Source: The Conversation (Au and NZ) – By Jean-Nicolas Bordeleau, Research Fellow, Jeff Bleich Centre for Democracy and Disruptive Technologies, Flinders University
Conspiracy theories are a widespread occurrence in today’s hyper connected and polarised world.
Events such as Brexit, the 2016 and 2020 United States presidential elections, and the COVID pandemic serve as potent reminders of how easily these narratives can infiltrate public discourse.
The consequences for society are significant, given a devotion to conspiracy theories can undermine key democratic norms and weaken citizens’ trust in critical institutions. As we know from the January 6 riot at the US Capitol, it can also motivate political violence.
But who is most likely to believe these conspiracies?
My new study with Daniel Stockemer of the University of Ottawa provides a clear and perhaps surprising answer. Published in Political Psychology, our research shows age is one of the most significant predictors of conspiracy beliefs, but not in the way many might assume.
People under 35 are consistently more likely to endorse conspiratorial ideas.
This conclusion is built on a solid foundation of evidence. First, we conducted a meta analysis, a “study of studies”, which synthesised the results of 191 peer-reviewed articles published between 2014 and 2024.
This massive dataset, which included over 374,000 participants, revealed a robust association between young age and belief in conspiracies.
To confirm this, we ran our own original multinational survey of more than 6,000 people across six diverse countries: Australia, Brazil, Canada, Germany, the US and South Africa.
The results were the same. In fact, age proved to be a more powerful predictor of conspiracy beliefs than any other demographic factor we measured, including a person’s gender, income, or level of education.
Why are young people more conspiratorial?
Having established conspiracy beliefs are more prevalent among younger people, we set out to understand why.
Our project tested several potential factors and found three key reasons why younger generations are more susceptible to conspiracy theories.
1. Political alienation
One of the most powerful drivers we identified is a deep sense of political disaffection among young people.
A majority of young people feel alienated from political systems run by politicians who are two or three generations older than them.
This under representation can lead to frustration and the feeling democracy isn’t working for them. In this context, conspiracy theories provide a simple, compelling explanation for this disconnect: the system isn’t just failing, it’s being secretly controlled and manipulated by nefarious actors.
2. Activist style of participation
The way young people choose to take part in politics also plays a significant role.
While they may be less likely to engage in traditional practices such as voting, they are often highly engaged in unconventional forms of participation, such as protests, boycotts and online campaigns.
These activist environments, particularly online, can become fertile ground for conspiracy theories to germinate and spread. They often rely on similar “us versus them” narratives that pit a “righteous” in-group against a “corrupt” establishment.
3. Low self-esteem
Finally, our research confirmed a crucial psychological link to self-esteem.
For individuals with lower perceptions of self worth, believing in a conspiracy theory – blaming external, hidden forces for their problems – can be a way of coping with feelings of powerlessness.
Understanding these root causes is essential because it shows simply debunking false claims is not a sufficient solution.
To truly address the rise of conspiracy theories and limit their consequences, we must tackle the underlying issues that make these narratives so appealing in the first place.
Given the role played by political alienation, a critical step forward is to make our democracies more representative. This is best illustrated by the recent election of Labor Senator Charlotte Walker, who is barely 21.
By actively working to increase the presence of young people in our political institutions, we can help give them faith that the system can work for them, reducing the appeal of theories which claim it is hopelessly corrupt.
More inclusive democracy
This does not mean discouraging the passion of youth activism. Rather, it is about empowering young people with the tools to navigate today’s complex information landscape.
Promoting robust media and digital literacy education could help individuals critically evaluate the information they encounter in all circles, including online activist spaces.
The link to self-esteem also points to a broader societal responsibility.
By investing in the mental health and wellbeing of young people, we can help boost the psychological resilience and sense of agency that makes them less vulnerable to the simplistic blame games offered by conspiracy theories.
Ultimately, building a society that is resistant to misinformation is not about finding fault with a particular generation.
It is about creating a stronger, more inclusive democracy where all citizens, especially the young, feel represented, empowered, and secure.
Jean-Nicolas Bordeleau receives funding from Social Sciences and Humanities Research Council of Canada.
The Port River Expressway has reopened after an overnight crash.
The single vehicle collision occurred on the Port River Expressway at Wingfield about 2.45am on Friday 25 July.
A car hit a light pole on the median strip and ended up in a ditch.
The driver, a 32-year-old Elizabeth North man, was extricated from the wrecked car by emergency services and taken to hospital with serious injuries.
His passenger, a 21-year-old Elizabeth Downs woman, also sustained injuries and was taken to hospital.
The road was closed until 5am but has since reopened.
The car was towed from the scene.
Investigations into the crash are continuing.
Anyone who witnessed the collision or has any dashcam footage is asked to contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au
Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.
First Half 2025 Highlights
Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
Dividends declared in the first half of 2025 were $0.66 per share.
Financial Summary
At or for the Three Months ended
At or for the Six Months ended
(Dollars in thousands, except per share and market data)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
Operating results
Net income
$
52,781
54,568
44,708
107,349
77,335
Basic earnings per share
$
0.45
0.48
0.39
0.93
0.68
Diluted earnings per share
$
0.45
0.48
0.39
0.93
0.68
Dividends declared per share
$
0.33
0.33
0.33
0.66
0.66
Market value per share
Closing
$
43.08
44.22
37.32
43.08
37.32
High
$
44.70
52.81
40.18
52.81
42.75
Low
$
36.76
43.18
34.35
36.76
34.35
Selected ratios and other data
Number of common stock shares outstanding
118,550,475
113,517,944
113,394,092
118,550,475
113,394,092
Average outstanding shares – basic
116,890,776
113,451,199
113,390,539
115,180,489
112,941,341
Average outstanding shares – diluted
116,918,290
113,546,365
113,405,491
115,244,550
112,981,531
Return on average assets (annualized)
0.74
%
0.80
%
0.66
%
0.77
%
0.56
%
Return on average equity (annualized)
6.13
%
6.77
%
5.77
%
6.44
%
5.01
%
Efficiency ratio
62.08
%
65.49
%
67.97
%
63.72
%
71.17
%
Loan to deposit ratio
85.91
%
83.64
%
84.03
%
85.91
%
84.03
%
Number of full time equivalent employees
3,665
3,457
3,399
3,665
3,399
Number of locations
247
227
231
247
231
Number of ATMs
300
286
286
300
286
KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”
On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
BOID
(Dollars in thousands)
April 30, 2025
Total assets
$
1,369,764
Cash and cash equivalents
26,127
Debt securities
139,974
Loans receivable
1,075,232
Non-interest bearing deposits
271,385
Interest bearing deposits
806,992
Borrowings and subordinated debt
71,932
Core deposit intangible
19,758
Goodwill
75,207
On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.
Asset Summary
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Cash and cash equivalents
$
915,507
981,485
848,408
800,779
(65,978
)
67,099
114,728
Debt securities, available-for-sale
4,024,980
4,172,312
4,245,205
4,499,541
(147,332
)
(220,225
)
(474,561
)
Debt securities, held-to-maturity
3,206,133
3,261,575
3,294,847
3,400,403
(55,442
)
(88,714
)
(194,270
)
Total debt securities
7,231,113
7,433,887
7,540,052
7,899,944
(202,774
)
(308,939
)
(668,831
)
Loans receivable
Residential real estate
1,931,554
1,850,079
1,858,929
1,771,528
81,475
72,625
160,026
Commercial real estate
11,935,109
10,952,809
10,963,713
10,713,964
982,300
971,396
1,221,145
Other commercial
3,303,889
3,121,477
3,119,535
3,066,028
182,412
184,354
237,861
Home equity
975,429
920,132
930,994
905,884
55,297
44,435
69,545
Other consumer
386,759
374,021
388,678
394,587
12,738
(1,919
)
(7,828
)
Loans receivable
18,532,740
17,218,518
17,261,849
16,851,991
1,314,222
1,270,891
1,680,749
Allowance for credit losses
(226,799
)
(210,400
)
(206,041
)
(200,955
)
(16,399
)
(20,758
)
(25,844
)
Loans receivable, net
18,305,941
17,008,118
17,055,808
16,651,036
1,297,823
1,250,133
1,654,905
Other assets
2,557,546
2,435,389
2,458,719
2,453,581
122,157
98,827
103,965
Total assets
$
29,010,107
27,858,879
27,902,987
27,805,340
1,151,228
1,107,120
1,204,767
The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.
The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.
Credit Quality Summary
At or for the Six Months ended
At or for the Three Months ended
At or for the Year ended
At or for the Six Months ended
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Allowance for credit losses
Balance at beginning of period
$
206,041
206,041
192,757
192,757
Acquisitions
35
—
3
3
Provision for credit losses
24,163
6,154
27,179
14,157
Charge-offs
(7,236
)
(3,897
)
(18,626
)
(8,430
)
Recoveries
3,796
2,102
4,728
2,468
Balance at end of period
$
226,799
210,400
206,041
200,955
Provision for credit losses
Loan portfolio
$
24,163
6,154
27,179
14,157
Unfunded loan commitments
3,918
1,660
1,127
(2,390
)
Total provision for credit losses
$
28,081
7,814
28,306
11,767
Other real estate owned
$
1,737
1,085
1,085
432
Other foreclosed assets
142
68
79
198
Accruing loans 90 days or more past due
11,371
5,289
6,177
4,692
Non-accrual loans
35,356
32,896
20,445
12,686
Total non-performing assets
$
48,606
39,338
27,786
18,008
Non-performing assets as a percentage of subsidiary assets
0.17
%
0.14
%
0.10
%
0.06
%
Allowance for credit losses as a percentage of non-performing loans
485
%
551
%
774
%
1,116
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.19
%
1.19
%
Net charge-offs as a percentage of total loans
0.02
%
0.01
%
0.08
%
0.04
%
Accruing loans 30-89 days past due
$
54,403
46,458
32,228
49,678
U.S. government guarantees included in non-performing assets
$
2,651
685
748
1,228
Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.
Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.
The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.
The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
(Dollars in thousands)
Provision for Credit Losses Loans
Net Charge-Offs
ACL as a Percent of Loans
Accruing Loans 30-89 Days Past Due as a Percent of Loans
Non-Performing Assets to Total Subsidiary Assets
Second quarter 2025
$
18,009
$
1,645
1.22
%
0.29
%
0.17
%
First quarter 2025
6,154
1,795
1.22
%
0.27
%
0.14
%
Fourth quarter 2024
6,041
5,170
1.19
%
0.19
%
0.10
%
Third quarter 2024
6,981
2,766
1.19
%
0.33
%
0.10
%
Second quarter 2024
5,066
2,890
1.19
%
0.29
%
0.06
%
First quarter 2024
9,091
3,072
1.19
%
0.37
%
0.09
%
Fourth quarter 2023
4,181
3,695
1.19
%
0.31
%
0.09
%
Third quarter 2023
5,095
2,209
1.19
%
0.09
%
0.15
%
Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.
Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.
Liability Summary
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Deposits
Non-interest bearing deposits
$
6,593,728
6,100,548
6,136,709
6,093,430
493,180
457,019
500,298
NOW and DDA accounts
5,747,388
5,676,177
5,543,512
5,219,838
71,211
203,876
527,550
Savings accounts
2,956,387
2,896,378
2,845,124
2,862,034
60,009
111,263
94,353
Money market deposit accounts
3,089,115
2,816,874
2,878,213
2,858,850
272,241
210,902
230,265
Certificate accounts
3,238,576
3,140,333
3,139,821
3,064,613
98,243
98,755
173,963
Core deposits, total
21,625,194
20,630,310
20,543,379
20,098,765
994,884
1,081,815
1,526,429
Wholesale deposits
3,308
3,740
3,615
2,994
(432
)
(307
)
314
Deposits, total
21,628,502
20,634,050
20,546,994
20,101,759
994,452
1,081,508
1,526,743
Repurchase agreements
1,976,228
1,849,070
1,777,475
1,629,504
127,158
198,753
346,724
Deposits and repurchase agreements, total
23,604,730
22,483,120
22,324,469
21,731,263
1,121,610
1,280,261
1,873,467
Federal Home Loan Bank advances
1,255,088
1,520,000
1,800,000
2,350,000
(264,912
)
(544,912
)
(1,094,912
)
Other borrowed funds
81,771
82,443
83,341
88,149
(672
)
(1,570
)
(6,378
)
Subordinated debentures
157,127
133,145
133,105
133,024
23,982
24,022
24,103
Other liabilities
374,003
352,563
338,218
365,459
21,440
35,785
8,544
Total liabilities
$
25,472,719
24,571,271
24,679,133
24,667,895
901,448
793,586
804,824
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.
Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.
Stockholders’ Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Common equity
$
3,776,043
3,550,719
3,533,150
3,492,096
225,324
242,893
283,947
Accumulated other comprehensive loss
(238,655
)
(263,111
)
(309,296
)
(354,651
)
24,456
70,641
115,996
Total stockholders’ equity
3,537,388
3,287,608
3,223,854
3,137,445
249,780
313,534
399,943
Goodwill and intangibles, net
(1,191,474
)
(1,099,229
)
(1,102,500
)
(1,066,790
)
(92,245
)
(88,974
)
(124,684
)
Tangible stockholders’ equity
$
2,345,914
2,188,379
2,121,354
2,070,655
157,535
224,560
275,259
Stockholders’ equity to total assets
12.19
%
11.80
%
11.55
%
11.28
%
Tangible stockholders’ equity to total tangible assets
8.43
%
8.18
%
7.92
%
7.74
%
Book value per common share
$
29.84
28.96
28.43
27.67
0.88
1.41
2.17
Tangible book value per common share
$
19.79
19.28
18.71
18.26
0.51
1.08
1.53
Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.
Cash Dividends On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.
Operating Results for Three Months EndedJune 30, 2025 Compared toMarch 31, 2025, andJune 30, 2024
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Mar 31, 2025
Jun 30, 2024
Net interest income
Interest income
$
308,115
289,925
273,834
18,190
34,281
Interest expense
100,499
99,946
107,356
553
(6,857
)
Total net interest income
207,616
189,979
166,478
17,637
41,138
Non-interest income
Service charges and other fees
20,405
18,818
19,422
1,587
983
Miscellaneous loan fees and charges
5,067
4,664
4,821
403
246
Gain on sale of loans
4,273
4,311
4,669
(38
)
(396
)
Loss on sale of securities
—
—
(12
)
—
12
Other income
3,199
4,849
3,304
(1,650
)
(105
)
Total non-interest income
32,944
32,642
32,204
302
740
Total income
$
240,560
222,621
198,682
17,939
41,878
Net interest margin (tax-equivalent)
3.21
%
3.04
%
2.68
%
Net Interest Income Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.
Non-interest Income Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.
Non-interest Expense Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Mar 31, 2025
Jun 30, 2024
Compensation and employee benefits
$
94,355
91,443
84,434
2,912
9,921
Occupancy and equipment
12,558
12,294
11,594
264
964
Advertising and promotions
4,394
4,144
4,362
250
32
Data processing
9,883
9,138
9,387
745
496
Other real estate owned and foreclosed assets
26
63
149
(37
)
(123
)
Regulatory assessments and insurance
5,847
5,534
5,393
313
454
Intangibles amortization
3,624
3,270
3,017
354
607
Other expenses
24,432
25,432
22,616
(1,000
)
1,816
Total non-interest expense
$
155,119
151,318
140,952
3,801
14,167
Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.
Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.
Federal and State Income Tax Expense Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.
Efficiency Ratio The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.
Net Interest Income Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.
Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.
Non-interest Income Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.
Non-interest Expense Summary
Six Months ended
(Dollars in thousands)
Jun 30, 2025
Jun 30, 2024
$ Change
% Change
Compensation and employee benefits
$
185,798
$
170,223
$
15,575
9
%
Occupancy and equipment
24,852
23,477
1,375
6
%
Advertising and promotions
8,538
8,345
193
2
%
Data processing
19,021
18,546
475
3
%
Other real estate owned and foreclosed assets
89
174
(85
)
(49)
%
Regulatory assessments and insurance
11,381
13,154
(1,773
)
(13)
%
Core deposit intangibles amortization
6,894
5,777
1,117
19
%
Other expenses
49,864
53,099
(3,235
)
(6)
%
Total non-interest expense
$
306,437
$
292,795
$
13,642
5
%
Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.
Provision for Credit Losses The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.
Federal and State Income Tax Expense Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.
Efficiency Ratio The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.
Forward-Looking Statements This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:
risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in any of the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.
The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.
Conference Call Information A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.
About Glacier Bancorp, Inc. Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).
CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706
Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Assets
Cash on hand and in banks
$
375,398
322,253
268,746
271,107
Interest bearing cash deposits
540,109
659,232
579,662
529,672
Cash and cash equivalents
915,507
981,485
848,408
800,779
Debt securities, available-for-sale
4,024,980
4,172,312
4,245,205
4,499,541
Debt securities, held-to-maturity
3,206,133
3,261,575
3,294,847
3,400,403
Total debt securities
7,231,113
7,433,887
7,540,052
7,899,944
Loans held for sale, at fair value
47,738
40,523
33,060
39,745
Loans receivable
18,532,740
17,218,518
17,261,849
16,851,991
Allowance for credit losses
(226,799
)
(210,400
)
(206,041
)
(200,955
)
Loans receivable, net
18,305,941
17,008,118
17,055,808
16,651,036
Premises and equipment, net
426,801
411,095
411,968
391,266
Right-of-use assets, net
56,525
54,441
56,252
60,249
Other real estate owned and foreclosed assets
1,879
1,153
1,164
630
Accrued interest receivable
108,286
103,992
99,262
102,279
Deferred tax asset
114,528
122,942
138,955
155,834
Intangibles, net
64,949
47,911
51,182
43,028
Goodwill
1,126,525
1,051,318
1,051,318
1,023,762
Non-marketable equity securities
76,990
88,134
99,669
121,810
Bank-owned life insurance
191,623
191,044
189,849
187,793
Other assets
341,702
322,836
326,040
327,185
Total assets
$
29,010,107
27,858,879
27,902,987
27,805,340
Liabilities
Non-interest bearing deposits
$
6,593,728
6,100,548
6,136,709
6,093,430
Interest bearing deposits
15,034,774
14,533,502
14,410,285
14,008,329
Securities sold under agreements to repurchase
1,976,228
1,849,070
1,777,475
1,629,504
FHLB advances
1,255,088
1,520,000
1,800,000
2,350,000
Other borrowed funds
62,366
62,216
62,062
64,702
Finance lease liabilities
19,405
20,227
21,279
23,447
Subordinated debentures
157,127
133,145
133,105
133,024
Accrued interest payable
27,973
30,231
33,626
31,000
Operating lease liabilities
42,274
39,244
39,902
41,421
Other liabilities
303,756
283,088
264,690
293,038
Total liabilities
25,472,719
24,571,271
24,679,133
24,667,895
Commitments and Contingent Liabilities
—
—
—
—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding
—
—
—
—
Common stock, $0.01 par value per share, 234,000,000 shares authorized
1,186
1,135
1,134
1,134
Paid-in capital
2,661,018
2,449,311
2,448,758
2,445,479
Retained earnings – substantially restricted
1,113,839
1,100,273
1,083,258
1,045,483
Accumulated other comprehensive loss
(238,655
)
(263,111
)
(309,296
)
(354,651
)
Total stockholders’ equity
3,537,388
3,287,608
3,223,854
3,137,445
Total liabilities and stockholders’ equity
$
29,010,107
27,858,879
27,902,987
27,805,340
Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations
Three Months ended
Six Months ended
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
Interest Income
Investment securities
$
44,148
45,646
42,165
89,794
98,383
Residential real estate loans
25,361
24,275
21,754
49,636
42,518
Commercial loans
214,816
197,388
188,326
412,204
369,798
Consumer and other loans
23,790
22,616
21,589
46,406
42,537
Total interest income
308,115
289,925
273,834
598,040
553,236
Interest Expense
Deposits
65,569
62,865
67,852
128,434
135,048
Securities sold under agreements to repurchase
14,109
13,733
13,566
27,842
26,164
Federal Home Loan Bank advances
17,806
20,719
24,179
38,525
28,428
FRB Bank Term Funding
—
—
—
—
27,097
Other borrowed funds
400
402
353
802
697
Subordinated debentures
2,615
2,227
1,406
4,842
2,844
Total interest expense
100,499
99,946
107,356
200,445
220,278
Net Interest Income
207,616
189,979
166,478
397,595
332,958
Provision for credit losses
20,267
7,814
3,518
28,081
11,767
Net interest income after provision for credit losses
187,349
182,165
162,960
369,514
321,191
Non-Interest Income
Service charges and other fees
20,405
18,818
19,422
39,223
37,985
Miscellaneous loan fees and charges
5,067
4,664
4,821
9,731
9,183
Gain on sale of loans
4,273
4,311
4,669
8,584
8,031
(Loss) gain on sale of securities
—
—
(12
)
—
4
Other income
3,199
4,849
3,304
8,048
6,990
Total non-interest income
32,944
32,642
32,204
65,586
62,193
Non-Interest Expense
Compensation and employee benefits
94,355
91,443
84,434
185,798
170,223
Occupancy and equipment
12,558
12,294
11,594
24,852
23,477
Advertising and promotions
4,394
4,144
4,362
8,538
8,345
Data processing
9,883
9,138
9,387
19,021
18,546
Other real estate owned and foreclosed assets
26
63
149
89
174
Regulatory assessments and insurance
5,847
5,534
5,393
11,381
13,154
Intangibles amortization
3,624
3,270
3,017
6,894
5,777
Other expenses
24,432
25,432
22,616
49,864
53,099
Total non-interest expense
155,119
151,318
140,952
306,437
292,795
Income Before Income Taxes
65,174
63,489
54,212
128,663
90,589
Federal and state income tax expense
12,393
8,921
9,504
21,314
13,254
Net Income
$
52,781
54,568
44,708
107,349
77,335
Glacier Bancorp, Inc. Average Balance Sheets
Three Months ended
June 30, 2025
March 31, 2025
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
1,940,514
$
25,361
5.23
%
$
1,885,497
$
24,275
5.15
%
Commercial loans 1
14,884,885
216,385
5.83
%
14,091,210
198,921
5.73
%
Consumer and other loans
1,336,030
23,790
7.14
%
1,302,687
22,616
7.04
%
Total loans 2
18,161,429
265,536
5.86
%
17,279,394
245,812
5.77
%
Tax-exempt debt securities 3
1,594,895
13,999
3.51
%
1,604,851
13,936
3.47
%
Taxable debt securities 4, 5
6,645,312
32,045
1.93
%
6,946,562
33,598
1.93
%
Total earning assets
26,401,636
311,580
4.73
%
25,830,807
293,346
4.61
%
Goodwill and intangibles
