure models that sacrifice truthfulness and accuracy to ideological agendas. Building on Executive Order 13960 of December 3, 2020 (Promoting the Use of Trustworthy Artificial Intelligence in the Federal Government), this order helps fulfill that obligation in the context of large language models.

Sec. 2. Definitions. For purposes of this order:

(a) The term “agency” means an executive department, a military department, or any independent establishment within the meaning of 5 U.S.C. 101, 102, and 104(1), respectively, and any wholly owned Government corporation within the meaning of 31 U.S.C. 9101.

(b) The term “agency head” means the highest-ranking

official or officials of an agency, such as the Secretary, Administrator, Chairman, Director, Commissioners, or Board of Directors.

(c) The term “LLM” means a large language model, which is a generative AI model trained on vast, diverse datasets that enable the model to generate natural-language responses to user prompts.

(d) The term “national security system” has the same meaning as in 44 U.S.C. 3552(b)(6).

Sec. 3. Unbiased AI Principles. It is the policy of the United States to promote the innovation and use of trustworthy AI. To advance that policy, agency heads shall, consistent with applicable law and in consideration of guidance issued pursuant to section 4 of this order, procure only those LLMs developed in accordance with the following two principles (Unbiased AI Principles):

(a) Truth-seeking. LLMs shall be truthful in responding to user prompts seeking factual information or analysis. LLMs shall prioritize historical accuracy, scientific inquiry, and objectivity, and shall acknowledge uncertainty where reliable information is incomplete or contradictory.

(b) Ideological Neutrality. LLMs shall be neutral, nonpartisan tools that do not manipulate responses in favor of ideological dogmas such as DEI. Developers shall not intentionally encode partisan or ideological judgments into an LLM’s outputs unless those judgments are prompted by or otherwise readily accessible to the end user.

Sec. 4. Implementation. (a) Within 120 days of the date of this order, the Director of the Office of Management and Budget (OMB), in consultation with the Administrator for Federal Procurement Policy, the Administrator of General Services, and the Director of the Office of Science and Technology Policy, shall issue guidance to agencies to implement section 3 of this order. That guidance shall:

(i) account for technical limitations in complying with this order;

(ii) permit vendors to comply with the requirement in the second Unbiased AI Principle to be transparent about ideological judgments through disclosure of the LLM’s system prompt, specifications, evaluations, or other relevant documentation, and avoid requiring disclosure of specific model weights or other sensitive technical data where practicable;

(iii) avoid over-prescription and afford latitude for vendors to comply with the Unbiased AI Principles and take different approaches to innovation;

(iv) specify factors for agency heads to consider in determining whether to apply the Unbiased AI Principles to LLMs developed by the agencies and to AI models other than LLMs; and

(v) make exceptions as appropriate for the use of LLMs in national security systems.

(b) Each agency head shall, to the maximum extent consistent with applicable law:

(i) include in each Federal contract for an LLM entered into following the date of the OMB guidance issued under subsection (a) of this section terms requiring that the procured LLM comply with the Unbiased AI Principles and providing that decommissioning costs shall be charged to the vendor in the event of termination by the agency for the vendor’s noncompliance with the contract following a reasonable period to cure;

(ii) to the extent practicable and consistent with contract terms, revise existing contracts for LLMs to include the terms specified in subsection (b)(i) of this section; and

(iii) within 90 days of the OMB guidance issued under subsection (a) of this section, adopt procedures to ensure that LLMs procured by the agency comply with the Unbiased AI Principles.

Sec. 5. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

(d) The costs for publication of this order shall be borne by the General Services Administration.

DONALD J. TRUMP

THE WHITE HOUSE,

July 23, 2025.

MIL OSI USA News –

July 24, 2025

MIL-OSI: Subsea 7 S.A. Notice of Extraordinary General Meeting

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Luxembourg – 24 July 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the Company) today published and distributed to eligible holders of common shares the notice of meeting for an extraordinary general meeting of shareholders (the EGM). The purpose of the EGM is to consider the proposed combination between Subsea7 and Saipem SpA.

The EGM is scheduled to take place at 15:00 (local time) on 25 September 2025 at 5, place Winston Churchill, L-1340 Luxembourg.

The holders of common shares on record at the close of business on 11 September 2025 will be entitled to vote. The deadline for submission of votes for holders of common shares is 19 September 2025.

The notice of meeting and supporting materials, including the common merger plan, the report of the board of directors with respect to the common merger plan, and the reports of the respective independent experts of the Company and Saipem SpA, will shortly be available on the Company’s website, subsea7.com.

The EGM agenda includes the proposal to distribute a dividend of €450m, equating to approximately NOK 18.00 per share as at today’s date. This distribution is in accordance with the terms of the merger with Saipem S.p.A., conditional on completion of the merger and expected to be paid immediately before the proposed merger effective date.

In addition, the EGM agenda includes a proposal to distribute a special dividend of €105m, equating to approximately NOK 4.15 per share, as at today’s date. This distribution is related to a permitted business divestment in accordance with the merger agreement with Saipem SpA. The distribution is expected to be paid after closing of the relevant transaction or (if earlier) immediately before the proposed merger effective date.

The key dates relating to both proposed dividends shall be published as soon as these dates are fixed.

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Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

*******************************************************************************

Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40

Attachments

The MIL Network –

July 24, 2025

MIL-OSI: Northfield Bancorp, Inc. Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

NOTABLE ITEMS FOR THE QUARTER INCLUDE:

DILUTED EARNINGS PER SHARE WERE $0.24 FOR THE CURRENT QUARTER COMPARED TO $0.19 FOR THE TRAILING QUARTER, AND $0.14 FOR THE SECOND QUARTER OF 2024.
NET INTEREST MARGIN INCREASED BY 19 BASIS POINTS TO 2.57% FOR THE CURRENT QUARTER COMPARED TO 2.38% FOR THE TRAILING QUARTER, AND BY 48 BASIS POINTS COMPARED TO 2.09% FOR THE SECOND QUARTER OF 2024, DRIVEN BY LOWER FUNDING COSTS AND HIGHER YIELDS ON INTEREST-EARNING ASSETS.
COST OF DEPOSITS, EXCLUDING BROKERED DEPOSITS, AT JUNE 30, 2025 WAS 1.88% AS COMPARED TO 1.94% AT MARCH 31, 2025.
ASSET QUALITY IMPROVED WITH NON-PERFORMING LOANS TO TOTAL LOANS AT 0.36% AT JUNE 30, 2025 COMPARED TO 0.48% AT MARCH 31, 2025.
THE COMPANY MAINTAINED STRONG LIQUIDITY WITH OVER $800 MILLION IN UNPLEDGED AVAILABLE-FOR-SALE SECURITIES AND LOANS READILY AVAILABLE-FOR-PLEDGE OF APPROXIMATELY $1 BILLION.
A $10.0 MILLION REPURCHASE PLAN APPROVED ON APRIL 23, 2025 WAS COMPLETED DURING THE CURRENT QUARTER AS THE COMPANY REPURCHASED 862,469 SHARES.
CASH DIVIDEND DECLARED OF $0.13 PER SHARE OF COMMON STOCK, PAYABLE ON AUGUST 20, 2025, TO STOCKHOLDERS OF RECORD AS OF AUGUST 6, 2025.

WOODBRIDGE, N.J., July 23, 2025 (GLOBE NEWSWIRE) — NORTHFIELD BANCORP, INC. (Nasdaq:NFBK) (the “Company”), the holding company for Northfield Bank, reported net income of $9.6 million, or $0.24 per diluted share, for the three months ended June 30, 2025, compared to $7.9 million, or $0.19 per diluted share, for the three months ended March 31, 2025, and $6.0 million, or $0.14 per diluted share, for the three months ended June 30, 2024. For the six months ended June 30, 2025, net income totaled $17.4 million, or $0.43 per diluted share, compared to $12.2 million, or $0.29 per diluted share, for the six months ended June 30, 2024. For the three and six months ended June 30, 2025, net income included $580,000 of additional tax expense related to options that expired in May 2025. For the three and six months ended June 30, 2024, net income included $795,000 of additional tax expense related to options that expired in June 2024, and $683,000 of severance expense. The increase in net income for the current quarter and the six months ended June 30, 2025, as compared to the comparable prior year periods was primarily due to an increase in net interest income, attributable to lower funding costs and higher yields on loans and securities, partially offset by an increase in the provision for credit losses on loans.

Commenting on the quarter, Steven M. Klein, the Company’s Chairman and Chief Executive Officer, noted, “Our strong financial results reflect the continued execution of our strategic initiatives, focused on prudent and disciplined lending and deposit gathering, net interest margin expansion, and expense discipline.” Mr. Klein further noted, “I’m pleased to report that we continue to deploy our substantial capital base, including through stock repurchases of $15.0 million for the year and the declaration of a quarterly cash dividend of $0.13 per common share, payable August 20, 2025, to stockholders of record on August 6, 2025.”

Results of Operations

Comparison of Operating Results for the Six Months Ended June 30, 2025 and 2024

Net income was $17.4 million and $12.2 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Significant variances from the comparable prior year period are as follows: a $9.6 million increase in net interest income, a $4.9 million increase in the provision for credit losses on loans, a $1.3 million increase in non-interest income, a $920,000 decrease in non-interest expense, and a $1.7 million increase in income tax expense.

Net interest income for the six months ended June 30, 2025, increased $9.6 million, or 17.0%, to $66.2 million, from $56.6 million for the six months ended June 30, 2024 due to a $6.0 million decrease in interest expense and a $3.6 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the average balance of interest-bearing liabilities of $141.5 million, or 3.3%, as well as a decrease in the cost of interest-bearing liabilities, which decreased by 18 basis points to 2.74% for the six months ended June 30, 2025, from 2.92% for the six months ended June 30, 2024. The average balance of interest-bearing liabilities decreased primarily due to a $378.9 million, or 35.2%, decrease in the average balance of borrowed funds, partially offset by a $237.2 million, or 7.5%, increase in the average balance of interest-bearing deposits, primarily certificates of deposit. The decrease in the cost of interest-bearing liabilities was driven primarily by an eight basis point decrease in the cost of interest-bearing deposits to 2.47% from 2.55% and a four basis point decrease in the cost of borrowings to 3.83% from 3.87%. The increase in interest income was primarily due to a 25 basis point increase in the yield on interest-earning assets, due to higher yields on mortgage-backed securities and loans, partially offset by a $128.0 million, or 2.3%, decrease in the average balance of interest-earning assets. The decrease was primarily due to decreases in the average balance of loans of $175.5 million, the average balance of other securities of $275.8 million, and the average balance of interest-earning deposits in financial institutions of $128.1 million, partially offset by an increase in the average balance of mortgage-backed securities of $453.4 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities.

Net interest margin increased by 42 basis points to 2.48% for the six months ended June 30, 2025, from 2.06% for the six months ended June 30, 2024. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities. Net interest income for the six months ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. The Company accreted interest income related to purchased credit-deteriorated (“PCD”) loans of $469,000 for the six months ended June 30, 2025, as compared to $747,000 for the six months ended June 30, 2024. Net interest income for the six months ended June 30, 2025, also included loan prepayment income of $767,000 as compared to $561,000 for the six months ended June 30, 2024.

The provision for credit losses on loans increased by $4.9 million to $4.7 million for the six months ended June 30, 2025, compared to a benefit of $203,000 for the six months ended June 30, 2024, primarily due to an increase in general reserves related to a worsening macroeconomic forecast in the current quarter within our Current Expected Credit Loss (“CECL”) model, an increase in specific reserves of $1.2 million, changes in model assumptions including a reduction in prepayment speeds, and higher net charge-offs. Partially offsetting the increase in reserves was a decline in loan balances. Net charge-offs were $3.7 million for the six months ended June 30, 2025, primarily due to $3.2 million in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $2.6 million for the six months ended June 30, 2024. Management continues to closely monitor the small business unsecured commercial and industrial loan portfolio, which totaled $24.0 million at June 30, 2025.

Non-interest income increased by $1.3 million, or 21.0%, to $7.5 million for the six months ended June 30, 2025, compared to $6.2 million for the six months ended June 30, 2024. The increase was primarily due to an increase in income on bank-owned life insurance of $1.4 million, primarily related to the exchange of certain policies in the fourth quarter of 2024 which have higher yields, partially offset by a $178,000 decrease in gains on trading securities. Gains on trading securities in the six months ended June 30, 2025, were $709,000, as compared to gains of $887,000 in the six months ended June 30, 2024. The trading portfolio is utilized to fund the Company’s deferred compensation obligation to certain employees and directors of the plan. The participants of this plan, at their election, defer a portion of their compensation. Gains and losses on trading securities have no effect on net income since participants benefit from, and bear the full risk of changes in the trading securities market values. Therefore, the Company records an equal and offsetting amount in compensation expense, reflecting the change in the Company’s obligations under the plan.

Non-interest expense decreased by $920,000, or 2.0%, to $44.4 million for the six months ended June 30, 2025, compared to $45.3 million for the six months ended June 30, 2024. The decrease was primarily due to a $650,000 decrease in employee compensation and benefits, primarily due to severance expense of $683,000 which was recorded during the six months ended June 30, 2024, and a $178,000 decrease in deferred compensation expense, which is described above, and had no effect on net income. Partially offsetting the decreases were higher salary expense related to annual merit increases and higher stock compensation expense as the prior year included a credit of $461,000 related to performance stock awards not expected to vest. Additionally, there was a $456,000 decrease in advertising expense attributable to a change in marketing strategy and the timing of specific deposit and lending campaigns, and a $311,000 decrease in other expense. Partially offsetting the decreases was a $485,000 increase in professional fees related to outsourced audit services and recruitment fees.

The Company recorded income tax expense of $7.2 million for the six months ended June 30, 2025, compared to $5.5 million for the six months ended June 30, 2024. The effective tax rate for the six months ended June 30, 2025, was 29.3% compared to 31.2% for the six months ended June 30, 2024. In May 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000 for the six months ended June 30, 2025, as compared to options granted in 2014 that expired in June 2024 and resulted in additional tax expense of $795,000 for the six months ended June 30, 2024.

Comparison of Operating Results for the Three Months Ended June 30, 2025 and 2024

Net income was $9.6 million and $6.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively. Significant variances from the comparable prior year quarter are as follows: a $5.7 million increase in net interest income, a $2.7 increase in the provision for credit losses on loans, a $1.7 million increase in non-interest income, and a $1.1 million increase in income tax expense.

Net interest income for the quarter ended June 30, 2025, increased $5.7 million, or 19.9%, to $34.4 million, from $28.7 million for the quarter ended June 30, 2024, due to a $3.5 million decrease in interest expense and a $2.2 million increase in interest income. The decrease in interest expense was primarily due to a decrease in the average balance of interest-bearing liabilities of $177.0 million, or 4.1%, as well as a decrease in the cost of interest-bearing liabilities which decreased by 22 basis points to 2.73% for the three months ended June 30, 2025, from 2.95% for the three months ended June 30, 2024. The average balance of interest-bearing liabilities decreased primarily due to a $344.2 million, or 33.1% decrease in the average balance of borrowed funds, partially offset by a $167.0 million, or 5.2%, increase in the average of interest-bearing deposits. The decrease in the cost of interest-bearing liabilities was driven by an 18 basis point decrease in the cost of interest-bearing deposits to 2.42% from 2.60%, partially offset by a 10 basis point increase in the cost of borrowed funds to 3.98% from 3.88%. The increase in interest income was primarily due to a 28 basis point increase in the yield on interest-earning assets due to higher yields on mortgage-backed securities and loans, partially offset by a $151.7 million, or 2.8%, decrease in the average balance of interest-earning assets. The decrease was primarily due to decreases in the average balance of other securities of $277.3 million, the average balance of loans of $183.3 million and the average balance of interest-earning deposits in financial institutions of $112.0 million, partially offset by an increase in the average balance of mortgage-backed securities of $422.3 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities.

Net interest margin increased by 48 basis points to 2.57% for the quarter ended June 30, 2025, from 2.09% for the quarter ended June 30, 2024. The increase in net interest margin was primarily due to higher yields on loans and mortgage-backed securities, coupled with a decrease in the cost of interest-bearing liabilities. Net interest income for the quarter ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. The Company accreted interest income related to PCD loans of $247,000 for the quarter ended June 30, 2025, as compared to $321,000 for the quarter ended June 30, 2024. Net interest income for the quarter ended June 30, 2025, included loan prepayment income of $522,000, as compared to $210,000 for the quarter ended June 30, 2024.

The provision for credit losses on loans increased by $2.7 million to $2.1 million for the quarter ended June 30, 2025, from a benefit of $618,000 for the quarter ended June 30, 2024, primarily due to an increase in general reserves related to a worsening macroeconomic forecast in the current quarter within our CECL model, an increase in specific reserves of $1.2 million, and changes in model assumptions, including a reduction in prepayment speeds. Partially offsetting the increase in reserves was a decline in loan balances and lower net charge-offs. Net charge-offs were $887,000 for the quarter ended June 30, 2025, primarily due to $879,000 in net charge-offs on small business unsecured commercial and industrial loans, as compared to net charge-offs of $1.6 million for the quarter ended June 30, 2024.

Non-interest income increased by $1.7 million, or 58.3%, to $4.5 million for the quarter ended June 30, 2025, from $2.9 million for the quarter ended June 30, 2024. The increase was primarily due to increases of $820,000 in gains on trading securities and $760,000 in income on bank-owned life insurance, primarily related to the exchange of certain policies in the fourth quarter of 2024 which have higher yields. Gains on trading securities in the three months ended June 30, 2025, were $1.0 million as compared to gains of $188,000 in the quarter ended June 30, 2024.

Non-interest expense remained stable at $23.0 million for both quarters ended June 30, 2025 and June 30, 2024.

The Company recorded income tax expense of $4.3 million for the quarter ended June 30, 2025, compared to $3.2 million for the quarter ended June 30, 2024. The effective tax rate for the quarter ended June 30, 2025, was 31.0% compared to 35.0% for the quarter ended June 30, 2024. In May 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000 for the quarter ended June 30, 2025, as compared to options granted in 2014 that expired in June 2024 and resulted in additional tax expense of $795,000 for the quarter ended June 30, 2024.

Comparison of Operating Results for the Three Months Ended June 30, 2025 and March 31, 2025

Net income was $9.6 million and $7.9 million for the quarters ended June 30, 2025, and March 31, 2025, respectively. Significant variances from the prior quarter are as follows: a $2.6 million increase in net interest income, a $496,000 decrease in the provision for credit losses on loans, a $1.5 million increase in non-interest income, a $1.5 million increase in non-interest expense, and a $1.4 million increase in income tax expense.

Net interest income for the quarter ended June 30, 2025, increased by $2.6 million, or 8.2%, to $34.4 million, from $31.8 million for the quarter ended March 31, 2025, due to a $2.3 million increase in interest income and a $272,000 decrease in interest expense. The increase in interest income was primarily due to a 17 basis point increase in the yield on interest-earning assets, partially offset by a $49.1 million decrease in the average balance of interest-earning assets, primarily due to decreases in the average balance of loans of $62.4 million, the average balance of other securities of $61.5 million, and the average balance of interest-earning deposits in financial institutions of $39.5 million, which were partially offset by an increase in the average balance of mortgage-backed securities of $114.1 million. The changes reflect the purchase of higher-yielding mortgage-related securities with excess cash and proceeds from the maturities of other securities. The decrease in interest expense was primarily due to a $66.1 million, or 1.6%, decrease in the average balance of interest-bearing liabilities largely attributable to a $67.8 million decrease in the average balance of interest-bearing deposits.

Net interest margin increased by 19 basis points to 2.57% for the quarter ended June 30, 2025, from 2.38% for the quarter ended March 31, 2025, primarily due to higher yields on loans and mortgage-backed securities. Net interest income for the quarter ended June 30, 2025, included $609,000 of interest income related to the settlement of a non-accrual loan in May 2025. Net interest income for the quarter ended June 30, 2025, included loan prepayment income of $522,000 as compared to $245,000 for the quarter ended March 31, 2025. The Company accreted interest income related to PCD loans of $247,000 for the quarter ended June 30, 2025, as compared to $223,000 for the quarter ended March 31, 2025.

The provision for credit losses on loans decreased by $496,000 to $2.1 million for the quarter ended June 30, 2025, from $2.6 million for the quarter ended March 31, 2025. The decrease in the provision for the current quarter was primarily due to lower net charge-offs and a decline in loan balances, partially offset by an increase in specific reserves of $569,000 and an increase in general reserves due to a worsening macroeconomic forecast in the current quarter within our CECL model. Net charge-offs were $887,000 for the quarter ended June 30, 2025, as compared to net charge-offs of $2.8 million for the quarter ended March 31, 2025.

Non-interest income increased by $1.5 million, or 49.8%, to $4.5 million for the quarter ended June 30, 2025, from $3.0 million for the quarter ended March 31, 2025. The increase was primarily due to a $1.3 million increase in gains on trading securities, net. For the quarter ended June 30, 2025, gains on trading securities, net, were $1.0 million, compared to losses of $299,000 for the quarter ended March 31, 2025.

Non-interest expense increased by $1.5 million, or 7.2%, to $23.0 million for the quarter ended June 30, 2025, from $21.4 million for the quarter ended March 31, 2025. The increase was primarily due to a $2.0 million increase in compensation and employee benefits, of which $1.3 million was attributable to an increase in deferred compensation expense and has no effect on net income due to offsetting gains on trading securities. The remaining increase in compensation and employee benefits was primarily due to higher salary expense related to an increase in headcount during the current quarter as well as recognizing a full quarter of merit-related increases as compared to one month in the prior quarter. Additionally, there was a $280,000 increase in data processing costs attributable to an increase in core system expenses. Partially offsetting the increases were decreases of $205,000 in occupancy expense, $169,000 in professional fees, $210,000 in other expense, and $156,000 in credit loss expense/(benefit) for off-balance sheet exposure. The decrease in credit loss expense/(benefit) for off-balance sheet exposure was due to a benefit of $53,000 recorded during the quarter ended June 30, 2025, as compared to a provision of $103,000 recorded during the quarter ended March 31, 2025.

The Company recorded income tax expense of $4.3 million for the quarter ended June 30, 2025, compared to $2.9 million for the quarter ended March 31, 2025. The effective tax rate for the quarter ended June 30, 2025 was 31.0%, compared to 27.0% for the quarter ended March 31, 2025. During the quarter ended June 30, 2025, options granted in 2015 expired and resulted in additional tax expense of $580,000, contributing to the higher effective tax rate for the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025.

Financial Condition

Total assets increased by $12.9 million, or 0.2%, to $5.68 billion at June 30, 2025, from $5.67 billion at December 31, 2024. The increase was primarily due to an increase in available-for-sale debt securities of $200.2 million, or 18.2%, partially offset by decreases in loans receivable of $106.5 million, or 2.6%, cash and cash equivalents of $70.2 million, or 41.8% and other assets of $9.6 million, or 20.4%.

Cash and cash equivalents decreased by $70.1 million, or 41.8%, to $97.6 million at June 30, 2025, from $167.7 million at December 31, 2024, as excess liquidity was deployed into purchasing higher-yielding mortgage-backed securities. Balances fluctuate based on the timing of receipt of security and loan repayments and the redeployment of cash into higher-yielding assets such as loans and securities, or the funding of deposit outflows or borrowing maturities.

Loans held-for-investment, net, decreased by $101.6 million, or 2.5%, to $3.92 billion at June 30, 2025 from $4.02 billion at December 31, 2024, primarily due to a decrease in multifamily real estate loans, partially offset by increases in one-to-four family residential mortgage and home equity and lines of credit loans. The decrease in loan balances reflects the Company’s continued strategic focus on managing concentration risk within its commercial and multifamily real estate loan portfolios, while maintaining disciplined loan pricing. Multifamily loans decreased $114.4 million, or 4.4%, to $2.48 billion at June 30, 2025 from $2.60 billion at December 31, 2024, commercial and industrial loans decreased $4.9 million, or 3.0%, to $158.5 million at June 30, 2025 from $163.4 million at December 31, 2024, commercial real estate loans decreased $3.7 million, or 0.4%, to $886.1 million at June 30, 2025 from $889.8 million at December 31, 2024, and construction and land loans decreased $3.6 million, or 10.0%, to $32.3 million at June 30, 2025 from $35.9 million at December 31, 2024. Partially offsetting these decreases were increases in home equity and lines of credit of $12.8 million, or 7.3%, to $186.8 million at June 30, 2025 from $174.1 million at December 31, 2024, and one-to-four family residential loans of $12.5 million, or 8.3%, to $162.8 million at June 30, 2025 from $150.2 million at December 31, 2024.

As of June 30, 2025, non-owner occupied commercial real estate loans (as defined by regulatory guidance) to total risk-based capital was estimated at approximately 416%. Management believes that Northfield Bank (the “Bank”) maintains appropriate risk management practices including risk assessments, board-approved underwriting policies and related procedures, which includes monitoring Bank portfolio performance, performing market analysis (economic and real estate), and stressing of the Bank’s commercial real estate portfolio under severe, adverse economic conditions. Although management believes the Bank has implemented appropriate policies and procedures to manage its commercial real estate concentration risk, the Bank’s regulators could require it to implement additional policies and procedures or could require it to maintain higher levels of regulatory capital, which might adversely affect its loan originations, the Company’s ability to pay dividends, and overall profitability.

Our real estate portfolio includes credit risk exposure to loans collateralized by office buildings and multifamily properties in New York subject to some form of rent regulation limiting rent increases for rent stabilized multifamily properties. At June 30, 2025, office-related loans represented $178.8 million, or 4.6% of our total loan portfolio, with an average balance of $1.8 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 58%. Approximately 39% were owner-occupied. The geographic locations of the properties collateralizing our office-related loans are: 49.9% in New York, 48.6% in New Jersey and 1.5% in Pennsylvania. At June 30, 2025, our largest office-related loan had a principal balance of $90.0 million (with a net active principal balance for the Bank of $29.3 million as we have a 33.3% participation interest), was secured by an office facility located in Staten Island, New York, and was performing in accordance with its original contractual terms. At June 30, 2025, multifamily loans that have some form of rent stabilization or rent control totaled $434.1 million, or 11% of our total loan portfolio, with an average balance of $1.7 million (although we have originated these type of loans in amounts substantially greater than this average) and a weighted average loan-to-value ratio of 50%. At June 30, 2025, our largest rent-regulated loan had a principal balance of $16.6 million, was secured by an apartment building located in Staten Island, New York, and was performing in accordance with its original contractual terms. Management continues to closely monitor its office and rent-regulated portfolios. For further details on our rent-regulated multifamily portfolio see “Asset Quality”.

PCD loans totaled $9.0 million and $9.2 million at June 30, 2025 and December 31, 2024, respectively. The majority of the remaining PCD loan balance consists of loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. The Company accreted interest income of $247,000 and $469,000 attributable to PCD loans for the three and six months ended June 30, 2025, respectively, compared to $321,000 and $747,000 for the three and six months ended June 30, 2024, respectively. PCD loans had an allowance for credit losses of approximately $2.7 million at June 30, 2025.

