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Category: Banking

  • MIL-OSI Analysis: Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza?

    Source: The Conversation – Global Perspectives – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University

    Efforts to end the relentless siege of Gaza have been set back by the abrupt end to peace talks in Qatar.

    Both the United States and Israel have withdrawn their negotiating teams, accusing Hamas of a “lack of desire to reach a ceasefire”.

    US President Donald Trump’s special envoy Steve Witkoff says it would appear Hamas never wanted a deal:

    While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith. We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people in Gaza

    State Department spokesman Tommy Piggott reads Steve Witkoff’s statement on the collapse of the Gaza peace talks.

    The disappointing development coincides with mounting fears of a widespread famine in Gaza and a historic decision by France to formally recognise a Palestinian state.

    French President Emmanuel Macron says there is no alternative for the sake of security of the Middle East:

    True to its historic commitment to a just and lasting peace in the Middle East, I have decided that France will recognise the State of Palestine

    What will these developments mean for the conflict in Gaza and the broader security of the Middle East?

    ‘Humanitarian catastrophe’

    The failure to reach a truce means there is no end in sight to the Israeli siege of Gaza which has devastated the territory for more than 21 months.

    Amid mounting fears of mass starvation, Australian Prime Minister Anthony Albanese says Gaza is in the grip of a “humanitarian catastrophe”. He is urging Israel to comply immediately with its obligations under international law:

    Israel’s denial of aid and the killing of civilians, including children, seeking access to water and food cannot be defended or ignored.

    According to the United Nations Palestinian refugee agency UNRWA, more than 100 people – most of them children – have died of hunger. One in five children in Gaza City is malnourished, with the number of cases rising every day.

    Commissioner-General Philippe Lazzarini says with little food aid entering Gaza, people are

    neither dead nor alive, they are walking corpses […] most children our teams are seeing are emaciated, weak and at high risk of dying if they don’t get the treatment they urgently need.

    The UN and more than 100 aid groups blame Israel’s blockade of almost all aid into the territory for the lack of food.

    Lazzarini says UNRWA has 6,000 trucks of emergency supplies waiting in Jordan and Egypt. He is urging Israel – which continues to blame Hamas for cases of malnutrition – to allow the humanitarian assistance into Gaza.

    Proposed ceasefire deal

    The latest ceasefire proposal was reportedly close to being agreed by both parties.

    It included a 60-day truce, during which time Hamas would release ten living Israeli hostages and the remains of 18 others. In exchange, Israel would release a number of Palestinian prisoners, and humanitarian aid to Gaza would be significantly increased.

    During the ceasefire, both sides would engage in negotiations toward a lasting truce.

    While specific details of the current sticking points remain unclear, previous statements from both parties suggest the disagreement centres on what would follow any temporary ceasefire.

    Israel is reportedly seeking to maintain a permanent military presence in Gaza to allow for a rapid resumption of operations if needed. In contrast, Hamas is demanding a pathway toward a complete end to hostilities.

    A lack of mutual trust has dramatically clouded the negotiations.

    From Israel’s perspective, any ceasefire must not result in Hamas regaining control of Gaza, as this would allow the group to rebuild its power and potentially launch another cross-border attack.

    However, Hamas has repeatedly said it is willing to hand over power to any other Palestinian group in pursuit of a Palestinian state based on the 1967 borders. This could include the Palestinian National Authority (PNA), which governs the West Bank and has long recognised Israel.

    Support for a Palestinian state

    Israeli leaders have occasionally paid lip service to a Palestinian state. But they have described such an entity as “less than a state” or a “state-minus” – a formulation that falls short of both Palestinian aspirations and international legal standards.

    In response to the worsening humanitarian situation, some Western countries have moved to fully recognise a Palestinian state, viewing it as a step toward a permanent resolution of one of the longest-running conflicts in the Middle East.

    Macron’s announcement France will officially recognise a full Palestinian state in September is a major development.

    France is now the most prominent Western power to take this position. It follows more than 140 countries – including more than a dozen in Europe – that have already recognised statehood.

    While largely symbolic, the move adds diplomatic pressure on Israel amid the ongoing war and aid crisis in Gaza.

    However, the announcement was immediately condemned by Israeli Prime Minister Benjamin Netanyahu, who claimed recognition “rewards terror” and

    risks creating another Iranian proxy, just as Gaza became. A Palestinian state in these conditions would be a launch pad to annihilate Israel – not to live in peace beside it.

    Annexing Gaza?

    A Palestinian state is unacceptable to Israel.

    Further evidence was recently presented in a revealing TV interview by former Israeli Prime Minister Ehud Barak who stated Netanyahu had deliberately empowered Hamas in order to block a two-state solution.

    Instead there is mounting evidence Israel is seeking to annex the entirety of Palestinian land and relocate Palestinians to neighbouring countries.

    Given the current uncertainty, it appears unlikely a new ceasefire will be reached in the near future, especially as it remains unclear whether the US withdrawal from the negotiations was a genuine policy shift or merely a strategic negotiating tactic.

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

    – ref. Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza? – https://theconversation.com/ceasefire-talks-collapse-what-does-that-mean-for-the-humanitarian-catastrophe-in-gaza-261942

    MIL OSI Analysis –

  • MIL-OSI Banking: Result of Underwriting Auction conducted on July 25, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on July 25, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)    		 Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)    		 Additional Competitive Underwriting Amount Accepted
    (₹ crore)    		 Total Amount underwritten
    (₹ crore)    		 ACU Commission Cut-off rate
    (Paise per ₹100)
    5.91% GS 2028 6,000 3,003 2,997 6,000 0.05
    6.33% GS 2035 30,000 15,015 14,985 30,000 0.12
    Auction for the sale of securities will be held on July 25, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/779

    MIL OSI Global Banks –

  • French plan to recognise Palestinian state draws fire from Israel, US

    Source: Government of India

    Source: Government of India (4)

    France intends to recognise a Palestinian state in September at the United Nations General Assembly, President Emmanuel Macron said on Thursday in hopes of bringing peace to the region, but the plan drew angry rebukes from Israel and the United States.

    Macron, who unveiled the decision on X, published a letter sent to Palestinian Authority President Mahmoud Abbas confirming France’s intention to press ahead with Palestinian recognition and work to convincing other partners to follow suit.

    “True to its historic commitment to a just and lasting peace in the Middle East, I have decided that France will recognise the state of Palestine,” Macron said.

    “I will make this solemn announcement at the United Nations General Assembly next September.”

    Home to Europe’s largest Jewish and Muslim communities, France will become the first major Western country to recognise a Palestinian state, potentially fuelling a movement so far dominated by smaller nations generally more critical of Israel.

    The news sparked anger in Israel and Washington.

    Israeli Prime Minister Benjamin Netanyahu condemned the decision by one of Israel’s closest allies and a G7 member, saying such a move “rewards terror and risks creating another Iranian proxy.”

    In a post on X, he added, “A Palestinian state in these conditions would be a launch pad to annihilate Israel — not to live in peace beside it.

    “Let’s be clear: the Palestinians do not seek a state alongside Israel; they seek a state instead of Israel.”

    Israeli Defence Minister Israel Katz described the move as “a disgrace and a surrender to terrorism,” adding that Israel would not allow the establishment of a “Palestinian entity that would harm our security, endanger our existence.”

    In response, U.S. Secretary of State Marco Rubio said the United States “strongly rejects (Macron’s) plan to recognize a Palestinian state at the UN general assembly.”

    In a post on X, he said, “This reckless decision only serves Hamas propaganda and sets back peace. It is a slap in the face to the victims of October 7th.”

    Earlier, Canada also pressed Israel to seek peace, with Prime Minister Mark Carney condemning its “failure to prevent the rapidly deteriorating humanitarian disaster in Gaza” and reiterating support for a two-state solution.

    Carney also accused Israel of violating international law over the blocking of Canadian-funded aid to civilians in the war-torn Palestinian enclave.

    “Canada calls on all sides to negotiate an immediate ceasefire in good faith,” he added.

    “We reiterate our calls for Hamas to immediately release all the hostages, and for the Israeli government to respect the territorial integrity of the West Bank and Gaza.”

    In a diplomatic cable in June, the United States said it opposed steps to unilaterally recognise a Palestinian state, even saying it could go against U.S. foreign policy interests and draw consequences.

    In June, Washington’s ambassador to Israel, Mike Huckabee, said he did not think an independent Palestinian state remained a U.S. foreign policy goal.

    President Donald Trump has himself expressed doubts about a two-state solution, proposing a U.S. takeover of Gaza in February, that was condemned by rights groups, Arab states, Palestinians and the U.N. as a proposal of “ethnic cleansing”.

    Macron had been leaning towards recognising a Palestinian state for months as part of a bid to keep the idea of a two-state solution alive, despite the pressure not to do so.

    French officials initially weighed up the move ahead of a United Nations conference, which France and Saudi Arabia had planned to co-host in June to lay out parameters for a roadmap to a Palestinian state, while ensuring Israel’s security.

    The conference was postponed under U.S. pressure and after the 12-day Israel-Iran air war began, during which the closure of regional airspace made it hard for representatives of some Arab states to attend.

    It was rescheduled and downgraded to a ministerial event on July 28 and July 29, with a second event taking place with heads of state and government on the sidelines of the United Nations General Assembly in September.

    CREATING MOMENTUM

    The decision to make the announcement ahead of next week’s conference aimed to give the French team at the United Nations a framework to work with other countries that are also considering recognising a Palestinian state or have misgivings in doing so.

    Diplomats say Macron has faced resistance from allies such as Britain and Canada over his push for the recognition of a Palestinian state. About 40 foreign ministers will be in New York next week.

    Israeli officials have spent months lobbying to prevent what some have called “a nuclear bomb” for bilateral ties.

    Sources familiar with the matter say Israel’s warnings to France have ranged from scaling back intelligence sharing to complicating Paris’ regional initiatives – even hinting at possible annexation of parts of the West Bank.

    Israel has been waging a devastating war in Gaza since the Palestinian militant group Hamas’ deadly attack on Israel in October 2023 and says recognising a Palestinian state now would be equivalent to rewarding Hamas.

    Thanking France, the Palestinian Authority’s Vice President Hussein Al Sheikh said on X that Macron’s decision reflected “France’s commitment to international law and its support for the Palestinian people’s rights to self-determination and the establishment of our independent state.”

    (Reuters)

  • MIL-OSI China: ECB keeps rates on hold

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

    European Central Bank President Christine Lagarde attends a press conference in Frankfurt, Germany, on July 24, 2025. [ECB/Handout via Xinhua]

    The European Central Bank (ECB) announced on Thursday that it will keep key interest rates unchanged at its latest rate-setting meeting.

    The deposit facility rate, through which the central bank steers the monetary policy stance, remains unchanged at two percent.

    Inflation in the euro area inched up to two percent in June from 1.9 percent in May, according to data released by the statistical office of the European Union (EU). The ECB said in a statement that domestic price pressures continue to ease and wages grow at a slower pace.

    While short-term consumer inflation expectations declined for two consecutive months in a row, most measures of longer-term inflation expectations continue to stand at around two percent, explained the central bank.

    As inflation in the euro area hovers around the targeted level of two percent, the ECB reaffirmed that it is determined to make sure the inflation stabilises in the medium term.

    “The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its two percent target in the medium term and to preserve the smooth functioning of monetary policy transmission,” it said.

    Data indicate that the euro area economy has turned out to be resilient. The gross domestic product (GDP) in the first quarter this year rose by 0.6 percent, stronger than expected.

    The ECB cut the interest rate of the deposit facility by two percentage points from June 2024 to June this year.

    While the ECB insists in its press release that the governing council is not pre-committing to a particular rate path, Isabel Schnabel, member of the Executive Board of the ECB, was quoted as saying that the interest rates are in a good place and the bar for another rate cut is very high.

    According to Schnabel, the euro area economy is navigating uncertainties better than expected and “a large fiscal impulse” will further support the economy.

    MIL OSI China News –

  • MIL-OSI Economics: Money Market Operations as on July 24, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 6,08,438.16 5.47 4.75-6.45
         I. Call Money 15,971.76 5.54 4.75-5.65
         II. Triparty Repo 4,10,930.35 5.44 5.00-5.55
         III. Market Repo 1,79,185.50 5.53 5.00-6.00
         IV. Repo in Corporate Bond 2,350.55 5.68 5.60-6.45
    B. Term Segment      
         I. Notice Money** 91.54 5.35 4.95-5.51
         II. Term Money@@ 555.00 – 5.45-5.90
         III. Triparty Repo 1,621.75 5.40 5.40-5.65
         IV. Market Repo 142.44 5.50 5.50-5.50
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Thu, 24/07/2025 1 Fri, 25/07/2025 1,421.00 5.51
         (b) Reverse Repo          
    3. MSF# Thu, 24/07/2025 1 Fri, 25/07/2025 362.00 5.75
    4. SDFΔ# Thu, 24/07/2025 1 Fri, 25/07/2025 1,17,991.00 5.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,16,208.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 23/07/2025 2 Fri, 25/07/2025 50,001.00 5.53
         (b) Reverse Repo Fri, 18/07/2025 7 Fri, 25/07/2025 2,00,027.00 5.49
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       10,403.21  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -1,39,622.79  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,55,830.79  
    G. Cash Reserves Position of Scheduled Commercial Banks          
         (i) Cash balances with RBI as on July 24, 2025 9,49,868.65  
         (ii) Average daily cash reserve requirement for the fortnight ending July 25, 2025 9,63,288.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ July 24, 2025 1,421.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on June 27, 2025 5,79,904.00  

    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

    – Not Applicable / No Transaction.

    ** Relates to uncollateralized transactions of 2 to 14 days tenor.

    @@ Relates to uncollateralized transactions of 15 days to one year tenor.

    $ Includes refinance facilities extended by RBI.

    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/778

    MIL OSI Economics –

  • MIL-OSI Economics: Liberia salutes African Development Bank President Adesina in landmark Government session

    Source: African Development Bank Group
    Liberian President Joseph Nyuma Boakai convened the full spectrum of his government leadership to hear from African Development Bank President Dr. Akinwumi Adesina, whom he lauded for a transformative decade at the helm of Africa’s premier development finance institution.

    MIL OSI Economics –

  • MIL-OSI Economics: Tunisia: African Development Bank unveils 2025 Country Report – A Roadmap for Inclusive and Sustainable Growth

    Source: African Development Bank Group
    The African Development Bank has presented its 2025 Country Focus Report for Tunisia. Titled “Unlocking Tunisia’s Capital for Sustainable Development,” it highlights key levers for fostering more inclusive, resilient, and sustainable growth through improved mobilization of the country’s human, financial, and…

    MIL OSI Economics –

  • MIL-OSI Economics: The Gambia: African Development Fund Approves $19.93 Million Grant to Tackle Fragility and Expand Opportunities for Rural Youth and Women

    Source: African Development Bank Group
    The Board of Directors of the African Development Bank Group has approved $19.93 million grant funding for the Resilience Building – Vulnerable Youth and Women Support Project, designed to improve access to basic social services for underserved communities in The Gambia.

    MIL OSI Economics –

  • MIL-OSI China: Announcement on Open Market Operations No.142 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.142 [2025]

    (Open Market Operations Office, July 25, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB789.3 billion through quantity bidding at a fixed interest rate on July 25, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.40%

    RMB789.3 billion

    RMB789.3 billion

    Date of last update Nov. 29 2018

    2025年07月25日

    MIL OSI China News –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 25, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 25, 2025.

    Gangs are going global and so is the illegal gun trade – NZ can do more to fight it
    Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato According to the Global Organised Crime Index, international criminal activity has increased over the past two years. And the politically fractured post-pandemic world has made this even harder for nations to combat. New Zealand is far from immune. According

    Historic ICJ climate ruling ‘just the beginning’, says Vanuatu’s Regenvanu
    By Ezra Toara in Port Vila Vanuatu’s Minister of Climate Change Adaptation, Ralph Regenvanu, has welcomed the historic International Court of Justice (ICJ) climate ruling, calling it a “milestone in the fight for climate justice”. The ICJ has delivered a landmark advisory opinion on states’ obligations under international law to act on climate change. The

    3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth
    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

    Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it
    Source: The Conversation (Au and NZ) – By Santosh Tadakamadla, Professor and Head of Dentistry and Oral Health, La Trobe University Just over one-third of Australians are eligible for public dental services, which provide free or low cost dental treatment. Yet demand for these services continues to exceed supply. As a result, many Australian adults

    Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough?
    Source: The Conversation (Au and NZ) – By Alan Renwick, Professor of Agricultural Economics, Lincoln University, New Zealand RobynRoper/Getty Images The alarming rise of butter prices has become a real source of frustration for New Zealand consumers, as well as a topic of political recrimination. The issue has become so serious that Miles Hurrell, chief

    Ultrafast fashion brand Princess Polly has been certified as ‘sustainable’. Is that an oxymoron?
    Source: The Conversation (Au and NZ) – By Harriette Richards, Senior Lecturer, School of Fashion and Textiles, RMIT University Carol Yepes/Getty Images Last week, the ultrafast fashion brand Princess Polly received B Corp certification. This certification is designed to accredit for-profit businesses that provide social impact and environmental benefit. Established on the Gold Coast in

    AI will soon be able to audit all published research – what will that mean for public trust in science?
    Source: The Conversation (Au and NZ) – By Alexander Kaurov, PhD Candidate in Science and Society, Te Herenga Waka — Victoria University of Wellington Jamillah Knowles & Digit/Better Images of AI, CC BY-SA Self-correction is fundamental to science. One of its most important forms is peer review, when anonymous experts scrutinise research before it is

    Columbia’s $200M deal with Trump administration sets a precedent for other universities to bend to the government’s will
    Source: The Conversation (Au and NZ) – By Brendan Cantwell, Associate Professor of Higher, Adult, and Lifelong Education, Michigan State University Students at Columbia University in New York City on April 14, 2025. Charly Triballeau/AFP via Getty Images Columbia University agreed on July 23, 2025, to pay a US$200 million fine to the federal government

    Miles Franklin 2025: Siang Lu’s Ghost Cities is a haunting comedy about tyranny. Is it the funniest winner ever?
    Source: The Conversation (Au and NZ) – By Joseph Steinberg, Forrest Foundation Postdoctoral Fellow, English & Literary Studies, The University of Western Australia Siang Lu David 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

    Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds
    Asia Pacific Report Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons. Speaking on her reflections on four decades after the bombing

    Business coalition calls for 25% cut in the cost of red tape by 2030
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Business, universities, and investors have jointly urged the federal government to commit to cutting the cost of red tape by 25% by 2030, in a submission for next month’s Economic Reform Roundtable. The push to reduce regulation is in line

    Grattan on Friday: net zero battle has net zero positives for Sussan Ley
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target. The issue is a microcosm of her wider problems. The Nationals,

    The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed

    The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed

    Reserve Bank says unemployment rise was not a shock, inflation on track
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month. In a speech today to the Anika Foundation, Bullock said there has been:

    Reserve Bank says unemployment rise was not a shock, inflation on track
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month. In a speech today to the Anika Foundation, Bullock said there has been:

    Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief
    This is Democracy Now!. I’m Amy Goodman. More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory. The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and

    Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief
    This is Democracy Now!. I’m Amy Goodman. More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory. The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and

    Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice
    Source: The Conversation (Au and NZ) – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne Hilaire Bule/Getty Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found. The court delivered its

    Jet ski accidents are tragic but preventable. Here’s how to reduce the risk
    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne Richard Hamilton Smith/Getty Two teenage boys were thrown from a jet ski during a ride on the Georges River in Sydney’s south this week. One died at the scene. The other

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Kennedy introduces bill to open door to homeownership for American families

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced the Build Now Act, which would incentivize new home construction by tying federal funds to cities’ rates of homebuilding. Sen. Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, joined Kennedy in introducing the bill.

    “In my book, homeownership shouldn’t be a pipe dream for the average American family. Unfortunately, not everyone agrees with me. Government overregulation has brought homebuilding to a grinding halt and left ordinary people twisting in the wind as existing home prices went through the roof. I’m proud to introduce the Build Now Act to discourage pointless roadblocks and incentivize cities to help make the American Dream possible again,” said Kennedy. 

    “Americans are suffering under sky-high housing prices caused by a worsening housing shortage. The Federal government should use the tools at our disposal to reward communities that are taking bold action to build more housing and reduce families’ biggest monthly expense. It’s time for Congress to act—and this bipartisan proposal is a call to action to communities across the country to build housing now,” said Warren.

    The United States today faces a housing crisis. Since 2021, the annual income needed to qualify for a mortgage has increased by 60%, driving the median age of a first-time home buyer to a record-high 38 years old.

    By May 2025, new home construction rates had collapsed to their lowest level since the pandemic. On an annual basis, new home construction has fallen nearly 5%. 

    Currently, the Department of Housing and Urban Development (HUD)’s Community Development Block Grant Program (CDBG) provides annual grants to states, cities and counties irrespective of their rate of homebuilding.

    The Build Now Act would:

    • Require HUD to remove 10% of CDBG funding from cities that fail to improve their rate of homebuilding above the national median.
    • Order HUD to proportionally reallocate those CDBG funds to cities that exceeded the national median rate of homebuilding. Under the Build Now Act, cities with the highest rates of growth would receive larger shares as funds are reallocated.
    • Allow metropolitan areas two years to start building homes before HUD determines their level of CDBG funding.

    The bill would not apply to cities where the median home value is below the national median or cities that issued an emergency disaster declaration in the last year.

    In his role on the Senate Banking Committee, Kennedy has championed the cause of making homeownership easier for families, raising the issue frequently during recent hearings:

    • In Jan. 2025, Kennedy questioned then-HUD Secretary nominee Scott Turner about the failures of previous affordable housing policies. During this hearing, he suggested an approach that would incentivize localities to allow more new home construction without affording excessive power to the federal government.
    • At a hearing one week later, Kennedy outlined a potential “carrot-and-stick” system that would spur new home construction while allowing local governments to determine their exact means of doing so.
    • In Feb. 2025, Kennedy questioned then-Director of the Federal Housing Finance Agency nominee Bill Pulte on the consequences of Americans borrowing large amounts of money to buy homes, noting that “we’ve got a house of cards here.”

    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung Launches Galaxy Z Fold7, Galaxy Z Flip7 and Galaxy Watch8 Series Globally Starting Today

    Source: Samsung

    Samsung Electronics today announced the global availability of its latest foldable smartphones, Galaxy Z Fold7 and Galaxy Z Flip7, as well as its new Galaxy Watch8 series.
     
     
    Galaxy Z Fold7 and Z Flip7: Ultra-Thin and Light With Intuitive Intelligence
    Refined by years of breakthrough engineering and elevated with advanced intelligence, Galaxy Z Fold7 and Z Flip7 represent the next leap in smartphone innovation. Galaxy Z Fold7 and Z Flip7 are Samsung’s thinnest, lightest and most advanced Z series devices yet. Powered by cutting-edge performance and seamlessly integrated Galaxy AI,1 they are intelligent, adaptive companions that anticipate and respond to user needs in real time. With expansive, flexible displays, pro-grade cameras and context-aware intelligence, Galaxy Z Fold7 and Z Flip7 open up new realms of ultra experience with productivity, creativity and connection.
     

     
    Galaxy Z Fold7 brings Galaxy advancements together and broadens their scope, delivering an ultra-level experience in the thinnest, lightest and most advanced Z series yet. It offers immersive, high-octane performance on an expansive screen, empowering users to game, stream, connect and create all at once. Galaxy’s true AI companion experience has also been optimized for the foldable format, enabling fluid interactions across more apps and the larger screen. And with camera and screen sharing with Gemini Live,2 users can talk naturally to Gemini about what they’re viewing. They can simply share a picture of a local delicacy while they’re exploring a new city and ask Gemini whether there is a nearby restaurant where they can try it. Plus, Galaxy Z Fold7’s ultra-grade 200 MP high-resolution camera gives the freedom to shoot at flexible angles, putting professional-quality content creation at users’ fingertips. For example, convenient editing features like Generative Edit3 now automatically detect passersby in the background of photos and proactively recommend what to remove, eliminating the need to make manual selections and edits. Apart from these features, Galaxy Z Fold7 brings familiarity and durability in a head-turning new design that unfolds into something extraordinary.

     
    As for Galaxy Z Flip7, it distills flagship power, intelligence and personality into a compact and iconic form. With its edge-to-edge FlexWindow, users can express themselves, access key features at a glance and stay connected — all without opening the device. Built for dynamic lifestyles, Galaxy Z Flip7 transforms the way users capture and share content, from flawless selfies to cinematic video, all with the agility and creativity only Flip devices can offer. Now Bar4 delivers helpful information right on Galaxy Z Flip7’s FlexWindow to help users stay in control of their day, such as what song is playing, workout progress and even rideshare ETAs at a glance. Gemini Live also allows users to share what they see through their camera and chat with Gemini in real time directly on FlexWindow. So, they can ask for travel tips while road tripping with their dog or outfit suggestions based on the day’s weather. Users can also simply share the camera in Flex Mode and converse with Gemini hands-free. Galaxy Z Flip7’s FlexCam makes it easier than ever to capture the perfect selfie. Real-time filters on the FlexWindow instantly enhance users FlexCam selfies, so that they can be ready to post or share without the need for any extra editing. And with fun new features like Portrait Studio5 for pets, users can instantly transform any snapped or downloaded pet photo into a work of art. They can choose from styles that resemble artistic paintings, 3D cartoons, fisheye lens photos or professional-quality portraits and create frame-worthy masterpieces with one quick tap.

     
    Years of breakthrough engineering have led foldables to become flexible canvases for the new AI experience. As a new class of smartphones designed to fit in with and elevate user lives, Galaxy Z Fold7 and Galaxy Z Flip7 represent this achievement. Familiar yet transformative, they blend power, portability, style and substance, whether users seek a revolutionary, ultra-level experience or an AI powerhouse that fits in their pocket. As form factors evolve to look and think differently, this generation of foldables represents the next leap in smartphone innovation.
     

     
     
    Galaxy Watch8 Series: Ultra-Comfort Meets Real-Time Health Motivation
    Completing the Galaxy ecosystem, the Galaxy Watch8 series — including Galaxy Watch8 and Galaxy Watch8 Classic — brings the same spirit of re-engineering found in the new phones to the wrist. Galaxy Watch8 features advanced sensor technology and creates an intuitive AI-powered experience to help users fulfill a healthier, more connected life, while its ultra-thin cushion design and Dynamic Lug system flex naturally for all-day comfort and more precise sensor contact. Leveraging Samsung’s BioActive Sensor for continuous health tracking, the watches deliver real-time insights and instant rewards or alerts across sleep, stress, nutrition and activity, turning healthy intentions into immediate, motivating feedback.6 Plus, for the first time in a smartwatch, Galaxy Watch8 has introduced the Antioxidant Index,7 enabling users to measure carotenoid levels in just five seconds and make informed lifestyle choices for healthy aging.

     
     
    Hands-On With the Galaxy Z Series and the Watch8 Series at Galaxy Experience Spaces
    After Unpacked, Samsung opened its Galaxy Experience Spaces in major cities including Dubai, London, New York, Paris and Seoul. Designed to offer consumers an early, hands-on experience of the newest Galaxy devices, these spaces featured interactive zones that highlighted the devices’ design, performance and Galaxy AI features. Samsung also partnered with local communities including running, photography and skateboarding groups to host various sessions, teaching visitors how they can get the most out of their new devices.
     
    In addition, Samsung launched a new Experience Store locator feature on Samsung.com, making it easier for users to find nearby stores and try the newest devices in person.
     

     

     

     

     

     

     
     
    Availability
    Galaxy Z Fold7, Galaxy Z Flip7, Galaxy Watch8 and Galaxy Watch8 Classic will be available for purchase at Samsung.com and in stores across 49 markets starting July 25, before being made available in over 110 markets worldwide. Galaxy Z Fold7 is offered in Blue Shadow, Silver Shadow, Jetblack8 and an online-exclusive Mint.9 Galaxy Z Flip7 comes in Jetblack, Blue Shadow, Coralred10 and an online-exclusive Mint.11 Galaxy Z Flip7 FE, which brings the foldable experience to a wider audience, is available in Black or White.

     
    So far, Blue Shadow has emerged as the most popular color globally for both Galaxy Z Fold7 and Z Flip7, accounting for nearly 40% of pre-orders for both devices.
     
    Galaxy Watch8 is available in two sizes — 44 mm and 40 mm — and comes in Graphite or Silver. Galaxy Watch8 Classic comes in 46 mm with Black or White options, while the new Galaxy Watch Ultra is offered in four titanium finishes, including the new Titanium Blue.
     
    For greater peace of mind, Samsung Care+12 offers comprehensive coverage for accidental damage, repairs and replacements. Plus, for users who love having the latest technology, Samsung is introducing the New Galaxy Club.
     
    Users can get expanded access to Google AI Pro and 2 TB of cloud storage for 6 months at no cost with Galaxy Z Fold7, Galaxy Z Flip7 and Galaxy Z Flip7 FE.
     
    For more information about the Galaxy Z series and Galaxy Watch8 series, please visit: Samsung Newsroom, SamsungMobilePress.com and Samsung.com.
     
     
    1 Samsung Account login may be required to use certain AI features. Samsung does not make any promises, assurances or guarantees as to the accuracy, completeness or reliability of the output provided by AI features. Availability of Galaxy AI features may vary depending on the region/country, OS/One UI version, device model and phone carrier. Galaxy AI features will be provided for free until the end of 2025 on supported Samsung Galaxy devices. Different terms may apply for AI features provided by third parties. Galaxy AI service may be limited for minors in certain regions with age restrictions over AI usage.
    2 Gemini Live feature requires internet connection and Google Account login. Service availability may vary by country, language, device model. Features may differ depending on subscription and results may vary. Compatible with certain features and certain accounts. Only available to users 18 years or older. Accuracy of results is not guaranteed.
    3 Generative Edit feature for Photo Assist requires a network connection and Samsung Account login. Editing with Generative Edit may result in a resized photo. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by AI. The accuracy and reliability of the generated output is not guaranteed.
    4 Availability of functions supported within the apps may vary by country. Some functional widgets may require a network connection and/or Samsung Account login.
    5 Portrait Studio feature for Photo Assist requires a network connection and Samsung Account login. Editing with Portrait Studio results in a resized photo. A visible watermark is overlaid on the image output upon saving in order to indicate that the image is generated by AI. The accuracy and reliability of the generated output is not guaranteed.
    6 Not intended for use in detection, diagnosis or treatment. Intended for general wellness and fitness purposes only. The result is for your personal reference only. Please consult a medical professional for advice.
    7 Antioxidant index available on Android phones (Android 10 or above) and requires the Samsung Health app (v6.30 or above). Samsung account login required. To measure, place the center of your finger on the sensor at the back of the Watch and hold it for 5 seconds. While Anti-oxidant index can be measured using any finger, the thumb is recommended for the most accurate result. Repeat measurement due to uneven skin texture may lead to inaccurate results. Antioxidant index is for fitness and wellness only. Not intended for use in detection, diagnosis or treatment of any medical condition. Please consult a medical professional for advice if you’re concerned about your antioxidant level. This is a Labs feature that you can preview before its official launch. If you don’t want to use this experimental feature, you can turn it off in Samsung Health settings.
    8 Color availability may vary depending on market, country or carrier.
    9 Online exclusive colors only available on Samsung.com.
    10 Color availability may vary depending on market, country or carrier.
    11 Online exclusive colors only available on Samsung.com.
    12 Terms and conditions apply. Samsung Care+ coverage, service type and promotion details may vary by country/region and deductible (service fee) may apply. To be eligible for Samsung Care+ promotion benefit, registration may be required. For detailed Samsung Care+ information, please visit https://www.samsung.com/samsung-care-plus/.

    MIL OSI Global Banks –

  • MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the Third Fiscal Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, Ind., July 24, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $6.2 million, or $0.88 per diluted share, for the quarter ended June 30, 2025, compared to net income of $4.1 million, or $0.60 per diluted share, for the quarter ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $5.7 million (non-GAAP measure)(1) and net income per diluted share of $0.81 (non-GAAP measure)(1) for the quarter ended June 30, 2025 compared to $3.5 million, or $0.52 per diluted share for the quarter ended June 30, 2024.

    Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the third fiscal quarter performance, including the continued improvement in the net interest margin, which has increased 32 basis points from June of 2024 to June of 2025, solid growth in deposits, expense containment, and meaningful efficiency ratio improvement. The SBA Lending segment posted its second consecutive profitable quarter, which included a solid level of loans originations and sales. Additionally, the SBA Lending pipeline for the fourth fiscal quarter remains robust. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit, and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”

    (1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

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

    Net interest income increased $2.2 million, or 15.1%, to $16.7 million for the three months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended June 30, 2025 was 2.99% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to an increase of $871,000 in interest income and a decrease of $1.3 million in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a provision for credit losses for loans and unfunded lending commitments of $347,000 and $77,000, respectively, and a reversal of provision for credit losses on securities of $1,000 for the three months ended June 30, 2025, compared to a provision for credit losses for loans, unfunded lending commitments and securities of $501,000, $158,000 and $84,000, respectively, for the same period in 2024. The Company recognized $309,000 in net charge-offs recognized during the three months ended June 30, 2025, of which $216,000 was related to unguaranteed portions of SBA loans. During the three months ended June 30, 2024, the Company recognized net charge-offs of $105,000, of which $49,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $1.7 million from $16.9 million at September 30, 2024 to $15.2 million at June 30, 2025.

    Noninterest income increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other income and net gain on sales of SBA loans of $565,000 and $351,000, respectively, and net gain on sales of home equity lines of credit (“HELOC”) of $617,000, partially offset by a $404,000 decrease in net unrealized gains on equity securities. The increase in other income was primarily due to a $487,000 gain recognized in connection with a lease termination. The was no gain on sales of HELOC in the 2024 period as the sale of this product commenced in fiscal 2025.

    Noninterest expense increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to an increase in compensation and benefits of $904,000, which was due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance.