1,153,466
1,100,801
Non-earning assets
918,007
847,855
Total assets
$
28,473,109
$
27,779,463
Liabilities
Non-interest bearing deposits
$
6,256,245
$
—
—
%
$
5,989,490
$
—
—
%
NOW and DDA accounts
5,674,990
16,045
1.13
%
5,525,976
15,065
1.11
%
Savings accounts
2,904,389
5,402
0.75
%
2,861,675
5,159
0.73
%
Money market deposit accounts
3,000,487
15,389
2.06
%
2,849,470
13,526
1.93
%
Certificate accounts
3,211,418
28,667
3.58
%
3,152,198
29,075
3.74
%
Total core deposits
21,047,529
65,503
1.25
%
20,378,809
62,825
1.25
%
Wholesale deposits 6
5,618
66
4.67
%
3,600
40
4.53
%
Repurchase agreements
1,898,841
14,109
2.98
%
1,842,773
13,733
3.02
%
FHLB advances
1,494,781
17,806
4.71
%
1,744,000
20,719
4.75
%
Subordinated debentures and other borrowed funds
231,902
3,015
5.21
%
216,073
2,629
4.94
%
Total funding liabilities
24,678,671
100,499
1.63
%
24,185,255
99,946
1.68
%
Other liabilities
338,289
326,764
Total liabilities
25,016,960
24,512,019
Stockholders’ Equity
Stockholders’ equity
3,456,149
3,267,444
Total liabilities and stockholders’ equity
$
28,473,109
$
27,779,463
Net interest income (tax-equivalent)
$
211,081
$
193,400
Net interest spread (tax-equivalent)
3.10
%
2.93
%
Net interest margin (tax-equivalent)
3.21
%
3.04
%
______________________________
1
Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
2
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3
Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
4
Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
5
Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
6
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
Glacier Bancorp, Inc. Average Balance Sheets (continued)
Three Months ended
June 30, 2025
June 30, 2024
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
1,940,514
$
25,361
5.23
%
$
1,796,787
$
21,754
4.84
%
Commercial loans 1
14,884,885
216,385
5.83
%
13,740,455
189,939
5.56
%
Consumer and other loans
1,336,030
23,790
7.14
%
1,290,587
21,589
6.73
%
Total loans 2
18,161,429
265,536
5.86
%
16,827,829
233,282
5.58
%
Tax-exempt debt securities 3
1,594,895
13,999
3.51
%
1,707,269
15,111
3.54
%
Taxable debt securities 4, 5
6,645,312
32,045
1.93
%
7,042,885
29,461
1.67
%
Total earning assets
26,401,636
311,580
4.73
%
25,577,983
277,854
4.37
%
Goodwill and intangibles
1,153,466
1,068,250
Non-earning assets
918,007
754,491
Total assets
$
28,473,109
$
27,400,724
Liabilities
Non-interest bearing deposits
$
6,256,245
$
—
—
%
$
6,026,709
$
—
—
%
NOW and DDA accounts
5,674,990
16,045
1.13
%
5,221,883
15,728
1.21
%
Savings accounts
2,904,389
5,402
0.75
%
2,914,538
6,014
0.83
%
Money market deposit accounts
3,000,487
15,389
2.06
%
2,904,438
14,467
2.00
%
Certificate accounts
3,211,418
28,667
3.58
%
3,037,638
31,593
4.18
%
Total core deposits
21,047,529
65,503
1.25
%
20,105,206
67,802
1.36
%
Wholesale deposits 6
5,618
66
4.67
%
3,726
50
5.50
%
Repurchase agreements
1,898,841
14,109
2.98
%
1,597,887
13,566
3.41
%
FHLB advances
1,494,781
17,806
4.71
%
2,007,747
24,179
4.76
%
Subordinated debentures and other borrowed funds
231,902
3,015
5.21
%
224,778
1,759
3.15
%
Total funding liabilities
24,678,671
100,499
1.63
%
23,939,344
107,356
1.80
%
Other liabilities
338,289
344,105
Total liabilities
25,016,960
24,283,449
Stockholders’ Equity
Stockholders’ equity
3,456,149
3,117,275
Total liabilities and stockholders’ equity
$
28,473,109
$
27,400,724
Net interest income (tax-equivalent)
$
211,081
$
170,498
Net interest spread (tax-equivalent)
3.10
%
2.57
%
Net interest margin (tax-equivalent)
3.21
%
2.68
%
______________________________
1
Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
2
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3
Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
4
Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
5
Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
6
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
Glacier Bancorp, Inc. Average Balance Sheets (continued)
Six Months ended
June 30, 2025
June 30, 2024
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
1,913,157
$
49,636
5.19
%
$
1,771,985
$
42,518
4.80
%
Commercial loans 1
14,490,240
415,306
5.78
%
13,626,941
372,984
5.50
%
Consumer and other loans
1,319,451
46,406
7.09
%
1,286,988
42,537
6.65
%
Total loans 2
17,722,848
511,348
5.82
%
16,685,914
458,039
5.52
%
Tax-exempt debt securities 3
1,599,845
27,935
3.49
%
1,713,819
30,268
3.53
%
Taxable debt securities 4, 5
6,795,105
65,643
1.93
%
7,609,930
72,938
1.92
%
Total earning assets
26,117,798
604,926
4.67
%
26,009,663
561,245
4.34
%
Goodwill and intangibles
1,127,279
1,060,102
Non-earning assets
883,125
683,020
Total assets
$
28,128,202
$
27,752,785
Liabilities
Non-interest bearing deposits
$
6,123,604
$
—
—
%
$
5,996,627
$
—
—
%
NOW and DDA accounts
5,600,895
31,110
1.12
%
5,248,793
31,646
1.21
%
Savings accounts
2,883,150
10,561
0.74
%
2,907,594
11,669
0.81
%
Money market deposit accounts
2,925,396
28,915
1.99
%
2,926,366
28,860
1.98
%
Certificate accounts
3,181,971
57,742
3.66
%
3,019,176
62,768
4.18
%
Total core deposits
20,715,016
128,328
1.25
%
20,098,556
134,943
1.35
%
Wholesale deposits 6
4,615
106
4.62
%
3,846
105
5.50
%
Repurchase agreements
1,870,962
27,842
3.00
%
1,555,642
26,164
3.38
%
FHLB advances
1,618,702
38,525
4.73
%
1,179,251
28,428
4.77
%
FRB Bank Term Funding
—
—
—
%
1,241,538
27,097
4.39
%
Subordinated debentures and other borrowed funds
224,031
5,644
5.08
%
221,525
3,541
3.21
%
Total funding liabilities
24,433,326
200,445
1.65
%
24,300,358
220,278
1.82
%
Other liabilities
332,558
350,329
Total liabilities
24,765,884
24,650,687
Stockholders’ Equity
Stockholders’ equity
3,362,318
3,102,098
Total liabilities and stockholders’ equity
$
28,128,202
$
27,752,785
Net interest income (tax-equivalent)
$
404,481
$
340,967
Net interest spread (tax-equivalent)
3.02
%
2.52
%
Net interest margin (tax-equivalent)
3.12
%
2.64
%
______________________________
1
Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
2
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3
Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
4
Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
5
Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
6
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification
Loans Receivable, by Loan Type
% Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Mar 31, 2025
Dec 31, 2024
Custom and owner occupied construction
$
254,790
$
233,584
$
242,844
9
%
5
%
Pre-sold and spec construction
208,106
200,921
191,926
4
%
8
%
Total residential construction
462,896
434,505
434,770
7
%
6
%
Land development
176,925
177,448
197,369
—
%
(10)
%
Consumer land or lots
229,823
197,553
187,024
16
%
23
%
Unimproved land
127,550
115,528
113,532
10
%
12
%
Developed lots for operative builders
73,053
64,782
61,661
13
%
18
%
Commercial lots
175,929
95,574
99,243
84
%
77
%
Other construction
753,056
714,151
693,461
5
%
9
%
Total land, lot, and other construction
1,536,336
1,365,036
1,352,290
13
%
14
%
Owner occupied
3,529,536
3,182,589
3,197,138
11
%
10
%
Non-owner occupied
4,283,986
4,054,107
4,053,996
6
%
6
%
Total commercial real estate
7,813,522
7,236,696
7,251,134
8
%
8
%
Commercial and industrial
1,545,498
1,392,365
1,395,997
11
%
11
%
Agriculture
1,167,611
1,016,081
1,024,520
15
%
14
%
First lien
2,590,433
2,499,494
2,481,918
4
%
4
%
Junior lien
80,170
85,343
76,303
(6)
%
5
%
Total 1-4 family
2,670,603
2,584,837
2,558,221
3
%
4
%
Multifamily residential
975,785
874,071
895,242
12
%
9
%
Home equity lines of credit
1,048,595
989,043
1,005,783
6
%
4
%
Other consumer
197,744
188,388
209,457
5
%
(6)
%
Total consumer
1,246,339
1,177,431
1,215,240
6
%
3
%
States and political subdivisions
973,145
1,001,058
983,601
(3)
%
(1)
%
Other
188,743
176,961
183,894
7
%
3
%
Total loans receivable, including loans held for sale
18,580,478
17,259,041
17,294,909
8
%
7
%
Less loans held for sale1
(47,738
)
(40,523
)
(33,060
)
18
%
44
%
Total loans receivable
$
18,532,740
$
17,218,518
$
17,261,849
8
%
7
%
______________________________
1
Loans held for sale are primarily first lien 1-4 family loans.
Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification
Non-performing Assets, by Loan Type
Non- Accrual Loans
Accruing Loans 90 Days or More Past Due
Other real estate owned and foreclosed assets
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Jun 30, 2025
Jun 30, 2025
Jun 30, 2025
Custom and owner occupied construction
$
235
194
198
206
189
46
—
Pre-sold and spec construction
2,806
2,896
2,132
2,908
2,043
763
—
Total residential construction
3,041
3,090
2,330
3,114
2,232
809
—
Land development
885
935
966
—
875
10
—
Consumer land or lots
460
173
78
429
164
296
—
Developed lots for operative builders
531
531
531
608
—
531
—
Commercial lots
47
47
47
47
—
47
—
Other construction
—
—
—
25
—
—
—
Total land, lot and other construction
1,923
1,686
1,622
1,109
1,039
884
—
Owner occupied
4,412
3,601
2,979
1,992
4,407
5
—
Non-owner occupied
1,206
2,235
2,235
257
—
—
1,206
Total commercial real estate
5,618
5,836
5,214
2,249
4,407
5
1,206
Commercial and Industrial
14,764
12,367
2,069
2,044
13,452
1,243
69
Agriculture
6,603
2,382
2,335
2,442
2,141
4,462
—
First lien
10,549
8,752
9,053
2,923
7,856
2,162
531
Junior lien
533
296
315
492
293
240
—
Total 1-4 family
11,082
9,048
9,368
3,415
8,149
2,402
531
Multifamily residential
398
400
389
385
398
—
—
Home equity lines of credit
4,016
3,479
3,465
2,145
2,834
1,182
—
Other consumer
921
1,003
955
1,089
704
144
73
Total consumer
4,937
4,482
4,420
3,234
3,538
1,326
73
Other
240
47
39
16
—
240
—
Total
$
48,606
39,338
27,786
18,008
35,356
11,371
1,879
Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-89 Days Delinquent Loans, by Loan Type
% Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Custom and owner occupied construction
$
385
$
786
$
969
$
1,323
(51)
%
(60)
%
(71)
%
Pre-sold and spec construction
—
—
564
816
n/m
(100)
%
(100)
%
Total residential construction
385
786
1,533
2,139
(51)
%
(75)
%
(82)
%
Land development
170
—
1,450
—
n/m
(88)
%
n/m
Consumer land or lots
1,210
1,026
402
411
18
%
201
%
194
%
Unimproved land
75
32
36
158
134
%
108
%
(53)
%
Developed lots for operative builders
—
—
214
—
n/m
(100)
%
n/m
Commercial lots
—
189
—
21
(100)
%
n/m
(100)
%
Other construction
7,840
—
—
—
n/m
n/m
n/m
Total land, lot and other construction
9,295
1,247
2,102
590
645
%
342
%
1,475
%
Owner occupied
3,903
3,786
2,867
4,326
3
%
36
%
(10)
%
Non-owner occupied
13,806
346
5,037
8,119
3,890
%
174
%
70
%
Total commercial real estate
17,709
4,132
7,904
12,445
329
%
124
%
42
%
Commercial and industrial
6,711
5,358
6,194
17,591
25
%
8
%
(62)
%
Agriculture
8,243
5,731
744
5,288
44
%
1,008
%
56
%
First lien
3,583
14,826
6,326
2,637
(76)
%
(43)
%
36
%
Junior lien
—
1,023
214
17
(100)
%
(100)
%
(100)
%
Total 1-4 family
3,583
15,849
6,540
2,654
(77)
%
(45)
%
35
%
Home equity lines of credit
5,482
6,993
3,731
5,432
(22)
%
47
%
1
%
Other consumer
1,615
1,824
1,775
2,192
(11)
%
(9)
%
(26)
%
Total consumer
7,097
8,817
5,506
7,624
(20)
%
29
%
(7)
%
States and political subdivisions
—
3,220
—
—
(100)
%
n/m
n/m
Other
1,380
1,318
1,705
1,347
5
%
(19)
%
2
%
Total
$
54,403
$
46,458
$
32,228
$
49,678
17
%
69
%
10
%
______________________________
n/m – not measurable
Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type
Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.
First Half 2025 Highlights
Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
Dividends declared in the first half of 2025 were $0.66 per share.
Financial Summary
At or for the Three Months ended
At or for the Six Months ended
(Dollars in thousands, except per share and market data)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
Operating results
Net income
$
52,781
54,568
44,708
107,349
77,335
Basic earnings per share
$
0.45
0.48
0.39
0.93
0.68
Diluted earnings per share
$
0.45
0.48
0.39
0.93
0.68
Dividends declared per share
$
0.33
0.33
0.33
0.66
0.66
Market value per share
Closing
$
43.08
44.22
37.32
43.08
37.32
High
$
44.70
52.81
40.18
52.81
42.75
Low
$
36.76
43.18
34.35
36.76
34.35
Selected ratios and other data
Number of common stock shares outstanding
118,550,475
113,517,944
113,394,092
118,550,475
113,394,092
Average outstanding shares – basic
116,890,776
113,451,199
113,390,539
115,180,489
112,941,341
Average outstanding shares – diluted
116,918,290
113,546,365
113,405,491
115,244,550
112,981,531
Return on average assets (annualized)
0.74
%
0.80
%
0.66
%
0.77
%
0.56
%
Return on average equity (annualized)
6.13
%
6.77
%
5.77
%
6.44
%
5.01
%
Efficiency ratio
62.08
%
65.49
%
67.97
%
63.72
%
71.17
%
Loan to deposit ratio
85.91
%
83.64
%
84.03
%
85.91
%
84.03
%
Number of full time equivalent employees
3,665
3,457
3,399
3,665
3,399
Number of locations
247
227
231
247
231
Number of ATMs
300
286
286
300
286
KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”
On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date. The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:
BOID
(Dollars in thousands)
April 30, 2025
Total assets
$
1,369,764
Cash and cash equivalents
26,127
Debt securities
139,974
Loans receivable
1,075,232
Non-interest bearing deposits
271,385
Interest bearing deposits
806,992
Borrowings and subordinated debt
71,932
Core deposit intangible
19,758
Goodwill
75,207
On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.
Asset Summary
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Cash and cash equivalents
$
915,507
981,485
848,408
800,779
(65,978
)
67,099
114,728
Debt securities, available-for-sale
4,024,980
4,172,312
4,245,205
4,499,541
(147,332
)
(220,225
)
(474,561
)
Debt securities, held-to-maturity
3,206,133
3,261,575
3,294,847
3,400,403
(55,442
)
(88,714
)
(194,270
)
Total debt securities
7,231,113
7,433,887
7,540,052
7,899,944
(202,774
)
(308,939
)
(668,831
)
Loans receivable
Residential real estate
1,931,554
1,850,079
1,858,929
1,771,528
81,475
72,625
160,026
Commercial real estate
11,935,109
10,952,809
10,963,713
10,713,964
982,300
971,396
1,221,145
Other commercial
3,303,889
3,121,477
3,119,535
3,066,028
182,412
184,354
237,861
Home equity
975,429
920,132
930,994
905,884
55,297
44,435
69,545
Other consumer
386,759
374,021
388,678
394,587
12,738
(1,919
)
(7,828
)
Loans receivable
18,532,740
17,218,518
17,261,849
16,851,991
1,314,222
1,270,891
1,680,749
Allowance for credit losses
(226,799
)
(210,400
)
(206,041
)
(200,955
)
(16,399
)
(20,758
)
(25,844
)
Loans receivable, net
18,305,941
17,008,118
17,055,808
16,651,036
1,297,823
1,250,133
1,654,905
Other assets
2,557,546
2,435,389
2,458,719
2,453,581
122,157
98,827
103,965
Total assets
$
29,010,107
27,858,879
27,902,987
27,805,340
1,151,228
1,107,120
1,204,767
The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.
The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.
Credit Quality Summary
At or for the Six Months ended
At or for the Three Months ended
At or for the Year ended
At or for the Six Months ended
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Allowance for credit losses
Balance at beginning of period
$
206,041
206,041
192,757
192,757
Acquisitions
35
—
3
3
Provision for credit losses
24,163
6,154
27,179
14,157
Charge-offs
(7,236
)
(3,897
)
(18,626
)
(8,430
)
Recoveries
3,796
2,102
4,728
2,468
Balance at end of period
$
226,799
210,400
206,041
200,955
Provision for credit losses
Loan portfolio
$
24,163
6,154
27,179
14,157
Unfunded loan commitments
3,918
1,660
1,127
(2,390
)
Total provision for credit losses
$
28,081
7,814
28,306
11,767
Other real estate owned
$
1,737
1,085
1,085
432
Other foreclosed assets
142
68
79
198
Accruing loans 90 days or more past due
11,371
5,289
6,177
4,692
Non-accrual loans
35,356
32,896
20,445
12,686
Total non-performing assets
$
48,606
39,338
27,786
18,008
Non-performing assets as a percentage of subsidiary assets
0.17
%
0.14
%
0.10
%
0.06
%
Allowance for credit losses as a percentage of non-performing loans
485
%
551
%
774
%
1,116
%
Allowance for credit losses as a percentage of total loans
1.22
%
1.22
%
1.19
%
1.19
%
Net charge-offs as a percentage of total loans
0.02
%
0.01
%
0.08
%
0.04
%
Accruing loans 30-89 days past due
$
54,403
46,458
32,228
49,678
U.S. government guarantees included in non-performing assets
$
2,651
685
748
1,228
Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.
Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.
The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.
The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans.
Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio
(Dollars in thousands)
Provision for Credit Losses Loans
Net Charge-Offs
ACL as a Percent of Loans
Accruing Loans 30-89 Days Past Due as a Percent of Loans
Non-Performing Assets to Total Subsidiary Assets
Second quarter 2025
$
18,009
$
1,645
1.22
%
0.29
%
0.17
%
First quarter 2025
6,154
1,795
1.22
%
0.27
%
0.14
%
Fourth quarter 2024
6,041
5,170
1.19
%
0.19
%
0.10
%
Third quarter 2024
6,981
2,766
1.19
%
0.33
%
0.10
%
Second quarter 2024
5,066
2,890
1.19
%
0.29
%
0.06
%
First quarter 2024
9,091
3,072
1.19
%
0.37
%
0.09
%
Fourth quarter 2023
4,181
3,695
1.19
%
0.31
%
0.09
%
Third quarter 2023
5,095
2,209
1.19
%
0.09
%
0.15
%
Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.
Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.
Liability Summary
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Deposits
Non-interest bearing deposits
$
6,593,728
6,100,548
6,136,709
6,093,430
493,180
457,019
500,298
NOW and DDA accounts
5,747,388
5,676,177
5,543,512
5,219,838
71,211
203,876
527,550
Savings accounts
2,956,387
2,896,378
2,845,124
2,862,034
60,009
111,263
94,353
Money market deposit accounts
3,089,115
2,816,874
2,878,213
2,858,850
272,241
210,902
230,265
Certificate accounts
3,238,576
3,140,333
3,139,821
3,064,613
98,243
98,755
173,963
Core deposits, total
21,625,194
20,630,310
20,543,379
20,098,765
994,884
1,081,815
1,526,429
Wholesale deposits
3,308
3,740
3,615
2,994
(432
)
(307
)
314
Deposits, total
21,628,502
20,634,050
20,546,994
20,101,759
994,452
1,081,508
1,526,743
Repurchase agreements
1,976,228
1,849,070
1,777,475
1,629,504
127,158
198,753
346,724
Deposits and repurchase agreements, total
23,604,730
22,483,120
22,324,469
21,731,263
1,121,610
1,280,261
1,873,467
Federal Home Loan Bank advances
1,255,088
1,520,000
1,800,000
2,350,000
(264,912
)
(544,912
)
(1,094,912
)
Other borrowed funds
81,771
82,443
83,341
88,149
(672
)
(1,570
)
(6,378
)
Subordinated debentures
157,127
133,145
133,105
133,024
23,982
24,022
24,103
Other liabilities
374,003
352,563
338,218
365,459
21,440
35,785
8,544
Total liabilities
$
25,472,719
24,571,271
24,679,133
24,667,895
901,448
793,586
804,824
Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.
Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.
Stockholders’ Equity Summary
$ Change from
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Common equity
$
3,776,043
3,550,719
3,533,150
3,492,096
225,324
242,893
283,947
Accumulated other comprehensive loss
(238,655
)
(263,111
)
(309,296
)
(354,651
)
24,456
70,641
115,996
Total stockholders’ equity
3,537,388
3,287,608
3,223,854
3,137,445
249,780
313,534
399,943
Goodwill and intangibles, net
(1,191,474
)
(1,099,229
)
(1,102,500
)
(1,066,790
)
(92,245
)
(88,974
)
(124,684
)
Tangible stockholders’ equity
$
2,345,914
2,188,379
2,121,354
2,070,655
157,535
224,560
275,259
Stockholders’ equity to total assets
12.19
%
11.80
%
11.55
%
11.28
%
Tangible stockholders’ equity to total tangible assets
8.43
%
8.18
%
7.92
%
7.74
%
Book value per common share
$
29.84
28.96
28.43
27.67
0.88
1.41
2.17
Tangible book value per common share
$
19.79
19.28
18.71
18.26
0.51
1.08
1.53
Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.
Cash Dividends On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.
Operating Results for Three Months EndedJune 30, 2025 Compared toMarch 31, 2025, andJune 30, 2024
Income Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Mar 31, 2025
Jun 30, 2024
Net interest income
Interest income
$
308,115
289,925
273,834
18,190
34,281
Interest expense
100,499
99,946
107,356
553
(6,857
)
Total net interest income
207,616
189,979
166,478
17,637
41,138
Non-interest income
Service charges and other fees
20,405
18,818
19,422
1,587
983
Miscellaneous loan fees and charges
5,067
4,664
4,821
403
246
Gain on sale of loans
4,273
4,311
4,669
(38
)
(396
)
Loss on sale of securities
—
—
(12
)
—
12
Other income
3,199
4,849
3,304
(1,650
)
(105
)
Total non-interest income
32,944
32,642
32,204
302
740
Total income
$
240,560
222,621
198,682
17,939
41,878
Net interest margin (tax-equivalent)
3.21
%
3.04
%
2.68
%
Net Interest Income Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.
Non-interest Income Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.
Non-interest Expense Summary
Three Months ended
$ Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Mar 31, 2025
Jun 30, 2024
Compensation and employee benefits
$
94,355
91,443
84,434
2,912
9,921
Occupancy and equipment
12,558
12,294
11,594
264
964
Advertising and promotions
4,394
4,144
4,362
250
32
Data processing
9,883
9,138
9,387
745
496
Other real estate owned and foreclosed assets
26
63
149
(37
)
(123
)
Regulatory assessments and insurance
5,847
5,534
5,393
313
454
Intangibles amortization
3,624
3,270
3,017
354
607
Other expenses
24,432
25,432
22,616
(1,000
)
1,816
Total non-interest expense
$
155,119
151,318
140,952
3,801
14,167
Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.
Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.
Federal and State Income Tax Expense Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.
Efficiency Ratio The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.
Net Interest Income Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.
Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.
The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.
Non-interest Income Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.
Non-interest Expense Summary
Six Months ended
(Dollars in thousands)
Jun 30, 2025
Jun 30, 2024
$ Change
% Change
Compensation and employee benefits
$
185,798
$
170,223
$
15,575
9
%
Occupancy and equipment
24,852
23,477
1,375
6
%
Advertising and promotions
8,538
8,345
193
2
%
Data processing
19,021
18,546
475
3
%
Other real estate owned and foreclosed assets
89
174
(85
)
(49)
%
Regulatory assessments and insurance
11,381
13,154
(1,773
)
(13)
%
Core deposit intangibles amortization
6,894
5,777
1,117
19
%
Other expenses
49,864
53,099
(3,235
)
(6)
%
Total non-interest expense
$
306,437
$
292,795
$
13,642
5
%
Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.
Provision for Credit Losses The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.
Federal and State Income Tax Expense Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.
Efficiency Ratio The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.
Forward-Looking Statements This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:
risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
success in managing risks involved in any of the foregoing; and
effects of any reputational damage to the Company resulting from any of the foregoing.
The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.
Conference Call Information A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.
About Glacier Bancorp, Inc. Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).