Loan balances are summarized as follows (dollars in thousands):

	June 30, 2025		March 31, 2025		December 31, 2024
Real estate loans:
Multifamily	$	2,483,078	$	2,567,913	$	2,597,484
Commercial mortgage		886,135		882,600		889,801
One-to-four family residential mortgage		162,750		146,791		150,217
Home equity and lines of credit		186,848		181,354		174,062
Construction and land		32,300		40,284		35,897
Total real estate loans		3,751,111		3,818,942		3,847,461
Commercial and industrial loans		158,539		162,133		163,425
Other loans		2,008		1,411		2,165
Total commercial and industrial and other loans		160,547		163,544		165,590
Loans held-for-investment, net (excluding PCD)		3,911,658		3,982,486		4,013,051
PCD loans		8,955		9,043		9,173
Total loans held-for-investment, net	$	3,920,613	$	3,991,529	$	4,022,224

Other assets decreased by $9.6 million, or 20.4%, to $37.4 million at June 30, 2025, from $46.9 million at December 31, 2024. The decrease was primarily attributable to a decrease in deferred tax assets primarily due to a decrease in unrealized losses on the securities available-for-sale portfolio.

The Company’s available-for-sale debt securities portfolio increased by $200.2 million, or 18.2%, to $1.30 billion at June 30, 2025, from $1.10 billion at December 31, 2024. The increase was primarily attributable to purchases of securities, partially offset by paydowns and maturities. At June 30, 2025, $1.27 billion of the portfolio consisted of residential mortgage-backed securities issued or guaranteed by Fannie Mae, Freddie Mac, or Ginnie Mae. In addition, the Company held $29.7 million in corporate bonds, substantially all of which were investment grade, $684,000 in municipal bonds and $613,000 in U.S. Government agency securities at June 30, 2025. Unrealized losses, net of tax, on available-for-sale debt securities and held-to-maturity securities approximated $14.6 million and $276,000, respectively, at June 30, 2025, and $21.8 million and $400,000, respectively, at December 31, 2024.

Equity securities were $6.3 million at June 30, 2025 and $14.3 million at December 31, 2024. Equity securities are primarily comprised of an investment in a Small Business Administration (“SBA”) Loan Fund. This investment is utilized by the Bank as part of its Community Reinvestment Act program. The decrease in equity securities was primarily due to a redemption, at par, of $5.0 million of our investment in the SBA Loan Fund during the quarter ended June 30, 2025.

Total liabilities increased $7.3 million, or 0.1%, to $4.97 billion at June 30, 2025, from $4.96 billion at December 31, 2024. The increase was primarily attributable to an increase in borrowings of $165.5 million, partially offset by a decrease in deposits of $152.3 million. The Company routinely utilizes brokered deposits and borrowed funds to manage interest rate risk, the cost of interest-bearing liabilities, and funding needs related to loan originations and deposit activity.

Deposits decreased $152.3 million, or 3.7%, to $3.99 billion at June 30, 2025 as compared to $4.14 billion at December 31, 2024. Brokered deposits decreased by $188.4 million, or 71.5%, as the Company placed less reliance on brokered deposits, which were used as a lower-cost alternative to borrowings in the quarter ended December 31, 2024. Deposits, excluding brokered deposits, increased $36.0 million, or 0.9%. The increase in deposits, excluding brokered deposits, was primarily attributable to increases of $73.7 million in transaction accounts and $9.6 million in time deposits, partially offset by decreases of $29.2 million in savings accounts, and $18.0 million in money market accounts. Growth in transaction accounts and time deposits was primarily due to new municipal relationships and new commercial customer relationships.

Estimated gross uninsured deposits at June 30, 2025 were $1.87 billion. This total includes fully collateralized uninsured governmental deposits and intercompany deposits of $940.6 million, leaving estimated uninsured deposits of approximately $929.2 million, or 23.1%, of total deposits. At December 31, 2024, estimated uninsured deposits, excluding fully collateralized uninsured governmental deposits and intercompany deposits, totaled $896.5 million, or 21.7% of total deposits.

Deposit account balances are summarized as follows (dollars in thousands):

	June 30, 2025		March 31, 2025		December 31, 2024
Transaction:
Non-interest bearing checking	$	735,811	$	722,994	$	706,976
Negotiable orders of withdrawal and interest-bearing checking		1,331,060		1,367,219		1,286,154
Total transaction		2,066,871		2,090,213		1,993,130
Savings and money market:
Savings		874,927		899,674		904,163
Money market		254,154		271,566		272,145
Total savings		1,129,081		1,171,240		1,176,308
Certificates of deposit:
$250,000 and under		573,612		602,959		580,940
Over $250,000		141,623		144,255		124,681
Brokered deposits		75,000		123,289		263,418
Total certificates of deposit		790,235		870,503		969,039
Total deposits	$	3,986,187	$	4,131,956	$	4,138,477

Included in the table above are business and municipal deposit account balances as follows (dollars in thousands):

	June 30, 2025		March 31, 2025		December 31, 2024

Business customers	$	907,464	$	891,545	$	885,769
Municipal (governmental) customers	$	892,652	$	929,611	$	859,319

Borrowed funds increased to $893.5 million at June 30, 2025, from $727.8 million at December 31, 2024. The increase in borrowings for the period was primarily due to a $55.0 million increase in borrowings under an overnight line of credit, and a $110.5 million increase in other borrowings. Management utilizes borrowings to mitigate interest rate risk, for short-term liquidity, and to a lesser extent from time to time, as part of leverage strategies.

The following table sets forth borrowing maturities (excluding overnight borrowings and subordinated debt) and the weighted average rate by year at June 30, 2025 (dollars in thousands):

Year	Amount	Weighted Average Rate
2025	$295,684	4.44%
2026	148,000	4.36%
2027	173,000	3.19%
2028	154,288	3.96%
	$770,972	4.05%

Total stockholders’ equity increased by $5.6 million to $710.3 million at June 30, 2025, from $704.7 million at December 31, 2024. The increase was attributable to net income of $17.4 million for the six months ended June 30, 2025, an $11.9 million increase in accumulated other comprehensive income associated with an increase in the estimated fair value of our debt securities available-for-sale portfolio, and a $2.0 million increase in equity award activity, partially offset by $15.0 million in stock repurchases and $10.7 million in dividend payments. On February 26, 2025, the Board of Directors of the Company approved a $5.0 million stock repurchase program, and on April 23, 2025, the Board of Directors approved a $10.0 million stock repurchase program. During the six months ended June 30, 2025, the Company repurchased 1.3 million shares of its common stock outstanding at an average price of $11.52 for a total of $15.0 million pursuant to the approved stock repurchase plans. As of June 30, 2025, the Company has no outstanding repurchase program.

The Company’s most liquid assets are cash and cash equivalents, corporate bonds, and unpledged mortgage-related securities issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac, that we can either borrow against or sell. We also have the ability to surrender bank-owned life insurance contracts. The surrender of these contracts would subject the Company to income taxes and penalties for increases in the cash surrender values over the original premium payments. We also have the ability to obtain additional funding from the Federal Home Loan Bank and Federal Reserve Bank of New York utilizing unencumbered and unpledged securities and multifamily loans. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. The Company’s on-hand liquidity ratio as of June 30, 2025 was 18.3%.

The Company had the following primary sources of liquidity at June 30, 2025 (dollars in thousands):

Cash and cash equivalents⁽¹⁾	$	85,652
Corporate bonds⁽²⁾	$	15,525
Multifamily loans⁽²⁾	$	1,074,872
Mortgage-backed securities (issued or guaranteed by the U.S. Government, Fannie Mae, or Freddie Mac)⁽²⁾	$	791,369

(1) Excludes $12.0 million of cash at Northfield Bank.
(2) Represents estimated remaining borrowing potential.

The Company and the Bank utilize the Community Bank Leverage Ratio (“CBLR”) framework. At June 30, 2025, the Company’s and the Bank’s estimated CBLR ratios were 12.09% and 12.56%, respectively, which exceeded the minimum requirement to be considered well-capitalized of 9%.

Asset Quality

The following table details total non-accrual loans (excluding PCD), non-performing assets, loans over 90 days delinquent on which interest is accruing, and accruing loans 30 to 89 days delinquent at June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

	June 30, 2025			March 31, 2025			December 31, 2024
Non-accrual loans:
Held-for-investment
Real estate loans:
Multifamily	$	2,521		$	2,565		$	2,609
Commercial mortgage		4,555			4,565			4,578
Home equity and lines of credit		1,264			1,267			1,270
Commercial and industrial		4,517			4,972			5,807
Total non-accrual loans		12,857			13,369			14,264
Loans delinquent 90 days or more and still accruing:
Held-for-investment
Real estate loans:
Multifamily		—			—			164
Commercial mortgage		74			—			—
One-to-four family residential		871			878			882
Home equity and lines of credit		177			140			140
Commercial and industrial		121			—			—
Total loans held-for-investment delinquent 90 days or more and still accruing		1,243			1,018			1,186
Non-performing loans held-for-sale:
Commercial mortgage		—			4,397			4,397
Commercial and industrial		—			500			500
Total non-performing loans held-for-sale		—			4,897			4,897
Total non-performing loans		14,100			19,284			20,347
Total non-performing assets	$	14,100		$	19,284		$	20,347
Non-performing loans to total loans		0.36	%		0.48	%		0.51	%
Non-performing assets to total assets		0.25	%		0.34	%		0.36	%
Accruing loans 30 to 89 days delinquent	$	4,076		$	6,845		$	9,336

The decrease in non-performing loans held-for-sale from March 31, 2025, and December 31, 2024, was due to repayment of the loans in full from a settlement agreement in bankruptcy.

Accruing Loans 30 to 89 Days Delinquent

Loans 30 to 89 days delinquent and on accrual status totaled $4.1 million, $6.8 million and $9.3 million at June 30, 2025, March 31, 2025 and December 31, 2024, respectively. The following table sets forth delinquencies for accruing loans by type and by amount at June 30, 2025, March 31, 2025 and December 31, 2024 (dollars in thousands):

	June 30, 2025		March 31, 2025		December 31, 2024
Held-for-investment
Real estate loans:
Multifamily	$	1,230	$	1,296	$	2,831
Commercial mortgage		14		147		78
One-to-four family residential		741		2,584		2,407
Home equity and lines of credit		1,398		1,141		1,472
Commercial and industrial loans		693		1,674		2,545
Other loans		—		3		3
Total delinquent accruing loans held-for-investment	$	4,076	$	6,845	$	9,336

PCD Loans (Held-for-Investment)

The Company accounts for PCD loans at estimated fair value using discounted expected future cash flows deemed to be collectible on the date acquired. Based on its detailed review of PCD loans and experience in loan workouts, management believes it has a reasonable expectation about the amount and timing of future cash flows and accordingly has classified PCD loans ($9.0 million at June 30, 2025 and $9.2 million at December 31, 2024, respectively) as accruing, even though they may be contractually past due. At June 30, 2025, 2.3% of PCD loans were past due 30 to 89 days, and 25.5% were past due 90 days or more, as compared to 2.1% and 24.9%, respectively, at December 31, 2024.

Our multifamily loan portfolio at June 30, 2025 totaled $2.48 billion, or 63% of our total loan portfolio, of which $434.1 million, or 11%, of our total loan portfolio included loans collateralized by properties in New York with units subject to some percentage of rent regulation. The table below sets forth details about our multifamily loan portfolio in New York (dollars in thousands).

% Rent Regulated	Balance		% Portfolio Total NY Multifamily Portfolio		Average Balance		Largest Loan		LTV^*		Debt Service Coverage Ratio (DSCR)^*	30-89 Days Delinquent		Non-Accrual		Special Mention		Substandard
0	$	294,926	40.5	%	$	1,229	$	16,361	50.6	%	1.50x	$	155	$	481	$	—	$	1,015
>0-10		4,673	0.6			1,558		2,097	50.6		1.33		—		—		—		—
>10-20		18,258	2.5			1,404		2,818	48.4		1.59		—		—		—		—
>20-30		19,159	2.6			2,129		5,417	48.1		1.55		—		—		—		—
>30-40		15,884	2.2			1,324		3,012	43.2		1.74		—		—		—		—
>40-50		21,438	2.9			1,261		2,701	46.7		1.68		—		—		—		—
>50-60		9,222	1.3			1,537		2,299	39.1		1.80		—		—		—		—
>60-70		21,815	3.0			2,727		11,102	53.2		1.50		—		—		—		—
>70-80		22,038	3.0			2,449		4,855	47.3		1.55		—		—		—		—
>80-90		19,547	2.7			1,150		3,113	45.9		1.66		—		—		1,118		—
>90-100		282,037	38.7			1,730		16,594	51.3		1.54		—		2,040		3,608		4,342
Total	$	728,997	100.0	%	$	1,467	$	16,594	50.2	%	1.54x	$	155	$	2,521	$	4,726	$	5,357

The table below sets forth our New York rent-regulated loans by county (dollars in thousands).

County	Balance		LTV^*	DSCR^*
Bronx	$	116,252	50.9%	1.51x
Kings		184,424	49.4%	1.58
Nassau		2,145	35.7%	2.13
New York		48,532	46.0%	1.62
Queens		37,359	44.1%	1.69
Richmond		32,031	59.8%	1.41
Westchester		13,327	58.4%	1.44
Total	$	434,070	49.9%	1.56x

* Weighted Average

None of the loans that are rent-regulated in New York are interest only. During the remainder of 2025, 13 loans with an aggregate principal balance of $23.6 million will re-price.

About Northfield Bank

Northfield Bank, founded in 1887, operates 37 full-service banking offices in Staten Island and Brooklyn, New York, and Hunterdon, Middlesex, Mercer, and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.

Forward-Looking Statements: This release may contain certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Northfield Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Northfield Bancorp, Inc. may turn out to be wrong. They can be affected by inaccurate assumptions Northfield Bancorp, Inc. might make or by known or unknown risks and uncertainties as described in our SEC filings, including, but not limited to, those related to general economic conditions, particularly in the market areas in which the Company operates, competition and demand for financial services in our market area, competition among depository and other financial institutions, including with respect to fees and interest rates, fluctuations in residential and commercial real estate values and market conditions, changes in liquidity, the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio, our ability to access cost-effective funding, changes in laws or government regulations or policies affecting financial institutions, including changes in the monetary policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the imposition of tariffs or other domestic or international governmental policies and retaliatory responses, changes in the quality and/or composition of our loan and securities portfolios, prepayment speeds, charge-offs and/or credit loss provisions, changes in the value of our goodwill or other intangible assets, changes in regulatory fees, assessments and capital requirements, inflation and changes in the interest rate environment that reduce our margins, reduce the fair value of financial instruments or reduce our ability to originate loans, the failure to maintain current technologies and to successfully implement future information technology enhancements, cyber security and fraud risks against our information technology and those of our third-party providers, the ability of third-party providers to perform their obligations to us, the effects of war, conflict, and acts of terrorism, our ability to successfully integrate acquired entities, and adverse changes in the securities markets. Consequently, no forward-looking statement can be guaranteed. Northfield Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release, or conform these statements to actual events.

(Tables follow)

NORTHFIELD BANCORP, INC. SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA (Dollars in thousands, except per share amounts) (unaudited)


	At or For the Three Months Ended						At or For the Six Months Ended
	June 30,				March 31,		June 30,
	2025		2024		2025		2025		2024
Selected Financial Ratios:
Performance Ratios ⁽¹⁾
Return on assets (ratio of net income to average total assets)	0.68	%	0.41	%	0.56	%	0.62	%	0.42	%
Return on equity (ratio of net income to average equity)	5.41		3.45		4.52		4.97		3.52
Average equity to average total assets	12.56		12.00		12.43		12.50		12.02
Interest rate spread	1.94		1.44		1.76		1.84		1.41
Net interest margin	2.57		2.09		2.38		2.48		2.06
Efficiency ratio ⁽²⁾	59.02		72.89		61.57		60.22		72.16
Non-interest expense to average total assets	1.63		1.60		1.53		1.58		1.58
Non-interest expense to average total interest-earning assets	1.72		1.68		1.61		1.66		1.65
Average interest-earning assets to average interest-bearing liabilities	130.31		128.47		129.42		129.87		128.57
Asset Quality Ratios:
Non-performing assets to total assets	0.25		0.30		0.34		0.25		0.30
Non-performing loans ⁽³⁾ to total loans ⁽⁴⁾	0.36		0.42		0.48		0.36		0.42
Allowance for credit losses to non-performing loans ⁽⁵⁾	256.15		200.96		242.73		256.15		200.96
Allowance for credit losses to total loans held-for-investment, net ⁽⁶⁾	0.92		0.85		0.87		0.92		0.85

(1) Annualized where appropriate.
(2) The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income.
(3) Non-performing loans consist of non-accruing loans and loans 90 days or more past due and still accruing (excluding PCD loans), and are included in total loans held-for-investment, net.
(4)  Includes originated loans held-for-investment, PCD loans, acquired loans and loans held-for-sale.
(5)  Excludes loans held-for-sale.
(6)  Includes originated loans held-for-investment, PCD loans, and acquired loans.


NORTHFIELD BANCORP, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share amounts) (unaudited)

	June 30, 2025			March 31, 2025			December 31, 2024
ASSETS:
Cash and due from banks	$	11,985		$	12,523		$	13,043
Interest-bearing deposits in other financial institutions		85,652			89,139			154,701
Total cash and cash equivalents		97,637			101,662			167,744
Trading securities		14,052			13,003			13,884
Debt securities available-for-sale, at estimated fair value		1,300,975			1,246,473			1,100,817
Debt securities held-to-maturity, at amortized cost		8,454			8,883			9,303
Equity securities		6,278			10,855			14,261
Loans held-for-sale		—			4,897			4,897
Loans held-for-investment, net		3,920,613			3,991,529			4,022,224
Allowance for credit losses		(36,120	)		(34,921	)		(35,183	)
Net loans held-for-investment		3,884,493			3,956,608			3,987,041
Accrued interest receivable		19,241			19,648			19,078
Bank-owned life insurance		179,134			177,398			175,759
Federal Home Loan Bank of New York stock, at cost		43,664			38,350			35,894
Operating lease right-of-use assets		26,157			27,345			27,771
Premises and equipment, net		20,842			21,431			21,985
Goodwill		41,012			41,012			41,012
Other assets		37,352			42,435			46,932
Total assets	$	5,679,291		$	5,710,000		$	5,666,378

LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits	$	3,986,187		$	4,131,956		$	4,138,477
Federal Home Loan Bank advances and other borrowings		831,920			709,159			666,402
Subordinated debentures, net of issuance costs		61,554			61,498			61,442
Lease liabilities		30,286			31,630			32,209
Advance payments by borrowers for taxes and insurance		25,287			29,270			24,057
Accrued expenses and other liabilities		33,783			35,338			39,095
Total liabilities		4,969,017			4,998,851			4,961,682

STOCKHOLDERS’ EQUITY:
Total stockholders’ equity		710,274			711,149			704,696
Total liabilities and stockholders’ equity	$	5,679,291		$	5,710,000		$	5,666,378

Total shares outstanding		41,819,988			42,676,274			42,903,598
Tangible book value per share⁽¹⁾	$	16.00		$	15.70		$	15.46

(1) Tangible book value per share is calculated based on total stockholders’ equity, excluding intangible assets (goodwill and core deposit intangibles), divided by total shares outstanding as of the balance sheet date. Core deposit intangibles were $45, $57 and $69 at June 30, 2025, March 31, 2025 and December 31, 2024, respectively, and are included in other assets.


NORTHFIELD BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except share and per share amounts) (unaudited)

	For the Three Months Ended									For the Six Months Ended
	June 30,						March 31,			June 30,
		2025			2024			2025			2025		2024
Interest income:
Loans	$	46,661		$	45,967		$	45,283		$	91,944	$	92,014
Mortgage-backed securities		13,888			7,355			12,009			25,897		11,753
Other securities		442			3,506			797			1,239		7,347
Federal Home Loan Bank of New York dividends		728			935			862			1,590		1,905
Deposits in other financial institutions		706			2,457			1,141			1,847		5,849
Total interest income		62,425			60,220			60,092			122,517		118,868
Interest expense:
Deposits		20,285			20,664			21,191			41,476		39,937
Borrowings		6,916			10,041			6,291			13,207		20,704
Subordinated debt		828			828			819			1,647		1,656
Total interest expense		28,029			31,533			28,301			56,330		62,297
Net interest income		34,396			28,687			31,791			66,187		56,571
Provision/(benefit) for credit losses		2,086			(618	)		2,582			4,668		(203	)
Net interest income after provision/(benefit) for credit losses		32,310			29,305			29,209			61,519		56,774
Non-interest income:
Fees and service charges for customer services		1,685			1,570			1,620			3,305		3,185
Income on bank-owned life insurance		1,736			976			1,639			3,375		1,940
Gains on available-for-sale debt securities, net		—			1			—			—		1
Gains/(losses) on trading securities, net		1,008			188			(299	)		709		887
Gain on sale of loans		—			51			—			—		51
Other		97			73			62			159		176
Total non-interest income		4,526			2,859			3,022			7,548		6,240
Non-interest expense:
Compensation and employee benefits		13,728			13,388			11,775			25,503		26,153
Occupancy		3,328			3,222			3,533			6,861		6,775
Furniture and equipment		411			477			414			825		961
Data processing		2,402			2,177			2,122			4,524		4,324
Professional fees		903			681			1,072			1,975		1,490
Advertising		294			482			250			544		1,000
Federal Deposit Insurance Corporation insurance		618			649			617			1,235		1,237
Credit (benefit) loss expense for off-balance sheet exposures		(53	)		103			103			50		186
Other		1,339			1,814			1,549			2,888		3,199
Total non-interest expense		22,970			22,993			21,435			44,405		45,325
Income before income tax expense		13,866			9,171			10,796			24,662		17,689
Income tax expense		4,295			3,214			2,920			7,215		5,518
Net income	$	9,571		$	5,957		$	7,876		$	17,447	$	12,171
Net income per common share:
Basic	$	0.24		$	0.14		$	0.19			0.43		0.29
Diluted	$	0.24		$	0.14		$	0.19			0.43		0.29
Basic average shares outstanding		40,183,613			41,999,541			40,864,529			40,522,193		42,181,306
Diluted average shares outstanding		40,204,833			42,002,650			40,922,829			40,561,953		42,203,715


NORTHFIELD BANCORP, INC. ANALYSIS OF NET INTEREST INCOME (Dollars in thousands) (unaudited)

	For the Three Months Ended
	June 30, 2025						March 31, 2025						June 30, 2024
	Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾
Interest-earning assets:
Loans ⁽²⁾	$	3,944,822	$	46,661	4.74	%	$	4,007,266	$	45,283	4.58	%	$	4,128,105	$	45,967	4.48	%
Mortgage-backed securities ⁽³⁾		1,246,843		13,888	4.47			1,132,715		12,009	4.30			824,498		7,355	3.59
Other securities ⁽³⁾		56,559		442	3.13			118,082		797	2.74			333,855		3,506	4.22
Federal Home Loan Bank of New York stock		37,225		728	7.84			36,929		862	9.47			38,707		935	9.72
Interest-earning deposits in financial institutions		79,463		706	3.56			118,983		1,141	3.89			191,470		2,457	5.16
Total interest-earning assets		5,364,912		62,425	4.67			5,413,975		60,092	4.50			5,516,635		60,220	4.39
Non-interest-earning assets		280,107						277,586						265,702
Total assets	$	5,645,019					$	5,691,561					$	5,782,337

Interest-bearing liabilities:
Savings, NOW, and money market accounts	$	2,491,340	$	12,227	1.97	%	$	2,502,664	$	12,148	1.97	%	$	2,490,372	$	13,183	2.13	%
Certificates of deposit		867,268		8,058	3.73			923,713		9,043	3.97			701,272		7,481	4.29
Total interest-bearing deposits		3,358,608		20,285	2.42			3,426,377		21,191	2.51			3,191,644		20,664	2.60
Borrowed funds		696,874		6,916	3.98			695,281		6,291	3.67			1,041,035		10,041	3.88
Subordinated debt		61,517		828	5.40			61,461		819	5.40			61,294		828	5.43
Total interest-bearing liabilities		4,116,999		28,029	2.73			4,183,119		28,301	2.74			4,293,973		31,533	2.95
Non-interest bearing deposits		723,693						706,217						691,384
Accrued expenses and other liabilities		95,047						94,819						103,082
Total liabilities		4,935,739						4,984,155						5,088,439
Stockholders’ equity		709,280						707,406						693,898
Total liabilities and stockholders’ equity	$	5,645,019					$	5,691,561					$	5,782,337

Net interest income			$	34,396					$	31,791					$	28,687
Net interest rate spread ⁽⁴⁾					1.94	%					1.76	%					1.44	%
Net interest-earning assets ⁽⁵⁾	$	1,247,913					$	1,230,856					$	1,222,662
Net interest margin ⁽⁶⁾					2.57	%					2.38	%					2.09	%
Average interest-earning assets to interest-bearing liabilities					130.31	%					129.42	%					128.47	%

(1) Average yields and rates are annualized.
(2) Includes non-accruing loans.
(3) Securities available-for-sale and other securities are reported at amortized cost.
(4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.


	For the Six Months Ended
	June 30, 2025						June 30, 2024
	Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾		Average Outstanding Balance		Interest		Average Yield/ Rate ⁽¹⁾
Interest-earning assets:
Loans ⁽²⁾	$	3,975,872	$	91,944	4.66	%	$	4,151,387	$	92,014	4.46	%
Mortgage-backed securities ⁽³⁾		1,190,095		25,897	4.39			736,654		11,753	3.21
Other securities ⁽³⁾		87,150		1,239	2.87			362,917		7,347	4.07
Federal Home Loan Bank of New York stock		37,078		1,590	8.65			39,153		1,905	9.78
Interest-earning deposits in financial institutions		99,114		1,847	3.76			227,177		5,849	5.18
Total interest-earning assets		5,389,309		122,517	4.58			5,517,288		118,868	4.33
Non-interest-earning assets		278,852						266,065
Total assets	$	5,668,161					$	5,783,353

Interest-bearing liabilities:
Savings, NOW, and money market accounts	$	2,496,970	$	24,375	1.97	%	$	2,477,334	$	25,514	2.07	%
Certificates of deposit		895,335		17,101	3.85			677,800		14,423	4.28
Total interest-bearing deposits		3,392,305		41,476	2.47			3,155,134		39,937	2.55
Borrowed funds		696,082		13,207	3.83			1,074,957		20,704	3.87
Subordinated debt		61,489		1,647	5.40			61,266		1,656	5.44
Total interest-bearing liabilities	$	4,149,876		56,330	2.74		$	4,291,357		62,297	2.92
Non-interest bearing deposits		715,003						695,512
Accrued expenses and other liabilities		94,934						101,339
Total liabilities		4,959,813						5,088,208
Stockholders’ equity		708,348						695,145
Total liabilities and stockholders’ equity	$	5,668,161					$	5,783,353

Net interest income			$	66,187					$	56,571
Net interest rate spread ⁽⁴⁾					1.84	%					1.41	%
Net interest-earning assets ⁽⁵⁾	$	1,239,433					$	1,225,931
Net interest margin ⁽⁶⁾					2.48	%					2.06	%
Average interest-earning assets to interest-bearing liabilities					129.87	%					128.57	%

(1) Average yields and rates are annualized.
(2) Includes non-accruing loans.
(3) Securities available-for-sale and other securities are reported at amortized cost.
(4) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.

