Category: Banking

MIL-OSI: Greene County Bancorp, Inc. Reports Record High Net Income of $31.1 Million for the Fiscal Year Ended June 30, 2025, Announces Plans to Expand into Saratoga County

Source: GlobeNewswire (MIL-OSI)

CATSKILL, N.Y., July 23, 2025 (GLOBE NEWSWIRE) — Greene County Bancorp, Inc. (the “Company”) (NASDAQ: GCBC), the holding company for the Bank of Greene County and its subsidiary Greene County Commercial Bank, today reported net income for the quarter and fiscal year ended June 30, 2025. Net income for the quarter and fiscal year ended June 30, 2025 was $9.3 million, or $0.55 per basic and diluted share, and $31.1 million, or $1.83 per basic and diluted share, respectively, as compared to $6.7 million, or $0.40 per basic and diluted share, and $24.8 million, or $1.45 per basic and diluted share, for the quarter and fiscal year ended June 30, 2024, respectively. Net income increased $2.6 million, or 38.6%, when comparing the quarters ended June 30, 2025 and 2024, and increased $6.3 million, or 25.7%, when comparing the fiscal years ended June 30, 2025 and 2024.

Highlights:

Net Income: $31.1 million for the fiscal year ended June 30, 2025, a new record high
Total Assets: $3.0 billion at June 30, 2025, a new record high
Net Loans: $1.6 billion at June 30, 2025, a new record high
Total Deposits: $2.6 billion at June 30, 2025
Return on Average Assets: 1.10% for the fiscal year ended June 30, 2025
Return on Average Equity: 14.08% for the fiscal year ended June 30, 2025

Donald Gibson, President & CEO, stated: “I am pleased to report record high net income for the fiscal year ended June 30, 2025, marking 16 years of the past 17 years that our Company has achieved record earnings. This sustained performance is a testament to our disciplined business model, strong community partnerships and exceptional execution of our team. As we look ahead, we are excited to announce plans to expand into Saratoga County with our first branch in that market area, expanding our geographic footprint from five to six counties within New York State, and further strengthening our position as the leading economic engine of the communities we serve. Additionally, we are honored to be recognized by the Albany Business Review, first as one of the Capital Regions 11 fastest growing large companies, defined as those with revenue exceeding $100.0 million, and second, on July 17, 2025, we ranked as the number one commercial mortgage lender in New York’s Capital Region for commercial loan volume in 2024. I believe the distinction reflects our financial strength and our long-term commitment to organic growth that benefits customers, communities and shareholders alike.”

Total consolidated assets for the Company were $3.0 billion at June 30, 2025, primarily consisting of $1.6 billion of net loans and $1.1 billion of total securities available-for-sale and held-to-maturity. Consolidated deposits totaled $2.6 billion at June 30, 2025, consisting of retail, business, municipal and private banking relationships.

Pre-provision net income was $32.5 million for the year ended June 30, 2025 as compared to $25.5 million for the year ended June 30, 2024, an increase of $7.0 million, or 27.1%. Pre-provision net income measures the Company’s net income less the provision for credit losses. Management believes that this non-GAAP measure assists investors in comprehending the impact of the provision for credit losses on the Company’s reported results, offering an alternative view of the Company’s performance and the Company’s ability to generate income in excess of its provision for credit losses. The Company strategically managed its balance sheet by focusing on higher-yielding loans and securities, and lowering deposit rates to align with the Federal Reserve’s recent interest rate cuts. This resulted in a higher net interest margin for the year ended June 30, 2025 as compared to the year ended June 30, 2024. The Company will continue to monitor the Federal Reserve and interest rates paid on deposits, while maintaining our long-term customer relationships.

Selected highlights for the quarter and fiscal year ended June 30, 2025 are as follows:

Net Interest Income and Margin

Net interest income increased $3.8 million to $16.7 million for the three months ended June 30, 2025 from $12.9 million for the three months ended June 30, 2024. Net interest income increased $9.1 million to $60.1 million for the year ended June 30, 2025 from $51.0 million for the year ended June 30, 2024. The increase in net interest income was due to an increase in the average balance of interest-earning assets which increased $219.0 million and $170.7 million when comparing the three months and years ended June 30, 2025 and 2024, respectively, an increase in interest rates on interest-earning assets, which increased 16 basis points and 26 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively, and a decrease of 26 basis points in rates paid on interest-bearing liabilities when comparing the three months ended June 30, 2025 and 2024. The increase in net interest income was offset by increases in the average balance of interest-bearing liabilities, which increased $203.4 million and $168.3 million when comparing the three months and years ended June 30, 2025 and 2024, respectively, and an increase of 4 basis points in rates paid on interest-bearing liabilities when comparing the years ended June 30, 2025 and 2024.
Average loan balances increased $145.9 million and $96.6 million and the yield on loans increased 18 basis points and 23 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. The average balance of securities increased $87.0 million and $79.1 million and the yield on such securities increased 24 basis points and 36 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. Average interest-bearing bank balances and federal funds decreased $13.8 million and $5.0 million and the yield on interest-bearing bank balances and federal funds decreased 172 basis points and 36 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively.

The cost of NOW deposits decreased 34 basis points and 2 basis points, the cost of certificates of deposit decreased 81 basis points and 21 basis points, and the cost of savings and money market deposits decreased 1 basis point and increased 7 basis points when comparing the three months and years ended June 30, 2025 and 2024, respectively. The growth in interest-bearing liabilities was primarily due to an increase in average NOW deposits of $178.0 million and $135.1 million and an increase in average certificates of deposits of $75.0 million and $62.7 million when comparing the three months and years ended June 30, 2025 and 2024, respectively. This was partially offset by a decrease in average savings and money market deposits of $15.0 million and $22.8 million when comparing the three months and years ended June 30, 2025 and 2024, respectively. Yields on interest-earning assets increased when comparing the three months and years ended June 30, 2025 and 2024 as the Company continued to reprice assets into the higher interest rate environment. During the year ended June 30, 2025, the Company implemented a strategic reduction in deposit rates that aligns with the Federal Reserve’s rate cuts, while providing competitive financial solutions to the Company’s customers that reflect the prevailing economic conditions, while growing new relationships.

Net interest rate spread increased 42 basis points to 2.14% for the three months ended June 30, 2025, compared to 1.72% for the three months ended June 30, 2024. Net interest rate spread increased 22 basis points to 1.97% for the year ended June 30, 2025, compared to 1.75% for the year ended June 30, 2024.
Net interest margin increased 40 basis points to 2.37% for the three months ended June 30, 2025, compared to 1.97% for the three months ended June 30, 2024. Net interest margin increased 21 basis points to 2.19% for the year ended June 30, 2025, compared to 1.98% for the year ended June 30, 2024. The increase in net interest rate spread and margin during the three months and year ended June 30, 2025, was due to increases in interest income on loans and securities, as they continue to reprice at higher yields and the interest rates earned on new balances were higher than the historic low levels from the prior periods.

Net interest income on a taxable-equivalent basis includes the additional amount of interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. Tax equivalent net interest margin was 2.67% and 2.24% for the three months ended June 30, 2025 and 2024, respectively, and was 2.47% and 2.25% for the years ended June 30, 2025 and 2024, respectively.