    The Company recognized income tax expense of $963,000 for the three months ended June 30, 2025 compared to $483,000 for the same period in 2024. The increase is due primarily to higher taxable income in 2025 as compared to 2024. The effective tax rate for 2025 was 13.5% compared to 10.6% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

    Results of Operations for the Nine Months Ended June 30, 2025 and 2024

    The Company reported net income of $17.9 million, or $2.57 per diluted share, for the nine months ended June 30, 2025 compared to net income of $9.9 million, or $1.45 per diluted share, for the nine months ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $15.1 million (non-GAAP measure)(1) and net income per diluted share of $2.16 (non-GAAP measure)(1) for the nine months ended June 30, 2025 compared to net income of $9.4 million and net income per diluted share of $1.37 for the nine months ended June 30, 2024. The core banking segment reported net income of $17.2 million, or $2.46 per diluted share for the nine months ended June 30, 2025 compared to net income of $13.3 million and net income per diluted share of $1.92 for the nine months ended June 30, 2024. Excluding nonrecurring items, the core banking segment reported net income of $14.4 million (non-GAAP measure)(1), or $2.05 per diluted share (non-GAAP measure)(1) for the nine months ended June 30, 2025 compared to net income of $12.9 million and net income per diluted share of $1.89 for the nine months ended June 30, 2024.

    Net interest income increased $5.2 million, or 12.1%, to $48.2 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the nine months ended June 30, 2025 was 2.89% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to a $5.5 million increase in interest income, partially offset by a $279,000 increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a reversal of provision for credit losses for loans and securities of $501,000 and $8,000, respectively, and a provision for unfunded lending commitments of $246,000 for the nine months ended June 30, 2025, compared to a provision for credit losses for loans and securities of $1.7 million and $107,000, respectively, and reversal of provision for unfunded lending commitments of $159,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOC during the period and a decrease in qualitative reserves. The Company recognized net charge-offs totaling $271,000 for the nine months ended June 30, 2025, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $224,000 in 2024, of which $15,000 was related to unguaranteed portions of SBA loans.

    Noninterest income increased $4.5 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to a $3.1 million net gain on sales of HELOC, a $403,000 net gain on sales of equity securities in 2025, and the aforementioned $487,000 gain recognized in connection with a lease termination in the 2025 period with no corresponding gain amounts for the 2024 period.

    Noninterest expense increased $2.1 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $1.4 million and $1.1 million, respectively, partially offset by a decrease in professional fees of $412,000. The increase in compensation and benefits is primarily due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period with no corresponding amount for the 2025 period and a $405,000 accrued contingent liability associated with employee benefits recognized in the 2025 period with no corresponding amount in the 2024 period. The decrease in professional fees is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

    The Company recognized income tax expense of $2.4 million for the nine months ended June 30, 2025 compared to $873,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period. The effective tax rate for 2025 was 11.8% compared to 8.1%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

    Comparison of Financial Condition at June 30, 2025 and September 30, 2024

    Total assets decreased $33.7 million, from $2.45 billion at September 30, 2024 to $2.42 billion at June 30, 2025. Net loans held for investment decreased $68.0 million during the nine months ended June 30, 2025, due primarily to $109.1 million of sales of HELOC during the nine months ended June 30, 2025, and residential mortgage loans held for sale increased $42.1 million during the same period.

    Total liabilities decreased $40.4 million due primarily to a decrease in total deposits and other borrowings of $144.7 and $19.9 million, respectively, partially offset by an increase in FHLB borrowings of $133.3 million. The decrease in total deposits was due to a decrease in brokered deposits of $229.1 million, which was due primarily to proceeds from the aforementioned sales of HELOC and greater utilization of FHLB borrowings, partially offset by an increase in customer deposits of $84.4 million. The decrease in other borrowings is due to the redemption of $20.0 million of subordinated notes during the quarter ended June 30, 2023. As of June 30, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 35.0% of total deposits and 14.3% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

    Total stockholders’ equity increased $6.7 million, from $177.1 million at September 30, 2024 to $183.8 million at June 30, 2025, due primarily to a $14.6 million increase in retained net income, partially offset by a $8.9 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the nine months ended June 30, 2025, which resulted in a decrease in the fair value of securities available for sale. At June 30, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

    First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Tony A. Schoen, CPA
    Chief Financial Officer
    812-283-0724

     
    FIRST SAVINGS FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (Unaudited)
                       
                       
      Three Months Ended   Nine Months Ended    
    OPERATING DATA: June 30,   June 30,    
    (In thousands, except share and per share data)   2025       2024       2025       2024      
                       
    Total interest income $ 31,965     $ 31,094     $ 95,237     $ 89,765      
    Total interest expense   15,240       16,560       47,059       46,780      
                       
    Net interest income   16,725       14,534       48,178       42,985      
                       
    Provision (credit) for credit losses – loans   347       501       (501 )     1,684      
    Provision (credit) for unfunded lending commitments   77       158       246       (159 )    
    Provision (credit) for credit losses – securities   (1 )     84       (8 )     107      
                       
    Total provision (credit) for credit losses   423       743       (263 )     1,632      
                       
    Net interest income after provision (credit) for credit losses   16,302       13,791       48,441       41,353      
                       
    Total noninterest income   4,520       3,196       14,183       9,688      
    Total noninterest expense   13,693       12,431       42,334       40,248      
                       
    Income before income taxes   7,129       4,556       20,290       10,793      
    Income tax expense   963       483       2,400       873      
                       
    Net income $ 6,166     $ 4,073     $ 17,890     $ 9,920      
                       
    Net income per share, basic $ 0.90     $ 0.60     $ 2.60     $ 1.45      
    Weighted average shares outstanding, basic   6,881,077       6,832,452       6,867,734       6,829,490      
                       
    Net income per share, diluted $ 0.88     $ 0.60     $ 2.57     $ 1.45      
    Weighted average shares outstanding, diluted   6,977,674       6,834,784       6,967,742       6,851,145      
                       
                       
    Performance ratios (annualized)                  
    Return on average assets   1.02 %     0.69 %     0.99 %     0.57 %    
    Return on average equity   13.66 %     9.86 %     13.32 %     8.23 %    
    Return on average common stockholders’ equity   13.66 %     9.86 %     13.32 %     8.23 %    
    Net interest margin (tax equivalent basis)   2.99 %     2.67 %     2.89 %     2.67 %    
    Efficiency ratio   64.45 %     70.11 %     67.89 %     76.41 %    
                       
                       
              QTD       FYTD
    FINANCIAL CONDITION DATA: June 30,   March 31,   Increase   September 30,   Increase
    (In thousands, except per share data)   2025       2025     (Decrease)     2024     (Decrease)
                       
    Total assets $ 2,416,675     $ 2,376,230     $ 40,445     $ 2,450,368     $ (33,693 )
    Cash and cash equivalents   52,123       28,683       23,440       52,142       (19 )
    Investment securities   244,284       244,084       200       249,719       (5,435 )
    Loans held for sale   60,970       61,239       (269 )     25,716       35,254  
    Gross loans   1,916,343       1,900,660       15,683       1,985,146       (68,803 )
    Allowance for credit losses   20,522       20,484       38       21,294       (772 )
    Interest earning assets   2,260,099       2,219,504       40,595       2,277,512       (17,413 )
    Goodwill   9,848       9,848       –       9,848       –  
    Core deposit intangibles   275       316       (41 )     398       (123 )
    Noninterest-bearing deposits   202,649       185,252       17,397       191,528       11,121  
    Interest-bearing deposits (customer)   1,253,525       1,207,159       46,366       1,180,196       73,329  
    Interest-bearing deposits (brokered)   280,020       396,770       (116,750 )     509,157       (229,137 )
    Federal Home Loan Bank borrowings   434,924       325,310       109,614       301,640       133,284  
    Subordinated debt and other borrowings   28,722       48,682       (19,960 )     48,603       (19,881 )
    Total liabilities   2,232,853       2,197,041       35,812       2,273,253       (40,400 )
    Accumulated other comprehensive loss   (20,061 )     (19,385 )     (676 )     (11,195 )     (8,866 )
    Total stockholders’ equity   183,822       179,189       4,633       177,115       6,707  
                       
    Book value per share $ 26.35     $ 25.90       0.45     $ 25.72       0.63  
    Tangible book value per share (non-GAAP) (1)   24.90       24.43       0.47       24.23       0.67  
                       
    Non-performing assets:                  
    Nonaccrual loans – SBA guaranteed $ 2,713     $ 123     $ 2,590     $ 5,036     $ (2,323 )
    Nonaccrual loans   12,502       12,597       (95 )     11,906       596  
    Total nonaccrual loans $ 15,215     $ 12,720     $ 2,495     $ 16,942     $ (1,727 )
    Accruing loans past due 90 days   –       –       –       –       –  
    Total non-performing loans   15,215       12,720       2,495       16,942       (1,727 )
    Foreclosed real estate   1,113       444       669       444       669  
    Total non-performing assets $ 16,328     $ 13,164     $ 3,164     $ 17,386     $ (1,058 )
                       
    Asset quality ratios:                  
    Allowance for credit losses as a percent of total gross loans   1.07 %     1.08 %     (0.01 %)     1.07 %     (0.00 %)
    Allowance for credit losses as a percent of nonperforming loans   134.88 %     161.04 %     (26.16 %)     125.69 %     9.19 %
    Nonperforming loans as a percent of total gross loans   0.79 %     0.67 %     0.12 %     0.85 %     (0.06 %)
    Nonperforming assets as a percent of total assets   0.68 %     0.55 %     0.13 %     0.71 %     (0.03 %)
                       
    (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.      
                       
                       
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):         
    The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
                   
      Three Months Ended   Fiscal Year Ended    
    Net Income June 30,   June 30,    
    (In thousands)   2025       2024       2025       2024      
                       
    Net income attributable to the Company (non-GAAP) $ 5,691     $ 3,534     $ 15,057     $ 9,381      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect   –       –       1,869       –      
    Plus: Gain on life insurance, net of tax effect   110       –       110       –      
    Plus: Gain on lease termination, net of tax effect   365       –       365       –      
    Plus: Gain on sale of equity securities, net of tax effect   –       –       302       –      
    Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect   –       212       –       212      
    Plus: Gain on sale of premises and equipment, net of tax effect   –       –       186       –      
    Plus: Recording of Visa Class C shares, net of tax   –       327       –       327      
    Net income attributable to the Company (GAAP) $ 6,166     $ 4,073     $ 17,890     $ 9,920      
                       
    Net Income per Share, Diluted                  
                       
    Net income per share attributable to the Company, diluted (non-GAAP) $ 0.81     $ 0.52     $ 2.16     $ 1.37      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect   –       –       0.27       –      
    Plus: Gain on life insurance, net of tax effect   0.02       –       0.02       –      
    Plus: Gain on lease termination, net of tax effect   0.05       –       0.05       –      
    Plus: Gain on sale of equity securities, net of tax effect   –       –       0.04       –      
    Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect   –       0.03       –       0.03      
    Plus: Gain on sale of premises and equipment, net of tax effect   –       –       0.03       –      
    Plus: Recording of Visa Class C shares, net of tax   –       0.05       –       0.05      
    Net income per share, diluted (GAAP) $ 0.88     $ 0.60     $ 2.57     $ 1.45      
                       
    Core Bank Segment Net Income                  
    (In thousands)                  
                       
    Net income attributable to the Core Bank (non-GAAP) $ 5,299     $ 4,176     $ 14,379     $ 12,947      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect   –       –       1,869       –      
    Plus: Gain on life insurance, net of tax effect   110       –       110       –      
    Plus: Gain on lease termination, net of tax effect   365       –       365       –      
    Plus: Gain on sale of equity securities, net of tax effect   –       –       302       –      
    Plus: Gain on sale of premises and equipment, net of tax effect   –       –       186       –      
    Plus: Recording of Visa Class C shares, net of tax   –       327       –       327      
    Net income attributable to the Core Bank (GAAP) $ 5,774     $ 4,503     $ 17,212     $ 13,274      
                       
    Core Bank Segment Net Income per Share, Diluted                  
                       
    Core Bank net income per share, diluted (non-GAAP) $ 0.75     $ 0.64     $ 2.05     $ 1.89      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect   –       –       0.27       –      
    Plus: Gain on life insurance, net of tax effect   0.02       –       0.02       –      
    Plus: Gain on lease termination, net of tax effect   0.05       –       0.05       –      
    Plus: Gain on sale of equity securities, net of tax effect   –       –       0.04       –      
    Plus: Gain on sale of premises and equipment, net of tax effect   –       –       –       0.03      
    Plus: Recording of Visa Class C shares, net of tax   –       0.05       0.03       –      
    Core Bank net income per share, diluted (GAAP) $ 0.82     $ 0.69     $ 2.46     $ 1.92      
                       
                       
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED): Three Months Ended   Fiscal Year Ended    
    Efficiency Ratio June 30,   June 30,    
    (In thousands)   2025       2024       2025       2024      
                       
    Net interest income (GAAP) $ 16,725     $ 14,534     $ 48,178     $ 42,985      
                       
    Noninterest income (GAAP)   4,520       3,196       14,183       9,688      
                       
    Noninterest expense (GAAP)   13,693       12,431       42,334       40,248      
                       
    Efficiency ratio (GAAP)   64.45 %     70.11 %     67.89 %     76.41 %    
                       
    Noninterest income (GAAP) $ 4,520     $ 3,196     $ 14,183     $ 9,688      
    Less: Gain on bulk sale of loans, home equity lines of credit   –       –       (2,492 )     –      
    Less: Gain on life insurance   (147 )     –       (147 )     –      
    Less: Gain on lease termination   (487 )     –       (487 )     –      
    Less: Gain on sale of equity securities   –       –       (403 )     –      
    Less: Gain on sale of premises and equipment   –       –       (140 )     –      
    Less: Recording of Visa Class C shares   –       (245 )     –       (245 )    
    Noninterest income (Non-GAAP)   3,886       2,951       10,515       9,443      
                       
    Noninterest expense (GAAP) $ 13,693     $ 12,431     $ 42,334     $ 40,248      
    Plus: Decrease in loss contingency for SBA-guaranteed loans   –       283       –       283      
    Noninterest expense (Non-GAAP) $ 13,693     $ 12,714     $ 42,334     $ 40,531      
                       
    Efficiency ratio (excluding nonrecurring items) (non-GAAP)   66.44 %     72.71 %     72.13 %     77.31 %    
                       
              QTD       FYTD
    Tangible Book Value Per Share June 30,   March 31,   Increase   September 30,   Increase
    (In thousands, except share and per share data)   2025       2025     (Decrease)     2024     (Decrease)
                       
    Stockholders’ equity (GAAP) $ 183,822     $ 179,189     $ 4,633     $ 177,115     $ 6,707  
    Less: goodwill and core deposit intangibles   (10,123 )     (10,164 )     41       (10,246 )     123  
    Tangible stockholders’ equity (non-GAAP) $ 173,699     $ 169,025     $ 4,674     $ 166,869     $ 6,830  
                       
    Outstanding common shares   6,976,558       6,919,136     $ 57,422       6,887,106     $ 89,452  
                       
    Tangible book value per share (non-GAAP) $ 24.90     $ 24.43     $ 0.47     $ 24.23     $ 0.67  
                       
    Book value per share (GAAP) $ 26.35     $ 25.90     $ 0.45     $ 25.72     $ 0.63  
                       
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): As of
    Summarized Consolidated Balance Sheets June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except per share data)   2025       2025       2024       2024       2024  
                       
    Total cash and cash equivalents $ 52,123     $ 28,683     $ 76,224     $ 52,142     $ 42,423  
    Total investment securities   244,284       244,084       242,634       249,719       238,785  
    Total loans held for sale   60,970       61,239       24,441       25,716       125,859  
    Total loans, net of allowance for credit losses   1,895,821       1,880,176       1,884,514       1,963,852       1,826,980  
    Loan servicing rights   2,869       2,744       2,661       2,754       2,860  
    Total assets   2,416,675       2,376,230       2,388,735       2,450,368       2,393,491  
                       
    Customer deposits $ 1,456,174     $ 1,392,411     $ 1,395,766     $ 1,371,724     $ 1,312,997  
    Brokered deposits   280,020       396,770       437,008       509,157       399,151  
    Total deposits   1,736,194       1,789,181       1,832,774       1,880,881       1,712,148  
    Federal Home Loan Bank borrowings   434,924       325,310       295,000       301,640       425,000  
                       
    Common stock and additional paid-in capital $ 30,090     $ 28,650     $ 28,382     $ 27,725     $ 27,592  
    Retained earnings – substantially restricted   187,969       182,918       178,526       173,337       170,688  
    Accumulated other comprehensive loss   (20,061 )     (19,385 )     (17,789 )     (11,195 )     (17,415 )
    Unearned stock compensation   (2,005 )     (862 )     (973 )     (901 )     (999 )
    Less treasury stock, at cost   (12,171 )     (12,132 )     (12,119 )     (11,851 )     (11,866 )
    Total stockholders’ equity   183,822       179,189       176,027       177,115       168,000  
                       
    Outstanding common shares   6,976,558       6,919,136       6,909,173       6,887,106       6,883,656  
                       
                       
      Three Months Ended
    Summarized Consolidated Statements of Income June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except per share data)   2025       2025       2024       2024       2024  
                       
    Total interest income $ 31,965     $ 30,823     $ 32,449     $ 32,223     $ 31,094  
    Total interest expense   15,240       14,832       16,987       17,146       16,560  
    Net interest income   16,725       15,991       15,462       15,077       14,534  
    Provision (credit) for credit losses – loans   347       (357 )     (491 )     1,808       501  
    Provision (credit) for unfunded lending commitments   77       123       46       (262 )     158  
    Provision (credit) for credit losses – securities   (1 )     (1 )     (6 )     (86 )     84  
    Total provision (credit) for credit losses   423       (235 )     (451 )     1,460       743  
                       
    Net interest income after provision for credit losses   16,302       16,226       15,913       13,617       13,791  
                       
    Total noninterest income   4,520       3,560       6,103       2,842       3,196  
    Total noninterest expense   13,693       13,698       14,943       12,642       12,431  
    Income before income taxes   7,129       6,088       7,073       3,817       4,556  
    Income tax expense (benefit)   963       589       848       145       483  
    Net income   6,166       5,499       6,225       3,672       4,073  
                       
                       
    Net income per share, basic $ 0.90     $ 0.80     $ 0.91     $ 0.54     $ 0.60  
    Weighted average shares outstanding, basic   6,881,077       6,875,826       6,851,153       6,832,626       6,832,452  
                       
    Net income per share, diluted $ 0.88     $ 0.79     $ 0.89     $ 0.53     $ 0.60  
    Weighted average shares outstanding, diluted   6,977,674       6,960,020       6,969,223       6,894,532       6,842,336  
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Noninterest Income Detail June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
                       
    Service charges on deposit accounts $ 537     $ 541     $ 567     $ 552     $ 538  
    ATM and interchange fees   648       632       665       642       593  
    Net unrealized gain on equity securities   15       47       78       28       419  
    Net gain on equity securities   –       –       403       –       –  
    Net gain on sales of loans, Small Business Administration   932       1,078       711       647       581  
    Net gain on sales of loans, home equity lines of credit   617       –       2,492       –       –  
    Mortgage banking income   96       104       78       6       49  
    Increase in cash surrender value of life insurance   358       380       361       363       353  
    Gain on life insurance   147       –       108       –       –  
    Commission income   184       255       210       294       220  
    Real estate lease income   132       122       121       122       154  
    Net gain (loss) on premises and equipment   –       –       45       (4 )     –  
    Other income   854       401       264       192       289  
    Total noninterest income $ 4,520     $ 3,560     $ 6,103     $ 2,842     $ 3,196  
                       
                       
      Three Months Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
    Consolidated Performance Ratios (Annualized)   2025       2025       2024       2024       2024  
                       
    Return on average assets   1.02 %     0.93 %     1.02 %     0.61 %     0.69 %
    Return on average equity   13.66 %     12.24 %     14.07 %     8.52 %     9.86 %
    Return on average common stockholders’ equity   13.66 %     12.34 %     14.07 %     8.52 %     9.86 %
    Net interest margin (tax equivalent basis)   2.99 %     2.93 %     2.75 %     2.72 %     2.67 %
    Efficiency ratio   64.45 %     70.06 %     69.29 %     70.55 %     70.11 %
                       
                       
      As of or for the Three Months Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
    Consolidated Asset Quality Ratios   2025       2025       2024       2024       2024  
                       
    Nonperforming loans as a percentage of total loans   0.79 %     0.67 %     0.87 %     0.85 %     0.91 %
    Nonperforming assets as a percentage of total assets   0.68 %     0.55 %     0.71 %     0.71 %     0.72 %
    Allowance for credit losses as a percentage of total loans   1.07 %     1.08 %     1.09 %     1.07 %     1.07 %
    Allowance for credit losses as a percentage of nonperforming loans   134.88 %     161.04 %     124.85 %     125.69 %     118.12 %
    Net charge-offs to average outstanding loans   0.02 %     -0.01 %     0.01 %     0.02 %     0.01 %
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Segmented Statements of Income Information June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
                       
    Core Banking Segment:                  
    Net interest income $ 15,086     $ 14,259     $ 13,756     $ 14,083     $ 13,590  
    Provision (credit) for credit losses – loans   420       (540 )     (745 )     1,339       320  
    Provision (credit) for unfunded lending commitments   32       35       (75 )     78       64  
    Provision (credit) for credit losses – securities   (1 )     (1 )     (7 )     (86 )     84  
    Total provision (credit) for credit losses   451       (506 )     (827 )     1,331       468  
    Net interest income after provision (credit) for credit losses   14,635       14,765       14,583       12,752       13,122  
    Noninterest income   3,340       2,242       5,253       2,042       2,474  
    Noninterest expense   11,366       11,486       12,574       10,400       10,192  
    Income before income taxes   6,609       5,521       7,262       4,394       5,404  
    Income tax expense   835       452       893       301       689  
    Net income $ 5,774     $ 5,069     $ 6,369     $ 4,093     $ 4,715  
                       
    SBA Lending Segment (Q2):                  
    Net interest income $ 1,639     $ 1,732     $ 1,706     $ 994     $ 944  
    Provision (credit) for credit losses – loans   (73 )     183       255       469       181  
    Provision (credit) for unfunded lending commitments   45       88       121       (340 )     94  
    Total provision (credit) for credit losses   (28 )     271       376       129       275  
    Net interest income after provision for credit losses   1,667       1,461       1,330       865       669  
    Noninterest income   1,180       1,318       850       800       722  
    Noninterest expense   2,327       2,212       2,369       2,242       2,239  
    Income (loss) before income taxes   520       567       (189 )     (577 )     (848 )
    Income tax expense (benefit)   128       137       (45 )     (156 )     (206 )
    Net income (loss) $ 392     $ 430     $ (144 )   $ (421 )   $ (642 )
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Segmented Statements of Income Information June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except percentage data)   2025       2025       2024       2024       2024  
                       
    Net Income (Loss) Per Share by Segment                  
    Net income per share, basic – Core Banking $ 0.84     $ 0.74     $ 0.93     $ 0.60     $ 0.69  
    Net income (loss) per share, basic – SBA Lending (Q2)   0.06       0.06       (0.02 )     (0.06 )     (0.09 )
    Total net income (loss) per share, basic $ 0.90     $ 0.80     $ 0.91     $ 0.54     $ 0.60  
                       
    Net Income (Loss) Per Diluted Share by Segment                  
    Net income per share, diluted – Core Banking $ 0.82     $ 0.73     $ 0.91     $ 0.59     $ 0.69  
    Net income (loss) per share, diluted – SBA Lending (Q2)   0.06       0.06       (0.02 )     (0.06 )     (0.09 )
    Total net income per share, diluted $ 0.88     $ 0.79     $ 0.89     $ 0.53     $ 0.60  
                       
    Return on Average Assets by Segment (annualized) (3)                  
    Core Banking   1.01 %     0.90 %     1.09 %     0.71 %     0.83 %
    SBA Lending   1.36 %     1.58 %     (0.55 %)     (1.71 %)     (2.91 %)
                       
    Efficiency Ratio by Segment (annualized) (3)                  
    Core Banking   61.68 %     69.61 %     66.15 %     64.50 %     63.45 %
    SBA Lending   82.55 %     72.52 %     92.68 %     124.97 %     134.39 %
                       
                       
      Three Months Ended
    Noninterest Expense Detail by Segment June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
                       
    Core Banking Segment:                  
    Compensation $ 6,470     $ 6,637     $ 7,245     $ 5,400     $ 5,587  
    Occupancy   1,533       1,648       1,577       1,554       1,573  
    Advertising   437       429       338       399       253  
    Other   2,926       2,772       3,414       3,047       2,779  
    Total Noninterest Expense $ 11,366     $ 11,486     $ 12,574     $ 10,400     $ 10,192  
                       
    SBA Lending Segment (Q2):                  
    Compensation $ 1,914     $ 1,892     $ 1,931     $ 1,854     $ 1,893  
    Occupancy   92       50       59       55       51  
    Advertising   17       10       14       17       12  
    Other   304       260       365       316       283  
    Total Noninterest Expense $ 2,327     $ 2,212     $ 2,369     $ 2,242     $ 2,239  
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    SBA Lending (Q2) Data June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except percentage data)   2025       2025       2024       2024       2024  
                       
    Final funded loans guaranteed portion sold, SBA $ 18,019     $ 15,716     $ 10,785     $ 10,880     $ 7,515  
                       
    Gross gain on sales of loans, SBA $ 1,548     $ 1,508     $ 1,141     $ 1,029     $ 811  
    Weighted average gross gain on sales of loans, SBA   8.59 %     9.60 %     10.58 %     9.46 %     10.79 %
                       
    Net gain on sales of loans, SBA (2) $ 932     $ 1,078     $ 711     $ 647     $ 581  
    Weighted average net gain on sales of loans, SBA   5.17 %     6.86 %     6.59 %     5.95 %     7.73 %
                       
                       
    (2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.    
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Summarized Consolidated Average Balance Sheets June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
    Interest-earning assets                  
    Average balances:                  
    Interest-bearing deposits with banks $ 15,889     $ 11,851     $ 21,102     $ 16,841     $ 26,100  
    Loans   1,992,567       1,946,338       2,010,082       1,988,997       1,943,716  
    Investment securities – taxable   104,169       102,744       101,960       99,834       101,350  
    Investment securities – nontaxable   162,017       161,579       160,929       158,917       157,991  
    FRB and FHLB stock   24,993       24,986       24,986       24,986       24,986  
    Total interest-earning assets $ 2,299,635     $ 2,247,498     $ 2,319,059     $ 2,289,575     $ 2,254,143  
                       
    Interest income (tax equivalent basis):                  
    Interest-bearing deposits with banks $ 145     $ 168     $ 210     $ 209     $ 324  
    Loans   29,214       27,998       29,617       29,450       28,155  
    Investment securities – taxable   947       921       914       910       918  
    Investment securities – nontaxable   1,733       1,719       1,715       1,685       1,665  
    FRB and FHLB stock   416       511       493       471       519  
    Total interest income (tax equivalent basis) $ 32,455     $ 31,317     $ 32,949     $ 32,725     $ 31,581  
                       
    Weighted average yield (tax equivalent basis, annualized):                  
    Interest-bearing deposits with banks   3.65 %     5.67 %     3.98 %     4.96 %     4.97 %
    Loans   5.86 %     5.75 %     5.89 %     5.92 %     5.79 %
    Investment securities – taxable   3.64 %     3.59 %     3.59 %     3.65 %     3.62 %
    Investment securities – nontaxable   4.28 %     4.26 %     4.26 %     4.24 %     4.22 %
    FRB and FHLB stock   6.66 %     8.18 %     7.89 %     7.54 %     8.31 %
    Total interest-earning assets   5.65 %     5.57 %     5.68 %     5.72 %     5.60 %
                       
    Interest-bearing liabilities                  
    Interest-bearing deposits $ 1,537,248     $ 1,653,058     $ 1,671,156     $ 1,563,258     $ 1,572,871  
    Federal Home Loan Bank borrowings   437,371       266,975       315,583       378,956       351,227  
    Subordinated debt and other borrowings   35,070       48,656       48,616       48,576       48,537  
    Total interest-bearing liabilities $ 2,009,689     $ 1,968,689     $ 2,035,355     $ 1,990,790     $ 1,972,635  
                       
    Interest expense:                  
    Interest-bearing deposits $ 10,601     $ 12,069     $ 13,606     $ 12,825     $ 12,740  
    Federal Home Loan Bank borrowings   4,149       2,001       2,617       3,521       3,021  
    Subordinated debt and other borrowings   489       762       764       800       799  
    Total interest expense $ 15,239     $ 14,832     $ 16,987     $ 17,146     $ 16,560  
                       
    Weighted average cost (annualized):                  
    Interest-bearing deposits   2.76 %     2.92 %     3.26 %     3.28 %     3.24 %
    Federal Home Loan Bank borrowings   3.79 %     3.00 %     3.32 %     3.72 %     3.44 %
    Subordinated debt and other borrowings   5.58 %     6.26 %     6.29 %     6.59 %     6.58 %
    Total interest-bearing liabilities   3.03 %     3.01 %     3.34 %     3.45 %     3.36 %
                       
    Net interest income (taxable equivalent basis) $ 17,216     $ 16,485     $ 15,962     $ 15,579     $ 15,021  
    Less: taxable equivalent adjustment   (491 )     (494 )     (500 )     (502 )     (487 )
    Net interest income $ 16,725     $ 15,991     $ 15,462     $ 15,077     $ 14,534  
                       
    Interest rate spread (tax equivalent basis, annualized)   2.62 %     2.56 %     2.34 %     2.27 %     2.24 %
                       
    Net interest margin (tax equivalent basis, annualized)   2.99 %     2.93 %     2.75 %     2.72 %     2.67 %
                       

    The MIL Network –

  • MIL-OSI USA: Warner, 28 Senators Call on Administration to Conduct Independent, U.S.-Led Investigation into Death of American Citizen in West Bank

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) joined Sen. Chris Van Hollen (D-MD) and 27 of their Senate Democratic colleagues in a letter to Secretary of State Marco Rubio and Attorney General Pam Bondi calling on the Administration to conduct an independent investigation into the death of Saifullah Kamel Musallet, an American citizen recently killed near the West Bank town of Sinjil. The Senators point to the repeated lack of accountability in the deaths of other American citizens killed in the West Bank since January 2022, including Shireen Abu Akleh, Omar Assad, Tawfic Abdel Jabbar, Mohammad Ahmed Mohammad Khdour, Aysenur Ezgi Eygi, and Amer Mohammad Saada Rabee. Given that, the Senators also ask for an update on the status of any investigations into the killings of these six other Americans.
    The Senators wrote, “We write with grave concern regarding the brutal killing of a Palestinian-American, Saifullah Kamel Musallet, near the West Bank town of Sinjil, on July 11, 2025. The U.S. government must conduct a credible and independent investigation into his death and hold all perpetrators accountable. Protecting and supporting U.S. citizens abroad is one of the foremost responsibilities of the U.S. government. The United States Government has failed to secure accountability for the killing of respected Palestinian American journalist Shireen Abu Akleh, or any of the other five American citizens – Omar Assad, Tawfic Abdel Jabbar, Mohammad Ahmed Mohammad Khdour, Aysenur Ezgi Eygi, and Amer Mohammad Saada Rabee – killed in the West Bank since January 2022. Following the Trump Administration’s sudden revocation of all U.S. sanctions against extremist settlers in the West Bank, the first five months of 2025 have seen the highest rate of settler attacks in years and the killing of another American. We urge you to pursue a different approach.” 
    “Saifullah Kamal Musallet is the seventh American citizen killed in the West Bank since January 2022 — and the fifth in just the last nineteen months. The killings of these Americans in the West Bank have been met by a lack of accountability from the Netanyahu government and an inability to secure justice by the U.S. government. These failures have contributed to an unacceptable culture of impunity when it comes to incidents where civilians have been killed in the West Bank, including Americans,” they continued. 
    The Senators noted, “The Netanyahu government has failed to hold anyone accountable for any of these seven killings of Americans and the United States government has failed in its responsibility to protect American citizens overseas and demand justice for their deaths.”  
    “It is long past time for the U.S. government to demand accountability in these killings of Americans. To that end, we urge you to immediately launch an independent investigation into the brutal killing of Saifullah Kamel Musallet, including the circumstances that blocked ambulances from reaching him. We also ask that you provide us with an update on the status of any investigations into the killings of the six other Americans who have been killed since January 2022, and provide us with a briefing on actions you are taking to ensure accountability for their deaths and to prevent future killings of Americans in the West Bank,” the Senators closed. 
    In addition to Sen. Warner, the letter was signed by Senators Van Hollen, Murray, Kaine, Durbin, Reed, Shaheen, Schatz, Merkley, Sanders, Warren, Cantwell, Welch, Smith, Baldwin, Markey, Warnock, Lujan, Ossoff, Kim, Heinrich, Duckworth, Klobuchar, Whitehouse, Hirono, Booker, Alsobrooks, Blunt Rochester, and Murphy. 
    The full text of the letter is available here and below.
    Dear Secretary Rubio and Attorney General Bondi, 
    We write with grave concern regarding the brutal killing of a Palestinian-American, Saifullah Kamel Musallet, near the West Bank town of Sinjil, on July 11, 2025. The U.S. government must conduct a credible and independent investigation into his death and hold all perpetrators accountable. Protecting and supporting U.S. citizens abroad is one of the foremost responsibilities of the U.S. government. The United States Government has failed to secure accountability for the killing of respected Palestinian American journalist Shireen Abu Akleh, or any of the other five American citizens – Omar Assad, Tawfic Abdel Jabbar, Mohammad Ahmed Mohammad Khdour, Aysenur Ezgi Eygi, and Amer Mohammad Saada Rabee – killed in the West Bank since January 2022. Following the Trump Administration’s sudden revocation of all U.S. sanctions against extremist settlers in the West Bank, the first five months of 2025 have seen the highest rate of settler attacks in years and the killing of another American. We urge you to pursue a different approach.
    Saifullah Kamal Musallet is the seventh American citizen killed in the West Bank since January 2022 — and the fifth in just the last nineteen months. The killings of these Americans in the West Bank have been met by a lack of accountability from the Netanyahu government and an inability to secure justice by the U.S. government. These failures have contributed to an unacceptable culture of impunity when it comes to incidents where civilians have been killed in the West Bank, including Americans.
    Saifullah Kamel Musallet, a 20-year-old U.S. citizen from Florida, was visiting family in the West Bank when he was beaten to death by extremist Israeli settlers during a settler attack on the town of Sinjil. Reports indicate that ambulances could not reach the injured for more than two hours, with eyewitness accounts stating that settlers and Israeli forces impeded ambulance access. In April of this year, a 14-year-old boy from New Jersey, Amer Mohammad Saada Rabee, was also killed in the West Bank. Amer was reportedly shot at the entrance to Turmus Ayya by Israeli security forces. Reports suggest that Amer was shot a total of 11 times and two other Americans were also shot in the incident. 
    Last year, three other U.S. citizens were killed in the West Bank, including two teenagers. Tawfic Abdel Jabbar and Mohammad Ahmed Mohammad Khdour were both 17-year-old U.S. citizens visiting their families in the West Bank when they were shot and killed in separate incidents. In both cases they were shot in the head while they were traveling in vehicles. The third U.S. citizen killed in the West Bank last year was Aysenur Ezgi Eygi, a 26-year-old American citizen raised in Seattle who, according to reports, was shot in the head by an Israeli soldier from a distance of 200 meters. 
    The Netanyahu government has failed to hold anyone accountable for any of these seven killings of Americans and the United States government has failed in its responsibility to protect American citizens overseas and demand justice for their deaths.
    It is long past time for the U.S. government to demand accountability in these killings of Americans. To that end, we urge you to immediately launch an independent investigation into the brutal killing of Saifullah Kamel Musallet, including the circumstances that blocked ambulances from reaching him. We also ask that you provide us with an update on the status of any investigations into the killings of the six other Americans who have been killed since January 2022, and provide us with a briefing on actions you are taking to ensure accountability for their deaths and to prevent future killings of Americans in the West Bank.
    We respectfully ask for a response within two weeks.
    Sincerely,

    MIL OSI USA News –

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

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

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

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

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

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

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

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

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

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Notice of liquidation, AB “ASPECT” (JSC)

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    Full company name

    JOINT-STOCK BANK “ASPECT” (Joint-Stock Company)

    Abbreviated company name

    AB “ASPEKT” (JSC)

    Registration number

    608

    Date of registration by the Bank of Russia

    10/26/1990

    Primary state registration number

    1027739326207 (07.10.2002)

    Address from the charter

    129327, Moscow, st. Lenskaya, 28

    Actual address

    129327, Moscow, st. Lenskaya, 28

    Charter

    Date of approval of the latest version of the charter: 01.12.2015, agreed changes to the charter: other changes (20.12.2018)

    Authorized capital

    RUB 45,300,000.00, date of change in the authorized capital: 01.11.2002

    License (date of issue/last replacement)Banks with a basic license are banks that have a license that has the word “basic” in its name. All other active banks are banks with a universal license.