Company Contact:
William R. Jacobs
Chief Financial Officer
Tel: (732) 499-7200 ext. 2519

The MIL Network –

July 24, 2025

MIL-OSI: Subsea7 and Saipem announce signing of the Merger Agreement

Source: GlobeNewswire (MIL-OSI)

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Transaction structure and terms confirmed in line with Memorandum of Understanding

Creating a global leader in energy services

Milan, Luxembourg, 24 July 2025 – Saipem and Subsea7 announce that they have entered into a binding merger agreement, on terms and conditions in line with what previously communicated at the time of the signing of the Memorandum of Understanding on 23 February 2025. The merger of Saipem and Subsea7 will create a global leader in energy services.

Highlights

The company resulting from the merger¹ between Saipem and Subsea7 (the “Proposed Combination”) will be renamed Saipem7 (“Saipem7”), will have revenue of approx. €21 billion², EBITDA in excess of €2 billion³, will generate more than €800 million of Free Cash Flow⁴ and will have a combined backlog of €43 billion⁵
The highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies will benefit Saipem7’s global portfolio of clients
The diversification of the geographical footprint of Saipem and Subsea7 is reflected in the combined backlog, with no single country contributing more than 15% of total⁶
On completion, Saipem and Subsea7 shareholders will own 50% each of the share capital of Saipem7
Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
Subsea7 will distribute an extraordinary dividend to its shareholders for an amount equal to €450 million immediately prior to completion of the Proposed Combination
Annual synergies expected to be approximately €300 million on a run-rate basis, which will lead to material value creation for the shareholders of Saipem7
Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
Siem Industries, reference shareholder of Subsea7, and Eni and CDP Equity, reference shareholders of Saipem, have committed to vote in favour of the Proposed Combination
Completion of the Proposed Combination anticipated to occur in the second half of 2026

The management of both Saipem and Subsea7 confirm the compelling strategic rationale in creating a global leader in energy services, particularly considering the growing size of clients’ projects. The parties believe the Proposed Combination will enhance value for all shareholders and stakeholders, both in the current market and in the long term.

Eni, CDP Equity and Siem Industries fully support the Proposed Combination and have signed a Shareholders’ Agreement confirming the undertaking to vote in favour of the Proposed Combination. As part of this, to ensure a balanced leadership and governance structure, Saipem7’s CEO will be designated by Eni and CDP Equity and Saipem7’s Chairman of the Board of Directors will be designated by Siem Industries.

It is currently envisaged that, upon completion of the Proposed Combination, Mr Kristian Siem will be appointed as Chairman of the Board of Directors of Saipem7⁷ and Mr Alessandro Puliti will be appointed as CEO of Saipem7⁸. In addition, Mr Alessandro Puliti and Mr John Evans will be appointed respectively as the Chairman and CEO of the company that will manage the Offshore Engineering & Construction business of Saipem7. Such company will be named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all of Subsea7’s businesses and Saipem’s Asset Based Services business (including Offshore Wind).

The by-laws of Saipem7 are expected to provide for loyalty shares (double votes), which will be available, upon request, to all shareholders of Saipem7.

Strategic rationale of the Proposed Combination

The Proposed Combination will be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:

Global reach and comprehensive solutions for clients: global operations and projects in more than 60 countries and a highly complementary footprint between the two companies. A full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project scheduling for clients in oil, gas, carbon capture and renewable energy
Diversified and complementary fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing Saipem7’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services, as well as market-leading wind turbine, foundations and cable lay installation capabilities
World-class expertise and experience: a specialised, global workforce of approximately 44,000 people, including more than 9,000 engineers and project managers contributing to delivering solutions that unlock value for clients
Innovation and technology: the combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects

The transaction is expected to create significant shareholder value through:

Synergies: annual cost and capital expenditure synergies expected to be approximately €300 million from the third year after completion of the Proposed Combination, driven by fleet optimisation (utilisation and geographical positioning of vessels and equipment), procurement (longer charter periods for leased vessels and improved terms with suppliers), sales and marketing (tendering rationalisation), and process efficiencies
More efficient capital expenditure programme: optimised allocation of capital across a broader, complementary vessel fleet
Attractive shareholder remuneration policy: Saipem7 is expected to distribute annually to its shareholders at least 40% of its Free Cash Flow after repayment of lease liabilities
Enhanced capital structure: a solid balance sheet expected to support an investment grade credit rating
Greater scale in both equity and debt capital markets: access to a wider investor base and to more diversified sources of capital

Transaction structure, ownership and terms

Saipem7 will be created through an EU cross-border statutory merger, carried out by way of absorption of Subsea7 into Saipem, with the latter to be renamed Saipem7
Saipem7 will remain incorporated in Italy and headquartered in Milan, and will have its shares listed on both the Milan and Oslo stock exchanges
Siem Industries (currently the largest shareholder of Subsea7) will own approximately 11.8% of Saipem7’s share capital, while Eni and CDP Equity (currently the largest shareholders of Saipem) will respectively own approximately 10.6% and 6.4% of Saipem7’s share capital
Subsea7 shareholders participating to the Proposed Combination will receive 6.688 new Saipem shares for each Subsea7 share held
Assuming all Subsea7 shareholders participate in the merger, the share capital of Saipem7 will be held 50-50% by the current shareholders of Saipem and Subsea7 on completion
Immediately prior to completion of the Proposed Combination, Subsea7 shareholders will receive an extraordinary cash dividend of €450 million⁹
Shareholders of Subsea7 who vote against the approval of the Proposed Combination at the Subsea7 Extraordinary General Meeting will have the right to dispose of their shares in Subsea7 for an adequate cash compensation under the conditions set out under Luxembourg company law.¹⁰ The formula that will be used to determine the cash compensation will be made available on Subsea7’s website and the amount of the cash compensation determined on the basis of such formula will be announced in advance of Subsea7’s Extraordinary General Meeting

Key activities performed since the execution of the Memorandum of Understanding

Satisfactory confirmatory due diligence completed, and transaction terms finalised in line with those initially agreed at the time of the signing of the Memorandum of Understanding
Annual cost and capital expenditure synergies confirmed and expected to be equal to approximately €300 million from the third year after completion of the Proposed Combination
No material findings in the analysis of Saipem and Subsea7 business plans in terms of projects overlap, thus further underpinning the value creation deriving from the Proposed Combination
Completed the preliminary antitrust analysis with the support of specialised advisors. Currently in the process of submitting the relevant documentation for the consideration of the Proposed Combination to the applicable antitrust authorities
Confirmation of capital allocation framework, including shareholders’ remuneration policy and target of achieving and maintaining investment grade credit rating
Identified the key members of the management team of Saipem7 and Subsea7 following completion of the Proposed Combination
Agreement on the governance principles applicable to Saipem7 and Subsea7 following completion of the Proposed Combination

Organisational structure of Saipem7

Saipem7 will be structured as four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore
The Offshore Engineering & Construction business will be contained within an operationally autonomous company, fully owned by Saipem7, named Subsea7, branded as “Subsea7, a Saipem7 Company”, and will comprise all Subsea7’s businesses and the Asset Based Services business of Saipem (including Offshore Wind). The company will represent approximately 84% of the combined group’s EBITDA for the last 12 months as of 31 December 2024
Subsea7 shall be incorporated in the UK and headquartered in London. After completion of the Proposed Combination, Subsea7 will be governed by a Board of Directors comprising seven members, including Mr Alessandro Puliti as Chairman, Mr John Evans as CEO, Mr Kristian Siem and other four independent directors

Pre-completion distributions to shareholders

Each of Saipem and Subsea7 will distribute cash dividends of $350 million during the course of 2025, such dividends having already been approved by their respective shareholders’ meetings in May 2025 and having already been partially distributed
If the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7 (expected in the second quarter of 2026 for both Saipem and Subsea7), each of Saipem and Subsea7 will (subject to their respective 2025 results meeting certain agreed financial targets) be entitled to distribute cash dividends to their respective shareholders of at least $300 million¹¹^,12^{, 13}, to be paid in Q2 2026
In connection with a permitted business divestment currently ongoing, Subsea7 will also distribute a cash dividend equal to €105 million¹⁴ to its shareholders prior to completion of the Proposed Combination

Shareholders’ Agreement

The Shareholders’ Agreement signed between Siem Industries, Eni and CDP Equity provides for, inter alia, an irrevocable undertaking to vote in favour of the Proposed Combination (subject to receipt of the required Italian government approval), a three-year shareholder lock-up and the submission of a joint slate for the appointment of the majority of the members of the board of directors of Saipem7.

Timing, conditions precedent, approvals and other matters

Completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, the approval of antitrust, other public and regulatory authorities’ (e.g. the required Italian Government approval), as well as approval by the shareholders of both Saipem and Subsea7 at their respective Extraordinary General Meetings. In the case of Saipem this will be subject to reaching also the so-called “whitewash majorities” for purposes of the mandatory takeover bid exemption¹⁵. Both Saipem’s and Subsea7’s Extraordinary General Meetings will take place on 25 September 2025.

Completion is currently anticipated to occur in the second half of 2026.

The completion of the Proposed Combination will result in a “Change of Control,” as defined in the terms and conditions of the convertible bond issued by Saipem and denominated “€500,000,000 Senior Unsecured Guaranteed Equity Linked Bonds due 2029”.

Documentation

In connection with the Proposed Combination, the following documents, among others, will be made available:

The notice of call of each of Saipem and Subsea7’s Extraordinary General Meetings
The common merger plan approved by the Boards of Directors of each of Saipem and Subsea7 (the “Common Merger Plan”), along with the consolidated financial statements of Saipem and Subsea7 for the last three financial years and the merger related interim financial statements of Saipem and Subsea7 as of 30 June 2025
The reports of the Board of Directors of each of Saipem and Subsea7 describing the Proposed Combination
The independent expert reports prepared for each of Saipem and Subsea7 in connection with the Proposed Combination

These documents will be available at the companies’ registered seats and published on each party’s website. Where required under applicable laws and regulations, these documents will be disclosed also through the authorised storage mechanism (SDIR) for Saipem and through an officially appointed mechanism (OAM) for Subsea7.

The Common Merger Plan will also be filed with the Companies’ Register of Milan Monza Brianza Lodi, and the Luxembourg Trade and Companies Register, and will also be published in the Recueil Electronique des Sociétés et Associations in Luxembourg (the Luxembourg legal gazette for company announcements) (RESA)¹⁶.

Advisors

Goldman Sachs Bank Europe SE, Succursale Italia is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem (including as to matters of Italian, English, US and Luxembourg Law), while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.

Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen société anonyme and Advokatfirmaet Wiersholm AS are serving as legal counsel to Subsea7 as to matters of Luxembourg and Norwegian law, respectively.

Enquiries

Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 5 fabrication yards and an offshore fleet of 17 owned construction vessels and 13 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 130 nationalities.

Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

Forward-looking Statements

This document contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the proposed merger of Saipem and Subsea 7 (the “Proposed Combination“). Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, Free Cash Flow, EBITDA, dividends, and credit ratings. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.

This document includes estimates relating to the synergies expected to arise from the merger and the combination of the business operations of Saipem and Subsea7, as well as related integration costs, which have been prepared by Saipem and Subsea7 and are based on a number of assumptions and judgments. Such estimates present the expected future impact of the merger and the combination of the business operations of Saipem and Subsea7 on Saipem7’s business, financial condition and results of operations. The assumptions relating to the estimated synergies and related integration costs are inherently uncertain and are subject to a wide variety of significant business, economic, and competitive risks and uncertainties that could cause the actual synergies from the merger and the combination of the business operations of Saipem and Subsea7, if any, and related integration costs to differ materially from the estimates in this document. Further, there can be no certainty that the merger will be completed in the manner and timeframe described in this document, or at all.

Use of Non-IFRS Financial Measures

This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Free Cash Flow. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.

Presentation of Financial Information

This document includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. Any Saipem7 financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position of the combined entity and should not be taken as representative of the combined entity’s future consolidated results of operations or financial position had the Proposed Combination occurred as of such date. These estimates are based on financial information available at the time of the preparation of this document.

¹ Merger by way of absorption of Subsea7 into Saipem
² Combined Revenue for Saipem and Subsea7 as per last 12 months as of 31 December 2024
³ Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 31 December 2024
⁴ Combined Free Cash Flow post repayment of lease liabilities for Saipem and Subsea7 as per last 12 months as of 31 December 2024
⁵ Combined backlog for Saipem and Subsea7 as of 31 March 2025
⁶ Combined backlog for Saipem and Subsea7 as of 31 March 2025
⁷ Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
⁸ Subject to approval by the Shareholders’ Meeting and the Board of Directors of Saipem7
⁹ Subject to approval by the Subsea7 Shareholders’ Meeting
¹⁰ Such withdrawal right may only be exercised in respect of (a) Subsea7 shares registered in the securities account of the relevant shareholder with such shareholder’s financial intermediary on the date of publication of the Common Merger Plan on the Recueil Electronique des Sociétés et Associations – RESA (the Luxembourg legal gazette for company announcements) and (b) Subsea7 shares acquired after such date through inheritance or bequest. Further details will be specified in the convening notice to the Subsea7 Extraordinary General Meeting
¹¹ Subject to approval by the Shareholders’ Meeting and the Board of Directors
¹² The dividend paid by Saipem will be qualified as ordinary in nature
¹³ Saipem and Subsea7 will be entitled to distribute a reduced pro-rated amount should their respective financial results not meet the relevant financial targets, as detailed in the Common Merger Plan
¹⁴ Subject to approval by the Subsea7 Shareholders’ Meeting
¹⁵ Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
¹⁶ Subsea7 intends to file the Common Merger Plan with the Registre de Commerce et des Sociétés, Luxembourg (the Luxembourg Trade and Companies Register) for publication on the RESA no later than the second Oslo Børs trading day after the date of this announcement

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 24 July 2025 at 00:40 CET.

Attachment

Merger Agreement Saipem and Subsea7 24 July 2025

The MIL Network –

July 24, 2025

MIL-OSI USA: Sullivan Chairs CECC Hearing on Chinese Transnational Repression & Political Warfare

US Senate News:

Source: United States Senator for Alaska Dan Sullivan

07.23.25

WASHINGTON—U.S. Senator Dan Sullivan (R-Alaska), the new chair of the Congressional-Executive Commission on China (CECC), today chaired a hearing on the People’s Republic of China’s (PRC) disturbing campaign of transnational political warfare and repression against the people and leaders of Taiwan, and partners of and advocates for Taiwan, including American citizens and others living lawfully in the United States.

“This is transnational repression. It is a coordinated strategy to isolate Taiwan, dominate the global narrative through fear and coercion, and again, not only against Taiwanese citizens, but other citizens, including our own citizens,” said Sen Sullivan. “These threats are multifaceted—AI-generated disinformation; the extraterritorial application of PRC laws; of course, diplomatic pressure on Taiwan’s allies; the public intimidation of democratically elected leaders…Every day, the CCP grows bolder and more aggressive in its threats against Taiwan, the United States and our allies in the Indo-Pacific. We need to call that out, have open hearings like this, and push back against this transnational repression.”

[embedded content]

Click here to watch the full hearing.

The commission heard testimony from Fan Yun, a member of the Legislative Yuan of Taiwan; Rear Admiral Mike Studeman, U.S. Navy (Ret.), former commander of the Office of Naval Intelligence; Peter Mattis, president of the Jamestown Foundation; and Audrye Wong, the Jeane Kirkpatrick Fellow at the American Enterprise Institute and assistant professor of political science and international relations at the University of Southern California.

Sen. Sullivan has long been a leading advocate in the Senate for Taiwan, introducing his comprehensive Sanctions Targeting Aggressors of Neighboring Democracies (STAND) with Taiwan Act in the last two Congresses aimed at deterring a Chinese People’s Liberation Army (PLA) military invasion of Taiwan that the Chinese Communist Party (CCP) dictatorship has threatened for years. Sullivan is expected to reintroduce the legislation in the fall with a strong, bipartisan slate of cosponsors. Sen. Sullivan was announced as the chairman of the CECC for the 119^th Congress on July 14, 2025, serving alongside Rep. Chris Smith (R-N.J.), the CECC co-chair.

Below is a full transcript of Sen. Sullivan’s introductory remarks.

Today’s hearing comes at a pivotal moment. For 75 years, the People’s Republic of China has vowed to bring Taiwan under its control. We have our own Taiwan Relations Act. We have our “One China” policy. However, in recent years, that pressure—not just, by the way, with regard to Taiwanese, but other people, including American citizens—has intensified and globalized with Beijing not only targeting Taiwan across the strait, it’s projecting intimidation across borders, institutions, using political transnational repression as tools of coercion among people across the globe.

The title of this hearing rhymes with major legislation of mine, the STAND with Taiwan Act. That bill, which I’ve introduced in the last two Congresses and will soon be introducing again, has great bipartisan support. Senators Graham, Duckworth and Coons are the top co-sponsors. I would encourage strong bipartisan support with my colleagues here. What that would do is, if there is a military invasion of Taiwan by the Communist Party and the PLA of China, this would trigger punishing, comprehensive sanctions on the Chinese economy and particularly leaders of the Chinese Communist Party—punishing—economic, trade, financial, energy. We all want deterrence in the Taiwan Strait. I think the threat of these massive sanctions might be critical in terms of deterring a cross-Strait invasion of Taiwan by the PLA.

We also need to deal with the here and now of Chinese coercion abroad. Again, this hearing is going to focus on the coercion of Taiwanese citizens. But I want to make sure, and I certainly will be asking questions in my Q-and-A with the witnesses of repression of others—people from Hong Kong, American citizens, which is really unacceptable when that happens by the Chinese Communist Party. They’re good at coercing their own citizens, but they’re not going to, with this Congress, be allowed to coerce Americans or those who are our allies.

These threats are multifaceted—AI-generated disinformation; the extraterritorial application of PRC laws; of course, diplomatic pressure on Taiwan’s allies; the public intimidation of democratically elected leaders. By the way, that’s something the Chinese Communist Party would never do. They never stand for election themselves. They fear their own people because they know they probably wouldn’t get elected if they had to stand for elections. So that makes them nervous when there are people who actually stand for elections, like we do, and go before the people.

The PRC is also attempting to rewrite international norms, distorting UN General Assembly Resolution 2758, and pressuring countries to embrace Beijing’s view that all necessary measures it might use to achieve unification with regard to Taiwan.

Most disturbingly, the PRC has labeled Taiwan’s vice president, who I know well and is a good friend of mine, and other officials as “obstinate Taiwan independence diehards,” threatening them with life imprisonment or worse. It has declared any Taiwanese citizen, including those living abroad, can be punished under PRC law.

In a closed-door meeting earlier this year, senior CCP official Wang Huning reportedly called for a global expansion of these intimidation tactics. According to credible reporting, Wang instructed embassies and security services—hopefully they’re not doing it here in America, but they probably are—to implement “proactive intimidation against so-called radical Taiwanese independence advocates worldwide, including in the United States of America.

These are not abstract threats last year, Czech intelligence uncovered a planned “kinetic operation” by the PRC to intimidate then Vice President-elect Bi-khim on her visit there. Again, she’s a friend of mine—a great person. The PRC is also harassing international media outlets for interviewing Taiwanese leaders. Individuals around the world who criticize Beijing’s Taiwan policy have been doxed and placed under surveillance. This is transnational repression. It is a coordinated strategy to isolate Taiwan, dominate the global narrative through fear and coercion, and again, not only against Taiwanese citizens, but other citizens, including our own citizens.

Every day, the CCP grows bolder and more aggressive in its threats against Taiwan, the United States and our allies in the Indo-Pacific. We need to call that out, have open hearings like this, and push back against this transnational repression.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: US Department of Labor applauds President Trump’s ‘AI Action Plan’ to achieve global dominance in artificial intelligence

Source: US Department of Labor

WASHINGTON – U.S. Secretary of Labor Lori Chavez-DeRemer and Deputy Secretary of Labor Keith Sonderling today praised the release of President Trump’s artificial intelligence policy strategy, “Winning the Race: America’s AI Action Plan.”Developed in response to the President’s January Executive Order “Removing Barriers to American Leadership in Artificial Intelligence,” the AI Action Plan sets a clear policy roadmap of the specific actions needed to help the U.S. achieve global AI dominance. The plan illustrates how American workers will be central to the Trump Administration’s AI policy and includes two areas outlining the Labor Department’s integral role in creating a future-ready workforce: “Empower American Workers in the Age of AI” and “Train a Skilled Workforce for AI Infrastructure.”“Since day one, President Trump has made it his top priority to put American Workers First by expanding opportunity and ensuring all are prepared for the challenges of the future,” said Secretary Chavez-DeRemer. “By boosting AI literacy and investing in skills training, we’re equipping hardworking Americans with the tools they need to lead and succeed in this new era. The Department of Labor is proud to help deliver on the President’s vision for global AI dominance by building a stronger, more resilient American workforce.”“The AI Action Plan demonstrates President Trump’s bold leadership in driving forward a worker-centric AI strategy that will create a new era of economic prosperity for American workers,” said Deputy Secretary Sonderling. “The Department of Labor looks forward to executing the critical AI Action Plan efforts that will support our workforce, including expanding AI literacy nationwide, creating a new hub to analyze AI’s impact on the labor market, and piloting innovative models to help workers succeed in an AI-driven economy.”The “Empower American Workers in the Age of AI” initiative includes proposed actions for the Department of Labor, in collaboration with other federal agencies, to:Prioritize AI skills development as a core objective of education and workforce funding streams, including career and technical education, apprenticeships, and other federally supported skills initiatives.Establish the AI Workforce Research Hub to lead a sustained federal effort to evaluate AI’s impact on the labor market and the American worker, including recurring analysis, scenario planning, and actionable insights for workforce and education policy.Study AI’s impact on the labor market by providing the AI Workforce Research Hub with analysis to support tracking of AI adoption, job creation, displacement, and wage effects.Fund rapid retraining for individuals impacted by AI-related job displacement, as well as issue guidance clarifying how funds can be used to proactively upskill workers at risk of future displacement.Pilot new approaches to meet workforce challenges created by AI, which may include areas such as rapid retraining models to respond to labor market shifts and new models to support pathways into entry-level roles.The “Train a Skilled Workforce for AI Infrastructure” initiative includes proposed actions for the Department of Labor, in collaboration with other federal agencies, to:Create a national initiative identifying high-priority occupations critical to AI infrastructure.Partner with state and local governments and workforce system stakeholders to support the creation of industry-driven training programs for priority AI infrastructure occupations.Partner with education and workforce system stakeholders to expand early career exposure programs and pre-apprenticeship opportunities for middle and high school students in AI infrastructure occupations.Expand Registered Apprenticeships for occupations critical to AI infrastructure.Learn more about President Trump’s AI Action Plan.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: Luján Fights for National Lab Science Funding, Presses Trump Administration to Protect America’s Scientific Innovation and Reverse Course on Cuts to Research and Development Programs

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)

Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), Co-Chair of the Senate National Labs Caucus, called on President Trump to reverse course on proposed reductions in the Fiscal Year 2026 federal budget to research and development programs within the Department of Energy (DOE), including cuts to programs at National Laboratories. In the letter to President Trump, Senator Luján highlights the successful economic impacts by these DOE research and development programs, including our National Laboratories’ critical role in driving global scientific leadership.

Senator Luján wrote, “These proposed changes jeopardize not only our nation’s economic competitiveness but also our national security, energy independence, and capacity for innovation. Slashes to these programs undermine the core principles and opportunities that America promises its citizens: through bold investment in knowledge and innovation, we build a stronger, safer, and more just future.”

“Without adequate support, the United States risks ceding leadership in emerging industries to nations with more consistent and centralized science investment strategies. Slashing funding to these programs is not fiscal responsibility – it is strategic negligence,” continued Senator Luján.

“As a proud and steadfast champion of the groundbreaking innovation coming out of the national labs in my state, I’m constantly reminded of their extraordinary contributions,” concluded Senator Luján.

The full text of the letter is available here and below:

Dear President Trump:

I am writing to express my deep concern regarding the proposed reductions in the Fiscal Year 2026 federal budget to research and development programs within the Department of Energy (DOE), including significant cuts to the Office of Science, the Office of Energy Efficiency and Renewable Energy (EERE), and the Advanced Research Projects Agency – Energy (ARPA–E). These proposed changes jeopardize not only our nation’s economic competitiveness but also our national security, energy independence, and capacity for innovation. Slashes to these programs undermine the core principles and opportunities that America promises its citizens: through bold investment in knowledge and innovation, we build a stronger, safer, and more just future.

The national laboratories are not just the Department of Energy’s research hubs; they are engines of economic empowerment. These nearly 80,000 scientists, engineers, and staff are at the forefront of pioneering technologies in advanced energy systems, life-saving medical isotopes, next-generation manufacturing, and national defense. The proposed 14% reduction to the Office of Science and 74% cut to EERE will have an immediate and destabilizing impact – threatening the continuation of critical research programs, leading to the loss of thousands of skilled jobs. Investments in science ARE investments in American leadership.

Specifically, EERE has been responsible for more than $624 billion in net economic benefits, heavily contributing to U.S. energy bill reductions of over $800 billion since 1980. These cuts will impede 100s of ongoing lab-based projects in clean energy, grid modernization, and industrial decarbonization, while endangering 1,000s of jobs across multiple national laboratories, and undermine a network that has historically returned over $10 in economic output for every dollar of federal R&D investment. We don’t just silence the potential for future discoveries that could deliver heat and power to every corner of the country, we squander the ingenuity of the very Americans who have the knowledge and drive to make it happen.

Similarly, proposed budget reductions would scale back fellowships, internships, and research grants that support tens of thousands of graduate and postdoctoral researchers. Around half of STEM graduate students rely on federal support to complete their training. The elimination of these opportunities would be devastating to early-career researchers and erode our long-term competitiveness, particularly in fields like quantum, biotechnology, and energy.

For decades, DOE’s national laboratories have played a critical role in translating federal research into commercial success. The DOE national labs outperform other agencies in innovation productivity, producing 3.5x more patents per dollar and 1.4x higher licensing rate per patent than the federal agency average. Every year the labs execute 1000s of partnership agreements, including 100s of agreements to commercialize technology. These efforts are part of a larger ecosystem that has enabled the United States to maintain global leadership in critical technologies such as artificial intelligence, biotechnology, advanced computing, and energy efficiency. This innovation culture, rooted in federally funded basic and applied science, has given the United States a durable advantage over strategic competitors, including China, whose state-led investments are rapidly closing the gap.

Programs like ARPA-E, which the budget proposes to cut by 57%, have been instrumental in maintaining this leadership. The agency has funded over 1,000 high-risk projects, resulted in over 700 patents, and attracted over $12 billion in follow-on private investment. Reducing federal investments in ARPA-E and DOE lab commercialization programs could shift the global balance of innovation. Without adequate support, the United States risks ceding leadership in emerging industries to nations with more consistent and centralized science investment strategies. Slashing funding to these programs is not fiscal responsibility – it is strategic negligence.

The United States did not become a global leader in science and technology by retreating from bold investment. We became that leader by making deliberate, courageous decisions to fund basic and applied research, to believe in our academic institutions, and to empower our national laboratories as centers of excellence. At a time when other nations are dramatically increasing their R&D investments, it would be short-sighted and strategically dangerous for the United States to step back.