Credit Quality and Provision for Credit Losses

Provision for credit losses amounted to a benefit of $880,000 and $151,000 for the three months ended June 30, 2025 and 2024, respectively. The benefit for the three months ended June 30, 2025 was primarily attributable to an improvement in the qualitative factors assessments on loans, partially offset by a modest deterioration in the economic forecasts used in the Current Expected Credit Loss models on loans as of June 30, 2025, and growth in securities held-to-maturity that require an allowance. Provision for credit losses amounted to a charge of $1.3 million and $766,000 for the years ended June 30, 2025 and 2024, respectively. The provision for the year ended June 30, 2025, was primarily attributable to growth in gross loans, a modest deterioration in the economic forecasts used in the Current Expected Credit Loss models on loans as of June 30, 2025 and growth in securities held-to-maturity that require an allowance, partially offset by an improvement in the qualitative factors assessments on loans. The allowance for credit losses on loans to total loans receivable was 1.24% at June 30, 2025 compared to 1.28% at June 30, 2024.
Loans classified as substandard and special mention totaled $45.4 million at June 30, 2025 and $48.6 million at June 30, 2024, a decrease of $3.2 million. Of the loans classified as substandard or special mention, $42.1 million were performing at June 30, 2025. There were no loans classified as doubtful or loss at June 30, 2025 or June 30, 2024.
Net charge-offs on loans amounted to $44,000 and $1.0 million for the three months ended June 30, 2025 and 2024, respectively, a decrease of $956,000. Net charge-offs totaled $349,000 and $1.4 million for years ended June 30, 2025 and 2024, respectively. There were no material charge-offs in any loan segment during the three months and year ended June 30, 2025.
Nonperforming loans amounted to $3.1 million at June 30, 2025 and $3.7 million at June 30, 2024. The activity in nonperforming loans during the period included $2.6 million in loan repayments, $128,000 in charge-offs or transfers to foreclosure, $67,000 in loans returning to performing status, and $2.1 million of loans placed into nonperforming status. At June 30, 2025, nonperforming assets were 0.10% of total assets compared to 0.13% at June 30, 2024. At June 30, 2025, nonperforming loans were 0.19% of net loans compared to 0.25% at June 30, 2024.

Noninterest Income and Noninterest Expense

Noninterest income increased $46,000, or 1.2%, to $3.8 million for the three months ended June 30, 2025 compared to $3.7 million for the three months ended June 30, 2024. The increase during the three months ended June 30, 2025 was primarily due to a $128,000 increase in fee income earned on customer interest rate swap contracts. This was partially offset by a $152,000 decrease of investment services income. Noninterest income increased $1.3 million, or 9.5%, to $15.2 million for the year ended June 30, 2025 compared to $13.9 million for the year ended June 30, 2024. The increase during the year ended June 30, 2025 was primarily due to a $610,000 Employee Retention Tax Credit, an increase in fee income earned on customer interest rate swap contracts of $528,000, loan fees of $242,000, service charge account fees of $235,000, and income from bank owned life insurance of $363,000. This was partially offset by a $665,000 loss on sales of securities available-for-sale.

Noninterest expense increased $497,000, or 5.0%, to $10.4 million for the three months ended June 30, 2025 compared to $9.9 million for the three months ended June 30, 2024. The increase during the three months ended June 30, 2025 was primarily due to a $204,000 increase in service and data processing fees and a $170,000 increase in computer and software supplies. Noninterest expense increased $2.1 million, or 5.6%, to $39.4 million for the year ended June 30, 2025 as compared to $37.3 million for the year ended June 30, 2024. The increase during the year ended June 30, 2025 was primarily due to an increase of $579,000 in salaries and employee benefit costs, as new positions were created during the period to support the Company’s continued growth, an increase of $544,000 in service and data processing fees, an increase of $796,000 in the allowance for credit losses on unfunded commitments, due to the Company’s increased contractual obligations to extend credit, and an increase of $183,000 in occupancy expenses mostly due to repairs and maintenance on the Company’s buildings. This was partially offset by a decrease of $164,000 in legal and professional fees during the year ended June 30, 2025.

Income Taxes

Provision for income taxes reflects the expected tax associated with the pre-tax income generated for the given period and certain regulatory requirements. The effective tax rate was 14.8% and 10.2% for the three months and year ended June 30, 2025, and 1.4% and 7.6% for the three months and year ended June 30, 2024, respectively. The statutory tax rate is impacted by the benefits derived from tax-exempt bond and loan income, the Company’s real estate investment trust subsidiary income, income received on the bank owned life insurance and tax credits, to arrive at the effective tax rate. The increase during the three months and year ended June 30, 2025 is primarily due to higher pre-tax income and reflects a lower mix of tax-exempt income from municipal bonds, tax advantage loans, and bank owned life insurance in proportion to pre-tax income. Additionally, the Company was able to recognize historic preservation tax credits on the Company’s wealth management center, located at 345 Main Street, in Catskill New York for the year ended June 30, 2024.

Balance Sheet Summary

Total assets of the Company were $3.0 billion at June 30, 2025 and $2.8 billion at June 30, 2024, an increase of $214.8 million, or 7.6%.
Total cash and cash equivalents for the Company were $183.1 million at June 30, 2025 and $190.4 million at June 30, 2024. The Company has continued to maintain strong capital and liquidity positions as of June 30, 2025.
Securities available-for-sale and held-to-maturity increased $91.9 million, or 8.8%, to $1.1 billion at June 30, 2025 as compared to $1.0 billion at June 30, 2024. Securities purchases totaled $444.2 million during the year ended June 30, 2025, and consisted primarily of $308.5 million of state and political subdivision securities, $88.4 million of mortgage-backed securities, $24.7 million of U.S. Treasury securities, $16.7 million of collateralized mortgage obligations, and $5.9 million of corporate debt securities. Principal pay-downs and maturities during the year ended June 30, 2025 amounted to $353.5 million, primarily consisting of $258.7 million of state and political subdivision securities, $58.0 million of U.S. Treasury securities, $32.7 million of mortgage-backed securities, $2.8 million of collateralized mortgage obligations and $1.3 million of corporate debt securities. Sales during the year ended June 30, 2025 amounted to $6.7 million of U.S. Treasury securities.
Net loans receivable increased $127.0 million, or 8.6%, to $1.6 billion at June 30, 2025 as compared to $1.5 billion at June 30, 2024. Loan growth experienced during the year ended June 30, 2025 consisted primarily of $117.9 million in commercial real estate loans, $5.5 million in commercial loans, and $4.9 million in home equity loans.
Deposits totaled $2.6 billion at June 30, 2025 and $2.4 billion at June 30, 2024, an increase of $250.6 million, or 10.5%. The Company had $51.6 million and zero brokered deposits at June 30, 2025 and June 30, 2024, respectively. NOW deposits increased $192.6 million, or 10.9%, and certificates of deposits increased $89.7 million, or 64.8%, when comparing June 30, 2025 and June 30, 2024. Noninterest bearing deposits decreased $15.3 million, or 12.2%, money market deposits decreased $10.5 million, or 9.3%, and savings deposits decreased $5.9 million, or 2.3%, when comparing June 30, 2025 and June 30, 2024.
Borrowings amounted to $128.1 million at June 30, 2025 compared to $199.1 million at June 30, 2024, a decrease of $71.0 million. At June 30, 2025, borrowings included $74.0 million of overnight borrowings with the Federal Home Loan Bank of New York (“FHLB”), $49.9 million of Fixed-to-Floating Rate Subordinated Notes, and $4.2 million of long-term borrowings with the FHLB.
Shareholders’ equity increased to $238.8 million at June 30, 2025 compared to $206.0 million at June 30, 2024, resulting primarily from net income of $31.1 million and a decrease in accumulated other comprehensive loss of $6.2 million, partially offset by dividends declared and paid of $4.5 million.

Corporate Overview

Greene County Bancorp, Inc. is the holding company for the Bank of Greene County, and its subsidiary Greene County Commercial Bank. The Company is the leading provider of community-based banking services throughout the Hudson Valley and Capital Region of New York State. Its customers include individuals, businesses, municipalities and other institutions. Greene County Bancorp, Inc. (GCBC) is publicly traded on the Nasdaq Capital Market and is dedicated to promoting economic development and a high quality of life in the communities it serves. For more information on Greene County Bancorp, Inc., visit www.tbogc.com.

Forward-Looking Statements

This earnings release contains statements about future events that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by references to a future period or periods or by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “will,” “should,” “could,” “plan,” and other similar terms of expressions. Forward-looking statements should not be relied on because they involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the actual results, performance or achievements expressed in, or implied by, the forward-looking statements to differ materially from those contemplated by the forward-looking statements. Factors that may cause such a difference include, but are not limited to, local, regional, national and international general economic conditions, including actual or potential stress in the banking industry, financial and regulatory changes, changes in interest rates, regulatory considerations, competition, technological developments, retention and recruitment of qualified personnel, changes in customer deposit behavior, and market acceptance of the Company’s pricing, products and services.