CONTACT: Randall M. Chesler, CEO
(406) 751-4722
Ron J. Copher, CFO
(406) 751-7706
Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition
(Dollars in thousands, except per share data)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Assets
Cash on hand and in banks
$
375,398
322,253
268,746
271,107
Interest bearing cash deposits
540,109
659,232
579,662
529,672
Cash and cash equivalents
915,507
981,485
848,408
800,779
Debt securities, available-for-sale
4,024,980
4,172,312
4,245,205
4,499,541
Debt securities, held-to-maturity
3,206,133
3,261,575
3,294,847
3,400,403
Total debt securities
7,231,113
7,433,887
7,540,052
7,899,944
Loans held for sale, at fair value
47,738
40,523
33,060
39,745
Loans receivable
18,532,740
17,218,518
17,261,849
16,851,991
Allowance for credit losses
(226,799
)
(210,400
)
(206,041
)
(200,955
)
Loans receivable, net
18,305,941
17,008,118
17,055,808
16,651,036
Premises and equipment, net
426,801
411,095
411,968
391,266
Right-of-use assets, net
56,525
54,441
56,252
60,249
Other real estate owned and foreclosed assets
1,879
1,153
1,164
630
Accrued interest receivable
108,286
103,992
99,262
102,279
Deferred tax asset
114,528
122,942
138,955
155,834
Intangibles, net
64,949
47,911
51,182
43,028
Goodwill
1,126,525
1,051,318
1,051,318
1,023,762
Non-marketable equity securities
76,990
88,134
99,669
121,810
Bank-owned life insurance
191,623
191,044
189,849
187,793
Other assets
341,702
322,836
326,040
327,185
Total assets
$
29,010,107
27,858,879
27,902,987
27,805,340
Liabilities
Non-interest bearing deposits
$
6,593,728
6,100,548
6,136,709
6,093,430
Interest bearing deposits
15,034,774
14,533,502
14,410,285
14,008,329
Securities sold under agreements to repurchase
1,976,228
1,849,070
1,777,475
1,629,504
FHLB advances
1,255,088
1,520,000
1,800,000
2,350,000
Other borrowed funds
62,366
62,216
62,062
64,702
Finance lease liabilities
19,405
20,227
21,279
23,447
Subordinated debentures
157,127
133,145
133,105
133,024
Accrued interest payable
27,973
30,231
33,626
31,000
Operating lease liabilities
42,274
39,244
39,902
41,421
Other liabilities
303,756
283,088
264,690
293,038
Total liabilities
25,472,719
24,571,271
24,679,133
24,667,895
Commitments and Contingent Liabilities
—
—
—
—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding
—
—
—
—
Common stock, $0.01 par value per share, 234,000,000 shares authorized
1,186
1,135
1,134
1,134
Paid-in capital
2,661,018
2,449,311
2,448,758
2,445,479
Retained earnings – substantially restricted
1,113,839
1,100,273
1,083,258
1,045,483
Accumulated other comprehensive loss
(238,655
)
(263,111
)
(309,296
)
(354,651
)
Total stockholders’ equity
3,537,388
3,287,608
3,223,854
3,137,445
Total liabilities and stockholders’ equity
$
29,010,107
27,858,879
27,902,987
27,805,340
Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations
Three Months ended
Six Months ended
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Jun 30, 2024
Jun 30, 2025
Jun 30, 2024
Interest Income
Investment securities
$
44,148
45,646
42,165
89,794
98,383
Residential real estate loans
25,361
24,275
21,754
49,636
42,518
Commercial loans
214,816
197,388
188,326
412,204
369,798
Consumer and other loans
23,790
22,616
21,589
46,406
42,537
Total interest income
308,115
289,925
273,834
598,040
553,236
Interest Expense
Deposits
65,569
62,865
67,852
128,434
135,048
Securities sold under agreements to repurchase
14,109
13,733
13,566
27,842
26,164
Federal Home Loan Bank advances
17,806
20,719
24,179
38,525
28,428
FRB Bank Term Funding
—
—
—
—
27,097
Other borrowed funds
400
402
353
802
697
Subordinated debentures
2,615
2,227
1,406
4,842
2,844
Total interest expense
100,499
99,946
107,356
200,445
220,278
Net Interest Income
207,616
189,979
166,478
397,595
332,958
Provision for credit losses
20,267
7,814
3,518
28,081
11,767
Net interest income after provision for credit losses
187,349
182,165
162,960
369,514
321,191
Non-Interest Income
Service charges and other fees
20,405
18,818
19,422
39,223
37,985
Miscellaneous loan fees and charges
5,067
4,664
4,821
9,731
9,183
Gain on sale of loans
4,273
4,311
4,669
8,584
8,031
(Loss) gain on sale of securities
—
—
(12
)
—
4
Other income
3,199
4,849
3,304
8,048
6,990
Total non-interest income
32,944
32,642
32,204
65,586
62,193
Non-Interest Expense
Compensation and employee benefits
94,355
91,443
84,434
185,798
170,223
Occupancy and equipment
12,558
12,294
11,594
24,852
23,477
Advertising and promotions
4,394
4,144
4,362
8,538
8,345
Data processing
9,883
9,138
9,387
19,021
18,546
Other real estate owned and foreclosed assets
26
63
149
89
174
Regulatory assessments and insurance
5,847
5,534
5,393
11,381
13,154
Intangibles amortization
3,624
3,270
3,017
6,894
5,777
Other expenses
24,432
25,432
22,616
49,864
53,099
Total non-interest expense
155,119
151,318
140,952
306,437
292,795
Income Before Income Taxes
65,174
63,489
54,212
128,663
90,589
Federal and state income tax expense
12,393
8,921
9,504
21,314
13,254
Net Income
$
52,781
54,568
44,708
107,349
77,335
Glacier Bancorp, Inc. Average Balance Sheets
Three Months ended
June 30, 2025
March 31, 2025
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
1,940,514
$
25,361
5.23
%
$
1,885,497
$
24,275
5.15
%
Commercial loans 1
14,884,885
216,385
5.83
%
14,091,210
198,921
5.73
%
Consumer and other loans
1,336,030
23,790
7.14
%
1,302,687
22,616
7.04
%
Total loans 2
18,161,429
265,536
5.86
%
17,279,394
245,812
5.77
%
Tax-exempt debt securities 3
1,594,895
13,999
3.51
%
1,604,851
13,936
3.47
%
Taxable debt securities 4, 5
6,645,312
32,045
1.93
%
6,946,562
33,598
1.93
%
Total earning assets
26,401,636
311,580
4.73
%
25,830,807
293,346
4.61
%
Goodwill and intangibles
1,153,466
1,100,801
Non-earning assets
918,007
847,855
Total assets
$
28,473,109
$
27,779,463
Liabilities
Non-interest bearing deposits
$
6,256,245
$
—
—
%
$
5,989,490
$
—
—
%
NOW and DDA accounts
5,674,990
16,045
1.13
%
5,525,976
15,065
1.11
%
Savings accounts
2,904,389
5,402
0.75
%
2,861,675
5,159
0.73
%
Money market deposit accounts
3,000,487
15,389
2.06
%
2,849,470
13,526
1.93
%
Certificate accounts
3,211,418
28,667
3.58
%
3,152,198
29,075
3.74
%
Total core deposits
21,047,529
65,503
1.25
%
20,378,809
62,825
1.25
%
Wholesale deposits 6
5,618
66
4.67
%
3,600
40
4.53
%
Repurchase agreements
1,898,841
14,109
2.98
%
1,842,773
13,733
3.02
%
FHLB advances
1,494,781
17,806
4.71
%
1,744,000
20,719
4.75
%
Subordinated debentures and other borrowed funds
231,902
3,015
5.21
%
216,073
2,629
4.94
%
Total funding liabilities
24,678,671
100,499
1.63
%
24,185,255
99,946
1.68
%
Other liabilities
338,289
326,764
Total liabilities
25,016,960
24,512,019
Stockholders’ Equity
Stockholders’ equity
3,456,149
3,267,444
Total liabilities and stockholders’ equity
$
28,473,109
$
27,779,463
Net interest income (tax-equivalent)
$
211,081
$
193,400
Net interest spread (tax-equivalent)
3.10
%
2.93
%
Net interest margin (tax-equivalent)
3.21
%
3.04
%
______________________________
1
Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
2
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3
Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
4
Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
5
Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
6
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
Glacier Bancorp, Inc. Average Balance Sheets (continued)
Three Months ended
June 30, 2025
June 30, 2024
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
1,940,514
$
25,361
5.23
%
$
1,796,787
$
21,754
4.84
%
Commercial loans 1
14,884,885
216,385
5.83
%
13,740,455
189,939
5.56
%
Consumer and other loans
1,336,030
23,790
7.14
%
1,290,587
21,589
6.73
%
Total loans 2
18,161,429
265,536
5.86
%
16,827,829
233,282
5.58
%
Tax-exempt debt securities 3
1,594,895
13,999
3.51
%
1,707,269
15,111
3.54
%
Taxable debt securities 4, 5
6,645,312
32,045
1.93
%
7,042,885
29,461
1.67
%
Total earning assets
26,401,636
311,580
4.73
%
25,577,983
277,854
4.37
%
Goodwill and intangibles
1,153,466
1,068,250
Non-earning assets
918,007
754,491
Total assets
$
28,473,109
$
27,400,724
Liabilities
Non-interest bearing deposits
$
6,256,245
$
—
—
%
$
6,026,709
$
—
—
%
NOW and DDA accounts
5,674,990
16,045
1.13
%
5,221,883
15,728
1.21
%
Savings accounts
2,904,389
5,402
0.75
%
2,914,538
6,014
0.83
%
Money market deposit accounts
3,000,487
15,389
2.06
%
2,904,438
14,467
2.00
%
Certificate accounts
3,211,418
28,667
3.58
%
3,037,638
31,593
4.18
%
Total core deposits
21,047,529
65,503
1.25
%
20,105,206
67,802
1.36
%
Wholesale deposits 6
5,618
66
4.67
%
3,726
50
5.50
%
Repurchase agreements
1,898,841
14,109
2.98
%
1,597,887
13,566
3.41
%
FHLB advances
1,494,781
17,806
4.71
%
2,007,747
24,179
4.76
%
Subordinated debentures and other borrowed funds
231,902
3,015
5.21
%
224,778
1,759
3.15
%
Total funding liabilities
24,678,671
100,499
1.63
%
23,939,344
107,356
1.80
%
Other liabilities
338,289
344,105
Total liabilities
25,016,960
24,283,449
Stockholders’ Equity
Stockholders’ equity
3,456,149
3,117,275
Total liabilities and stockholders’ equity
$
28,473,109
$
27,400,724
Net interest income (tax-equivalent)
$
211,081
$
170,498
Net interest spread (tax-equivalent)
3.10
%
2.57
%
Net interest margin (tax-equivalent)
3.21
%
2.68
%
______________________________
1
Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
2
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3
Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
4
Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
5
Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
6
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
Glacier Bancorp, Inc. Average Balance Sheets (continued)
Six Months ended
June 30, 2025
June 30, 2024
(Dollars in thousands)
Average Balance
Interest & Dividends
Average Yield/ Rate
Average Balance
Interest & Dividends
Average Yield/ Rate
Assets
Residential real estate loans
$
1,913,157
$
49,636
5.19
%
$
1,771,985
$
42,518
4.80
%
Commercial loans 1
14,490,240
415,306
5.78
%
13,626,941
372,984
5.50
%
Consumer and other loans
1,319,451
46,406
7.09
%
1,286,988
42,537
6.65
%
Total loans 2
17,722,848
511,348
5.82
%
16,685,914
458,039
5.52
%
Tax-exempt debt securities 3
1,599,845
27,935
3.49
%
1,713,819
30,268
3.53
%
Taxable debt securities 4, 5
6,795,105
65,643
1.93
%
7,609,930
72,938
1.92
%
Total earning assets
26,117,798
604,926
4.67
%
26,009,663
561,245
4.34
%
Goodwill and intangibles
1,127,279
1,060,102
Non-earning assets
883,125
683,020
Total assets
$
28,128,202
$
27,752,785
Liabilities
Non-interest bearing deposits
$
6,123,604
$
—
—
%
$
5,996,627
$
—
—
%
NOW and DDA accounts
5,600,895
31,110
1.12
%
5,248,793
31,646
1.21
%
Savings accounts
2,883,150
10,561
0.74
%
2,907,594
11,669
0.81
%
Money market deposit accounts
2,925,396
28,915
1.99
%
2,926,366
28,860
1.98
%
Certificate accounts
3,181,971
57,742
3.66
%
3,019,176
62,768
4.18
%
Total core deposits
20,715,016
128,328
1.25
%
20,098,556
134,943
1.35
%
Wholesale deposits 6
4,615
106
4.62
%
3,846
105
5.50
%
Repurchase agreements
1,870,962
27,842
3.00
%
1,555,642
26,164
3.38
%
FHLB advances
1,618,702
38,525
4.73
%
1,179,251
28,428
4.77
%
FRB Bank Term Funding
—
—
—
%
1,241,538
27,097
4.39
%
Subordinated debentures and other borrowed funds
224,031
5,644
5.08
%
221,525
3,541
3.21
%
Total funding liabilities
24,433,326
200,445
1.65
%
24,300,358
220,278
1.82
%
Other liabilities
332,558
350,329
Total liabilities
24,765,884
24,650,687
Stockholders’ Equity
Stockholders’ equity
3,362,318
3,102,098
Total liabilities and stockholders’ equity
$
28,128,202
$
27,752,785
Net interest income (tax-equivalent)
$
404,481
$
340,967
Net interest spread (tax-equivalent)
3.02
%
2.52
%
Net interest margin (tax-equivalent)
3.12
%
2.64
%
______________________________
1
Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
2
Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
3
Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
4
Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
5
Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
6
Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification
Loans Receivable, by Loan Type
% Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Mar 31, 2025
Dec 31, 2024
Custom and owner occupied construction
$
254,790
$
233,584
$
242,844
9
%
5
%
Pre-sold and spec construction
208,106
200,921
191,926
4
%
8
%
Total residential construction
462,896
434,505
434,770
7
%
6
%
Land development
176,925
177,448
197,369
—
%
(10)
%
Consumer land or lots
229,823
197,553
187,024
16
%
23
%
Unimproved land
127,550
115,528
113,532
10
%
12
%
Developed lots for operative builders
73,053
64,782
61,661
13
%
18
%
Commercial lots
175,929
95,574
99,243
84
%
77
%
Other construction
753,056
714,151
693,461
5
%
9
%
Total land, lot, and other construction
1,536,336
1,365,036
1,352,290
13
%
14
%
Owner occupied
3,529,536
3,182,589
3,197,138
11
%
10
%
Non-owner occupied
4,283,986
4,054,107
4,053,996
6
%
6
%
Total commercial real estate
7,813,522
7,236,696
7,251,134
8
%
8
%
Commercial and industrial
1,545,498
1,392,365
1,395,997
11
%
11
%
Agriculture
1,167,611
1,016,081
1,024,520
15
%
14
%
First lien
2,590,433
2,499,494
2,481,918
4
%
4
%
Junior lien
80,170
85,343
76,303
(6)
%
5
%
Total 1-4 family
2,670,603
2,584,837
2,558,221
3
%
4
%
Multifamily residential
975,785
874,071
895,242
12
%
9
%
Home equity lines of credit
1,048,595
989,043
1,005,783
6
%
4
%
Other consumer
197,744
188,388
209,457
5
%
(6)
%
Total consumer
1,246,339
1,177,431
1,215,240
6
%
3
%
States and political subdivisions
973,145
1,001,058
983,601
(3)
%
(1)
%
Other
188,743
176,961
183,894
7
%
3
%
Total loans receivable, including loans held for sale
18,580,478
17,259,041
17,294,909
8
%
7
%
Less loans held for sale1
(47,738
)
(40,523
)
(33,060
)
18
%
44
%
Total loans receivable
$
18,532,740
$
17,218,518
$
17,261,849
8
%
7
%
______________________________
1
Loans held for sale are primarily first lien 1-4 family loans.
Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification
Non-performing Assets, by Loan Type
Non- Accrual Loans
Accruing Loans 90 Days or More Past Due
Other real estate owned and foreclosed assets
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Jun 30, 2025
Jun 30, 2025
Jun 30, 2025
Custom and owner occupied construction
$
235
194
198
206
189
46
—
Pre-sold and spec construction
2,806
2,896
2,132
2,908
2,043
763
—
Total residential construction
3,041
3,090
2,330
3,114
2,232
809
—
Land development
885
935
966
—
875
10
—
Consumer land or lots
460
173
78
429
164
296
—
Developed lots for operative builders
531
531
531
608
—
531
—
Commercial lots
47
47
47
47
—
47
—
Other construction
—
—
—
25
—
—
—
Total land, lot and other construction
1,923
1,686
1,622
1,109
1,039
884
—
Owner occupied
4,412
3,601
2,979
1,992
4,407
5
—
Non-owner occupied
1,206
2,235
2,235
257
—
—
1,206
Total commercial real estate
5,618
5,836
5,214
2,249
4,407
5
1,206
Commercial and Industrial
14,764
12,367
2,069
2,044
13,452
1,243
69
Agriculture
6,603
2,382
2,335
2,442
2,141
4,462
—
First lien
10,549
8,752
9,053
2,923
7,856
2,162
531
Junior lien
533
296
315
492
293
240
—
Total 1-4 family
11,082
9,048
9,368
3,415
8,149
2,402
531
Multifamily residential
398
400
389
385
398
—
—
Home equity lines of credit
4,016
3,479
3,465
2,145
2,834
1,182
—
Other consumer
921
1,003
955
1,089
704
144
73
Total consumer
4,937
4,482
4,420
3,234
3,538
1,326
73
Other
240
47
39
16
—
240
—
Total
$
48,606
39,338
27,786
18,008
35,356
11,371
1,879
Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
Accruing 30-89 Days Delinquent Loans, by Loan Type
% Change from
(Dollars in thousands)
Jun 30, 2025
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Mar 31, 2025
Dec 31, 2024
Jun 30, 2024
Custom and owner occupied construction
$
385
$
786
$
969
$
1,323
(51)
%
(60)
%
(71)
%
Pre-sold and spec construction
—
—
564
816
n/m
(100)
%
(100)
%
Total residential construction
385
786
1,533
2,139
(51)
%
(75)
%
(82)
%
Land development
170
—
1,450
—
n/m
(88)
%
n/m
Consumer land or lots
1,210
1,026
402
411
18
%
201
%
194
%
Unimproved land
75
32
36
158
134
%
108
%
(53)
%
Developed lots for operative builders
—
—
214
—
n/m
(100)
%
n/m
Commercial lots
—
189
—
21
(100)
%
n/m
(100)
%
Other construction
7,840
—
—
—
n/m
n/m
n/m
Total land, lot and other construction
9,295
1,247
2,102
590
645
%
342
%
1,475
%
Owner occupied
3,903
3,786
2,867
4,326
3
%
36
%
(10)
%
Non-owner occupied
13,806
346
5,037
8,119
3,890
%
174
%
70
%
Total commercial real estate
17,709
4,132
7,904
12,445
329
%
124
%
42
%
Commercial and industrial
6,711
5,358
6,194
17,591
25
%
8
%
(62)
%
Agriculture
8,243
5,731
744
5,288
44
%
1,008
%
56
%
First lien
3,583
14,826
6,326
2,637
(76)
%
(43)
%
36
%
Junior lien
—
1,023
214
17
(100)
%
(100)
%
(100)
%
Total 1-4 family
3,583
15,849
6,540
2,654
(77)
%
(45)
%
35
%
Home equity lines of credit
5,482
6,993
3,731
5,432
(22)
%
47
%
1
%
Other consumer
1,615
1,824
1,775
2,192
(11)
%
(9)
%
(26)
%
Total consumer
7,097
8,817
5,506
7,624
(20)
%
29
%
(7)
%
States and political subdivisions
—
3,220
—
—
(100)
%
n/m
n/m
Other
1,380
1,318
1,705
1,347
5
%
(19)
%
2
%
Total
$
54,403
$
46,458
$
32,228
$
49,678
17
%
69
%
10
%
______________________________
n/m – not measurable
Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)
Net Charge-Offs (Recoveries), Year-to-Date Period Ending, By Loan Type
EFFINGHAM, Ill., July 24, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.
This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.
2025SecondQuarter Results
Net income available to common shareholders of$9.8 million, or$0.44per diluted share, for thesecond quarter of 2025
Pre-provision net revenue of$32.2 million, or$1.48per diluted share, for thesecond quarter of 2025compared to$27.0 million, or$1.24per diluted share, for thefirst quarter of 2025
Net interest margin of 3.56%, compared to 3.49% in prior quarter
Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
Total capital to risk-weighted assets of14.50%and common equity tier 1 capital of9.02%
Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:
“Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.
During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.
Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”
Key Points forSecondQuarter and Outlook
Acceleration of Credit Clean-up; Tightened Underwriting Standards
Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
Net charge-offs were $29.9 million for the quarter, including:
$13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
$4.7 million of fully reimbursed charge-offs related to our third party lending programs
$3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.
The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.
As of and for the Three Months Ended
(dollars in thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Asset Quality
Loans 30-89 days past due
$
40,959
$
48,221
$
43,681
$
55,329
$
54,045
Nonperforming loans
109,512
145,690
150,907
114,556
112,124
Nonperforming assets
111,174
151,264
157,409
126,771
123,774
Substandard accruing loans
58,478
77,620
84,058
167,549
135,555
Net charge-offs
29,854
16,878
112,776
22,302
13,883
Loans 30-89 days past due to total loans
0.81
%
0.96
%
0.85
%
0.97
%
0.93
%
Nonperforming loans to total loans
2.16
%
2.90
%
2.92
%
2.00
%
1.92
%
Nonperforming assets to total assets
1.56
%
2.08
%
2.10
%
1.65
%
1.61
%
Allowance for credit losses to total loans
1.83
%
2.10
%
2.15
%
2.64
%
2.67
%
Allowance for credit losses to nonperforming loans
84.64
%
72.19
%
73.69
%
131.87
%
138.63
%
Net charge-offs to average loans
2.34
%
1.35
%
7.94
%
1.53
%
0.94
%
Solid Growth Trends in Community Bank & Wealth Management
Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.
Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
Noninterest-bearing deposits decreased $16.5 million in the quarter.
Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.
Net Interest Margin
Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.
The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.
For the Three Months Ended
(dollars in thousands)
June 30, 2025
March 31, 2025
June 30, 2024
Interest-earning assets
Average Balance
Interest & Fees
Yield/ Rate
Average Balance
Interest & Fees
Yield/ Rate
Average Balance
Interest & Fees
Yield/ Rate
Cash and cash equivalents
$
67,326
$
716
4.27
%
$
68,671
$
718
4.24
%
$
65,250
$
875
5.40
%
Investment securities(1)
1,367,180
17,164
5.04
1,311,887
15,517
4.80
1,098,452
12,805
4.69
Loans(1)(2)
5,123,558
79,240
6.20
5,057,394
78,118
6.26
5,915,523
92,581
6.29
Loans held for sale
44,642
377
3.39
326,348
4,563
5.67
4,910
84
6.84
Nonmarketable equity securities
38,803
694
7.17
35,614
647
7.37
44,216
963
8.76
Total interest-earning assets
6,641,509
98,191
5.93
6,799,914
99,563
5.94
7,128,351
107,308
6.05
Noninterest-earning assets
513,801
667,940
669,370
Total assets
$
7,155,310
$
7,467,854
$
7,797,721
Interest-Bearing Liabilities
Interest-bearing deposits
$
4,845,609
$
32,290
2.67
%
$
5,074,007
$
34,615
2.77
%
$
5,101,365
$
39,476
3.11
%
Short-term borrowings
60,117
573
3.82
73,767
700
3.85
30,449
308
4.07
FHLB advances & other borrowings
363,505
3,766
4.16
299,578
3,163
4.28
500,758
5,836
4.69
Subordinated debt
77,757
1,394
7.19
77,752
1,387
7.23
93,090
1,265
5.47
Trust preferred debentures
51,439
1,206
9.40
51,283
1,200
9.49
50,921
1,358
10.73
Total interest-bearing liabilities
5,398,427
39,229
2.91
5,576,387
41,065
2.99
5,776,583
48,243
3.36
Noninterest-bearing deposits
1,075,945
1,052,181
1,132,451
Other noninterest-bearing liabilities
108,819
123,613
104,841
Shareholders’ equity
572,119
715,673
783,846
Total liabilities and shareholder’s equity
$
7,155,310
$
7,467,854
$
7,797,721
Net Interest Margin
$
58,962
3.56
%
$
58,498
3.49
%
$
59,065
3.33
%
Cost of Deposits
2.19
%
2.29
%
2.55
%
(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
Trends in Noninterest Income and Expense
Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.