As a proud and steadfast champion of the groundbreaking innovation coming out of the national labs in my state, I’m constantly reminded of their extraordinary contributions. At Sandia National Laboratories, researchers invented clean rooms, a technology essential to manufacturing microchips that power high performance computing and artificial intelligence, while also revolutionizing hospital operating room safety. Sandia isn’t just refining the economics of LED light bulbs, they’re re-engineering light itself to promote human health and increase agricultural yields. At Los Alamos, during the Human Genome Project, scientists developed GenBank, the genetic sequence database that has become indispensable to modern drug discovery and our understanding of disease. Los Alamos also remains one of the nation’s only sources of critical medical isotopes used in targeted cancer therapies – treatments that can destroy breast cancer cells while sparing healthy tissue. Slashing funding to these transformative institutions isn’t just short-sighted – it’s an assault on the standard of living, health, and opportunity for every American.

America’s scientific capacity is one of its most valuable assets. We must treat it accordingly – with care, with vision, and with the full weight of federal support. I respectfully urge you to reconsider these reductions and restore full funding for DOE research and innovation programs – including ARPA-E, EERE, the Office of Science, the associated workforce, and their commercialization initiatives.

Thank you for your consideration and commitment to the future of American science, security, and prosperity.

Sincerely,

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: DelBene, Clarke Introduce Bill to Boost Smart City Tech

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

Today, Congresswomen Suzan DelBene (WA-01) and Yvette Clarke (NY-09) introduced the Smart Cities and Communities Act, legislation that would expand smart city technologies and improve federal coordination of these programs.

Smart technologies help improve community safety, mobility, and resilience against natural disasters, while also expanding communication and public services in large cities and small towns alike. These innovations help cities cut costs, alleviate traffic congestion, reduce air pollution, and lower energy use, all while generating economic growth and expanding opportunities for communities of all sizes.

With an estimated $1.4 trillion expected to be invested globally in smart technology over the next five years, U.S. cities must catch up. Research shows that every dollar spent on government technology can save nearly $4. Despite these clear benefits, the U.S. is currently lagging in smart city development.

This technology is already making an impact in cities across the nation, including Washington. In Redmond, it is being deployed to improve traffic flow and management. This system helps detect pedestrians in crosswalks, adjusts light timings for safer crossing, and modifies traffic signals based on real-time volumes to reduce congestion and make our intersections safer and less stressful for roadway users. In Bellevue, the city has a Smart Mobility Plan to help the city plan for shared-use mobility, autonomous vehicles, electric vehicles, and data management.

The Smart Cities and Communities Act would:

Enhance federal coordination of smart city programs, including improved reporting and demonstration of the value and utility of smart city systems.
Provide assistance and resources to local governments interested in implementing smart city technologies, making them more accessible in suburban and rural areas.
Develop a skilled domestic workforce to support smart cities.
Improve the quality and performance of smart city technologies while assessing and enhancing cybersecurity and privacy protections.
Foster international collaboration and trade in smart city technologies.

“Investing in smart city technology will propel our nation into a bright future, powered by more livable communities,” said DelBene. “The Smart Cities and Communities Act allows local governments to equip themselves with the cutting-edge tools to increase connectivity and develop green infrastructure. This important development will strengthen the middle class by generating good jobs and cutting pollution, ensuring the United States maintains its position as a global leader in innovation.”

“Ensuring our communities are equipped with the smart city technologies they need to be cleaner, safer, and more resilient to the changing climate must be among Congress’ highest priorities,” said Clarke. “In the face of the worsening climate crisis, we have a responsibility to provide every American with equitable access to the innovations that will protect them from whatever an uncertain future might bring. I am proud to stand alongside my colleague, Congresswoman Suzan DelBene, to introduce this forward-looking legislation that will position the United States as a leader in the global movement towards climate resilience and facilitate the critical upgrades our communities are depending on Congress to deliver.”

“BSA commends Representatives DelBene and Clarke for reintroducing the Smart Cities and Communities Act, which recognizes the potential of artificial intelligence and emerging technologies to transform local communities. By encouraging adoption of and investments in AI-driven solutions, and supporting robust AI training and data utilization, this legislation will help communities realize smart city benefits that are efficient, cost-effective, and enhance public services,” said Craig Albright, SVP of US Government Relations, Business Software Alliance.

The full text of the legislation can be found here.

MIL OSI USA News –

July 24, 2025

MIL-OSI United Kingdom: Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins.

Thousands of jobs created for Brits through new Indian investment and export wins worth almost £6 billion
New figures show that £4.8bn trade deal will unlock economic growth for each region and nation of the UK – delivering on the government’s Plan for Change
UK and India also agree to ramp up joint efforts against organised crime and illegal migration with new framework to tackle trafficking, document fraud and remove barriers to return

Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins, which will create over 2,200 British jobs across the country as Indian firms expand their operations in the UK and British companies secure new business opportunities in India. These deals will drive jobs in high-growth sectors like aerospace, technology and advanced manufacturing – supporting engineers, technicians and supply chain workers, in every corner of the UK.

It comes as the Prime Minister is set to meet the Prime Minister of India, Narendra Modi, today for the signing of the landmark UK-India trade deal. From Coventry to Carlisle, new analysis shows communities across every region of the UK will benefit from its £4.8 billion increase to UK GDP each year.

Thanks to the deal, British workers will enjoy a collective uplift in wages of £2.2 billion each year and could also see cheaper prices and more choice on clothes, shoes, and food products.

The UK already imports £11 billion in goods from India, but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.

Prime Minister Keir Starmer said:

Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.

We’re putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we’re determined to go further and faster to grow the economy and raise living standards across the UK.

India’s average tariff on UK products will drop from 15% to 3% which means British companies selling products to India from soft drinks and cosmetics to cars and medical devices will find it easier to sell to the Indian market.

Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150% to 75% and then dropped even further to 40% over the next ten years – giving the UK an advantage over international competitors in reaching the Indian market.

Business and Trade Secretary Jonathan Reynolds said:

The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits.

The almost £6 billion in new investment and export wins announced today will deliver thousands of jobs and shows the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business.

This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

The two Prime Ministers have also signed a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. This comes exactly one year since the countries signed the landmark UK-India Technology Security Initiative, which sees joint work on telecoms security and unlocking investment across emerging technologies – telecoms, critical minerals, AI, quantum, health/bio tech, advanced materials and semiconductors.

The UK and India have also agreed to strengthen cooperation in tackling corruption, serious fraud, organised crime, and irregular migration through enhanced intelligence sharing and operational collaboration. This includes committing to finalising a groundbreaking new criminal records sharing agreement, facilitating the exchange of criminal records to support criminal proceedings, maintain accurate watchlists and enable the enforcement of travel bans. These measures represent a significant step forward in joint efforts to combat organised immigration crime.

Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. The UK’s large and varied manufacturing sectors will benefit from tariffs cut on aerospace (as high as 11% reduced to 0%), automotives (up to 110% down to 10% under a quota) and electrical machinery (from up to 22% down to either 0% of a 50% reduction).

A reduction in tariffs, combined with a reduction in regulatory barriers to trade between the UK and India are estimated to:

Increase UK exports to India by nearly 60% in the long run – this is equivalent to an additional £15.7 billion of UK exports to India when applied to projections of future trade in 2040.
Increase bilateral trade by nearly 39% in the long run, equivalent to £25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an agreement

The clean energy industry will have brand new, unprecedented access to India’s vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand.

For financial and professional business services, locked in access will offer certainty to expand in India’s growing market and measures such as binding India’s foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers.

Meanwhile, 26 British companies have secured new business in India. Airbus & Rolls-Royce will soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines – to major Indian airlines as part of around £5 billion worth of contracts recently agreed. These orders will help sustain hundreds of jobs across their respective sites in Filton, Broughton and Derby.

18 firms have confirmed new investment including Zerowatt Energy, AI powered energy intelligence platform is setting up its Global HQ in Leicester. The firm will invest £10m and create 50 new jobs across Leicester, Manchester, Edinburgh and London over the next three years.

Other UK and Indian businesses who have confirmed almost £6 billion in new investments and export deals today creating over 2,200 jobs across the UK includes:

Carbon Clean, a UK-based leader in carbon capture, with projected UK export contributions of £83 million over the next five years, has invested £7.6 million in a Global Innovation Centre in Mumbai. This ODI and export wins will unlock 250 jobs across London, Glasgow and Huddersfield as well as 100 jobs in Mumbai.
AI and data services company, DCube AI, is investing £5 million in the UK, unlocking 50 jobs across Manchester and London in the next three years to strength its technology offering to UK customers.
Occuity, an innovative UK AI healthcare company has partnered with Remidio Innovative Solutions Pvt. Ltd., a leading Indian manufacturer and distributor of ophthalmic medical devices to bring Occuity’ s cutting-edge ophthalmic screening technologies to India, improving access to innovative and non-invasive eye screening and leading to an export value of £74.3 million over 5 years.
Johnson Matthey, a UK-based leader in chemicals and sustainable technologies, has secured recent contracts of over £20 million for process licensing, engineering, and catalysts supply in India. The company will also invest £4 million in a new plant at Taloja (Maharashtra) and in doubling its capacity at an existing site in Panki, Uttar Pradesh, with contracts are helping to create up to 20,000 jobs in India during the construction phase of these projects.
Marcus Evans Group, a global business intelligence and summits business company established its new Global Technology office in Mumbai to serve its 59 offices worldwide and has confirmed a combined Export (£42mn) and ODI (£27mn) win of £69 million over the next five years from India.
LTIMindtree , a global technology consulting and digital solutions company plans to further expand its London operations by adding over 300 highly skilled jobs, investing £1m. This includes a state-of-the-art AI innovation studio and showcase lab.
Aurionpro, a global enterprise technology leader in Banking, Payments, Insurance, Data Centers, and Public Sector technology is investing over £20M to launch its UK HQ, creating 150+ high-value jobs in multiple locations across UK over 3 years. It will also open AI-powered R&D labs in collaboration with top UK universities to develop next-gen transport technology and lead the global Safe Superintelligence (SSI) movement, ensuring AI is built safely and ethically.

Tufan Erginbiligic, Rolls-Royce CEO, said:

India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government. We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace. These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

Nik Jhangiani, Interim Chief Executive, Diageo, said:

This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.

William Bain, Head of Trade Policy at the BCC, said:

The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.

Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade. Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

Published 23 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI New Zealand: Climate change: ICJ ruling is a landmark win for children – Save the Children

Source: Save the Children

The historic climate change ruling at the International Court of Justice (ICJ) today is a landmark win for child campaigners, acknowledging the adverse impacts of climate change on child rights, and offering children renewed hope, Save the Children said.

The Advisory Opinion delivered by the world’s highest court finds that states’ legal obligations to address climate change extend beyond existing climate agreements. It also found that “states must take their obligations under international human rights law into account when implementing their obligations under the climate change treaties and other relevant environmental treaties.”

While not legally binding, leading environmental lawyers say the ruling “could become a guiding star for climate policies at all levels of governance”, including how States are held accountable under multiple areas of international law.

The Advisory Opinion originated from an extensive campaign led by a group of law students from the Pacific Islands, with strong support from the Republic of Vanuatu [1].

In December last year, Vepaiamele, 16, a child campaigner with Save the Children Vanuatu, travelled to The Hague with the Government of Vanuatu – the only child to attend as part of a government delegation – to speak about the impacts of climate change on the Pacific island nation and call for action.

Vepaiamele said today: “This Advisory Opinion is everything I hoped for and I am so happy with this outcome as I know it will pave the way for a safer future for youth like myself and future generations, too.”

Speaking from The Hague last year , Vepaiamele said:

“As a young Ni-Vanuatu girl, I feel the effects of climate change every day of every year. I’ve experienced many cyclones. It can be kind of terrifying sometimes, especially the really strong ones. Every cyclone, our classrooms are destroyed, our homes are flattened to the ground, and hospitals and communication towers are ripped apart. And then there’s also the mental health impacts, and we don’t really talk about it that much, but it can really cause anxiety in children and young people.”

Human-induced climate change is driving up global temperatures, with the past 10 years the warmest on record, according to the World Meteorological Organization. Children, particularly those affected by inequality and discrimination, bear the brunt of climate change impacts that are already forcing them from their homes, putting food out of reach, damaging schools and increasing risks like child marriage as they are forced out of education and into poverty.

Limiting warming temperatures through the rapid phase-out of the use and subsidy of fossil fuels is critical for children’s rights and lives, Save the Children said.

Earlier this year, research released by the child rights organisation with the Vrije Universiteit Brussel (VUB) found that the difference between global temperature rise of 1.5°C and 2.7°C could see 38 million more children from the 2020 birth cohort face unprecedented lifetime exposure to extreme heatwaves. [2] Save the Children also called for increased climate finance targeted at helping children and their families, child-centred and locally led adaptation and an increase in the participation of children in shaping climate action.

Save the Children New Zealand CEO Heather Campbell says, “The ICJ’s opinion strengthens the argument that climate inaction is a form of intergenerational injustice, disproportionately borne by those least responsible and least equipped to adapt.

“At home in Aotearoa New Zealand, children and their families are experiencing the devastating impacts of extensive flooding and other climate-related emergencies, including Cyclone Gabrielle. Communities across the Nelson Tasman region are still reeling from floods that have destroyed homes and farmland, displaced families and closed schools.

“On a recent visit to Solomon Islands, children told us about the impact rising sea levels were having on their communities, including monthly flooding in homes and schools, saline infiltration into fresh water supplies, and crops being destroyed. In other parts of the Pacific, communities are having to constantly rebuild after multiple cyclones in the last few years alone. These are not future scenarios – they are current realities.

“Save the Children welcomes the finding from the ICJ, and we also urge governments and development agencies to ensure that climate finance reaches those on the frontline of this crisis.

“Currently, only 2.4% of climate finance from multilateral funding sources is child centred. Even without the Court’s opinion, we know that states must do far more to protect children from the worst impacts of this crisis, including by significantly increasing climate finance to uphold children’s rights and access to health, education and protection.”

In light of the ICJ’s Advisory Opinion, Save the Children New Zealand is calling on the New Zealand Government to renew its commitment to provide climate finance to help communities recover from climate induced loss and damage as well as working to reduce the country’s carbon emissions.

As the world’s leading independent child rights organisation, Save the Children works in about 110 countries, tackling climate change across everything we do. Save the Children supports children and their communities across the Pacific and globally in preventing, preparing for, adapting to, and recovering from both sudden climate disasters and slow onset climate change. We have set up floating schools, rebuilt destroyed homes and provided cash grants to families hit by disasters.

We also work to influence governments and other key stakeholders in Aotearoa New Zealand and around the world on climate policies, including at the UNFCCC COP summits, giving children a platform for their voices to be heard.

Notes:

Multimedia can be found here including Vepaiamele with other young people on Tuesday 22 July, Vepaiamele at the Hague, and general vision of Vanuatu

[1] The Advisory Opinion is in response to a Pacific-led resolution (A/RES/77/276) to the UN General Assembly adopted by consensus on 29 March 2023. This was the result of an extensive campaign by a group of law students from the University of the South Pacific ( Pacific Islands Students Fighting Climate Change ) with strong support from the Republic of Vanuatu. Save the Children has worked closely with the Pacific Islands Students Fighting Climate Change to ensure the voices of children and young people are incorporated into countries’ written and oral submissions to the Court. As part of her campaigning work, Vepaiamele and other activists met with embassies of high emitting countriesin Vanuatu ahead of the hearing to try and influence their submissions.

[2] The report found that, for children born in 2020, if global temperature rise is limited to 1.5°C rather than reaching 2.7°C above pre-industrial levels:

– About 38 million would be spared from facing unprecedented lifetime exposure to heatwaves; o About 8 million would avoid unprecedented lifetime exposure to crop failures; o About 5 million would be spared from unprecedented lifetime exposure to river floods; o About 5 million would avoid unprecedented lifetime exposure to tropical cyclones; o About 2 million would avoid unprecedented lifetime exposure to droughts; o About 1.5 million children would be spared unprecedented lifetime exposure to wildfires.

MIL OSI New Zealand News –

July 24, 2025

MIL-OSI Banking: GitHub Spark in public preview for Copilot Pro+ subscribers

Source: Microsoft

Headline: GitHub Spark in public preview for Copilot Pro+ subscribers

Stuck between idea and implementation? Spending weeks on mock ups or docs that never ship? GitHub Spark takes you from idea to deployed app in minutes.

Build and ship full-stack intelligent apps using natural language with access to the full power of the GitHub platform—no setup, no configuration, and no headaches.

Key features

Natural language to app: Describe your idea and watch Spark build it, with frontend and backend capabilities included, all powered by Claude Sonnet 4.
No setup required: Data, LLM inference, hosting, deployments, and GitHub auth all included out-of-the-box.
Add AI to your apps: Add intelligent features powered by LLMs from OpenAI, Meta, DeepSeek, xAI and more – no API key management needed.
One-click deployments: Publish your app with a single click.
Build your way: Use natural language, visual editing controls, or code with GitHub Copilot code completions at your fingertips to iterate on your ideas.
Create a repository: Get a repository with GitHub Actions and Dependabot incorporated in just a click. Everything stays synchronized so you aren’t trapped in a sandbox.
Expand with Copilot agents: Open a codespace directly from Spark to iterate with Copilot agent mode or assign an issue to Copilot coding agent.

Get started

Spark is available in public preview for Copilot Pro+ users, with rollout to additional customers coming soon.

Visit github.com/spark to build your first app, or sign up for a Pro+ account to access Spark.

Copilot Pro+ subscribers receive access as part of their plan. Spark messages use premium requests included in GitHub Copilot plans.

Learn more

Disclaimer: The UI for features in public preview is subject to change.

MIL OSI Global Banks –

July 24, 2025

MIL-OSI: reAlpha Announces Repayment in Full of the Outstanding Balance of Streeterville Secured Promissory Note

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Ohio, July 23, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (the “Company” or “reAlpha”), an AI-powered real estate technology company, today announced that it has repaid in full the outstanding balance on its secured promissory note with Streeterville Capital, LLC (“Streeterville”).

The secured promissory note, originally issued on August 14, 2024 with a principal balance of $5.45 million and an 8% annual interest rate, was scheduled to mature on February 14, 2026. Over the past year, reAlpha steadily reduced the outstanding balance through partial repayments in cash and equity, then repaid the full outstanding balance on July 23, 2025 using available cash, including proceeds from recent equity offerings.

“The full repayment of our long-term debt marks a pivotal milestone for reAlpha,” said Mike Logozzo, Chief Executive Officer of reAlpha. “Now, we are well-positioned to accelerate our product development and market expansion, as well as pursue strategic acquisitions and partnerships that broaden our AI-driven platform for homebuyers.”

Piyush Phadke, Chief Financial Officer of reAlpha, added, “With the note now fully repaid, we’ve strengthened our balance sheet and simplified our capital structure. We now have greater financial flexibility to support near-term growth initiatives and maintain discipline as we scale operations.”

Following the repayment, reAlpha has no outstanding secured promissory notes or convertible debt instruments, leaving trade payables and subsidiary debt as its only obligations. Streeterville has confirmed in writing that all obligations with respect to the secured promissory note have been fully satisfied and the Company is released from all further obligations.

Further information is set forth in the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on July 23, 2025.

About reAlpha Tech Corp.

reAlpha Tech Corp. (Nasdaq: AIRE) is an AI-powered real estate technology company transforming the multi-trillion-dollar U.S. real estate services market. reAlpha is developing an end-to-end platform that streamlines real estate transactions through integrated brokerage, mortgage, and title services. With a strategic, acquisition-driven growth model and proprietary AI infrastructure, reAlpha is building a vertically integrated ecosystem designed to deliver a simpler, smarter, and more affordable path to homeownership. For more information, visit www.realpha.com.

Forward-Looking Statements

The information in this press release includes “forward-looking statements.” Any statements other than statements of historical fact contained herein, including statements by our Chief Executive Officer, Mike Logozzo and Chief Financial Officer, Piyush Phadke, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s ability to regain and sustain compliance with the Nasdaq Capital Market’s continued listing standards and remain listed on the Nasdaq Capital Market; reAlpha’s ability to pay contractual obligations; reAlpha’s liquidity, operating performance, cash flow and ability to secure adequate financing; reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to commercialize its developing AI-based technologies; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for such acquired companies’ services; reAlpha’s ability to scale its operational capabilities to expand into additional geographic markets and nationally; the potential loss of key employees of reAlpha and of its subsidiaries; the outcome of certain outstanding legal proceedings against reAlpha; reAlpha’s ability to obtain, and maintain, the required licenses to operate in the U.S. states in which it, or its subsidiaries, operate in, or intend to operate in; reAlpha’s ability to successfully identify and acquire companies that are complementary to its business model; the inability to maintain and strengthen reAlpha’s brand and reputation; any accidents or incidents involving cybersecurity breaches and incidents; the inability to accurately forecast demand for AI-based real estate-focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; the inability of reAlpha to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against reAlpha; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:
Cristol Rippe, Chief Marketing Officer
cristol@realpha.com

Investor Relations Contact:
Adele Carey, VP of Investor Relations
investorrelations@realpha.com

The MIL Network –

July 24, 2025

MIL-OSI Security: Defense News in Brief: Holloman AFB medics enhance fitness and expeditionary capabilities in Medic-X exercise

Source: United States Airforce

HOLLOMAN AIR FORCE BASE, N.M. (AFNS) — The medics of the 49th Medical Group added a new layer of depth to their monthly training day by incorporating field tactics and wartime medical practice in a Medic-X exercise on July 16, 2025.

The training consisted of 16 stations and substations that ranged from spinal immobilization to infection control to post-mortem protocol, all scenarios that are critically important for a medic to know but unlikely to experience in a clinical setting such as the clinic at Holloman Air Force Base.

“Gone are the days when a medic would only be expected to perform duties within their specific specialty – our medics need to be versatile and better equipped to provide speedy and effective support to the warfighter,” said U.S. Air Force Chief Master Sgt. Jason Estrada, 49th MDG senior enlisted leader. “That versatile mindset is what our medical group education and training team has used to shape our Medic-X and other hands-on training.”

The Air Force is one of the most lethal parts of the Department of Defense, and the flipside of lethality is the medical skill needed to keep the warfighters in the fight downrange. This more hands-on approach to training was brought about after an education and training member went through the intense two-week Tactical Combat Casualty Care Tier 3 course and realized how important it would be to bring lessons learned to the entire medical group.

“We’re focusing on operating in an austere environment where it’s not going to be calm, it’s not going to be like day-to-day clinic operations,” said U.S. Air Force Capt. Natasha Lindbloom, 49th MDG education and training flight commander. “You could tell somebody to recite the alphabet, but if it’s stressful, they’re going to mess it up. We want our people to be able to do this until they can perform these simple tasks under pressure.”

Although we cannot mirror a battlefield environment, we can put our medics in situations where critical thinking and a sense of urgency fuels their training to ‘kick in.’Chief Master Sgt. Jason Estrada, 49th MDG senior enlisted leader

Coupled with the chance to exercise underutilized but combat-effective skills, the exercise served to underscore the importance of medics who are fit to fight and capable of doing what’s needed when it’s needed in a stressful and possibly deadly environment. A low-crawl obstacle course was put together using furniture and gear inside the clinic, streamlining the flow of training and simulating a more realistic urban environment.

“Although we cannot mirror a battlefield environment, we can put our medics in situations where critical thinking and a sense of urgency fuels their training to ‘kick in,’” Estrada said. “Since so few of our current medics possess the real-world experience, it’s our training team that brings these scenarios to life with realism and pressure-induced decision making, which results in the desired sets & reps our teams need to build muscle memory.

Constant Improvement

Medic-X training exercises are not a new concept for medical personnel; in fact, Medic-X was rolled out across the enterprise two years ago and has provided quarterly training objectives to all Defense Health Agency members. The ever-changing global environment and nature of future warfare were other driving factors in the 49th MDG collectively getting ahead of the curve and practicing these critical wartime skills on top of staying adept at their daily clinical duties.

“I’m hoping this gives people the mindset of ‘Hey, I know I’m in this job right now and I’m comfortable, but I’m not always going to be comfortable if we’re put in these situations in real life,’” said U.S. Air Force Senior Airman Claire Pruitt, 49th MDG education and training program manager.

All Airmen take TCCC Tier-1 training that covers the basics of what was formerly known as self-aid and buddy care, while all medics are required to take Tier-2 training to gain more expertise in the ability to treat wounds sustained in combat. Tier-3 training is optional but available for all medics and provides a realistic, grueling experience of austere field conditions and the physical limits that medics can be pushed to in wartime.

“There’s going to be a bit of a shock factor for people working in a clinic, where even though we’re incredibly busy, a lot of it is just administrative work instead of intense, hands-on medical practice,” Pruitt said. “I’m trying to integrate some of the things that they did with us in a physical aspect at the Tier 3 training so that these Airmen have more experience and understand that if they have to do this in real life tomorrow, it’s not going to be easy. They’ll have to think about getting the patient out of the combat zone, treating their wounds, stopping the bleeding, loading them onto a helicopter, etc.”

The success of the first iteration of integrated field work with Medic-X has laid the groundwork for an ever-improving series of exercises to better prepare Team Holloman’s medics for unpredictable and challenging fights of future conflict.

“Today’s potential adversaries are better equipped and more prepared than any potential foe has ever been,” Estrada said. “For that reason, every uniform-wearing member of our military needs to understand that he/she is one bad day, one ill-guided decision, one perceived threatful action away from finding themselves, in support of our country, inside a combat environment where the old rules may not apply.”