The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date made, and advises readers that various factors, including, but not limited to, those described above and other factors discussed in the Company’s annual and quarterly reports previously filed with the Securities and Exchange Commission, could affect the Company’s financial performance and could cause the Company’s actual results or circumstances for future periods to differ materially from those anticipated or projected.

Unless required by law, the Company does not undertake, and specifically disclaims any obligations to, publicly release any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For more information, please see our reports filed with the United States Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K and quarterly reports on Form 10-Q.

Non-GAAP Measures

In addition to presenting information in conformity with accounting principles generally accepted in the United States of America (GAAP), this news release contains financial information determined by methods other than GAAP (non-GAAP). The following measures used in this release, which are commonly utilized by financial institutions, have not been specifically exempted by the Securities and Exchange Commission (“SEC”) and may constitute “non-GAAP financial measures” within the meaning of the SEC’s rules.

The Company has provided in this news release supplemental disclosures for the calculation of net interest margin utilizing a fully taxable-equivalent adjustment and pre-provision net income. Management believes that the non-GAAP financial measures disclosed by the Company from time to time are useful in evaluating the Company’s performance and that such information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Our non-GAAP financial measures may differ from similar measures presented by other companies. Refer to the tables on page 9 for Non-GAAP to GAAP reconciliations.


Greene County Bancorp, Inc. Consolidated Statements of Income, and Selected Financial Ratios (Unaudited)

	At or for the Three Months						At or for the Years
	Ended June 30,						Ended June 30,
Dollars in thousands, except share and per share data		2025			2024			2025			2024
Interest income	$	30,739		$	27,328		$	117,705		$	103,664
Interest expense		14,033			14,471			57,584			52,685
Net interest income		16,706			12,857			60,121			50,979
Provision for credit losses		(880	)		(151	)		1,316			766
Noninterest income		3,765			3,719			15,233			13,908
Noninterest expense		10,394			9,897			39,372			37,302
Income before taxes		10,957			6,830			34,666			26,819
Tax provision		1,624			98			3,528			2,050
Net income	$	9,333		$	6,732		$	31,138		$	24,769

Basic and diluted EPS	$	0.55		$	0.40		$	1.83		$	1.45
Weighted average shares outstanding		17,026,828			17,026,828			17,026,828			17,026,828
Dividends declared per share ⁽⁴⁾	$	0.09		$	0.08		$	0.36		$	0.32

Selected Financial Ratios
Return on average assets⁽¹⁾		1.28	%		1.00	%		1.10	%		0.93	%
Return on average equity⁽¹⁾		15.98	%		13.36	%		14.08	%		12.87	%
Net interest rate spread⁽¹⁾		2.14	%		1.72	%		1.97	%		1.75	%
Net interest margin⁽¹⁾		2.37	%		1.97	%		2.19	%		1.98	%
Fully taxable-equivalent net interest margin⁽²⁾		2.67	%		2.24	%		2.47	%		2.25	%
Efficiency ratio⁽³⁾		50.77	%		59.71	%		52.25	%		57.49	%
Non-performing assets to total assets								0.10	%		0.13	%
Non-performing loans to net loans								0.19	%		0.25	%
Allowance for credit losses on loans to non-performing loans								658.37	%		516.20	%
Allowance for credit losses on loans to total loans								1.24	%		1.28	%
Shareholders’ equity to total assets								7.85	%		7.29	%
Dividend payout ratio⁽⁴⁾								19.67	%		22.07	%
Actual dividends paid to net income⁽⁵⁾								14.37	%		13.08	%
Book value per share							$	14.03		$	12.10

⁽¹⁾ Ratios are annualized when necessary.
⁽²⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income.
⁽³⁾ The efficiency ratio has been calculated as noninterest expense divided by the sum of net interest income and noninterest income.
⁽⁴⁾ The dividend payout ratio has been calculated based on the dividends declared per share divided by basic earnings per share. No adjustments have been made to account for dividends waived by Greene County Bancorp, MHC (“MHC”), the Company’s majority shareholder, owning 54.1% of the shares outstanding.
⁽⁵⁾ Dividends declared divided by net income. The MHC waived its right to receive dividends declared during the three months ended June 30, 2023, December 31, 2023, March 31, 2024, June 30, 2024, March 31, 2025 and June 30, 2025. Dividends declared during the three months ended September 30, 2023, September 30, 2024, and December 31, 2024 were paid to the MHC.


Greene County Bancorp, Inc. Consolidated Statements of Financial Condition (Unaudited)

	At June 30, 2025			At June 30, 2024
Dollars In thousands, except share data
Assets
Cash and due from banks	$	12,788		$	13,897
Interest-bearing deposits		170,290			176,498
Total cash and cash equivalents		183,078			190,395

Long term certificate of deposit		1,425			2,831
Securities available-for-sale, at fair value		356,062			350,001
Securities held-to-maturity, at amortized cost, net of allowance for credit losses of $548 and $483 at June 30, 2025 and June 30, 2024		776,147			690,354
Equity securities, at fair value		402			328
Federal Home Loan Bank stock, at cost		5,504			7,296

Loans receivable		1,627,406			1,499,473
Less: Allowance for credit losses on loans		(20,146	)		(19,244	)
Net loans receivable		1,607,260			1,480,229

Premises and equipment, net		15,232			15,606
Bank owned life insurance		59,795			57,249
Accrued interest receivable		16,381			14,269
Prepaid expenses and other assets		19,323			17,230
Total assets	$	3,040,609		$	2,825,788

Liabilities and shareholders’ equity
Noninterest bearing deposits	$	110,163		$	125,442
Interest bearing deposits		2,529,672			2,263,780
Total deposits		2,639,835			2,389,222

Borrowings, short-term		74,000			115,300
Borrowings, long-term		4,189			34,156
Subordinated notes payable, net		49,867			49,681
Accrued expenses and other liabilities		33,881			31,429
Total liabilities		2,801,772			2,619,788
Total shareholders’ equity		238,837			206,000
Total liabilities and shareholders’ equity	$	3,040,609		$	2,825,788
Common shares outstanding		17,026,828			17,026,828
Treasury shares		195,852			195,852

The above information is preliminary and based on the Company’s data available at the time of presentation.

Non-GAAP to GAAP Reconciliations

The following table summarizes the adjustments made to arrive at the fully taxable-equivalent net interest margins.

	For the three months ended June 30,						For the years ended June 30,
(Dollars in thousands)		2025			2024			2025			2024
Net interest income (GAAP)	$	16,706		$	12,857		$	60,121		$	50,979
Tax-equivalent adjustment⁽¹⁾		2,130			1,740			7,679			6,791
Net interest income-fully taxable-equivalent basis (non-GAAP)	$	18,836		$	14,597		$	67,800		$	57,770

Average interest-earning assets (GAAP)	$	2,824,952		$	2,605,966		$	2,739,472		$	2,568,756
Net interest margin-fully taxable-equivalent basis (non-GAAP)		2.67	%		2.24	%		2.47	%		2.25	%

⁽¹⁾ Interest income calculated on a taxable-equivalent basis (non-GAAP) includes the additional interest income that would have been earned if the Company’s investment in tax-exempt securities and loans had been subject to federal and New York State income taxes yielding the same after-tax income. The rate used for this adjustment was 21% for federal income taxes for the three and twelve months ended June 30, 2025 and 2024, 4.44% for New York State income taxes for the three and twelve months ended June 30, 2025 and 2024.

The following table summarizes the adjustments made to arrive at pre-provision net income.

	For the three months ended June 30,
(Dollars in thousands)		2025			2024
Net income (GAAP)	$	9,333		$	6,732
Provision for credit losses		(880	)		(151	)
Pre-provision net income (non-GAAP)	$	8,453		$	6,581

	For the years ended June 30,
(Dollars in thousands)		2025		2024
Net income (GAAP)	$	31,138	$	24,769
Provision for credit losses		1,316		766
Pre-provision net income (non-GAAP)	$	32,454	$	25,535

The above information is preliminary and based on the Company’s data available at the time of presentation.