    The license was revoked by the order of the Bank of Russia OD-809 dated 12.04.2019

    Participation in the deposit insurance system

    Yes

    Brand name in English

    Joint Stock Bank “Aspect”, “Aspect – Bank”

    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.

    .

    MIL OSI Russia News –

  • MIL-OSI Banking: Newfoundland and Labrador issue RFEI for 150 MW capacity and 500 GWh energy

    Source: – Press Release/Statement:

    Headline: Newfoundland and Labrador issue RFEI for 150 MW capacity and 500 GWh energy

    CanREA members are eager to propose new, affordable, wind and solar energy projects in Newfoundland & Labrador.

    Toronto, July 24, 2025—The Canadian Renewable Energy Association (CanREA) welcomes Newfoundland and Labrador Hydro’s new Request for Expressions of Interest (RFEI), as announced July 9.

    An information session held by Newfoundland and Labrador Hydro on July 23 confirmed that this RFEI is for the supply of energy and/or capacity that, in combination, can provide up to 150 megawatts (MW) of firm capacity and up to 500 gigawatt hours (GWh) of firm energy, to meet the increasing demands of the province’s Island Interconnected System.

    “With this announcement, CanREA is now tracking wind energy, solar energy and energy storage activity coast-to-coast in Canada, with a clear focus on building clean energy projects at scale and pace,” said Vittoria Bellissimo, CanREA’s President and CEO.

    The RFEI will help the utility gather market information to support the development of a Request for Proposals (RFP) and a Request for Information (RFI) later this year.

    “Newfoundland and Labrador needs more power, and our members are ready to compete for the opportunity to develop wind, solar and battery storage projects to help meet these needs, provide affordable, reliable and clean electricity to Newfoundlanders and support economic growth across the province,” said Jean Habel, CanREA’s Senior Director for Québec and Atlantic Canada.  

    Wind and solar energy, coupled with energy storage capacity, can contribute to a decarbonized energy grid, create local economic benefits and improve the resilience of the electricity system.

    CanREA will continue to engage with Newfoundland and Labrador Hydro and the government of Newfoundland and Labrador to ensure this RFEI process will result in the lowest-cost, highest-benefit outcomes for consumers.  

    “This RFEI is a high-priority item for CanREA’s members in Atlantic Canada, and we are confident that it will build momentum in Newfoundland and Labrador over the coming years,” said Eddie Oldfield, CanREA’s Manager for Atlantic Canada. 

    The deadline for questions is Friday, August 1, 2025, at 11:59 p.m. (NDT, and the RFEI bid closing date is Tuesday, September 2, 2025, at 3 p.m. (NDT).

    Quotes

    “With this announcement, CanREA is now tracking wind energy, solar energy and energy storage activity coast-to-coast in Canada, with a clear focus on building clean energy projects at scale and pace.”
    —Vittoria Bellissimo, President and CEO, Canadian Renewable Energy Association (CanREA)

    “Newfoundland and Labrador needs more power, and our members are ready to compete for the opportunity to develop wind, solar and battery storage projects to help meet these needs, provide affordable, reliable and clean electricity to Newfoundlanders and support economic growth across the province.”
    —Jean Habel, Senior Director for Québec and Atlantic Canada, Canadian Renewable Energy Association (CanREA) 

    “This RFEI is a high-priority item for CanREA’s members in Atlantic Canada, and we are confident that it will build momentum in Newfoundland and Labrador over the coming years.”
    —Eddie Oldfield, Atlantic Canada Manager, Canadian Renewable Energy Association (CanREA)

    Canadian Renewable Energy Association 

    Communications Canadian Renewable Energy Association communications@renewablesassociation.ca 

    About CanREA 

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn here. Learn more at renewablesassociation.ca. 

    The post Newfoundland and Labrador issue RFEI for 150 MW capacity and 500 GWh energy appeared first on Canadian Renewable Energy Association.

    MIL OSI Global Banks –

  • MIL-OSI USA: Volcano Watch — Ancient volcanoes are critical to our modern world, and our future

    Source: US Geological Survey

    Volcano Watch is a weekly article and activity update written by U.S. Geological Survey Hawaiian Volcano Observatory scientists and affiliates. 

    The Ha‘akulamanu trail within Hawai‘i Volcanoes National Park passes through the Sulphur Banks area, where long-term degassing near Kaluapele (Kīlauea summit caldera) has altered the basalt to colorful minerals including yellow sulfur, white gypsum, and reddish-brown hematite. USGS photo by C. Sealing.

    Volcanoes act as windows into the deep Earth. They help us understand the formation of our planet and others like it in the solar system. Living on or near an active volcano can be both beneficial, due to their rich soils and tourism appeal, but they also pose hazards to the communities around them. For this reason, we need to understand what drives volcanic eruptions and monitor volcanoes to keep communities safe. 

    Long after magma has stopped rising through the crust and the last eruption at a volcano has ceased, another process takes places in volcanic systems deep underground. Fluids begin to percolate through the system—they flow through the old magma reservoirs, the dykes and sills, buried lava flows and hydrothermal systems—transporting elements and chemically altering the surrounding rocks. Unlike the geologically short and violent lives of volcanoes, the formation of mineral systems is a slow, quiet process that can take millions of years. 

    According to the Energy Act of 2020, “critical minerals” are those minerals, elements, substances, or materials designated as critical because they serve an essential function for energy technology and have a high risk of supply chain disruption. The list of critical minerals includes elements like lithium, nickel, magnesium, platinum, iridium, and rare earth elements, among others. These elements have become important for our everyday lives, and are used in everything from solar panels, batteries, vehicles, power plants, medical devices, to smartphones.

    More than half of the world’s critical mineral resources formed in ancient volcanic systems. When exploring for mineral resources, your location within the volcanic system will determine the type of ore bodies you’d expect to find. 

    For instance, deep in the volcanic system, minerals like chromium, titanium, vanadium, and platinum-group elements are found in layered intrusive rocks that were once bodies of magma that never made it to the surface.

    The most abundant source of rare earth elements are strange magmas called carbonatites that are found at the edges of ancient continents and in ancient rift systems within continents. In other volcanic systems, like submarine volcanoes, magmatic-hydrothermal systems yield minerals like copper, lead, zinc, and gold.

    The richest mineral deposits are often found in the oldest volcanic rocks. They’ve been weathered down, eroded, and buried, while fluids have moved through continuously altering the rocks themselves. You probably wouldn’t recognize them as old volcanic systems without a geology degree—and even then, it’s hard!

    As geologists, we use observations of our modern world to help us understand the formations of the past. Studying recent and active volcanic systems—where they form, how they’re shaped inside, what magmas they produce, and how they interact with the surrounding environment—allows us to better understand and explore for these ancient, mineral-bearing systems that power the modern and future world.  So, next time you visit a national park with volcanoes like Kīlauea or Yellowstone, imagine you are hiking on what could be a future ore deposit millions of years from now.

    Volcano Activity Updates

    Kīlauea has been erupting episodically within the summit caldera since December 23, 2024. Its USGS Volcano Alert level is WATCH.

    Episode 29 of the Kīlauea summit eruption in Halemaʻumaʻu crater occurred on July 20, with approximately 13 hours of fountaining from predominantly the north vent. Summit region inflation since the end of episode 29, along with persistent tremor, suggests that another episode is possible and could start July 31 or later. Sulfur dioxide emission rates are elevated in the summit region during active eruption episodes. No unusual activity has been noted along Kīlauea’s East Rift Zone or Southwest Rift Zone. 

    Mauna Loa is not erupting. Its USGS Volcano Alert Level is at NORMAL.

    One earthquake was reported felt in the Hawaiian Islands during the past week: a M3.1 earthquake 1 km (0 mi) S of Kealakekua at 9 km (5 mi) depth on July 21 at 9:07 p.m. HST.

    HVO continues to closely monitor Kīlauea and Mauna Loa.

    Please visit HVO’s website for past Volcano Watch articles, Kīlauea and Mauna Loa updates, volcano photos, maps, recent earthquake information, and more. Email questions to askHVO@usgs.gov.

    MIL OSI USA News –

  • MIL-OSI: Meridian Corporation Reports Second Quarter 2025 Results and Announces a Quarterly Dividend of $0.125 per Common Share

    Source: GlobeNewswire (MIL-OSI)

    MALVERN, Pa., July 24, 2025 (GLOBE NEWSWIRE) — Meridian Corporation (Nasdaq: MRBK) today reported:

      Three Months Ended
    (Dollars in thousands, except per share data) (Unaudited) June 30, 
    2025    		   March 31, 
    2025    		   June 30, 
    2024
    Income:          
    Net income $ 5,592   $ 2,399   $ 3,326
    Diluted earnings per common share   0.49     0.21     0.30
    Pre-provision net revenue (PPNR) (1)   11,090     8,357     7,072
    (1) See Non-GAAP reconciliation in the Appendix          
               
    • Net income for the quarter ended June 30, 2025 was $5.6 million, or $0.49 per diluted share, up $3.2 million, or 133%, from prior quarter.
    • Pre-provision net revenue1 for the quarter was $11.1 million, an improvement of $4.0 million, or 57%. from Q2’2024.
    • Net interest margin was 3.54% for the second quarter of 2025, while loan yield improved to 7.24%, from prior quarter.
    • Return on average assets and return on average equity for the second quarter of 2025 were 0.90% and 12.68%, respectively.
    • Total assets at June 30, 2025 were $2.5 billion, compared to $2.5 billion at March 31, 2025 and $2.4 billion at June 30, 2024.
    • Commercial loans, excluding leases, increased $33.2 million, or 2% from prior quarter.
    • On July 24, 2025, the Board of Directors declared a quarterly cash dividend of $0.125 per common share, payable August 18, 2025 to shareholders of record as of August 11, 2025.

    Christopher J. Annas, Chairman and CEO commented:

    “Meridian’s second quarter 2025 earnings of $5.6 million were substantially above first quarter 2025, benefiting from improving margin, SBA loan sales and mortgage seasonality. PPNR was up 33% over the same period, reflecting overall healthy growth in our business units and good expense control. Loan growth was 2.5% for the quarter but was negatively impacted by a large SBA loan sale and the planned paydowns in our lease group. We continue to forecast loan growth in the 8-10% range for the year. Management is intensely focused on reducing the nonperforming loans, historically high for us, but negotiations and lengthy court schedules will slow the process.

    Meridian Wealth Partners continued its solid performance with pre-tax income of $604 thousand for the quarter. We have hired senior managers in this unit to further our growth, and capture a greater percentage of opportunities from our loan groups. The mortgage team is performing nicely but still facing a lack of homes for sale in our Philadelphia metro and Baltimore markets. It had a big turnaround from the first quarter, but volume might have been significantly higher if the inventory was sufficient.

    Our principal Philadelphia metro market is healthy and vibrant, and we have not yet seen the impact of economic uncertainties. We are excited about our market penetration in all segments, and believe this will propel us to greater performance.”

    Select Condensed Financial Information

      As of or for the three months ended (Unaudited)
      June 30, 
    2025    		   March 31, 
    2025    		   December 31, 
    2024    		   September 30, 
    2024    		   June 30, 
    2024
      (Dollars in thousands, except per share data)
    Income:                  
    Net income $ 5,592     $ 2,399     $ 5,600     $ 4,743     $ 3,326  
    Basic earnings per common share   0.50       0.21       0.50       0.43       0.30  
    Diluted earnings per common share   0.49       0.21       0.49       0.42       0.30  
    Net interest income   21,159       19,776       19,299       18,242       16,846  
                       
    Balance Sheet:                  
    Total assets $ 2,510,938     $ 2,528,888     $ 2,385,867     $ 2,387,721     $ 2,351,584  
    Loans, net of fees and costs   2,108,250       2,071,675       2,030,437       2,008,396       1,988,535  
    Total deposits   2,110,374       2,128,742       2,005,368       1,978,927       1,915,436  
    Non-interest bearing deposits   237,042       323,485       240,858       237,207       224,040  
    Stockholders’ equity   178,020       173,568       171,522       167,450       162,382  
                       
    Balance Sheet Average Balances:                  
    Total assets $ 2,491,627     $ 2,420,571     $ 2,434,270     $ 2,373,261     $ 2,319,295  
    Total interest earning assets   2,404,952       2,330,224       2,342,651       2,277,523       2,222,177  
    Loans, net of fees and costs   2,113,411       2,039,676       2,029,739       1,997,574       1,972,740  
    Total deposits   2,095,028       2,036,208       2,043,505       1,960,145       1,919,954  
    Non-interest bearing deposits   249,745       244,161       259,118       246,310       229,040  
    Stockholders’ equity   176,946       174,734       171,214       165,309       162,119  
                       
    Performance Ratios (Annualized):                  
    Return on average assets   0.90 %     0.40 %     0.92 %     0.80 %     0.58 %
    Return on average equity   12.68 %     5.57 %     13.01 %     11.41 %     8.25 %
                                           

    Income Statement – Second Quarter 2025 Compared to First Quarter 2025

    Second quarter net income increased $3.2 million, or 133.1%, to $5.6 million as net interest income increased $1.4 million, the provision for credit losses decreased $1.4 million, and non-interest income increased $4.0 million. These improvements to net income were partially offset by a $2.6 million increase to non-interest expense over the prior quarter. Detailed explanations of the major categories of income and expense follow below.

    Net Interest income

    The rate/volume analysis table below analyzes dollar changes in the components of interest income and interest expense as they relate to the change in balances (volume) and the change in interest rates (rate) of tax-equivalent net interest income for the periods indicated and allocated by rate and volume. Changes in interest income and/or expense related to changes attributable to both volume and rate have been allocated proportionately based on the relationship of the absolute dollar amount of the change in each category.

      Three Months Ended                
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change   Change due
    to rate    		   Change due
    to volume
    Interest income:                      
    Cash and cash equivalents $ 427   $ 613   $ (186 )   (30.3 )%   $ 15     $ (201 )
    Investment securities – taxable   1,792     1,693     99     5.8 %     (10 )     109  
    Investment securities – tax exempt (1)   364     387     (23 )   (5.9 )%     (21 )     (2 )
    Loans held for sale   495     333     162     48.6 %     (15 )     177  
    Loans held for investment (1)   38,204     36,218     1,986     5.5 %     320       1,666  
    Total loans   38,699     36,551     2,148     5.9 %     305       1,843  
    Total interest income $ 41,282   $ 39,244   $ 2,038     5.2 %   $ 289     $ 1,749  
    Interest expense:                      
    Interest-bearing demand deposits $ 1,354   $ 1,229   $ 125     10.2 %   $ (51 )   $ 176  
    Money market and savings deposits   8,097     7,808     289     3.7 %     65       224  
    Time deposits   7,850     7,831     19     0.2 %     (170 )     189  
    Total interest – bearing deposits   17,301     16,868     433     2.6 %     (156 )     589  
    Borrowings   1,672     1,469     203     13.8 %     10       193  
    Subordinated debentures   1,079     1,055     24     2.3 %     22       2  
    Total interest expense   20,052     19,392     660     3.4 %     (124 )     784  
    Net interest income differential $ 21,230   $ 19,852   $ 1,378     6.94 %   $ 413     $ 965  
    (1) Reflected on a tax-equivalent basis.                    
                         

    Interest income increased $2.0 million quarter-over-quarter on a tax equivalent basis, driven by increased average balances of interest earning assets and to a lesser degree by higher yields on those assets. Average interest earning assets increased by $74.7 million, and contributed $1.7 million to interest income, while the yield on earnings assets increased 6 basis points and contributed $289 thousand to interest income.

    Average total loans, excluding residential loans for sale, increased $73.6 million. The largest drivers of this increase were commercial, commercial real estate, construction, and small business loans which on a combined basis increased $72.4 million on average, partially offset by a decrease in average leases of $9.4 million. Home equity, residential real estate, consumer and other loans held in portfolio increased on a combined basis $10.7 million on average.

    Interest expense increased $660 thousand, quarter-over-quarter, due to higher volume of interest-bearing deposits and borrowings. Interest expense on total deposits increased $433 thousand and interest expense on borrowings increased $227 thousand. During the period, interest-bearing checking accounts and money market accounts increased $20.7 million and $18.3 million on average, respectively, while time deposits increased $14.2 million on average. Borrowings increased $14.5 million on average. On a rate basis, interest-bearing checking accounts and time deposits experienced a decrease in the cost, with the overall cost of deposits dropping 5 basis points.

    Overall the net interest margin increased 8 basis points to 3.54% as the cost of funds declined and the yield on earning assets increased.

    Provision for Credit Losses

    The overall provision for credit losses for the second quarter decreased $1.4 million to $3.8 million, from $5.2 million in the first quarter. The lower provisioning reflects the drop in non-performing loans, a decrease in specific reserves required, as well as a lower level of loan growth quarter over quarter. Loan growth was impacted by the sale of SBA loans for the quarter, which exceeded the amount sold in the first quarter by $27.4 million.

    Non-interest income

    The following table presents the components of non-interest income for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Mortgage banking income $ 5,762     $ 3,393     $ 2,369     69.8 %
    Wealth management income   1,492       1,535       (43 )   (2.8 )%
    SBA loan income   1,988       748       1,240     165.8 %
    Earnings on investment in life insurance   240       222       18     8.1 %
    Net gain (loss) on sale of MSRs   467       (52 )     519     (998.1 )%
    Net change in the fair value of derivative instruments   (102 )     149       (251 )   (168.5 )%
    Net change in the fair value of loans held-for-sale   171       102       69     67.6 %
    Net change in the fair value of loans held-for-investment   190       170       20     11.8 %
    Net gain (loss) on hedging activity   16       21       (5 )   (23.8 )%
    Other   1,064       1,036       28     2.7 %
    Total non-interest income $ 11,288     $ 7,324     $ 3,964     54.1 %
                                 

    Total non-interest income increased $4.0 million, or 54.1%, quarter-over-quarter largely due to a $2.4 million positive improvement in mortgage banking income, combined with a $1.2 million increase in SBA loan income from the sale of SBA loans, and a $467 thousand gain recognized on the sale of MSRs. Mortgage loan sales increased $63.5 million or 42.9% quarter-over-quarter driving higher gain on sale income in addition to an improvement in the overall margin, leading to the higher level of mortgage banking income.  

    SBA loan income increased $1.2 million as the volume of SBA loans sold was up $27.4 million to $39.5 million, for the quarter-ended June 30, 2025 compared to the quarter-ended March 31, 2025. The gross margin on SBA sales was 6.2% for the quarter, down from 8.7% for the previous quarter. The sale included seasoned loans from 2021 & 2022 for which the market premium was much lower.

    Non-interest expense

    The following table presents the components of non-interest expense for the periods indicated:

      Three Months Ended        
    (Dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   $ Change   % Change
    Salaries and employee benefits $ 13,179   $ 11,385   $ 1,794     15.8 %
    Occupancy and equipment   1,037     1,338     (301 )   (22.5 )%
    Professional fees   1,164     763     401     52.6 %
    Data processing and software   1,706     1,479     227     15.3 %
    Advertising and promotion   1,277     779     498     63.9 %
    Pennsylvania bank shares tax   269     269     —     — %
    Other   2,725     2,730     (5 )   (0.2 )%
    Total non-interest expense $ 21,357   $ 18,743   $ 2,614     13.9 %
                             

    Overall salaries and benefits increased $1.8 million. Bank and wealth segments combined increased $1.4 million, while the mortgage segment increased $407 thousand. Bank and wealth segment salaries and employee benefits increased due to an increase of 12 full-time equivalent employees, as well as an increase in incentives and other benefits. Mortgage segment salaries, commissions, and employee benefits expense are impacted by volume and increased commensurate with the higher level of originations. Occupancy and equipment expense decreased $301 thousand due to a full quarter of savings realized from office lease terminations that occurred in the last few quarters. Professional fees increased $401 thousand over the prior period due to increases in legal, accounting, and other professional fees, while advertising and promotion expenses increased $498 thousand due to the timing of business development activities that typically increase this time of year, including special events.

    Balance Sheet – June 30, 2025 Compared to March 31, 2025

    Total assets decreased $18.0 million, or 0.7%, to $2.5 billion as of June 30, 2025 from $2.5 billion at March 31, 2025. Interest-earning cash and fed funds decreased $84.7 million, or 74.1%, to $29.6 million as of June 30, 2025 from March 31, 2025, as a temporary deposit at the end of the prior quarter of $103 million from a long standing customer, was eventually withdrawn after being on hand for several weeks.

    Portfolio loans grew $36.2 million, or 1.7% quarter-over-quarter. This growth was generated from commercial & industrial loans which increased $32.0 million, or 8.6%, commercial mortgage loans which increased $10.3 million, or 1.2%, and construction loans which increased $7.3 million, or 2.6%. SBA loan balances decreased $16.4 million, or 10.2%, from March 31, 2025, due to the increase in sales of such loans in the second quarter as discussed above in the non-interest income section. Lease financings also decreased $9.0 million, or 13.5% from March 31, 2025, partially offsetting the above noted loan growth, but this decline was expected.

    Total deposits decreased $18.4 million, or 0.9% quarter-over-quarter, led by a decline in non-interest bearing deposit of $86.4 million due to the impact of the $103 million temporary deposit discussed above, but this decline was largely offset by an increase of $68.1 million in interest-bearing deposits. Money market accounts and savings accounts increased a combined $8.7 million, while interest bearing demand deposits increased $12.8 million, and time deposits increased $46.6 million from largely wholesale efforts. Overall borrowings decreased $625 thousand, or 0.4% quarter-over-quarter.

    Total stockholders’ equity increased by $4.5 million from March 31, 2025, to $178.0 million as of June 30, 2025. Changes to equity for the current quarter included net income of $5.6 million, less dividends paid of $1.4 million, offset by a decrease of $102 thousand in other comprehensive income. The Community Bank Leverage Ratio for the Bank was 9.32% at June 30, 2025.

    Asset Quality Summary

    There was a positive improvement in the level of non-performing loans in the second quarter as they decreased $1.7 million to $50.5 million at June 30, 2025 compared to $52.2 million at March 31, 2025. This decline in non-performing loans was largely the result of the repossession of a billboard asset from a commercial loan relationship and a commercial real estate property from a separate commercial loan relationship. These assets were reclassified into OREO and other repossessed assets on the balance sheet at June 30, 2025. The decline in non-performing loans was partially offset by additional SBA loans that became non-performing during the quarter. Included in non-performing loans are $19.4 million of SBA loans of which $10.0 million, or 52%, are guaranteed by the SBA. The SBA portfolio was subject to the Fed’s rapid rate increase and $13.8 million, or 71% of these non-performing loans originated in 2020-2021 when rates were lower by over 500 basis points. As a result of these changes in non-performing loans, the ratio of non-performing loans to total loans decreased 14 bps to 2.35% as of June 30, 2025, from 2.49% as of March 31, 2025.

    Net charge-offs increased to $3.6 million, or 0.17% of total average loans for the quarter ended June 30, 2025, compared to net charge-offs of $2.8 million, or 0.14%, for the quarter ended March 31, 2025. Second quarter charge-offs consisted of $2.2 million in SBA loans, $972 thousand of small ticket equipment leases, and $583 thousand in commercial loans partly related to the repossession of loan collateral discussed above. Overall there were recoveries of $380 thousand, mainly related to leases.

    The ratio of allowance for credit losses to total loans held for investment was 1.00% as of June 30, 2025, relatively flat from 1.01% as of March 31, 2025. The baseline quantitative and qualitative reserve factors increased in the second quarter ACL calculation, offset by the impact of a lower reserve need as specific reserves declined. As of June 30, 2025 there were specific reserves of $3.3 million against individually evaluated loans, a decrease of $1.7 million from $5.0 million in specific reserves as of March 31, 2025.

    About Meridian Corporation

    Meridian Bank, the wholly owned subsidiary of Meridian Corporation, is an innovative community bank serving Pennsylvania, New Jersey, Delaware and Maryland. Through its 17 offices, including banking branches and mortgage locations, Meridian offers a full suite of financial products and services. Meridian specializes in business and industrial lending, retail and commercial real estate lending, electronic payments, and wealth management solutions through Meridian Wealth Partners. Meridian also offers a broad menu of high-yield depository products supported by robust online and mobile access. For additional information, visit our website at www.meridianbanker.com. Member FDIC.

    “Safe Harbor” Statement

    In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Meridian Corporation’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Meridian Corporation’s control). Numerous competitive, economic, regulatory, legal and technological factors, risks and uncertainties that could cause actual results to differ materially include, without limitation, credit losses and the credit risk of our commercial and consumer loan products; changes in the level of charge-offs and changes in estimates of the adequacy of the allowance for credit losses, or ACL; cyber-security concerns; rapid technological developments and changes; increased competitive pressures; changes in spreads on interest-earning assets and interest-bearing liabilities; changes in general economic conditions and conditions within the securities markets; escalating tariff and other trade policies and the resulting impacts on market volatility and global trade; unanticipated changes in our liquidity position; unanticipated changes in regulatory and governmental policies impacting interest rates and financial markets; legislation affecting the financial services industry as a whole, and Meridian Corporation, in particular; changes in accounting policies, practices or guidance; developments affecting the industry and the soundness of financial institutions and further disruption to the economy and U.S. banking system; among others, could cause Meridian Corporation’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Meridian Corporation cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Meridian Corporation’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Meridian Corporation does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Meridian Corporation or by or on behalf of Meridian Bank.

    MERIDIAN CORPORATION AND SUBSIDIARIES
    FINANCIAL RATIOS (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
     
      Three Months Ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Earnings and Per Share Data:                  
    Net income $ 5,592     $ 2,399     $ 5,600     $ 4,743     $ 3,326  
    Basic earnings per common share $ 0.50     $ 0.21     $ 0.50     $ 0.43     $ 0.30  
    Diluted earnings per common share $ 0.49     $ 0.21     $ 0.49     $ 0.42     $ 0.30  
    Common shares outstanding   11,297       11,285       11,240       11,229       11,191  
                       
    Performance Ratios:                  
    Return on average assets (2)   0.90 %     0.40 %     0.92 %     0.80 %     0.58 %
    Return on average equity (2)   12.68       5.57       13.01       11.41       8.25  
    Net interest margin (tax-equivalent) (2)   3.54       3.46       3.29       3.20       3.06  
    Yield on earning assets (tax-equivalent) (2)   6.89       6.83       6.81       7.06       6.98  
    Cost of funds (2)   3.52       3.56       3.71       4.05       4.10  
    Efficiency ratio   65.82 %     69.16 %     65.72 %     70.67 %     72.89 %
                       
    Asset Quality Ratios:                  
    Net charge-offs (recoveries) to average loans   0.17 %     0.14 %     0.34 %     0.11 %     0.20 %
    Non-performing loans to total loans   2.35       2.49       2.19       2.20       1.84  
    Non-performing assets to total assets   2.14       2.07       1.90       1.97       1.68  
    Allowance for credit losses to:                  
    Total loans and other finance receivables   0.99       1.01       0.91       1.09       1.09  
    Total loans and other finance receivables (excluding loans at fair value) (1)   1.00       1.01       0.91       1.10       1.10  
    Non-performing loans   41.26 %     39.90 %     40.86 %     48.66 %     57.66 %
                       
    Capital Ratios:                  
    Book value per common share $ 15.76     $ 15.38     $ 15.26     $ 14.91     $ 14.51  
    Tangible book value per common share $ 15.44     $ 15.06     $ 14.93     $ 14.58     $ 14.17  
    Total equity/Total assets   7.09 %     6.86 %     7.19 %     7.01 %     6.91 %
    Tangible common equity/Tangible assets – Corporation (1)   6.96       6.73       7.05       6.87       6.76  
    Tangible common equity/Tangible assets – Bank (1)   8.96       8.61       9.06       8.95       8.85  
    Tier 1 leverage ratio – Bank   9.32       9.30       9.21       9.32       9.33  
    Common tier 1 risk-based capital ratio – Bank   10.53       10.15       10.33       10.17       9.84  
    Tier 1 risk-based capital ratio – Bank   10.53       10.15       10.33       10.17       9.84  
    Total risk-based capital ratio – Bank   11.54 %     11.14 %     11.20 %     11.22 %     10.84 %
    (1) See Non-GAAP reconciliation in the Appendix                
    (2) Annualized                  
                       
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
     
      Three Months Ended   Six Months Ended
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Interest income:                  
    Loans and other finance receivables, including fees $ 38,697     $ 36,549     $ 36,486     $ 75,246   $ 71,825  
    Securities – taxable   1,792       1,693       1,324       3,485     2,575  
    Securities – tax-exempt   295       313       324       608     649  
    Cash and cash equivalents   427       613       331       1,040     631  
    Total interest income   41,211       39,168       38,465       80,379     75,680  
    Interest expense:                  
    Deposits   17,301       16,868       18,991       34,169     36,383  
    Borrowings and subordinated debentures   2,751       2,524       2,628       5,275     5,842  
    Total interest expense   20,052       19,392       21,619       39,444     42,225  
    Net interest income   21,159       19,776       16,846       40,935     33,455  
    Provision for credit losses   3,803       5,212       2,680       9,015     5,546  
    Net interest income after provision for credit losses   17,356       14,564       14,166       31,920     27,909  
    Non-interest income:                  
    Mortgage banking income   5,762       3,393       5,420       9,155     9,054  
    Wealth management income   1,492       1,535       1,444       3,027     2,761  
    SBA loan income   1,988       748       785       2,736     1,771  
    Earnings on investment in life insurance   240       222       215       462     422  
    Net gain (loss) on sale of MSRs   467       (52 )     —       415     —  
    Net change in the fair value of derivative instruments   (102 )     149       203       47     278  
    Net change in the fair value of loans held-for-sale   171       102       (29 )     273     (31 )
    Net change in the fair value of loans held-for-investment   190       170       (24 )     360     (199 )
    Net gain (loss) on hedging activity   16       21       (63 )     37     (82 )
    Other   1,064       1,036       1,293       2,100     3,254  
    Total non-interest income   11,288       7,324       9,244       18,612     17,228  
    Non-interest expense:                  
    Salaries and employee benefits   13,179       11,385       11,437       24,564     22,010  
    Occupancy and equipment   1,037       1,338       1,230       2,375     2,463  
    Professional fees   1,164       763       1,029       1,927     2,527  
    Data processing and software   1,706       1,479       1,506       3,185     3,038  
    Advertising and promotion   1,277       779       989       2,056     1,737  
    Pennsylvania bank shares tax   269       269       274       538     548  
    Other   2,725       2,730       2,553       5,455     4,869  
    Total non-interest expense   21,357       18,743       19,018       40,100     37,192  
    Income before income taxes   7,287       3,145       4,392       10,432     7,945  
    Income tax expense   1,695       746       1,066       2,441     1,943  
    Net income $ 5,592     $ 2,399     $ 3,326     $ 7,991   $ 6,002  
                       
    Basic earnings per common share $ 0.50     $ 0.21     $ 0.30     $ 0.71   $ 0.54  
    Diluted earnings per common share $ 0.49     $ 0.21     $ 0.30     $ 0.70   $ 0.54  
                       
    Basic weighted average shares outstanding   11,228       11,205       11,096       11,215     11,092  
    Diluted weighted average shares outstanding   11,392       11,446       11,150       11,415     11,178  
                                         
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CONDITION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
     