MIL Security OSI –

July 24, 2025

MIL-OSI USA: WHAT THEY ARE SAYING: U.S.-Indonesia Trade Deal Is Another America First Win

US Senate News:

Source: US Whitehouse
President Donald J. Trump’s landmark reciprocal trade agreement with Indonesia is another critical step forward in the Trump Administration’s relentless pursuit of trade policy that finally puts America First. The deal eliminates ~99% of tariff barriers for a full range of U.S. industrial, food, and agricultural exports, unlocks new market access, and breaks down non-tariff barriers — and represents the latest victory for American workers, farmers, and manufacturers.
The trade deal was immediately hailed across American industry:
American Iron and Steel Institute President and CEO Kevin Dempsey: “AISI is encouraged by today’s announcement of a framework for negotiating an agreement with Indonesia to remove Indonesia’s existing export restrictions on critical minerals, such as nickel, which is critical to stainless steel production. Indonesia’s existing export ban and other restrictions on nickel, together with its close ties to Chinese steel producers that have invested in that country as a result of China’s Belt and Road Initiative, have resulted in significant distortions in the global market for nickel to the detriment of steel producers in the United States. We look forward to working with USTR to address the Indonesian nickel export restrictions and other trade-distorting policies as these negotiations move forward.”
Association for Competitive Technology President Morgan Reed: “This is another win for U.S. small tech developers. For years the App Association and our members have raised concerns with the U.S. Trade Representative regarding Indonesia’s inclusion of software and other digital goods in their tariff system, among several other digital trade barriers. We thank USTR and the Administration for their tireless work on behalf of small tech companies and look forward to our continued work strengthening American competitiveness globally. Further, we commend the Indonesian government for joining the United States in committing to support a World Trade Organization agreement that ensures countries will not apply taxes or customs duties to digital service transmissions.”
Business Software Alliance SVP Aaron Cooper: “The US-Indonesia trade agreement is a breakthrough in digital trade policy. The agreement’s provisions to eliminate tariffs on intangible digital products, guaranteeing cross-border data transfers, and supporting the permanent extension of the moratorium on digital customs duties expands access to digital services and supports the adoption of technology. This agreement sends a strong signal to the global economy and many industries that rely on open and secure digital trade, and reflects key reforms that have been core BSA priorities for nearly a decade.”
American Soybean Association President Caleb Ragland: “We appreciate President Trump and his administration’s efforts in maintaining market access for U.S. soybeans into Indonesia, and the commitment from USTR to address non-tariff barriers in that market. We look forward to future deals like this that reduce tariffs and ensure continued and increased market access for U.S. agriculture.”
Computer and Communications Industry Association VP Jonathan McHale: “The announced Framework agreement for addressing Indonesia’s many trade barriers, including tariff regimes targeting digital products, restrictions on cross-border data flows, and local content requirements for communications devices, is an important and encouraging step in reforming what has long been one of the most challenging markets for U.S. suppliers. We look forward to a binding agreement addressing not only these restrictions, but a path to resolving all outstanding barriers that remain in this important market.”
Consortium for Common Food Names Executive Director Jaime Castaneda: “The prospect of having Indonesia commit to a more transparent and balanced approach to GIs would be a meaningful advance in the global fight to preserve the use of common food names like parmesan and feta. We commend the U.S. negotiators for prioritizing this issue, particularly at a time when European Union is attempting to expand their GI abuse in growing dairy markets and shut out the United States. We will work diligently with the U.S. government to hold Indonesia accountable to their commitments on common names.”
International Dairy Foods Association SVP Becky Rasdall Vargas: “We could not be more enthusiastic and energized about today’s announcement for improved access for U.S. dairy exports to Indonesia. Indonesia is an important trading partner in a region that is critical to U.S. dairy exports, and growing. Today’s announcement represents the largest improvement of access U.S. dairy exporters have seen in the region in over a decade and will be a timely step towards keeping U.S. dairy exporters globally competitive. We express our sincere appreciation to the Administration and the negotiators for achieving this positive outcome for U.S. dairy.”
National Grain and Feed Association President and CEO Mike Seyfert: “America’s grain and feed industry appreciates President Trump and his negotiating team for advancing a bold and strategic trade framework with Indonesia that delivers meaningful wins for U.S agriculture. This agreement opens the door to billions in new exports – including soybeans, wheat, and other key commodities – while eliminating tariffs and cutting red tape that have long held back U.S. producers. We look forward to swift finalization and implementation of this deal and stand ready to work with the Trump Administration open new markets and tear down unfair trade barriers.”
National Milk Producers Federation President and CEO Gregg Doud: “This looks like it will be a significant win for U.S. dairy. We commend the Trump Administration for securing an agreement that should deliver real benefits for our dairy farmers. We are pleased to hear this framework removes roadblocks to trade and will help grow dairy sales in one of the world’s most populous markets. NMPF looks forward to reviewing the details of the agreement and working with the Administration to ensure Indonesia upholds its end of the bargain.”
National Oilseed Processors Association President and CEO Devin Mogler: “We commend the Trump Administration for prioritizing U.S. farmers in this trade deal with Indonesia, and specifically for including soybean meal purchases. NOPA members have invested over $6 billion to expand U.S. soybean crushing capacity by over 25% since 2023 levels to meet growing demand for food, feed and biofuel use, adding value to the crops our great U.S. farmers produce. Ensuring we have access to growing soybean meal markets like Indonesia ensures our farmers remain competitive relative to global competitors.”
Renewable Fuels Association President and CEO Geoff Cooper: “We’re grateful to President Trump and his team for ensuring U.S. agriculture and renewable fuels are prominently included in these framework agreements. These deals will ultimately help open important Asian markets and allow greater access for American farm products, renewable fuels, and co-products like distillers grains. This administration clearly understands the leading role American farmers and renewable fuel producers can play when it comes to feeding and fueling the world, and we salute President Trump’s efforts to secure fair and reciprocal agreements around the globe. Breaking down barriers to fair trade strengthens our rural economy and the United States as a whole.”
The Meat Institute: “The Meat Institute’s members celebrate @realdonaldtrump and @USTradeRep’s work on a deal with Indonesia opening up this important market for meat & poultry. We look forward to seeing the details of the deal & to continued efforts to remove remaining barriers to trade in other SE Asian markets.”
U.S. Dairy Export Council President and CEO Krysta Harden: “Yesterday’s announcement is an important step forward in advancing opportunities for U.S. dairy exporters. This deal is poised to strengthen our long-term partnership with Indonesia while giving U.S. dairy companies a better shot at competing fairly. While verification that Indonesia honors its commitments will be necessary, the removal of both tariff and nontariff barriers is precisely what our industry needs to create new momentum for U.S. dairy exports and deeper collaboration with a key Southeast Asian partner.”
U.S. Grains Council President and CEO Ryan LeGrand: “The U.S. Grains Council commends the Trump Administration on its historic trade deal with Indonesia, that will enhance trade for both countries and places a zero tariff on the products the Council represents. In the 2023-24 marketing year, Indonesia was the fourth largest importer for U.S. distillers dried grains with solubles at 1,024,000 metric tons. That translates into a nearly $299 million market, and we hope the deal announced today will not only help see those numbers increase but open doors wider to the full range of products we have to offer.”
U.S. Meat Export Federation President and CEO Dan Halstrom: “USMEF thanks USTR for its tireless efforts to negotiate a meaningful agreement with Indonesia, tackling many challenging issues. Indonesia is a market with incredible potential, in which the opportunity for U.S. beef is estimated at $250 million annually. But today, exports are minimal due to numerous trade barriers. We are encouraged to see that the highlights detailed in the U.S.-Indonesia joint statement include resolving key issues such as import licensing, the commodity balance policy, and Indonesia’s onerous plant-by-plant approval process. For both U.S. beef and U.S. pork, these longstanding restrictions have limited exports to Indonesia. Indonesian importers and consumers are demanding U.S. red meat and we look forward to the swift conclusion of these negotiations and expanded export opportunities.”
U.S. Wheat Associates President and CEO Mike Spier: “We are excited and grateful to track this wide-reaching government commitment that includes the agreement signed earlier this month between Indonesian flour millers and the U.S. wheat industry. We thank the Trump Administration, the U.S. Trade Representative and the U.S. Department of Agriculture’s Foreign Agricultural Service (USDA-FAS) for their continued work on behalf of American wheat farmers.”

MIL OSI USA News –

July 24, 2025

MIL-OSI Russia: China is ready to stand up for justice and bring positive, stabilizing and constructive forces to world affairs together with its BRICS partners – Chinese Ambassador to Russia

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

Moscow, July 23 /Xinhua/ — China is ready to uphold justice and bring positive, stabilizing and constructive forces to world affairs together with its BRICS partners, Chinese Ambassador to Russia Zhang Hanhui said in an article titled “Consolidation of Agreements, Joining Efforts, Big BRICS Promotes Transformation of Global Governance,” published in the Russian newspaper Izvestia on Wednesday.

“The Chinese side is ready to work with its BRICS partners to uphold justice, bring positive, stabilizing and constructive forces to world affairs, promote peaceful settlement of disputes and develop strategic solutions to eliminate the root causes of problems while objectively assessing the circumstances,” the publication says.

As the Chinese diplomat noted, the 17th BRICS Leaders’ Meeting, which recently concluded in Rio de Janeiro, fully demonstrated the responsibility and readiness of the BRICS countries to become the “vanguard” of the Global South, and also emphasized the role of the association in protecting peace and stability throughout the world, promoting global open development, and advancing exchanges and mutual learning among civilizations.

Zhang Hanhui stressed that the BRICS countries are the driving forces of economic growth. “In the context of the recession and trade disputes, we must focus on development,” he urged. According to the author of the publication, it is necessary to make efforts to build an open world economy, resolutely oppose unilateralism and protectionism, protect the fundamental principles of the World Trade Organization, promote the liberalization and simplification of trade and investment, and ensure the stability and smoothness of production and supply chains. The ambassador also reported that China has established the China Cooperation Center for the Development of Special Economic Zones in the BRICS Countries.

The Chinese diplomat believes it is necessary to raise the level of international financial cooperation and open up new promising areas of economic growth, expand cooperation in new areas such as digital technology and green development. “China, through the Global Development Initiative, will create the Digital South brand and conduct 200 training programs on the digital economy and artificial intelligence for the countries of the Global South over the next five years,” he said, adding that this year China will establish the China-BRICS Research Center for New Productive Forces and establish a scholarship for BRICS countries to promote the training of personnel in sectors such as industry and telecommunications.

Zhang Hanhui called the BRICS countries the initiators of inter-civilization dialogue and called for promoting exchanges and mutual learning among civilizations. He noted that China is ready to work with its BRICS partners to implement the Global Civilization Initiative in line with the civilizational concept of equality, mutual learning, dialogue and inclusiveness. The author of the article called for respecting the diversity of human civilizations, recognizing the right of peoples of different countries to seek ways to realize their values, rejecting any form of a “new Cold War” and ideological confrontation, continuously “enriching the palette” of human civilization, strengthening continuity, innovation and humanitarian exchanges in culture, actively promoting the protection of cultural heritage and the development of culture, and striving to create a harmonious atmosphere of mutual learning, exchanges and coexistence among various civilizations.

Zhang Hanhui also pointed out that against the backdrop of accelerated changes unseen in a century, the concept of global governance put forward by Chinese President Xi Jinping is increasingly proving its modern value and practical significance. “In the face of growing conflicts and differences, it is necessary to intensify expanded consultations based on equality and mutual respect. Profound common interests require joint contributions based on solidarity,” the ambassador emphasized.

According to the Chinese diplomat, thanks to the joint efforts of China, Russia and other BRICS partners, the BRICS cooperation mechanism has been continuously developed and strengthened, its representation has expanded, and its international influence has steadily increased. “BRICS provides an important platform for countries in the Global South to assert their right to development, safeguard international justice, and participate in the reform of the global governance system,” he said, adding that China will continue to follow the “BRICS spirit” and work with Russia and other BRICS partners to develop common values and protect common interests, making new contributions to building a community with a shared future for mankind. –0–

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 24, 2025

MIL-OSI: Silvaco Announces Date of Second Quarter 2025 Financial Results Conference Call

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, will release its financial results for the second quarter ended June 30, 2025, after the market close on Wednesday, August 6, 2025. The company will host a conference call at 5:00 p.m. Eastern time to discuss its second quarter 2025 results and full year 2025 outlook.

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, August 6, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco
Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation. Silvaco’s solutions are used for process and device development across display, power devices, automotive, memory, high-performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement
This press release contains forward-looking statements based on Silvaco Group, Inc.’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco Group, Inc. are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco Group, Inc. and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Tiffany Behany
press@silvaco.com

The MIL Network –

July 24, 2025

MIL-OSI: Origin Bancorp, Inc. Reports Earnings for Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

RUSTON, La., July 23, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $14.6 million, or $0.47 diluted earnings per share (“EPS”) for the quarter ended June 30, 2025, compared to net income of $22.4 million, or $0.71 diluted earnings per share, for the quarter ended March 31, 2025. Pre-tax, pre-provision (“PTPP”)⁽¹⁾ earnings were $21.5 million for the quarter ended June 30, 2025, compared to $32.0 million for the linked quarter.

“During the second quarter, we continued to successfully execute on Optimize Origin, our plan to deliver elite level financial performance for Origin and our shareholders,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Throughout the first half of the year, we have created efficiencies within our branch network, improved the overall profitability of our commercial banking team, restructured our mortgage business, and taken multiple actions to optimize our balance sheet. As we head into the back half of 2025, we are well-positioned in the nation’s most dynamic growth markets; and I have full confidence that our employees will continue delivering exceptional value to our customers, communities, and shareholders.”

⁽¹⁾ PTPP earnings is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.

Optimize Origin

In January 2025, we announced our initiative to drive elite financial performance and enhance our award-winning culture.
Built on three primary pillars:
- Productivity, Delivery & Efficiency
- Balance Sheet Optimization
- Culture & Employee Engagement
Established near term target of greater than a 1% ROAA run rate by 4Q25 and an ultimate target of top quartile ROAA.
Near term target is being achieved in part by branch consolidation, headcount reduction, securities optimization, capital optimization, cash/liquidity management, mortgage restructuring, as well as other opportunistic efficiency optimizations throughout the organization.
We believe the actions we have taken will drive earnings improvement of approximately $34.2 million annually on a pre-tax pre-provision basis – an increase of approximately $10.8 million since the last quarterly update, due to additional benefits from increasing our Argent Financial ownership and further securities portfolio optimization.

Financial Highlights

Net interest income was $82.1 million for the quarter ended June 30, 2025, reflecting an increase of $3.7 million, or 4.7%, compared to the linked quarter and is at its highest level in the previous nine quarters.
Our fully tax equivalent net interest margin (“NIM-FTE”) expanded 17 basis points to 3.61% for the quarter ended June 30, 2025, compared to the quarter ended March 31, 2025. The increase was primarily driven by an eight-basis point increase in the yield earned on average interest-earning assets and a five-basis point decline in the rate paid on average interest-bearing liabilities.
As part of our bond portfolio optimization strategy, we sold available-for-sale investment securities with a book value of $215.8 million and realized a loss of $14.4 million during the quarter ended June 30, 2025. This transaction, net of the increase in interest income, negatively impacted diluted EPS by $0.35, but contributed approximately two basis points to our NIM-FTE for the quarter ended June 30, 2025, with an estimated twelve-month total positive impact to NIM-FTE of six basis points.
Total loans held for investment (“LHFI”) were $7.68 billion at June 30, 2025, reflecting an increase of $98.9 million, or 1.3%, compared to March 31, 2025. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.11 billion at June 30, 2025, reflecting a decrease of $71.7 million, or 1.0%, compared to March 31, 2025.
During the quarter ended June 30, 2025, we repurchased 136,399 shares of our common stock at an average price of $31.84 per share. Also, in July 2025, our board of directors approved a stock repurchase program authorizing the purchase of up to $50.0 million of the Company’s outstanding common stock over the next three years, replacing the existing plan which expires this month.
Book value per common share was $38.62 at June 30, 2025, reflecting an increase of $0.85, or 2.3%, compared to March 31, 2025 and $3.39, or 9.6%, compared to June 30, 2024. Tangible book value per common share⁽¹⁾ was $33.33 at June 30, 2025, reflecting an increase of $0.90, or 2.8%, compared to March 31, 2025 and $3.56, or 12.0%, compared to June 30, 2024.
As part of our Optimize Origin initiatives, we purchased additional shares of Argent Financial on July 1, 2025, which allowed us to reach the 20% ownership threshold. This will change our accounting methodology on this investment to the equity method, which will result in an increase in noninterest income.

⁽¹⁾ Tangible book value per common share is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.

Results of Operations for the Quarter Ended June 30, 2025

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended June 30, 2025, was $82.1 million, an increase of $3.7 million, or 4.7%, compared to the quarter ended March 31, 2025. The increase was primarily driven by a $4.1 million increase in interest income earned on LHFI and decreases of $1.6 million and $1.1 million in interest expense paid on interest-bearing deposits and subordinated debentures, respectively, partially offset by a $3.0 million decrease in interest income earned on interest-earning balances due from banks and a $1.1 million increase in interest expense on FHLB advances and other borrowings.

The increase in average LHFI principal balances and the impact of one more calendar day during the quarter ended June 30, 2025, resulted in interest income increases of $3.1 million and $1.3 million, respectively, when compared to the quarter ended March 31, 2025. The increase in average LHFI principal balances was primarily driven by increases of $191.1 million and $64.1 million in MW LOC and commercial and industrial loans, respectively, partially offset by a decrease of $77.1 million in total average real estate loan balances.

The $1.6 million decrease in interest expense on interest-bearing deposits was mainly due to a $232.8 million decrease in average interest-bearing deposits balance, during the quarter ended June 30, 2025, when compared to the quarter ended March 31, 2025. Due primarily to the seasonality of the deposits, interest-bearing public fund average deposit balances decreased $163.5 million during the quarter ended June 30, 2025.

The $1.1 million decrease in interest expense on subordinated debentures was primarily driven by the redemption of $70.0 million in subordinated debentures during the quarter ended March 31, 2025, in conjunction with our Optimize Origin initiatives.

The $3.0 million decrease in interest income earned on average interest-earning balances due from banks was primarily driven by a $267.4 million decrease in average interest-earning balances due from banks.

The $97.8 million increase in average FHLB advances and other borrowings balance contributed $664,000 to the total $1.1 million increase in interest expense on FHLB advances and other borrowings during the quarter ended June 30, 2025. The remaining increase was primarily driven by an increase in the average rate paid on FHLB advances and other borrowings rising to 4.36% for the quarter ended June 30, 2025, from 2.75% for the quarter ended March 31, 2025. The average short-term FHLB balances were $98.4 million for the quarter ended June 30, 2025, compared to zero for the quarter ended March 31, 2025.

The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On September 18, 2024, the Federal Reserve reduced the federal funds target rate range by 50 basis points, to a range of 4.75% to 5.00%, marking the first rate reduction since early 2020. Subsequently, it implemented two additional reductions, with the current federal funds target range set to 4.25% to 4.50% on December 18, 2024. In total, the federal funds target range has decreased 100 basis points from its recent cycle high.

Our NIM-FTE was 3.61% for the quarter ended June 30, 2025, representing 17- and 44-basis-point increases compared to the linked quarter and the quarter ended June 30, 2024, respectively. The yield earned on interest-earning assets for the quarter ended June 30, 2025, was 5.87%, an increase of eight basis points compared to the linked quarter and a decrease of 17 basis points compared to the quarter ended June 30, 2024. The average rate paid on total interest-bearing liabilities for the quarter ended June 30, 2025, was 3.25%, representing a decrease of five- and 73-basis points compared to the linked quarter and the quarter ended June 30, 2024, respectively. Additionally, total loans represented 83.6% of average interest-earning assets during the quarter ended June 30, 2025, up from 80.8% during the quarter ended March 31, 2025, providing a favorable shift in the asset mix that contributed to the margin improvement.

During the quarter ended June 30, 2025, we executed a bond portfolio optimization strategy aimed at enhancing long-term yields and improving overall portfolio performance. This strategy involved selling lower-yielding available-for-sale investment securities and using the proceeds to purchase higher-yielding available-for-sale investment securities. As a result, we replaced securities with a total book value of $215.8 million and a weighted average yield of 2.60% with new securities totaling $201.8 million with a weighted average yield of 5.23%, realizing a loss of $14.4 million. The weighted average duration of the securities portfolio increased to 4.52 years as of June 30, 2025, compared to 4.10 years as of March 31, 2025. As part of the strategy, we also entered into interest rate swaps designated as fair value hedges on seven of these purchased securities with a total book value of $41.3 million, to help reduce potential volatility in the fair value of these securities due to changes in market rates. While this transaction resulted in a $0.35 negative impact to diluted EPS during the quarter ended June 30, 2025, due to the realized loss net of the increase in interest income, we believe the trade-off in yield represents an attractive opportunity. This transaction is expected to generate an estimated annual increase in net interest income of $5.6 million, with an estimated earn-back period of 2.6 years and an estimated twelve-month total positive impact to NIM-FTE of six basis points. We will continue to evaluate and identify any additional opportunities that may present themselves to maximize our return on our securities portfolio.

Credit Quality

The table below includes key credit quality information:

	At and For the Three Months Ended									Change			% Change
(Dollars in thousands, unaudited)	June 30, 2025			March 31, 2025			June 30, 2024			Linked Quarter			Linked Quarter
Past due LHFI⁽¹⁾	$	67,626		$	72,774		$	66,276		$	(5,148	)	7.1	%
Past due 30 to 89 days and still accruing		12,495			42,587			17,080			(30,092	)	70.7
Allowance for loan credit losses (“ALCL”)		92,426			92,011			100,865			415		0.5
Classified loans		127,637			127,676			118,254			(39	)	—
Total nonperforming LHFI		85,315			81,368			75,812			3,947		4.9
Provision for credit losses		2,862			3,444			5,231			(582	)	16.9
Net charge-offs		2,300			2,728			2,946			(428	)	15.7
Credit quality ratios⁽²⁾:
ALCL to nonperforming LHFI		108.33	%		113.08	%		133.05	%	(4.75) %			N/A
ALCL to total LHFI		1.20			1.21			1.27			(0.01	)	N/A
ALCL to total LHFI, adjusted⁽³⁾		1.29			1.28			1.34			0.01		N/A
Classified loans to total LHFI		1.66			1.68			1.49			(0.02	)	N/A
Nonperforming LHFI to LHFI		1.11			1.07			0.95			0.04		N/A
Net charge-offs to total average LHFI (annualized)		0.12			0.15			0.15			(0.03	)	N/A

___________________________

	N/A = Not applicable.
⁽¹⁾	Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.
⁽²⁾	Please see the Loan Data schedule at the back of this document for additional information.
⁽³⁾	The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Loans past due 30-89 days and still accruing decreased $30.1 million for the current quarter compared to the linked quarter. The decrease was primarily driven by three loan relationships totaling $10.7 million that were paid off in the current quarter. Also contributing to the decrease in loans 30-89 days past due and still accruing were three loan relationships that are now over 90 days past due and nonperforming totaling $10.6 million and two loan relationships that are now no longer past due totaling $3.0 million.

Nonperforming LHFI increased $3.9 million for the current quarter compared to the linked quarter, evidenced by an increase in the percentage of nonperforming LHFI to LHFI to 1.11% compared to 1.07% for the linked quarter. The increase in nonperforming loans was primarily driven by four relationships totaling $12.9 million at June 30, 2025. The increase was partially offset by $3.6 million in payments from two relationships and further reduced by total charge-offs of $2.9 million.

Our results included a credit loss provision expense of $2.9 million during the quarter ended June 30, 2025, which includes a $2.7 million provision for loan credit losses, compared to provision for loan credit losses of $3.7 million for the linked quarter. Net charge-offs decreased $428,000 for the quarter ended June 30, 2025, when compared to the quarter ended March 31, 2025, primarily due to total charge-offs of $4.8 million in the linked quarter, consisting primarily of two commercial and industrial loan relationships with charge-offs totaling $2.6 million, with no comparably sized charge-offs during the current quarter.

Noninterest Income

Noninterest income for the quarter ended June 30, 2025, was $1.4 million, a decrease of $14.2 million, or 91.2%, from the linked quarter, primarily driven by a $14.4 million loss on sales of securities, net, and a $1.3 million decrease in insurance commission and fee income, respectively, in the current quarter. These decreases were partially offset by an increase of $902,000 in swap fee income.

The loss on sales of securities, net, during the current quarter was due to the execution of the bond portfolio optimization strategy discussed above.

The decrease in insurance commission and fee income was primarily driven by a seasonal increase in annual contingency fee income recognized in the first quarter with no comparable increase in the current quarter.

The increase in swap fee income was due to both an attractive interest rate environment which is increasingly conducive to facilitating back-to-back swaps for our customers and an increased focus on the marketing of customer swaps as part of Optimize Origin.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2025, was $62.0 million, a decrease of $85,000, or 0.1% from the linked quarter. The decrease was primarily driven by a decrease of $1.4 million in occupancy and equipment, net, that was partially offset by increases of $549,000 and $475,000 in salaries and employee benefit expense and data processing expense, respectively.

The $1.4 million decrease in occupancy and equipment, net was primarily due to cost incurred in the linked quarter in connection with the closure of banking centers as a part of Optimize Origin.

The $549,000 increase in salaries and employee benefit expense was primarily due to the adjustment of the incentive compensation accrual which drove the salaries and employee benefit expense lower during the linked quarter.

The $475,000 increase in data processing expense was primarily due to higher loan workflow software costs during the current quarter compared to the linked quarter.

Financial Condition

Loans

Total LHFI at June 30, 2025, were $7.68 billion, an increase of $98.9 million, or 1.3%, from $7.59 billion at March 31, 2025, and a decrease of $274.7 million, or 3.5%, compared to June 30, 2024.
The primary drivers of the increase during the quarter ended June 30, 2025, compared to the linked quarter, were increases in MW LOC, multi-family real estate and owner occupied commercial real estate of $170.6 million, $40.1 million and $34.8 million, respectively. These increases were partially offset by decreases of $144.9 million and $10.9 million in construction/land/land development loans and commercial and industrial loans, respectively.

Securities

Total securities at June 30, 2025 were $1.14 billion, a decrease of $34.9 million, or 3.0%, from $1.18 billion at March 31, 2025, and a decrease of $34.1 million, or 2.9%, compared to June 30, 2024.
The decrease in securities was primarily due to maturities of short-term investments and net sales of available for sale securities during the current quarter.
In connection with Optimize Origin, we made a strategic decision to replace lower yielding available-for-sale securities with a total book value of $215.8 million with higher-yielding securities totaling $201.8 million. Additional details about this transaction is disclosed above in the Net Interest Income and Net Interest Margin section of this release.
Accumulated other comprehensive loss, net of taxes, primarily associated with unrealized losses within the available for sale portfolio, was $73.6 million at June 30, 2025, a decrease of $16.9 million, or 18.6%, from the linked quarter.
The weighted average effective duration for the total securities portfolio was 4.52 years as of June 30, 2025, compared to 4.10 years as of March 31, 2025.

Deposits

Total deposits at June 30, 2025, were $8.12 billion, a decrease of $215.4 million, or 2.6%, compared to March 31, 2025, and a decrease of $387.8 million, or 4.6%, from June 30, 2024. Seasonality in our public fund deposits drove $99.7 million of the current quarter decline when compared to March 31, 2025.
The decrease in total deposits at June 30, 2025, compared to the linked quarter was primarily due to decreases of $159.0 million, $57.3 million and $47.1 million in interest-bearing demand deposits, time deposits (excluding brokered time deposits) and noninterest-bearing deposits, respectively. The decrease was partially offset by an increase of $92.6 million in money market deposits.
At June 30, 2025 and March 31, 2025, noninterest-bearing deposits as a percentage of total deposits were 22.7%. At June 30, 2024, noninterest-bearing deposits as a percentage of total deposits were 21.9%.

Borrowings

FHLB advances and other borrowings at June 30, 2025, were $127.8 million, an increase of $115.4 million from $12.5 million at March 31, 2025, and an increase of $87.1 million compared to June 30, 2024. The increase in the current quarter compared to the linked quarter is primarily due to an increase in FHLB short-term borrowings of $115.0 million used primarily to meet current liquidity needs.
Average FHLB advances were $104.5 million for the quarter ended June 30, 2025, an increase of $98.3 million from $6.2 million for the quarter ended March 31, 2025 and an increase of $68.8 million from June 30, 2024.

Conference Call

Origin will hold a conference call to discuss its second quarter 2025 results on Thursday, July 24, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (888) 700-7550 (U.S. Toll Free), enter Conference ID: 05905 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ2.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

About Origin

Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

Non-GAAP Financial Measures

Origin reports its results in accordance with generally accepted accounting principles in the United States of America (“GAAP”). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin’s results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin’s reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core efficiency ratio.

Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin Bancorp, Inc’s (“Origin”, “we”, “our” or the “Company”) future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: (1) the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the impact of tariffs, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; (2) changes in benchmark interest rates and the resulting impacts on net interest income; (3) deterioration of Origin’s asset quality; (4) factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; (5) the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; (6) changes in the value of collateral securing Origin’s loans; (7) the impact of generative artificial intelligence; (8) Origin’s ability to anticipate interest rate changes and manage interest rate risk; (9) the impact of heightened regulatory requirements, reduced debit interchange and overdraft income and the possibility of facing related adverse business consequences if our total assets grow in excess of $10 billion as of December 31 of any calendar year; (10) the effectiveness of Origin’s risk management framework and quantitative models; (11) Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; (12) the impact of labor pressures; (13) changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; (14) changes in management personnel; (15) Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; (16) increasing costs as Origin grows deposits; (17) operational risks associated with Origin’s business; (18) significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; (19) increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; (20) compliance with governmental and regulatory requirements and changes in laws, rules, regulations, interpretations or policies relating to financial institutions; (21) periodic changes to the extensive body of accounting rules and best practices; (22) further government intervention in the U.S. financial system; (23) a deterioration of the credit rating for U.S. long-term sovereign debt; (24) Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; (25) natural disasters and other adverse weather events, pandemics, acts of terrorism, war, and other matters beyond Origin’s control; (26) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (27) fraud or misconduct by internal or external actors (including Origin employees); (28) cybersecurity threats or security breaches and the cost of defending against them; (29) Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and (30) potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

This press release contains projected financial information with respect to Origin, including with respect to certain goals and strategic initiatives of Origin and the anticipated benefits thereof. This projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to significant business, economic (including interest rate), competitive, and other risks and uncertainties. Actual results may differ materially from the results contemplated by the projected financial information contained herein and the inclusion of such projected financial information in this release should not be regarded as a representation by any person that such actions will be taken or accomplished or that the results reflected in such projected financial information with respect thereto will be achieved.

Contact:

Investor Relations
Chris Reigelman
318-497-3177
chris@origin.bank

Media Contact
Ryan Kilpatrick
318-232-7472
rkilpatrick@origin.bank

Origin Bancorp, Inc.
Selected Quarterly Financial Data
(Unaudited)

	Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Income statement and share amounts	(Dollars in thousands, except per share amounts)
Net interest income	$	82,136		$	78,459		$	78,349		$	74,804		$	73,890
Provision (benefit) for credit losses		2,862			3,444			(5,398	)		4,603			5,231
Noninterest income (loss)		1,368			15,602			(330	)		15,989			22,465
Noninterest expense		61,983			62,068			65,422			62,521			64,388
Income before income tax expense		18,659			28,549			17,995			23,669			26,736
Income tax expense		4,012			6,138			3,725			5,068			5,747
Net income	$	14,647		$	22,411		$	14,270		$	18,601		$	20,989
PTPP earnings⁽¹⁾	$	21,521		$	31,993		$	12,597		$	28,272		$	31,967
Basic earnings per common share		0.47			0.72			0.46			0.60			0.68
Diluted earnings per common share		0.47			0.71			0.46			0.60			0.67
Dividends declared per common share		0.15			0.15			0.15			0.15			0.15
Weighted average common shares outstanding – basic		31,192,622			31,205,752			31,155,486			31,130,293			31,042,527
Weighted average common shares outstanding – diluted		31,327,818			31,412,010			31,308,805			31,239,877			31,131,829

Balance sheet data
Total LHFI	$	7,684,446		$	7,585,526		$	7,573,713		$	7,956,790		$	7,959,171
Total LHFI excluding MW LOC		7,109,698			7,181,395			7,224,632			7,461,602			7,452,666
Total assets		9,678,158			9,750,372			9,678,702			9,965,986			9,947,182
Total deposits		8,123,036			8,338,412			8,223,120			8,486,568			8,510,842
Total stockholders’ equity		1,205,769			1,180,177			1,145,245			1,145,673			1,095,894

Performance metrics and capital ratios
Yield on LHFI		6.33	%		6.33	%		6.47	%		6.67	%		6.58	%
Yield on interest-earnings assets		5.87			5.79			5.91			6.09			6.04
Cost of interest-bearing deposits		3.20			3.23			3.61			4.01			3.95
Cost of total deposits		2.47			2.52			2.79			3.14			3.08
NIM – fully tax equivalent (“FTE”)		3.61			3.44			3.33			3.18			3.17
Return on average assets (annualized) (“ROAA”)		0.60			0.93			0.57			0.74			0.84
PTPP ROAA (annualized)⁽¹⁾		0.89			1.32			0.50			1.13			1.28
Return on average stockholders’ equity (annualized) (“ROAE”)		4.94			7.79			4.94			6.57			7.79
Return on average tangible common equity (annualized) (“ROATCE”)⁽¹⁾		5.74			9.09			5.78			7.74			9.25
Book value per common share	$	38.62		$	37.77		$	36.71		$	36.76		$	35.23
Tangible book value per common share⁽¹⁾		33.33			32.43			31.38			31.37			29.77
Efficiency ratio⁽²⁾		74.23	%		65.99	%		83.85	%		68.86	%		66.82	%
Core efficiency ratio⁽¹⁾		73.77			65.33			82.79			67.48			65.55
Common equity tier 1 to risk-weighted assets⁽³⁾		13.47			13.57			13.32			12.46			12.15
Tier 1 capital to risk-weighted assets⁽³⁾		13.66			13.77			13.52			12.64			12.33
Total capital to risk-weighted assets⁽³⁾		15.68			15.81			16.44			15.45			15.16
Tier 1 leverage ratio⁽³⁾		11.70			11.47			11.08			10.93			10.70

__________________________

⁽¹⁾	PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
⁽²⁾	Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
⁽³⁾	June 30, 2025, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.

Origin Bancorp, Inc.
Selected Year-To-Date Financial Data
(Unaudited)

	Six Months Ended June 30, 2025
(Dollars in thousands, except per share amounts)		2025			2024

Income statement and share amounts
Net interest income	$	160,595		$	147,213
Provision for credit losses		6,306			8,243
Noninterest income		16,970			39,720
Noninterest expense		124,051			123,095
Income before income tax expense		47,208			55,595
Income tax expense		10,150			11,974
Net income	$	37,058		$	43,621
PTPP earnings⁽¹⁾	$	53,514		$	63,838
Basic earnings per common share		1.19			1.41
Diluted earnings per common share		1.18			1.40
Dividends declared per common share		0.30			0.30
Weighted average common shares outstanding – basic		31,199,151			31,011,930
Weighted average common shares outstanding – diluted		31,375,804			31,110,747

Performance metrics
Yield on LHFI		6.33	%		6.58	%
Yield on interest-earning assets		5.83			6.01
Cost of interest-bearing deposits		3.21			3.90
Cost of total deposits		2.49			3.04
NIM-FTE		3.52			3.18
ROAA (annualized)		0.77			0.88
PTPP ROAA (annualized)⁽¹⁾		1.11			1.29
ROAE (annualized)		6.34			8.17
ROATCE (annualized)⁽¹⁾		7.38			9.73
Efficiency ratio⁽²⁾		69.86			65.85
Core efficiency ratio⁽¹⁾		69.29			65.40

____________________________

⁽¹⁾	PTPP earnings, PTPP ROAA, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
⁽²⁾	Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.

Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income
(Unaudited)

	Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024

Interest and dividend income	(Dollars in thousands, except per share amounts)
Interest and fees on loans	$	121,239		$	117,075		$	127,021		$	133,195	$	129,879
Investment securities-taxable		7,692			8,076			6,651			6,536		6,606
Investment securities-nontaxable		1,425			968			964			905		893
Interest and dividend income on assets held in other financial institutions		4,281			6,424			5,197			3,621		4,416
Total interest and dividend income		134,637			132,543			139,833			144,257		141,794
Interest expense
Interest-bearing deposits		50,152			51,779			59,511			67,051		65,469
FHLB advances and other borrowings		1,216			96			88			482		514
Subordinated indebtedness		1,133			2,209			1,885			1,920		1,921
Total interest expense		52,501			54,084			61,484			69,453		67,904
Net interest income		82,136			78,459			78,349			74,804		73,890
Provision (benefit) for credit losses		2,862			3,444			(5,398	)		4,603		5,231
Net interest income after provision (benefit) for credit losses		79,274			75,015			83,747			70,201		68,659
Noninterest income
Insurance commission and fee income		6,661			7,927			5,441			6,928		6,665
Service charges and fees		4,927			4,716			4,801			4,664		4,862
Other fee income		2,809			2,301			2,152			2,114		2,404
Mortgage banking revenue		1,369			915			1,151			1,153		1,878
Swap fee income		1,435			533			116			106		44
(Loss) gain on sales of securities, net		(14,448	)		—			(14,617	)		221		—
Limited partnership investment (loss) income		(1,909	)		(1,692	)		(62	)		375		68
Change in fair value of equity investments		—			—			—			—		5,188
Other income		524			902			688			428		1,356
Total noninterest income (loss)		1,368			15,602			(330	)		15,989		22,465
Noninterest expense
Salaries and employee benefits		38,280			37,731			36,405			38,491		38,109
Occupancy and equipment, net		7,187			8,544			7,913			6,298		7,009
Data processing		3,432			2,957			3,414			3,470		3,468
Office and operations		3,337			2,972			2,883			2,984		3,072
Intangible asset amortization		1,768			1,761			1,800			1,905		2,137
Regulatory assessments		1,345			1,392			1,535			1,791		1,842
Advertising and marketing		1,158			1,133			1,929			1,449		1,328
Professional services		1,285			1,250			2,064			2,012		1,303
Electronic banking		1,359			1,354			1,377			1,308		1,238
Loan-related expenses		669			599			431			751		1,077
Franchise tax expense		688			675			884			721		815
Other expenses		1,475			1,700			4,787			1,341		2,990
Total noninterest expense		61,983			62,068			65,422			62,521		64,388
Income before income tax expense		18,659			28,549			17,995			23,669		26,736
Income tax expense		4,012			6,138			3,725			5,068		5,747
Net income	$	14,647		$	22,411		$	14,270		$	18,601	$	20,989

Origin Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)

(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Assets
Cash and due from banks	$	113,918		$	112,888		$	132,991		$	159,337		$	137,615
Interest-bearing deposits in banks		220,193			373,314			337,258			161,854			150,435
Total cash and cash equivalents		334,111			486,202			470,249			321,191			288,050
Securities:
AFS		1,126,721			1,161,368			1,102,528			1,160,965			1,160,048
Held to maturity, net of allowance for credit losses		11,093			11,094			11,095			11,096			11,616
Securities carried at fair value through income		6,218			6,512			6,512			6,533			6,499
Total securities		1,144,032			1,178,974			1,120,135			1,178,594			1,178,163
Non-marketable equity securities held in other financial institutions		75,181			71,754			71,643			67,068			64,010
Loans held for sale		8,878			10,191			10,494			7,631			18,291
LHFI		7,684,446			7,585,526			7,573,713			7,956,790			7,959,171
Less: ALCL		92,426			92,011			91,060			95,989			100,865
LHFI, net of ALCL		7,592,020			7,493,515			7,482,653			7,860,801			7,858,306
Premises and equipment, net		122,618			123,847			126,620			126,751			121,562
Cash surrender value of bank-owned life insurance		41,265			41,021			40,840			40,602			40,365
Goodwill		128,679			128,679			128,679			128,679			128,679
Other intangible assets, net		36,444			38,212			37,473			39,272			41,177
Accrued interest receivable and other assets		194,930			177,977			189,916			195,397			208,579
Total assets	$	9,678,158		$	9,750,372		$	9,678,702		$	9,965,986		$	9,947,182
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	1,841,684		$	1,888,808		$	1,900,651		$	1,893,767		$	1,866,622
Interest-bearing deposits excluding brokered interest-bearing deposits, if any		5,450,710			5,536,636			5,301,243			5,137,940			4,984,817
Time deposits		805,642			862,968			941,000			1,023,252			1,022,589
Brokered deposits		25,000			50,000			80,226			431,609			636,814
Total deposits		8,123,036			8,338,412			8,223,120			8,486,568			8,510,842
FHLB advances and other borrowings		127,843			12,488			12,460			30,446			40,737
Subordinated indebtedness		89,657			89,599			159,943			159,861			159,779
Accrued expenses and other liabilities		131,853			129,696			137,934			143,438			139,930
Total liabilities		8,472,389			8,570,195			8,533,457			8,820,313			8,851,288
Stockholders’ equity:
Common stock		156,124			156,220			155,988			155,837			155,543
Additional paid-in capital		537,819			538,790			537,366			535,662			532,950
Retained earnings		585,387			575,578			557,920			548,419			534,585
Accumulated other comprehensive loss		(73,561	)		(90,411	)		(106,029	)		(94,245	)		(127,184	)
Total stockholders’ equity		1,205,769			1,180,177			1,145,245			1,145,673			1,095,894
Total liabilities and stockholders’ equity	$	9,678,158		$	9,750,372		$	9,678,702		$	9,965,986		$	9,947,182

Origin Bancorp, Inc.
Loan Data
(Unaudited)

	At and For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

LHFI	(Dollars in thousands)
Owner occupied commercial real estate	$	972,788		$	937,985		$	975,947		$	991,671		$	959,850
Non-owner occupied commercial real estate		1,455,771			1,445,864			1,501,484			1,533,093			1,563,152
Construction/land/land development		653,748			798,609			864,011			991,545			1,017,389
Residential real estate – single family		1,465,535			1,465,192			1,432,129			1,414,013			1,421,027
Multi-family real estate		529,899			489,765			425,460			434,317			398,202
Total real estate loans		5,077,741			5,137,415			5,199,031			5,364,639			5,359,620
Commercial and industrial		2,011,178			2,022,085			2,002,634			2,074,037			2,070,947
MW LOC		574,748			404,131			349,081			495,188			506,505
Consumer		20,779			21,895			22,967			22,926			22,099
Total LHFI		7,684,446			7,585,526			7,573,713			7,956,790			7,959,171
Less: ALCL		92,426			92,011			91,060			95,989			100,865
LHFI, net	$	7,592,020		$	7,493,515		$	7,482,653		$	7,860,801		$	7,858,306

Nonperforming assets⁽¹⁾
Nonperforming LHFI
Commercial real estate	$	12,814		$	5,465		$	4,974		$	2,776		$	2,196
Construction/land/land development		17,720			17,694			18,505			26,291			26,336
Residential real estate⁽²⁾		37,996			40,749			36,221			14,313			13,493
Commercial and industrial		16,655			17,325			15,120			20,486			33,608
Consumer		130			135			182			407			179
Total nonperforming LHFI		85,315			81,368			75,002			64,273			75,812
Other real estate owned/repossessed assets		1,991			1,990			3,635			6,043			6,827
Total nonperforming assets	$	87,306		$	83,358		$	78,637		$	70,316		$	82,639
Classified assets	$	129,628		$	129,666		$	122,417		$	113,529		$	125,081
Past due LHFI⁽³⁾		67,626			72,774			42,437			38,838			66,276
Past due 30 to 89 days and still accruing		12,495			42,587			18,015			20,170			17,080

Allowance for loan credit losses
Balance at beginning of period	$	92,011		$	91,060		$	95,989		$	100,865		$	98,375
Provision (benefit) for loan credit losses		2,715			3,679			(5,489	)		4,644			5,436
Loans charged off		3,700			4,848			2,025			11,226			3,706
Loan recoveries		1,400			2,120			2,585			1,706			760
Net charge-offs (recoveries)		2,300			2,728			(560	)		9,520			2,946
Balance at end of period	$	92,426		$	92,011		$	91,060		$	95,989		$	100,865

Credit quality ratios
Total nonperforming assets to total assets		0.90	%		0.85	%		0.81	%		0.71	%		0.83	%
Nonperforming LHFI to LHFI		1.11			1.07			0.99			0.81			0.95
Past due LHFI to LHFI		0.88			0.96			0.56			0.49			0.83
Past due 30 to 89 days and still accruing to LHFI		0.16			0.56			0.24			0.25			0.21
ALCL to nonperforming LHFI		108.33			113.08			121.41			149.35			133.05
ALCL to total LHFI		1.20			1.21			1.20			1.21			1.27
ALCL to total LHFI, adjusted⁽⁴⁾		1.29			1.28			1.25			1.28			1.34
Net charge-offs (recoveries) to total average LHFI (annualized)		0.12			0.15			(0.03	)		0.48			0.15

____________________________

⁽¹⁾	Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale, if any.
⁽²⁾	Includes multi-family real estate.
⁽³⁾	Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.
⁽⁴⁾	The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Origin Bancorp, Inc.
Average Balances and Yields/Rates
(Unaudited)

	Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
	Average Balance		Yield/Rate		Average Balance		Yield/Rate		Average Balance		Yield/Rate

Assets	(Dollars in thousands)
Commercial real estate	$	2,407,632	5.78	%	$	2,448,099	5.82	%	$	2,497,490	5.91	%
Construction/land/land development		739,601	6.92			821,754	6.87			1,058,972	6.98
Residential real estate⁽¹⁾		1,955,422	5.62			1,909,922	5.53			1,787,829	5.48
Commercial and industrial (“C&I”)		2,068,175	7.30			2,004,034	7.37			2,128,486	7.87
MW LOC		480,587	6.86			289,521	7.07			430,885	7.57
Consumer		21,851	7.29			22,709	7.45			22,396	8.06
LHFI		7,673,268	6.33			7,496,039	6.33			7,926,058	6.58
Loans held for sale		11,422	6.92			8,590	6.18			14,702	6.84
Loans receivable		7,684,690	6.33			7,504,629	6.33			7,940,760	6.58
Investment securities-taxable		980,430	3.15			1,021,904	3.21			1,046,301	2.54
Investment securities-nontaxable		175,101	3.26			140,875	2.79			143,232	2.51
Non-marketable equity securities held in other financial institutions		77,240	6.63			71,669	2.35			56,270	6.53
Interest-earning balances due from banks		276,372	4.36			543,821	4.48			254,627	5.53
Total interest-earning assets		9,193,833	5.87			9,282,898	5.79			9,441,190	6.04
Noninterest-earning assets		522,090				525,317				567,035
Total assets	$	9,715,923			$	9,808,215			$	10,008,225

Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	5,409,357	3.17	%	$	5,538,710	3.14	%	$	5,130,224	3.80	%
Time deposits		868,703	3.45			972,176	3.69			1,534,679	4.46
Total interest-bearing deposits		6,278,060	3.20			6,510,886	3.23			6,664,903	3.95
FHLB advances and other borrowings		111,951	4.36			14,148	2.75			41,666	4.96
Subordinated indebtedness		89,633	5.07			124,133	7.22			159,973	4.83
Total interest-bearing liabilities		6,479,644	3.25			6,649,167	3.30			6,866,542	3.98
Noninterest-bearing liabilities
Noninterest-bearing deposits		1,881,301				1,837,365				1,894,141
Other liabilities		164,647				154,934				163,273
Total liabilities		8,525,592				8,641,466				8,923,956
Stockholders’ Equity		1,190,331				1,166,749				1,084,269
Total liabilities and stockholders’ equity	$	9,715,923			$	9,808,215			$	10,008,225
Net interest spread			2.62	%			2.49	%			2.06	%
NIM			3.58				3.43				3.15
NIM-FTE⁽²⁾			3.61				3.44				3.17

____________________________

⁽¹⁾	Includes multi-family real estate.
⁽²⁾	In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.

Origin Bancorp, Inc.
Notable Items
(Unaudited)

	At and For the Three Months Ended
	June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
	$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾

	(Dollars in thousands, except per share amounts)
Notable interest income items:
Interest income reversal on relationships impacted by questioned banker activity	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(1,206	)	$	(0.03	)
Notable interest expense items:
OID amortization – subordinated debenture redemption		—			—			(681	)		(0.02	)		—			—			—			—			—			—
Notable provision expense items:
Provision release (expense) related to questioned banker activity		—			—			—			—			3,212			0.08			—			—			(3,212	)		(0.08	)
Provision release (expense) on relationships impacted by questioned banker activity		—			—			375			0.01			—			—			—			—			(4,131	)		(0.11	)
Notable noninterest income items⁽²⁾:
(Loss) gain on sales of securities, net		(14,448	)		(0.36	)		—			—			(14,617	)		(0.37	)		221			0.01			—			—
Gain on sub-debt repurchase		—			—			—			—			—			—			—			—			81			—
Positive valuation adjustment on non-marketable equity securities		—			—			—			—			—			—			—			—			5,188			0.13
Net (loss) gain on OREO properties⁽²⁾		(158	)		—			(212	)		(0.01	)		198			—			—			—			800			0.02
BOLI payout		—			—			208			0.01			—			—			—			—			—			—
Notable noninterest expense items:
Operating expense related to questioned banker activity		(530	)		(0.01	)		(543	)		(0.01	)		(4,069	)		(0.10	)		(848	)		(0.02	)		(1,452	)		(0.04	)
Operating expense related to strategic Optimize Origin initiatives		(428	)		(0.01	)		(1,615	)		(0.04	)		(1,121	)		(0.03	)		—			—			—			—
Employee Retention Credit		—			—			213			0.01			1,651			0.04			—			—			—			—
Total notable items	$	(15,564	)		(0.39	)	$	(2,255	)		(0.06	)	$	(14,746	)		(0.37	)	$	(627	)		(0.02	)	$	(3,932	)		(0.10	)

____________________________

⁽¹⁾	The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
⁽²⁾	The $158,000 net loss on OREO properties for the quarter ended June 30, 2025, includes an $8,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and $3,000 in repair costs that was included in noninterest expense. The $212,000 net loss on OREO properties for the quarter ended March 31, 2025, includes a $444,000 expected insurance settlement recovery that was included in noninterest income on the face of the income statement, and a $148,000 repair cost that was included in noninterest expense.

Origin Bancorp, Inc.
Notable Items – Continued
(Unaudited)

	Six Months Ended June 30,
		2025						2024
	$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾

	(Dollars in thousands, except per share amounts)
Notable interest income items:
Interest income reversal on relationships impacted by questioned banker activity	$	—		$	—		$	(1,206	)	$	(0.03	)
Notable interest expense items:
OID amortization -subordinated debenture redemption		(681	)		(0.02	)		—			—
Notable provision expense items:
Provision expense related to questioned banker activity		—			—			(3,212	)		(0.08	)
Provision release (expense) on relationships impacted by questioned banker activity		375			0.01			(4,131	)		(0.10	)
Notable noninterest income items:
MSR gain (impairment)		—			—			410			0.01
Loss on sales of securities, net		(14,448	)		(0.36	)		(403	)		(0.01	)
Gain on sub-debt repurchase		—			—			81			—
Positive valuation adjustment on non-marketable equity securities		—			—			5,188			0.13
Net (loss) gain on OREO properties⁽²⁾		(370	)		(0.01	)		800			0.02
BOLI payout		208			0.01			—			—
Notable noninterest expense items:
Operating expense related to questioned banker activity		(1,073	)		(0.03	)		(1,452	)		(0.04	)
Operating expense related to strategic Optimize Origin initiatives		(2,043	)		(0.05	)		—			—
Employee Retention Credit		213			0.01			—			—
Total notable items	$	(17,819	)		(0.45	)	$	(3,925	)		(0.10	)

____________________________

(1)	The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
(2)	The $370,000 net loss on OREO properties for the six months ended June 30, 2025, includes a $452,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and a $151,000 repair cost that was included in noninterest expense.

Origin Bancorp, Inc.
Non-GAAP Financial Measures
(Unaudited)

	At and For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

	(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income	$	14,647		$	22,411		$	14,270		$	18,601		$	20,989
Provision (benefit) for credit losses		2,862			3,444			(5,398	)		4,603			5,231
Income tax expense		4,012			6,138			3,725			5,068			5,747
PTPP earnings (non-GAAP)	$	21,521		$	31,993		$	12,597		$	28,272		$	31,967

Calculation of PTPP ROAA:
PTPP earnings	$	21,521		$	31,993		$	12,597		$	28,272		$	31,967
Divided by number of days in the quarter		91			90			92			92			91
Multiplied by the number of days in the year		365			365			366			366			366
PTPP earnings, annualized	$	86,320		$	129,749		$	50,114		$	112,473			128,571
Divided by total average assets		9,715,923			9,808,215			9,978,543			9,985,836			10,008,225
ROAA (annualized) (GAAP)		0.60	%		0.93	%		0.57	%		0.74	%		0.84	%
PTPP ROAA (annualized) (non-GAAP)		0.89			1.32			0.50			1.13			1.28

Calculation of tangible book value per common share:
Total common stockholders’ equity	$	1,205,769		$	1,180,177		$	1,145,245		$	1,145,673		$	1,095,894
Goodwill		(128,679	)		(128,679	)		(128,679	)		(128,679	)		(128,679	)
Other intangible assets, net		(36,444	)		(38,212	)		(37,473	)		(39,272	)		(41,177	)
Tangible common equity		1,040,646			1,013,286			979,093			977,722			926,038
Divided by common shares outstanding at the end of the period		31,224,718			31,244,006			31,197,574			31,167,410			31,108,667
Book value per common share (GAAP)	$	38.62		$	37.77		$	36.71		$	36.76		$	35.23
Tangible book value per common share (non-GAAP)		33.33			32.43			31.38			31.37			29.77

Calculation of ROATCE:
Net income	$	14,647		$	22,411		$	14,270		$	18,601		$	20,989
Divided by number of days in the quarter		91			90			92			92			91
Multiplied by number of days in the year		365			365			366			366			366
Annualized net income	$	58,749		$	90,889		$	56,770		$	74,000		$	84,417

Total average common stockholders’ equity	$	1,190,331		$	1,166,749		$	1,149,228		$	1,125,697		$	1,084,269
Average goodwill		(128,679	)		(128,679	)		(128,679	)		(128,679	)		(128,679	)
Average other intangible assets, net		(37,459	)		(38,254	)		(38,646	)		(40,487	)		(42,563	)
Average tangible common equity		1,024,193			999,816			981,903			956,531			913,027

ROAE (annualized) (GAAP)		4.94	%		7.79	%		4.94	%		6.57	%		7.79	%
ROATCE (annualized) (non-GAAP)		5.74			9.09			5.78			7.74			9.25

Calculation of core efficiency ratio:
Total noninterest expense	$	61,983		$	62,068		$	65,422		$	62,521		$	64,388
Insurance and mortgage noninterest expense		(8,460	)		(8,230	)		(8,497	)		(8,448	)		(8,402	)
Adjusted total noninterest expense		53,523			53,838			56,925			54,073			55,986

Net interest income	$	82,136		$	78,459		$	78,349		$	74,804		$	73,890
Insurance and mortgage net interest income		(2,924	)		(2,815	)		(2,666	)		(2,578	)		(2,407	)
Total noninterest income		1,368			15,602			(330	)		15,989			22,465
Insurance and mortgage noninterest income		(8,030	)		(8,842	)		(6,592	)		(8,081	)		(8,543	)
Adjusted total revenue		72,550			82,404			68,761			80,134			85,405

Efficiency ratio (GAAP)		74.23	%		65.99	%		83.85	%		68.86	%		66.82	%
Core efficiency ratio (non-GAAP)		73.77			65.33			82.79			67.48			65.55

Origin Bancorp, Inc.
Non-GAAP Financial Measures – Continued
(Unaudited)

	Six Months Ended June 30,
		2025			2024

	(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income	$	37,058		$	43,621
Provision for credit losses		6,306			8,243
Income tax expense		10,150			11,974
PTPP earnings (non-GAAP)	$	53,514		$	63,838

Calculation of PTPP ROAA:
PTPP Earnings	$	53,514		$	63,838
Divided by the year-to-date number of days		181			182
Multiplied by number of days in the year		365			366
Annualized PTPP Earnings	$	107,915		$	128,378

Divided by total average assets	$	9,761,814		$	9,934,730
ROAA (annualized) (GAAP)		0.77	%		0.88	%
PTPP ROAA (annualized) (non-GAAP)		1.11			1.29

Calculation of ROATCE:
Net income	$	37,058		$	43,621
Divided by the year-to-date number of days		181			182
Multiplied by number of days in the year		365			366
Annualized net income	$	74,730		$	87,721

Total average common stockholders’ equity	$	1,178,605		$	1,073,487
Average goodwill		(128,679	)		(128,679	)
Average other intangible assets, net		(37,854	)		(43,631	)
Average tangible common equity		1,012,072			901,177

ROAE (annualized) (GAAP)		6.34	%		8.17	%
ROATCE (annualized) (non-GAAP)		7.38			9.73

Calculation of core efficiency ratio:
Total noninterest expense	$	124,051		$	123,095
Insurance and mortgage noninterest expense		(16,690	)		(16,447	)
Adjusted total noninterest expense		107,361			106,648

Net interest income	$	160,595		$	147,213
Insurance and mortgage net interest income		(5,739	)		(5,202	)
Total noninterest income		16,970			39,720
Insurance and mortgage noninterest income		(16,872	)		(18,666	)
Adjusted total revenue		154,954			163,065

Efficiency ratio (non-GAAP)		69.86	%		65.85	%
Core efficiency ratio (non-GAAP)		69.29			65.40

The MIL Network –

July 24, 2025

MIL-OSI Security: Defense News in Brief: U.S.-Philippine Airmen strengthen ties during Cope Thunder 25-2

Source: United States Airforce

PACAF participated in Cope Thunder 25-2, a unique platform that integrates U.S. and Philippine Air Forces and enhances interoperability through bilateral fighter training, subject matter expert exchanges and key leadership engagements.