SecondQuarter2025Financial Highlights and Key Performance Indicators (KPIs):
As of and for the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Return on average assets
0.67
%
(7.66
)%
(1.59
)%
1.05
%
1.33
%
Pre-provision net revenue to average assets(1)
1.81
%
1.47
%
1.83
%
2.21
%
2.07
%
Net interest margin
3.56
%
3.49
%
3.34
%
3.34
%
3.33
%
Efficiency ratio (1)
60.60
%
64.29
%
62.31
%
53.61
%
55.79
%
Noninterest expense to average assets
2.80
%
11.02
%
3.04
%
2.56
%
2.62
%
Net charge-offs to average loans
2.34
%
1.35
%
7.94
%
1.53
%
0.94
%
Tangible book value per share at period end (1)
$
20.68
$
20.54
$
19.83
$
22.70
$
21.07
Diluted earnings (loss) per common share
$
0.44
$
(6.58
)
$
(1.52
)
$
0.83
$
1.06
Common shares outstanding at period end
21,515,138
21,503,036
21,494,485
21,393,905
21,377,215
Trust assets under administration
$
4,181,180
$
4,101,414
$
4,153,080
$
4,268,539
$
3,996,175
(1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
Capital
At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:
As ofJune 30, 2025
Midland States Bank
Midland States Bancorp, Inc.
Minimum Regulatory Requirements(2)
Total capital to risk-weighted assets
13.74%
14.50%
10.50%
Tier 1 capital to risk-weighted assets
12.49%
12.07%
8.50%
Common equity Tier 1 capital to risk-weighted assets
12.49%
9.02%
7.00%
Tier 1 leverage ratio
9.93%
9.59%
4.00%
Tangible common equity to tangible assets (1)
N/A
6.27%
N/A
(1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure. (2) Includes the capital conservation buffer of 2.5%, as applicable.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.
These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
CONTACTS: Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321 Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
As of
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands)
2025
2025
2024
2024
2024
Assets
Cash and cash equivalents
$
176,587
$
102,006
$
114,766
$
121,873
$
124,646
Investment securities
1,354,652
1,368,405
1,212,366
1,216,795
1,099,654
Loans
5,064,695
5,018,053
5,167,574
5,728,237
5,829,057
Allowance for credit losses on loans
(92,690
)
(105,176
)
(111,204
)
(151,067
)
(155,443
)
Total loans, net
4,972,005
4,912,877
5,056,370
5,577,170
5,673,614
Loans held for sale
7,899
287,821
344,947
8,001
5,555
Premises and equipment, net
86,240
86,719
85,710
84,672
83,040
Other real estate owned
393
4,183
4,941
8,646
8,304
Loan servicing rights, at lower of cost or fair value
(1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.
MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Adjusted Earnings Reconciliation
For the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands, expect per share data)
2025
2025
2024
2024
2024
Income (loss) before income tax (benefit) expense – GAAP
$
14,868
$
(137,802
)
$
(38,941
)
$
24,966
$
31,813
Adjustments to noninterest income:
Loss on sales of investment securities, net
—
—
34
44
152
Loss (gain) on repurchase of subordinated debt
—
—
13
(77
)
(167
)
Total adjustments to noninterest income
—
—
47
(33
)
(15
)
Adjustments to noninterest expense:
Impairment on goodwill
—
(153,977
)
—
—
—
Total adjustments to noninterest expense
—
(153,977
)
—
—
—
Adjusted earnings (loss) pre tax – non-GAAP
14,868
16,175
(38,894
)
24,933
31,798
Adjusted earnings (loss) tax (benefit) expense
2,844
3,172
(8,159
)
4,526
6,090
Adjusted earnings (loss) – non-GAAP
12,024
13,003
(30,735
)
20,407
25,708
Preferred stock dividends
2,228
2,228
2,228
2,229
2,228
Adjusted earnings (loss) available to common shareholders
$
9,796
$
10,775
$
(32,963
)
$
18,178
$
23,480
Adjusted diluted earnings (loss) per common share
$
0.44
$
0.49
$
(1.52
)
$
0.82
$
1.06
Pre-Provision Net Revenue Reconciliation
For the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands)
2025
2025
2024
2024
2024
Income (loss) before income taxes
$
14,868
$
(137,802
)
$
(38,941
)
$
24,966
$
31,813
Provision for credit losses
17,369
10,850
74,183
17,925
8,282
Impairment on goodwill
—
153,977
—
—
—
Pre-provision net revenue
$
32,237
$
27,025
$
35,242
$
42,891
$
40,095
Pre-provision net revenue per diluted share
$
1.48
$
1.24
$
1.62
$
1.98
$
1.84
Pre-provision net revenue to average assets
1.81
%
1.47
%
1.83
%
2.21
%
2.07
%
MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Efficiency Ratio Reconciliation
For the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands)
2025
2025
2024
2024
2024
Noninterest expense – GAAP
$
49,992
$
203,005
$
58,699
$
49,764
$
50,784
Impairment on goodwill
—
(153,977
)
—
—
—
Adjusted noninterest expense
$
49,992
$
49,028
$
58,699
$
49,764
$
50,784
Net interest income – GAAP
$
58,695
$
58,290
$
58,570
$
59,110
$
58,895
Effect of tax-exempt income
267
208
220
205
170
Adjusted net interest income
58,962
58,498
58,790
59,315
59,065
Noninterest income – GAAP
23,534
17,763
35,371
33,545
31,984
Loss on sales of investment securities, net
—
—
34
44
152
Loss (gain) on repurchase of subordinated debt
—
—
13
(77
)
(167
)
Adjusted noninterest income
23,534
17,763
35,418
33,512
31,969
Adjusted total revenue
$
82,496
$
76,261
$
94,208
$
92,827
$
91,034
Efficiency ratio
60.60
%
64.29
%
62.31
%
53.61
%
55.79
%
Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
EFFINGHAM, Ill., July 24, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.
This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.
2025SecondQuarter Results
Net income available to common shareholders of$9.8 million, or$0.44per diluted share, for thesecond quarter of 2025
Pre-provision net revenue of$32.2 million, or$1.48per diluted share, for thesecond quarter of 2025compared to$27.0 million, or$1.24per diluted share, for thefirst quarter of 2025
Net interest margin of 3.56%, compared to 3.49% in prior quarter
Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
Total capital to risk-weighted assets of14.50%and common equity tier 1 capital of9.02%
Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:
“Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.
During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.
Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”
Key Points forSecondQuarter and Outlook
Acceleration of Credit Clean-up; Tightened Underwriting Standards
Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
Net charge-offs were $29.9 million for the quarter, including:
$13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
$4.7 million of fully reimbursed charge-offs related to our third party lending programs
$3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.
The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.
As of and for the Three Months Ended
(dollars in thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Asset Quality
Loans 30-89 days past due
$
40,959
$
48,221
$
43,681
$
55,329
$
54,045
Nonperforming loans
109,512
145,690
150,907
114,556
112,124
Nonperforming assets
111,174
151,264
157,409
126,771
123,774
Substandard accruing loans
58,478
77,620
84,058
167,549
135,555
Net charge-offs
29,854
16,878
112,776
22,302
13,883
Loans 30-89 days past due to total loans
0.81
%
0.96
%
0.85
%
0.97
%
0.93
%
Nonperforming loans to total loans
2.16
%
2.90
%
2.92
%
2.00
%
1.92
%
Nonperforming assets to total assets
1.56
%
2.08
%
2.10
%
1.65
%
1.61
%
Allowance for credit losses to total loans
1.83
%
2.10
%
2.15
%
2.64
%
2.67
%
Allowance for credit losses to nonperforming loans
84.64
%
72.19
%
73.69
%
131.87
%
138.63
%
Net charge-offs to average loans
2.34
%
1.35
%
7.94
%
1.53
%
0.94
%
Solid Growth Trends in Community Bank & Wealth Management
Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.
Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
Noninterest-bearing deposits decreased $16.5 million in the quarter.
Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.
Net Interest Margin
Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.
The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.
For the Three Months Ended
(dollars in thousands)
June 30, 2025
March 31, 2025
June 30, 2024
Interest-earning assets
Average Balance
Interest & Fees
Yield/ Rate
Average Balance
Interest & Fees
Yield/ Rate
Average Balance
Interest & Fees
Yield/ Rate
Cash and cash equivalents
$
67,326
$
716
4.27
%
$
68,671
$
718
4.24
%
$
65,250
$
875
5.40
%
Investment securities(1)
1,367,180
17,164
5.04
1,311,887
15,517
4.80
1,098,452
12,805
4.69
Loans(1)(2)
5,123,558
79,240
6.20
5,057,394
78,118
6.26
5,915,523
92,581
6.29
Loans held for sale
44,642
377
3.39
326,348
4,563
5.67
4,910
84
6.84
Nonmarketable equity securities
38,803
694
7.17
35,614
647
7.37
44,216
963
8.76
Total interest-earning assets
6,641,509
98,191
5.93
6,799,914
99,563
5.94
7,128,351
107,308
6.05
Noninterest-earning assets
513,801
667,940
669,370
Total assets
$
7,155,310
$
7,467,854
$
7,797,721
Interest-Bearing Liabilities
Interest-bearing deposits
$
4,845,609
$
32,290
2.67
%
$
5,074,007
$
34,615
2.77
%
$
5,101,365
$
39,476
3.11
%
Short-term borrowings
60,117
573
3.82
73,767
700
3.85
30,449
308
4.07
FHLB advances & other borrowings
363,505
3,766
4.16
299,578
3,163
4.28
500,758
5,836
4.69
Subordinated debt
77,757
1,394
7.19
77,752
1,387
7.23
93,090
1,265
5.47
Trust preferred debentures
51,439
1,206
9.40
51,283
1,200
9.49
50,921
1,358
10.73
Total interest-bearing liabilities
5,398,427
39,229
2.91
5,576,387
41,065
2.99
5,776,583
48,243
3.36
Noninterest-bearing deposits
1,075,945
1,052,181
1,132,451
Other noninterest-bearing liabilities
108,819
123,613
104,841
Shareholders’ equity
572,119
715,673
783,846
Total liabilities and shareholder’s equity
$
7,155,310
$
7,467,854
$
7,797,721
Net Interest Margin
$
58,962
3.56
%
$
58,498
3.49
%
$
59,065
3.33
%
Cost of Deposits
2.19
%
2.29
%
2.55
%
(1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.
(2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
Trends in Noninterest Income and Expense
Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.
SecondQuarter2025Financial Highlights and Key Performance Indicators (KPIs):
As of and for the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
2025
2025
2024
2024
2024
Return on average assets
0.67
%
(7.66
)%
(1.59
)%
1.05
%
1.33
%
Pre-provision net revenue to average assets(1)
1.81
%
1.47
%
1.83
%
2.21
%
2.07
%
Net interest margin
3.56
%
3.49
%
3.34
%
3.34
%
3.33
%
Efficiency ratio (1)
60.60
%
64.29
%
62.31
%
53.61
%
55.79
%
Noninterest expense to average assets
2.80
%
11.02
%
3.04
%
2.56
%
2.62
%
Net charge-offs to average loans
2.34
%
1.35
%
7.94
%
1.53
%
0.94
%
Tangible book value per share at period end (1)
$
20.68
$
20.54
$
19.83
$
22.70
$
21.07
Diluted earnings (loss) per common share
$
0.44
$
(6.58
)
$
(1.52
)
$
0.83
$
1.06
Common shares outstanding at period end
21,515,138
21,503,036
21,494,485
21,393,905
21,377,215
Trust assets under administration
$
4,181,180
$
4,101,414
$
4,153,080
$
4,268,539
$
3,996,175
(1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.
Capital
At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:
As ofJune 30, 2025
Midland States Bank
Midland States Bancorp, Inc.
Minimum Regulatory Requirements(2)
Total capital to risk-weighted assets
13.74%
14.50%
10.50%
Tier 1 capital to risk-weighted assets
12.49%
12.07%
8.50%
Common equity Tier 1 capital to risk-weighted assets
12.49%
9.02%
7.00%
Tier 1 leverage ratio
9.93%
9.59%
4.00%
Tangible common equity to tangible assets (1)
N/A
6.27%
N/A
(1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure. (2) Includes the capital conservation buffer of 2.5%, as applicable.
About Midland States Bancorp, Inc.
Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.
Non-GAAP Financial Measures
Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.
These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.
Forward-Looking Statements
Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
CONTACTS: Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321 Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321
MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)
As of
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands)
2025
2025
2024
2024
2024
Assets
Cash and cash equivalents
$
176,587
$
102,006
$
114,766
$
121,873
$
124,646
Investment securities
1,354,652
1,368,405
1,212,366
1,216,795
1,099,654
Loans
5,064,695
5,018,053
5,167,574
5,728,237
5,829,057
Allowance for credit losses on loans
(92,690
)
(105,176
)
(111,204
)
(151,067
)
(155,443
)
Total loans, net
4,972,005
4,912,877
5,056,370
5,577,170
5,673,614
Loans held for sale
7,899
287,821
344,947
8,001
5,555
Premises and equipment, net
86,240
86,719
85,710
84,672
83,040
Other real estate owned
393
4,183
4,941
8,646
8,304
Loan servicing rights, at lower of cost or fair value
(1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.
MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Adjusted Earnings Reconciliation
For the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands, expect per share data)
2025
2025
2024
2024
2024
Income (loss) before income tax (benefit) expense – GAAP
$
14,868
$
(137,802
)
$
(38,941
)
$
24,966
$
31,813
Adjustments to noninterest income:
Loss on sales of investment securities, net
—
—
34
44
152
Loss (gain) on repurchase of subordinated debt
—
—
13
(77
)
(167
)
Total adjustments to noninterest income
—
—
47
(33
)
(15
)
Adjustments to noninterest expense:
Impairment on goodwill
—
(153,977
)
—
—
—
Total adjustments to noninterest expense
—
(153,977
)
—
—
—
Adjusted earnings (loss) pre tax – non-GAAP
14,868
16,175
(38,894
)
24,933
31,798
Adjusted earnings (loss) tax (benefit) expense
2,844
3,172
(8,159
)
4,526
6,090
Adjusted earnings (loss) – non-GAAP
12,024
13,003
(30,735
)
20,407
25,708
Preferred stock dividends
2,228
2,228
2,228
2,229
2,228
Adjusted earnings (loss) available to common shareholders
$
9,796
$
10,775
$
(32,963
)
$
18,178
$
23,480
Adjusted diluted earnings (loss) per common share
$
0.44
$
0.49
$
(1.52
)
$
0.82
$
1.06
Pre-Provision Net Revenue Reconciliation
For the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands)
2025
2025
2024
2024
2024
Income (loss) before income taxes
$
14,868
$
(137,802
)
$
(38,941
)
$
24,966
$
31,813
Provision for credit losses
17,369
10,850
74,183
17,925
8,282
Impairment on goodwill
—
153,977
—
—
—
Pre-provision net revenue
$
32,237
$
27,025
$
35,242
$
42,891
$
40,095
Pre-provision net revenue per diluted share
$
1.48
$
1.24
$
1.62
$
1.98
$
1.84
Pre-provision net revenue to average assets
1.81
%
1.47
%
1.83
%
2.21
%
2.07
%
MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
Efficiency Ratio Reconciliation
For the Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
(dollars in thousands)
2025
2025
2024
2024
2024
Noninterest expense – GAAP
$
49,992
$
203,005
$
58,699
$
49,764
$
50,784
Impairment on goodwill
—
(153,977
)
—
—
—
Adjusted noninterest expense
$
49,992
$
49,028
$
58,699
$
49,764
$
50,784
Net interest income – GAAP
$
58,695
$
58,290
$
58,570
$
59,110
$
58,895
Effect of tax-exempt income
267
208
220
205
170
Adjusted net interest income
58,962
58,498
58,790
59,315
59,065
Noninterest income – GAAP
23,534
17,763
35,371
33,545
31,984
Loss on sales of investment securities, net
—
—
34
44
152
Loss (gain) on repurchase of subordinated debt
—
—
13
(77
)
(167
)
Adjusted noninterest income
23,534
17,763
35,418
33,512
31,969
Adjusted total revenue
$
82,496
$
76,261
$
94,208
$
92,827
$
91,034
Efficiency ratio
60.60
%
64.29
%
62.31
%
53.61
%
55.79
%
Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
Source: The Conversation (Au and NZ) – By Joseph Steinberg, Forrest Foundation Postdoctoral Fellow, English & Literary Studies, The University of Western Australia
Siang LuDavid Kelly/UQP
The Miles Franklin judges described Siang Lu’s Ghost Cities, winner of the 2025 award, as “a grand farce and a haunting meditation on diaspora”. To my mind, it is perhaps the funniest novel ever to have won the Miles Franklin. In the last decade, its closest competitor would be Melissa Lucashenko’s boisterous, brilliant Too Much Lip.
Turn the clock back a few more years, and it’d square off against the puerile humour of Tim Winton’s Cloudstreet, the zany folly of Peter Carey’s Oscar and Lucinda, and Thea Astley’s biting satire The Acolyte. It’d remain a strong contender even in such company.
Lu earned a reputation for satire with his first novel, The Whitewash, in which he lampooned the racial politics of the film industry. Ghost Cities extends this skit, while dialling it up to 11.
“Sitting within a tradition in Australian writing that explores failed expatriation and cultural fraud, Lu’s novel is also something strikingly new,” the judges said, praising its “absurdist bravura”.
A comedy of tyranny
Lu’s sense of humour relies on hyperbole. Over some 300 pages, the characters in Ghost Cities tie themselves in knots over a ludicrous series of edicts, demands and directives issued by a pair of dictators who grow crueller and more capricious with every chapter.
Ghost Cities is a comedy of tyranny in two plots, told via alternating chapters. One begins in a semi-recognisable Sydney, then relocates to the fictitious ghost city of Port Man Tou; the other is a fable set in China’s Imperial City and its labyrinths millennia ago.
Ghost Cities begins in the latter timeline, with the mock-heroic tale of Emperor Lu Huang Du’s ascension to the imperial throne and the beginning of his dictatorial rule. What defines his character, from the very first page, is his yawning ego; he yearns for an exceptional origin myth, a tale of patricide and regicide. The failure to fabricate myths of this kind later leads him to banish a trio of scholars to the Sixth Level of Hell and burn every book in the Imperial Library. What he wants is a hymn to his own “cunning, ruthless strategy and force of will”. But the truth is ignoble.
Emperors should not come to power through inaction. They should not do so by “gawping as their purple-faced fathers clawed and sputtered on what would later be determined to be an awkwardly lodged chicken bone”. They should not “wait, in lacklustre fealty, for that final breathless minute to expire”. They should certainly not then proceed to order the death of every chicken in the land, because of the deranged belief “their traitorous bones were conspiring against His Imperial bloodline”. And they would be well advised not then to issue an edict forbidding the “breeding, eating and harbouring of poultry”, which leads the sons of “a hundred fallen agrarians” to swear vengeance.
Perverse as he is, there is real pleasure to be found in tracking the consequences of Lu Huang Du’s whims. From his banishment of his brother, Lu Dong Pu, for the crime of intercepting an assassin’s blade, to his attempt to elude his prophesied death by conscripting a thousand lookalikes from among his citizens, the emperor is a character governed at every turn by an unspeakable fear of his own mortality.
Through him, and the chapters that recount the consequences of his wildly temperamental rule in the form of an absurd fable, Lu offers a sharp yet entertaining study in the abuse of state power by the narcissistic and incompetent.
Ghost Cities’ second dictator is a director named Baby Bao, who embarks on an egotistical undertaking of his own. His ambition is to create a “historical biopic of the infamous Indomitable Emperor Lu Huang Hu”, a self-styled piece of “cinematic history, a twenty-seven hour extravaganza – no intermission – in simultaneous worldwide release!”. Such a biopic would work primarily to reinforce his delusion that he is biologically “destined for greatness”, by illustrating his belief that his lineage can be traced to the emperor. The conceit makes gleefully explicit the egotism buried in so many artistic projects.
The emperor is later opposed by his brother, Lu Dong Pu, and his nephew, Lu Shan Liang; his counterpart, Xiang Lu (note the resemblance of both their names to their author’s), is a phoney translator hired by the director after he goes viral for his ignorance of Chinese.
Indecencies on indignities
Siang Lu shares an interest in anagrams (and chess) with Russian-American writer Vladimir Nabokov, who appears in his own fiction under names such as Vivian Darkbloom and Adam von Librikov.
Ghost Cities also includes a long, loosely iambic poem titled “Six Levels of Hell”, which narrates Lu Dong Pu’s escape from labyrinthine imprisonment beneath the Imperial City. Lu’s allusions to other texts are too various to properly discuss here. They include John Milton’s Paradise Lost, Dante’s Divine Comedy, Jorge Luis Borges’ Labyrinths, Nabokov’s Pale Fire and Italo Calvino’s Invisible Cities. These references extend Ghost Cities’ concern with the relationship between dictators, architects and artisans, rampaging gods and those humbler deities behind smaller creations.
Women play an important role in Lu’s twin fables, albeit a comparatively subtle one. Wuer, first Lu Dong Pu’s wife and later (against her will) the Imperial Consort, records her husband’s torment in the poem Six Levels of Hell and mourns the death of Lu Shan Liang’s twin brother in a moving parenthetical aside. Yuan (who shares a name with Siang Lu’s wife), a translator and eventually Xiang Lu’s lover, is an intelligent interlocutor.
But Ghost Cities is at its best when it piles indecencies on indignities – when it all goes totally wrong. When piglets are appointed to office. When the swine sits in the chair, and rules as it sees fit.
Joseph Steinberg does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Self-correction is fundamental to science. One of its most important forms is peer review, when anonymous experts scrutinise research before it is published. This helps safeguard the accuracy of the written record.
Yet problems slip through. A range of grassroots and institutional initiatives work to identify problematic papers, strengthen the peer-review process, and clean up the scientific record through retractions or journal closures. But these efforts are imperfect and resource intensive.
Soon, artificial intelligence (AI) will be able to supercharge these efforts. What might that mean for public trust in science?
Peer review isn’t catching everything
In recent decades, the digital age and disciplinary diversification have sparked an explosion in the number of scientific papers being published, the number of journals in existence, and the influence of for-profit publishing.
This has opened the doors for exploitation. Opportunistic “paper mills” sell quick publication with minimal review to academics desperate for credentials, while publishers generate substantial profits through huge article-processing fees.
Corporations have also seized the opportunity to fund low-quality research and ghostwrite papers intended to distort the weight of evidence, influence public policy and alter public opinion in favour of their products.
These ongoing challenges highlight the insufficiency of peer review as the primary guardian of scientific reliability. In response, efforts have sprung up to bolster the integrity of the scientific enterprise.
Retraction Watch actively tracks withdrawn papers and other academic misconduct. Academic sleuths and initiatives such as Data Collada identify manipulated data and figures.
Investigative journalists expose corporate influence. A new field of meta-science (science of science) attempts to measure the processes of science and to uncover biases and flaws.
Not all bad science has a major impact, but some certainly does. It doesn’t just stay within academia; it often seeps into public understanding and policy.
Scientists know that a lot of scientific work is inconsequential, but the public may interpret this differently. Jamillah Knowles & We and AI, CC BY-SA
AI is already helping police the literature
Until recently, technological assistance in self-correction was mostly limited to plagiarism detectors. But things are changing. Machine-learning services such as ImageTwin and Proofig now scan millions of figures for signs of duplication, manipulation and AI generation.
Natural language processing tools flag “tortured phrases” – the telltale word salads of paper mills. Bibliometric dashboards such as one by Semantic Scholar trace whether papers are cited in support or contradiction.
AI – especially agentic, reasoning-capable models increasingly proficient in mathematics and logic – will soon uncover more subtle flaws.
For example, the Black Spatula Project explores the ability of the latest AI models to check published mathematical proofs at scale, automatically identifying algebraic inconsistencies that eluded human reviewers. Our own work mentioned above also substantially relies on large language models to process large volumes of text.