                       
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Assets:                  
    Cash and due from banks $ 20,604     $ 16,976     $ 5,598     $ 12,542     $ 8,457  
    Interest-bearing deposits at other banks   29,570       113,620       21,864       19,805       15,601  
    Federal funds sold   —       629       —       —       —  
    Cash and cash equivalents   50,174       131,225       27,462       32,347       24,058  
    Securities available-for-sale, at fair value   187,902       185,221       174,304       171,568       159,141  
    Securities held-to-maturity, at amortized cost   32,642       32,720       33,771       33,833       35,089  
    Equity investments   2,130       2,126       2,086       2,166       2,088  
    Mortgage loans held for sale, at fair value   44,078       28,047       32,413       46,602       54,278  
    Loans and other finance receivables, net of fees and costs   2,108,250       2,071,675       2,030,437       2,008,396       1,988,535  
    Allowance for credit losses   (20,851 )     (20,827 )     (18,438 )     (21,965 )     (21,703 )
    Loans and other finance receivables, net of the allowance for credit losses   2,087,399       2,050,848       2,011,999       1,986,431       1,966,832  
    Restricted investment in bank stock   9,162       8,369       7,753       8,542       10,044  
    Bank premises and equipment, net   12,320       12,028       12,151       12,807       13,114  
    Bank owned life insurance   30,175       29,935       29,712       29,489       29,267  
    Accrued interest receivable   10,334       10,345       9,958       10,012       9,973  
    OREO and other repossessed assets   3,148       249       276       1,967       1,967  
    Deferred income taxes   5,314       5,136       4,669       3,537       3,950  
    Servicing assets   3,658       4,284       4,382       4,364       11,341  
    Servicing assets held for sale   —       —       —       6,609       —  
    Goodwill   899       899       899       899       899  
    Intangible assets   2,665       2,716       2,767       2,818       2,869  
    Other assets   28,938       24,740       31,265       33,730       26,674  
    Total assets $ 2,510,938     $ 2,528,888     $ 2,385,867     $ 2,387,721     $ 2,351,584  
                       
    Liabilities:                  
    Deposits:                  
    Non-interest bearing $ 237,042     $ 323,485     $ 240,858     $ 237,207     $ 224,040  
    Interest bearing:                  
    Interest checking   173,865       161,055       141,439       133,429       130,062  
    Money market and savings deposits   956,448       947,795       913,536       822,837       787,479  
    Time deposits   743,019       696,407       709,535       785,454       773,855  
    Total interest-bearing deposits   1,873,332       1,805,257       1,764,510       1,741,720       1,691,396  
    Total deposits   2,110,374       2,128,742       2,005,368       1,978,927       1,915,436  
    Borrowings   138,965       139,590       124,471       144,880       187,260  
    Subordinated debentures   49,792       49,761       49,743       49,928       49,897  
    Accrued interest payable   7,059       7,404       6,860       7,017       7,709  
    Other liabilities   26,728       29,823       27,903       39,519       28,900  
    Total liabilities   2,332,918       2,355,320       2,214,345       2,220,271       2,189,202  
                       
    Stockholders’ equity:                  
    Common stock   13,300       13,288       13,243       13,232       13,194  
    Surplus   82,184       82,026       81,545       81,002       80,639  
    Treasury stock   (26,079 )     (26,079 )     (26,079 )     (26,079 )     (26,079 )
    Unearned common stock held by ESOP   (1,006 )     (1,006 )     (1,006 )     (1,204 )     (1,204 )
    Retained earnings   117,132       112,952       111,961       107,765       104,420  
    Accumulated other comprehensive loss   (7,511 )     (7,613 )     (8,142 )     (7,266 )     (8,588 )
    Total stockholders’ equity   178,020       173,568       171,522       167,450       162,382  
    Total liabilities and stockholders’ equity $ 2,510,938     $ 2,528,888     $ 2,385,867     $ 2,387,721     $ 2,351,584  
                                           
    MERIDIAN CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND SEGMENT INFORMATION (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)
     
      Three Months Ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Interest income $ 41,211   $ 39,168   $ 40,028   $ 40,319   $ 38,465
    Interest expense   20,052     19,392     20,729     22,077     21,619
    Net interest income   21,159     19,776     19,299     18,242     16,846
    Provision for credit losses   3,803     5,212     3,572     2,282     2,680
    Non-interest income   11,288     7,324     13,279     10,831     9,244
    Non-interest expense   21,357     18,743     21,411     20,546     19,018
    Income before income tax expense   7,287     3,145     7,595     6,245     4,392
    Income tax expense   1,695     746     1,995     1,502     1,066
    Net Income $ 5,592   $ 2,399   $ 5,600   $ 4,743   $ 3,326
                       
    Basic weighted average shares outstanding   11,228     11,205     11,158     11,110     11,096
    Basic earnings per common share $ 0.50   $ 0.21   $ 0.50   $ 0.43   $ 0.30
                       
    Diluted weighted average shares outstanding   11,392     11,446     11,375     11,234     11,150
    Diluted earnings per common share $ 0.49   $ 0.21   $ 0.49   $ 0.42   $ 0.30
                                 
      Segment Information
      Three Months Ended June 30, 2025   Three Months Ended June 30, 2024
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 21,025     $ 63     $ 71     $ 21,159     $ 16,784     $ 36     $ 26     $ 16,846  
    Provision for credit losses   3,803       —       —       3,803       2,680       —       —       2,680  
    Net interest income after provision   17,222       63       71       17,356       14,104       36       26       14,166  
    Non-interest income   3,029       1,492       6,767       11,288       1,673       1,444       6,127       9,244  
    Non-interest expense   15,049       951       5,357       21,357       12,606       804       5,608       19,018  
    Income before income taxes $ 5,202     $ 604     $ 1,481     $ 7,287     $ 3,171     $ 676     $ 545     $ 4,392  
    Efficiency ratio   63 %     61 %     78 %     66 %     68 %     54 %     91 %     73 %
                                   
      Six Months Ended June 30, 2025   Six Months Ended June 30, 2024
    (dollars in thousands) Bank   Wealth   Mortgage   Total   Bank   Wealth   Mortgage   Total
    Net interest income $ 40,730     $ 73     $ 132     $ 40,935     $ 33,376     $ 30     $ 49     $ 33,455  
    Provision for credit losses   9,015       —       —       9,015       5,546       —       —       5,546  
    Net interest income after provision   31,715       73       132       31,920       27,830       30       49       27,909  
    Non-interest income   4,942       3,027       10,643       18,612       3,550       2,760       10,918       17,228  
    Non-interest expense   27,809       1,768       10,523       40,100       24,669       1,636       10,887       37,192  
    Income before income taxes $ 8,848     $ 1,332     $ 252     $ 10,432     $ 6,711     $ 1,154     $ 80     $ 7,945  
    Efficiency ratio   61 %     57 %     98 %     67 %     67 %     59 %     99 %     73 %
                                   

    MERIDIAN CORPORATION AND SUBSIDIARIES
    APPENDIX: NON-GAAP MEASURES (Unaudited)
    (Dollar amounts and shares in thousands, except per share amounts)

    Meridian believes that non-GAAP measures are meaningful because they reflect adjustments commonly made by management, investors, regulators and analysts. The non-GAAP disclosure have limitations as an analytical tool, should not be viewed as a substitute for performance and financial condition measures determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of Meridian’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

      Pre-Provision Net Revenue Reconciliation
      Three Months Ended   Six Months Ended
    (Dollars in thousands, except per share data, Unaudited) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Income before income tax expense $ 7,287   $ 3,145   $ 4,392   $ 10,432   $ 7,945
    Provision for credit losses   3,803     5,212     2,680     9,015     5,546
    Pre-provision net revenue $ 11,090   $ 8,357   $ 7,072   $ 19,447   $ 13,491
                                 
      Pre-Provision Net Revenue Reconciliation
      Three Months Ended   Six Months Ended
    (Dollars in thousands, except per share data, Unaudited) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Bank $ 9,005   $ 8,860     $ 5,851   $ 17,863   $ 12,257
    Wealth   604     726       676     1,332     1,154
    Mortgage   1,481     (1,229 )     545     252     80
    Pre-provision net revenue $ 11,090   $ 8,357     $ 7,072   $ 19,447   $ 13,491
                                   
      Allowance For Credit Losses (ACL) to Loans and Other Finance Receivables, Excluding and Loans at Fair Value
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Allowance for credit losses (GAAP) $ 20,851     $ 20,827     $ 18,438     $ 21,965     $ 21,703  
                       
    Loans and other finance receivables (GAAP)   2,108,250       2,071,675       2,030,437       2,008,396       1,988,535  
    Less: Loans at fair value   (14,541 )     (14,182 )     (14,501 )     (13,965 )     (12,900 )
    Loans and other finance receivables, excluding loans at fair value (non-GAAP) $ 2,093,709     $ 2,057,493     $ 2,015,936     $ 1,994,431     $ 1,975,635  
                       
    ACL to loans and other finance receivables (GAAP)   0.99 %     1.01 %     0.91 %     1.09 %     1.09 %
    ACL to loans and other finance receivables, excluding loans at fair value (non-GAAP)   1.00 %     1.01 %     0.91 %     1.10 %     1.10 %
                                           
      Tangible Common Equity Ratio Reconciliation – Corporation
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Total stockholders’ equity (GAAP) $ 178,020     $ 173,568     $ 171,522     $ 167,450     $ 162,382  
    Less: Goodwill and intangible assets   (3,564 )     (3,615 )     (3,666 )     (3,717 )     (3,768 )
    Tangible common equity (non-GAAP)   174,456       169,953       167,856       163,733       158,614  
                       
    Total assets (GAAP)   2,510,938       2,528,888       2,385,867       2,387,721       2,351,584  
    Less: Goodwill and intangible assets   (3,564 )     (3,615 )     (3,666 )     (3,717 )     (3,768 )
    Tangible assets (non-GAAP) $ 2,507,374     $ 2,525,273     $ 2,382,201     $ 2,384,004     $ 2,347,816  
    Tangible common equity to tangible assets ratio – Corporation (non-GAAP)   6.96 %     6.73 %     7.05 %     6.87 %     6.76 %
                                           
      Tangible Common Equity Ratio Reconciliation – Bank
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Total stockholders’ equity (GAAP) $ 228,127     $ 220,768     $ 219,119     $ 217,028     $ 211,308  
    Less: Goodwill and intangible assets   (3,564 )     (3,615 )     (3,666 )     (3,717 )     (3,768 )
    Tangible common equity (non-GAAP)   224,563       217,153       215,453       213,311       207,540  
                       
    Total assets (GAAP)   2,510,684       2,525,029       2,382,014       2,385,994       2,349,600  
    Less: Goodwill and intangible assets   (3,564 )     (3,615 )     (3,666 )     (3,717 )     (3,768 )
    Tangible assets (non-GAAP) $ 2,507,120     $ 2,521,414     $ 2,378,348     $ 2,382,277     $ 2,345,832  
    Tangible common equity to tangible assets ratio – Bank (non-GAAP)   8.96 %     8.61 %     9.06 %     8.95 %     8.85 %
                       
      Tangible Book Value Reconciliation
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Book value per common share $ 15.76     $ 15.38     $ 15.26     $ 14.91     $ 14.51  
    Less: Impact of goodwill /intangible assets   0.32       0.32       0.33       0.33       0.34  
    Tangible book value per common share $ 15.44     $ 15.06     $ 14.93     $ 14.58     $ 14.17  
                                           

    Contact:
    Christopher J. Annas
    484.568.5001
    CAnnas@meridianbanker.com

    The MIL Network –

  • MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, July 24, 2025

    Source: International Monetary Fund

    July 24, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

    MS. KOZACK: Good morning, and welcome to the IMF Press Briefing. It is wonderful to see all of you, both those of you here in person and colleagues online as well. I’m Julie Kozack, Director of the Communications Department at the IMF. As usual, this briefing is embargoed until 11 A.M. Eastern Time in the United States. I’ll start with a few announcements and then I’ll take your questions in person on Webex and via the Press Center.
    First, we will be releasing our flagship publication, the World Economic Outlook Update, next Tuesday, July 29th. The report will offer fresh insights into the current global economic trends and external imbalances.
    For your planning purposes, our Executive Board will be in recess from August 4th through the 15th, and we will notify you in due course on the date of our next press briefing.
    And with that, I will now open the floor for your questions. For those connecting virtually, please turn on both your camera and microphone when speaking, and the floor is opened.

    QUESTIONER: Just wanted to ask you about the tariff situation that’s unfolding at the moment, given the recent trade deals that the U.S. has struck with its key trading partners, including Japan, Indonesia, Philippines, just recently. The European Union is under negotiations that’s coming to fruition soon. It looks like the consensus is kind of around a 15 to 20% tariff rate in that range, that the US is, sort of agreeing with its partners for. And I just wanted to know if the IMF views that as an acceptable rate? Whether this would be detrimental to the global economy. I know we have the WEO coming out in a few days. Just wanted to get your take on what’s unfolding right now.

    MS. KOZACK: Let us see if there’s any other questions on this topic before I answer. If anyone online wants to come in on this topic, please let us know.
    So let me start with where we are. Since April, when we think about the global economy, we see activity indicators that reflect a complex backdrop shaped by trade tensions. We also saw that in the first quarter of the year, the data showed some front-loading of exports and imports ahead of, at that time, what was expected tariff increases. The more recent data points to trade diversion and to some unwinding of the front-loading. And at the same time, we are seeing some trade deals. Some have lowered tariffs. And at the same time, there’s also been some deals or some, not deals, but we have seen increases in tariffs, for example, on steel, aluminum, and copper. So, our team is assessing all of this information as it is coming in. And they will put together a comprehensive picture, which we will talk about in the WEO next week.

    I would also just remind that when we released our WEO in April, we talked about a period of very high uncertainty. And at that time, we had in our WEO a reference forecast, right? And that reflected the fact that we were in an uncertain environment where there were many different paths forward. For example, we had an effective tariff rate of the U.S. of about 25 percent based on April 2nd announcements. That effective tariff rate for the U.S. declined to 14 percent based on the pause of April 9th. And of course, one of the important factors for assessing the impact of the deals on the U.S. economy and the global economy will be what is the new effective tariff rate that will prevail.
    So, all of that work is ongoing, and we will have a full assessment next week in the WEO.

    QUESTIONER: So, would the 15 to 20 percent rate be higher than what we saw in the April WEO?

    MS. KOZACK: I think the way I would answer that is to simply say that we are looking at all the deals in April, and we had an effective rate around 14 percent. There, of course, has been movement since April. There have been deals. There have been some reductions in some tariff rates. There have been increases in other tariff rates. So, the team is going to have to put together that comprehensive assessment to determine what would be the new effective tariff rate that would prevail. And then, we would be in a position to compare it to what we had based on the April 2 announcement, what we had based on the April 9 pause, and then where we are today.
    And another very important factor will be what is the overall impact on uncertainty, right? We have talked about being in a very highly uncertain environment. So, of course, we will be looking at that closely as well.

    QUESTIONER: The president of Ukraine recently signed a law that regulates the anti-corruption bodies in the country. How does the IMF view this law, and how can this impact IMF Ukraine cooperation moving forward? And secondly, Ukrainian Prime Minister Yulia Svyrydenko said Ukraine is facing a significant budget shortfall and is likely seeking a new IMF loan. What is the IMF’s assessment of the possibility of launching a new program?

    MS. KOZACK: Any other questions on Ukraine?

    QUESTIONER: I just wanted to follow up on whether, despite the moves by the Ukrainian government, can the IMF land to Ukraine?

    MS. KOZACK: Are there questions online on Ukraine? On Ukraine, let me just step back and remind kind of where we are with Ukraine.
    On June 30th, the IMF Board completed the Eighth Review of the EFF program and that enabled a disbursement of half a billion U.S. dollars. And that brought total disbursements under the program to U.S. $10.6 billion. Ukraine’s economy remains resilient. The authorities met, and this was reported as part of the Eighth Review, all of the end-March and continuous quantitative performance criteria; they met the prior action that was required for that review, and they also met two structural benchmarks.
    With respect to the specific questions, on the first question that you had, the enacted law, as we see it, neutralizes the effectiveness of Ukraine’s anti-corruption institutions. And from our perspective, that would be very problematic for macroeconomic stability and growth in Ukraine. Stepping back a bit, you know, the establishment and the development of independent institutions to detect and prosecute corruption cases has been central to the IMF’s engagement with Ukraine over the past 10 years. And these institutions have contributed to an improvement in governance in Ukraine over that period.
    Why is this important for Ukraine? From our perspective, Ukraine needs a robust anti-corruption architecture. And that will help level the playing field, improve the business climate, and attract private investment into Ukraine. And it’s a central piece of Ukraine’s reform agenda. So, from our perspective, safeguarding the independence of anti-corruption institutions remains a critical policy priority.
    We do take note of the government’s intention to introduce a new bill to restore the independence of the anti-corruption institutions.
    So, what I can say now is that in the coming weeks, the IMF Staff and the authorities are expected to intensify discussions about the 2026 budget and s to do an assessment of Ukraine’s financing needs, both for 2026 and over the medium term. They will be intensifying discussions to put together that comprehensive picture. That work is essential for the current program and any future potential engagement that we would have with Ukraine.

    QUESTIONER: If it finishes, what was the Staff assessment of the First Review of the agreement with Argentina and when would the Board’s definition be? And following the report on external reserves published this week, I think it was on Monday, does the IMF’s concerns continue?

    QUESTIONER: Has the Board already met to evaluate the First Review? And do you know if Argentina has requested a waiver? And how does the IMF assess the recent rate in this area, action rate and interest rates? And what are the causes of this change in monetary and exchange rate policy? Thank you.

    QUESTIONER: Yes, to add up to what was asked if there are any concerns regarding the impact of the exchange rates on inflation as well? And also, if the concerns remain regarding the weak external position for Argentina.

    QUESTIONER: President Milei has already confirmed that, for fiscal reasons, he will veto the laws recently passed by the Congress to increase pensions, extend the pension moratorium and declare an emergency disability. So, then has this intention being talked with the IMF previously or what is the IMF position on this matter?

    MS. KOZACK: On Argentina, here is what I can share today. So first, I want to mention that discussions on the First Review, which many of you have mentioned, are very advanced at this stage. And the next step in these discussions will be to reach a Staff-Level Agreement between the authorities and Staff. And we believe that that can happen very shortly. After the Staff-Level Agreement is reached, then Staff will present the documents to the Executive Board for their approval and consideration.
    What I can also add, and we have talked about that before here, is that the program has been off to a strong start. It has been underpinned by the continued implementation of tight macroeconomic policies, including a strong fiscal anchor and a tight monetary policy stance. The transition to a more flexible exchange rate regime has been smooth. Disinflation has resumed. And Argentina has reassessed international capital markets earlier than had been initially anticipated under the program.
    Given that our Staff and the authorities are very engaged in these discussions, which again are at an advanced stage, I’m not going to provide any further details now. We will give space for them to bring those discussions to a conclusion, and then we will, of course, communicate once those discussions have come to a conclusion. And again, we do think that a Staff-Level agreement could happen very, very shortly.

    QUESTIONER: Will the Board meeting be before, and start the holiday recess, or after? Because we are talking about 15 days, if not.

    MS. KOZACK: So right now, I don’t have any further details to share with you, but certainly once a Staff-Level Agreement is reached, we will be communicating, including the potential timing for formal Board discussion.

    QUESTIONER: Can you please kindly update us on the current status of the discussion between the IMF and the Republic of Senegal regarding the temporarily suspended disbursements? Especially with the Annual Meetings approaching in October in Washington, is there a realistic prospect of finalizing the matter before then? This is the first question.
    The second one, following the recent meeting between His Excellency, the President of the Republic of Senegal, Bassirou Diomaye Faye, and Mrs. Gita Gopinath, First Deputy Managing Director of the IMF, could you kindly also share some insight into the key topics discussed? What were the main points of their exchange, particularly in regard to economic and financial cooperation?

    MS. KOZACK: Any other questions on Senegal Online? Does anyone want to come in on Senegal?

    QUESTIONER: I have a follow-up because investors have been expecting the Board to consider the waiver by September. Is that timeline realistic? And the government also said it shared everything in its findings for reconciliation with the IMF. Does the Fund feel it has everything it needs in order to make the decision on the waiver?

    QUESTIONER: Have you received the report done by Mazars? And, is it enough to conclude the misreporting, and can we have maybe a time for the Board? And then, when can we expect also a new program?

    MS. KOZACK: So, let me turn to these questions.
    I’ll start by saying that the IMF remains closely engaged with Senegal. And as part of this process, as was noted, First Deputy Managing Director Gita Gopinath met with President Bassirou Faye during his visit to Washington, D.C. on July 9th. Our First Deputy Managing Director (FDMD), Gopinath, emphasized the IMF’s continued support, as Senegal works to resolve the misreporting matter. And the President reaffirmed his government’s strong commitment to transparency and reform.

    What I can also share is that an IMF Staff team will visit Dakar. The mission is tentatively planned for later in August. The purpose of the mission is going to be to discuss the steps needed to bring the misreporting case to our Executive Board. And the team will also use the opportunity to initiate discussions on the contours of a new IMF-supported program for Senegal. We are also working closely with the authorities to design the corrective actions aimed at addressing the root causes of the misreporting and, of course, to strengthen capacity development in Senegal.

    With respect to the questions on the report by Mazars, what I can share there is that we have received a preliminary debt inventory that has been prepared by Forvis Mazars. Our IMF Staff are currently reviewing that report and all the information in detail. The preliminary assessment in the report is broadly aligned with expectations, and the final validation is ongoing. And I will leave it at that on Senegal. That is what I can share for now.

    QUESTIONER: My question is on Japan. Last week, the upper house election in Japan was over, but still unclear on the composition of a new government. And what is it you are recommending? But almost all parties pledged fiscal — expansionary fiscal policies, from providing cash to reduction of consumption tax. And what is your recommendation to the new government, especially on fiscal policy, given the power of debt in Japan? And my second question is on monetary policy of Federal Reserve next week. And should the Federal Reserve cut interest rates preemptively under the circumstance of huge pressure from President Donald Trump.

    MS. KOZACK: Let us start with Japan. So maybe let me just step back a little bit to give an overview of how we assessed the Japanese economy in our April WEO.
    So, at that time, we expected growth to strengthen in Japan, and we expected inflation to converge to the Bank of Japan’s 2 percent target by 2027. Growth was projected to accelerate from 0.2 percent in 2024 to 0.6 percent this year. At the same time, and as has been the case for quite some time, Japan continues to have high levels of public debt. And because of that, our advice for Japan is for a clear fiscal consolidation plan to offset pressures from rising interest payments and also from aging-related spending. And because of this advice, we assess that Japan has limited fiscal space, again because of high public debt and these future spending needs.

    In the near term, our advice to Japan is that given this limited fiscal space, it is essential that any response to shocks, any fiscal response to shocks, is both temporary and also targeted. And by targeted, I mean targeted toward vulnerable households and firms that may be most affected by shocks. Generalized subsidies and tax cuts, in our view, should be avoided. And that is because they are not targeted to the most vulnerable, and they are not an efficient use of Japan’s limited fiscal space.

    And then, on your second question, what I can say about the U.S. economy is that the U.S. economy has proven to be resilient in the past few years. It is something that we have been talking about for quite some time. But we do see high-frequency data that indicate moderating domestic demand and low consumer and business sentiment in the U.S. In addition, and as we mentioned before, there was a strong front-loading of imports into the U.S. in the first quarter. And that, in anticipation of tariffs, and that led to an important drag on growth in the first quarter. At the same time, in the U.S., labor markets remain resilient, and the unemployment rate remains relatively low.

    With respect to inflation, we do see inflation on a path towards the Fed’s 2 percent target, but it is subject to upside risks. And that means that the Fed’s task is complex given the very highly uncertain economic environment. So the Fed will need to take into account both policies undertaken by the U.S. administration, as well as incoming data in, and of course, data on potential wage pressures as it comes to thinking about, you know, the extent of rate decisions and the timing of any rate decisions going forward.

    QUESTIONER: On Argentina, can the IMF confirm that there was a meeting on Tuesday between the Board and Staff regarding the first program review? And I know you said you wouldn’t be able to divulge much details, but I’m going to ask it anyway. When should you expect Argentina’s $2 billion disbursement?

    MS. KOZACK: So, on the first question, all I can say on this is that it’s not unusual for IMF Staff to informally brief the Executive Board on a broad range of issues. And on the timing of the disbursement, as I already indicated, we will provide more information on the timing for a formal Board meeting only once a Staff-Level Agreement has been reached. And that formal Board meeting would indicate the time when any disbursement would be made available to the Argentine authorities.

    QUESTIONER: First, let me say on behalf of my colleague from the U.S., around the world, as well as in Africa, to say thank you to Gita for everything that she has done. Our engagements with African journalists, especially. So that’s part of what I wanted to say, thank you to her. I know she’s leaving.
    And my question now goes to if you can provide updates on African nations. And I have two specific questions, one on Malawi and one on South Africa. The recent reports on Malawi said the country is facing macroeconomic challenges. I know in 2020 they received the completed HIPC program. Could you provide any updates on whether the country has reached out for any assistance regarding HIPC? Whether they qualify for another Heavily Indebted Poor Countries Initiative (HIPC) program to help them? We know in the past year, they’ve experienced floods, droughts, and natural issues that have affected the economy. I was wondering if the IMF is providing any assistance to them.
    The other question is on South Africa. We see growing tension between South Africa and the U.S. So, can you talk about if there’s any economic implication? South Africa is the largest economic in. Africa is also seen as a gateway to the continent. What are the macroeconomic issues, implications for the South African Development Community region (SADC), and also for the continent as a whole?

    MS. KOZACK: With respect to Malawi, what I can say is we completed the Article IV Consultation with Malawi just yesterday, July 22nd, 2025, or two days ago. So that was the 2025 Article IV Consultation that has been completed. And of course, there will be a lot of rich discussion of the state of the Malawian economy in that report. With respect to your more specific question on HIPC, what I can say is that Malawi completed the HIPC process in 2006. And at that time, Malawi secured U.S. $3.1 billion of debt relief through the HIPC Initiative and the Multilateral Debt Relief Initiative or otherwise known as MDRI. Since 2006, our assessment is that public debt in Malawi has returned to unsustainable levels. Total public debt is reached 88 percent of GDP at the end of 2024. And the interest bill on public debt is estimated to approach about 7 percent of GDP, which is quite high.

    We continue to urge the authorities to take decisive steps to restore public debt sustainability. Completing an external debt Restructuring and addressing the high cost of domestic borrowing are both essential to do this. And of course, strengthening public debt management and securing concessional financing will also be critical. So again, Malawi already completed the HIPC process in 2006.

    And then, on South Africa. What I can say about South Africa, I can talk a bit about how we see the outlook for South Africa, the economic outlook. So right now, based on the April WEO, we see the current economic outlook for South Africa as subdued. We projected growth in April at 1 percent for this year and 1.3 percent for next year. Uncertainty, including related to global trade policies, is weighing on activity in South Africa. And that it’s causing firms and households to delay their investment decisions and also consumption decisions.

    And I would also refer you to the April REO, Regional Economic Outlook, for Africa, and that includes some estimates on the impact of uncertainty and financial conditions on the Sub-Saharan Africa region.
    And finally, we of course continue to assess developments in South Africa, and we’ll be providing an update in the July WEO.

    QUESTIONER: I just had two follow-up questions. One was on your comments about the Fed. As you know, the tension between the Trump administration and the Fed, particularly Chair Powell, has been increasing lately. The President is going to go tour the Fed building that’s being renovated. It is a subject of controversy. Given that the IMF has been a stalwart defender of Central Bank independence, should any of this lead to Chair Powell’s replacement or his resignation? Just wondering, what kind of signal that would send to financial markets, to other countries, what kind of precedent would that set? And secondly, regarding First Deputy Managing Director Gopinath’s departure, can you walk us through the process for choosing a replacement for her?
    Traditionally, this has been a position that the U.S. has had a very strong hand in choosing. It has typically been an American. Do you expect the U.S. Treasury Department, for example, to basically recommend a candidate to the Managing Director?

    MS. KOZACK: On your first question for quite some time, the IMF has consistently advocated for Central Bank independence. And we’ve said it’s critical to ensuring that Central Banks are able to achieve their mandated objectives, such as low and stable inflation. And as we have seen through the disinflation process that has been taking place over the last few years, the credibility of Central Banks around the world has been instrumental in anchoring inflation expectations and in bringing down inflation across, you know, across the world. And across many countries in the world. And it is also important that independence, of course, it must coexist with clear accountability to the public.
    And on the question about the process, on Gita Gopinath’s decision to return to Harvard, maybe just to step back to say that on July 21st, you know, the Managing Director announced that Gita Gopinath, our First Deputy Managing Director, would be leaving the Fund at the end of August to return to Harvard University. She will be the inaugural Gregory and Ania Coffey Professor of Economics in the Department of Economics.

    And for your background, Ms. Gopinath joined the Fund in January 2019 as the first female Chief Economist of the Fund. And she was promoted to First Deputy Managing Director in January of 2022. I can add that this was a personal decision for Ms. Gopinath. She will return to her roots in academia, where she will continue to push the research frontier in international finance and macroeconomics. And she will also be training the next generation of economists.
    With respect to the selection of process and how the process works, the Managing Director selects and appoints the First Managing Director and the three Deputy Managing Directors of the Fund. The appointment is subject to approval by the Fund’s Executive Board. And in making the selection, the Managing Director consults with the Executive Board regarding the type of qualifications that, in the view of the Executive Board, a First Deputy Managing Director or a Deputy Managing Director should possess.

    QUESTIONER: My first question is regarding Sri Lanka. When can we expect the next review for the IMF-supported program? And secondly, given the uncertainties and risks that are currently opposing the economy for Sri Lanka, is there any decision or any exploration by the IMF to revisit some of the targets that have been implemented in the program that was given to Sri Lanka?

    QUESTIONER: I would like to know that now Sri Lanka has already finished four reviews, and now we are heading for the fifth one. What is the overall view of the IMF? That Sri Lanka’s performance, how we perform during these four reviews? And what are the expectations for the next review in brief? Thank you very much.

    MS. KOZACK: I have a question here that came in through the Press center on Sri Lanka. The question is what is the status of the IMF review of Sri Lanka’s program, an assessment of the macroeconomic outlook as well as the status of the review of the current mission that is visiting Sri Lanka. So, let me go ahead and take these. So, stepping back, on July 1st, the IMF’s Executive Board completed the Fourth Review under the EFF arrangement with Sri Lanka. This provided the country with U.S. $350 million to support its economic policies and reforms, and it brought total IMF financial support to U.S. $1.74 billion.

    What I can add is that Sri Lanka’s ambitious reform agenda continues to deliver commendable outcomes. Inflation remains low, revenue collection is improving and reserves, international reserves, continue to accumulate for the country. The post-crisis growth rebound to 5 percent in 2024 is quite remarkable. The revenue-to-GDP ratio improved from 8.2 percent in 2022 to 13.5 percent in 2024. The debt restructuring is nearly complete. And program performance has been generally strong overall, and the government remains committed to program objectives.

    What I can also add is that although the economic outlook remains positive for Sri Lanka, global trade policy and uncertainties do pose risks. And so, as the team moves forward to the Fifth Review, which we expect will be held in the fall, they will, of course, be looking at the overall and making an overall assessment of Sri Lanka’s economy. You know, including any implications from trade tensions or uncertainty. And of course, that will be — they will take that into account in discussions with the authorities on policies, and all of the program matters as part of the Fifth Review.

    QUESTIONER: Hi Julie. Thank you for taking my question. I have two questions, one on Syria and one on Egypt. So today there was the Saudi Syrian Investment Forum in Damascus, and it was said that in addition to the Saudi investments in support that there will be some global support on this. And the IFC was mentioned as well. So, what’s the IMF’s call on this, given that we have one of the G20 countries pledging this huge amount of investments in support? And how will the IMF contribute in this? That’s on Syria.

    And on Egypt, a few weeks ago in our press briefing here, it was mentioned that the two reviews, the Fifth and the Sixth, will be done together in the fall. Can we say that this is going to be in fall after the Annual Meeting, after the WEO report is published for the — for the region and for the global? And what, what is the main factor that we’re looking at here that would ultimately change the way it’s viewed, how Egypt’s economy is viewed in light of all the recent developments?

    MS. KOZACK: On Syria, what I can say is, and as we discussed here before, an IMF staff team did visit Syria from June 1st through 5th, and that was the first visit since 2009. The team was there to assess economic and financial conditions in Syria and to discuss with the authorities their economic policy and capacity building priorities, ultimately to support the recovery of the Syrian economy. With your specific question, what I can say there is that we have mentioned that Syria will need substantial international assistance to support the authorities’ efforts to rehabilitate the economy, meet urgent humanitarian needs, and rebuild essential institutions and infrastructure. And this not only includes concessional financial support, but it also extends to capacity development. And here, the IMF is committed to supporting Syria in its recovery efforts. The IMF Staff is working in coordination with other partners to develop a detailed roadmap for policy and capacity building priorities for some of the key economic institutions. So that’s kind of within our mandate, and that includes the Finance Ministry, the Central Bank, and the Statistics Agency.

    With respect to Egypt, what I can say on Egypt is that the IMF Staff conducted a mission to Cairo in May 2025. The mission noted continued progress under Egypt’s macroeconomic reform program, including improvements in inflation and foreign exchange reserves. However, additional time was needed to finalize key policy measures, particularly those related to reducing the state’s footprint in the economy by advancing the implementation of the state ownership policy and leveling the playing field for businesses. To allow for this continued work, the Fifth and Sixth Reviews under the EFF will be combined, and they are expected to be completed in the fall. Our team remains committed to supporting Egypt in advancing reforms to strengthen resilience and foster inclusive and private sector led growth.

    MS. KOZACK: Coming back to the Press Center, I have a question that has come in on Ghana. It says Ghana’s Finance Minister is presenting the mid-year budget today, following a first half marked by notable improvements in key economic indicators. However, concerns are rising about potential new fiscal slippages, and that could undermine gains in inflation control, currency stability, and overall recovery. Does the IMF share these concerns? And second question, what is your view on the role of monetary policy at this point, especially as the Bank of Ghana prepares to review its policy stance?

    Again, stepping back, on July 7th, the IMF’s Executive Board completed the Fourth Review of Ghana’s ECF arrangement. And after Board approval, Ghana received about U.S. $367 million, bringing total support to around U.S. $2.3 billion since May 2023.
    With respect to the budget here, I can say that the IMF has welcomed the government’s corrective actions, including a strong 2025 budget and an audit of payables to quantify and address the pre-election fiscal slippages. The authorities have recently implemented changes to their public financial management and public procurement acts, and this helps improve the overall fiscal responsibility framework in Ghana. And the authorities have also adopted a strategy to address issues in the energy sector. I can add that the mid-year budget review is fully in line with the parameters and objectives of the IMF-supported program.