CLARK AIR BASE, Philippines (AFNS) —

U.S. Pacific Air Forces and Philippine Air Force members participated in Cope Thunder 25-2, a bilateral training conducted across multiple locations in the Philippines. The exercise aimed to strengthen partnerships and support the Philippine Air Force’s modernization efforts, promoting regional and global stability.

Established in the Philippines in 1976, Cope Thunder provides a unique platform to integrate U.S. and Philippine Air Forces and enhance interoperability through bilateral fighter training, subject matter expert exchanges and key leadership engagements. Cope Thunder 25-2 also marked the first time a U.S. Air Force F-35A Lightning II squadron has deployed to the Philippines.

“It’s obvious that this isn’t a relationship that’s simply on paper,” said Lt. Col. Bryan Mussler, 421st Mission Generation Force Element commander. “We’ve been integrating with them for a long time, and their mentality and approach to operations is very similar to ours.”

Subject matter expert exchanges during the exercise enabled U.S. and Philippine Airmen in similar career fields to share best practices and effective techniques aimed at improving day-to-day operations for both forces. These exchanges included maintenance, firefighting, airfield operations, electromagnetic warfare and basic fighter manoeuvres with U.S. and Philippine pilots flying side by side.

U.S. Air Force maintainers, assigned to the 421st Mission Generation Force Element, depart the flightline after conducting preflight operations on an F-35A Lightning II during Cope Thunder 25-2 at Clark Air Base, Philippines, July 7, 2025. The exercise enhances interoperability between the U.S. Air Force and the Philippine Air Force and supported the Armed Forces of the Philippines’ modernization efforts. (U.S. Air Force photo by Airman 1st Class Aden Brown)

U.S. Air Force Staff Sgt. Arnaldo Puente Mendez, 421st Mission Generation Force Element aerospace ground equipment maintainer, briefs Philippine Air Force airmen on a self-generating nitrogen servicing cart during Cope Thunder 25-2 at Clark Air Base, Philippines, July 9, 2025. During the subject matter expert exchange, U.S. Airmen provided valuable insight into equipment used for aircraft maintenance, supporting Armed Forces of the Philippines’ modernization efforts. (U.S. Air Force photo by Airman 1st Class Aden Brown)

U.S. Air Force Capt. Tyler Rico, second to the left, and Capt. Toney Fisher, right, 421st Mission Generation Force Element F-35A pilots, coordinate flight plans with Philippine Air Force pilots during the Cope Thunder 25-2 exercise at Clark Air Base, Philippines, July 7, 2025. The training conducted between the U.S. and Philippine Air Force strengthens both the ability to respond together for potential future crises, contingencies and natural disasters. (U.S. Air Force photo by Airman 1st Class Aden Brown) (Image blurred for operational security)

“We worked closely with the PAF pilots, and it was clear they are professional and highly capable aviators that employ their weapon systems with skill and precision,” said Capt. Tobey Fisher, 421st Mission Generation Force Element F-35A instructor pilot. “Additionally, this exercise afforded the 421st MGFE the opportunity to operate at a remote airfield with minimal support.”

The F-35A maintenance team supported Cope Thunder 25-2 with a lean, agile team, operating with roughly one-third of the personnel they typically have at their home station.

“It’s really cool to see such a small team come here and execute the mission,” said Maj. Clinton Bialcak, 421st Fighter Generation Squadron commander, referring to executing the F-35 maintenance mission. “I think everyone in the region, in the world and in the Department of Defense sees that we can do it and they can rely on us.”

The U.S. Air Force’s participation reflects ongoing efforts to strengthen coordination with regional allies and partners.

MIL Security OSI –

July 24, 2025

MIL-OSI Security: Defense News in Brief: Next-gen TOC-L systems announced to boost agile C2 capabilities

Source: United States Airforce

The DAF has announced the upgrade of the Tactical Operations Center-Light capability with its Major Release 2 prototype, designed to advance contributions to Combined Joint All-Domain Command and Control.

ARLINGTON, Va. (AFNS) —

The Department of the Air Force recently announced the upgrade of the Tactical Operations Center-Light capability with its Major Release 2 prototype, July 22.

This rapid prototyping effort, developed with support from long-standing industry partners, will deliver more than 40 next-generation TOC-L systems designed to advance the DAF’s contribution to Combined Joint All-Domain Command and Control.

“This has been a major push from our team and industry partners to see the TOC-L MR2 prototype developed with all the lessons learned from MR1,” said Maj. Gen. Luke Cropsey, DAF’s Program Executive Officer for Command, Control, Communications and Battle Management. “This achievement truly embodies our agile acquisition approach, setting the stage for a phased deployment where we can rapidly field operationally relevant upgrades based on feedback from the field.”

Managed by DAF PEO C3BM’s Advanced Battle Management System Division, the TOC-L integrates data from multiple sources to create a synchronized air picture. The MR2 prototype represents a crucial leap forward for the TOC-L. While 16 MR1 prototypes focused on minimizing the system’s physical footprint, MR2 also prioritizes enhanced integration capabilities.

“The MR2 aims to enhance portability, survivability, mobility and ease of use through reduced size, weight, power, while featuring improved usability and maintainability to reduce training time and improve operational readiness,” said Lt. Col. Micah Graber, ABMS Deployable Systems Branch materiel leader. “The system will also feature ABMS Digital Infrastructure and Cloud-Based Command and Control software capability for enhanced enterprise interoperability and expanded data access within the DAF BATTLE NETWORK.”

This shift from maneuverability to integration leveraged insights gained from the MR1 prototype’s first operational deployment to Combined Joint Task Force-Horn of Africa, which provided real-world capability assessment. Along with data from prior experiments, recent participation in the U.S. Army’s Project Convergence Capstone 5 also played a vital role in directly informing MR2 requirements, focusing on the system’s integration with other key technologies.

“The plan for the MR2 prototypes builds upon the lessons learned from the original 16,” said Stephen Ciulla, ABMS TOC-L program manager. “The potential use cases and operational possibilities have expanded over the last 18 months and MR2 development includes more rigorous testing and design validation to ensure that functional and operational requirements are met.”

The MR2 prototype will serve as the execution arm of the DAF BATTLE NETWORK by utilizing ABMS DI to communicate to various sensors and C2 systems, according to Ciulla. This bridges communication gaps between disparate systems, facilitating seamless cross-domain integration and interoperability. CBC2 functionality additionally employs advanced software and artificial intelligence to assist battle managers in prioritizing and executing actions, while advancing human-machine teaming.

“MR2’s integration advancements, enabled by ABMS DI and CBC2, will enable seamless information sharing and improved coordination among warfighters in contested environments, leading to a more cohesive and effective force,” Graber said. “This enhanced interoperability translates into tangible operational advancements by allowing for better-informed decisions and more decisive actions across all levels – tactical, operational and strategic.”

The TOC-L prototype is a critical component of the DAF BATTLE NETWORK, contributing to enhanced situational awareness and decision-making across the battlespace. The MR2 prototype underscores the Air Force’s commitment to delivering cutting-edge technology to the warfighter, ensuring decisive advantage in future conflicts.

MIL Security OSI –

July 24, 2025

MIL-OSI USA: Urgent: Take action to protect Tennessee Valley Authority from privatization

Source: US International Brotherhood of Boilermakers

Breaking News

Since 1933, the Boilermakers have been working with the Tennessee Valley Authority (TVA) to build and maintain the infrastructure that powers the South. What began as a New Deal hydroelectric-focused endeavor has evolved over the past 90 years to coal, natural gas, nuclear and a planned, first-in-the-nation nuclear fusion generation facility. The generating assets within the TVA are diverse and efficient, delivering power to millions of southern households across seven states, powering the southern economy and stabilizing the national electric grid. TVA is a federally owned power authority that has been operating in partnership with the IBB for nearly 100 years, producing millions of man-hours for generations.

Since the Obama administration, several unsuccessful attempts have been made to privatize TVA. There are strong rumors that the Trump administration is considering privatization of TVA, meaning they would sell off the generating assets and infrastructure to the highest bidder, jeopardizing millions of Boilermaker man-hours. Additionally, privatizing TVA’s assets would cost families who live in the TVA jurisdiction an estimated additional $50 a month on their utility bill—a cost most working families cannot afford.

Below is the Boilermakers’ official statement urging against privatization of TVA. Boilermakers are strongly encouraged to contact their U.S. Senators using this action page link, which can and should be shared widely. The link will take you to an easy form that will automatically contact your Senator with a letter. It only takes a minute. This will help Boilermakers working on TVA projects and remind Washington that Boilermakers power America.

Boilermakers’ official statement on privatization of the Tennessee Valley Authority

Kansas City, Mo. (July 23, 2025) — Following is the official statement of the International Brotherhood of Boilermakers, issued by International President Timothy Simmons, regarding U.S. Senate consideration of privatization of the Tennessee Valley Authority

We urge the Senate to slow down any attempt to privatize the Tennessee Valley Authority, as any such effort would have devastating effects across the South and our nation. Through the hard work of thousands of Boilermakers, TVA has been efficiently and effectively powering the South for over 90 years, building and maintaining a diverse portfolio of power generation assets across seven states. Disrupting TVA’s service to the South would, in turn, disrupt the nation, stalling out our ability to meet increasing power demands further stressed by the need to support the ever-evolving AI technology sector. In its current practice, TVA generates power that is affordable for every family and stabilizes the nation’s power grid. This is a classic case of “if it’s not broken, don’t fix it.”

All Boilermakers are encouraged to contact their U.S. Senators using this action link.

View the full statement PDF

MIL OSI USA News –

July 24, 2025

MIL-OSI: QCR Holdings, Inc. Announces Net Income of $29.0 Million for the Second Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

Second Quarter 2025 Highlights

Net income of $29.0 million, or $1.71 per diluted share
Adjusted net income¹of $29.4 million, or $1.73 per diluted share
NIM TEY¹expanded four basis points to 3.46%
Adjusted ROAA¹of 1.29% annualized
Capital markets revenue growth of 51% on a linked-quarter basis
Nonperforming assets declined $5.5 million, or 11%
Tangible book value per share¹grew $1.64, or 13% annualized
TCE/TA ratio¹improved 22 basis points to 9.92%

MOLINE, Ill., July 23, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.0 million and diluted earnings per share (“EPS”) of $1.71 for the second quarter of 2025, compared to net income of $25.8 million and diluted EPS of $1.52 for the first quarter of 2025.

Adjusted net income¹ and adjusted diluted EPS¹ for the second quarter of 2025 were $29.4 million and $1.73, respectively, for the first quarter of 2025 compared to $26.0 million and $1.53, respectively, for the first quarter of 2025 and $29.3 million, and $1.73 respectively for the second quarter of 2024.

	For the Quarter Ended
	June 30,		March 31,		June 30,
$ in millions (except per share data)	2025		2025		2024
Net Income	$	29.0	$	25.8	$	29.1
Diluted EPS	$	1.71	$	1.52	$	1.72
Adjusted Net Income¹	$	29.4	$	26.0	$	29.3
Adjusted Diluted EPS¹	$	1.73	$	1.53	$	1.73

“We delivered strong second quarter results highlighted by a significant increase in net interest income from the previous quarter, driven by both net interest margin expansion and strong loan growth, as well as improved capital markets revenue, and disciplined noninterest expense management,” said Todd Gipple, President and Chief Executive Officer. “These robust results led to continued capital accretion and a substantial increase in tangible book value per share¹.”

Significant Net Interest Income Growth as Margin Expansion Continues

Net interest income for the second quarter of 2025 totaled $62.1 million, an increase of $2.1 million, or 14% annualized, from the first quarter of 2025, driven by strong earning asset growth, expanded yield on loans and investments, and lower cost of funds. Net interest margin (“NIM”) was 2.97% and NIM on a tax-equivalent yield (“TEY”) basis¹ was 3.46% for the second quarter, as compared to 2.95% and 3.42% for the prior quarter, respectively.

“Our NIM TEY¹ increased four basis points from the first quarter of 2025, which was at the top of our guidance range,” said Nick Anderson, Chief Financial Officer. “Looking ahead, we anticipate continued margin expansion and are guiding to an increase in third quarter NIM TEY¹ in a range from static to an increase of four basis points, assuming no Federal Reserve rate cuts,” added Mr. Anderson.

Improving Noninterest Income Driven by Capital Markets Revenue

Noninterest income for the second quarter of 2025 was $22.1 million, up from $16.9 million in the first quarter of 2025. The Company generated $9.9 million of capital markets revenue in the second quarter of 2025 compared to $6.5 million in the prior quarter. Wealth management revenue totaled $4.6 million, representing a slight decline from the first quarter of 2025. However, it increased $332 thousand or 8% compared to the second quarter of 2024 and rose 23% year-to-date on an annualized basis compared to the same period in 2024.

“During the second quarter of 2025 we saw improved low-income housing tax credit (“LIHTC”) lending activity compared to the first quarter as clients adjusted to the current environment. This increased activity drove 51% growth in our capital markets revenue. The sustained, long-term demand for affordable housing continues to support our LIHTC lending and related capital markets revenue. Our pipeline continues to improve as clients adapt to the evolving market conditions,” said Mr. Gipple.

“Given the strengthened pipeline, we are reaffirming our guidance for Capital Markets revenue to be in a range of $50 to $60 million for the next four quarters. In addition, we are also providing guidance over a shorter horizon and expect capital markets revenue for the third quarter to be fully back to a more normalized level and in a range of $13 to $16 million for the quarter,” added Mr. Gipple.

Disciplined Noninterest Expense Management

Noninterest expense for the second quarter of 2025 totaled $49.6 million compared to $46.5 million for the first quarter of 2025 and $49.9 million for the second quarter of 2024. The $3.1 million linked-quarter increase was primarily due to higher capital markets revenue and strong loan growth resulting in an improved return on average assets which drove higher variable compensation. Professional and data processing expenses also increased and were related to the Company’s digital transformation.

“While expenses increased compared to the first quarter, we held noninterest expense under the low end of our guidance range of $50 to $53 million, highlighting our expense flexibility,” said Mr. Anderson. “Noninterest expense remains well managed, down 9% year to date on an annualized basis compared to the same period in 2024. The Company’s efficiency ratio¹ was 58.9% in the second quarter. For the third quarter of 2025, we expect noninterest expense to be in the range of $52 to $55, million which includes certain costs associated with our digital transformation and assumes both capital markets revenue and loan growth are within our guidance range,” added Mr. Anderson.

Strong Loan Growth

In the second quarter of 2025, the Company’s total loans and leases held for investment grew by $102.6 million, to $6.9 billion. “Loan growth was 8% annualized when adding back the impact from the planned runoff of m2 Equipment Finance loans and leases. Second quarter loan growth was driven by both our LIHTC and traditional lending businesses. Our pipeline is strong, and we anticipate loan demand to increase as clients continue to adapt to current market conditions,” stated Mr. Gipple. “We continue to be optimistic about solid loan growth for the remainder of the year and are guiding to gross loan growth in a range of 8% to 10% in the second half of the year,” added Mr. Gipple.

Maintaining Core Deposit Strength

Following the robust deposit growth of $276.2 million, or 16% annualized, in the first quarter of 2025, the majority of those balances were retained throughout the second quarter. Total deposits declined slightly by $19.0 million, or 1% annualized from the first quarter, while average deposit balances increased $72.0 million. Year-to-date, core deposits have increased by $311 million, or 9% annualized.

Asset Quality Remains Excellent

The nonperforming assets (“NPAs”) to total assets ratio was 0.46% as of June 30, 2025, down seven basis points from the prior quarter. NPAs totaled $42.7 million at the end of the second quarter of 2025, a $5.5 million, or 11% decrease from the prior quarter.

Total criticized loans increased by $9.3 million on a linked-quarter basis. The ratio of criticized loans to total loans and leases as of June 30, 2025, increased to 2.16% as compared to 2.06% as of March 31, 2025. Despite the 10 basis point increase, the criticized loan ratio remains well below the Company’s long-term historical average.

The Company recorded a total provision for credit losses of $4.0 million during the quarter, which was down slightly from $4.2 million in the prior quarter. Net charge-offs were $6.3 million during the second quarter of 2025, an increase of $2.1 million from the prior quarter primarily due to the charge-off of loans that had previously been fully reserved. The allowance for credit losses to total loans held for investment was 1.28% for the second quarter.

Strong Tangible Book Value and Regulatory Capital Growth

The Company’s tangible book value per share¹ increased by $1.64, or 13% annualized, during the second quarter of 2025 due to the combination of strong earnings and a modest dividend.

As of June 30, 2025, the Company’s tangible common equity to tangible assets ratio (“TCE”)¹ increased 22 basis points to 9.92%. The improvement in TCE¹ was driven by strong earnings during the quarter. The total risk-based capital ratio increased to 14.26% and the common equity tier 1 ratio increased to 10.43% due to solid earnings growth during the quarter. By comparison, these ratios were 9.70%, 14.18%, and 10.27%, respectively, as of March 31, 2025. The Company remains focused on growing its regulatory capital.

Conference Call Details
The Company will host an earnings call/webcast tomorrow, July 24, 2025, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through July 31, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 8414968. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Guaranty Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, and Illinois. As of June 30, 2025, the Company had $9.2 billion in assets, $6.9 billion in loans and $7.3 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

Endnotes

¹Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

Special Note Concerning Forward-Looking Statements. 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,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. 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.

A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets, including effects of inflationary pressures, the threat or implementation of tariffs, trade wars and changes to immigration policy; (ii) changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies (including those concerning the Company’s general business); (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB, the Securities and Exchange Commission (the “SEC”) or the PCAOB; (v) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions, fintech companies, and digital asset service providers and the inability to attract new customers; (vii) rapid technological changes implemented by us and our third-party vendors, including the development and implementation of tools incorporating artificial intelligence; (viii) unexpected results of acquisitions, including failure to realize the anticipated benefits of the acquisitions and the possibility that transaction and integration costs may be greater than anticipated; (ix) the loss of key executives and employees, talent shortages and employee turnover; (x) changes in consumer spending; (xi) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xiv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xv) the overall health of the local and national real estate market; (xvi) the ability to maintain an adequate level of allowance for credit losses on loans; (xvii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xviii) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xix) the level of non-performing assets on our balance sheet; (xx) interruptions involving our information technology and communications systems or third-party servicers; (xxi) the occurrence of fraudulent activity, breaches or failures of 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; (xxii) changes in the interest rates and repayment rates of the Company’s assets; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing. 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 the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the SEC.

Contact:
Nick W. Anderson
Chief Financial Officer
(309) 743-7707
nanderson@qcrh.com

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

		As of
		June 30,			March 31,			December 31,			September 30,			June 30,
			2025			2025			2024			2024			2024

		(dollars in thousands)

	CONDENSED BALANCE SHEET

	Cash and due from banks	$	104,769		$	98,994		$	91,732		$	103,840		$	92,173
	Federal funds sold and interest-bearing deposits		145,704			225,716			170,592			159,159			102,262
	Securities, net of allowance for credit losses		1,263,452			1,220,717			1,200,435			1,146,046			1,033,199
	Loans receivable held for sale (1)		1,162			2,025			2,143			167,047			246,124
	Loans/leases receivable held for investment		6,923,762			6,821,142			6,782,261			6,661,755			6,608,262
	Allowance for credit losses		(88,732	)		(90,354	)		(89,841	)		(86,321	)		(87,706	)
	Intangibles		9,738			10,400			11,061			11,751			12,441
	Goodwill		138,595			138,595			138,595			138,596			139,027
	Derivatives		184,982			180,997			186,781			261,913			194,354
	Other assets		558,899			544,547			532,271			524,779			531,855
	Total assets	$	9,242,331		$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991

	Total deposits	$	7,318,353		$	7,337,390		$	7,061,187		$	6,984,633		$	6,764,667
	Total borrowings		509,359			429,921			569,532			660,344			768,671
	Derivatives		209,505			206,925			214,823			285,769			221,798
	Other liabilities		154,560			155,796			183,101			181,199			180,536
	Total stockholders’ equity		1,050,554			1,022,747			997,387			976,620			936,319
	Total liabilities and stockholders’ equity	$	9,242,331		$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991

	ANALYSIS OF LOAN PORTFOLIO
	Loan/lease mix: (2)
	Commercial and industrial – revolving	$	380,029		$	388,479		$	387,991		$	387,409		$	362,115
	Commercial and industrial – other		1,180,859			1,231,198			1,295,961			1,321,053			1,370,561
	Commercial and industrial – other – LIHTC		194,830			212,921			218,971			89,028			92,637
	Total commercial and industrial		1,755,718			1,832,598			1,902,923			1,797,490			1,825,313
	Commercial real estate, owner occupied		593,675			599,488			605,993			622,072			633,596
	Commercial real estate, non-owner occupied		1,036,049			1,040,281			1,077,852			1,103,694			1,082,457
	Construction and land development		454,022			403,001			395,557			342,335			331,454
	Construction and land development – LIHTC		1,075,000			1,016,207			917,986			913,841			750,894
	Multi-family		301,432			289,782			303,662			324,090			329,239
	Multi-family – LIHTC		950,331			888,517			828,448			973,682			1,148,244
	Direct financing leases		12,880			14,773			17,076			19,241			25,808
	1-4 family real estate		592,253			592,127			588,179			587,512			583,542
	Consumer		153,564			146,393			146,728			144,845			143,839
	Total loans/leases	$	6,924,924		$	6,823,167		$	6,784,404		$	6,828,802		$	6,854,386
	Less allowance for credit losses		88,732			90,354			89,841			86,321			87,706
	Net loans/leases	$	6,836,192		$	6,732,813		$	6,694,563		$	6,742,481		$	6,766,680


	ANALYSIS OF SECURITIES PORTFOLIO
	Securities mix:
	U.S. government sponsored agency securities	$	14,267		$	17,487		$	20,591		$	18,621		$	20,101
	Municipal securities		1,033,642			1,003,985			971,567			965,810			885,046
	Residential mortgage-backed and related securities		58,864			43,194			50,042			53,488			54,708
	Asset backed securities		6,684			7,764			9,224			10,455			12,721
	Other securities		67,358			66,105			65,745			39,190			38,464
	Trading securities (3)		82,900			82,445			83,529			58,685			22,362
	Total securities	$	1,263,715		$	1,220,980		$	1,200,698		$	1,146,249		$	1,033,402
	Less allowance for credit losses		263			263			263			203			203
	Net securities	$	1,263,452		$	1,220,717		$	1,200,435		$	1,146,046		$	1,033,199

	ANALYSIS OF DEPOSITS
	Deposit mix:
	Noninterest-bearing demand deposits	$	952,032		$	963,851		$	921,160		$	969,348		$	956,445
	Interest-bearing demand deposits		5,087,783			5,119,601			4,828,216			4,715,087			4,644,918
	Time deposits		974,341			951,606			953,496			942,847			859,593
	Brokered deposits		304,197			302,332			358,315			357,351			303,711
	Total deposits	$	7,318,353		$	7,337,390		$	7,061,187		$	6,984,633		$	6,764,667

	ANALYSIS OF BORROWINGS
	Borrowings mix:
	Term FHLB advances	$	145,383		$	145,383		$	145,383		$	145,383		$	135,000
	Overnight FHLB advances		80,000			–			140,000			230,000			350,000
	Other short-term borrowings		1,350			2,050			1,800			2,750			1,600
	Subordinated notes		233,701			233,595			233,489			233,383			233,276
	Junior subordinated debentures		48,925			48,893			48,860			48,828			48,795
	Total borrowings	$	509,359		$	429,921		$	569,532		$	660,344		$	768,671

(1)	Loans with a fair value of $0 million, $0 million, $0 million, $165.9 million and $243.2 million have been identified for securitization and are included in LHFS at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.
(2)	Loan categories with significant LIHTC loan balances have been broken out separately. Total LIHTC balances within the loan/lease portfolio were $2.3 billion at June 30, 2025.
(3)	Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

	For the Quarter Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024		2024

	(dollars in thousands, except per share data)

INCOME STATEMENT
Interest income	$	120,247	$	116,673		$	121,642		$	125,420		$	119,746
Interest expense		58,165		56,687			60,438			65,698			63,583
Net interest income		62,082		59,986			61,204			59,722			56,163
Provision for credit losses		4,043		4,234			5,149			3,484			5,496
Net interest income after provision for credit losses	$	58,039	$	55,752		$	56,055		$	56,238		$	50,667


Trust fees (1)	$	3,395	$	3,686		$	3,456		$	3,270		$	3,103
Investment advisory and management fees (1)		1,254		1,254			1,320			1,229			1,214
Deposit service fees		2,187		2,183			2,228			2,294			1,986
Gains on sales of residential real estate loans, net		556		297			734			385			540
Gains on sales of government guaranteed portions of loans, net		40		61			49			–			12
Capital markets revenue		9,869		6,516			20,552			16,290			17,758
Earnings on bank-owned life insurance		998		524			797			814			2,964
Debit card fees		1,648		1,488			1,555			1,575			1,571
Correspondent banking fees		699		614			560			507			510
Loan related fee income		1,096		898			950			949			962
Fair value gain (loss) on derivatives and trading securities		230		(1,007	)		(1,781	)		(886	)		51
Other		143		378			205			730			218
Total noninterest income	$	22,115	$	16,892		$	30,625		$	27,157		$	30,889