Given full-text access and sufficient computing power, these systems could soon enable a global audit of the scholarly record. A comprehensive audit will likely find some outright fraud and a much larger mass of routine, journeyman work with garden-variety errors.
We do not know yet how prevalent fraud is, but what we do know is that an awful lot of scientific work is inconsequential. Scientists know this; it’s much discussed that a good deal of published work is never or very rarely cited.
To outsiders, this revelation may be as jarring as uncovering fraud, because it collides with the image of dramatic, heroic scientific discovery that populates university press releases and trade press treatments.
What might give this audit added weight is its AI author, which may be seen as (and may in fact be) impartial and competent, and therefore reliable.
As a result, these findings will be vulnerable to exploitation in disinformation campaigns, particularly since AI is already being used to that end.
Reframing the scientific ideal
Safeguarding public trust requires redefining the scientist’s role in more transparent, realistic terms. Much of today’s research is incremental, career‑sustaining work rooted in education, mentorship and public engagement.
If we are to be honest with ourselves and with the public, we must abandon the incentives that pressure universities and scientific publishers, as well as scientists themselves, to exaggerate the significance of their work. Truly ground-breaking work is rare. But that does not render the rest of scientific work useless.
A more humble and honest portrayal of the scientist as a contributor to a collective, evolving understanding will be more robust to AI-driven scrutiny than the myth of science as a parade of individual breakthroughs.
A sweeping, cross-disciplinary audit is on the horizon. It could come from a government watchdog, a think tank, an anti-science group or a corporation seeking to undermine public trust in science.
Scientists can already anticipate what it will reveal. If the scientific community prepares for the findings – or better still, takes the lead – the audit could inspire a disciplined renewal. But if we delay, the cracks it uncovers may be misinterpreted as fractures in the scientific enterprise itself.
Science has never derived its strength from infallibility. Its credibility lies in the willingness to correct and repair. We must now demonstrate that willingness publicly, before trust is broken.
Naomi Oreskes has received funding from various academic and philanthropic organisations. Currently, her research is partly funded by the Rockefeller Family Fund and the Maine Community Fund. She also receives royalties from her publications and honoraria for speaking events.
Alexander Kaurov does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) led his first hearing as Chairman of the Health, Education, Labor, and Pensions (HELP) Subcommittee on Education and the American Family with lead advocates for reform in the nation’s educational system. During the hearing, entitled “Empowering Families for Better Educational Results,” witnesses underscored places where the current education system falls short, such as declining literacy rates and the lack of charter schools. Sen. Tuberville emphasized the importance of allowing parents to make choices when it comes to their children’s education and the legislation that will benefit teachers, parents, and children.
In effort to understand how to improve literacy across the nation, Sen. Tuberville and his Republican colleagues asked the witnesses what policies they believe should be implemented. The witnesses also discussed the preparation and professional development that would empower teachers in the classroom. Finally, Sen. Tuberville asked witnesses about the positive effects that charter schools can have on communities.
Witnesses included:
Mr. Tyler Barnett, CEO of New Schools for Alabama
Ms. Anne Wicks, Don Evans Family Managing Director Opportunity and Democracy George W. Bush Institute
Ms. Ginny Gentles, Director of Education Freedom and Parental Rights Defense of Freedom Institute
Mr. Richard Barrera, Board Vice President of San Diego Unified School District
Read excerpts of the transcript below or watch clips of the hearing on YouTube or Rumble.
OPENING STATEMENT:
TUBERVILLE: “Good afternoon. The Senate Committee on Health Education Labor and Pensions Subcommittee on Education and the American Family will come to order. Thanks for being here. As you can tell, we’re running a little late. It’s a little hectic on the hill today, but we will survive. This afternoon, we’re having a hearing on empowering families for better educational results. Ranking member Blunt Rochester and I will each have an opening statement. The witnesses will have five minutes for their opening statements, and senators will each have five minutes for questions.
We will obviously have senators coming in and out because [there are] many, many votes today. So, thank you to all the witnesses for being here today. It’s always nice to see a fellow Alabamian here today up here in the swamp. Thanks to Mr. Barnett for coming to visit today. We’ve called this hearing to discuss something very near and dear to my heart. One of the reasons I’m here. I was an educator for decades before I decided to come up here, and over those years, I saw the state of our education system decline. The federal government just kept spending more money and more money in K-12 education, and the more they spent, the worse outcomes became. It was just amazing me to watch it in real time, and it made no sense. It’s the main reason I chose to run for this office.
I didn’t want to see our kids fail year after year, then I got here and realized that we can fix it, but a lot of things are broken. Four years I’ve been serving here on the HELP Committee, and this year, I finally got this gavel to make sure we could have something like this to where we could bring these things to light. I wanted to focus on our kids’ educational outcomes and figure out where we were failing, and also, where we’re doing good things. That leads us to today.
That’s why we’re having this hearing.
We need to take a good, hard look at our K-12 education system and figure out [what we can do] to fix it, to make it better, because the status quo in a lot of areas is not cutting it. That means we need to think outside the box. Since COVID, parents have gotten a lot more engaged and that’s where all the necessary change can start, right at home, family. And, since parents have started paying more attention, they’ve started calling for more and more options.
Parents across our country are calling for their states to offer more options for their kids outside of failing school systems. States represented by folks on both sides of this dice are working on school choice options in their state legislature. We’ll hear about that issue from our witnesses today. Parents want these options, and we ought to listen to them. In my home state of Alabama last year, we passed the Choose Act, which created an income tax credit for families who choose to enroll their children in private schools or homeschooling.
Virginia, Florida, Alaska, Massachusetts, New Jersey, Indiana, and Washington are just a few states to name that have implemented or have pending state legislation to create these income tax credits promoting school choice. It’s simple. When we give our parents and students choice, we yield better educational results. We owe our kids this investment. But it doesn’t end there.
Right now, our kids in a lot of areas can’t read. We have kids entering middle school and high school who aren’t at a third grade reading level. I used to recruit kids. I’d bring them in with 3.5 GPAs. The next thing I know after testing them, they wouldn’t be [at a] sixth grade reading level. Something has got to change with that. States and governors across our country have taken up the literacy challenge and enacted legislation at the state level, where it should be. Ranking member Blunt Rochester’s home state of Delaware passed House Bill 304 that implemented reading assessments three times a school year for kids K-3, and my state passed the Alabama Literacy Act, which does the same thing. And we’re trying. No matter the state, this is a widespread effort, and we will discuss today the methods that are working.
We’ll talk about the science of reading and how best to implement. In our classrooms, we’ll hear about how we can invest in our teachers, invest to prepare them to tackle this crisis head-on. They need to be set up for success just as much as our students do. I want today to be an opportunity for this committee to have a conversation about what our states are doing, and what [we can] do to support them from here, from the federal level. Our children are the best resource this country has, the best thing we’ve got going.
And above all, we owe them one thing, an opportunity to succeed. And I look forward to working with all of you towards this common goal. Now, I yield to my ranking member, Senator Blunt Rochester, for her opening statement.”
[…]
ON HOW THE SUCCESS OF CHARTER SCHOOLS IMPACTS DISTRICT SCHOOLS:
TUBERVILLE: “Mr. Barnett, we’ve had tremendous growth in the number of students across American enrolling in charter schools. Over four million students to be exact. How does that success of charter schools impact our district public school system?”
BARNETT: “Thank you, Mr. Chairman. So, there are really two large national studies that speak to this. One comes out of the Progressive Policy Institute, and another comes out of the Forum Institute. Both actually show that the presence of charter schools has, in some way, improved outcomes within district schools. There’s a certain threshold that the Progressive Policy Institute’s study showed somewhere around 30%. So, the presence of charter schools that give up to 30% of students in a given market, the opportunity to enroll has [a] positive net impact on not only charter school performance, but also district performance.”
[…]
ON THE IMPORTANCE OF PREPARING OUR EDUCATORS TO TEACH THE SCIENCE OF READING METHOD:
TUBERVILLE: “Ms. Wicks, you talked about teacher preparedness and professional development in your testimony. How important is preparing our educators to teach the science of reading method?”
WICKS: “Senator, thank you for that important question. It’s critical that we give educators the right preparedness to understand this issue and be able to deploy it in their classrooms. I referenced in my opening remarks that only 25% of educator prep programs are currently teaching the science of reading to their aspiring teachers. And even worse, about 40% of them are teaching the wrong stuff. So, they’re teaching these brand-new teachers the wrong way to teach reading.
If they’re interested in more—the National Council on Teacher Quality put out that report. They’re the best at studying Teacher Prep programs. And I think this comes down to a matter of state leadership and accreditation.
They make some recommendations about the importance of setting state standards for what these programs need to be teaching. [We need to] have some way to measure that if it’s through accreditation or others.
And then to tie the state licensure exams to those standards, to ensure that those candidates have actually learned this and can do it in their classroom. And you see the same thing for sitting teachers who maybe never got this in their training and need that professional development.”
TUBERVILLE: “Thank you, Ms. Gentles, you know, on both sides of the argument whether President Trump and the Department of Education [is] undermining public school. And because of the work done to expand school choice, do you think there’s a truth to that argument?”
GENTLES: “Consistently studies show that when states have implemented school choice programs, the nearby public schools have benefited. So increasing competition inspires innovation, and a rising tide lifts all boats. So, we were pleased to see the Executive Order from the President supporting expanding school choice [and] educational freedom, and we’re also pleased to see the Executive Order ordering the Secretary of Education to look into dismantling the Department of Education within […] federal law and with the understanding that the Secretary will be working with Congress on that. Because we do think that […] freeing up states from federal regulations from monitoring, from compliance—all the time that all those bureaucrats at the state and district level are spending on federal paperwork is going to benefit public education. It’s going to benefit public school students. It’s going to benefit public school educators.”
TUBERVILLE: “Do you think we should give more power back to the states when it [comes to] education?”
GENTLES: “Absolutely. We need to give power to the states. I think we’ve heard such great news today on what strong state leaders—sensible state leaders—implementing common sense policies are doing. It’s very encouraging to see what’s happening.
We didn’t mention Louisiana, but Louisiana is a bright spot amidst the 2024 NAEP scores, the only state where fourth grade reading scores exceeded pre-COVID [grades].”
CASSIDY: “More so than Alabama?”
GENTLES: “Alabama’s pretty awesome too. It’s been referred to as the southern surge. There’s really good news coming out of the states and encouraging that, fostering that is absolutely the right direction. […] Education policies [are] set at the state level and let’s foster that and let’s get the federal government out of the way.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.
Australia’s Tourism, Hospitality and Travel industries have a powerful new tool to attract, retain and train workers with the launch of eeger.
The Albanese Labor Government, working in partnership with Accommodation Australia, is proud to launch this government-funded, industry-led national careers and training platform.
Australia’s Tourism, Hospitality and Travel industries help put Australia on the map, with the workforce that make up the industry becoming the public face of our world class experiences, accommodation and food offerings.
With workforce demand in the industry expected to grow by nearly 150,000 by 2033, eeger will go a long way to ensuring the future sustainability of Australia’s tourism, hospitality and travel sectors.
The visitor economy is vital to Australia. It supports over 706,000 jobs – that’s one in every 23 jobs across the nation. It underpins more than 360,000 businesses, from hotels to tour operators, cafes to cultural centres – these are businesses that keep our communities vibrant and connected.
eeger brings together job vacancies, training programs and career development resources into one, easy-to-use, digital platform, connecting jobseekers, employers and educators across these rapidly growing sectors.
This groundbreaking initiative will tackle long-standing workforce challenges for the sector, helping to build a stronger, more resilient visitor economy.
eeger was made possible by a $10 million grant from the Albanese Labor Government to strengthen the country’s visitor economy and secure the skilled workforce it needs for the future.
eeger isn’t just a job board. It brings together job opportunities, training programs and career development in one place, making it easier for Australians to enter and grow within these vital industries.
Quotes attributable to the Minister for Trade and Tourism Don Farrell:
“The launch of eeger marks a pivotal moment for the industry, offering a national perspective for tourism, travel and hospitality job seekers to find the right opportunities and for employers to access the skilled workforce they need.
“The Albanese Labor Government is proud to support this innovative platform, which will help rebuild and future-proof Australia’s visitor economy.
“My first job was in tourism, and I know firsthand how magnificent this industry is to be a part of. I encourage businesses and jobseekers to sign up and make the most of this innovative platform and join this vibrant and important sector.”
General Manager ofeeger, Emilie Howe:
“eeger is more than a job platform – it’s built by industry, for industry. It’s a unique solution that centralises career, job and training information for our workforce needs – the first of its kind on a national scale.
“We encourage all businesses in Tourism, Hospitality and Travel, no matter the size, to sign up and take advantage of the free eeger platform.”
Quotes attributable to Accommodation Australia CEO, James Goodwin:
“We’re proud to have worked with so many sectors to develop such an innovative platform that responds exactly to what the industry needs.”
ISELIN, N.J., July 24, 2025 (GLOBE NEWSWIRE) — Provident Financial Services, Inc. (NYSE:PFS) (the “Company”) Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on August 29, 2025 to stockholders of record as of the close of business on August 15, 2025.
About the Company
Provident Financial Services, Inc. is the holding company for Provident Bank, a community-oriented bank offering “Commitment you can count on” since 1839. Provident Bank provides a comprehensive array of financial products and services through its network of branches throughout New Jersey, Bucks, Lehigh and Northampton counties in Pennsylvania, as well as Orange, Queens and Nassau Counties in New York. The Bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc.
SOURCE: Provident Financial Services, Inc. CONTACT: Investor Relations, 1-732-590-9300 Web Site: http://www.Provident.Bank
GOUVERNEUR, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to 52,778 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s new stock repurchase program will terminate upon the completion of the purchase of 52,778 shares or on July 24, 2026 if not all shares have been purchased by that date.
On December 11, 2024, the Company announced its first stock repurchase program, which authorized the purchase of up to 55,356 shares. Under this previously announced program, 51,569 shares of common stock have been repurchased at a cost of $634,000, or $12.29 per share. As of July 23, 2025, there are 3,787 shares remaining to be repurchased under this existing program.
About Gouverneur Bancorp, Inc.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, the Company had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.
Forward-Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
GOUVERNEUR, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Gouverneur Bancorp, Inc. (OTCQB Marketplace: GOVB) (the “Company”), the holding company for Gouverneur Savings and Loan Association, announced today that its Board of Directors has approved a new stock repurchase program authorizing the repurchase of up to 52,778 shares, or 5%, of the Company’s outstanding common stock. Stock repurchases will be conducted through open market purchases, which will include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. The Company’s new stock repurchase program will terminate upon the completion of the purchase of 52,778 shares or on July 24, 2026 if not all shares have been purchased by that date.
On December 11, 2024, the Company announced its first stock repurchase program, which authorized the purchase of up to 55,356 shares. Under this previously announced program, 51,569 shares of common stock have been repurchased at a cost of $634,000, or $12.29 per share. As of July 23, 2025, there are 3,787 shares remaining to be repurchased under this existing program.
About Gouverneur Bancorp, Inc.
Gouverneur Bancorp, Inc. is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2025, the Company had total assets of $196.7 million, total deposits of $159.4 million and total stockholders’ equity of $31.4 million.
Forward-Looking Statements
This press release may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “anticipates,” “estimates” or similar expressions. Such forward-looking statements and all other statements that are not historic facts are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. These factors include, among others, the following: changes in interest rates; national and regional economic conditions; legislative and regulatory changes; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts; the size, quality and composition of the loan or investment portfolios; demand for loan products; deposit flows and our ability to effectively manage liquidity; competition; demand for financial services in our market area; changes in real estate market values in our market area; changes in relevant accounting principles and guidelines; our ability to attract and retain key employees; our ability to maintain the security of our data processing and information technology systems; and that the Company may not be successful in the implementation of its business strategy. Additionally, other risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended September 30, 2024 and other reports the Company files with the SEC, which are available through the SEC’s EDGAR website located at www.sec.gov. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Should one or more of these risks materialize, actual results may vary from those anticipated, estimated or projected.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
AYER, Mass., July 24, 2025 (GLOBE NEWSWIRE) — AMSC® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its first quarter fiscal year 2025 financial results after the market close on Wednesday, July 30, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.
Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed 15 minutes prior to the scheduled start time by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.
A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.
About AMSC (Nasdaq: AMSC) AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:
“We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.
“Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.”
While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.
Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Warner and supported by Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.
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
VICTORIA FALLS, ZIMBABWE, July 24 (Xinhua) — Nine more Chinese cities were accredited as international wetland cities on Thursday at the opening of the 15th meeting of the Conference of the Contracting Parties to the Ramsar Convention on Wetlands (COP15) in the Zimbabwean resort town of Victoria Falls, bringing the total number of such cities in China to 22, the highest in the world.
The newly accredited cities include Chongming in Shanghai, Dali in Yunnan Province, Fuzhou in Fujian Province, Hangzhou in Zhejiang Province, Jiujiang in Jiangxi Province, Lhasa in the Xizang Autonomous Region, Suzhou in Jiangsu Province, Wenzhou in Zhejiang Province and Yueyang in Hunan Province. –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.
Yesterday, the White House unveiled the Trump Administration’s transformative strategy to propel the United States into a new era of artificial intelligence dominance. Under President Donald J. Trump’s leadership, this groundbreaking blueprint establishes core tenets to accelerate innovation, fortify essential infrastructure, and assert U.S. leadership in diplomacy and security — cementing our position as the global AI powerhouse.
As Nvidia CEO Jensen Huang put it: “America’s unique advantage that no country could possibly have is President Trump.”
TheAI Action Planwas immediately hailed across the technology industry:
AI Innovation Association President Steve Kinard: “President Trump’s AI Action Plan is a bold path to global American leadership. Every American citizen, company, university and institution has a role to play. By prioritizing American workers, free speech, and security, it positions the U.S. to win the AI race and usher in a new era of prosperity and strength. The AI Innovation Association stands ready to support this initiative.”
Alliance for the Future: “The White House just advanced a more unified national AI strategy. States with clear, effective AI policies will be better positioned for federal support. A strong step toward alignment, innovation, and leadership.”
Amazon: “Amazon supports & continues to work at the state and federal level to establish consistent standards that promote the secure, responsible development of AI. We look forward to continued collaboration to fully realize AI’s potential in driving economic growth & tech advancement.”
American Beverage: “We applaud President Trump’s action plan to ensure America’s continued leadership in the global pursuit of artificial intelligence innovation and infrastructure. Maintaining our edge in this technology is important to the growth of American manufacturing and the good-paying jobs manufacturers provide in communities across the country.”
Chevron Corporation Chairman and CEO Mike Wirth: “President Trump’s American AI Action Plan is a bold and necessary step to ensure the United States leads the next great technological revolution. As I’ve said before, America has triumphed in every industrial era—from steel to energy—and we have the power and leadership to do it again in artificial intelligence. This plan recognizes that AI innovation doesn’t happen in a vacuum—it demands reliable, scalable energy and infrastructure. By streamlining permitting, investing in data centers, and unleashing American energy, the President is laying the foundation for a future where AI strengthens our economy, our national security, and our global leadership. Chevron stands ready to help power this future.”
American Edge Project CEO Doug Kelly: “President Trump’s AI Action Plan is a giant leap forward in the race to secure American leadership in artificial intelligence. By prioritizing innovation, infrastructure, talent, and global reach, the plan confronts key barriers to American competitiveness, begins to fill long-standing gaps in our national strategy, and helps position the U.S. to beat China in this high-stakes tech race … Time is of the essence: China has had a national plan for global AI leadership since 2017, and is executing it relentlessly with talent, infrastructure, state-backed investment, and international influence. This is our moonshot moment. Now is the time for the country to rally together behind a shared, national mission to win the AI race. The stakes could not be higher.”
American Innovators Network: “The American Innovators Network (AIN), a national organization representing American Little Tech companies, commends President Trump and his administration for their bold and decisive action to counter China’s growing influence in the global AI landscape. The new guidelines and recommendations unveiled today mark a pivotal moment in securing America’s dominance in this critical technological race, and we are grateful for President Trump’s leadership in prioritizing policies that empower innovation and strengthen our national competitiveness.”
American Society of Association Executives President and CEO Michelle Mason: “President Trump’s Artificial Intelligence Action Plan strategically positions the United States as a global leader in the development and deployment of AI technology. ASAE applauds the focus on industry-driven training programs that equip workers with the skills they need to be successful in the workforce of tomorrow. ASAE’s members are eager to support efforts to create these training programs, and we encourage continued collaboration between the federal government and the association community.”
Americans for Prosperity Chief Government Affairs Officer Brent Gardner: “President Trump’s AI Action Plan will ensure America leads the world in innovation, economic freedom, and technological progress. By removing regulatory roadblocks, empowering innovative small business owners, and embracing open-source development, this plan puts the ingenuity of the American people—not bureaucrats—in the driver’s seat of the AI revolution. This move by the White House rightly course-corrects four years of Biden-era efforts to centrally control AI development and stifle American innovation. We applaud the administration’s commitment to protecting free speech and ensuring private-sector breakthroughs aren’t halted by burdensome regulation. It’s now time for Congress to work alongside the administration to codify these efforts in order to create generational change that will enable AI adoption across industries, remove permitting barriers to build infrastructure, and unleash innovation.”
Anthropic: “Today, the White House released ‘Winning the Race: America’s AI Action Plan’—a comprehensive strategy to maintain America’s advantage in AI development. We are encouraged by the plan’s focus on accelerating AI infrastructure and federal adoption, as well as strengthening safety testing and security coordination. Many of the plan’s recommendations reflect Anthropic’s response to the Office of Science and Technology Policy’s (OSTP) prior request for information … The alignment between many of our recommendations and the AI Action Plan demonstrates a shared understanding of AI’s transformative potential and the urgent actions needed to sustain American leadership. We look forward to working with the Administration to implement these initiatives while ensuring appropriate attention to catastrophic risks and maintaining strong export controls. Together, we can ensure that powerful AI systems are developed safely in America, by American companies, reflecting American values and interests.”
Arm: “We commend the Administration’s actions to unleash investment in AI, semiconductors, and the energy to power it. Arm, together with our partners, is working rapidly to bring AI to all forms of computing. Today’s announcements will accelerate AI data center and cloud infrastructure deployment in particular, while advancing plans to promote exports of the U.S. AI stack and ensuring American technology innovation. We look forward to continuing to work with the Administration as it enacts and builds on today’s actions.”
Box CEO Aaron Levie: “America’s AI Action Plan is quite strong. It has a clear a mission to win the AI race and accelerate the development and use of AI by removing roadblocks or aiding adoption. Importantly, it focuses on the positive benefits of AI, which we’re all seeing every day.”
Business Roundtable: “BRT supports the @WhiteHouse AI Action Plan’s efforts to strengthen infrastructure, advance permitting reform, invest in workforce development and develop clear frameworks that empower US businesses to accelerate AI innovation and adoption.”
Business Software Alliance CEO Victoria Espinel: “The White House AI Action Plan offers a roadmap for the United States’ AI future anchored on the adoption of technology. The Business Software Alliance welcomes ‘America’s AI Action Plan’ for addressing a range of issues including talent and workforce development, infrastructure and data, and AI governance that serve as pillars for successful AI adoption and US competitiveness. BSA appreciates the Action Plan’s commitment to creating the essential conditions for widespread AI adoption. The Action Plan advances key BSA recommendations for AI talent, including developing an AI skills curriculum, improving access to training resources, and leveraging real-time workforce data. It emphasizes the development of critical infrastructure and reliable energy resources necessary to scale AI deployment. The Action Plan also reinforces the roles of the Center for AI Standards and Innovation (CAISI) and NIST in the development of standards and evaluation tools, a foundation for both domestic AI governance and in promoting international collaboration on AI. Additionally, the Action Plan streamlines government procurement processes, enabling public-sector agencies to more effectively access and adopt cutting-edge commercial AI solutions.”
Center for Data Innovation Senior Policy Manager Hodan Omaar: “The AI Action Plan shows the Trump administration is serious about winning the global AI race. It marks a clear evolution from the President’s 2019 AI initiative and reflects just how dramatically the global AI landscape has shifted over the past six years. The plan rightly recognizes that beating China demands a comprehensive effort—unleashing infrastructure to fuel model development, removing regulatory frictions that slow development and deployment, and promoting the export of American AI technology. These steps put the United States on a path not only to benefit from AI today, but to remain the global leader in the future.”