For Further Information Contact:
Donald E. Gibson
President & CEO
(518) 943-2600
donaldg@tbogc.com

Nick Barzee
SVP & CFO
(518) 943-2600
nickb@tbogc.com

The MIL Network –

July 24, 2025

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

Source: APO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Media files

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MIL OSI Africa –

July 24, 2025

MIL-OSI: Endeavor Bancorp Reports Net Income of $1.1 Million for the Second Quarter of 2025; Highlighted by Continued Loan and Deposit Growth, and NIM Expansion

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, July 23, 2025 (GLOBE NEWSWIRE) — Endeavor Bancorp (OTCQX: EDVR) (the “Company” or “Bancorp”), the holding company for Endeavor Bank (the “Bank”), today reported net income of $1.07 million, or $0.25 per diluted share, for the second quarter of 2025, compared to $1.36 million, or $0.32 per diluted share, for the first quarter of 2025, and $760,000, or $0.18 per diluted share, for the second quarter of 2024. All financial results are unaudited.

“Our second quarter results reflect the strength of our core banking franchise and the disciplined execution of our strategic growth plan,” said Julie Glance, CFO. “We continued to grow loans and deposits during the quarter while maintaining a strong net interest margin, demonstrating the resilience of our business model in an uncertain interest rate environment. Our strategic investments in talent and infrastructure are starting to deliver measurable returns, enhancing both operational efficiency and client service. As we look ahead, we remain focused on driving sustainable, profitable growth and creating long-term value for our shareholders.”

Results for the second quarter of 2025 included a $746,000 provision for credit losses, reflecting continued prudent credit risk management amid a growing loan portfolio. This compared to a $385,000 provision for credit losses in the first quarter of 2025, and a $451,000 provision for credit losses in the second quarter of 2024. Excluding taxes and loan loss provisions, pretax, pre-provision net income was $2.28 million, consistent with the prior quarter’s $2.33 million, and up from $1.55 million in the second quarter of 2024.

Income Statement

Strong first quarter earnings were driven by loan growth and earning asset rates. Total interest income on loans and bank deposits and investments was $11.6 million, an increase of $504,000 compared to the preceding quarter, while total interest expenses increased $128,000 during the same timeframe. Net interest income was $7.4 million in the second quarter of 2025, which was an increase of $376,000, or 5.4% compared to the preceding quarter and a 37.8% increase compared to the second quarter of 2024.

“Our net interest margin expanded by nine basis points in the second quarter of 2025 compared to the prior quarter, driven primarily by strong loan growth and continued improvement in our funding costs,” said Dan Yates, CEO. “This positive trend reflects not only solid execution on the asset side of the balance sheet but also disciplined management of our deposit base in a competitive rate environment. We remain proactive in optimizing our asset-liability mix to safeguard and enhance margin performance, while maintaining prudent risk management and offering attractive pricing to our clients. As interest rate dynamics evolve, we are confident in our ability to navigate the environment effectively, positioning us to sustain earnings momentum.”

The Company’s net interest margin increased nine basis points to 4.21% in the second quarter of 2025 compared to 4.12% in the first quarter of 2025 and increased 51 basis points compared to 3.70% in the second quarter of 2024. The yield on total earning assets remained strong, increasing 10 basis points during the second quarter of 2025 to 6.62%, compared to 6.52% in the preceding quarter, and up from 6.33% in the second quarter of 2024. The cost of deposits decreased to 2.57% in the second quarter, compared to 2.58% in the first quarter of 2025, and down from 2.84% in the second quarter of 2024.

Non-Interest income was $276,000 in the second quarter of 2025, an increase of $93,000 or 50.5% compared to the first quarter of 2025, and a decrease compared to $390,000 in the second quarter of 2024.

Non-Interest expense was $5.4 million in the second quarter of 2025, an increase of $521,000 compared to the first quarter of 2025, and an increase of $1.2 million compared to the second quarter of 2024. Included in non-interest expense during the second quarter of 2025 was $263,000 in annual board compensation. In the prior year annual board compensation of $312,000 was paid during the first quarter of 2024. The higher expenses year-over-year were also due to strategic investment in staff. “In 2024, we made strategic investments in talent, increasing our headcount by over 30%. These additions are now delivering strong returns, with revenue growth fueled by our enhanced capabilities more than offsetting the associated rise in expenses year-over-year. Our improved efficiency ratio, which declined to 70.3% during the second quarter of 2025 from 75.8% during the second quarter of 2024, further demonstrates that the team we built last year is now fully ramped and highly productive. With fewer new hires planned for the remainder of the year, we remain focused on maximizing the impact of our expanded workforce and are well positioned to drive continued earnings growth,” said Yates.

The Company’s annualized return on average equity for the second quarter of 2025 was 8.75%, compared to 11.68% in the first quarter of 2025 and 6.96% in the second quarter of 2024. The annualized return on average assets for the second quarter of 2025 was 0.60% compared to 0.79% in the first quarter of 2025 and 0.52% in the second quarter of 2024. The decrease compared to the prior quarter was primarily due to the previously mentioned board expense along with one-time consulting expense associated with contract renegotiation during the second quarter of 2025.

Balance Sheet

Total assets increased by $42.3 million, or 6.0%, during the second quarter of 2025 to $746.9 million at June 30, 2025, compared to $704.6 million at March 31, 2025, and increased $153.1 million, or 25.8%, compared to June 30, 2024. Balance sheet liquidity remains strong with cash balances of $87.4 million, which represents 11.7% of total assets as of June 30, 2025. The Company’s investment securities increased $1.7 million during the second quarter of 2025 to $28.1 million as of June 30, 2025, representing 3.8% of total assets. Total available borrowing capacity through the Federal Home Loan Bank and the Federal Reserve discount window totaled $245.3 million as of quarter end.

“We are pleased with the continued progress in our deposit-gathering and lending efforts, which reflects the strength of our client relationships and the effectiveness of our strategy,” said Steve Sefton, President. “Our team remains focused on delivering tailored financial solutions to our business clients, while maintaining disciplined underwriting and sound risk management. As we continue to deepen these relationships, we are well positioned to drive sustainable growth and long-term value.”

Total loans outstanding increased $28.1 million, or 4.7%, during the second quarter of 2025 to $625.9 million at June 30, 2025, compared to $597.8 million three months earlier, and increased $142.5 million, or 29.5%, when compared to $483.4 million a year earlier. Total non-performing loans decreased to 0.32% of the total loan portfolio as of June 30, 2025, compared to 0.40% as of March 31, 2025. The Company had $421,000 in net charge-offs during the second quarter of 2025, which included one loan that had previously been reserved for. This compared to zero in net charge-offs during the preceding quarter and the year ago quarter.

Total deposits increased $41.2 million, or 6.6%, during the quarter to $667.4 million at June 30, 2025, compared to $626.2 million three months earlier, and increased $149.2 million, up 28.8% when compared to $518.2 million a year earlier. The loan to deposit ratio was 93.8% at June 30, 2025, compared to 95.5% at March 31, 2025, and 92.9% as of June 30, 2024. “We are strategically managing our balance sheet with a target loan to deposit ratio of 95% as we aim for the right balance between strong lending activity and liquidity,” added Sefton.

As a result of its participation in reciprocal deposit placement networks, the Bank accepted “reciprocal” deposits from other institutions, enabling the Bank to offer customers FDIC insurance on accounts in excess of the typical $250,000 FDIC insurance limit. Although the reciprocal deposits maintained through the network are core deposits seeking FDIC insurance, the FDIC rules indicate that reciprocal deposits aggregating over 20% of total liabilities are classified as deposits obtained by or through a deposit broker. The total reciprocal deposits reported as brokered deposits were $133.3 million at June 30, 2025, and $102.5 million as of March 31, 2025. To support strong loan growth, the Company is utilizing a conservative amount of wholesale deposits. As of June 30, 2025, total wholesale deposits, excluding the reciprocal deposits, was $56.8 million, representing 8.5% of total deposits compared to $55.7 million, or 8.9% of total deposits as of March 31, 2025.

Shareholders’ equity was $48.9 million at June 30, 2025, compared to $47.7 million at March 31, 2025, and $44.1 million at June 30, 2024. Tangible book value per share increased to $13.64 at June 30, 2025, compared to $13.49 three months earlier and $12.55 a year earlier.