Salaries and employee benefits	$	28,474	$	27,364		$	33,610		$	31,637		$	31,079
Occupancy and equipment expense		6,837		6,455			6,354			6,168			6,377
Professional and data processing fees		6,089		5,144			5,480			4,457			4,823
Restructuring expense		–		–			–			1,954			–
FDIC insurance, other insurance and regulatory fees		1,960		1,970			1,934			1,711			1,854
Loan/lease expense		407		381			513			587			151
Net cost of (income from) and gains/losses on operations of other real estate		50		(9	)		23			(42	)		28
Advertising and marketing		1,746		1,613			1,886			2,124			1,565
Communication and data connectivity		274		290			345			333			318
Supplies		252		207			252			278			259
Bank service charges		720		596			635			603			622
Correspondent banking expense		314		329			328			325			363
Intangibles amortization		661		661			691			690			690
Goodwill impairment		–		–			–			431			–
Payment card processing		547		594			516			785			706
Trust expense		413		357			381			395			379
Other		839		587			551			1,129			674
Total noninterest expense	$	49,583	$	46,539		$	53,499		$	53,565		$	49,888

Net income before income taxes	$	30,571	$	26,105		$	33,181		$	29,830		$	31,668
Federal and state income tax expense		1,552		308			2,956			2,045			2,554
Net income	$	29,019	$	25,797		$	30,225		$	27,785		$	29,114

Basic EPS	$	1.71	$	1.53		$	1.80		$	1.65		$	1.73
Diluted EPS	$	1.71	$	1.52		$	1.77		$	1.64		$	1.72


Weighted average common shares outstanding		16,928,542		16,900,785			16,871,652			16,846,200			16,814,814
Weighted average common and common equivalent shares outstanding		17,006,282		17,013,992			17,024,481			16,982,400			16,921,854

(1) Trust fees and investment advisory and management fees when combined are referred to as wealth management revenue.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

	For the Six Months Ended
	June 30,			June 30,
		2025			2024

	(dollars in thousands, except per share data)

INCOME STATEMENT
Interest income	$	236,920		$	234,795
Interest expense		114,852			123,933
Net interest income		122,068			110,862
Provision for credit losses		8,277			8,465
Net interest income after provision for credit losses	$	113,791		$	102,397


Trust fees	$	7,081		$	6,302
Investment advisory and management fees		2,508			2,315
Deposit service fees		4,370			4,008
Gains on sales of residential real estate loans, net		853			922
Gains on sales of government guaranteed portions of loans, net		101			36
Capital markets revenue		16,385			34,215
Earnings on bank-owned life insurance		1,522			3,832
Debit card fees		3,136			3,037
Correspondent banking fees		1,313			1,022
Loan related fee income		1,994			1,798
Fair value loss on derivatives and trading securities		(777	)		(112	)
Other		521			372
Total noninterest income	$	39,007		$	57,747


Salaries and employee benefits	$	55,838		$	62,939
Occupancy and equipment expense		13,292			12,891
Professional and data processing fees		11,233			9,436
FDIC insurance, other insurance and regulatory fees		3,930			3,799
Loan/lease expense		788			529
Net cost of (income from) and gains/losses on operations of other real estate		41			(2	)
Advertising and marketing		3,359			3,048
Communication and data connectivity		564			719
Supplies		459			534
Bank service charges		1,316			1,190
Correspondent banking expense		643			668
Intangibles amortization		1,322			1,380
Payment card processing		1,141			1,352
Trust expense		770			804
Other		1,426			1,291
Total noninterest expense	$	96,122		$	100,578

Net income before income taxes	$	56,676		$	59,566
Federal and state income tax expense		1,860			3,726
Net income	$	54,816		$	55,840

Basic EPS	$	3.24		$	3.32
Diluted EPS	$	3.22		$	3.30


Weighted average common shares outstanding		16,914,663			16,799,081
Weighted average common and common equivalent shares outstanding		17,010,136			16,916,264

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

			As of and for the Quarter Ended															For the Six Months Ended
			June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
				2025			2025			2024			2024			2024			2025			2024

			(dollars in thousands, except per share data)

		COMMON SHARE DATA
		Common shares outstanding		16,934,698			16,920,363			16,882,045			16,861,108			16,824,985
		Book value per common share (1)	$	62.04		$	60.44		$	59.08		$	57.92		$	55.65
		Tangible book value per common share (Non-GAAP) (2)	$	53.28		$	51.64		$	50.21		$	49.00		$	46.65
		Closing stock price	$	67.90		$	71.32		$	80.64		$	74.03		$	60.00
		Market capitalization	$	1,149,866		$	1,206,760		$	1,361,368		$	1,248,228		$	1,009,499
		Market price / book value		109.45	%		117.99	%		136.49	%		127.81	%		107.82	%
		Market price / tangible book value		127.45	%		138.11	%		160.59	%		151.07	%		128.62	%
		Earnings per common share (basic) LTM (3)	$	6.69		$	6.71		$	6.77		$	6.93		$	6.78
		Price earnings ratio LTM (3)	10.15 x			10.63 x			11.91 x			10.68 x			8.85 x
		TCE / TA (Non-GAAP) (4)		9.92	%		9.70	%		9.55	%		9.24	%		9.00	%


		CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
		Beginning balance	$	1,022,747		$	997,387		$	976,620		$	936,319		$	907,342
		Net income		29,019			25,797			30,225			27,785			29,114
		Other comprehensive income (loss), net of tax		(1,671	)		404			(9,628	)		12,057			(368	)
		Common stock cash dividends declared		(1,016	)		(1,015	)		(1,013	)		(1,012	)		(1,008	)
		Other (5)		1,475			174			1,183			1,471			1,239
		Ending balance	$	1,050,554		$	1,022,747		$	997,387		$	976,620		$	936,319


		REGULATORY CAPITAL RATIOS (6):
		Total risk-based capital ratio		14.26	%		14.18	%		14.10	%		13.87	%		14.21	%
		Tier 1 risk-based capital ratio		10.96	%		10.81	%		10.57	%		10.33	%		10.49	%
		Tier 1 leverage capital ratio		11.22	%		11.06	%		10.73	%		10.50	%		10.40	%
		Common equity tier 1 ratio		10.43	%		10.27	%		10.03	%		9.79	%		9.92	%


		KEY PERFORMANCE RATIOS AND OTHER METRICS
		Return on average assets (annualized)		1.27	%		1.14	%		1.34	%		1.24	%		1.33	%		1.21	%		1.30	%
		Return on average total equity (annualized)		11.15	%		10.14	%		12.15	%		11.55	%		12.63	%		10.65	%		12.32	%
		Net interest margin		2.97	%		2.95	%		2.95	%		2.90	%		2.82	%		2.95	%		2.82	%
		Net interest margin (TEY) (Non-GAAP)(7)		3.46	%		3.42	%		3.43	%		3.37	%		3.27	%		3.45	%		3.26	%
		Efficiency ratio (Non-GAAP) (8)		58.89	%		60.54	%		58.26	%		61.65	%		57.31	%		59.68	%		59.65	%
		Gross loans/leases held for investment / total assets		74.91	%		74.53	%		75.14	%		73.30	%		74.48	%		74.91	%		74.48	%
		Gross loans/leases held for investment / total deposits		94.61	%		92.96	%		96.05	%		95.38	%		97.69	%		94.61	%		97.69	%
		Effective tax rate		5.08	%		1.18	%		8.91	%		6.86	%		8.06	%		3.28	%		6.26	%
		Full-time equivalent employees (9)		1,001			972			980			976			988			1,001			988


		AVERAGE BALANCES
		Assets	$	9,155,473		$	9,015,439		$	9,050,280		$	8,968,653		$	8,776,002		$	9,085,843		$	8,663,429
		Loans/leases		6,881,731			6,790,312			6,839,153			6,840,527			6,779,075			6,836,274			6,688,844
		Deposits		7,218,540			7,146,286			7,109,567			6,858,196			6,687,188			7,182,612			6,641,324
		Total stockholders’ equity		1,041,428			1,017,487			995,012			962,302			921,986			1,029,524			912,679

(1	)	Includes accumulated other comprehensive income (loss).
(2	)	Includes accumulated other comprehensive income (loss) and excludes intangible assets. See GAAP to Non-GAAP reconciliations.
(3	)	LTM : Last twelve months.
(4	)	TCE / TCA : tangible common equity / total tangible assets. See GAAP to non-GAAP reconciliations.
(5	)	Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.
(6	)	(6) Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.
(7	)	TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(8	)	See GAAP to Non-GAAP reconciliations.
(9	)	The increase in full-time equivalent employees in the second quarter of 2025 includes 21 summer interns.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

		ANALYSIS OF NET INTEREST INCOME AND MARGIN

			For the Quarter Ended
			June 30, 2025						March 31, 2025						June 30, 2024
			Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost

			(dollars in thousands)

		Fed funds sold	$	14,285	$	159	4.40	%	$	9,009	$	99	4.40	%	$	13,065	$	183	5.54	%
		Interest-bearing deposits at financial institutions		151,898		1,634	4.31	%		166,897		1,804	4.38	%		80,998		1,139	5.66	%
		Investment securities – taxable		401,657		4,805	4.79	%		400,779		4,588	4.59	%		377,747		4,286	4.53	%
		Investment securities – nontaxable (1)		893,753		12,872	5.76	%		843,476		11,722	5.57	%		704,761		9,462	5.37	%
		Restricted investment securities		34,037		622	7.23	%		30,562		534	6.99	%		43,398		869	7.92	%
		Loans (1)		6,881,731		110,245	6.43	%		6,790,312		107,439	6.42	%		6,779,075		112,719	6.69	%
		Total earning assets (1)	$	8,377,361	$	130,337	6.24	%	$	8,241,035	$	126,186	6.20	%	$	7,999,044	$	128,658	6.46	%

		Interest-bearing deposits	$	5,080,367	$	38,604	3.05	%	$	5,005,853	$	37,698	3.05	%	$	4,649,625	$	40,924	3.54	%
		Time deposits		1,193,035		12,409	4.17	%		1,204,593		12,690	4.27	%		1,091,870		12,128	4.47	%
		Short-term borrowings		1,420		15	4.23	%		1,839		18	3.97	%		1,622		21	5.18	%
		Federal Home Loan Bank advances		250,603		2,853	4.50	%		177,883		1,996	4.49	%		464,231		6,238	5.32	%
		Subordinated debentures		233,631		3,599	6.16	%		233,525		3,601	6.17	%		233,207		3,582	6.14	%
		Junior subordinated debentures		48,904		685	5.54	%		48,871		684	5.60	%		48,774		688	5.58	%
		Total interest-bearing liabilities	$	6,807,960	$	58,165	3.42	%	$	6,672,564	$	56,687	3.44	%	$	6,489,329	$	63,581	3.93	%

		Net interest income (1)			$	72,172					$	69,499					$	65,077
		Net interest margin (2)					2.97	%					2.95	%					2.82	%
		Net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.46	%					3.42	%					3.27	%
		Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.45	%					3.41	%					3.26	%
		Cost of funds (4)					3.01	%					3.02	%					3.43	%


			For the Six Months Ended
			June 30, 2025						June 30, 2024
			Average Balance		Interest Earned or Paid		Average Yield or Cost		Average Balance		Interest Earned or Paid		Average Yield or Cost

			(dollars in thousands)

		Fed funds sold	$	11,662	$	258	4.40	%	$	16,510	$	452	5.41	%
		Interest-bearing deposits at financial institutions		159,356		3,438	4.35	%		86,277		2,339	5.45	%
		Investment securities – taxable		401,220		9,393	4.69	%		375,644		8,546	4.54	%
		Investment securities – nontaxable (1)		868,754		24,594	5.67	%		695,365		18,813	5.41	%
		Restricted investment securities		32,309		1,156	7.12	%		40,742		1,543	7.49	%
		Loans (1)		6,836,274		217,684	6.42	%		6,688,844		220,392	6.63	%
		Total earning assets (1)	$	8,309,575	$	256,523	6.22	%	$	7,903,382	$	252,085	6.41	%

		Interest-bearing deposits	$	5,041,914	$	76,302	3.05	%	$	4,589,479	$	80,027	3.51	%
		Time deposits		1,198,782		25,098	4.22	%		1,099,746		24,473	4.48	%
		Short-term borrowings		1,629		33	4.05	%		1,688		44	5.19	%
		Federal Home Loan Bank advances		214,444		4,849	4.50	%		409,725		10,977	5.30	%
		Subordinated debentures		233,579		7,201	6.17	%		233,154		7,062	6.06	%
		Junior subordinated debentures		48,888		1,369	5.57	%		48,758		1,381	5.60	%
		Total interest-bearing liabilities	$	6,739,236	$	114,852	3.43	%	$	6,382,550	$	123,964	3.90	%

		Net interest income (1)			$	141,671					$	128,121
		Net interest margin (2)					2.95	%					2.82	%
		Net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.45	%					3.26	%
		Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)					3.44	%					3.24	%
		Cost of funds (4)					3.01	%					3.39	%


(1	)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(2	)	See “Select Financial Data – Subsidiaries” for a breakdown of amortization/accretion included in net interest margin for each period presented.
(3	)	TEY : Tax equivalent yield. See GAAP to Non-GAAP reconciliations.
(4	)	Cost of funds includes the effect of noninterest-bearing deposits.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

			As of
			June 30,			March 31,			December 31,			September 30,			June 30,
				2025			2025			2024			2024			2024

			(dollars in thousands, except per share data)

		ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES
		Beginning balance	$	90,354		$	89,841		$	86,321		$	87,706		$	84,470
		Change in ACL for transfer of loans to LHFS		–			–			93			(1,812	)		498
		Credit loss expense		4,667			4,743			6,832			3,828			4,343
		Loans/leases charged off		(6,490	)		(4,944	)		(4,787	)		(3,871	)		(1,751	)
		Recoveries on loans/leases previously charged off		201			714			1,382			470			146
		Ending balance	$	88,732		$	90,354		$	89,841		$	86,321		$	87,706


		NONPERFORMING ASSETS
		Nonaccrual loans/leases	$	42,482		$	47,259		$	40,080		$	33,480		$	33,546
		Accruing loans/leases past due 90 days or more		7			356			4,270			1,298			87
		Total nonperforming loans/leases		42,489			47,615			44,350			34,778			33,633
		Other real estate owned		62			402			661			369			369
		Other repossessed assets		113			122			543			542			512
		Total nonperforming assets	$	42,664		$	48,139		$	45,554		$	35,689		$	34,514


		ASSET QUALITY RATIOS
		Nonperforming assets / total assets		0.46	%		0.53	%		0.50	%		0.39	%		0.39	%
		ACL for loans and leases / total loans/leases held for investment		1.28	%		1.32	%		1.32	%		1.30	%		1.33	%
		ACL for loans and leases / nonperforming loans/leases		208.84	%		189.76	%		202.57	%		248.21	%		260.77	%
		Net charge-offs as a % of average loans/leases		0.09	%		0.06	%		0.05	%		0.05	%		0.02	%



		INTERNALLY ASSIGNED RISK RATING (1)
		Special mention	$	68,621		$	55,327		$	73,636		$	80,121		$	85,096
		Substandard (2)		81,040			85,033			84,930			70,022			80,345
		Doubtful (2)		–			–			–			–			–
		Total Criticized loans (3)	$	149,661		$	140,360		$	158,566		$	150,143		$	165,441

		Classified loans as a % of total loans/leases (2)		1.17	%		1.25	%		1.25	%		1.03	%		1.17	%
		Total Criticized loans as a % of total loans/leases (3)		2.16	%		2.06	%		2.34	%		2.20	%		2.41	%

(1	)	Amounts exclude the government guaranteed portion, if any. The Company assigns internal risk ratings of Pass for the government guaranteed portion.
(2	)	Classified loans are defined as loans with internally assigned risk ratings of 10 or 11, regardless of performance, and include loans identified as Substandard or Doubtful.
(3	)	Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 , regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

			For the Quarter Ended									For the Year Ended
			June 30,			March 31,			June 30,			June 30,			June 30,
		SELECT FINANCIAL DATA – SUBSIDIARIES		2025			2025			2024			2025			2024
			(dollars in thousands)

		TOTAL ASSETS
		Quad City Bank and Trust (1)	$	2,662,450		$	2,777,634		$	2,559,049
		m2 Equipment Finance, LLC		242,722			276,096			359,012
		Cedar Rapids Bank and Trust		2,664,293			2,617,143			2,428,267
		Community State Bank		1,605,966			1,583,646			1,531,109
		Guaranty Bank		2,365,944			2,331,944			2,369,754

		TOTAL DEPOSITS
		Quad City Bank and Trust (1)	$	2,309,942		$	2,397,047		$	2,100,520
		Cedar Rapids Bank and Trust		1,884,370			1,883,952			1,721,564
		Community State Bank		1,272,296			1,238,307			1,188,551
		Guaranty Bank		1,866,749			1,840,774			1,791,448

		TOTAL LOANS & LEASES
		Quad City Bank and Trust (1)	$	2,032,168		$	2,041,181		$	2,107,605
		m2 Equipment Finance, LLC		250,019			284,983			363,897
		Cedar Rapids Bank and Trust		1,852,316			1,790,065			1,736,438
		Community State Bank		1,206,735			1,197,005			1,162,686
		Guaranty Bank		1,833,706			1,794,915			1,847,658

		TOTAL LOANS & LEASES / TOTAL DEPOSITS
		Quad City Bank and Trust (1)		88	%		85	%		100	%
		Cedar Rapids Bank and Trust		98	%		95	%		101	%
		Community State Bank		95	%		97	%		98	%
		Guaranty Bank		98	%		98	%		103	%


		TOTAL LOANS & LEASES / TOTAL ASSETS
		Quad City Bank and Trust (1)		76	%		73	%		82	%
		Cedar Rapids Bank and Trust		70	%		68	%		72	%
		Community State Bank		75	%		76	%		76	%
		Guaranty Bank		78	%		77	%		78	%

		ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT
		Quad City Bank and Trust (1)		1.32	%		1.44	%		1.43	%
		m2 Equipment Finance, LLC		4.26	%		4.37	%		3.86	%
		Cedar Rapids Bank and Trust		1.35	%		1.38	%		1.38	%
		Community State Bank		1.09	%		1.08	%		1.08	%
		Guaranty Bank		1.29	%		1.30	%		1.13	%

		RETURN ON AVERAGE ASSETS (ANNUALIZED)
		Quad City Bank and Trust (1)		1.24	%		1.31	%		0.88	%		1.28	%		0.84	%
		Cedar Rapids Bank and Trust		2.36	%		2.14	%		2.94	%		2.25	%		3.01	%
		Community State Bank		1.31	%		1.07	%		1.26	%		1.19	%		1.25	%
		Guaranty Bank		0.85	%		0.72	%		1.42	%		0.79	%		1.15	%

		NET INTEREST MARGIN PERCENTAGE (2)
		Quad City Bank and Trust (1)		3.45	%		3.45	%		3.39	%		3.45	%		3.35	%
		Cedar Rapids Bank and Trust		3.99	%		4.00	%		3.75	%		4.00	%		3.76	%
		Community State Bank		3.87	%		3.78	%		3.72	%		3.83	%		3.74	%
		Guaranty Bank (3)		3.11	%		3.05	%		2.99	%		3.08	%		2.99	%

		ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET
		INTEREST MARGIN, NET
		Community State Bank	$	(1	)	$	(1	)	$	(1	)	$	(2	)	$	(2	)
		Guaranty Bank		118			218			301			336			697
		QCR Holdings, Inc. (4)		(33	)		(33	)		(32	)		(66	)		(64	)

(1	)	Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC is also presented separately for certain (applicable) measurements.
(2	)	Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(3	)	Guaranty Bank’s net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.86% for the quarter ended June 30, 2025, 2.91% for the quarter ended March 31, 2025 and 2.86% for the quarter ended June 30, 2024.
(4	)	Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

			As of
			June 30,			March 31,			December 31,			September 30,			June 30,
		GAAP TO NON-GAAP RECONCILIATIONS		2025			2025			2024			2024			2024
			(dollars in thousands, except per share data)
		TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)

		Stockholders’ equity (GAAP)	$	1,050,554		$	1,022,747		$	997,387		$	976,620		$	936,319
		Less: Intangible assets		148,333			148,995			149,657			150,347			151,468
		Tangible common equity (non-GAAP)	$	902,221		$	873,752		$	847,730		$	826,273		$	784,851

		Total assets (GAAP)	$	9,242,331		$	9,152,779		$	9,026,030		$	9,088,565		$	8,871,991
		Less: Intangible assets		148,333			148,995			149,657			150,347			151,468
		Tangible assets (non-GAAP)	$	9,093,998		$	9,003,784		$	8,876,373		$	8,938,218		$	8,720,523

		Tangible common equity to tangible assets ratio (non-GAAP)		9.92	%		9.70	%		9.55	%		9.24	%		9.00	%



(1	)	This ratio is a non-GAAP financial measure. The Company’s management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders’ equity and total assets, which are the most directly comparable GAAP financial measures.

QCR Holdings, Inc.
Consolidated Financial Highlights
(Unaudited)

		GAAP TO NON-GAAP RECONCILIATIONS	For the Quarter Ended															For the Six Months Ended
			June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		ADJUSTED NET INCOME (1)		2025			2025			2024			2024			2024			2025			2024
			(dollars in thousands, except per share data)

		Net income (GAAP)	$	29,019		$	25,797		$	30,225		$	27,785		$	29,114		$	54,816		$	55,840

		Less non-core items (post-tax) (2):
		Income:
		Fair value loss on derivatives, net		(397	)		(156	)		(2,594	)		(542	)		(145	)		(553	)		(288	)
		Total non-core income (non-GAAP)	$	(397	)	$	(156	)	$	(2,594	)	$	(542	)	$	(145	)	$	(553	)	$	(288	)

		Expense:
		Goodwill impairment		–			–			–			431			–			–			–
		Restructuring expense		–			–			–			1,544			–			–			–
		Total non-core expense (non-GAAP)	$	–		$	–		$	–		$	1,975		$	–		$	–		$	–


		Adjusted net income (non-GAAP) (1)	$	29,416		$	25,953		$	32,819		$	30,302		$	29,259		$	55,369		$	56,128

		ADJUSTED EARNINGS PER COMMON SHARE (1)

		Adjusted net income (non-GAAP) (from above)	$	29,416		$	25,953		$	32,819		$	30,302		$	29,259		$	55,369		$	56,128

		Weighted average common shares outstanding		16,928,542			16,900,785			16,871,652			16,846,200			16,814,814			16,914,663			16,799,081
		Weighted average common and common equivalent shares outstanding		17,006,282			17,013,992			17,024,481			16,982,400			16,921,854			17,010,136			16,916,264

		Adjusted earnings per common share (non-GAAP):
		Basic	$	1.74		$	1.54		$	1.95		$	1.80		$	1.74		$	3.27		$	3.34
		Diluted	$	1.73		$	1.53		$	1.93		$	1.78		$	1.73		$	3.26		$	3.32

		ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)

		Adjusted net income (non-GAAP) (from above)	$	29,416		$	25,953		$	32,819		$	30,302		$	29,259		$	55,369		$	56,128

		Average Assets	$	9,155,473		$	9,015,439		$	9,050,280		$	8,968,653		$	8,776,002		$	9,085,843		$	8,663,429

		Adjusted return on average assets (annualized) (non-GAAP)		1.29	%		1.15	%		1.45	%		1.35	%		1.33	%		1.22	%		1.30	%
		Adjusted return on average equity (annualized) (non-GAAP)		11.30	%		10.20	%		13.19	%		12.60	%		12.69	%		10.76	%		12.30	%

		NET INTEREST MARGIN (TEY) (3)

		Net interest income (GAAP)	$	62,082		$	59,986		$	61,204		$	59,722		$	56,163		$	122,068		$	110,862
		Plus: Tax equivalent adjustment (4)		10,090			9,513			9,698			9,544			8,914			19,603			17,259
		Net interest income – tax equivalent (non-GAAP)	$	72,172		$	69,499		$	70,902		$	69,266		$	65,077		$	141,671		$	128,121
		Less: Acquisition accounting net accretion		84			184			471			463			268			268			631
		Adjusted net interest income	$	72,088		$	69,315		$	70,431		$	68,803		$	64,809		$	141,403		$	127,490

		Average earning assets	$	8,377,361		$	8,241,035		$	8,241,190		$	8,183,196		$	7,999,044		$	8,309,575		$	7,903,382

		Net interest margin (GAAP)		2.97	%		2.95	%		2.95	%		2.90	%		2.82	%		2.97	%		2.82	%
		Net interest margin (TEY) (non-GAAP)		3.46	%		3.42	%		3.43	%		3.37	%		3.27	%		3.45	%		3.26	%
		Adjusted net interest margin (TEY) (non-GAAP)		3.45	%		3.41	%		3.40	%		3.34	%		3.26	%		3.44	%		3.24	%

		EFFICIENCY RATIO (5)

		Noninterest expense (GAAP)	$	49,583		$	46,539		$	53,499		$	53,565		$	49,888		$	96,122		$	100,578

		Net interest income (GAAP)	$	62,082		$	59,986		$	61,204		$	59,722		$	56,163		$	122,068		$	110,862
		Noninterest income (GAAP)		22,115			16,892			30,625			27,157			30,889			39,007			57,747
		Total income	$	84,197		$	76,878		$	91,829		$	86,879		$	87,052		$	161,075		$	168,609

		Efficiency ratio (noninterest expense/total income) (non-GAAP)		58.89	%		60.54	%		58.26	%		61.65	%		57.31	%		59.68	%		59.65	%
		Adjusted efficiency ratio (core noninterest expense/core total income) (non-GAAP)		58.54	%		60.38	%		56.25	%		58.45	%		57.19	%		59.42	%		59.52	%


(1	)	Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company’s management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
(2	)	Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.
(3	)	Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
(4	)	Net interest margin (TEY) is a non-GAAP financial measure. The Company’s management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure. In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it’s difficult to provide a more realistic run-rate for future periods.
(5	)	Efficiency ratio is a non-GAAP measure. The Company’s management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.

The MIL Network –

July 24, 2025

MIL-OSI: QCR Holdings, Inc. Announces Net Income of $29.0 Million for the Second Quarter of 2025

Source: GlobeNewswire (MIL-OSI)

Second Quarter 2025 Highlights

Net income of $29.0 million, or $1.71 per diluted share
Adjusted net income¹of $29.4 million, or $1.73 per diluted share
NIM TEY¹expanded four basis points to 3.46%
Adjusted ROAA¹of 1.29% annualized
Capital markets revenue growth of 51% on a linked-quarter basis
Nonperforming assets declined $5.5 million, or 11%
Tangible book value per share¹grew $1.64, or 13% annualized
TCE/TA ratio¹improved 22 basis points to 9.92%

MOLINE, Ill., July 23, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.0 million and diluted earnings per share (“EPS”) of $1.71 for the second quarter of 2025, compared to net income of $25.8 million and diluted EPS of $1.52 for the first quarter of 2025.

Adjusted net income¹ and adjusted diluted EPS¹ for the second quarter of 2025 were $29.4 million and $1.73, respectively, for the first quarter of 2025 compared to $26.0 million and $1.53, respectively, for the first quarter of 2025 and $29.3 million, and $1.73 respectively for the second quarter of 2024.

	For the Quarter Ended
	June 30,		March 31,		June 30,
$ in millions (except per share data)	2025		2025		2024
Net Income	$	29.0	$	25.8	$	29.1
Diluted EPS	$	1.71	$	1.52	$	1.72
Adjusted Net Income¹	$	29.4	$	26.0	$	29.3
Adjusted Diluted EPS¹	$	1.73	$	1.53	$	1.73