Connected Nation Chairman and CEO Tom Ferree: “This marks a transformational moment for American innovation. The release of the National AI Action Plan signals to the world that the United States intends not only to compete—but to lead—in the global race for artificial intelligence. We applaud the Trump Administration’s bold and comprehensive strategy, which rightly prioritizes accelerating innovation, unleashing infrastructure investment, and ensuring our nation’s AI capabilities are second to none. Connected Nation enthusiastically supports the plan’s focus on building out data center capacity, fast-tracking permitting, and expanding our skilled workforce. These are critical steps toward positioning the U.S. as the undisputed hub of next-generation computing.”
Consumer Choice Center Head of Emerging Technology Policy James Czerniawski: “The AI Action Plan is a bold vision for the future of ensuring AI leadership by the Trump administration. The Golden Age of America is made possible when we position our innovators to be as successful as possible, ensuring American consumers can benefit from the AI revolution happening on our shores. The economy of tomorrow starts with the building blocks laid out in this action plan. The provision which reviews rulemaking of the Federal Trade Commission is especially encouraging, quashing legal theories that would complicate or slow American consumers gaining access to AI technologies. This is a world of difference from the hostile regulatory approach of the Biden Administration, and a welcome breath of fresh air for consumers who want cutting-edge tech.”
Consumer Technology Association CEO Gary Shapiro: “Congratulations to @POTUS and the @WhiteHouse team on an AI Action Plan recognizing the U.S. must win the global AI race. The plan cuts red tape for innovators, boosts AI adoption across sectors, supports a future-focused AI workforce, and advances the American AI tech stack as the foundation for global tech growth.”
Data Center Coalition President Josh Levi: “The Data Center Coalition thanks President Trump for releasing Winning the AI Race: America’s AI Action Plan—a bold framework to ensure the United States remains the undisputed global leader in artificial intelligence. The administration’s plan recognizes that developing a robust domestic data center industry is vital to promoting U.S. national security, global economic competitiveness, and continued American AI dominance … Today’s announcement is a major step forward, and we look forward to continuing to work with the administration and lawmakers to ensure the U.S. remains at the forefront of global innovation and digital resilience.”
Dell Technologies CEO Michael Dell: “Proud to see the White House AI Action Plan accelerating innovation, building home‑grown AI infrastructure, and strengthening America’s security. 🇺🇸 Dell Technologies is all‑in—ready to power U.S. ingenuity, create jobs, and keep us leading the future. 🚀”
Gecko Robotics: “Gecko Robotics welcomes the AI action plan published by the White House today. The United States must win the global AI race and will only do so by using artificial intelligence to supercharge energy production itself. At the same time, it is critical that we collect and use high-fidelity data to feed AI models, and we remain at the forefront of leading this charge.”
General Catalyst Institute President Teresa Carlson: “Today, the Trump Administration unveiled their widely-anticipated AI Action Plan. Upon review, I am encouraged by their pro-growth approach that prioritizes American innovation, national security, and federal leadership over bureaucratic barriers. This policy was not crafted in a vacuum. It was part of an inclusive process, where earlier this year the General Catalyst Institute submitted views on behalf of startups as to how best deepen America’s AI leadership through transformative technologies.”
Heritage Foundation Center for Technology and the Human Person Acting Director Wesley Hodges: “The AI Action Plan is a call for a new industrial renaissance, an ambitious strategy that the Administration should be commended for leading. It charts the course for building significant domestic compute infrastructure—from expanding energy capacity, to constructing data centers and increasing domestic advanced semiconductor manufacturing. At the same time, the plan also emphasizes that American AI technology must be developed free of ideological bias, and ensure working families are benefited and not left behind. We look forward to supporting the administration’s work to align this technology with human flourishing.”
IBM Chairman and CEO Arvind Krishna: “IBM applauds the White House for its bold and timely AI Action Plan, which prioritizes open innovation, strengthens U.S. technological leadership, and proposes a supportive regulatory environment for AI development and deployment. The plan is a critical step towards harnessing AI for sustained economic growth and national competitiveness.”
Information Technology Industry Council President and CEO Jason Oxman: “President Trump’s AI Action Plan presents a blueprint to usher in a new era of U.S. AI dominance. The administration’s vision takes essential steps to ensure the U.S. can win the global AI race by prioritizing U.S. energy production and infrastructure development to power AI’s growth, promoting U.S. AI leadership internationally by supporting the export of the full stack of American AI technologies to partners and allies, and accelerating adoption of AI across the public and private sectors. Importantly, the President’s Plan includes key directives for agencies and communicates clear U.S. policy objectives that will encourage widespread adoption and fuel U.S. technological and economic competitiveness. As agencies begin implementing the President’s plan, we encourage policymakers to invest in modernizing government technology and to leverage industry’s deep expertise to maintain America’s AI leadership.”
Internet Works Executive Director Peter Chandler: “As the AI race accelerates globally, it’s encouraging to see policymakers recognize the need for bold investment in innovation, adoption, and infrastructure. Middle Tech companies, many of whom are deployers and integrators of AI tools, are essential to ensuring that AI benefits reach small businesses, everyday users, and communities across the country. We welcome the Trump Administration’s emphasis on modernizing our digital and energy infrastructure and expanding support for open, responsible AI development and adoption. To win the AI race, we need policy frameworks that are risk-based and right-sized—supporting trust, safety, and competition across the full tech ecosystem. Internet Works stands ready to partner with leaders at every level to shape an AI future that’s secure, innovative, and built for everyone.”
Lightspeed Venture Partners Founder Ravi Mhatre: “In AI, you either own the frontier or get commoditized. The AI Action Plan helps ensure that America continues to build by streamlining regulation, identifying opportunities for AI to scale, and getting more energy online. It will help ensure America owns the future of AI while others still try to catch up to what we built yesterday.”
Lumen Technologies: “Lumen Technologies supports the Administration’s AI Action Plan and its call for a unified framework to accelerate AI innovation and next-generation fiber infrastructure deployment across the U.S. As a leading networking services company building the digital backbone for AI, Lumen is investing heavily to meet the demands of AI-driven enterprises and public-sector modernization and understands the criticality of secure, high-performance networks. We applaud the efforts included in the plan by the FCC, OMB and OSTP that aim to reduce regulatory barriers to innovation, modernize permitting, and streamline the NEPA review process for critical fiber and data center infrastructure. Winning the AI future requires clear, consistent policies that accelerate nationwide deployment of network infrastructure and public-private partnerships that turn this plan into reality. Lumen stands ready to work with federal and state agencies to ensure America leads the AI revolution.”
Meta Chief Global Affairs Officer Joel Kaplan: “The AI race is about the future of US economic power & national security. President Trump’s strong leadership on AI will help us keep our foot on the gas. We’re in the middle of a fierce competition with China for AI leadership. The White House’s AI Action Plan is a bold step to create the right regulatory environment for companies like ours to invest in America. @Meta is proud to be investing hundreds of billions of dollars in job-creating infrastructure across the US, including state-of-the-art data centers, creating American jobs in the process.”
Micron Technology President and CEO Sanjay Mehrotra: “We support the White House’s AI Action Plan, which underscores the strategic importance of U.S. semiconductor manufacturing as critical infrastructure for the global AI economy. Memory is foundational to AI — powering technologies across data centers, automotive, telecommunications, defense, and consumer electronics. As the only U.S.-based memory manufacturer and a technology leader, Micron is investing $200 billion in manufacturing and R&D to create 90,000 American jobs and help ensure U.S. leadership in the AI era through a resilient and secure supply chain.”
National Association of Manufacturers President and CEO Jay Timmons: “Reflecting President Trump’s vision for the United States to lead on artificial intelligence, the White House’s AI Action Plan underscores what manufacturers across the country already know: AI is no longer a future ambition—it is already central to modern manufacturing. For years, manufacturers have been developing and deploying AI-driven technologies—machine vision, digital twins, robotics and more—to make shop floors safer, strengthen supply chains and drive growth.”
National Association of Realtors EVP and Chief Advocacy Officer Shannon McGahn: “We applaud the administration’s release of Winning the AI Race: America’s AI Action Plan, which reinforces the U.S. as a global leader in this transformative technology. It’s especially encouraging to see real estate infrastructure recognized as a cornerstone of America’s future. Housing is essential to economic strength and innovation, and we urge policymakers to apply the plan’s smart permitting strategies to help tackle today’s housing supply crisis.”
National Association of Wholesaler-Distributors: “The National Association of Wholesaler-Distributors (NAW) applauds President Trump’s newly released AI Action Plan, which outlines a comprehensive and forward-looking approach to federal artificial intelligence (AI) policy. We are particularly encouraged to see several of NAW’s recommendations—submitted during the Administration’s Request for Information process in March—reflected in the plan … NAW looks forward to continuing to work with the Administration to ensure the outcomes from the Action Plan support further AI deployment and adoption across the wholesale distribution industry.”
National Mining Association President and CEO Rich Nolan: “The administration’s recognition of the importance of existing power plants and prioritization of safeguarding them is clear acknowledgement that the coal fleet is essential to U.S. AI leadership. For the U.S. to guide and shape the AI revolution – and seize this tremendous opportunity – we need a grid and energy resources capable of shouldering the enormous new electricity demand now on our doorstep. Prioritizing the ongoing operation of essential coal plants – with the capacity to meet increased demand – combined with reforming our power markets around the goal of grid stability articulated in this action plan puts us firmly on the path for success.”
NetChoice Director of Policy Patrick Hedger: “NetChoice applauds the White House’s AI Action Plan overall and is encouraged to see the focus on red tape reduction and investment in America’s future. From unleashing energy to embracing regulatory humility and ensuring our AI systems are adopted around the world, we look forward to working with the President to usher in the Golden Age of American innovation. The difference between the Trump administration and Biden’s is effectively night and day. The Biden administration did everything it could to command and control the fledgling but critical sector. That is a failed model, evident in the lack of a serious tech sector of any kind in the European Union and its tendency to rush to regulate anything that moves. The Trump AI Action Plan, by contrast, is focused on asking where the government can help the private sector, but otherwise, get out of the way.”
Oil and Gas Workers Association: “President Trump’s EO for rapid buildout of data centers means more demand for reliable, affordable natural gas. Demand = Drilling … Drilling = Jobs … Thank you, @POTUS!”
Palantir: “AI is the birthright of the country that harnessed the atom and put a man on the moon. With today’s AI Action Plan, the Trump Administration has written the source code for the next American century. Palantir is proud to support it.”
QTS Co-CEO Tag Greason: “The Trump Administration’s AI Action Plan will advance efforts to ensure the United States maintains leadership in AI, including both technology development and critical digital infrastructure. As the digital infrastructure leader, QTS is focused on responsibly and sustainably building the future of our country and economy. We continue to listen and engage with the communities we call home with a steadfast commitment to providing job opportunities, fostering economic growth, working with local suppliers, and operating as trusted neighbors. This historic action and investment will directly benefit communities where we are developing data centers for AI.”
Salesforce Inc. President and Chief Legal Officer Sabastian Niles: “We welcome the Administration’s strong emphasis on AI adoption, workforce readiness, and government modernization in today’s AI Action Plan. Trusted AI will be a cornerstone of national competitiveness, security, and continued American innovation. Salesforce is committed to helping the public and private sectors harness its full potential.”
Siemens USA President and CEO Barbara Humpton: “Excited to join business leaders today for the launch of The White House’s #AIActionPlan boosting American leadership in #AI and innovation to greater heights. Every day, Siemens USA is using #IndustrialAI to revitalize U.S. #manufacturing, build critical #infrastructure, and expand what’s humanly possible for American workers. We’re creating a new industrial tech sector that combines the real and digital worlds, thanks to Industrial AI, digital twins, software-defined automation, and more. Of course, no company can truly lead in AI without a solid foundation of trust. That’s why I was so pleased to see a framework for accelerating innovation while maintaining security included in the AI Action Plan. By focusing on secure infrastructure, industrial R&D, digital transformation, and workforce development, we can help manufacturers of all sizes join the next AI-driven industrial revolution. It’s an exciting time for Industrial AI, and I can’t wait to see where Siemens, our customers, and our partners will go next with this industry-changing technology.”
Small Business & Entrepreneurship Council President and CEO Karen Kerrigan: “America’s AI future is a powerful and positive one that expands opportunities and unlocks new possibilities and industries. U.S. entrepreneurs are the driving force behind AI innovation, and small business owners are already benefitting from transformative AI tools. The possibilities and opportunities are boundless, but the U.S. must continue to lead and win the AI race. ‘America’s AI Action Plan’ lays out a strategy to make that happen. The plan embraces America’s innovative potential and addresses the incentives and hurdles to fully harness innovation, including the human and physical infrastructure required to cement U.S. leadership. SBE Council congratulates President Trump and the White House team for developing an extraordinary AI Action Plan, and we look forward to working with the Administration and Congress on its implementation.”
Society for Human Resource Management: “The President’s plan is not just about technology—but about people. The emphasis is on a worker-first approach that addresses American competitiveness in an AI-driven workforce. The plan reflects a fundamental truth that SHRM has long championed: technology alone does not move the workplace forward—people do.”
Software & Information Industry Association SVP for Global Public Policy Paul Lekas: “The AI Action Plan represents a meaningful strategy to support innovation and security, strengthen U.S. competitiveness, and ensure the benefits of AI are broadly shared. This plan provides the roadmap to cement the United States as the global leader in AI by supporting innovation and security, strengthening U.S. competitiveness, and ensuring the benefits of AI are broadly shared. We’re especially encouraged by the plan’s focus on workforce development and AI literacy as core elements of AI infrastructure. These are key components for building trust and ensuring all communities can participate in and benefit from AI’s potential.”
Special Competitive Studies Project President Ylli Bajraktari: “Building on the foundational work of the National Security Commission on Artificial Intelligence (NSCAI), SCSP has consistently advocated for a comprehensive national strategy to secure America’s technological future. This AI Action Plan provides a critical component for winning the techno-economic competition of the 21st century. It correctly identifies that our national security and economic prosperity, as well as America’s global leadership position, are now intertwined with leadership in AI. We are committed to helping transform this strategic vision into enduring national policy.”
TechNet CEO Linda Moore: “TechNet strongly supports the administration’s AI Action Plan and is especially grateful for their willingness to work with industry to establish best practices. This policy framework takes critical steps towards developing a strong domestic workforce, building critical AI infrastructure, launching public-private partnerships, removing regulatory barriers to innovation, strengthening the domestic AI stack, and enhancing U.S. global AI diplomacy. The AI Action Plan makes clear that countering Chinese influence and securing America’s leadership in the AI race are top priorities for the United States. We look forward to continuing to work closely with the administration on policies that advance AI innovation while safeguarding the public interest and ensuring America’s global AI dominance.”
U.S. Chamber of Commerce EVP and Chief Policy Officer Neil Bradley: “We applaud President Trump and his administration for issuing the AI Action Plan to strengthen U.S. global leadership in artificial intelligence. This forward-looking plan takes steps to accelerate innovation by fixing a regulatory landscape hobbled by conflicting state-level laws and activist-driven overreach, streamlining permitting for critical AI infrastructure, ensuring reliable and affordable energy for consumers and businesses, and advancing U.S. leadership in AI diplomacy. These proposed actions will position the United States to tackle our most pressing challenges and lead the global AI race by setting the gold standard for the development and deployment of responsible, transformative technologies. America is counting on this crucial technology to propel economic growth for all sectors, from small business to energy and health care, and the AI Action Plan presents a roadmap to unlock AI’s full potential. We will work with the administration to help implement this plan and foster a competitive, open, and innovation-driven AI ecosystem.”
USTelecom President and CEO Jonathan Spalter: “The Trump Administration’s AI action plan is a turbo boost for American innovation. From clearing regulatory roadblocks to reforming outdated permitting to doubling down on security, this is the kind of bold leadership we need to win the AI race. But even the best-engineered AI needs a track built for speed—and that’s where fiber comes in. Fiber broadband is the fast lane for America’s AI future: powerful, secure, scalable, and built to go the distance, whether you’re in a big city or a heartland town. Broadband providers are tuned up, fully fueled, and ready to work with the Administration to help America stay a lap ahead in the competition for AI leadership.”
Workday VP of Corporate Affairs Chandler Morse: “Workday has long advocated for federal action that drives critical AI innovation and builds trust. The Administration’s AI Action Plan, announced today, seeks to avoid excessive regulatory hurdles, elevate human potential through targeted and timely reskilling, and accelerate AI adoption at the federal level. This sends a strong message to federal agencies, the U.S. economy, and global stakeholders on the benefits of driving AI competitiveness.”
xAI: “Today’s announcement by the White House is a positive step toward removing regulatory barriers and enabling even faster innovation for the benefit of Americans and for humanity as a whole. We are pleased to see the White House prioritize AI innovation.”
Zoom Chief Global Affairs Officer Josh Kallmer: “Just got back from an inspiring day where I had the opportunity to be part of the conversation around the President’s #AI Action Plan. It was energizing to see so many leaders across industries coming together to talk about the future of AI in the U.S.”
We are living in an age of anxiety. People face multiple existential crises such as climate change and conflicts that could potentially escalate into nuclear war.
So how do people cope with competing threats like this? And what happens to climate anxiety when wars suddenly erupt and compete for our attention?
Climate change affects our physical and mental health, directly through extreme climate-related droughts, wildfires and intense storms. It also affects some people indirectly through so-called “climate anxiety”. This term covers a range of negative emotions and states, including not just anxiety, but worry and concern, hopelessness, anger, fear, grief and sadness.
A team of researchers led by Caroline Hickman from the University of Bath surveyed 10,000 children and young people (aged 16 to 25 years) in ten countries (Australia, Brazil, Finland, France, India, Nigeria, Philippines, Portugal, the UK and the US). They found that 45% of respondents said their feelings about climate change negatively affected their daily lives. It was worse for respondents from developing countries.
Climate anxiety can potentially serve a positive function. Anger, for example, can push people to act to help mitigate the effects of climate change.
But it can also lead to “eco-paralysis”, a feeling of being overwhelmed, inhibiting people from taking any effective action, affecting their sleep, work and study, as a result of them dwelling endlessly on the problem.
Climate anxiety is not included in the American Psychiatric Association’s authoritative guide to the diagnosis of mental disorders. In other words, it is not officially recognised as a mental disorder.
Some say this is a good thing. The author and Stanford academic Britt Wray wrote: “The last thing we want is to pathologise this moral emotion, which stems from an accurate understanding of the severity of our planetary health crisis.”
But if it is not officially recognised, will people take it seriously enough? Will they just dismiss people who suffer from it as “snowflakes” – too sensitive and too easily hurt by the hard realities of life. This is a major dilemma.
I explore how climate anxiety relates to other types of clinical anxiety in my recent book, Understanding Climate Anxiety, recognising that there are adaptive and non-adaptive forms of anxiety.
According to Steven Taylor, a clinical psychologist from the University of British Columbia, adaptive anxiety can “motivate climate activism, such as efforts to reduce one’s carbon footprint”. Maladaptive anxiety, however, may “take the form of anxious passivity”, he warned, where the person feels anxious but utterly helpless.
Identifying different types of climate anxiety, understanding their precursors and how they interact with personality is a major psychological challenge. Identifying ways of alleviating climate anxiety and making it more adaptive, and focused on possible climate mitigation, is a major societal challenge.
But there’s another important issue. Some global leaders, including Donald Trump, don’t believe in human-induced climate change, claiming it’s “one of the great scams”. He seems to view climate anxiety as an overblown reaction to propaganda pumped out by a biased media.
This can make the experience much worse for those who feel anxious but then having their feelings dismissed.
Some psychologists argue that climate anxiety can be a form of pre-traumatic stress disorder. This hypothesis arose from observations of climate scientists and their growing feelings of anger, distress, helplessness and depression as the climate situation has worsened.
In 2015, researchers devised a new clinical measure to assess pre-traumatic stress reactions using items found in the diagnostic and statistical manual for post-traumatic stress disorder, but now focused on the future rather than the past, asking about “repeated, disturbing dreams of a possible future stressful experience”, for example.
They tested Danish soldiers before their deployment in Afghanistan and found that “involuntary intrusive images and thoughts of possible future events … were experienced at the same level as post-traumatic stress reactions to past events before and during deployment”.
They also found that soldiers who experienced higher levels of pre-traumatic stress before deployment had an increased risk of post-traumatic stress disorder after their return from the war zone. Their hypervigilance primed their nervous system to react more strongly when anything untoward occurred.
This would suggest that we need to take stress reactions to future anticipated events such as climate change very seriously.
The crisis response
But how important is climate anxiety in the context of these other threats? Researchers assessed the emotional state and mental health of people aged 18 to 29 years in five countries (China, Portugal, South Africa, the US and UK) focusing on three global issues: climate change, an environmental disaster (the Fukushima nuclear accident in Japan), and the wars in Ukraine and the Middle East.
They found the strongest emotional engagement was with the ongoing wars, with climate change a close second, and the radiation leak third. The strongest emotional responses to the wars were concern, sadness, helplessness, disgust, outrage and anger. For climate change, the strongest responses were concern, sadness, helplessness, disappointment and anxiety.
All three crises made young people feel concerned, sad, and very importantly helpless, but climate change has this burning level of anxiety added into the bubbling mix.
It seems that climate anxiety still has this undiminished power regardless of all the other awful things that are currently happening in the world, and I suspect the stigma of being dismissed as “snowflakes” makes this particular fear response all the more unbearable.
Don’t have time to read about climate change as much as you’d like?_
Geoff Beattie has received funding from the British Academy and the AHRC to investigate psychological barriers to climate change mitigation and the effects of climate change on emotional responses.
Source: The Conversation – UK – By Travis Van Isacker, Senior Research Associate, School of Sociology, Politics and International Studies, University of Bristol
On a cold, wet November evening, Issa Mohamed Omar and more than 30 other men, women and children set off from their informal camp near the northern French port city of Dunkirk. They walked through the darkness in near-silence for around two hours, until they reached the beach from where they hoped to start a new and better life.
As they arrived, five men were busy pumping up an inflatable dinghy and attaching an outboard engine. These people smugglers had charged each of their customers more than a thousand euros for a trip that costs someone with the right passport less than a hundred.
The travellers were given life-vests, arranged into rows and counted. “There are 33 of you,” one of the smugglers said. For many on board, this was not their first attempt at reaching England.
Most came from Iraqi Kurdistan, including Kazhal Ahmed Khidir Al-Jammoor from Erbil, who was travelling with her three children: Hadiya, Mubin and Hasti Rizghar Hussein, respectively aged 22, 16 and seven.
A father and son from Egypt were shown how the engine worked and provided a GPS device and directions to Dover, around 35 miles (60km) to the west across the Channel. Mohamed Omar would later recall:
The Egyptian man was put in charge of steering the boat by the smugglers. He was travelling with his son, who looked like he was in his late teens or maybe early 20s. I do not know how they came to be the driver and navigator.
There were also at least three Ethiopian nationals – one of whom, father-of-two Fikiru Shiferaw from Addis Ababa, sent his wife Emebet at home in Ethiopia a final WhatsApp voice message:
We have already boarded the boat. We are on the way. I will turn off my phone now. Goodnight, I will call you tomorrow morning.
These were the last words she would ever receive from her husband.
What happened to Fikiru Shiferaw and the other passengers on the night of November 23-24 2021 has been the subject of the UK’s Cranston Inquiry which, during March 2025, heard from 22 witnesses to the disaster, including officers involved in the UK’s search-and-rescue (SAR) response. Chaired by former High Court judge Sir Ross Cranston, the independent inquiry also heard from Mohamed Omar from Somalia – one of only two survivors – as well as family members of many of the dead and missing.
These hearings not only shed light on the actions of UK Border Force and His Majesty’s Coastguard officers during the failed rescue operation – designated Incident Charlie – in the early hours of November 24, but the agencies’ approach to “small boat crossings” in general dating back to 2017.
According to the testimonies, officers had been operating under extreme pressure in the months leading up to the disaster. Kevin Toy, master of the Border Force ship Valiant which was sent out to search for the missing dinghy that night, explained that in the run-up to the incident, “night after night” he could see his crew were “utterly exhausted” by the end of their shifts.