    And with respect to the question on monetary policy, what I can say is that Ghana has made good progress since the beginning of the program in reducing inflation. Inflation was extremely high at the end of 2022 at 54 percent. It has now come down substantially to 14 percent at end June 2025. Going forward, it will be important for monetary policy to remain sufficiently tight, consistent with bringing inflation down to the Bank of Ghana’s target range, which is 8 percent plus or minus 2 percentage points.

    QUESTIONER: I’m going to ask about digital assets. One very specifically. There’s this controversy with El Salvador that is going around and around, but the government says they’re still buying Bitcoin, and it seems that the IMF is saying they are just moving things around between wallets. And I wanted you to address that. Also, with the passage here in the U.S. of the GENIUS Act, I guess, what does the IMF, what do they think the impacts of this sort of increasing legitimization of digital assets in the U.S. is going to be in terms of other economies, in terms of the ability to implement monetary policy? I just wonder if you have any comment on that. Thank you very much for taking the question.

    QUESTIONER: I have a question, specifically on El Salvador. How does the IMF assess the country’s continued Bitcoin accumulation in the context of the fiscal and transparency standards embedded in the Extended Fund Facility, the $1.4 billion program that was agreed last December? To what extent could this strategy complicate monitoring or risk management of this program?

    MS. KOZACK: So, on El Salvador, I’ll start with El Salvador and then Matthew, I’ll get to your question on the GENIUS Act. So again, stepping back. So, on June 27th, the IMF Executive Board completed El Salvador’s annual Article IV Consultation and concluded the First Review of the EFF that enabled El Salvador to have access to U.S. $118 million. And so far, $231 million has been disbursed under the EFF program that was approved in February.
    Program performance has been solid in El Salvador. The economy has continued to expand as macroeconomic imbalances are being addressed. The key fiscal and reserve targets were met at the time of the review with margins. And substantial progress continues with the ambitious reform agenda in the areas of governance, transparency, and financial resilience.
    And risks from Bitcoin continue to be mitigated. Regarding the questions on Bitcoin, I don’t have much new to say other than as we have stated in the past, the total amount of Bitcoin held across government-owned wallets remains unchanged, and that is consistent with El Salvador’s program commitments. The accumulation of Bitcoin by the Strategic Bitcoin Reserve Fund is consistent with program conditionality. And the increases in the Bitcoin Reserve Fund relate to movements across various government-owned wallets.
    And on your second question on the GENIUS Act, let me get to this one. Let me just step back for a moment, and then I’ll kind of come directly to the GENIUS Act.

    So, first, the GENIUS Act covers stablecoins, and stablecoins are a key type of privately issued crypto asset that aims to maintain a stable value. They do bring potential benefits, including cheaper and faster cross-border payments, increased financial inclusion, and greater portfolio diversification. So those are some of the potential benefits. There are operational risks, of course, associated with stablecoins if they are not properly regulated under an appropriate policy framework.

    Now, turning to the GENIUS Act. The GENIUS Act provides a comprehensive foundation for financial innovation and deepening. And that is balanced with consideration of consumer protection and market integrity goals and a clear identification of the institutional framework for oversight.
    Now, with respect to the kind of implications of the GENIUS Act, we, of course, are continuing to very actively monitor developments of stablecoins. We are assessing the potential implications of the GENIUS Act. And for us at the IMF, what is going to be especially important are going to be the implications for the international monetary system and the potential for spillovers to other jurisdictions. So that’s work that is ongoing, and our teams are making those assessments at this time.

    QUESTIONER: Any update on UAE economy outlook for GCC region and oil economy in general?

    MS. KOZACK: What I can share on UAE and the GCC in general, and I’ll be — and, of course, next week as part of the WEO update, we will, of course, be providing an update for the GCC region.
    So, starting with the UAE. Near-term growth in the UAE has been strong, and it is expected to remain healthy at over 4 percent in 2025. That was the assessment at the time of the April WEO. What we are seeing is robust growth in the non-hydrocarbon activity, and it is boosted by tourism, construction, public expenditure, and financial services. So those are the drivers of growth. Oil production is also increasing faster than expected, given the reversal of oil production cuts. And the UAE economy has demonstrated resilience to lower oil prices and increased oil price volatility this year.

    Now, turning to the GCC, what I can say for the GCC is that despite oil production cuts, GCC growth is estimated to have rebounded to 1.4 percent in 2024. And our projection at the time of the April WEO was that it will increase further to 3.3 percent in 2025. Non-hydrocarbon output growth is expected to remain strong, supported by rapid investment, construction, and accelerated reforms to diversify the GCC economies.
    Inflation remains low in the GCC, and our policy advice is for fiscal policy to remain prudent while strengthening fiscal reform implementation. And of course, we encourage policymakers in the region to continue reforms to support economic diversification. And as I noted, we will be providing an update of this assessment as part of the WEO update.
    And with that, I’m going to bring this Press Briefing to a close. Thank you all for your participation today.

    As a reminder, this briefing is embargoed until 11:00 A.M. Eastern Time in the United States. A transcript will be made available later on our website, IMF.org. Should you have any clarifications or additional queries, please do reach out to my colleagues via media@imf.org.

    This concludes our Press Briefing. I wish everyone a wonderful day, and I look forward to seeing you all next time.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Second Quarter 2025 Performance Highlights

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

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

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

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

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

    Net Interest Income

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

    Non-Interest Income

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

    Non-Interest Expense

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

    Income Tax Expense

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

    Balance Sheet Highlights

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

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

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

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

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

    About Landmark

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

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

    Special Note Concerning Forward-Looking Statements

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

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

        June 30,     March 31,     December 31,     September 30,     June 30,  
    (Dollars in thousands)   2025     2025     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 25,038     $ 21,881     $ 20,275     $ 21,211     $ 23,889  
    Interest-bearing deposits at other banks     3,463       3,973       4,110       4,363       4,881  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     51,624       58,424       64,458       83,753       89,325  
    Municipal obligations, tax exempt     100,802       101,812       107,128       112,126       114,047  
    Municipal obligations, taxable     75,037       70,614       71,715       75,129       74,588  
    Agency mortgage-backed securities     124,979       125,142       129,211       140,004       142,499  
    Total investment securities available-for-sale     352,442       355,992       372,512       411,012       420,459  
    Investment securities held-to-maturity     3,730       3,701       3,672       3,643       3,613  
    Bank stocks, at cost     10,946       6,225       6,618       7,894       9,647  
    Loans:                                        
    One-to-four family residential real estate     377,133       355,632       352,209       344,380       332,090  
    Construction and land     26,373       28,645       25,328       23,454       30,480  
    Commercial real estate     370,455       359,579       345,159       324,016       318,850  
    Commercial     204,303       190,881       192,325       181,652       178,876  
    Agriculture     100,348       101,808       100,562       91,986       84,523  
    Municipal     6,938       7,082       7,091       7,098       6,556  
    Consumer     32,234       31,297       29,679       29,263       29,200  
    Total gross loans     1,117,784       1,074,924       1,052,353       1,001,849       980,575  
    Net deferred loan (fees) costs and loans in process     (615 )     (426 )     (307 )     (63 )     (583 )
    Allowance for credit losses     (13,762 )     (12,802 )     (12,825 )     (11,544 )     (10,903 )
    Loans, net     1,103,407       1,061,696       1,039,221       990,242       969,089  
    Loans held for sale, at fair value     4,773       2,997       3,420       3,250       2,513  
    Bank owned life insurance     39,607       39,329       39,056       39,176       38,826  
    Premises and equipment, net     19,654       19,886       20,220       20,976       20,986  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,275       2,426       2,578       2,729       2,900  
    Mortgage servicing rights     3,082       3,045       3,061       3,041       2,997  
    Real estate owned, net     167       167       167       428       428  
    Other assets     23,904       24,894       26,855       23,309       28,149  
    Total assets   $ 1,624,865     $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     351,993       368,480       351,595       360,188       360,631  
    Money market and checking     562,919       613,459       636,963       565,629       546,385  
    Savings     148,092       149,223       145,514       145,825       150,996  
    Certificates of deposit     210,897       204,660       194,694       203,860       192,470  
    Total deposits     1,273,901       1,335,822       1,328,766       1,275,502       1,250,482  
    FHLB and other borrowings     155,110       48,767       53,046       92,050       131,330  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     5,825       6,256       13,808       9,528       8,745  
    Accrued interest and other liabilities     20,002       23,442       20,656       25,229       20,292  
    Total liabilities     1,476,489       1,435,938       1,437,927       1,423,960       1,432,500  
    Stockholders’ equity:                                        
    Common stock     58       58       58       55       55  
    Additional paid-in capital     95,266       95,148       95,051       89,532       89,469  
    Retained earnings     63,612       60,422       56,934       60,549       57,774  
    Treasury stock, at cost     –       –       –       (396 )     (330 )
    Accumulated other comprehensive loss     (10,560 )     (12,977 )     (15,828 )     (10,049 )     (18,714 )
    Total stockholders’ equity     148,376       142,651       136,215       139,691       128,254  
    Total liabilities and stockholders’ equity   $ 1,624,865     $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754  


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

        Three months ended,     Six months ended,  
        June 30,     March 31,     June 30,     June 30,     June 30,  
    (Dollars in thousands, except per share amounts)   2025     2025     2024     2025     2024  
    Interest income:                                        
    Loans   $ 17,186     $ 16,395     $ 15,022     $ 33,581     $ 29,512  
    Investment securities:                                        
    Taxable     2,163       2,180       2,359       4,343       4,787  
    Tax-exempt     701       719       759       1,420       1,523  
    Interest-bearing deposits at banks     48       48       40       96       103  
    Total interest income     20,098       19,342       18,180       39,440       35,925  
    Interest expense:                                        
    Deposits     5,144       5,236       5,673       10,380       11,130  
    FHLB and other borrowings     861       565       1,027       1,426       2,049  
    Subordinated debentures     358       357       418       715       830  
    Repurchase agreements     52       65       88       117       195  
    Total interest expense     6,415       6,223       7,206       12,638       14,204  
    Net interest income     13,683       13,119       10,974       26,802       21,721  
    Provision for credit losses     1,000       –       –       1,000       300  
    Net interest income after provision for credit losses     12,683       13,119       10,974       25,802       21,421  
    Non-interest income:                                        
    Fees and service charges     2,476       2,388       2,691       4,864       5,152  
    Gains on sales of loans, net     740       562       648       1,302       1,160  
    Bank owned life insurance     278       272       248       550       493  
    Losses on sales of investment securities, net     –       (2 )     –       (2 )     –  
    Other     132       138       133       270       315  
    Total non-interest income     3,626       3,358       3,720       6,984       7,120  
    Non-interest expense:                                        
    Compensation and benefits     6,234       6,154       5,504       12,388       11,036  
    Occupancy and equipment     1,244       1,252       1,294       2,496       2,684  
    Data processing     629       396       492       1,025       973  
    Amortization of mortgage servicing rights and other intangibles     238       239       256       477       668  
    Professional fees     540       745       649       1,285       1,296  
    Valuation allowance on real estate held for sale     –       –       979       –       1,108  
    Other     2,076       1,975       1,921       4,051       3,881  
    Total non-interest expense     10,961       10,761       11,095       21,722       21,646  
    Earnings before income taxes     5,348       5,716       3,599       11,064       6,895  
    Income tax expense     944       1,015       587       1,959       1,105  
    Net earnings   $ 4,404     $ 4,701     $ 3,012     $ 9,105     $ 5,790  
                                             
    Net earnings per share (1)                                        
    Basic   $ 0.76     $ 0.81     $ 0.52     $ 1.58     $ 1.01  
    Diluted     0.75       0.81       0.52       1.56       1.01  
    Dividends per share (1)     0.21       0.21       0.20       0.42       0.40  
    Shares outstanding at end of period (1)     5,783,312       5,778,610       5,743,044       5,783,312       5,743,044  
    Weighted average common shares outstanding – basic (1)     5,782,555       5,777,593       5,745,310       5,780,930       5,744,381  
    Weighted average common shares outstanding – diluted (1)     5,840,923       5,814,650       5,748,053       5,827,844       5,748,332  
                                             
    Tax equivalent net interest income   $ 13,851     $ 13,291     $ 11,167     $ 27,142     $ 22,075  
                                             

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


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

        As of or for the     As of or for the  
        three months ended,     six months ended,  
        June 30,     March 31,     June 30,     June 30,     June 30,  
    (Dollars in thousands, except per share amounts)   2025     2025     2024     2025     2024  
    Performance ratios:                                        
    Return on average assets (1)     1.11 %     1.21 %     0.78 %     1.16 %     0.75 %
    Return on average equity (1)     12.25 %     13.71 %     9.72 %     12.96 %     9.30 %
    Net interest margin (1)(2)     3.83 %     3.76 %     3.21 %     3.80 %     3.16 %
    Effective tax rate     17.7 %     17.8 %     16.3 %     17.7 %     16.0 %
    Efficiency ratio (3)     62.8 %     64.1 %     67.9 %     63.4 %     70.0 %
    Non-interest income to total income (3)     20.9 %     20.4 %     25.3 %     20.7 %     24.7 %
                                             
    Average balances:                                        
    Investment securities   $ 363,878     $ 377,845     $ 437,136     $ 370,823     $ 447,034  
    Loans     1,081,865       1,048,585       955,104       1,065,317       950,420  
    Assets     1,592,939       1,574,295       1,545,816       1,583,669       1,550,739  
    Interest-bearing deposits     965,214       979,787       936,237       972,460       935,827  
    FHLB and other borrowings     74,007       48,428       72,875       61,288       72,747  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,683       8,634       11,524       7,653       12,947  
    Stockholders’ equity   $ 144,151     $ 139,068     $ 124,624     $ 141,623     $ 125,235  
                                             
    Average tax equivalent yield/cost (1):                                        
    Investment securities     3.34 %     3.29 %     3.04 %     3.32 %     2.99 %
    Loans     6.37 %     6.34 %     6.33 %     6.36 %     6.25 %
    Total interest-bearing assets     5.60 %     5.53 %     5.29 %     5.56 %     5.20 %
    Interest-bearing deposits     2.14 %     2.17 %     2.44 %     2.15 %     2.39 %
    FHLB and other borrowings     4.67 %     4.73 %     5.67 %     4.69 %     5.66 %
    Subordinated debentures     6.63 %     6.69 %     7.76 %     6.66 %     7.71 %
    Repurchase agreements     3.12 %     3.05 %     3.07 %     3.08 %     3.03 %
    Total interest-bearing liabilities     2.41 %     2.38 %     2.78 %     2.40 %     2.74 %
                                             
    Capital ratios:                                        
    Equity to total assets     9.13 %     9.04 %     8.22 %                
    Tangible equity to tangible assets (3)     7.15 %     6.99 %     6.09 %                
    Book value per share   $ 25.66     $ 24.69     $ 22.33                  
    Tangible book value per share (3)   $ 19.66     $ 18.66     $ 16.19                  
                                             
    Rollforward of allowance for credit losses (loans):                                        
    Beginning balance   $ 12,802     $ 12,825     $ 10,851     $ 12,825     $ 10,608  
    Charge-offs     (103 )     (108 )     (119 )     (211 )     (260 )
    Recoveries     63       85       171       148       305  
    Provision for credit losses for loans     1,000       –       –       1,000       250  
    Ending balance   $ 13,762     $ 12,802     $ 10,903     $ 13,762     $ 10,903  
                                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300                  
                                             
    Non-performing assets:                                        
    Non-accrual loans   $ 16,984     $ 13,280     $ 5,007                  
    Accruing loans over 90 days past due     –       –       –                  
    Real estate owned     167       167       428                  
    Total non-performing assets   $ 17,151     $ 13,447     $ 5,435                  
                                             
    Loans 30-89 days delinquent   $ 4,321     $ 9,977     $ 1,872                  
                                             
    Other ratios:                                        
    Loans to deposits     86.62 %     79.48 %     77.50 %                
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.39 %     0.93 %     0.19 %                
    Total non-performing loans to gross loans outstanding     1.52 %     1.24 %     0.51 %                
    Total non-performing assets to total assets     1.06 %     0.85 %     0.35 %                
    Allowance for credit losses to gross loans outstanding     1.23 %     1.19 %     1.11 %                
    Allowance for credit losses to total non-performing loans     81.03 %     96.40 %     217.76 %                
    Net loan charge-offs to average loans (1)     0.01 %     0.01 %     -0.02 %     0.01 %     -0.01 %
    (1 ) Information is annualized.
    (2 ) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3 ) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
         

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

        As of or for the     As of or for the  
        three months ended,     six months ended,  
        June 30,     March 31,     June 30,     June 30,     June 30,  
    (Dollars in thousands, except per share amounts)   2025     2025     2024     2025     2024  
                                   
    Non-GAAP financial ratio reconciliation:                                        
    Total non-interest expense   $ 10,961     $ 10,761     $ 11,095     $ 21,722     $ 21,646  
    Less: foreclosure and real estate owned expense     49       (50 )     39       (1 )     (11 )
    Less: amortization of other intangibles     (151 )     (152 )     (171 )     (303 )     (341 )
    Less: valuation allowance on real estate held for sale     –       –       (979 )     –       (1,108 )
    Adjusted non-interest expense (A)     10,859       10,559       9,984       21,418       20,186  
                                             
    Net interest income (B)     13,683       13,119       10,974       26,802       21,721  
                                             
    Non-interest income     3,626       3,358       3,720       6,984       7,120  
    Less: losses on sales of investment securities, net     –       2       –       2       –  
    Less: gains on sales of premises and equipment and foreclosed assets     (9 )     –       –       (9 )     9  
    Adjusted non-interest income (C)   $ 3,617     $ 3,360     $ 3,720     $ 6,977     $ 7,129  
                                             
    Efficiency ratio (A/(B+C))     62.8 %     64.1 %     67.9 %     63.4 %     70.0 %
    Non-interest income to total income (C/(B+C))     20.9 %     20.4 %     25.3 %     20.7 %     24.7 %
                                             
    Total stockholders’ equity   $ 148,376     $ 142,651     $ 128,254                  
    Less: goodwill and other intangible assets     (34,652 )     (34,803 )     (35,277 )                
    Tangible equity (D)   $ 113,724     $ 107,848     $ 92,977                  
                                             
    Total assets   $ 1,624,865     $ 1,578,589     $ 1,560,754                  
    Less: goodwill and other intangible assets     (34,652 )     (34,803 )     (35,277 )                
    Tangible assets (E)   $ 1,590,213     $ 1,543,786     $ 1,525,477                  
                                             
    Tangible equity to tangible assets (D/E)     7.15 %     6.99 %     6.09 %                
                                             
    Shares outstanding at end of period (F)     5,783,312       5,778,610       5,743,044                  
                                             
    Tangible book value per share (D/F)   $ 19.66     $ 18.66     $ 16.19                  

    The MIL Network –

  • MIL-OSI: Heritage Commerce Corp Reports Second Quarter and First Six Months of 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., July 24, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (Nasdaq: HTBK), (the “Company”), the holding company for Heritage Bank of Commerce (the “Bank”) today announced its financial results for the second quarter and six months ended June 30, 2025. All data are unaudited.

    REPORTED SECOND QUARTER 2025 HIGHLIGHTS:
               
    Net Income Earnings Per Share Pre-Provision Net Revenue
    (“PPNR”)    (1)    		 Fully Tax Equivalent
    (“FTE”) Net Interest
    Margin    (1)    		 Efficiency Ratio(1) Tangible Book Value Per
    Share    (1)
               
    $6.4 million $0.10 $9.4 million 3.54 % 80.23 % $8.49
               
    ADJUSTED SECOND QUARTER 2025 HIGHLIGHTS:(1)
          
               
    Net Income Earnings Per Share PPNR(1) FTE Net Interest Margin(1) Efficiency Ratio(1) Tangible Book Value Per
    Share    (1)
               
               
    $13.0 million $0.21 $18.6 million 3.54 % 61.01 % $8.59
               

    CEO COMMENTARY:
    “We executed well in the second quarter, generating a higher level of net income and earnings per share, excluding significant charges primarily related to a legal settlement,” said Clay Jones, President and Chief Executive Officer. “We had positive trends in loan growth, an expansion in our net interest margin, and stable asset quality, while deposits declined due to seasonal outflows that we typically see in the second quarter. Our loan growth was well diversified across our portfolios. We continue to successfully add new clients by offering a superior banking experience and generate loan growth while maintaining our disciplined underwriting and pricing criteria.”

    “We have a strong balance sheet with a high level of capital and liquidity and healthy asset quality, which provides a strong foundation to weather periods of economic volatility. We are well positioned to navigate the current environment and expect to see positive trends in loan growth, the net interest margin, and expense management,” said Mr. Jones.

       
    LINKED-QUARTER BASIS YEAR-OVER-YEAR

    FINANCIAL HIGHLIGHTS:

      • Total revenue of $47.8 million, an increase of 4%, or $1.7 million
    • Noninterest expense of $38.3 million includes an accrual of $9.2 million for pre-tax charges primarily related to a legal settlement
    • Reported net income of $6.4 million and earnings per share of $0.10, down 45% and 47%, from $11.6 million and $0.19, respectively
    • Adjusted net income(1) of $13.0 million and adjusted earnings per share(1) of $0.21, both metrics up 11% from $11.6 million and $0.19, respectively    		   • Total revenue of $47.8 million, an increase of 15%, or $6.1 million
    • Noninterest expense of $38.3 million includes an accrual of $9.2 million for pre-tax charges primarily related to a legal settlement
    • Reported net income of $6.4 million and earnings per share of $0.10, down 31% and 33%, from $9.2 million and $0.15, respectively
    • Adjusted net income(1) of $13.0 million and adjusted earnings per share(1) of $0.21, both metrics up 40% from $9.2 million and $0.15, respectively

    FINANCIAL CONDITION:

      • Loans held-for-investment (“HFI”) of $3.5 billion, up $47.4 million or 1%
    • Total deposits of $4.6 billion, down $55.9 million, or 1%
    • Loan to deposit ratio of 76.38%, up from 74.45%
    • Total shareholders’ equity of $694.7 million, down $1.5 million    		   • Increase in loans HFI of $154.5 million, or 5%

    • Increase in total deposits of $182.7 million, or 4%       
    • Loan to deposit ratio of 76.38%, up from 76.04%
    • Increase in total shareholders’ equity of $15.5 million

    CREDIT QUALITY:

      • Nonperforming assets (“NPAs”) to total assets of 0.11% for both quarters
    • NPAs to total assets of 0.11% for both quarters    		   • Classified assets to total assets of 0.69%, compared to 0.73%
    • Classified assets to total assets of 0.69%, compared to 0.64%

    KEY PERFORMANCE METRICS:

      • FTE net interest margin(1) of 3.54%, an increase from 3.39%
    • Common equity tier 1 capital ratio of 13.3%, compared to 13.6%
    • Total capital ratio of 15.5%, compared to 15.9%
    • Tangible common equity ratio(1) of 9.85%, an increase of 1% from 9.78%    		   • FTE net interest margin(1) of 3.54%, an increase from 3.26%
    • Common equity tier 1 capital ratio of 13.3%, compared to 13.4%
    • Total capital ratio of 15.5%, compared to 15.6%
    • Tangible common equity ratio(1) of 9.85%, a decrease of 1% from 9.91%

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release. All references to “adjusted” operating metrics exclude the $9.2 million of charges primarily related to a legal settlement in the second quarter and first six months of 2025 as presented in the reconciliation of non-GAAP financial measures at the end of this press release.

    Results of Operations:

    Reported net income was $6.4 million, or $0.10 per average diluted common share, for the second quarter of 2025. Adjusted net income(2) was $13.0 million, or $0.21 per average diluted common share, for the second quarter of 2025, compared to $11.6 million, or $0.19 per average diluted common share, for the first quarter of 2025, and $9.2 million, or $0.15 per average diluted common share, for the second quarter of 2024. The annualized return on average assets was 0.47% and annualized return on average equity was 3.68% for the second quarter of 2025, compared to 0.85% and 6.81%, respectively, for the first quarter of 2025, and 0.71% and 5.50%, respectively, for the second quarter of 2024. The adjusted annualized return on average assets(2) was 0.95% and adjusted annualized return on average tangible common equity(2) was 9.92% for the second quarter of 2025, compared to 0.85% and 9.09%, respectively, for the first quarter ended of 2025, and 0.71% and 7.43%, respectively, for the second quarter of 2024.

    Reported net income was $18.0 million, or $0.29 per average diluted common share, for the first six months of 2025. Adjusted net income(2) was $24.6 million, or $0.40 per average diluted common share, for the first six months of 2025, compared to $19.4 million, or $0.32 per average diluted common share, for the first six months of 2024. The annualized return on average assets was 0.66% and annualized return on average equity was 5.23% for the six months ended June 30, 2025, compared to 0.75% and 5.79%, respectively, for the six months ended June 30, 2024. The adjusted annualized return on average assets(2) was 0.90% and annualized return on average tangible common equity(2) was 9.51% for the six months ended June 30, 2025, compared to 0.75% and 7.84%, respectively, for the six months ended June 30, 2024.

    Total revenue, which is defined as net interest income before provision for credit losses on loans plus noninterest income, increased $1.7 million, or 4%, to $47.8 million for the second quarter of 2025, compared to $46.1 million for the first quarter of 2025, and increased $6.1 million, or 15%, from $41.7 million for the second quarter of 2024. Total revenue increased $9.9 million, or 12%, to $93.8 million for the first six months of 2025, compared to $83.9 million for the first six months of 2024.

    For the second quarter and first six months of 2025, the Company’s reported PPNR(2), which is defined as total revenue less adjusted noninterest expense(2) was $9.4 million and $26.0 million, respectively. The adjusted PPNR(2) was $18.6 million for the second quarter of 2025, compared to $16.6 million for the first quarter of 2025, and $13.5 million for the second quarter of 2024. For the six months of 2025, the Company’s adjusted PPNR(2) was $35.2 million, compared to $28.1 million for the six months of 2024.

    Net interest income totaled $44.8 million for the second quarter of 2025, an increase of $1.4 million, or 3%, compared to $43.4 million for the first quarter of 2025. The FTE net interest margin(2) was 3.54% for the second quarter of 2025, an increase over 3.39% for the first quarter of 2025 primarily due to an increase in the average yields and average balances of loans and securities, partially offset by a decrease in the average balances of deposits resulting in a lower average balance of overnight funds.

    Net interest income increased $5.9 million, or 15%, to $44.8 million, compared to $38.9 million for the second quarter of 2024. The FTE net interest margin(2) increased from 3.23% for the second quarter of 2024 primarily due to lower rates paid on customer deposits, an increase in the average yields and average balances of loans and securities, and an increase in the average balance of deposits resulting in a higher average balance of overnight funds, partially offset by a lower average yield on overnight funds.

    For the first six months of 2025, net interest income increased $9.8 million, or 12% to $88.2 million, compared to $78.4 million for the first six months of 2024. The FTE net interest margin(2) increased 20 basis points to 3.47% for the first six months of 2025, from 3.27% for the first six months of 2024, primarily due to an increase in the average balances of average interest earning assets, and an increase in the average yields on loans and securities, partially offset by higher rates paid on client deposits and a lower yield on overnight funds.

    We recorded a provision for credit losses on loans of $516,000 for the second quarter of 2025, compared to $274,000 for the first quarter of 2025, and $471,000 for the second quarter of 2024. There was a provision for credit losses on loans of $790,000 for the six months ended June 30, 2025, compared to $655,000 for the six months ended June 30, 2024. The increase in the provision for credit losses on loans for the second quarter and first six months of 2025 was primarily due to loan growth.

    Total noninterest income increased to $3.0 million for the second quarter of 2025, compared to $2.7 million for the first quarter of 2025, and $2.9 million for the second quarter of 2024, primarily due to higher termination and facility fees. The increase in noninterest income in the second quarter of 2025 was partially offset by a $219,000 gain on proceeds from company-owned life insurance in the second quarter of 2024.

    Total noninterest income increased 3% to $5.7 million for the first six months of 2025, compared to $5.5 million for the first six months of 2024, primarily due to higher termination and facility fees, partially offset by a $219,000 gain on proceeds from company-owned life insurance in the first six months of 2024.

    (2)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

    Reported noninterest expense for the second quarter of 2025 and first six months of 2025 totaled $38.3 million and $67.8 million, respectively. During the second quarter of 2025, the Company recorded expenses of $9.2 million, primarily due to pre-tax charges related to the settlement of certain litigation matters, including the anticipated settlement of a previously disclosed class action and California Private Attorneys General Act (“PAGA”) lawsuit that alleged the violation of certain California wage-and-hour and related laws and regulations, and charges related to the planned closure of a Bank branch. Adjusted noninterest expense(3) was $29.1 million, compared to $29.5 million for the first quarter of 2025, and $28.2 million for the second quarter of 2024. Adjusted noninterest expense(3) for the first six months of 2025 was $58.6 million, compared to $55.7 million for the first six months of 2024.

    Income tax expense decreased to $2.5 million for the second quarter of 2025, compared to $4.7 million for the first quarter of 2025, and $3.8 million for the second quarter of 2024, primarily due to lower pre-tax income. The effective tax rate for the second quarter of 2025 was 28.5%, compared to 28.8% for the first quarter of 2025, and 29.4% for the second quarter of 2024.

    Income tax expense for the six months ended June 30, 2025 was $7.2 million, compared to $8.1 million for the six months ended June 30, 2024. The effective tax rate for six months ended June 30, 2025 was 28.7%, compared to 29.4% for the six months ended June 30, 2024.

    The reported efficiency ratio(3) for the second quarter and first six month of 2025 was 80.23% and 72.24%, respectively. The adjusted efficiency ratio(3) improved to 61.01% for the second quarter of 2025, compared to 63.96% for the first quarter of 2025, as a result of higher total revenue. The adjusted efficiency ratio(3) improved from 67.55% for the second quarter of 2024, primarily due to higher total revenue, partially offset by higher noninterest expense. The adjusted efficiency ratio(3) improved to 62.45% for the first six months of 2025 from 66.44% for the first six months of 2024, primarily due to higher total revenue, partially offset by higher noninterest expense.

    Full time equivalent employees were 350 at both June 30, 2025 and March 31, 2025, and 353 at June 30, 2024.

    Financial Condition and Capital Management:

    Total assets remained relatively flat at $5.5 billion at both June 30, 2025 and March 31, 2025. Total assets increased 4% from $5.3 billion at June 30, 2024, primarily due to an increase in deposits resulting in an increase in overnight funds, and an increase in loans.  

    Investment securities available-for-sale (at fair value) decreased to $307.0 million at June 30, 2025, compared to $371.0 million at March 31, 2025, primarily due to maturities and paydowns, partially offset by purchases. Investment securities available-for-sale totaled $273.0 million at June 30, 2024. The pre-tax unrealized loss on the securities available-for-sale portfolio was $448,000, or $396,000 net of taxes, which equaled less than 1% of total shareholders’ equity at June 30, 2025.

    During the first six months of 2025, the Company purchased $87.2 million of agency mortgage-backed securities, $79.8 million of collateralized mortgage obligations, and $44.8 million of U.S. Treasury securities, for total purchases of $211.8 million in the available-for-sale portfolio. Securities purchased had a book yield of 4.82% and an average life of 4.55 years.

    Investment securities held-to-maturity (at amortized cost, net of allowance for credit losses of ($16,000), totaled $561.2 million at June 30, 2025, compared to $576.7 million at March 31, 2025, and $621.2 million at June 30, 2024. The fair value of the securities held-to-maturity portfolio was $486.5 million at June 30, 2025. The pre-tax unrecognized loss on the securities held-to-maturity portfolio was $74.7 million, or $52.7 million net of taxes, which equaled 7.6% of total shareholders’ equity at June 30, 2025.

    The unrealized and unrecognized losses in both the available-for-sale and held-to-maturity portfolios were due to higher interest rates at June 30, 2025 compared to when the securities were purchased. The issuers are of high credit quality and all principal amounts are expected to be repaid when the securities mature. The fair value is expected to recover as the securities approach their maturity date and/or market rates decline.

    Loans HFI, net of deferred costs and fees, increased $47.4 million, or 1% to $3.5 billion at June 30, 2025, compared to $3.5 billion at March 31, 2025, and increased $154.5 million, or 5%, from $3.4 billion at June 30, 2024. Loans HFI, excluding residential mortgages, increased $58.3 million, or 2% to $3.1 billion at June 30, 2025, compared to $3.0 billion at March 31, 2025, and increased $184.9 million, or 6%, from $2.9 billion at June 30, 2024.

    Commercial and industrial line utilization was 32% at June 30, 2025, compared to 31% at both March 31, 2025, and June 30, 2024. Commercial real estate (“CRE”) loans totaled $2.0 billion at June 30, 2025, of which 31% were owner occupied and 31% were investor CRE loans. Owner occupied CRE loans totaled 31% at March 31, 2025 and 32% at June 30, 2024. Approximately 24% of the Company’s loan portfolio consisted of floating interest rate loans at both June 30, 2025 and March 31, 2025, compared to 27% at June 30, 2024.

    At June 30, 2025, paydowns and maturities of investment securities and fixed interest rate loans maturing within one year totaled $311.0 million.

    (3)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

    Total deposits decreased $55.9 million, or 1%, to $4.6 billion at June 30, 2025, compared to $4.7 billion at March 31, 2025, primarily due to season outflows. Total deposits increased $182.7 million, or 4% from $4.4 billion at June 30, 2024.

    The following table shows the Company’s deposit types as a percentage of total deposits at the dates indicated:

                       
        June 30,      March 31,     June 30,   
    DEPOSITS TYPE % TO TOTAL DEPOSITS      2025         2025         2024  
    Demand, noninterest-bearing   25 %     24 %     27 %  
    Demand, interest-bearing   21 %     20 %     21 %  
    Savings and money market   28 %     29 %     25 %  
    Time deposits — under $250   1 %     1 %     1 %  
    Time deposits — $250 and over   4 %     5 %     4 %  
    Insured Cash Sweep (“ICS”)/Certificate of Deposit Registry                  
    Service (“CDARS”) – interest-bearing demand, money                  
    market and time deposits   21 %     21 %     22 %  
    Total deposits   100 %     100 %     100 %  

    The loan to deposit ratio was 76.38% at June 30, 2025, compared to 74.45% at March 31, 2025, and 76.04% at June 30, 2024.