Capital
The Bank’s Tier 1 leverage ratio was 10.60% as of June 30, 2025, compared to 10.57% at March 31, 2025. The Tier 1 risk-based capital ratio was 10.20% as of June 30, 2025, compared to 10.47% on March 31, 2025, and the Total risk-based capital ratio was 11.37% compared to 11.65% three months earlier, all of which were well above regulatory minimums.

About Endeavor Bancorp

Endeavor Bancorp, the holding company for Endeavor Bank, is primarily owned and operated by Southern Californians for Southern California businesses and their owners. The bank’s focus is local: local decision-making, local board, local founders, local owners, and relationships with local clients in Southern California.

Headquartered in downtown San Diego in the Symphony Towers building, the Bank also operates a loan production and executive administration office in Carlsbad, as well as a branch office in La Mesa. In addition, the Bank maintains production teams throughout Southern California. Endeavor Bank provides traditional business banking services across a broad spectrum of industries and specialties. Unique to the bank is its consultative banking approach that partners our business clients with Endeavor Bank’s senior management. Together, we build strategies and provide resources that solve problems, plan for the future, and help clients’ efforts to grow revenues and profits. Endeavor Bancorp trades on the OTCQX® Best Market under the symbol “EDVR.” Visit www.endeavor.bank for more information.

Endeavor Bank is rated by Bauer Financial as Five-Star “Superior” for strong financial performance, the top rating given by the independent bank rating firm. DepositAccounts.com awarded Endeavor Bank an A rating.

EDVR Shareholders

With many of our shareholders transferring their EDVR shares to their brokerage companies, along with ongoing trading taking place, Bancorp may not have the most current shareholder contact information. If you are an EDVR shareholder and would like to receive information via a more timely method, please complete the Shareholder Communication Preference Form on our website: https://www.bankendeavor.com/investor-relations so we can keep you updated on EDVR news, and invite you to various shareholder networking events throughout the year.

Forward-Looking Statements

This press release includes “forward-looking statements,” as such term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the current beliefs of the Company’s directors and executive officers (collectively, “Management”), as well as assumptions made by and information currently available to the Company’s Management. All statements regarding the Company’s business strategy and plans and objectives of Management of the Company for future operations, are forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar meaning, as they relate to the Company or the Company’s Management, are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from the Company’s expectations (“cautionary statements”) are loan losses, rapid and unanticipated deposit withdrawals, unavailability of sources of liquidity, additional regulatory requirements that may be imposed on community banks or banks generally, changes in interest rates, loss of key personnel, lower lending limits and capital than competitors, regulatory restrictions and oversight of the Company, the secure and effective implementation of technology, risks related to the local and national economy, the effect on customers, collateral value and property insurance markets of the recent wildfires in the Los Angeles metropolitan area and similar events in the future, changes in real estate values, the Company’s implementation of its business plans and management of growth, loan performance, interest rates, and regulatory matters, the effects of trade, monetary and fiscal policies, inflation, and changes in accounting policies and practices. Based upon changing conditions, if any one or more of these risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described as anticipated, believed, estimated, expected, or intended. The Company does not intend to update these forward-looking statements.

SELECTED FINANCIAL DATA
(In thousands of dollars, except for ratios and per share amounts)
Unaudited

	June 30, 2025			March 31, 2025			June 30, 2024
	(Consolidated)			(Consolidated)			(Consolidated)
SUMMARY OF OPERATIONS
Interest income	$	11,623		$	11,119		$	9,203
Interest expense		4,234			4,106			3,840
Net interest income		7,389			7,013			5,363
Provision for credit losses		746			385			451
Net interest income after loss provision		6,643			6,628			4,912
Non-interest income		276			183			390
Non-interest expense		5,385			4,864			4,205
Income before tax		1,533			1,947			1,097
Federal income tax expense		294			372			215
State income tax expense		172			214			121
Net income	$	1,067		$	1,361		$	760

Core pretax earnings*	$	2,279		$	2,332		$	1,548
*excludes taxes and provision for loan losses

PER COMMON SHARE DATA
Number of shares outstanding (000s)*		3,586			3,503			3,493
*Adjusted for May 2024 Stock Dividend
Earnings per share, basic	$	0.30		$	0.39		$	0.22
Earnings per share, diluted	$	0.25		$	0.32		$	0.18
Book Value per share	$	13.64		$	13.61		$	12.61

BALANCE SHEET DATA
Assets	$	746,907		$	704,564		$	593,803
Investments securities		28,117			26,385			18,204
Total loans, net of unearned income		625,912			597,846			483,411
Total deposits		667,408			626,165			518,230
Borrowings		26,746			26,721			26,648
Shareholders’ equity		48,905			47,667			44,051
Loan to Deposit ratio		93.78	%		95.48	%		93.28	%
Wholesale Deposits to Total Deposits		8.50	%		8.90	%		0.00	%

AVERAGE BALANCE SHEET DATA
Average assets	$	712,281		$	697,617		$	590,625
Average total loans, net of unearned income		611,480			589,037			461,476
Average total deposits		632,477			618,844			515,457
Average shareholders’ equity		48,909			47,256			43,825

ASSET QUALITY RATIOS
Net (charge-offs) recoveries	$	421		$	–		$	–
Net (charge-offs) recoveries to average loans		0.28	%		0.00	%		0.00	%
Non-performing loans as a % of loans		0.32	%		0.40	%		0.06	%
Non-performing assets as a % of assets		0.27	%		0.34	%		0.05	%
Allowance for loan losses as a % of total loans		1.36	%		1.36	%		1.42	%
Non-performing assets as a % of allowance for loan losses		23.37	%		29.60	%		22.94	%

FINANCIAL RATIOSSTATISTICS
Annualized return on average equity		8.75	%		11.68	%		6.96	%
Annualized return on average assets		0.60	%		0.79	%		0.52	%
Net interest margin		4.21	%		4.12	%		3.70	%
Efficiency ratio		70.27	%		67.59	%		75.75	%

CAPITAL RATIOS
Tier 1 leverage ratio — Bank		10.60	%		10.57	%		11.70	%
Common equity tier 1 ratio — Bank		10.20	%		10.47	%		11.84	%
Tier 1 risk-based capital ratio — Bank		10.20	%		10.47	%		11.84	%
Total risk-based capital ratio –Bank		11.37	%		11.65	%		13.04	%

TCE/TA *		6.55	%		6.77	%		7.42	%
Tangible Book Value per Share	$	13.64		$	13.49		$	12.55

*Non-GAAP financial measure.
Unaudited financials 2025

Endeavor Bancorp Contact Information: 
(858) 230.5185 
Dan Yates, CEO 
dyates@bankendeavor.com

(858) 230.4243 
Steve Sefton, President 
ssefton@bankendeavor.com 

The MIL Network –

July 24, 2025

MIL-OSI: FFB Bancorp Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

Update on Stock Repurchase Program:

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

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

Results of Operations

Quarter ended June 30, 2025:

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

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

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

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

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

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

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

Merchant ISO Processing Volumes(in thousands)
Source	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024
ISO Partner Sponsorship	$	5,347,695	$	5,007,998	$	4,891,643	$	4,556,868	$	4,391,365
FFB Payments – Sub-ISO Merchants		20,766		21,551		22,950		24,661		24,414
FFB Payments – Direct Merchants		71,746		97,095		91,133		64,512		76,059
Total volume	$	5,440,207	$	5,126,644	$	5,005,726	$	4,646,041	$	4,491,838

Merchant ISO Processing Revenues(in thousands)
Source of Revenue	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024
Net Revenue*:
ISO Partner Sponsorship	$	2,654	$	2,410	$	2,535	$	2,284	$	2,156

Gross Revenue:
FFB Payments – Sub-ISO Merchants		727		745		764		810		795
FFB Payments – Direct Merchants		3,228		4,709		4,262		2,476		3,117
		3,955		5,454		5,026		3,286		3,912
Gross Expense:
FFB Payments – Sub-ISO Merchants		708		616		638		723		675
FFB Payments – Direct Merchants		2,179		2,558		2,511		1,766		1,989
		2,887		3,174		3,149		2,489		2,664
Net Revenue:
FFB Payments – Sub-ISO Merchants		19		129		126		87		120
FFB Payments – Direct Merchants		1,049		2,151		1,751		710		1,128
FFB Payments Net Revenue		1,068		2,280		1,877		797		1,248
Net Merchant Services Income:	$	3,722	$	4,690	$	4,412	$	3,081	$	3,404
_{*ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.}