The evidence shows the British government was aware of the growing risk that Border Force and HM Coastguard could be overwhelmed by the rising number of small boat crossings – and that people might die as a result. In May 2020, a document produced by the Department for Transport acknowledged that “SAR resources can be overwhelmed if current incident numbers persist”. At least three senior HM Coastguard officers identified the same risk in August 2021.
Multiple communication failures have also been exposed by the inquiry – among British officers, with their opposite numbers in France, and between both countries’ emergency services and the increasingly desperate people aboard the sinking dinghy.
Despite numerous distress calls and GPS coordinates being shared via WhatsApp, a rescue boat failed to reach the travellers in time. Amid the confusion, when their calls stopped, the coastguard assumed Charlie’s passengers had been picked up and were safe. In fact, they were perishing in the cold waters of the Channel over more than ten hours.
The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.
As part of my research into the digital transformation of the UK-France border, I attended the inquiry and have studied the many statements, call transcripts, operational logs, emails and meeting minutes it has made public. Initially, I wanted to understand how the November 2021 disaster became a watershed moment in the UK government’s response to people trying to cross the Channel by small boat or dinghy, catalysing the transformation of the UK’s maritime border into the hyper-surveilled space it is today.
But, after speaking to representatives for Mohamed Omar and the bereaved families as well as migrant rights organisations, larger questions have emerged. In particular, given the inquiry’s singular focus on this one catastrophic event in November 2021, those I spoke to are concerned that its recommendations will be unable to prevent further deaths from occurring in the Channel, which have risen dramatically over the last 18 months.
How ‘small boat crossings’ began
Since the UK and France began operating “juxtaposed” border controls in the early 1990s (meaning border checks occur before departure), asylum seekers trying to reach England have had to make irregular journeys across the Channel. Until 2018, these were typically aboard trains and ferries – after sneaking on to a lorry or through a French port’s perimeter security.
At the time of the “Jungle” camp near Calais in 2015-16, media coverage of collective attempts by its residents to enter French ports spiked UK government investment in the border. Between 2014 and 2018, it gave its French counterpart at least £123 million to “strengthen the border and maintain juxtaposed controls”. These funds paid for French police to patrol the ports and border cities, regularly evict migrants’ living sites, and finance detention and relocation centres.
As admitted by then-home secretary Sajid Javid in 2019, this increased security led people to find other ways across the Channel. Beginning in the winter of 2018, smugglers organised journeys in small, seaworthy vessels they had stolen from marinas along the French coast. These “small boats” continue to lend their name to this migration phenomenon – yet the unseaworthy inflatable dinghies used today, with no keel or rigid hull, are not worthy of the name.
Even in the context of the usual sensationalism surrounding irregular migration to the UK, small boat journeys were met with an especially intense response, both politically and in the media.
When 101 people crossed between Christmas and New Year in 2018, Javid declared it a major incident. Ever since, “stopping the boats” has been one of the UK government’s highest priorities. Despite small boat arrivals making up only 29% of UK asylum claimants in 2018-24, billions of pounds have been spent to try and control the route.
Frosty relations and the ‘pushback’ plan
As Channel crossings rose sharply over 2020-21, worsening relations between France and the UK due to Brexit complicated how the two governments worked together to respond. In his testimony, former clandestine Channel threat commander Dan O’Mahoney – appointed by Javid’s successor, Priti Patel, to “make small boat crossings unviable” – described relations between the two countries as already “very frosty” when he began in August 2020.
After France’s then-interior minister, Gérald Darmanin, axed a plan for UK vessels to take rescued migrants back to Dunkirk, O’Mahoney was tasked by senior ministers to come up with an alternative. The resulting “pushback” plan, called Operation Sommen, involved Border Force officers on jet skis driving into migrant dinghies to turn them back as they crossed the border line into UK waters. When France learned of the plan, O’Mahoney recalled:
They thought it went counter to their and our obligations around safety of life at sea … They objected to it very strongly, and it affected our already quite strained relationship with them further.
Operation Sommen was abandoned in April 2022 before having ever been used in anger. However, preparations were said to have taken up “a very considerable amount of time and resource” at both the Home Office and the Maritime and Coastguard Agency – and had “a detrimental effect” on the UK’s overall SAR response to small boat crossings.
At a meeting of senior officials in June 2021 to discuss Operation Sommen, ministers had made clear that the “numbers of people crossing [was] a political problem” – and that improving SAR capabilities did not “fit with [the] narrative of taking back control of borders”.
Although senior HM Coastguard officers recognised “it is extremely difficult to locate small boats or communicate with those onboard”, the inquiry heard that officers did not recall receiving “any small boat training before November 2021”, other than in the procedure to allow Border Force to push them back to French waters.
The head of Border Force’s Maritime Command, Stephen Whitton, told the inquiry he was under “a huge amount of pressure” to prevent small boat crossings, while also “providing the bulk of the support to search and rescue”. Despite carrying out 90% of all small boat rescues in the Channel and “regularly being overwhelmed”, Border Force Maritime Command received “no additional assets to manage the search and rescue response” before November 2021.
‘The pressure we were under’
When the decision was taken for Border Force – a law enforcement rather than search-and-rescue organisation – to be the primary responders to small boat crossings in 2018, only around 100 people were crossing each month. Yet by the time of the disaster three years later, according to an internal Home Office document, the total for 2021 was “already more than 25,000”.
At the inquiry, O’Mahoney stated: “As 2021 went on, it became much clearer that … frankly, we just needed more [rescue] boats.” Whitton admitted that before the disaster, Border Force, HM Coastguard, the Royal National Lifeboat Institution and other support organisations were all “on our knees in terms of the pressure we were under, and it was getting hugely challenging”.
The evidence shows this pressure was acutely felt inside Dover’s Maritime Rescue Coordination Centre, which sits atop the port’s famous white cliffs offering a commanding view of the Channel. Inside, Coastguard officers coordinate SAR operations and control vessel traffic in the Dover Strait – one of the world’s busiest shipping lanes.
On the night of November 23-24, three coastguard officers were on search-and-rescue duty: team leader Neal Gibson, maritime operations officer Stuart Downs, and a trainee – unnamed by the inquiry – who was officially only present as an observer.
HM Coastguard’s Maritime Rescue Coordination Centre at Dover overlooking the Channel. Travis Van Isacker, CC BY-NC-SA
Staffing appears to have been a longstanding issue at the Dover coastguard station where, according to divisional commander Mike Bill, there was “poor retention of staff” and “experience and competence weren’t the best”. Only the day before the disaster, during a migrant red days meeting – convened when, due to good weather, the probability of Channel crossers is considered “highly likely” – chief coastguard Peter Mizen had warned that only having two qualified officers at Dover on nights “isn’t enough”.
Over recent months, as the station had become busier responding to small boat crossings and in the wake of an unsuccessful recruitment drive, staff were having to work flat-out throughout their shifts, and were being asked to come in on scheduled days off.
On the night of November 23-24, owing to staff shortages, team leader Gibson told the inquiry he had to cover traffic control duties for three hours from 10.30pm. This meant he was away from the SAR desk at 00.41am, when a message arrived from the national rescue coordination centre along the coast in Fareham, stating that the Coastguard’s scheduled surveillance aeroplanes would not be flying over the Channel that night due to fog.
The officers were told they would be “effectively blind” – and should not allow themselves “to be drawn into relaxing and expecting a normal migrant crossing night”. The message warned: “This has the potential to be very dangerous.”
‘Their boat – there’s nothing left’
According to Mohamed Omar, the sea was calm when he and the other passengers departed the French beach around 9pm UK time. Giving his evidence to the Cranston Inquiry from Paris – he still cannot travel to the UK – a ship approached them around an hour into their voyage:
They came up to us to see what we were doing, and shone a light on us. I remember seeing a French flag on the boat. It was a big boat and I am certain it was the French coastguard. I had heard from people I met in the camp in Dunkirk that this happened sometimes, and that the French boat would follow until you reached English waters.
In fact, Mohamed Omar said, the French ship left the travellers again after about an hour. Shortly after this, the problems began.
A French warship patrols the shore of Mardyck in northern France, close to where Charlie is thought to have departed. Travis Van Isacker, CC BY-NC-SA
Around 1am, seawater began entering the dinghy. By now, it was in the vicinity of the Sandettie lightvessel, around 20 miles north-east of Dover. At first, passengers managed to bail out the 13°C water – but soon the flooding became uncontrollable. The dinghy’s inflatable tube began losing pressure, and a couple of the Kurdish men used air pumps to try to keep it inflated. Others tried to prevent panic spreading among the passengers.
Many onboard began to make frantic calls for rescue. What were reported to be leaked transcripts of some of these calls were published by French newspaper Le Monde a year after the sinking. They showed the first distress call from the dinghy was received by the French coastguard at 12.48am. Speaking in English, the caller said there were 33 people on board a “broken” boat.
According to Le Monde, three minutes later, another call was transferred to the French maritime rescue coordination centre at Cap Gris-Nez by an emergency operator who reported: “Apparently their boat – there’s nothing left.” Following procedure, the French coastguard officer asked the caller to send a GPS position by WhatsApp so she could “send a rescue boat as soon as possible”. At 1.05am UK time, the GPS position arrived.
Rather than send a French boat, Le Monde reported that the officer phoned her counterparts in Dover to warn them a dinghy 0.6 nautical miles from the border line would soon be crossing into UK waters. On the other end of the line was the trainee officer, who was handling routine calls that night despite officially only being an observer.
After the call finished, according to Downs’s evidence to the inquiry, the trainee mistakenly told him the dinghy was thought to be “in good condition” – information he recorded in the log for Incident Charlie. This miscommunication may have affected the urgency of the UK’s SAR response, preventing HM Coastguard and Border Force from appreciating the severe distress the “broken” dinghy was in.
Just before 1am, the French coastguard had sent its migrant tracker spreadsheet, containing information on all small boat crossings that night, to HM Coastguard for the first time. It showed four migrant dinghies at sea – which Gris-Nez had been aware of “for many hours”, according to Gibson.
The issue of the French coastguard appearing to withhold information about active small boat crossings had been raised by HM Coastguard’s clandestine operations liaison officer during a July 2021 review. And earlier that very evening, Gibson told one of his colleagues:
Sometimes they just seem to keep it quiet. Like we’ll not get anything – then we’ll get a tracker at three in the morning with 15 incidents, and they go: ‘Mostly these are in your search-and-rescue region.’ Wonderful.
At 1.20am, Downs phoned Border Force Maritime Command in Portsmouth to request a Border Force vessel search for the dinghy Charlie. He provided the GPS position received from his French counterpart and the number of people onboard – but also the incorrect information that “they think it’s in good condition”.
Ten minutes later, the Valiant, Border Force’s 42-metre patrol ship stationed at Dover, was tasked to proceed towards the Sandettie lightvessel. At the same time, the first direct call to the Dover rescue coordination centre came in from Charlie. The distressed caller said they were “in the water” and that “everything [was] finished”.
Around 15 minutes later, at 1.48am, Gibson took a call from 16-year-old Mubin Rizghar Hussein, who spoke good English. Despite the noise and commotion, he managed to provide Gibson with a WhatsApp number – in order to share their GPS position. The transcript of this call records voices shouting in the background: “It’s finished. Finished. Brother, it’s finished.”
A ‘grave and imminent threat to life’
Gibson told the inquiry that after his call with Rizghar Hussein, he had a “gut feeling that this doesn’t feel quite as usual”. By “usual” he meant what was, according to maritime operations officer Downs, a commonly held belief at the Dover coastguard station that with “nine out of ten”“ callers from small boats: “It would generally be overstated that the boat … was sinking, people were drowning … Whatever was going on would be overstated.”
Acting on his gut feeling, at 2.27am Gibson took the unprecedented decision to broadcast a Mayday Relay – denoting a “grave and imminent threat to life”. By maritime law, this alert required other vessels to offer their assistance.
Gibson told the inquiry he did this to get the French warship Flamant to respond. He could see on his radar screen that Flamant was closest to Charlie’s position and was the best vessel to rescue the people if the dinghy really was sinking.
Why the Flamant did not respond is at the centre of an ongoing criminal investigation in France into two of the warship’s officers and five coastguards from Gris-Nez, for “non-assistance of persons in distress”. This investigation’s strict confidentiality obligation means the inquiry was unable to access any information from the French side about their operations that night.
At 2.01 and again at 2.14am, HM Coastguard had received new GPS positions via WhatsApp showing the dinghy to be more than a mile inside UK waters.
Valiant, having been tasked at 1.30am, only exited the port of Dover at 2.22am and would need at least another hour to reach the Sandettie. Despite this, no other vessel was sent to join the search. At 3.11am, when asked during a call by Border Force Maritime Command whether Charlie was “still a Mayday situation”, Gibson replied: “Well, they’ve told me it’s full of water.”
With a total of four small boats being shown in the Channel that night by the French tracker spreadsheet, Gibson suggested there could be as many as 110 people on board these dinghies – beyond Valiant’s capacity for taking on survivors. Nevertheless, Border Force and HM Coastguard opted to “wait and see what the numbers are, and whether Valiant can deal with that … We don’t want to call any other assets out just yet.”
In a call with Christopher Trubshaw, captain of the Coastguard rescue helicopter stationed at Lydd on the Kent coast, aviation tactical commander Dominic Golden explained that Border Force was “not prepared to bring in their crews who are pretty knackered” unless “we can convince them there are people in real danger”. He then asked Trubshaw to search the Channel for the small boats shown in the French tracker, as the surveillance aeroplanes had been unable to take off.
In her closing submission to the inquiry, Sonali Naik, a legal representative of the survivors and bereaved families, highlighted Golden’s “dismissive attitude” towards Charlie’s distress when he gave Trubshaw the reason for the request, which included the following:
As usual, the catalogue of phone calls is beginning to trickle in … You know, the classic ‘I am lost, I am sinking, my mother’s wheelchair is falling over the side’ etc. ‘Sharks with lasers surrounding boat’ and ‘we are all dying’ type of thing.
Nevertheless, Golden asked the helicopter crew to pack a liferaft. “I can’t imagine we’re going to need it but … potentially you get to play with one of your new toys.”
While Golden described his words as “unwise” or “flippant”, Naik said they were “more than that” – suggesting they revealed rescuers’ general perceptions of the occupants of small boats and the widely held scepticism towards their distress calls.
‘We are dying. Where is the boat?’
With the water inside rising fast and their dinghy collapsing, Charlie’s increasingly desperate passengers kept trying to get rescuers to appreciate how dire their situation was.
At 2.31am in the Dover rescue coordination centre, Gibson received a second call from Mubin Rizghar Hussein, who pleaded: “We are dying, where is the boat?”
Gibson replied: “The boat is on its way but it has to get …” only to be interrupted by Rizghar Hussein saying: “We all die. We all die.”
“I get that,” Gibson told the terrified teenager, “but unfortunately, you’re going to be patient and all stay together, because I can’t make the boat come any quicker.” He ended the call saying:
You need to stop making calls because every time you make a call, we think there’s another boat out there – and we don’t want to accidentally go chasing for another boat when it’s actually your boat we’re looking for.
Gibson broke down briefly when recounting this second call during his evidence to the inquiry, explaining:
If you don’t understand what’s fully going on and you’re getting ‘we’re all going to die’, it’s quite a distressing situation to find yourself in, sitting at the end of a phone – effectively helpless. You know where they are, you want to get a boat to them, and you can’t.
Call records also show that coastguards on both sides of the Channel passed responsibility for rescuing the sinking dinghy off to one another. According to Le Monde, during one call a passenger told the French coastguard officer he was “in the water” – to which she replied: “Yes, but you are in English waters.”
The transcript of the last call before Charlie capsized, made at 3.12am, reveals that Downs asked “where are you?” 17 times – despite the caller being unable to answer anything beyond “English waters”. The maritime operations officer finished by instructing the caller to hang up and dial 999: “If it won’t connect on 999, then you’re probably still in French waters.”
In her closing submission, Naik pointed to “discriminatory stereotypes and attitudes towards migrants on small boats which fatally affected the SAR response” for Charlie – as rescuers, in her words, “jumped to premature conclusions”. According to survivor Mohamed Omar:
Because we have been seen as refugees … that’s the reason why I believe the rescue, they did not come at all. We feel like we were … treated like animals.
Fatal assumptions
At 3.27am, Border Force’s ship Valiant arrived at Charlie’s last recorded GPS position (from 2.14am) – but found nothing. Its master, Kevin Toy, decided to head north-easterly towards the Sandettie lightvessel, the way the tide was flowing.
En route, Valiant spotted two other dinghies in the darkness using its night vision – one still making its way towards the English coast, the other stopped in the water. The stationary dinghy was in greater danger from the Channel’s shipping traffic, so Valiant went to it and began rescuing those onboard – radioing back that it had “engaged unlit migrant crafts stopped in the water” with approximately 40 people onboard.
In the Dover rescue coordination centre, Gibson assumed this dinghy could be Charlie and gave Mubin Rizghar Hussein’s name and telephone number so Valiant’s crew could verify whether he was on board. At 4.16am, Gibson himself tried calling the WhatsApp number that Rizghar Hussein had shared, but the call failed.
At 4.20am, Valiant completed its first rescue of the morning. Two more followed after the Coastguard helicopter spotted two other dinghies in the Sandettie area – but nobody in the water. A near-capacity Valiant then returned to Dover just after 8am with 98 survivors on board.
None of the three rescued dinghies matched the description of Charlie. All were in good condition, differently coloured, and with disparate numbers of people onboard – yet the misplaced assumption Charlie had been rescued persisted amid the night’s murky information environment. Gibson stated that, while he had soon received additional information matching Valiant’s first rescue to a different dinghy, he was still “fairly certain Charlie had been picked up”.
“Once Valiant had picked up these [three] boats,” he explained, “we no longer received calls from Charlie, and a call to a known phone number on Charlie failed.” As a result, neither Valiant nor the Coastguard helicopter were sent back out to continue searching for the stricken dinghy.
In fact, Gibson’s call to Rizghar Hussein’s WhatsApp number did not fail because Charlie’s passengers had been rescued – nor because they had thrown their phones into the sea when Border Force arrived. Rather, it was because the dinghy had capsized and everyone had fallen into the Channel’s freezing waters.
‘No one came to our rescue’
In harrowing evidence to the inquiry, Mohamed Omar explained how, as one side of the dinghy deflated, the passengers – “hysterical and crying” – panicked and moved to the opposite side. This shift in weight caused the dinghy to capsize:
The screaming when the boat tipped and people fell in the water was deafening. I have never heard anything as desperate as this. I was not thinking about whether we were going to be rescued any more; it was all about how to stay alive.
As the passengers were thrown into the water, the dinghy flipped on top of them. Mohamed Omar described having to swim out from underneath to catch a breath: “It was dark and I could not really see. It was extremely cold and the sea was rough.”
As he surfaced, he saw Halima Mohammed Shikh, a mother of three also from Somalia and travelling alone, struggling as she couldn’t swim. She screamed his name for help, and he tried to get her back to what was left of the dinghy – but couldn’t. “I think she was one of the first people to drown,” he told the inquiry.
Others managed to cling to the broken inflatable, hoping rescue was on its way – but “no one came to our rescue”. Pushed and pulled by the waves, some lost their grip and drifted away before dawn. Mohamed Omar recalled:
All night, I was holding on to what remained of the boat. In the morning, I could hear the people were screaming and everything. It’s something I cannot forget in my mind.
By the time the sun finally rose at 7.26am, he estimated that no more than 15 people were left clinging to the broken dinghy – adrift on the tide in a busy shipping lane:
I do not recall speaking with anyone in the water. Those who were alive were half-dead. There was nothing we could do any more. I could see bodies floating all around us in the water. I presume most people were either already dead or were unconscious.
Shortly afterwards, Mohamed Omar said he let go of the dinghy and began to swim, thinking to himself: “I am going to die [but] I don’t want to die here. At least if I die whilst swimming, I won’t feel it.”
He swam towards a boat he could see in the distance and, as he got closer, began to wave his life jacket for attention. A French woman, out fishing with her family, saw him and jumped in the water to save him.
As he finished telling his story, Mohamed Omar told the inquiry: “I’m a voice for those people who passed away.”
Bodies are found
Around 1pm on the afternoon of November 24, 12 hours after the first distress calls from Charlie, a French commercial fishing vessel began finding bodies in the sea nine miles north-west of Calais. But as the news came in, no one at HM Coastguard or Border Force appears to have made the connection with Incident Charlie.
Days later, when the accounts of Mohamed Omar’s fellow survivor, Mohammed Shekha Ahmad from Iraqi Kurdistan, and a relative of two of the deceased emerged, the Home Office refuted their claims that the dinghy had sunk in UK waters as “completely untrue”.
However, five days after the disaster, Gibson contacted the small boats tactical commander to share his concerns that the reported deaths could be from Charlie. He had read a news article in which “the survivor states a male called Mubin called the emergency services, which could possibly be the ‘Moomin’ [sic] I spoke to”.
On December 1, clandestine Channel threat commander O’Mahoney responded to a question from the UK’s Joint Committee on Human Rights, as to whether the migrants whose bodies had been found in French waters had made distress calls to the UK authorities. O’Mahoney told the committee:
We are looking into that. To manage your expectation, though, it may never be possible to say with absolute accuracy whether that boat was in UK waters [and] I cannot tell you with any certainty that the people on that particular boat called the UK authorities.
Thanks largely to their grieving families tireless pursuit of the truth, however, it is now possible to say definitively that Charlie had been in UK waters – and that a number of its passengers spoke to HM Coastguard officers.
It was only after these families raised concerns that the disaster had involved the UK authorities that the Department for Transport commissioned a safety investigation into the incident in January 2022. A lawyer for the bereaved families suggested to me that without the threat of legal action, the Department for Transport “would likely not have done anything” – despite this being Britain’s worst maritime disaster for decades. Meanwhile, according to inquiry evidence, the Home Office is understood not to have conducted an internal review or investigation into its role in the disaster.
After a frustrating two years of waiting for the survivors and bereaved families, the Marine Accidents Investigations Branch published its report – which both confirmed most of their accounts and substantiated their criticisms of the SAR response.
Soon afterwards, the Cranston Inquiry was announced. Despite no bodies having been recovered in UK waters, it has been run almost like an inquest. In his final report – to be published by the end of 2025 – Sir Ross Cranston has promised to “consider what lessons can be learned and, if appropriate, make recommendations to reduce the risk of a similar event occurring”.
A ‘crucial and unique opportunity’
HM Coastguard and Border Force officers have repeatedly told the inquiry how the UK’s approach to small boat search-and-rescue has changed since the November 2021 disaster. More officers have been hired, Border Force has contracted additional boats to conduct rescues, information sharing has improved, and cooperation with French colleagues is better. Today, there are significantly more rescue ships on both sides of the Channel which can intervene faster when dinghies come to be in distress, and have undoubtedly saved many lives.
There has also been massive investment in drones, aeroplanes and powerful shore-based cameras to reduce the risk that HM Coastguard loses “maritime domain awareness” again if some of its surveillance aircraft are unable to fly. New technology automatically translates coastguard officers’ messages into different languages and extracts live GPS locations and images from travellers’ mobile devices.
Such investments make it unlikely that another dinghy could be lost in the middle of the Channel after its passengers call for help, in the way Charlie so catastrophically was.
Nevertheless, people continue dying while attempting to cross the Channel – with 2024 having been by far the deadliest year yet. At least 69 people lost their lives, according to the Refugee Council. So far in 2025, 24 people are documented as dead or missing at the UK-France border by Calais Migrant Solidarity, amid a record number of attempted crossings for the first half of the year.
Some migrants’ rights NGOs have suggested the UK’s “stop the boats” policies, and European efforts to disrupt the supply chain of dinghies and other equipment used in crossings, has driven such deadly overcrowding.
But it is also unlikely that the circumstances surrounding more recent deaths in the Channel will ever be investigated as thoroughly as Incident Charlie, if at all. Lawyers for the bereaved families have therefore been keen to highlight the Cranston Inquiry’s “crucial and unique opportunity” not only to look back and offer answers about one of Britain’s worst maritime disasters in recent decades – but to look forwards and “prevent the further loss of life at sea”.