    The Company’s total available liquidity and borrowing capacity was $3.1 billion at June 30, 2025, compared to $3.2 billion at March 31, 2025, and $3.0 billion at June 30, 2024.

    Total shareholders’ equity was $694.7 million at June 30, 2025, compared to $696.2 million at March 31, 2025, and $679.2 million at June 30, 2024. The change in shareholders’ equity at June 30, 2025 is primarily a function of net income and the decrease in the total accumulated other comprehensive loss, partially offset by dividends to stockholders.

    Total accumulated other comprehensive loss of $5.0 million at June 30, 2025 was comprised of $2.5 million in actuarial losses associated with split dollar insurance contracts, $2.2 million in actuarial losses associated with the supplemental executive retirement plan, unrealized losses on securities available-for-sale of $396,000, and a $42,000 unrealized gain on interest-only strip from SBA loans.

    The Company’s consolidated capital ratios exceeded regulatory guidelines and the Bank’s capital ratios exceeded regulatory guidelines under the prompt corrective action (“PCA”) regulatory guidelines for a well-capitalized financial institution, and the Basel III minimum regulatory requirements at June 30, 2025.

    Reported tangible book value per share(4) was $8.49 at June 30, 2025. Adjusted tangible book value per share(4) was $8.59 at June 30, 2025, compared to $8.48 at March 31, 2025, and $8.22 at June 30, 2024.

    The Company is authorized to repurchase up to $15.0 million of the Company’s shares of its issued and outstanding common stock under its share repurchase program authorized by the Board of Directors in July 2024. During the second quarter of 2025, the Company repurchased 207,989 shares of its common stock with a weighted average price of $9.19 for a total of $1.9 million. The remaining capacity under this share repurchase program was $13.1 million at June 30, 2025. In July 2025, the Company’s Board of Directors extended the program for one year, expiring on July 31, 2026.

    Credit Quality:
    The provision for credit losses on loans totaled $516,000 for the second quarter of 2025, compared to a $274,000 provision for credit losses on loans for the first quarter of 2025 and a provision for credit losses on loans of $471,000 for the second quarter of 2024. Net charge-offs totaled $145,000 for the second quarter of 2025, compared to $965,000 for the first quarter of 2025, and $405,000 for the second quarter of 2024. 

    The provision for credit losses on loans totaled $790,000 for the first six months of 2025, compared to a $655,000 provision for credit losses on loans for the first six months of 2024. Net charge-offs totaled $1.1 million for the first six months of 2025, compared to $659,000 for the first six months of 2024. 

    The allowance for credit losses on loans (“ACLL”) at June 30, 2025 was $48.6 million, or 1.38% of total loans, representing 787% of total nonperforming loans. The ACLL at March 31, 2025 was $48.3 million, or 1.38% of total loans, representing 765% of total nonperforming loans. The ACLL at June 30, 2024 was $48.0 million, or 1.42% of total loans, representing 795% of total nonperforming loans. The reduction to the allowance for credit on losses on loans reflects our credit assessment and economic factors.

    NPAs were $6.2 million at June 30, 2025, compared to $6.3 million at March 31, 2025, and $6.0 million at June 30, 2024. There were no foreclosed assets on the balance sheet at June 30, 2025, March 31, 2025, or June 30, 2024. There were no Shared National Credits (“SNCs”) or material purchased participations included in NPAs or total loans at June 30, 2025, March 31, 2025, or June 30, 2024.

    Classified assets totaled $37.5 million, or 0.69% of total assets, at June 30, 2025, compared to $40.0 million, or 0.73% of total assets, at March 31, 2025, and $33.6 million, or 0.64% of total assets, at June 30, 2024.

    (4)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

    Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com. The contents of our website are not incorporated into, and do not form a part of, this release or of our filings with the Securities and Exchange Commission.

    Reclassifications

    During the first quarter of 2025, we reclassified Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock dividends from interest income to noninterest income and the related average asset balances were reclassified from interest earning assets to other assets on the “Net Interest Income and Net Interest Margin” tables. The amounts for the prior periods were reclassified to conform to the current presentation. These reclassifications did not affect previously reported net income or shareholders’ equity.

    Non-GAAP Financial Measures

    Financial results are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These measures include “adjusted” operating metrics that have been adjusted to exclude notable expenses incurred in the second quarter as well as other performance measures and ratios adjusted for notable items. Management believes these non-GAAP financial measures enhance comparability between periods and in some instances are common in the banking industry. These non-GAAP financial measures should be supplemental to primary GAAP financial measures and should not be read in isolation or relied upon as a substitute for primary GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is presented in the tables at the end of this press release under “Reconciliation of Non-GAAP Financial Measures.”

    Forward-Looking Statement Disclaimer

    Certain matters discussed in this press release constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are inherently uncertain in that they reflect plans and expectations for future events. These statements may include, among other things, those relating to the Company’s future financial performance, plans and objectives regarding future events, expectations regarding changes in interest rates and market conditions, projected cash flows of our investment securities portfolio, the performance of our loan portfolio, loan growth, expenses, net interest margin, estimated net interest income resulting from a shift in interest rates, expectation of high credit quality issuers ability to repay, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events. Any statements that reflect our belief about, confidence in, or expectations for future events, performance or condition should be considered forward-looking statements. Readers should not construe these statements as assurances of a given level of performance, nor as promises that we will take actions that we currently expect to take. All statements are subject to various risks and uncertainties, many of which are outside our control and some of which may fall outside our ability to predict or anticipate. Accordingly, our actual results may differ materially from our projected results, and we may take actions or experience events that we do not currently expect. Risks and uncertainties that could cause our financial performance to differ materially from our goals, plans, expectations and projections expressed in forward-looking statements include those set forth in our filings with the Securities and Exchange Commission, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, and include: (i) cybersecurity risks that may affect us directly or may impact us indirectly by virtue of their effects on our clients, markets or vendors, including our ability to identify and address cybersecurity risks, including those posed by the increasing use of artificial intelligence (such as, but not limited to, ransomware, data security breaches, “denial of service” attacks, “hacking” and identity theft) affecting us, our clients, and our third-party vendors and service providers; (ii) events that affect our ability to attract, recruit, and retain qualified officers and other personnel to implement our strategic plan, and that enable current and future personnel to protect and develop our relationships with clients, and to promote our business, results of operations and growth prospects; (iii) media items and consumer confidence as those factors affect our clients’ confidence in the banking system generally and in our bank specifically; (iv) adequacy of our risk management framework, disclosure controls and procedures and internal control over financial reporting; (v) the effects of recent wildfires affecting Southern California, which have affected certain clients and certain loans secured by mortgages in Los Angeles County, and which are affecting or may, in the future, affect other clients in those and other markets throughout California; (vi) market, geographic and sociopolitical factors that arise by virtue of the fact that we operate primarily in the general San Francisco Bay Area of Northern California; (vii) risks of geographic concentration of our client base, our loans, and the collateral securing our loans, as those clients and assets may be particularly subject to natural disasters and to events and conditions that directly or indirectly affect those regions, including the particular risks of natural disasters (including earthquakes, fires, and flooding) and other events that disproportionately affect that region; (viii) political events that have accompanied or that may in the future accompany or result from recent political changes, particularly including sociopolitical events and conditions that result from political conflicts and law enforcement activities that may adversely affect our markets or our clients; (ix) our ability to estimate accurately, and to establish adequate reserves against, the risk of loss associated with our loan and lease portfolios and our factoring business; (x) inflationary pressures and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase the level of defaults, losses and prepayments on loans to clients, whether held in the portfolio or in the secondary market; (xi) factors that affect the value and liquidity of our investment portfolios, particularly the values of securities available-for-sale; (xii) factors that affect our liquidity and our ability to meet client demands for withdrawals from deposit accounts and undrawn lines of credit, including our cash on hand and the availability of funds from our own lines of credit; (xiii) increased capital requirements for our continual growth or as imposed by banking regulators, which may require us to raise capital at a time when capital is not available on favorable terms or at all; (xiv) the expense and uncertain resolution of litigation matters whether occurring in the ordinary course of business or otherwise, particularly including but not limited to the effects of recent and ongoing developments in California labor and employment laws, regulations and court decisions; (xv) operational issues stemming from, and/or capital spending necessitated by, the potential need to adapt to industry changes in information technology systems, on which we are highly dependent; and (xvi) our success in managing the risks involved in the foregoing factors.

    Member FDIC

    For additional information, email:
    InvestorRelations@herbank.com

                                                   
        For the Quarter Ended:   Percent Change From:     For the Six Months Ended:
    CONSOLIDATED INCOME STATEMENTS      June 30,       March 31,       June 30,       March 31,       June 30,         June 30,       June 30,       Percent  
    (in $000’s, unaudited)   2025   2025   2024   2025     2024       2025   2024   Change  
    Interest income   $ 63,025   $ 61,832   $ 58,489   2   %   8   %   $ 124,857   $ 115,450   8   %
    Interest expense     18,220     18,472     19,622   (1 ) %   (7 ) %     36,692     37,080   (1 ) %
    Net interest income before provision                                              
    for credit losses on loans     44,805     43,360     38,867   3   %   15   %     88,165     78,370   12   %
    Provision for credit losses on loans     516     274     471   88   %   10   %     790     655   21   %
    Net interest income after provision                                              
    for credit losses on loans     44,289     43,086     38,396   3   %   15   %     87,375     77,715   12   %
    Noninterest income:                                                   
    Service charges and fees on deposit                                              
    accounts     929     892     891   4   %   4   %     1,821     1,768   3   %
    FHLB and FRB stock dividends     584     590     588   (1 ) %   (1 ) %     1,174     1,178      
    Increase in cash surrender value of                                              
    life insurance     548     538     521   2   %   5   %     1,086     1,039   5   %
    Termination fees     227     87     100   161   %   127   %     314     113   178   %
    Gain on sales of SBA loans     87     98     76   (11 ) %   14   %     185     254   (27 ) %
    Servicing income     61     82     90   (26 ) %   (32 ) %     143     180   (21 ) %
    Gain on proceeds from company-owned                                              
    life insurance     —     —     219   N/A   (100 ) %     —     219   (100 ) %
    Other     541     409     379   32   %   43   %     950     750   27   %
    Total noninterest income     2,977     2,696     2,864   10   %   4   %     5,673     5,501   3   %
    Noninterest expense:                                                   
    Salaries and employee benefits     16,227     16,575     15,794   (2 ) %   3   %     32,802     31,303   5   %
    Occupancy and equipment     2,525     2,534     2,689   0   %   (6 ) %     5,059     5,132   (1 ) %
    Professional fees     1,819     1,580     1,072   15   %   70   %     3,399     2,399   42   %
    Other     17,764     8,767     8,633   103   %   106   %     26,531     16,890   57   %
    Total noninterest expense     38,335     29,456     28,188   30   %   36   %     67,791     55,724   22   %
    Income before income taxes     8,931     16,326     13,072   (45 ) %   (32 ) %     25,257     27,492   (8 ) %
    Income tax expense     2,542     4,700     3,838   (46 ) %   (34 ) %     7,242     8,092   (11 ) %
    Net income   $ 6,389   $ 11,626   $ 9,234   (45 ) %   (31 ) %   $ 18,015   $ 19,400   (7 ) %
                                                   
    PER COMMON SHARE DATA                                              
    (unaudited)                                                 
    Basic earnings per share   $ 0.10   $ 0.19   $ 0.15   (47 ) %   (33 ) %   $ 0.29   $ 0.32   (9 ) %
    Diluted earnings per share   $ 0.10   $ 0.19   $ 0.15   (47 ) %   (33 ) %   $ 0.29   $ 0.32   (9 ) %
    Weighted average shares outstanding – basic     61,508,180     61,479,579     61,279,914   0   %   0   %     61,493,880     61,233,269   0   %
    Weighted average shares outstanding – diluted     61,624,600     61,708,361     61,438,088   0   %   0   %     61,664,942     61,446,484   0   %
    Common shares outstanding at period-end     61,446,763     61,611,121     61,292,094   0   %   0   %     61,446,763     61,292,094   0   %
    Dividend per share   $ 0.13   $ 0.13   $ 0.13   0   %   0   %   $ 0.26   $ 0.26   0   %
    Book value per share   $ 11.31   $ 11.30   $ 11.08   0   %   2   %   $ 11.31   $ 11.08   2   %
    Tangible book value per share(1)   $ 8.49   $ 8.48   $ 8.22   0   %   3   %   $ 8.49   $ 8.22   3   %
                                                   
    KEY PERFORMANCE METRICS                                                      
    (in $000’s, unaudited)                                                      
    Annualized return on average equity     3.68 %     6.81 %     5.50 %   (46 ) %   (33 ) %     5.23 %     5.79 %   (10 ) %
    Annualized return on average tangible                                              
    common equity(1)     4.89 %     9.09 %     7.43 %   (46 ) %   (34 ) %     6.97 %     7.84 %   (11 ) %
    Annualized return on average assets     0.47 %     0.85 %     0.71 %   (45 ) %   (34 ) %     0.66 %     0.75 %   (12 ) %
    Annualized return on average tangible assets(1)     0.48 %     0.88 %     0.74 %   (45 ) %   (35 ) %     0.68 %     0.78 %   (13 ) %
    Net interest margin (FTE)(1)     3.54 %     3.39 %     3.23 %   4   %   10   %     3.47 %     3.27 %   6   %
    Total revenue   $ 47,782   $ 46,056   $ 41,731   4   %   15   %     93,838     83,871   12   %
    Pre-provision net revenue(1)   $ 9,447   $ 16,600   $ 13,543   (43 ) %   (30 ) %     26,047     28,147   (7 ) %
    Efficiency ratio(1)     80.23 %     63.96 %     67.55 %   25   %   19   %     72.24 %     66.44 %   9   %
                                                   
    AVERAGE BALANCES                                                     
    (in $000’s, unaudited)                                                      
    Average assets   $ 5,458,420   $ 5,559,896   $ 5,213,171   (2 ) %   5   %   $ 5,508,878   $ 5,195,903   6   %
    Average tangible assets(1)   $ 5,284,972   $ 5,386,001   $ 5,037,673   (2 ) %   5   %   $ 5,335,207   $ 5,020,134   6   %
    Average earning assets   $ 5,087,089   $ 5,188,317   $ 4,840,670   (2 ) %   5   %   $ 5,137,424   $ 4,825,587   6   %
    Average loans held-for-sale   $ 2,250   $ 2,290   $ 1,503   (2 ) %   50   %   $ 2,270   $ 2,126   7   %
    Average loans held-for-investment   $ 3,504,518   $ 3,429,014   $ 3,328,358   2   %   5   %   $ 3,466,975   $ 3,312,799   5   %
    Average deposits   $ 4,618,007   $ 4,717,517   $ 4,394,545   (2 ) %   5   %   $ 4,667,487   $ 4,377,347   7   %
    Average demand deposits – noninterest-bearing   $ 1,146,494   $ 1,167,330   $ 1,127,145   (2 ) %   2   %   $ 1,156,854   $ 1,152,111   0   %
    Average interest-bearing deposits   $ 3,471,513   $ 3,550,187   $ 3,267,400   (2 ) %   6   %   $ 3,510,633   $ 3,225,236   9   %
    Average interest-bearing liabilities   $ 3,511,237   $ 3,589,872   $ 3,306,972   (2 ) %   6   %   $ 3,550,338   $ 3,264,788   9   %
    Average equity   $ 697,016   $ 692,733   $ 675,108   1   %   3   %   $ 694,886   $ 673,700   3   %
    Average tangible common equity(1)   $ 523,568   $ 518,838   $ 499,610   1   %   5   %   $ 521,215   $ 497,931   5   %
                                                   
                                                   

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                     
        For the Quarter Ended:  
    CONSOLIDATED INCOME STATEMENTS      June 30,       March 31,       December 31,       September 30,      June 30,   
    (in $000’s, unaudited)   2025   2025   2024   2024   2024  
    Interest income   $ 63,025   $ 61,832   $ 64,043   $ 60,852   $ 58,489  
    Interest expense     18,220     18,472     20,448     21,523     19,622  
    Net interest income before provision                                
    for credit losses on loans     44,805     43,360     43,595     39,329     38,867  
    Provision for credit losses on loans     516     274     1,331     153     471  
    Net interest income after provision                                
    for credit losses on loans     44,289     43,086     42,264     39,176     38,396  
    Noninterest income:                                 
    Service charges and fees on deposit                                
    accounts     929     892     885     908     891  
    FHLB and FRB stock dividends     584     590     590     586     588  
    Increase in cash surrender value of                                
    life insurance     548     538     528     530     521  
    Termination fees     227     87     18     46     100  
    Gain on sales of SBA loans     87     98     125     94     76  
    Servicing income     61     82     77     108     90  
    Gain on proceeds from company-owned                                
    life insurance     —     —     —     —     219  
    Other     541     409     552     554     379  
    Total noninterest income     2,977     2,696     2,775     2,826     2,864  
    Noninterest expense:                                     
    Salaries and employee benefits     16,227     16,575     16,976     15,673     15,794  
    Occupancy and equipment     2,525     2,534     2,495     2,599     2,689  
    Professional fees     1,819     1,580     1,711     1,306     1,072  
    Other     17,764     8,767     9,122     7,977     8,633  
    Total noninterest expense     38,335     29,456     30,304     27,555     28,188  
    Income before income taxes     8,931     16,326     14,735     14,447     13,072  
    Income tax expense     2,542     4,700     4,114     3,940     3,838  
    Net income   $ 6,389   $ 11,626   $ 10,621   $ 10,507   $ 9,234  
                                     
    PER COMMON SHARE DATA                                
    (unaudited)                                    
    Basic earnings per share   $ 0.10   $ 0.19   $ 0.17   $ 0.17   $ 0.15  
    Diluted earnings per share   $ 0.10   $ 0.19   $ 0.17   $ 0.17   $ 0.15  
    Weighted average shares outstanding – basic     61,508,180     61,479,579     61,320,505     61,295,877     61,279,914  
    Weighted average shares outstanding – diluted     61,624,600     61,708,361     61,679,735     61,546,157     61,438,088  
    Common shares outstanding at period-end     61,446,763     61,611,121     61,348,095     61,297,344     61,292,094  
    Dividend per share   $ 0.13   $ 0.13   $ 0.13   $ 0.13   $ 0.13  
    Book value per share   $ 11.31   $ 11.30   $ 11.24   $ 11.18   $ 11.08  
    Tangible book value per share(1)   $ 8.49   $ 8.48   $ 8.41   $ 8.33   $ 8.22  
                                     
    KEY PERFORMANCE METRICS                                     
    (in $000’s, unaudited)                                     
    Annualized return on average equity     3.68 %     6.81 %     6.16 %     6.14 %     5.50 %  
    Annualized return on average tangible                                
    common equity(1)     4.89 %     9.09 %     8.25 %     8.27 %     7.43 %  
    Annualized return on average assets     0.47 %     0.85 %     0.75 %     0.78 %     0.71 %  
    Annualized return on average tangible assets(1)     0.48 %     0.88 %     0.78 %     0.81 %     0.74 %  
    Net interest margin (FTE)(1)     3.54 %     3.39 %     3.32 %     3.15 %     3.23 %  
    Total revenue   $ 47,782   $ 46,056   $ 46,370   $ 42,155   $ 41,731  
    Pre-provision net revenue(1)   $ 9,447   $ 16,600   $ 16,066   $ 14,600   $ 13,543  
    Efficiency ratio(1)     80.23 %     63.96 %     65.35 %     65.37 %     67.55 %  
                                     
    AVERAGE BALANCES                                     
    (in $000’s, unaudited)                                     
    Average assets   $ 5,458,420   $ 5,559,896   $ 5,607,840   $ 5,352,067   $ 5,213,171  
    Average tangible assets(1)   $ 5,284,972   $ 5,386,001   $ 5,433,439   $ 5,177,114   $ 5,037,673  
    Average earning assets   $ 5,087,089   $ 5,188,317   $ 5,235,986   $ 4,980,082   $ 4,840,670  
    Average loans held-for-sale   $ 2,250   $ 2,290   $ 2,260   $ 1,493   $ 1,503  
    Average loans held-for-investment   $ 3,504,518   $ 3,429,014   $ 3,388,729   $ 3,359,647   $ 3,328,358  
    Average deposits   $ 4,618,007   $ 4,717,517   $ 4,771,491   $ 4,525,946   $ 4,394,545  
    Average demand deposits – noninterest-bearing   $ 1,146,494   $ 1,167,330   $ 1,222,393   $ 1,172,304   $ 1,127,145  
    Average interest-bearing deposits   $ 3,471,513   $ 3,550,187   $ 3,549,098   $ 3,353,642   $ 3,267,400  
    Average interest-bearing liabilities   $ 3,511,237   $ 3,589,872   $ 3,588,755   $ 3,393,264   $ 3,306,972  
    Average equity   $ 697,016   $ 692,733   $ 686,263   $ 680,404   $ 675,108  
    Average tangible common equity(1)   $ 523,568   $ 518,838   $ 511,862   $ 505,451   $ 499,610  
                                     
                                     
                                     

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                 
        End of Period:   Percent Change From:  
    CONSOLIDATED BALANCE SHEETS      June 30,       March 31,       June 30,       March 31,       June 30,   
    (in $000’s, unaudited)   2025     2025     2024     2025     2024    
    ASSETS                                 
    Cash and due from banks   $ 55,360     $ 44,281     $ 37,497     25   %   48   %
    Other investments and interest-bearing deposits                            
    in other financial institutions     666,432       700,769       610,763     (5 ) %   9   %
    Securities available-for-sale, at fair value     307,035       370,976       273,043     (17 ) %   12   %
    Securities held-to-maturity, at amortized cost     561,205       576,718       621,178     (3 ) %   (10 ) %
    Loans – held-for-sale – SBA, including deferred costs     1,156       1,884       1,899     (39 ) %   (39 ) %
    Loans – held-for-investment:                             
    Commercial     492,231       489,241       477,929     1   %   3   %
    Real estate:                             
    CRE – owner occupied     627,810       616,825       594,504     2   %   6   %
    CRE – non-owner occupied     1,390,419       1,363,275       1,283,323     2   %   8   %
    Land and construction     149,460       136,106       125,374     10   %   19   %
    Home equity     120,763       119,138       126,562     1   %   (5 ) %
    Multifamily     285,016       284,510       268,968     0   %   6   %
    Residential mortgages     454,419       465,330       484,809     (2 ) %   (6 ) %
    Consumer and other     14,661       12,741       18,758     15   %   (22 ) %
    Loans     3,534,779       3,487,166       3,380,227     1   %   5   %
    Deferred loan fees, net     (446 )     (268 )     (434 )   66   %   3   %
    Total loans – held-for-investment, net of deferred fees     3,534,333       3,486,898       3,379,793     1   %   5   %
    Allowance for credit losses on loans     (48,633 )     (48,262 )     (47,954 )   1   %   1   %
    Loans, net     3,485,700       3,438,636       3,331,839     1   %   5   %
    Company-owned life insurance     82,296       81,749       80,153     1   %   3   %
    Premises and equipment, net     9,765       9,772       10,310     0   %   (5 ) %
    Goodwill     167,631       167,631       167,631     0   %   0   %
    Other intangible assets     5,532       5,986       7,521     (8 ) %   (26 ) %
    Accrued interest receivable and other assets     125,125       115,853       121,190     8   %   3   %
    Total assets   $ 5,467,237     $ 5,514,255     $ 5,263,024     (1 ) %   4   %
                                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY                              
    Liabilities:                              
    Deposits:                             
    Demand, noninterest-bearing   $ 1,151,242     $ 1,128,593     $ 1,187,320     2   %   (3 ) %
    Demand, interest-bearing     955,504       949,068       928,246     1   %   3   %
    Savings and money market     1,320,142       1,353,293       1,126,520     (2 ) %   17   %
    Time deposits – under $250     35,356       37,592       39,046     (6 ) %   (9 ) %
    Time deposits – $250 and over     210,818       213,357       203,886     (1 ) %   3   %
    ICS/CDARS – interest-bearing demand, money market                            
    and time deposits     954,272       1,001,365       959,592     (5 ) %   (1 ) %
    Total deposits     4,627,334       4,683,268       4,444,610     (1 ) %   4   %
    Subordinated debt, net of issuance costs     39,728       39,691       39,577     0   %   0   %
    Accrued interest payable and other liabilities     105,471       95,106       99,638     11   %   6   %
    Total liabilities     4,772,533       4,818,065       4,583,825     (1 ) %   4   %
                                 
    Shareholders’ Equity:                                 
    Common stock     509,888       511,596       508,343     0   %   0   %
    Retained earnings     189,794       191,401       182,571     (1 ) %   4   %
    Accumulated other comprehensive loss     (4,978 )     (6,807 )     (11,715 )   (27 ) %   (58 ) %
    Total shareholders’ equity     694,704       696,190       679,199     0   %   2   %
    Total liabilities and shareholders’ equity   $ 5,467,237     $ 5,514,255     $ 5,263,024     (1 ) %   4   %
                                 
                                   
        End of Period:
    CONSOLIDATED BALANCE SHEETS      June 30,       March 31,       December 31,       September 30,      June 30, 
    (in $000’s, unaudited)   2025     2025     2024     2024     2024  
    ASSETS                                   
    Cash and due from banks   $ 55,360     $ 44,281     $ 29,864     $ 49,722     $ 37,497  
    Other investments and interest-bearing deposits                              
    in other financial institutions     666,432       700,769       938,259       906,588       610,763  
    Securities available-for-sale, at fair value     307,035       370,976       256,274       237,612       273,043  
    Securities held-to-maturity, at amortized cost     561,205       576,718       590,016       604,193       621,178  
    Loans – held-for-sale – SBA, including deferred costs     1,156       1,884       2,375       1,649       1,899  
    Loans – held-for-investment:                              
    Commercial     492,231       489,241       531,350       481,266       477,929  
    Real estate:                              
    CRE – owner occupied     627,810       616,825       601,636       602,062       594,504  
    CRE – non-owner occupied     1,390,419       1,363,275       1,341,266       1,310,578       1,283,323  
    Land and construction     149,460       136,106       127,848       125,761       125,374  
    Home equity     120,763       119,138       127,963       124,090       126,562  
    Multifamily     285,016       284,510       275,490       273,103       268,968  
    Residential mortgages     454,419       465,330       471,730       479,524       484,809  
    Consumer and other     14,661       12,741       14,837       14,179       18,758  
    Loans     3,534,779       3,487,166       3,492,120       3,410,563       3,380,227  
    Deferred loan fees, net     (446 )     (268 )     (183 )     (327 )     (434 )
    Total loans – held-for-investment, net of deferred fees     3,534,333       3,486,898       3,491,937       3,410,236       3,379,793  
    Allowance for credit losses on loans     (48,633 )     (48,262 )     (48,953 )     (47,819 )     (47,954 )
    Loans, net     3,485,700       3,438,636       3,442,984       3,362,417       3,331,839  
    Company-owned life insurance     82,296       81,749       81,211       80,682       80,153  
    Premises and equipment, net     9,765       9,772       10,140       10,398       10,310  
    Goodwill     167,631       167,631       167,631       167,631       167,631  
    Other intangible assets     5,532       5,986       6,439       6,966       7,521  
    Accrued interest receivable and other assets     125,125       115,853       119,813       123,738       121,190  
    Total assets   $ 5,467,237     $ 5,514,255     $ 5,645,006     $ 5,551,596     $ 5,263,024  
                                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY                              
    Liabilities:                                 
    Deposits:                                 
    Demand, noninterest-bearing   $ 1,151,242     $ 1,128,593     $ 1,214,192     $ 1,272,139     $ 1,187,320  
    Demand, interest-bearing     955,504       949,068       936,587       913,910       928,246  
    Savings and money market     1,320,142       1,353,293       1,325,923       1,309,676       1,126,520  
    Time deposits – under $250     35,356       37,592       38,988       39,060       39,046  
    Time deposits – $250 and over     210,818       213,357       206,755       196,945       203,886  
    ICS/CDARS – interest-bearing demand, money market                              
    and time deposits     954,272       1,001,365       1,097,586       997,803       959,592  
    Total deposits     4,627,334       4,683,268       4,820,031       4,729,533       4,444,610  
    Subordinated debt, net of issuance costs     39,728       39,691       39,653       39,615       39,577  
    Accrued interest payable and other liabilities     105,471       95,106       95,595       97,096       99,638  
    Total liabilities     4,772,533       4,818,065       4,955,279       4,866,244       4,583,825  
                                   
    Shareholders’ Equity:                                   
    Common stock     509,888       511,596       510,070       509,134       508,343  
    Retained earnings     189,794       191,401       187,762       185,110       182,571  
    Accumulated other comprehensive loss     (4,978 )     (6,807 )     (8,105 )     (8,892 )     (11,715 )
    Total shareholders’ equity     694,704       696,190       689,727       685,352       679,199  
    Total liabilities and shareholders’ equity   $ 5,467,237     $ 5,514,255     $ 5,645,006     $ 5,551,596     $ 5,263,024  
                                   
                                 
        At or For the Quarter Ended:   Percent Change From:  
    CREDIT QUALITY DATA      June 30,       March 31,       June 30,       March 31,       June 30,   
    (in $000’s, unaudited)   2025   2025   2024   2025     2024    
    Nonaccrual loans – held-for-investment:                            
    Land and construction loans   $ 4,198   $ 4,793   $ 4,774   (12 ) %   (12 ) %
    Home equity and other loans     728     927     108   (21 ) %   574   %
    Residential mortgages     607     —     —   N/A   N/A  
    Commercial loans     491     324     900   52   %   (45 ) %
    CRE loans     31     —     —   N/A   N/A  
    Total nonaccrual loans – held-for-investment:     6,055     6,044     5,782   0   %   5   %
    Loans over 90 days past due                            
    and still accruing     123     268     248   (54 ) %   (50 ) %
    Total nonperforming loans     6,178     6,312     6,030   (2 ) %   2   %
    Foreclosed assets     —     —     —   N/A   N/A  
    Total nonperforming assets   $ 6,178   $ 6,312   $ 6,030   (2 ) %   2   %
    Net charge-offs during the quarter   $ 145   $ 965   $ 405   (85 ) %   (64 ) %
    Provision for credit losses on loans during the quarter   $ 516   $ 274   $ 471   88   %   10   %
    Allowance for credit losses on loans   $ 48,633   $ 48,262   $ 47,954   1   %   1   %
    Classified assets   $ 37,525   $ 40,034   $ 33,605   (6 ) %   12   %
    Allowance for credit losses on loans to total loans     1.38 %     1.38 %     1.42 %   0   %   (3 ) %
    Allowance for credit losses on loans to total nonperforming loans     787.20 %     764.61 %     795.26 %   3   %   (1 ) %
    Nonperforming assets to total assets     0.11 %     0.11 %     0.11 %   0   %   0   %
    Nonperforming loans to total loans     0.17 %     0.18 %     0.18 %   (6 ) %   (6 ) %
    Classified assets to Heritage Commerce Corp                            
    Tier 1 capital plus allowance for credit losses on loans     7 %     7 %     6 %   0   %   17   %
    Classified assets to Heritage Bank of Commerce                            
    Tier 1 capital plus allowance for credit losses on loans     6 %     7 %     6 %   (14 ) %   0   %
                                 
    OTHER PERIOD-END STATISTICS                                 
    (in $000’s, unaudited)                                 
    Heritage Commerce Corp:                                 
    Tangible common equity (1)   $ 521,541   $ 522,573   $ 504,047   0   %   3   %
    Shareholders’ equity / total assets     12.71 %     12.63 %     12.91 %   1   %   (2 ) %
    Tangible common equity / tangible assets (1)     9.85 %     9.78 %     9.91 %   1   %   (1 ) %
    Loan to deposit ratio     76.38 %     74.45 %     76.04 %   3   %   0   %
    Noninterest-bearing deposits / total deposits     24.88 %     24.10 %     26.71 %   3   %   (7 ) %
    Total capital ratio     15.5 %     15.9 %     15.6 %   (3 ) %   (1 ) %
    Tier 1 capital ratio     13.3 %     13.6 %     13.4 %   (2 ) %   (1 ) %
    Common Equity Tier 1 capital ratio     13.3 %     13.6 %     13.4 %   (2 ) %   (1 ) %
    Tier 1 leverage ratio     9.9 %     9.8 %     10.2 %   1   %   (3 ) %
    Heritage Bank of Commerce:                            
    Tangible common equity / tangible assets (1)     10.28 %     10.15 %     10.28 %   1   %   0   %
    Total capital ratio     15.1 %     15.4 %     15.1 %   (2 ) %   0   %
    Tier 1 capital ratio     13.8 %     14.1 %     13.9 %   (2 ) %   (1 ) %
    Common Equity Tier 1 capital ratio     13.8 %     14.1 %     13.9 %   (2 ) %   (1 ) %
    Tier 1 leverage ratio     10.4 %     10.2 %     10.6 %   2   %   (2 ) %
                                 

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                     
        At or For the Quarter Ended:  
    CREDIT QUALITY DATA      June 30,       March 31,       December 31,       September 30,      June 30,   
    (in $000’s, unaudited)   2025   2025   2024   2024   2024  
    Nonaccrual loans – held-for-investment:                                
    Land and construction loans   $ 4,198   $ 4,793   $ 5,874   $ 5,862   $ 4,774  
    Home equity and other loans     728     927     290     84     108  
    Residential mortgages     607     —     —     —     —  
    Commercial loans     491     324     1,014     752     900  
    CRE loans     31     —     —     —     —  
    Total nonaccrual loans – held-for-investment:     6,055     6,044     7,178     6,698     5,782  
    Loans over 90 days past due                                
    and still accruing     123     268     489     460     248  
    Total nonperforming loans     6,178     6,312     7,667     7,158     6,030  
    Foreclosed assets     —     —     —     —     —  
    Total nonperforming assets   $ 6,178   $ 6,312   $ 7,667   $ 7,158   $ 6,030  
    Net charge-offs during the quarter   $ 145   $ 965   $ 197   $ 288   $ 405  
    Provision for credit losses on loans during the quarter   $ 516   $ 274   $ 1,331   $ 153   $ 471  
    Allowance for credit losses on loans   $ 48,633   $ 48,262   $ 48,953   $ 47,819   $ 47,954  
    Classified assets   $ 37,525   $ 40,034   $ 41,661   $ 32,609   $ 33,605  
    Allowance for credit losses on loans to total loans     1.38 %     1.38 %     1.40 %     1.40 %     1.42 %  
    Allowance for credit losses on loans to total nonperforming loans     787.20 %     764.61 %     638.49 %     668.05 %     795.26 %  
    Nonperforming assets to total assets     0.11 %     0.11 %     0.14 %     0.13 %     0.11 %  
    Nonperforming loans to total loans     0.17 %     0.18 %     0.22 %     0.21 %     0.18 %  
    Classified assets to Heritage Commerce Corp                                
    Tier 1 capital plus allowance for credit losses on loans     7 %     7 %     7 %     6 %     6 %  
    Classified assets to Heritage Bank of Commerce                                
    Tier 1 capital plus allowance for credit losses on loans     6 %     7 %     7 %     6 %     6 %  
                                     
    OTHER PERIOD-END STATISTICS                                     
    (in $000’s, unaudited)                                     
    Heritage Commerce Corp:                                     
    Tangible common equity (1)   $ 521,541   $ 522,573   $ 515,657   $ 510,755   $ 504,047  
    Shareholders’ equity / total assets     12.71 %     12.63 %     12.22 %     12.35 %     12.91 %  
    Tangible common equity / tangible assets (1)     9.85 %     9.78 %     9.43 %     9.50 %     9.91 %  
    Loan to deposit ratio     76.38 %     74.45 %     72.45 %     72.11 %     76.04 %  
    Noninterest-bearing deposits / total deposits     24.88 %     24.10 %     25.19 %     26.90 %     26.71 %  
    Total capital ratio     15.5 %     15.9 %     15.6 %     15.6 %     15.6 %  
    Tier 1 capital ratio     13.3 %     13.6 %     13.4 %     13.4 %     13.4 %  
    Common Equity Tier 1 capital ratio     13.3 %     13.6 %     13.4 %     13.4 %     13.4 %  
    Tier 1 leverage ratio     9.9 %     9.8 %     9.6 %     10.0 %     10.2 %  
    Heritage Bank of Commerce:                                
    Tangible common equity / tangible assets (1)     10.28 %     10.15 %     9.79 %     9.86 %     10.28 %  
    Total capital ratio     15.1 %     15.4 %     15.1 %     15.1 %     15.1 %  
    Tier 1 capital ratio     13.8 %     14.1 %     13.9 %     13.9 %     13.9 %  
    Common Equity Tier 1 capital ratio     13.8 %     14.1 %     13.9 %     13.9 %     13.9 %  
    Tier 1 leverage ratio     10.4 %     10.2 %     10.0 %     10.4 %     10.6 %  

    (1)This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.