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

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

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

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

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

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

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

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

Six months ended June 30, 2025:

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

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

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

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

Balance Sheet Review

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

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

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

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

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

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

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

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

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

Liquidity Source (in thousands)	June 30, 2025		March 31, 2025

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

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

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

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

Asset Quality

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

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

Delinquent Loan Summary	Organic		Purchased Govt. Guaranteed		Total
(in thousands)	Organic		Purchased Govt. Guaranteed		Total

Delinquent accruing loans 30-59 days	$	877	$	919	$	1,796
Delinquent accruing loans 60-89 days		1,020		—		1,020
Delinquent accruing loans 90+ days		—		46		46
Total delinquent accruing loans	$	1,897	$	965	$	2,862

Non-Accrual Loan Summary	Organic		Purchased Govt. Guaranteed		Total
(in thousands)	Organic		Purchased Govt. Guaranteed		Total

Loans on non-accrual	$	26,285	$	—	$	26,285
Non-accrual loans with SBA guarantees		10,979		—		10,979
Net Bank exposure to non-accrual loans	$	15,306	$	—	$	15,306

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

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

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

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

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

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

About FFB Bancorp

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

Forward Looking Statements

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

Member FDIC

Select Financial Information and Ratios	For the Quarter Ended:									Year to Date as of:
Select Financial Information and Ratios	June 30, 2025			March 31, 2025			June 30, 2024			June 30, 2025			June 30, 2024
BALANCE SHEET – ENDING BALANCES:
Total assets	$	1,473,927		$	1,560,376		$	1,443,723
Total portfolio loans		1,091,964			1,092,441			969,764
Investment securities		254,177			313,826			345,491
Total deposits		1,234,648			1,320,381			1,168,957
Shareholders equity, net		173,908			174,711			148,640

INCOME STATEMENT DATA
Operating revenue		27,349			28,476			24,729			55,825			48,340
Operating expense		15,768			16,467			13,285			32,235			25,986
Pre-tax, pre-provision income		11,581			12,009			11,444			23,590			22,354
Net income after tax		6,036			8,098			8,076			14,134			15,866

SHARE DATA
Basic earnings per share	$	1.95		$	2.56		$	2.54		$	4.51		$	5.00
Fully diluted EPS	$	1.94		$	2.55		$	2.54		$	4.50		$	4.99
Book value per common share	$	56.87		$	55.52		$	46.79
Common shares outstanding		3,057,874			3,146,727			3,176,611
Fully diluted shares		3,104,067			3,175,178			3,183,844			3,139,346			3,178,974
FFBB – Stock price	$	78.00		$	76.50		$	89.00

RATIOS
Return on average assets		1.59	%		2.14	%		2.31	%		1.86	%		2.32	%
Return on average equity		13.75	%		18.83	%		22.89	%		16.26	%		23.08	%
Efficiency ratio		57.15	%		57.83	%		52.74	%		57.49	%		52.85	%
Adjusted efficiency ratio		52.14	%		52.54	%		47.15	%		52.34	%		47.48	%
Yield on earning assets		6.18	%		6.31	%		6.40	%		6.24	%		6.27	%
Yield on investment securities		4.13	%		4.36	%		4.60	%		4.25	%		4.54	%
Yield on portfolio loans		6.70	%		6.81	%		6.89	%		6.75	%		6.79	%
Cost to fund earning assets		1.09	%		0.96	%		1.10	%		1.02	%		1.05	%
Cost of interest-bearing deposits		2.81	%		2.60	%		2.75	%		2.71	%		2.73	%
Net Interest Margin		5.09	%		5.35	%		5.31	%		5.22	%		5.22	%
Equity to assets		11.80	%		11.20	%		10.30	%
Net loan to deposit ratio		88.44	%		82.74	%		82.96	%
Full time equivalent employees		181			175			147

BALANCE SHEET – AVERAGES
Total assets		1,525,601			1,531,573			1,407,255			1,528,570			1,377,447
Total portfolio loans		1,112,380			1,076,848			954,871			1,094,712			940,216
Investment securities		289,127			325,699			334,416			307,312			325,117
Total deposits		1,281,357			1,300,550			1,199,124			1,290,901			1,164,121
Shareholders equity, net		176,074			174,410			141,881			175,247			138,251

Consolidated Balance Sheet (unaudited)	June 30, 2025			March 31, 2025			June 30, 2024
(in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
ASSETS
Cash and due from banks	$	55,897		$	83,033		$	46,477
Interest bearing deposits in banks		21,347			20,038			26,842
CDs in other banks		1,722			1,724			1,683
Investment securities		254,177			313,826			345,491
Loans held for sale		—			—			—

Construction & land development		12,784			12,649			79,132
Residential RE 1-4 family		17,066			17,146			17,439
Commercial real estate		683,743			696,625			562,548
Agriculture		109,926			104,616			77,518
Commercial and industrial		266,810			260,063			232,786
Consumer and other		1,635			1,342			341
Portfolio loans		1,091,964			1,092,441			969,764
Deferred fees & discounts		(3,541	)		(3,946	)		(4,106	)
Allowance for credit losses		(15,330	)		(12,913	)		(10,749	)
Loans, net		1,073,093			1,075,582			954,909

Non-marketable equity investments		9,809			8,890			8,440
Cash value of life insurance		12,594			12,496			12,211
Other real estate owned		949			—			—
Accrued interest and other assets		44,339			44,787			47,670
Total assets	$	1,473,927		$	1,560,376		$	1,443,723

LIABILITIES AND EQUITY
Non-interest bearing deposits	$	759,300		$	825,404		$	731,030
Interest checking		75,815			109,555			75,907
Savings		49,657			54,686			51,052
Money market		183,071			218,940			184,495
Certificates of deposits		166,805			111,796			126,473
Total deposits		1,234,648			1,320,381			1,168,957
Short-term borrowings		16,000			10,000			68,000
Long-term debt		38,086			38,046			39,678
Other liabilities		11,285			17,238			18,448
Total liabilities		1,300,019			1,385,665			1,295,083

Common stock		29,501			35,693			37,430
Retained earnings		162,272			156,235			129,856
Accumulated other comprehensive loss		(17,865	)		(17,217	)		(18,646	)
Shareholders’ equity		173,908			174,711			148,640
Total liabilities and shareholders’ equity	$	1,473,927		$	1,560,376		$	1,443,723

Consolidated Income Statement (unaudited)	Quarter ended:								Year ended:
(in thousands)	June 30, 2025			March 31, 2025		June 30, 2024			June 30, 2025			June 30, 2024

INTEREST INCOME:
Loan interest income	$	18,582		$	18,069	$	16,354		$	36,651		$	31,726
Investment income		2,978			3,499		3,823			6,477			7,335
Int. on fed funds & CDs in other banks		270			574		316			844			572
Dividends from non-marketable equity		141			132		394			272			523
Total interest income		21,971			22,274		20,887			44,244			40,156

INTEREST EXPENSE:
Int. on deposits		3,288			2,891		3,008			6,178			5,526
Int. on short-term borrowings		126			31		109			158			258
Int. on long-term debt		451			451		464			902			929
Total interest expense		3,865			3,373		3,581			7,238			6,713
Net interest income		18,106			18,901		17,306			37,006			33,443
PROVISION FOR CREDIT LOSSES		3,157			1,164		291			4,321			670
Net interest income after provision		14,949			17,737		17,015			32,685			32,773

NON-INTEREST INCOME:
Total deposit fee income		854			849		847			1,703			1,643
Debit / credit card interchange income		215			191		186			407			353
Merchant services income		6,609			7,864		6,068			14,473			12,137
Gain on sale of loans		1,446			261		509			1,707			961
Loss on sale of investments		(243	)		—		(459	)		(243	)		(833	)
Other operating income		362			410		272			772			636
Total non-interest income		9,243			9,575		7,423			18,819			14,897