The survivors, families and migrants’ rights organisations who contributed their evidence thus hope the inquiry’s recommendations go beyond purely operational and administrative improvements to search-and-rescue, to address the fundamental role that UK, France and European border policies play in why more people are dying in the Channel, despite the improvements to search-and-rescue strategies and resources.
Above all, they ask why only some people are able to travel to the UK in comfort and safety while others must make the journey in precarious, overcrowded inflatable dinghies – and thus entrust their lives to the search-and-rescue services whose success can never be guaranteed. As Halima Mohammed Shikh’s cousin, Ali Areef, told the inquiry:
It makes me feel sick to think about crossing the Channel in a ferry where others including a member of my family lost their lives because there was no other way to cross. I will never take a ferry across the Channel again.
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Travis Van Isacker gratefully acknowledges the support of the Economic and Social Research Council
(UK) (Grant Ref: ES/W002639/1).
DALLAS, July 24, 2025 (GLOBE NEWSWIRE) — The Mark Cuban Foundation today announced significant updates and a nationwide expansion of its free AI Bootcamps, designed to bring advanced artificial intelligence education to underserved high school students and educators. The program will operate in 29 cities across the U.S. this fall, reinforcing the foundation’s commitment to closing the digital divide and nurturing future innovators.
Applications are now open for high school students (grades 9–12) and educators interested in the Teacher Bootcamp, a year-long, free professional development initiative. The AI Bootcamps are open to all high school students, and prioritize accepting girls, students of color, first-generation college-goers, and students from low-income backgrounds. Applications will be accepted through September 30, 2025.
“As AI becomes an integral part of daily life, it’s essential that all young people have access to this powerful technology,” said Mark Cuban, Founder of the Mark Cuban Foundation. “Our goal is to ensure that every interested student, regardless of background or resources, can explore AI and its limitless possibilities.”
The updated curriculum includes hands-on experience with generative AI tools, modules on ethical AI, and specialized tracks covering healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, and future readiness. Participants will complete capstone projects under mentorship from industry professionals. Additionally, each location will now have a dedicated Teacher Fellow to further enhance educational outcomes and community involvement. Applications for the Teacher Fellowship program open in January.
All student bootcamps will take place over three Saturdays (November 1, 8, and 15, 2025, from 11 a.m. to 4 p.m.), with meals, transportation assistance, and technology provided at no cost.
Charlotte Dungan, Chief Learning Officer at the Mark Cuban Foundation, emphasized, “By equipping underserved students and educators with practical AI skills and ethical insights, we’re actively working toward equity in education and preparing young people for the future.”
Confirmed 2025 Bootcamp Locations:
Arizona: Tempe
California: Mountain View
Colorado: Denver
Connecticut: Hartford
Florida: Melbourne, Miami
Georgia: Atlanta
Illinois: Chicago
Indiana: Fort Wayne, Indianapolis
Iowa: Johnston (Des Moines area)
Kansas: Hutchinson
Michigan: Pontiac
Minnesota: Minneapolis
Missouri: St. Louis
Nebraska: Omaha
New York: New York City
North Carolina: Charlotte, Raleigh
Ohio: Cleveland
Pennsylvania: Philadelphia, Pittsburgh
Rhode Island: Providence
Texas: Houston, Richardson, San Antonio, Plano
Utah: Salt Lake City
Virginia: Richmond
Key local partnerships include Girls Inc. in San Antonio, Miami Dade College in Florida, Electric Works in Fort Wayne, Indiana, and Perficient in St. Louis, Minneapolis, and Plano, TX.
Since 2019, the Mark Cuban Foundation AI Bootcamp has successfully provided AI education to thousands of students in over 30 cities nationwide. The Teacher Fellowship, which began in March 2025 and runs through May 2026, supports 30 selected educators with stipends, mentorship, and national opportunities to showcase their achievements. Teacher Bootcamps have participants in 48 states and impact over 100,000 students.
Interested students and educators can apply for bootcamps now at markcubanai.org.
Companies interested in hosting a future bootcamp can complete our interest form.
Watch Mark Cuban’s message about Mark Cuban Foundation’s AI bootcamps and access the full media kit here.
This bootcamp is facilitated with support from Mark Cuban Foundation AI Bootcamp Program’s media partner, Notified, a globally trusted technology partner for investor relations, public relations and marketing professionals.
About Mark Cuban Foundation’s AI Bootcamp Initiative The Mark Cuban Foundation is a 501(c)(3) private non-profit led by entrepreneur and investor Mark Cuban. The AI Bootcamps Program at MCF seeks to inspire young people with emerging technology so that they can create more equitable futures for themselves and their communities. Over 3 consecutive Saturdays, underserved 9th – 12th grade students learn what AI is and isn’t, where they already interact with AI in their own lives, the ethical implications of AI systems, and much more. Learn more about the no-cost AI Bootcamp program at markcubanai.org.
ATLANTA, July 24, 2025 (GLOBE NEWSWIRE) — Federal Home Loan Bank of Atlanta (the Bank) today released preliminary unaudited financial highlights for the quarter ended June 30, 2025. All numbers reported below for the second quarter of 2025 are approximate until the Bank announces unaudited financial results in its Form 10-Q, which is expected to be filed with the Securities and Exchange Commission (SEC) on or about August 8, 2025.
Operating Results for the Second Quarter of 2025
Net interest income for the second quarter of 2025 was $212 million, a decrease of $29 million, compared to net interest income of $241 million for the same period in 2024. The decrease in net interest income was primarily due to a decrease in interest rates, as well as a decrease in average advance balances during the second quarter of 2025, compared to the same period in 2024.
Net income for the second quarter of 2025 was $141 million, a decrease of $36 million, compared to net income of $177 million for the same period in 2024. The decrease in net income was primarily due to the decrease in net interest income and a $10 million increase in voluntary housing and community investment contributions.
During the second quarter of 2025, the Bank continued to meet members’ liquidity demand and average advance balances were $103.1 billion, compared to average advance balances of $106.6 billion for the same period in 2024.
The net yield on interest-earning assets for the second quarter of 2025 was 54 basis points, compared to 61 basis points for the same period in 2024. Many of the Bank’s assets and liabilities are indexed to the Secured Overnight Financing Rate (SOFR). Average daily SOFR during the second quarter of 2025 was 4.32 percent compared to 5.32 percent for the same period in 2024.
The Bank’s second quarter 2025 performance resulted in an annualized return on average equity (ROE) of 6.43 percent as compared to 8.12 percent for the same period in 2024. The decrease in ROE was primarily due to the decrease in net income for the second quarter of 2025 compared to the same period in 2024.
Financial Condition Highlights
Total assets were $146.4 billion as of June 30, 2025, a decrease of $719 million from December 31, 2024.
Advances outstanding were $90.9 billion as of June 30, 2025, an increase of $5.0 billion from December 31, 2024.
Total capital was $8.3 billion as of June 30, 2025, an increase of $324 million from December 31, 2024. Retained earnings were $2.9 billion as of June 30, 2025, an increase of $88 million from December 31, 2024.
As of June 30, 2025, the Bank was in compliance with all applicable regulatory capital and liquidity requirements.
Reliable Source of Liquidity
During the first six months of 2025, the Bank originated a total of $168.2 billion of advances, thereby providing significant liquidity to its members to support lending and other activities in their communities. The Bank is proud to continue to execute on its mission to be a reliable source of liquidity and funding for its members, while remaining adequately capitalized.
Commitment to Affordable Housing and Community Development
The Bank commits 10 percent of its income before assessments to support the affordable housing and community development needs of communities served by its members as required by law, which amounted to $77 million for the 2024 statutory Affordable Housing Program (AHP) assessment available for funding in 2025. As of June 30, 2025, the Bank has accrued $32 million to its statutory AHP pool of funds that will be available to the Bank’s members and their communities in 2026 for funding of eligible projects.
The Bank has committed to voluntarily contribute, at a minimum, an additional 50 percent of its prior year statutory AHP assessment to affordable housing. For 2025, the Bank authorized $41 million in voluntary housing contributions consisting of $9 million in voluntary non-statutory AHP contributions and $32 million in voluntary non-AHP contributions. These amounts are anticipated to be expensed during 2025.
Since the inception of its AHP in 1990, the Bank has awarded more than $1.2 billion in AHP funds, assisting more than 177,000 households.
Dividends
On July 24, 2025, the board of directors of the Bank approved a quarterly cash dividend at an annualized rate of 6.60 percent.
“Our cooperative model enables FHLBank Atlanta to fulfill our mission of providing reliable liquidity in any economic climate and it fuels our grants for affordable housing and community development,” said FHLBank Atlanta Chair of the Board, Thornwell Dunlap. We appreciate our members’ engagement and are pleased to deliver a strong dividend for the second quarter.”
The dividend payout will be calculated based on members’ capital stock held during the second quarter of 2025 and will be credited to members’ daily investment accounts at the close of business on July 29, 2025.
Federal Home Loan Bank of Atlanta Financial Highlights (Preliminary and unaudited) (Dollars in millions)
Statements of Condition
As of June 30, 2025
As of December 31, 2024
Advances
$
90,867
$
85,829
Investments
54,283
60,084
Mortgage loans held for portfolio, net
84
89
Total assets
146,372
147,091
Total consolidated obligations, net
134,406
135,851
Total capital stock
5,397
5,148
Retained earnings
2,873
2,785
Accumulated other comprehensive loss
(13
)
—
Total capital
8,257
7,933
Capital-to-assets ratio (GAAP)
5.64
%
5.39
%
Capital-to-assets ratio (Regulatory)
5.65
%
5.39
%
Three Months Ended June 30,
Six Months Ended June 30,
Operating Results and Performance Ratios
2025
2024
2025
2024
Net interest income
$
212
$
241
$
419
$
495
Standby letters of credit fees
5
4
9
8
Other income
—
1
1
3
Total noninterest expense(1)
60
50
113
94
Affordable Housing Program assessment
16
19
32
41
Net income
141
177
284
371
Return on average assets
0.36
%
0.44
%
0.37
%
0.47
%
Return on average equity
6.43
%
8.12
%
6.62
%
8.67
%
__________ (1) Total noninterest expense includes voluntary housing and community investment contributions of $20 million and $31 million for the second quarter and first six months of 2025, compared to $10 million and $15 million for the same periods in 2024, respectively.
The selected financial data above should be read in conjunction with the financial statements and notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Bank’s Second Quarter 2025 Form 10-Q expected to be filed with the SEC on or about August 8, 2025, and can be obtained at https://corp.fhlbatl.com/who-we-are/investor-relations/ and on www.sec.gov.
About Federal Home Loan Bank of Atlanta
FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank is a cooperative whose members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district banks in the Federal Home Loan Bank System (FHLBank System).
For more information, visit our website at www.fhlbatl.com.
To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by such forward-looking statements, and the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory and accounting actions, changes, approvals or requirements; completion of the Bank’s financial closing procedures and final accounting adjustments for the most recently completed quarter; SOFR variations; changes to economic, liquidity and market conditions; changes in demand for advances, advance levels, consolidated obligations of the Bank and/or the FHLBank System and their market; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, climate, and world events; disruptions in information systems; membership changes; mergers and acquisitions involving members; changes to the Bank’s voluntary housing program and other adverse developments or events, including extraordinary or disruptive events, affecting the market, involving other Federal Home Loan Banks, their members or the FHLBank System in general, including acts or war and terrorism. Additional factors that might cause the Bank’s results to differ from forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.
The forward-looking statements in this release speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of these statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.
CONTACT: Sheryl Touchton Federal Home Loan Bank of Atlanta stouchton@fhlbatl.com 404.716.4296
Source: The Conversation – Canada – By Kevin Kriese, Senior Wildfire and Land Use Analyst, Centre for Global Studies, University of Victoria
As the summer heat intensifies, people across Canada are facing the full brunt of wildfire season. Communities are being evacuated and properties are being destroyed as fires grow in size.
Over the past decade, wildfires in Canada have broken numerous records, including the area burned in the largest single fire in recent history.
More frequent fires are unsettling communities, causing rapid changes to ecosystems and having a negative impact on society and our economy.
Increased wildfire risk is driven by a variety of factors, including more extreme fire weather (high temperatures, low humidity and powerful winds) made worse by climate change, fire deficits, the accumulation of fuels like trees and other organic materials on the landscape and changing land-use and settlement patterns.
Fire is a natural, necessary and inevitable part of many ecosystems in Canada. Historically, wildfire created a mosaic of diverse ecosystems and habitat conditions, which supported healthy watersheds and contributed to the cultures and livelihoods of Indigenous Peoples.
Beneficial fire typically includes Indigenous cultural burning, prescribed fire and managed wildfire. These fires are managed for their ecological, cultural and community benefits, while minimizing adverse effects.
One reason we’re seeing more catastrophic fires now is because of a history of widespread wildfire suppression, which can allow fuels to accumulate. When fuels accumulate, the risk from wildfire increases.
In certain places and contexts, suppression remains the appropriate approach. It will continue to play a critical role in keeping communities safe and conserving ecosystem services like clean water and special places. But suppression alone is not viable or desirable. Instead, a suite of proactive actions from a variety of stakeholders is required.
In British Columbia, Indigenous communities are returning cultural burning to their territories. A burn by the ʔaq̓am First Nation, with support from the BC Wildfire Service and local fire departments, was credited with helping save lives and homes from the St. Mary’s wildfire in summer 2024.
Later in 2024, portions of a wildfire near the Wet’suwet’en community of Witset were allowed to burn while firefighting efforts focused on the part of the fire that threatened the community. This approach protected the village of Witset while still allowing the fire to create ecological benefits.
Despite increasing awareness that some fires are beneficial, community opposition to cultural and prescribed fires — as well as to letting wildfires burn — persists. This opposition stems from a longstanding fears of fire and the very real threats posed to communities, people and property.
A whole-of-society approach
Until people feel safe from wildfire, the ability to return fire to the landscape will be limited and pressure for maximum suppression will likely continue. However, when people feel safe in their homes and communities, they may be more likely to accept more beneficial fire on the landscape.
Risk reduction programs, such as FireSmart, take a holistic approach to wildfire resilience and include practical measures proven to reduce property loss.
Homeowners who live near fire-prone ecosystems (referred to as the wildland-urban interface) can take simple actions, such as removing flammable material within 1.5 metres of buildings, while communities can plan effective evacuation routes.
Experience in other jurisdictions indicates that voluntary measures, like FireSmart, are more effective when combined with mandatory minimum standards for fire-resistant building construction, vegetation management and landscaping.
Reducing risk and increasing beneficial fires requires co-ordinated action from a diverse array of parties. For example, creating home-hardening requirements demands updated provincial building codes and local government plans that consider wildfire resilience.
When a diverse array of entities is required to work towards a common goal, co-ordination and collaboration are vital and a whole-of-society approach is required. This type of approach fosters innovation, local agency and broader accountability — ultimately resulting in better outcomes on the ground.
Crown governments have historically worked in a top-down wildfire management model: provincial and territorial governments are in charge and select partners, such as industry, have been engaged to carry out specific actions.
As Canadians face another intense wildfire season, in which we’ve already experienced loss of life and property, meaningful action across all of society is essential.
Provincial governments must work in collaboration with Indigenous, local and federal governments, as well as industry, civil society, practitioners, local experts and communities.
Individuals can take action to reduce the risk to their homes by managing the vegetation around their homes and using more fire-resistant building materials. Communities can engage in risk reduction and resilience planning. And governments at all levels can facilitate changes in how we manage our landscape to increase beneficial fires.
Taken together, these diverse actions across all of society will be crucial for protecting people and ecosystems as we all learn to live with fire.
Kevin Kriese is a member of the Liberal Party of Canada.
Andrea Barnett receives funding from the Gordon and Betty Moore Foundation.
Oliver Brandes receives funding from Gordon and Betty Moore Foundation and the BC Real Estate Foundation.
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
VICTORIA FALLS, ZIMBABWE, July 24 (Xinhua) — Nine more Chinese cities were accredited as international wetland cities on Thursday during the opening of the 15th meeting of the Conference of the Parties to the Ramsar Convention on Wetlands (COP15) held in the Zimbabwean resort town of Victoria Falls, bringing the total number of such cities in China to 22, the highest in the world. -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.
Volta Finance Limited (VTA / VTAS) June 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, July 24, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.
June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.
However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.
Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.
The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.
In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).
As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.
*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
*****
ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.
*****
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
Volta Finance Limited (VTA / VTAS) June 2025 monthly report
NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES
Guernsey, July 24, 2025
AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for June 2025. The full report is attached to this release and will be available on Volta’s websiteshortly (www.voltafinance.com).
Performance and Portfolio Activity
Dear Investors,
In June, Volta Finance achieved a net performance of +0.4% bringing the cumulative performance from August 2024 to date to +11.2%. Both the CLO Debt and CLO Equity assets of the Volta Finance portfolio delivered positive returns, in the context of a positive momentum across credit markets after the volatility induced by tariffs.
June marked a return to a “risk on” environment, with strong gains in U.S. equity markets amid significant weakening of the US Dollar. This shift was fuelled by easing trade tensions and moderating inflation. Despite inflation levels being close to target, the Fed decided to keep interest rates unchanged at 4.25%-4.50% during their June meeting while elaborating on the unpredictable effects of Trump’s tariffs. In Europe, sentiment was mixed, with major indices ending the month flat. The ECB cut rates by 25 basis points while Christine Lagarde signalled a likely pause in future rate cuts. This easing comes as the eurozone inflation has returned to the central bank’s target of 2%.
However, significant uncertainties still loom as we enter summer. Only a handful of countries reached agreements with their U.S. counterparts and the approaching deadline could trigger further disruptions notably in supply chains. The sudden escalation of the Iran/Israel situation, culminating in the U.S. bombings of Iranian nuclear facilities, also raised concerns regarding the stability of the region and added disruptions to oil supplies. This led to a spike in crude oil prices and increased interest in traditional safe-haven assets although they retraced by the end of the month due to a temporary resolution of the conflict.
Credit markets shrugged those worries off and hedged close to the tightest levels experienced over the last year. For instance, the European High Yield index (Xover) settled at 283bps (from 300bps), close to the 280bps resistance level. On the Loan side, Euro Loans closed roughly unchanged at 97.70px (Morningstar European Leveraged Loan Index) while US Loans closed c. 40c up at 97.00px. Primary CLO levels moved sideways across all rated tranches, providing stability and the right environment for CLO formation. In terms of performance, US High Yield returned +1.9% over the month while Euro Loans were up +0.13% and US Loans +0.80%.
The median CCC assets exposure in CLO portfolios remained stable at 4.5% in the US, slightly above the exposure of European CLOs to CCCs (4.1%). Loan maturity walls continued to transition towards 2030 and beyond, with the next significant refinancing deadlines in 2028 and 2031 in the US, while loan recoveries remained significantly higher than bonds at approximately 62% vs 48%.
In terms of activity, the month was particularly busy as we faced some CLO debt redemptions (€4.8m) and actively replaced risk to maintain overall risk exposure unchanged. We purchased BB (600bps context), single-B (up to 900bps) and Equity risk from both the Primary and Secondary markets. Cash stood at 11% at the end of the month. Volta Finance’s cashflow generation was slightly up at €28.3m equivalent in interests and coupons over the last six months, representing close to 21% of June’s NAV on an annualized basis.
Over the month, Volta’s CLO Equity tranches returned +1.6%** while CLO Debt tranches returned +1.0% performance**. The EUR/USD move to 1.18 had an impact on our long dollar exposure in terms of performance (0.4%).
As of end of June 2025, Volta’s NAV was €273.0m, i.e. €7.46 per share.
*It should be noted that approximately 0.14% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.07% as at 30 May 2025, 0.07% as at 31 March 2025.
** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
CONTACTS
For the Investment Manager AXA Investment Managers Paris François Touati francois.touati@axa-im.com +33 (0) 1 44 45 80 22
Corporate Broker Cavendish Securities plc Andrew Worne Daniel Balabanoff +44 (0) 20 7397 8900
***** ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.
Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.
*****
ABOUT AXA INVESTMENT MANAGERS AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.
*****
This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.
*****
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
***** This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.
The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.
Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by theAutorité des Marchés Financiersunder registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
Source: United States House of Representatives – Representative Young Kim (CA-39)
Washington, DC – Yesterday, House Foreign Affairs Subcommittee on East Asia and the Pacific Chairwoman Young Kim (CA-40) and Representative Sydney Kamlager‑Dove (CA-37) introduced the bipartisan Partner with Korea Act (H.R.4687) to encourage greater collaboration between U.S. and Korean businesses.
The Partner with Korea Act builds on the U.S.–Korea Free Trade Agreement (KORUS FTA) by creating an allotment of 15,000 E-4 highly skilled work visas for Korean nationals with specialized education or expertise, provided that potential employers ensure the visa holders are not hired for positions that American workers could fill. Similar visa categories have been created through free trade agreements with countries, such as Australia and Singapore.
“As the Chinese Communist Party and North Korea increase aggression and work to rewrite the world’s rules-based international order, our partnership with South Korea has never been more vital,” said Rep. Young Kim. “South Korea’s highly skilled workforce can help support our economic and national security amid rising threats in the Indo-Pacific. As we mark 72 years of the U.S.-ROK alliance, I’m proud to join forces with Rep. Kamlager-Dove to unlock new economic opportunities that strengthen both of our nations.”
“Immigrants power our economy—not just in Los Angeles but nationwide,” said Congresswoman Kamlager-Dove. “Korean immigrants are an integral part of America’s fabric, making essential contributions in various industries, from technology to healthcare and beyond. As a proud representative of the vibrant Korean American community in Los Angeles, I am honored to introduce legislation that will open doors for high-skilled workers from the Republic of Korea. When we fail to attract and retain immigrant talent, our businesses and economy suffer—that’s why the Partner with Korea Act is crucial for keeping America competitive.”
The KORUS FTA passed Congress in 2011 and took effect in March of 2012. The Partner with Korea Act was previously introduced in the 113th, 114th, 115th, 116th, 117th, and 118th Congresses by the late Congressman Gerry Connolly (VA-11). Rep. Kim has helped lead this bipartisan effort since she’s been in Congress.
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:
“We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.
“Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.”
While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees: the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.
Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:
“We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.
“Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.”
While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees:the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.
Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.
Source: United States Senator for Commonwealth of Virginia Mark R Warner
WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the following statement after the House Committee on Veterans’ Affairs voted to approve updated authorizations for 18 Veterans Affairs (VA) major medical facility leases – the final congressional committee needed to greenlight the leases, including one for a proposed outpatient clinic in Hampton Roads:
“We’re very pleased that all four congressional committees have now approved these much-needed VA leases, including the proposed new outpatient clinic in Hampton Roads. This is a major step forward in expanding access to high-quality, convenient care for the more than 60 percent of Hampton VA Medical Center patients who live on the south side of the region. For years, we’ve pushed to get these kinds of facilities authorized and built, because we refuse to accept a system where veterans are stuck with long wait times or forced to travel hours for basic appointments. With this final vote, we are one step closer to ensuring these long-overdue facilities become a reality.
“Now that the leases have cleared every hurdle in Congress, we’ll be pushing the VA and GSA to award these leases, and make sure these projects get off the ground without delay. Our veterans have waited long enough.”
While these leases were originally authorized under the PACT Act, which both senators strongly supported, updated cost estimates and rent bids prompted the VA and the General Services Administration (GSA) to seek reauthorization from four congressional committees. With yesterday’s action by the House Veterans’ Affairs Committee, the leases have now been reauthorized by all four needed committees:the Senate Committee on Environment and Public Works, the Senate Committee on Veterans’ Affairs, the House Committee on Transportation and Infrastructure, and the House Committee on Veterans’ Affairs.
Sens. Warner and Kaine have long fought to expand health care and benefits for Virginia’s nearly 700,000 veterans. Sens. Warner and Kaine began raising the alarm about the significant backlog of unapproved VA leases in 2016. After putting significant pressure on officials across the federal government, Congress unanimously passed the Providing Veterans Overdue Care Act, legislation written by Sen. Warner and supported by Sen. Kaine, to cut the backlog and get over two dozen delayed VA medical facilities’ leases approved.