                                       
        For the Quarter Ended   For the Quarter Ended  
        June 30, 2025   March 31, 2025  
                    Interest      Average               Interest      Average  
    NET INTEREST INCOME AND NET INTEREST MARGIN   Average   Income/   Yield/   Average   Income/   Yield/  
    (in $000’s, unaudited)   Balance   Expense   Rate   Balance   Expense   Rate  
    Assets:                                        
    Loans, core bank   $ 3,020,534       41,738     5.54 %   $ 2,945,072     $ 39,758     5.47 %  
    Prepayment fees     —       473     0.06 %     —       224     0.03 %  
    Bay View Funding factored receivables     67,756       3,347     19.81 %     60,250       2,942     19.80 %  
    Purchased residential mortgages     420,280       3,548     3.39 %     427,963       3,597     3.41 %  
    Loan fair value mark / accretion     (1,802 )     172     0.02 %     (1,981 )     181     0.02 %  
    Loans, gross (1)(2)     3,506,768       49,278     5.64 %     3,431,304       46,702     5.52 %  
    Securities – taxable     902,642       6,346     2.82 %     876,092       5,559     2.57 %  
    Securities – exempt from Federal tax (3)     30,259       272     3.61 %     30,480       275     3.66 %  
    Other investments and interest-bearing deposits                                  
    in other financial institutions     647,420       7,186     4.45 %     850,441       9,354     4.46 %  
    Total interest earning assets (3)     5,087,089       63,082     4.97 %     5,188,317       61,890     4.84 %  
    Cash and due from banks     31,044                  31,869               
    Premises and equipment, net     9,958                  10,007               
    Goodwill and other intangible assets     173,448                  173,895               
    Other assets     156,881                  155,808               
    Total assets   $ 5,458,420                $ 5,559,896               
                                       
    Liabilities and shareholders’ equity:                                    
    Deposits:                                    
    Demand, noninterest-bearing   $ 1,146,494                $ 1,167,330               
                                       
    Demand, interest-bearing     949,867       1,484     0.63 %     944,375       1,438     0.62 %  
    Savings and money market     1,313,054       8,205     2.51 %     1,323,038       8,073     2.47 %  
    Time deposits – under $100     11,456       49     1.72 %     11,383       47     1.67 %  
    Time deposits – $100 and over     231,644       1,995     3.45 %     234,421       2,129     3.68 %  
    ICS/CDARS – interest-bearing demand, money market                                  
    and time deposits     965,492       5,949     2.47 %     1,036,970       6,248     2.44 %  
    Total interest-bearing deposits     3,471,513       17,682     2.04 %     3,550,187       17,935     2.05 %  
    Total deposits     4,618,007       17,682     1.54 %     4,717,517       17,935     1.54 %  
                                       
    Short-term borrowings     19       —     0.00 %     18       —     0.00 %  
    Subordinated debt, net of issuance costs     39,705       538     5.43 %     39,667       537     5.49 %  
    Total interest-bearing liabilities     3,511,237       18,220     2.08 %     3,589,872       18,472     2.09 %  
    Total interest-bearing liabilities and demand,                                  
    noninterest-bearing / cost of funds     4,657,731       18,220     1.57 %     4,757,202       18,472     1.57 %  
    Other liabilities     103,673                  109,961               
    Total liabilities     4,761,404                  4,867,163               
    Shareholders’ equity     697,016                  692,733               
    Total liabilities and shareholders’ equity   $ 5,458,420                $ 5,559,896               
                                       
    Net interest income / margin (3)            44,862     3.54 %            43,418     3.39 %  
    Less tax equivalent adjustment (3)            (57 )                 (58 )       
    Net interest income          $ 44,805     3.53 %          $ 43,360     3.39 %  
                                       

    (1)Includes loans held-for-sale. Nonaccrual loans are included in average balances.
    (2)Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $253,000 for the second quarter of 2025, compared to $214,000 for the first quarter of 2025.  Prepayment fees totaled $473,000 for the second quarter of 2025, compared to $224,000 for the first quarter of 2025.
    (3)Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial
    Measures” in this press release.

                                       
        For the Quarter Ended   For the Quarter Ended  
        June 30, 2025   June 30, 2024  
                    Interest      Average               Interest      Average  
    NET INTEREST INCOME AND NET INTEREST MARGIN   Average   Income/   Yield/   Average   Income/   Yield/  
    (in $000’s, unaudited)   Balance   Expense   Rate   Balance   Expense   Rate  
    Assets:                                        
    Loans, core bank   $ 3,020,534     $ 41,738     5.54 %   $ 2,830,260     $ 38,496     5.47 %  
    Prepayment fees     —       473     0.06 %     —       54     0.01 %  
    Bay View Funding factored receivables     67,756       3,347     19.81 %     54,777       2,914     21.40 %  
    Purchased residential mortgages     420,280       3,548     3.39 %     447,687       3,739     3.36 %  
    Loan fair value mark / accretion     (1,802 )     172     0.02 %     (2,863 )     267     0.04 %  
    Loans, gross (1)(2)     3,506,768       49,278     5.64 %     3,329,861       45,470     5.49 %  
    Securities – taxable     902,642       6,346     2.82 %     942,532       5,483     2.34 %  
    Securities – exempt from Federal tax (3)     30,259       272     3.61 %     31,803       285     3.60 %  
    Other investments and interest-bearing deposits                                   
    in other financial institutions     647,420       7,186     4.45 %     536,474       7,311     5.48 %  
    Total interest earning assets (3)     5,087,089       63,082     4.97 %     4,840,670       58,549     4.86 %  
    Cash and due from banks     31,044                  33,419               
    Premises and equipment, net     9,958                  10,216               
    Goodwill and other intangible assets     173,448                  175,498               
    Other assets     156,881                  153,368               
    Total assets   $ 5,458,420                $ 5,213,171               
                                       
    Liabilities and shareholders’ equity:                                    
    Deposits:                                    
    Demand, noninterest-bearing   $ 1,146,494                $ 1,127,145               
                                       
    Demand, interest-bearing     949,867       1,484     0.63 %     932,100       1,719     0.74 %  
    Savings and money market     1,313,054       8,205     2.51 %     1,104,589       7,867     2.86 %  
    Time deposits – under $100     11,456       49     1.72 %     10,980       46     1.68 %  
    Time deposits – $100 and over     231,644       1,995     3.45 %     228,248       2,245     3.96 %  
    ICS/CDARS – interest-bearing demand, money market                                  
    and time deposits     965,492       5,949     2.47 %     991,483       7,207     2.92 %  
    Total interest-bearing deposits     3,471,513       17,682     2.04 %     3,267,400       19,084     2.35 %  
    Total deposits     4,618,007       17,682     1.54 %     4,394,545       19,084     1.75 %  
                                       
    Short-term borrowings     19       —     0.00 %     19       —     0.00 %  
    Subordinated debt, net of issuance costs     39,705       538     5.43 %     39,553       538     5.47 %  
    Total interest-bearing liabilities     3,511,237       18,220     2.08 %     3,306,972       19,622     2.39 %  
    Total interest-bearing liabilities and demand,                                  
    noninterest-bearing / cost of funds     4,657,731       18,220     1.57 %     4,434,117       19,622     1.78 %  
    Other liabilities     103,673                  103,946               
    Total liabilities     4,761,404                  4,538,063               
    Shareholders’ equity     697,016                  675,108               
    Total liabilities and shareholders’ equity   $ 5,458,420                $ 5,213,171               
                                       
    Net interest income / margin (3)            44,862     3.54 %            38,927     3.23 %  
    Less tax equivalent adjustment (3)            (57 )                 (60 )       
    Net interest income          $ 44,805     3.53 %          $ 38,867     3.23 %  

    (1)Includes loans held-for-sale. Nonaccrual loans are included in average balances.
    (2)Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $253,000 for the second quarter of 2025, compared to $117,000 for the second quarter of 2024. Prepayment fees totaled $473,000 for the second quarter of 2025, compared to $54,000 for the second quarter of 2024.
    (3)Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial Measures” in this press release.  

                                       
        For the Six Months Ended   For the Six Months Ended  
        June 30, 2025   June 30, 2024  
                    Interest      Average               Interest      Average  
    NET INTEREST INCOME AND NET INTEREST MARGIN   Average   Income/   Yield/   Average   Income/   Yield/  
    (in $000’s, unaudited)   Balance   Expense   Rate   Balance   Expense   Rate  
    Assets:                                        
    Loans, core bank   $ 2,983,011     $ 81,496     5.51 %   $ 2,812,805     $ 76,217     5.45 %  
    Prepayment fees     —       697     0.05 %     —       78     0.01 %  
    Bay View Funding factored receivables     64,024       6,289     19.81 %     54,144       5,752     21.36 %  
    Purchased residential mortgages     424,101       7,145     3.40 %     450,964       7,527     3.36 %  
    Loan fair value mark / accretion     (1,891 )     353     0.02 %     (2,988 )     496     0.04 %  
    Loans, gross (1)(2)     3,469,245       95,980     5.58 %     3,314,925       90,070     5.46 %  
    Securities – taxable     889,440       11,905     2.70 %     992,508       11,666     2.36 %  
    Securities – exempt from Federal tax (3)     30,369       547     3.63 %     31,871       571     3.60 %  
    Other investments, interest-bearing deposits in other                                  
    financial institutions and Federal funds sold     748,370       16,540     4.46 %     486,283       13,263     5.48 %  
    Total interest earning assets (3)     5,137,424       124,972     4.91 %     4,825,587       115,570     4.82 %  
    Cash and due from banks     31,454                  33,316               
    Premises and equipment, net     9,982                  10,115               
    Goodwill and other intangible assets     173,671                  175,769               
    Other assets     156,347                  151,116               
    Total assets   $ 5,508,878                $ 5,195,903               
                                       
    Liabilities and shareholders’ equity:                                      
    Deposits:                                      
    Demand, noninterest-bearing   $ 1,156,854                $ 1,152,111               
                                       
    Demand, interest-bearing     947,137       2,922     0.62 %     926,074       3,273     0.71 %  
    Savings and money market     1,318,018       16,278     2.49 %     1,086,085       14,516     2.69 %  
    Time deposits – under $100     11,420       96     1.70 %     10,962       88     1.61 %  
    Time deposits – $100 and over     233,025       4,124     3.57 %     224,730       4,309     3.86 %  
    ICS/CDARS – interest-bearing demand, money market                                  
    and time deposits     1,001,033       12,197     2.46 %     977,385       13,818     2.84 %  
    Total interest-bearing deposits     3,510,633       35,617     2.05 %     3,225,236       36,004     2.24 %  
    Total deposits     4,667,487       35,617     1.54 %     4,377,347       36,004     1.65 %  
                                       
    Short-term borrowings     19       —     0.00 %     17       —     0.00 %  
    Subordinated debt, net of issuance costs     39,686       1,075     5.46 %     39,535       1,076     5.47 %  
    Total interest-bearing liabilities     3,550,338       36,692     2.08 %     3,264,788       37,080     2.28 %  
    Total interest-bearing liabilities and demand,                                  
    noninterest-bearing / cost of funds     4,707,192       36,692     1.57 %     4,416,899       37,080     1.69 %  
    Other liabilities     106,800                 105,304              
    Total liabilities     4,813,992                  4,522,203               
    Shareholders’ equity     694,886                  673,700               
    Total liabilities and shareholders’ equity   $ 5,508,878                $ 5,195,903               
                                         
    Net interest income / margin (3)            88,280     3.47 %            78,490     3.27 %  
    Less tax equivalent adjustment (3)            (115 )                (120 )      
    Net interest income          $ 88,165     3.46 %          $ 78,370     3.27 %  

    (1)Includes loans held-for-sale. Nonaccrual loans are included in average balances.
    (2)Yield amounts earned on loans include fees and costs. The accretion of net deferred loan fees into loan interest income was $467,000 for the first six months of 2025, compared to $277,000 for the six months of 2024. Prepayment fees totaled $697,000 for the first six months of 2025, compared to $78,000 for the first six months of 2024.
    (3)Reflects the FTE adjustment for Federal tax-exempt income based on a 21% tax rate. This is a non-GAAP financial measure as defined and discussed under “Non-GAAP Financial
       Measures” in this press release.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

    Management considers net income and earnings per share adjusted to exclude the $9.2 million of charges primarily related to a legal settlement in the second quarter and first six months of 2025 as a useful measurement of the Company’s profitability compared to prior periods.

    The following table summarizes components of net income and diluted earnings per share for the periods indicated:

                                   
    NET INCOME AND   For the Quarter Ended:
    DILUTED EARNINGS PER SHARE   June 30,    March 31,    December 31,   September 30,   June 30, 
    (in $000’s, except per share amounts, unaudited)      2025     2025        2024   2024   2024
    Reported net income (GAAP)   $ 6,389     $ 11,626   $ 10,621   $ 10,507   $ 9,234
    Add: pre-tax legal settlement and other charges     9,184       —     —     —     —
    Less: related income taxes     (2,618 )     —     —     —     —
    Adjusted net income (non-GAAP)   $ 12,955     $ 11,626   $ 10,621   $ 10,507   $ 9,234
                                   
    Weighted average shares outstanding – diluted     61,624,600       61,708,361     61,679,735     61,546,157     61,438,088
                                   
    Reported diluted earnings per share   $ 0.10     $ 0.19   $ 0.17   $ 0.17   $ 0.15
                                   
    Adjusted diluted earnings per share   $ 0.21     $ 0.19   $ 0.17   $ 0.17   $ 0.15
                 
    NET INCOME AND   For the Six Months Ended:
    DILUTED EARNINGS PER SHARE   June 30,    June 30, 
    (in $000’s, except per share amounts, unaudited)      2025     2024
    Reported net income (GAAP)   $ 18,015     $ 19,400
    Add: pre-tax legal settlement and other charges     9,184       —
    Less: related income taxes     (2,618 )     —
    Adjusted net income (non-GAAP)   $ 24,581     $ 19,400
                 
    Weighted average shares outstanding – diluted     61,664,942       61,446,484
                 
    Reported diluted earnings per share   $ 0.29     $ 0.32
                 
    Adjusted diluted earnings per share   $ 0.40     $ 0.32

    Management considers tangible book value per share as a useful measurement of the Company’s equity. The Company references the return on average tangible common equity and the return on average tangible assets as measurements of profitability.

    The following table summarizes components of the tangible book value per share at the dates indicated:

                                     
    TANGIBLE BOOK VALUE PER SHARE   June 30,    March  31,    December 31,   September 30,   June 30,   
    (in $000’s, unaudited)      2025     2025     2025     2024        2024    
    Capital components:                                
    Total equity (GAAP)   $ 694,704     $ 696,190     $ 689,727     $ 685,352     $ 679,199    
    Less: preferred stock     —       —       —       —       —    
    Total common equity     694,704       696,190       689,727       685,352       679,199    
    Less: goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: other intangible assets     (5,532 )     (5,986 )     (6,439 )     (6,966 )     (7,521 )  
    Reported tangible common equity (non-GAAP)     521,541       522,573       515,657       510,755       504,047    
    Add: pre-tax legal settlement and other charges     9,184       —       —       —       —    
    Less: related income taxes     (2,618 )     —       —       —       —    
    Adjusted tangible common equity (non-GAAP)   $ 528,107     $ 522,573     $ 515,657     $ 510,755     $ 504,047    
                                     
    Common shares outstanding at period-end     61,446,763       61,611,121       61,348,095       61,297,344       61,292,094    
                                     
    Reported tangible book value per share (non-GAAP)   $ 8.49     $ 8.48     $ 8.41     $ 8.33     $ 8.22    
                                     
    Adjusted tangible book value per share (non-GAAP)   $ 8.59     $ 8.48     $ 8.41     $ 8.33     $ 8.22    

    The following tables summarize components of the annualized return on average equity, annualized return on average tangible common equity and the annualized return on average assets for the periods indicated:

                                     
    RETURN ON AVERAGE TANGIBLE COMMON   For the Quarter Ended:  
    EQUITY AND AVERAGE ASSETS   June 30,    March 31,    December 31,   September 30,   June 30,   
    (in $000’s, unaudited)      2025     2025          2024     2024     2024       
    Reported net income (GAAP)   $ 6,389     $ 11,626     $ 10,621     $ 10,507     $ 9,234    
    Add: pre-tax legal settlement and other charges     9,184       —       —       —       —    
    Less: related income taxes     (2,618 )     —       —       —       —    
    Adjusted net income (non-GAAP)   $ 12,955     $ 11,626     $ 10,621     $ 10,507     $ 9,234    
                                     
    Average tangible common equity components:                                
    Average equity (GAAP)   $ 697,016     $ 692,733     $ 686,263     $ 680,404     $ 675,108    
    Less: goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: other intangible assets     (5,817 )     (6,264 )     (6,770 )     (7,322 )     (7,867 )  
    Total average tangible common equity (non-GAAP)   $ 523,568     $ 518,838     $ 511,862     $ 505,451     $ 499,610    
                                     
    Annualized return on average equity (GAAP)      3.68   %     6.81   %    6.16   %    6.14   %    5.50   %
                                     
    Reported annualized return on average                                
    tangible common equity (non-GAAP)     4.89   %     9.09   %     8.25   %     8.27   %     7.43   %  
                                               
    Adjusted annualized return on average                                
    tangible common equity (non-GAAP)     9.92   %     9.09   %     8.25   %     8.27   %     7.43   %  
                                     
    Average assets (GAAP)   $ 5,458,420     $ 5,559,896     $ 5,607,840     $ 5,352,067     $ 5,213,171    
                                     
    Reported annualized return on average assets (GAAP)     0.47   %     0.85   %     0.75   %     0.78   %     0.71   %  
                                     
    Adjusted annualized return on average assets (non-GAAP)     0.95   %     0.85   %     0.75   %     0.78   %     0.71   %  
                   
    RETURN ON AVERAGE TANGIBLE COMMON   For the Six Months Ended:  
    EQUITY AND AVERAGE ASSETS   June 30,    June 30,   
    (in $000’s, unaudited)      2025     2024       
    Reported net income (GAAP)   $ 18,015     $ 19,400    
    Add: pre-tax legal settlement and other charges     9,184       —    
    Less: related income taxes     (2,618 )     —    
    Adjusted net income (non-GAAP)   $ 24,581     $ 19,400    
                   
    Average tangible common equity components:              
    Average equity (GAAP)   $ 694,886     $ 673,700    
    Less: goodwill     (167,631 )     (167,631 )  
    Less: other intangible assets     (6,040 )     (8,138 )  
    Total average tangible common equity (non-GAAP)   $ 521,215     $ 497,931    
                   
    Annualized return on average equity (GAAP)      5.23   %     5.79   %
                   
    Reported annualized return on average              
    tangible common equity (non-GAAP)     6.97   %     7.84   %  
                       
    Adjusted annualized return on average              
    tangible common equity (non-GAAP)     9.51   %     7.84   %  
                   
    Average assets (GAAP)   $ 5,508,878     $ 5,195,903    
                   
    Reported annualized return on average assets (GAAP)     0.66   %     0.75   %  
                   
    Adjusted annualized return on average assets (non-GAAP)     0.90   %     0.75   %  

    Management reviews yields on certain asset categories and the net interest margin of the Company on an FTE basis. In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. The following tables summarize components of FTE net interest income of the Company for the periods indicated:

                                     
        For the Quarter Ended:  
    NET INTEREST INCOME AND NET INTEREST MARGIN   June 30,    March 31,    December 31,    September 30,    June 30,   
    (in $000’s, unaudited)      2025   2025   2024   2024   2024  
    Net interest income before                                
    credit losses on loans (GAAP)   $ 44,805   $ 43,360   $ 43,595   $ 39,329   $ 38,867  
    Tax-equivalent adjustment on securities –                                
    exempt from Federal tax     57     58     58     59     60  
    Net interest income, FTE (non-GAAP)   $ 44,862   $ 43,418   $ 43,653   $ 39,388   $ 38,927  
                                     
    Average balance of total interest earning assets   $ 5,087,089   $ 5,188,317   $ 5,235,986   $ 4,980,082   $ 4,840,670  
                                     
    Net interest margin (annualized net interest income divided by the                                
    average balance of total interest earnings assets) (GAAP)     3.53 %     3.39 %     3.31 %     3.14 %     3.23 %  
                                     
    Net interest margin, FTE (annualized net interest income, FTE,                                
    divided by the average balance of total                                
    earnings assets) (non-GAAP)     3.54 %     3.39 %     3.32 %     3.15 %     3.23 %  
                   
        For the Six Months Ended:  
    NET INTEREST INCOME AND NET INTEREST MARGIN   June 30,    June 30,   
    (in $000’s, unaudited)      2025   2024  
    Net interest income before              
    credit losses on loans (GAAP)   $ 88,165   $ 78,370  
    Tax-equivalent adjustment on securities – exempt from Federal tax     115     120  
    Net interest income, FTE (non-GAAP)   $ 88,280   $ 78,490  
                   
    Average balance of total interest earning assets   $ 5,137,424   $ 4,825,587  
                   
    Net interest margin (annualized net interest income divided by the              
    average balance of total interest earnings assets) (GAAP)     3.46 %     3.27 %  
                   
    Net interest margin, FTE (annualized net interest income, FTE, divided by the              
    average balance of total interest earnings assets) (non-GAAP)     3.47 %     3.27 %  

    Management views its non-GAAP PPNR as a key metric for assessing the Company’s earnings power. The following table summarizes the components of PPNR for the periods indicated:

                                   
        For the Quarter Ended:
    PRE-PROVISION NET REVENUE   June 30,    March 31,    December 31,   September 30,   June 30, 
    (in $000’s, unaudited)      2025     2025     2024     2025     2024  
    Net interest income before credit losses on loans   $ 44,805     $ 43,360     $ 43,595     $ 39,329     $ 38,867  
    Noninterest income     2,977       2,696       2,775       2,826       2,864  
    Total revenue     47,782       46,056       46,370     $ 42,155     $ 41,731  
    Less: Noninterest expense     (38,335 )     (29,456 )     (30,304 )     (27,555 )     (28,188 )
    Reported PPNR (non-GAAP)     9,447       16,600       16,066     $ 14,600     $ 13,543  
    Add: pre-tax legal settlement and other charges     9,184       —       —       —       —  
    Adjusted PPNR (non-GAAP)   $ 18,631     $ 16,600     $ 16,066     $ 14,600     $ 13,543  
                 
        For the Six Months Ended:
    PRE-PROVISION NET REVENUE   June 30,    June 30, 
    (in $000’s, unaudited)      2025     2024  
    Net interest income before credit losses on loans   $ 88,165     $ 78,370  
    Noninterest income     5,673       5,501  
    Total revenue     93,838       83,871  
    Less: Noninterest expense     (67,791 )     (55,724 )
    Reported PPNR (non-GAAP)     26,047       28,147  
    Add: pre-tax legal settlement and other charges     9,184       —  
    Adjusted PPNR (non-GAAP)   $ 35,231     $ 28,147  

    The efficiency ratio is a non-GAAP financial measure, which is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income), and measures how much it costs to produce one dollar of revenue. The following tables summarize components of noninterest expense and the efficiency ratio of the Company for the periods indicated:

                                     
        For the Quarter Ended:  
    NONINTEREST EXPENSE AND EFFICIENCY RATIO   June 30,    March 31,    December 31,   September 30,   June 30,   
    (in $000’s, unaudited)      2025     2025   2024   2024   2024  
    Reported noninterest expense (GAAP)   $ 38,335     $ 29,456   $ 30,304   $ 27,555   $ 28,188  
    Less: pre-tax legal settlement and other charges     (9,184 )     —     —     —     —  
    Adjusted noninterest expense (non-GAAP)   $ 29,151     $ 29,456   $ 30,304   $ 27,555   $ 28,188  
                                     
    Net interest income before credit losses on loans   $ 44,805     $ 43,360   $ 43,595   $ 39,329   $ 38,867  
    Noninterest income     2,977       2,696     2,775     2,826     2,864  
    Total revenue   $ 47,782     $ 46,056   $ 46,370   $ 42,155   $ 41,731  
                                     
    Reported efficiency ratio (noninterest expense divided                                
    by total revenue) (non-GAAP)     80.23   %     63.96 %     65.35 %     65.37 %     67.55 %  
                                     
    Adjusted efficiency ratio (adjusted noninterest expense                                
    divided by total revenue) (non-GAAP)     61.01   %     63.96 %     65.35 %     65.37 %     67.55 %  
                   
        For the Six Months Ended:  
    NONINTEREST EXPENSE AND EFFICIENCY RATIO   June 30,    June 30,   
    (in $000’s, unaudited)      2025     2024  
    Reported noninterest expense (GAAP)   $ 67,791     $ 55,724  
    Less: pre-tax legal settlement and other charges     (9,184 )     —  
    Adjusted noninterest expense (non-GAAP)   $ 58,607     $ 55,724  
                   
    Net interest income before credit losses on loans   $ 88,165     $ 79,548  
    Noninterest income     5,673       4,323  
    Total revenue   $ 93,838     $ 83,871  
                   
    Reported efficiency ratio (noninterest expense divided              
    by total revenue) (non-GAAP)     72.24   %     66.44 %  
                   
    Adjusted efficiency ratio (adjusted noninterest expense              
    divided by total revenue) (non-GAAP)     62.46   %     66.44 %  

    Management considers the tangible common equity ratio as a useful measurement of the Company’s and the Bank’s equity. The following table summarizes components of the tangible common equity to tangible assets ratio of the Company at the dates indicated:

                                     
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS   June 30,    March 31,    December 31,       September 30,      June 30,   
    (in $000’s, unaudited)      2025     2025        2024        2024        2024    
    Capital components:                                
    Total equity (GAAP)   $ 694,704     $ 696,190     $ 689,727     $ 685,352     $ 679,199    
    Less: preferred stock     —       —       —       —       —    
    Total common equity     694,704       696,190       689,727       685,352       679,199    
    Less: goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: other intangible assets     (5,532 )     (5,986 )     (6,439 )     (6,966 )     (7,521 )  
    Total tangible common equity (non-GAAP)   $ 521,541     $ 522,573     $ 515,657     $ 510,755     $ 504,047    
                                     
    Asset components:                                
    Total assets (GAAP)   $ 5,467,237     $ 5,514,255     $ 5,645,006     $ 5,551,596     $ 5,263,024    
    Less: goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: other intangible assets     (5,532 )     (5,986 )     (6,439 )     (6,966 )     (7,521 )  
    Total tangible assets (non-GAAP)   $ 5,294,074     $ 5,340,638     $ 5,470,936     $ 5,376,999     $ 5,087,872    
                                     
    Tangible common equity / tangible assets (non-GAAP)     9.85   %     9.78   %     9.43   %     9.50   %     9.91   %  

    The following table summarizes components of the tangible common equity to tangible assets ratio of the Bank at the dates indicated:

                                     
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS   June 30,    March 31,    December 31,       September 30,   June 30,   
    (in $000’s, unaudited)      2025     2025        2024        2024        2024    
    Capital components:                                
    Total equity (GAAP)   $ 717,103     $ 715,605     $ 709,379     $ 704,585     $ 697,964    
    Less: preferred stock     —       —       —       —       —    
    Total common equity     717,103       715,605       709,379       704,585       697,964    
    Less: goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: other intangible assets     (5,532 )     (5,986 )     (6,439 )     (6,966 )     (7,521 )  
    Total tangible common equity (non-GAAP)   $ 543,940     $ 541,988     $ 535,309     $ 529,988     $ 522,812    
                                     
    Asset components:                                
    Total assets (GAAP)   $ 5,464,618     $ 5,512,160     $ 5,641,646     $ 5,548,576     $ 5,260,500    
    Less: goodwill     (167,631 )     (167,631 )     (167,631 )     (167,631 )     (167,631 )  
    Less: other intangible assets     (5,532 )     (5,986 )     (6,439 )     (6,966 )     (7,521 )  
    Total tangible assets (non-GAAP)   $ 5,291,455     $ 5,338,543     $ 5,467,576     $ 5,373,979     $ 5,085,348    
                                     
    Tangible common equity / tangible assets (non-GAAP)     10.28   %     10.15   %     9.79   %     9.86   %     10.28   %  

    The MIL Network –

  • MIL-OSI: Heritage Commerce Corp and Heritage Bank of Commerce Appoints Seth Fonti as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    SAN JOSE, Calif., July 24, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (NASDAQ: HTBK) (the “Company”), parent company of Heritage Bank of Commerce (the “Bank”), today announced the appointment of Seth Fonti as Executive Vice President and Chief Financial Officer of the Company and the Bank, effective July 24, 2025.

    Mr. Fonti brings more than two decades of financial and strategic leadership experience across global and domestic banking institutions. Most recently, he served as Managing Director and Head of Strategy, Corporate Development, and Strategic Finance for MUFG Americas Holding Corporation (“MUFG Americas”), the regional arm of one of the world’s top ten global banks. In this role, he developed and led transformative initiatives across strategy, enterprise-wide financial planning, organizational effectiveness, balance sheet optimization, risk management, and capital planning, positioning him well to add immediate value to the Heritage team.

    “Seth is a forward-thinking and trusted financial leader with an impressive record of driving growth, increasing efficiency, and leading through complex transformations,” said Clay Jones, President and Chief Executive Officer of Heritage Bank of Commerce. “His depth of experience and integrity-based approach make him an excellent fit for Heritage as we continue our focus on sustainable growth and strong financial performance.”
    “I’m thrilled to be joining Heritage Bank of Commerce during such a dynamic time for the organization,” said Mr. Fonti. “I look forward to working with the talented leadership team to build on the bank’s legacy of client-centered service and strong financial stewardship.”

    During his tenure at MUFG Americas, Mr. Fonti established proven agility in setting and executing enterprise strategy, driving enhanced financial performance via growth and efficiency initiatives, enhanced core business profitability, and shaping a simplified, technology-oriented operating model, enabling improved client service and execution. He was hand-selected for MUFG Americas’ Global Leaders Forum as a top 0.1% manager and is widely recognized for his collaborative leadership with a focus on building and developing high performing teams and culture. Prior to MUFG Americas, Mr. Fonti was a financial institutions investment banker with Macquarie Capital, Fox-Pitt Kelton, and JP Morgan, advising on significant M&A, capital markets, and strategic transactions. He holds an M.B.A. in Finance from Georgetown University and a B.A. from Rollins College.

    Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.

    Member FDIC

    For additional information, email:
    InvestorRelations@herbank.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c6dd78d1-7632-4aef-b82e-0e2217a1c1da

                    

    The MIL Network –

  • From Trade to Technology: India-Maldives cooperation set to expand

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi concluded a landmark visit to the United Kingdom on Thursday, setting the stage for the next phase of his two-nation tour as he departed for the Maldives. This marks his third visit to the island nation and the first by a head of government during the tenure of Maldivian President Mohamed Muizzu.

    The visit is expected to deepen the growing partnership between India and the Maldives, especially under the framework of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, adopted during President Muizzu’s visit to India in October 2024.

    Expanding Economic Ties
    India’s economic and trade relationship with the Maldives has transformed in recent years into a multi-dimensional partnership encompassing trade, infrastructure, finance, and technology. The foundation of this relationship was laid in 1981 when both countries signed a bilateral trade agreement under which India assured the export of essential commodities to the Maldives.

    In April 2025, India approved the highest-ever quotas for essential goods exports to the Maldives, reaffirming its commitment to the welfare of its maritime neighbour.

    Trade between the two nations has grown substantially-from crossing the USD 300 million mark in 2021 to exceeding USD 500 million in 2022. In 2023, bilateral trade stood at USD 548 million. This surge was driven by the launch of a dedicated cargo vessel service in September 2020 and several Lines of Credit (LoC) projects initiated since 2021. Visa-free access for Indian business travellers, granted in February 2022, further encouraged commercial engagement.