NON-INTEREST EXPENSE:
Salaries & employee benefits		8,002			8,056		6,724			16,058			13,306
Occupancy expense		352			353		437			705			820
Merchant services operating expense		2,887			3,174		2,664			6,060			5,023
Other operating expense		4,527			4,884		3,460			9,412			6,837
Total non-interest expense		15,768			16,467		13,285			32,235			25,986

Income before provision for income tax		8,424			10,845		11,153			19,269			21,684
PROVISION FOR INCOME TAXES		2,388			2,747		3,077			5,135			5,818
Net income	$	6,036		$	8,098	$	8,076		$	14,134		$	15,866

ASSET QUALITY	June 30, 2025			March 31, 2025			June 30, 2024
(in thousands)	June 30, 2025			March 31, 2025			June 30, 2024
Delinquent accruing loans 30-60 days	$	1,796		$	17,533		$	1,046
Delinquent accruing loans 60-90 days		1,020			1,537			175
Delinquent accruing loans 90+ days		46			46			1,052
Total delinquent accruing loans	$	2,862		$	19,116		$	2,273

Loans on non-accrual	$	26,285		$	15,366		$	11,250
Other real estate owned		949			—			—
Nonperforming assets	$	27,234		$	15,366		$	11,250

Delinquent 30-60 / Total Loans		0.16	%		1.60	%		0.11	%
Delinquent 60-90 / Total Loans		0.09	%		0.14	%		0.02	%
Delinquent 90+ / Total Loans		—	%		—	%		0.11	%
Delinquent Loans / Total Loans		0.26	%		1.75	%		0.23	%
Non-accrual / Total Loans		2.41	%		1.41	%		1.16	%
Nonperforming assets to total assets		1.85	%		0.98	%		0.78	%

Year-to-date charge-off activity
Charge-offs	$	772		$	167		$	—
Recoveries		—			—			31
Net charge-offs (recoveries)	$	772		$	167		$	(31	)
Annualized net loan losses to average loans		0.14	%		0.06	%		(0.01	)%

CREDIT LOSS RESERVE RATIOS:
Allowance for credit losses	$	15,330		$	12,913		$	10,749

Total loans	$	1,091,964		$	1,092,441		$	969,764
Purchased govt. guaranteed loans	$	15,138		$	16,081		$	18,141
Originated govt. guaranteed loans	$	38,224		$	45,285		$	41,201

ACL / Total loans		1.40	%		1.18	%		1.11	%
ACL / Loans less 100% govt. gte. loans (purchased)		1.42	%		1.20	%		1.13	%
ACL / Loans less all govt. guaranteed loans		1.48	%		1.25	%		1.18	%
ACL / Total assets		1.04	%		0.83	%		0.74	%

SELECT FINANCIAL TREND INFORMATION	For the Quarter Ended:
SELECT FINANCIAL TREND INFORMATION	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
BALANCE SHEET – PERIOD END
Total assets	$	1,473,927		$	1,560,376		$	1,504,128		$	1,512,241		$	1,443,723
Loans held for sale		—			—			—			—			—
Loans held for investment		1,091,964			1,092,441			1,071,079			998,222			969,764
Investment securities		254,177			313,826			322,186			345,428			345,491

Non-interest bearing deposits		759,300			825,404			828,508			826,708			731,030
Interest bearing deposits		475,348			494,977			455,869			460,241			437,927
Total deposits		1,234,648			1,320,381			1,284,377			1,286,949			1,168,957
Short-term borrowings		16,000			10,000			—			—			68,000
Long-term debt		38,086			38,046			38,007			37,967			39,678

Total equity		191,773			191,928			186,574			176,350			167,286
Accumulated other comprehensive loss		(17,865	)		(17,217	)		(18,182	)		(12,715	)		(18,646	)
Shareholders’ equity		173,908			174,711			168,392			163,635			148,640

QUARTERLY INCOME STATEMENT
Interest income	$	21,971		$	22,274		$	22,403		$	21,404		$	20,887
Interest expense		3,865			3,373			3,591			3,617			3,581
Net interest income		18,106			18,901			18,812			17,787			17,306
Non-interest income		9,243			9,575			9,435			7,616			7,423
Gross revenue		27,349			28,476			28,247			25,403			24,729

Provision for credit losses		3,157			1,164			1,671			762			291

Non-interest expense		15,768			16,467			13,270			12,735			13,285
Net income before tax		8,424			10,845			13,306			11,906			11,153
Tax provision		2,388			2,747			3,588			3,343			3,077
Net income after tax		6,036			8,098			9,718			8,563			8,076

BALANCE SHEET – AVERAGE BALANCE
Total assets	$	1,525,601		$	1,531,573		$	1,529,439		$	1,477,259		$	1,704,255
Loans held for sale		—			—			—			—			—
Loans held for investment		1,112,380			1,076,848			1,038,215			982,152			954,871
Investment securities		289,127			325,699			333,135			343,096			334,416

Non-interest bearing deposits		812,753			850,426			838,748			822,200			758,977
Interest bearing deposits		468,604			450,124			460,321			432,143			440,147
Total deposits		1,281,357			1,300,550			1,299,069			1,254,343			1,199,124
Short-term borrowings		11,110			2,856			951			—			10,053
Long-term debt		38,068			38,028			37,989			39,479			39,660

Shareholders’ equity		176,074			174,410			167,268			161,363			141,881

Contact:	Steve Miller – President & CEO
	Bhavneet Gill – EVP & CFO
	(559) 439-0200

The MIL Network –

July 24, 2025

MIL-OSI: Global Blockchain Artificial Intelligence Market Size Estimated to Reach $4.33 Billion By 2034

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., July 23, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The global blockchain Artificial Intelligence (AI) market is rapidly evolving due to the influence of its secure and decentralized technology and advanced data processing capabilities provided by AI with blockchain. A recent report from Precedence Research said: “The market has a considerable expansion rate due to rising demand for efficient data handling, data transparency, and security. Key applications for the market are supply-chain management, healthcare domain, BFSI, fraud detection methods, etc. Major tech companies are investing heavily in the development and research to enhance the functionalities of blockchain AI technology and integrate AI algorithms into the blockchain.” It projected: “The global blockchain AI market size was calculated at USD 550.70 million in 2024 and is expected to reach around USD 4,338.66 million by 2034. The market is expanding at a solid CAGR of 22.93% over the forecast period 2024 to 2033. An increasing amount of data generation pervades almost every sector, which needs to be analyzed precisely with advanced technology like AI and blockchain to provide a secure ledger system. Based on a regional perspective, North America currently dominates the blockchain AI technology market, while Asia Pacific shows the highest growth rate owing to technological advancements and supportive regulatory backup. Despite the number of benefits, the blockchain AI market is challenged by some hurdles, like the need for a highly skilled workforce and limitations in scalability. However, as the technology grows and matures with time, these hurdles will be mitigated. Thus, the market presents a promising future and the potential to transform several industries.” Active companies in the markets this week include: Intellistake Technologies Corp. (CSE: ISTK) (OTC: ISTKF), Strategy Incorporated (NASDAQ: MSTR), Galaxy Digital Inc. (NASDAQ: GLXY) (TSX: GLXY), MARA Holdings, Inc. (NASDAQ: MARA), Riot Platforms, Inc. (NASDAQ: RIOT).

Precedence Research continued: “The primary driver for the blockchain AI market is the highly secure and immutable ledger system offered by blockchain, which further provides decentralization data that aids in reliable transactions and reduces data privacy concerns. Blockchain AI systems can be deployable in major industries like automation, healthcare, electronics and services, banking, fiancé, etc., due to their data integrity to avoid financial loss and, thereby, the reputation of firms or institutes. When AI is combined with blockchain, which excels at analyzing and processing vast amount of data, it holds potential to create more efficient and secure system is substantial. Moreover, the integration of blockchain and AI can enhance the functionalities of smart contracts and decentralized applications to foster innovations and new business models, which again propels the blockchain AI market. Furthermore, AI can enhance security measures by detecting and mitigating fraudulent activities on blockchain networks, thus building greater trust among users. By combining AI’s data processing capabilities with blockchain’s transparency and security, this integration can drive the next wave of innovation in financial services, making them more accessible, efficient, and secure.”