    India primarily exports pharmaceuticals, engineering goods, cement, agricultural products, and construction materials to the Maldives. In return, scrap metals make up a bulk of Indian imports from the Maldives. Notably, duty-free tuna exports from the Maldives to India were introduced in August 2022, aiming to boost the island nation’s seafood sector.

    Strategic Financial Cooperation
    The State Bank of India (SBI), operational in the Maldives since 1974, has played a key role in supporting economic infrastructure by financing resort development and marine exports. In November 2022, India extended a USD 100 million financial support package via SBI Malè by subscribing to Maldivian government domestic T-bonds backed by a sovereign guarantee from India. The support was renewed in 2024 with an interest-free extension under a unique government-to-government arrangement.

    In response to further budgetary needs, India offered an additional USD 400 million currency swap facility in October 2024. This follows a 2022 agreement signed between the Reserve Bank of India and the Maldives Monetary Authority under the SAARC framework, allowing up to USD 200 million in withdrawals.

    Digital and FinTech Partnerships
    In August 2024, India and the Maldives signed an agreement enabling the use of India’s Unified Payments Interface (UPI) in the Maldives. This development, facilitated during the visit of India’s External Affairs Minister to Malè, represents a critical step toward digital and financial integration between the two nations.

    To further enhance economic cooperation, Maldivian Finance Minister Moosa Zameer visited New Delhi in December 2024 to participate in the Global Economic Policy Forum. He held bilateral meetings with India’s Finance Minister Nirmala Sitharaman and engaged with business leaders from the Confederation of Indian Industry (CII) to explore investment opportunities.

  • MIL-OSI Russia: ECB keeps key interest rates unchanged

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    FRANKFURT AM MAIN, July 24 (Xinhua) — The European Central Bank (ECB) decided to leave key interest rates unchanged at its monetary policy meeting on Thursday.

    The deposit rate, with which the Central Bank regulates monetary policy, remains unchanged at 2 percent.

    According to Eurostat, the EU’s statistical office, inflation in the eurozone rose from 1.9 percent in May to 2 percent in June. Domestic price pressures continue to ease and wage growth is slowing, the ECB said in a statement.

    Thus, inflation in the eurozone fluctuates around the target indicator of 2%. The Central Bank has once again confirmed its determination to ensure its stabilization in the medium term.

    “The Governing Council stands ready to adjust all instruments within its mandate to ensure that inflation remains stabilised at the 2% target over the medium term and that the smooth functioning of the monetary policy transmission mechanism is maintained,” the regulator said in a statement. –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.

    .

    MIL OSI Russia News –

  • MIL-OSI United Nations: Deputy Secretary-General, at High-level Political Forum’s Africa Day, Says Investment Crucial for Development in Continent’s ‘Resilient, Determined, Unstoppable’ Nations

    Source: United Nations 4

    Following are UN Deputy Secretary-General Amina Mohammed’s opening remarks, as prepared for delivery, on the occasion of Africa Day at the High-level Political Forum 2025:

    It is a great honour to join you here today.

    As we celebrate Africa Day within this High-Level Political Forum, we gather not only to take stock, but to bear witness to something extraordinary:  a continent that refuses to be defined by its starting point but instead chooses to measure itself by how far it has travelled.

    Make no mistake:  Africa began its sustainable development journey on the back foot.  Colonial legacies that took wealth and left behind fractured institutions.  Climate catastrophes that wash away decades of progress in a single season.  Conflicts that force entire populations to abandon everything they have built.  These are daily realities that test the resolve of every African nation.

    Yet here we stand, with 10 countries presenting their Voluntary National Reviews this year as testaments to resilience.  Angola achieving its strongest economic growth in a decade while building over 12,000 new schools.  Ethiopia sustaining remarkable growth while powering its entire electrical grid from renewable sources.  The Gambia driving robust development across agriculture, tourism and services.

    These efforts are part of a broader continental push to realize the vision of Agenda 2063 and the 2030 Agenda for Sustainable Development.  In the Voluntary National Reviews, we see that vision coming to life. More than 100 other Voluntary National Reviews have been prepared in the last decade since the Sustainable Development Goals (SDGs) were adopted and tell promising stories of progress across the Continent.

    But let us be clear on the full scale of the challenges facing Africa.  When a country like Sudan facing conflict sees the vast majority of its factories destroyed with unemployment soaring to crushing levels, we are reminded that progress is neither linear nor guaranteed.

    When young people across our continent still struggle to find decent work, we know that our most precious resource — our youth — still faces barriers that deny them their rightful place in building tomorrow’s Africa.

    When Africa gets the fundamentals right, like quality education for every child, the path to higher ground becomes clearer.  Digital transformation, climate resilience, economic justice:  these are no longer distant summits, but peaks within reach, and Africa has always been a continent of climbers.

    Consider the women breaking barriers across our continent.  In parliaments from Rwanda to Eswatini to Ghana, women are claiming seats of power once denied to them.  Across Lesotho, widows now possess rights over family property that previous generations could never imagine.  Each a seismic shift in how African societies recognize the power and potential of half their population.

    Our youth, too, are not passive recipients of change — they are its architects. From Nigeria’s digital revolution to technology driven governance in Seychelles to Morocco’s role in advancing AI [artificial intelligence] research, young Africans are coding and designing the future every step of the way.

    That said, we should not romanticize the road ahead.  At this moment, at this rate, the SDGs are beyond reach in Africa.  We have five years to 2030.  Five years to transform systems that took decades to build.  Five years to close gaps, and the widest gap remains finance.

    Finance is the engine of progress.  Without it, schools don’t get built, clinics stay empty, and peace remains out of reach. The global financial system is not working for Africa.  Borrowing costs are too high, debt burdens are too heavy, and the money that could change lives is tied up in systems that are too slow, too narrow, and too risk averse.

    The Sevilla Commitment is a step forward, a promise to get resources flowing faster, fairer and at the scale we need.  The next five years will test not only our ambition, but our ability to deliver on the most basic promises of dignity and justice — especially in the areas where progress remains most elusive.

    Many women still face gender-based violence that steals their safety, their dignity, and their dreams.  We must dismantle the structural barriers that persist like shadows, following women from childhood through their adult lives.  Our young people deserve more than we have given them.  We must invest urgently in skills development, particularly in the digital and green sectors where Africa can lead the world.

    The bigger picture also betrays an all-too-present imbalance:  too often, African countries are absent from the tables where global decisions are made, yet they are first to feel the impact.

    The Pact for the Future is working to change that.  It calls for more inclusive, representative global governance that reflects today’s realities, not a snapshot of yesterday.  It recognizes that sustainable development cannot be built on a foundation of exclusion, and by adopting the Pact, countries committed to ensuring Africa is where it belongs:  at the table, shaping the decisions that shape our world.  And we are taking the necessary steps to ensure that countries have the UN support and capacity needed to do just that.

    The Secretary-General’s UN80 Initiative also builds on the existing reforms and plots an ambitious path forward to ensure that those we serve have the optimal level and type of capacity in country.

    Africa’s journey toward 2030, 2063 and beyond is not a sprint, it’s a relay race, where each nation, each community, each individual, carries the baton forward.

    The Africa Sustainable Development Report that we are launching today represents both the progress, and the challenges, from a continent still writing its greatest chapter.  It is a declaration that future generations will inherit not the limitations we face, but the possibilities we create.  Above all, they speak to a refusal to accept that history determines destiny.

    I want to thank the African Union, the Economic Commission of Africa, the African Development Bank and the United Nations Development Programme (UNDP) for preparing this crucial piece of work.  Let it be our map for the road ahead.  Let us build on the foundation of commitment it represents.

    The relay baton is in our hands.  The finish line is in sight, and from what I have seen, African nations — resilient, determined, unstoppable — are ready to run.

    MIL OSI United Nations News –

  • MIL-OSI: Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., July 24, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2025 of $413,000 or $0.67 per diluted share, compared to earnings in 2024 of $349,000 or $0.57 per diluted share. Year to date the company reported net earnings of $790,000 for 2025 compared to $617,000 for 2024. Diluted earnings per share for the six months ended June 30, 2025 were $1.45 compared to $1.01 for the six months ended June 30, 2024. Total assets at June 30, 2025 were $260.2 million compared to total assets at June 30, 2024 of $249.6 million. Total Deposits at June 30, 2025 were $223.8 million compared to total deposits of $211.7 million at June 30, 2024. The company paid a total of $0.90 per share in dividends in the first half of 2025 compared to $0.90 in 2024.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all, or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Logansport Financial Corp.  
    Selected Financial Data  
    (Dollars in thousands except for share data)  
                 
               
        6/30/2025
    		 6/30/2024
    		        
                 
    Total Assets   $ 260,221 $ 249,611        
                 
    Loans receivable, net     173,350   170,147        
    Allowance for loan losses     1,872   2,885        
    Cash and cash equivalents     1,445   1,289        
    Interest Bearing Time Deposits in banks     11,581   5,914        
    Securities available for sale     52,550   56,270        
    Federal Home Loan Bank stock     3,150   3,150        
    Deposits     223,764   211,739        
    FHLB borrowings and note payable     15,000   15,000        
    Shareholders’ equity     20,479   20,870        
    Shares Issued and Outstanding     612,953   611,822        
    Nonperforming loans     3,395   392        
    Real Estate Owned     –   –        
                 
                 
        Quarter ended 6/30
    		     Six months ended 6/30
    		  
          2025   2024       2025   2024  
                 
    Interest income   $ 3,421 $ 3,130     $ 6,688 $ 6,042  
    Interest expense     1,680   1,613       3,200   3,087  
    Net interest income     1,741   1,517       3,488   2,955  
    Provision for loan losses     –   (49 )     –   (49 )
    Net interest income after provision     1,741   1,566       3,488   3,004  
    Gain on sale of loans     76   110       129   161  
    Other income     341   468       706   885  
    General, admin. & other expense     1,710   1,786       3,466   3,440  
    Earnings before income taxes     448   358       857   610  
    Income tax expense     35   9       67   (7 )
    Net earnings   $ 413 $ 349     $ 790 $ 617  
    Earnings per share   $ 0.67 $ 0.57     $ 1.45 $ 1.01  
    Weighted avg. shares o/s-diluted     612,953   611,822       612,953   611,822  
                             

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network –

  • MIL-OSI: USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of $0.40 for Q2 2025; ROAA of 1.22% and ROAE of 14.29%

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $8.1 million or $0.40 per fully diluted share for the three months ended June 30, 2025, compared with net income of $6.2 million or $0.31 per fully diluted share for the same period in 2024.

    “We are proud to report another consecutive record quarter, with continued improvement in our profitability ratios reflecting the strength of our core operations,” said Luis de la Aguilera, Chairman, President and CEO. “This quarter, NIM reached 3.28%, driven by healthy loan growth and disciplined deposit pricing. We remain focused on sustaining this momentum while prudently managing risk and capital allocation to deliver long-term value to our shareholders.”

    Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended June 30, 2025 compared to at or for the quarter ended June 30, 2024 and annualized where appropriate.

    Profitability

    • Annualized return on average assets for the quarter ended June 30, 2025 was 1.22% compared to 1.01% for the second quarter of 2024.
    • Annualized return on average stockholders’ equity for the quarter ended June 30, 2025 was 14.29% compared to 12.63% for the second quarter of 2024.
    • The efficiency ratio for the quarter ended June 30, 2025 was 51.77% compared to 56.33% for the second quarter of 2024.
    • Net interest margin for the quarter ended June 30, 2025 was 3.28% compared to 2.94% for the second quarter of 2024.
    • Net interest income before provision for credit losses was $21.0 million for the quarter ended June 30, 2025, an increase of $3.7 million or 21.5% compared to $17.3 million for the same period in 2024.

    Balance Sheet

    • Total assets were $2.7 billion at June 30, 2025, representing an increase of $261.2 million or 10.6% from $2.5 billion at June 30, 2024.
    • Total loans held for investment were $2.1 billion at June 30, 2025, representing an increase of $244.1 million or 13.1% from $1.9 billion at June 30, 2024.
    • Total deposits were $2.3 billion at June 30, 2025, representing an increase of $279.0 million or 13.6% from $2.1 billion at June 30, 2024.
    • Total stockholders’ equity was $231.6 million at June 30, 2025, representing an increase of $30.6 million or 15.2% from $201.0 million at June 30, 2024. Total stockholders’ equity included accumulated comprehensive loss of $41.8 million at June 30, 2025 compared to accumulated comprehensive loss of $44.7 million at June 30, 2024.

    Asset Quality

    • The allowance for credit losses (“ACL”) increased by $2.7 million to $24.9 million at June 30, 2025 from $22.2 million at June 30, 2024.
    • The ACL represented 1.18% of total loans at June 30, 2025 and 1.19% at June 30, 2024.
    • The provision for credit loss was $1.0 million for the quarter ended June 30, 2025, an increase of $245 thousand compared to $786 thousand for the same period in 2024.
    • The ratio of non-performing loans to total loans was 0.06% at June 30, 2025 and 0.04% at June 30, 2024. Non-performing loans totaled $1.4 million at June 30, 2025 and $758 thousand at June 30, 2024.

    Non-interest Income and Non-interest Expense

    • Non-interest income was $3.4 million for the three months ended June 30, 2025, an increase of $159 thousand or 5.0% compared to $3.2 million for the same period in 2024.
    • Non-interest expense was $12.6 million for the three months ended June 30, 2025, an increase of $1.1 million or 9.3% compared to $11.6 million for the same period in 2024.

    Capital

    • On July 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of the Company’s Class A common stock. The dividend will be paid on September 5, 2025 to shareholders of record at the close of business on August 15, 2025.
    • As of June 30, 2025, total risk-based capital ratios for the Company and the Bank were 13.73% and 13.67%, respectively, well in excess of regulatory requirements.
    • Tangible book value per common share (a non-GAAP measure) was $11.53 at June 30, 2025, representing an increase of $0.30 or 10.7% annualized from $11.23 at March 31, 2025. At June 30, 2025, tangible book value per common share was negatively affected by ($2.08) per share due to an accumulated comprehensive loss of $41.8 million mostly due to changes in the market value of the Company’s available for sale securities. At March 31, 2025, tangible book value per common share was negatively affected by ($2.05) per share due to an accumulated comprehensive loss of $41.1 million.

    Conference Call and Webcast

    The Company will host a conference call on Friday, July 25, 2025, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended June 30, 2025. To access the conference call, dial (833) 816-1416 (U.S. toll-free) and ask to join the USCB Financial Holdings Call.

    Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website at www.uscentury.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

    About USCB Financial Holdings, Inc.

    USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the State of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information about us or to find a banking center near you, please call (305) 715-5200 or visit www.uscentury.com.

    Forward-Looking Statements

    This earnings release may contain statements that are not historical in nature and are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that are not historical facts. The words “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “seek,” “continue,” and “intend,”, the negative of these terms, as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on our results of operations and financial condition from expected or potential developments or events, or business and growth strategies, including anticipated internal growth and balance sheet restructuring.

    These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:

    • the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
    • our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;
    • the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance;
    • the efficiency and effectiveness of our internal control procedures and processes;
    • our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;
    • adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;
    • deposit attrition and the level of our uninsured deposits;
    • legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the Current Expected Credit Losses (“CECL”) standard;
    • the lack of a significantly diversified loan portfolio and our concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate, in particular, commercial real estate;
    • the effects of climate change;
    • the concentration of ownership of our common stock;
    • fluctuations in the price of our common stock;
    • our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well as growth through other means, such as future acquisitions;
    • inflation, interest rate, unemployment rate, and market and monetary fluctuations;
    • the effects of potential new or increased tariffs and trade restrictions;
    • the impact of international hostilities and geopolitical events;
    • increased competition and its effect on the pricing of our products and services as well as our interest rate spread and net interest margin;
    • the loss of key employees;
    • the effectiveness of our risk management strategies, including operational risks, including, but not limited to, client, employee, or third-party fraud and security breaches; and
    • other risks described in this earnings release and other filings we make with the Securities and Exchange Commission (“SEC”).

    All forward-looking statements are necessarily only estimates of future results, and there can be no assurance  that actual results will not differ materially from expectations. Therefore, you are cautioned not to place undue reliance on any forward-looking statements. Further, forward-looking statements included in this earnings release are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws. You should also review the risk factors described in the reports the Company filed or will file with the SEC.

    Non-GAAP Financial Measures

    This earnings release includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes certain operating performance measures. Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s operations and underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the exhibits to this earnings release.

    All numbers included in this press release are unaudited unless otherwise noted.

    Contacts:

    Investor Relations
    InvestorRelations@uscentury.com 

    Media Relations
    Martha Guerra-Kattou
    MGuerra@uscentury.com 

    USCB FINANCIAL HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (Dollars in thousands, except per share data)
                           
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
    Interest income:                      
    Loans, including fees $ 31,946   $ 28,017   $ 62,191   $ 54,660
    Investment securities   3,432     3,069     6,456     5,880
    Interest-bearing deposits in financial institutions   776     1,531     1,485     2,964
    Total interest income   36,154     32,617     70,132     63,504
    Interest expense:                      
    Interest-bearing checking deposits   285     391     623     760
    Savings and money market deposits   9,410     10,071     18,745     20,465
    Time deposits   4,343     3,222     8,261     6,516
    FHLB advances and other borrowings   1,082     1,622     2,354     3,294
    Total interest expense   15,120     15,306     29,983     31,035
    Net interest income before provision for credit losses   21,034     17,311     40,149     32,469
    Provision for credit losses   1,031     786     1,712     1,196
    Net interest income after provision for credit losses   20,003     16,525     38,437     31,273
    Non-interest income:                          
    Service fees   2,402     1,977     4,733     3,628
    Gain on sale of securities available for sale, net   –     14     –     14
    Gain on sale of loans held for sale, net   151     417     676     484
    Other non-interest income   817     803     1,677     1,549
    Total non-interest income   3,370     3,211     7,086     5,675
    Non-interest expense:                          
    Salaries and employee benefits   7,954     7,353     15,590     13,663
    Occupancy   1,337     1,266     2,621     2,580
    Regulatory assessments and fees   396     476     817     909
    Consulting and legal fees   263     263     456     855
    Network and information technology services   564     479     1,069     986
    Other operating expense   2,120     1,723     4,133     3,741
    Total non-interest expense   12,634     11,560     24,686     22,734
    Net income before income tax expense   10,739     8,176     20,837     14,214
    Income tax expense   2,599     1,967     5,039     3,393
    Net income $ 8,140   $ 6,209   $ 15,798   $ 10,821
    Per share information:                      
    Net income per common share, basic $ 0.41   $ 0.32   $ 0.79   $ 0.55
    Net income per common share, diluted $ 0.40   $ 0.31   $ 0.78   $ 0.55
    Cash dividends declared $ 0.10   $ 0.05   $ 0.20   $ 0.10
    Weighted average shares outstanding:                      
    Common shares, basic   20,059,264     19,650,681     20,040,205     19,642,006
    Common shares, diluted   20,295,794     19,717,167     20,299,585     19,707,561
                           
     
    USCB FINANCIAL HOLDINGS, INC.
    SELECTED FINANCIAL DATA (UNAUDITED)
    (Dollars in thousands, except per share data)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Income statement data:                            
    Net interest income before provision for credit losses $ 21,034     $ 19,115     $ 19,358     $ 18,109     $ 17,311  
    Provision for credit losses   1,031       681       1,030       931       786  
    Net interest income after provision for credit losses   20,003       18,434       18,328       17,178       16,525  
    Service fees   2,402       2,331       2,667       2,544       1,977  
    Gain on sale of securities available for sale, net   –       –       –       –       14  
    Gain on sale of loans held for sale, net   151       525       154       109       417  
    Other non-interest income   817       860       806       785       803  
    Total non-interest income   3,370       3,716       3,627       3,438       3,211  
    Salaries and employee benefits   7,954       7,636       7,930       7,200       7,353  
    Occupancy   1,337       1,284       1,337       1,341       1,266  
    Regulatory assessments and fees   396       421       405       452       476  
    Consulting and legal fees   263       193       552       161       263  
    Network and information technology services   564       505       494       513       479  
    Other operating expense   2,120       2,013       2,136       1,787       1,723  
    Total non-interest expense   12,634       12,052       12,854       11,454       11,560  
    Net income before income tax expense   10,739       10,098       9,101       9,162       8,176  
    Income tax expense   2,599       2,440       2,197       2,213       1,967  
    Net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,209  
    Per share information:                            
    Net income per common share, basic $ 0.41     $ 0.38     $ 0.35     $ 0.35     $ 0.32  
    Net income per common share, diluted $ 0.40     $ 0.38     $ 0.34     $ 0.35     $ 0.31  
    Cash dividends declared $ 0.10     $ 0.10     $ 0.05     $ 0.05     $ 0.05  
    Balance sheet data (at period-end):                            
    Cash and cash equivalents $ 54,819     $ 97,984     $ 77,035     $ 38,486     $ 77,261  
    Securities available-for-sale $ 285,382     $ 275,139     $ 260,221     $ 259,527     $ 236,444  
    Securities held-to-maturity $ 158,740     $ 161,790     $ 164,694     $ 167,001     $ 169,606  
    Total securities $ 444,122     $ 436,929     $ 424,915     $ 426,528     $ 406,050  
    Loans held for investment (1) $ 2,113,318     $ 2,036,212     $ 1,972,848     $ 1,931,362     $ 1,869,249  
    Allowance for credit losses $ (24,933 )   $ (24,740 )   $ (24,070 )   $ (23,067 )   $ (22,230 )
    Total assets $ 2,719,474     $ 2,677,382     $ 2,581,216     $ 2,503,954     $ 2,458,270  
    Non-interest-bearing demand deposits $ 584,895     $ 605,489     $ 575,159     $ 637,313     $ 579,243  
    Interest-bearing deposits $ 1,750,766     $ 1,704,080     $ 1,598,845     $ 1,489,304     $ 1,477,459  
    Total deposits $ 2,335,661     $ 2,309,569     $ 2,174,004     $ 2,126,617     $ 2,056,702  
    FHLB advances and other borrowings $ 108,000     $ 108,000     $ 163,000     $ 118,000     $ 162,000  
    Total liabilities $ 2,487,891     $ 2,452,294     $ 2,365,828     $ 2,290,038     $ 2,257,250  
    Total stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Capital ratios:(2)                            
    Leverage ratio   9.72 %     9.61 %     9.53 %     9.34 %     9.03 %
    Common equity tier 1 capital   12.52 %     12.48 %     12.28 %     12.01 %     11.93 %
    Tier 1 risk-based capital   12.52 %     12.48 %     12.28 %     12.01 %     11.93 %
    Total risk-based capital   13.73 %     13.72 %     13.51 %     13.22 %     13.12 %
                                 
    (1) Loan amounts include deferred fees/costs.
    (2) Reflects the Company’s regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. The Bank’s total risk-based capital at June 30, 2025 was 13.67%.
     
    USCB FINANCIAL HOLDINGS, INC.
    AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
    (Dollars in thousands)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Average balance sheet data:                            
    Cash and cash equivalents $ 71,388     $ 82,610     $ 56,937     $ 87,937     $ 107,831  
    Securities available-for-sale $ 281,840     $ 265,154     $ 255,786     $ 244,882     $ 263,345  
    Securities held-to-maturity $ 160,443     $ 163,510     $ 165,831     $ 168,632     $ 171,682  
    Total securities $ 442,283     $ 428,664     $ 421,617     $ 413,514     $ 435,027  
    Loans held for investment(1) $ 2,057,445     $ 1,986,856     $ 1,958,566     $ 1,878,230     $ 1,828,487  
    Total assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    Interest-bearing deposits $ 1,710,568     $ 1,652,147     $ 1,547,789     $ 1,468,067     $ 1,473,513  
    Non-interest-bearing demand deposits $ 580,121     $ 563,040     $ 590,829     $ 609,456     $ 610,370  
    Total deposits $ 2,290,689     $ 2,215,187     $ 2,138,618     $ 2,077,523     $ 2,083,883  
    FHLB advances and other borrowings $ 116,527     $ 138,944     $ 151,804     $ 156,043     $ 162,000  
    Total liabilities $ 2,448,706     $ 2,387,088     $ 2,328,877     $ 2,278,793     $ 2,281,467  
    Total stockholders’ equity $ 228,492     $ 219,505     $ 215,715     $ 206,641     $ 197,755  
    Performance ratios:                            
    Return on average assets (2)   1.22 %     1.19 %     1.08 %     1.11 %     1.01 %
    Return on average equity (2)   14.29 %     14.15 %     12.73 %     13.38 %     12.63 %
    Net interest margin (2)   3.28 %     3.10 %     3.16 %     3.03 %     2.94 %
    Non-interest income to average assets (2)   0.50 %     0.58 %     0.57 %     0.55 %     0.52 %
    Non-interest expense to average assets (2)   1.89 %     1.88 %     2.01 %     1.83 %     1.88 %
    Efficiency ratio (3)   51.77 %     52.79 %     55.92 %     53.16 %     56.33 %
    Loans by type (at period end): (4)                            
    Residential real estate $ 307,020     $ 301,164     $ 289,961     $ 283,477     $ 256,807  
    Commercial real estate $ 1,206,621     $ 1,150,129     $ 1,136,417     $ 1,095,112     $ 1,053,030  
    Commercial and industrial $ 263,966     $ 256,326     $ 258,311     $ 246,539     $ 248,525  
    Correspondent banks $ 110,155     $ 103,026     $ 82,438     $ 103,815     $ 112,510  
    Consumer and other $ 218,426     $ 218,711     $ 198,091     $ 198,604     $ 194,644  
    Asset quality data:                            
    Allowance for credit losses to total loans   1.18 %     1.22 %     1.22 %     1.19 %     1.19 %
    Allowance for credit losses to non-performing loans   1825 %     595 %     889 %     846 %     2,933 %
    Total non-performing loans(5) $ 1,366     $ 4,156     $ 2,707     $ 2,725     $ 758  
    Non-performing loans to total loans   0.06 %     0.20 %     0.14 %     0.14 %     0.04 %
    Non-performing assets to total assets(5)   0.05 %     0.16 %     0.10 %     0.11 %     0.03 %
    Net charge-offs (recoveries of) to average loans (2)   0.14 %     0.00 %     (0.00 )%     (0.00 )%     (0.00 )%
    Net charge-offs (recovery) of credit losses $ 702     $ 2     $ (11 )   $ (6 )   $ (2 )
    Interest rates and yields:(2)                            
    Loans held for investment   6.23 %     6.17 %     6.25 %     6.32 %     6.16 %
    Investment securities   3.06 %     2.81 %     2.63 %     2.61 %     2.80 %
    Total interest-earning assets   5.64 %     5.51 %     5.57 %     5.61 %     5.54 %
    Deposits(6)   2.46 %     2.49 %     2.48 %     2.66 %     2.64 %
    FHLB advances and other borrowings   3.72 %     3.71 %     3.81 %     4.05 %     4.03 %
    Total interest-bearing liabilities   3.32 %     3.37 %     3.47 %     3.79 %     3.76 %
    Other information:                            
    Full-time equivalent employees   203       201       199       198       197  
                                 
    (1) Loan amounts include deferred fees/costs.
    (2) Annualized.
    (3) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.
    (4) Loan amounts exclude deferred fees/costs.
    (5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there was no other real estate owned (OREO) recorded at any of the dates presented.
    (6) Reflects effect of non-interest-bearing deposits.
     
    USCB FINANCIAL HOLDINGS, INC.
    NET INTEREST MARGIN (UNAUDITED)
    (Dollars in thousands)
                                   
      Three Months Ended June 30,
      2025   2024
      Average
    Balance    		   Interest   Yield/Rate (1)   Average
    Balance    		   Interest   Yield/Rate (1)
    Assets                              
    Interest-earning assets:                              
    Loans held for investment(2) $ 2,057,445   $ 31,946   6.23 %   $ 1,828,487   $ 28,017   6.16 %
    Investment securities (3)   449,624     3,432   3.06 %     440,559     3,069   2.80 %
    Other interest-earning assets   63,974     776   4.87 %     100,371     1,531   6.13 %
    Total interest-earning assets   2,571,043     36,154   5.64 %     2,369,417     32,617   5.54 %
    Non-interest-earning assets   106,155                 109,805            
    Total assets $ 2,677,198             $ 2,479,222          
    Liabilities and stockholders’ equity                                    
    Interest-bearing liabilities:                              
    Interest-bearing checking deposits $ 46,694     285   2.45 %   $ 56,369     391   2.79 %
    Saving and money market deposits   1,211,513     9,410   3.12 %     1,101,272     10,071   3.68 %
    Time deposits   452,361     4,343   3.85 %     315,872     3,222   4.10 %
    Total interest-bearing deposits   1,710,568     14,038   3.29 %     1,473,513     13,684   3.74 %
    FHLB advances and other borrowings   116,527     1,082   3.72 %     162,000     1,622   4.03 %
    Total interest-bearing liabilities   1,827,095     15,120   3.32 %     1,635,513     15,306   3.76 %
    Non-interest-bearing demand deposits   580,121                 610,370             
    Other non-interest-bearing liabilities   41,490               35,584          
    Total liabilities   2,448,706                 2,281,467            
    Stockholders’ equity   228,492               197,755          
    Total liabilities and stockholders’ equity $ 2,677,198               $ 2,479,222            
    Net interest income       $ 21,034             $ 17,311    
    Net interest spread (4)             2.32 %               1.78 %
    Net interest margin (5)             3.28 %               2.94 %
                                   
    (1) Annualized.
    (2) Average loan balances include non-accrual loans. Interest income on loans includes accretion of deferred loan fees, net of deferred loan costs.
    (3) At fair value except for securities held to maturity. This amount includes FHLB stock.
    (4) Net interest spread is the average yield earned on total interest-earning assets minus the average rate paid on total interest-bearing liabilities.
    (5) Net interest margin is the ratio of net interest income to total interest-earning assets.
     
    USCB FINANCIAL HOLDINGS, INC.
    NON-GAAP FINANCIAL MEASURES (UNAUDITED)
    (Dollars in thousands)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Pre-tax pre-provision (“PTPP”) income:(1)                            
    Net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,209  
    Plus: Provision for income taxes   2,599       2,440       2,197       2,213       1,967  
    Plus: Provision for credit losses   1,031       681       1,030       931       786  
    PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,962  
                                 
    PTPP return on average assets:(1)                                 
    PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,962  
    Average assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    PTPP return on average assets (2)   1.76 %     1.68 %     1.58 %     1.62 %     1.45 %
                                      
    Operating net income:(1)                            
    Net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,209  
    Less: Net gains on sale of securities   –       –       –       –       14  
    Less: Tax effect on sale of securities   –       –       –       –       (4 )
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
                                      
    Operating PTPP income:(1)                            
    PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,962  
    Less: Net gains on sale of securities   –       –       –       –       14  
    Operating PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,948  
                                 
    Operating PTPP return on average assets:(1)                                 
    Operating PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,948  
    Average assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    Operating PTPP return on average assets (2)   1.76 %     1.68 %     1.58 %     1.62 %     1.45 %
                                      
    Operating return on average assets:(1)                            
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
    Average assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    Operating return on average assets (2)   1.22 %     1.19 %     1.08 %     1.11 %     1.01 %
                                 
    Operating return on average equity:(1)                            
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
    Average equity $ 228,492     $ 219,505     $ 215,715     $ 206,641     $ 197,755  
    Operating return on average equity (2)   14.29 %     14.15 %     12.73 %     13.38 %     12.61 %
                                 
    Operating Revenue:(1)                            
    Net interest income $ 21,034     $ 19,115     $ 19,358     $ 18,109     $ 17,311  
    Non-interest income   3,370       3,716       3,627       3,438       3,211  
    Less: Net gains on sale of securities   –       –       –       –       14  
    Operating revenue $ 24,404     $ 22,831     $ 22,985     $ 21,547     $ 20,508  
                                 
    Operating Efficiency Ratio:(1)                            
    Total non-interest expense $ 12,634     $ 12,052     $ 12,854     $ 11,454     $ 11,560  
    Operating revenue $ 24,404     $ 22,831     $ 22,985     $ 21,547     $ 20,508  
    Operating efficiency ratio   51.77 %     52.79 %     55.92 %     53.16 %     56.37 %
                                 
    (1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
    (2) Annualized.
     
    USCB FINANCIAL HOLDINGS, INC.
    NON-GAAP FINANCIAL MEASURES (UNAUDITED)
    (Dollars in thousands, except per share data)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Tangible book value per common share (at period-end):(1)                            
    Total stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Less: Intangible assets   –       –       –       –       –  
    Tangible stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Total shares issued and outstanding (at period-end):                            
    Total common shares issued and outstanding   20,078,385       20,048,385       19,924,632       19,620,632       19,630,632  
    Tangible book value per common share(2) $ 11.53     $ 11.23     $ 10.81     $ 10.90     $ 10.24  
                                 
    Operating diluted net income per common share:(1)                            
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
    Total weighted average diluted shares of common stock   20,295,794       20,319,535       20,183,731       19,825,211       19,717,167  
    Operating diluted net income per common share: $ 0.40     $ 0.38     $ 0.34     $ 0.35     $ 0.31  
                                 
    Tangible Common Equity/Tangible Assets(1)                            
    Tangible stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Tangible total assets(3) $ 2,719,474     $ 2,677,382     $ 2,581,216     $ 2,503,954     $ 2,458,270  
    Tangible Common Equity/Tangible Assets   8.52 %     8.41 %     8.34 %     8.54 %     8.18 %
                                 
    (1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
    (2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
    (3) Since the Company has no intangible assets, tangible total assets is the same amount as total assets calculated under GAAP.

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

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

    First Half 2025 Highlights

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

    Financial Summary

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

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

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

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

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

    Asset Summary

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

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

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

    Credit Quality Summary

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

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

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

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

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

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

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

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

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

    Liability Summary

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

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

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

    Stockholders’ Equity Summary

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

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

     

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

    ______________________________

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

     

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

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

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

    Visit our website at www.glacierbancorp.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

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

    First Half 2025 Highlights

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

    Financial Summary

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

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

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

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

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

    Asset Summary

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

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

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

    Credit Quality Summary

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

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

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

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

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

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

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

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

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

    Liability Summary

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

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

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

    Stockholders’ Equity Summary

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

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

     

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

    ______________________________

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

     

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

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

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

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