Intellistake Technologies Corp. (CSE: ISTK) (OTC: ISTKF) Appoints Mario Casiraghi, Leading AI Digital Asset Ecosystem CFO at SingularityNET Foundation and CEO of Established $90M USD AUM Digital Asset Firm Singularity Venture Hub, to Advisory Board to Bridge Traditional Finance and Digital Asset Markets – Intellistake Technologies Corp. (FSE: 3KZ) (“GFCO” or the “Company”) is pleased to announce the appointment of Mario Casiraghi to its Advisory Board. A globally recognized financial strategist with over a decade of experience bridging traditional capital markets and decentralized technology. Casiraghi will provide strategic guidance to support the Company’s operations as a technology company focused on decentralized artificial intelligence (“AI”) and digital currencies.

Casiraghi brings exceptional expertise from both traditional finance and the digital asset ecosystem. As a former investment banker at Bank of America Merrill Lynch and ING Bank, he executed over $80 billion in structured transactions across Europe and the United States, including the landmark $46 billion AB InBev acquisition financing—the second-largest corporate debt offering in U.S. history. His traditional finance background includes 15+ major debt capital markets transactions and liability management exercises for Fortune 500 companies.

Recognizing the transformative potential of blockchain technology, Casiraghi transitioned from traditional investment banking to become a pioneer in digital asset infrastructure. In 2020, he became Group CFO of SingularityNET Foundation and co-founded SingularityDAO Labs, where he led a $6 million USD Series A funding round and scaled the decentralized finance protocol to manage up to $200 million USD in total value locked.

In his role as Group CFO, Casiraghi has scaled a multi-token digital ecosystem from $40 million USD to over $5 billion USD market cap, positioning him as one of the leading financial architects in decentralized AI infrastructure. He led the structuring of the Artificial Superintelligence Alliance (ASI)—a $6 billion USD token-based merger between three of the world’s largest decentralized AI networks, representing one of the most significant consolidations in blockchain and artificial intelligence history. As part of this ecosystem expansion, he participated in the $100 million USD acquisition of Cudos, the largest decentralized compute network in Web 3.0 by available computing power.

“Mario’s unique combination of traditional finance background and deep understanding of digital asset ecosystems makes him a great addition to our Advisory Board,” said Jason Dussault, CEO of Intellistake Technologies Corp. “His experience executing billion-dollar transactions in both traditional and digital markets provides invaluable perspective as we build infrastructure bridging AI and blockchain technology.”

Casiraghi is also Founder and CEO of Singularity Venture Hub, a venture and treasury advisory firm managing over $90 million USD in assets. The firm provides capital allocation strategy, risk governance, and regulatory structuring to fast-scaling AI and blockchain companies.

“Mario’s expertise will strengthen Intellistake’s role of providing traditional investors with regulated access to the intersection of artificial intelligence and blockchain technology through familiar stock exchange mechanisms,” added Mr. Dussault.

“Joining the advisory board at Intellistake is a natural progression in what has already been a strong and growing relationship” said Mario Casiraghi, CEO of Singularity Venture Hub. “I’ve had the privilege of working closely with their team and have been consistently impressed by their vision and execution. This next step allows us to converge even more deeply on the innovative work Intellistake is doing in decentralized finance and AI—two sectors I believe are shaping the future.” CONTINUED… Read this full press release and more news for Intellistake Technologies at: https://www.financialnewsmedia.com/news-istk/

Other recent developments in the blockchain/digital currency industry of note include:

Strategy Incorporated (NASDAQ: MSTR), the largest corporate holder of Bitcoin and the world’s first Bitcoin Treasury Company, recently announced the general availability of Strategy Mosaic™, a groundbreaking AI-powered Universal Intelligence Layer designed to enable AI applications. As organizations modernize their data infrastructures, they often encounter challenges with siloed systems that lead to inconsistent metrics and governance gaps. This lack of clean, connected, and organized data is one of the greatest barriers to AI adoption. Strategy Mosaic addresses this issue by connecting disparate data sources across the enterprise, providing consistent and secure access to information that empowers both business users and AI applications.

Sitting atop any database or data warehouse, Strategy Mosaic allows organizations to access diverse data sources. This unified layer supports AI, applications, and analytics use cases, enabling rapid development of data products without the need for custom data warehouses. Unlike traditional data catalogs and virtual data warehouses, Mosaic uses business definitions and user-friendly objects to represent data.

Galaxy Digital Inc. (NASDAQ: GLXY) (TSX: GLXY) recently announced that it will report second quarter 2025 financial results before the opening of Nasdaq and the Toronto Stock Exchange on Tuesday August 5th, 2025. Michael Novogratz, CEO and Founder of Galaxy, and members of management will host a conference call to provide an update to investors and analysts on the Company’s activities and results on the same day at 8:30 AM Eastern Time.

A live webcast will be available at https://investor.galaxy.com/. The conference call can also be accessed by investors and analysts in the United States or Canada by dialing 1-844-746-0741, or +1-412-317-5107(outside the U.S. and Canada) using the Conference ID: 2449863. A replay of the webcast will be available and can be accessed in the same manner as the live webcast on the Company’s Investor Relations website.

MARA Holdings, Inc. (NASDAQ: MARA), a vertically integrated digital energy and infrastructure company that leverages high-intensity compute, such as bitcoin (“bitcoin” or “BTC”) mining, to monetize excess energy and optimize power management, recently published unaudited bitcoin production updates for April 2025.

“In April, our production saw a 15% month-over-month decrease in blocks won, as global hashrate had its second largest monthly gain on record and mining difficulty grew 8% from March,” said Fred Thiel, MARA’s chairman and CEO. “Despite these headwinds, our energized hashrate grew 5.5% over the prior month. We completed a 50-megawatt (“MW”) expansion at our fully owned data center in Ohio, bringing total operational capacity to 100 MW, with the site designed to scale up to 200 MW. Additionally, we installed over 12,000 S21 Pro miners at the location.

“Last month, we fully energized our 25 MW gas-to-power operations across wellheads in North Dakota and Texas. These sites currently provide us with our lowest cost per BTC mined while monetizing excess gas and mitigating methane emissions for the producers.

Riot Platforms, Inc. (NASDAQ: RIOT) recently announced the hiring of Jonathan Gibbs as Chief Data Center Officer (“CDCO”) to lead the development of Riot’s data center platform. In this role, Jonathan will lead the strategic development and operations of this new platform, which will focus on building and operating state-of-the-art data centers specifically tailored to serve hyperscale and enterprise tenants.

The creation of this new data center platform furthers Riot’s strategy to maximize the value of its assets by expanding into the development of non-bitcoin-related data centers, which diversifies the Company’s revenues, enhances Riot’s ability to generate long-term cash returns for investors and strengthens its capabilities to contract with the world’s leading technology companies. This additional platform will build on the success of Riot’s vertically-integrated strategy of utilizing bitcoin mining at scale to create significant value across its land and power portfolio and positions the Company to capitalize on the upsurge in demand for digital infrastructure driven by the growing need for cloud computing, AI and other compute-intensive applications.

About FN Media Group:

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DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM was compensated forty two hundred dollars for news coverage of the current press releases issued by Intellistake Technologies Corp. by the company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

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SOURCE: FN Media Group, LLC.

The MIL Network –

July 24, 2025
MIL-OSI Africa: Apply Now: The Hosted Buyer Programme that’s Energising Zambia’s Industrial Future
Source: APO

Zambia’s commercial and industrial sectors are at a critical turning point. As businesses across the country grapple with unreliable grid power and increasing energy costs, a transformative opportunity is emerging. The C&I Energy & Storage Summit Zambia 2025 (http://apo-opa.co/3GDVh5F), taking place on 27–28 August in at The Pamodzi Hotel in Lusaka, invites Zambia’s leading private-sector energy users to apply for its exclusive Hosted Buyer Programme — a tailored initiative designed to connect large energy consumers with the technology, financing, and partnerships needed to secure reliable, clean power. The summit offers a powerful platform for strategic engagement between business, government, and solution providers.

Why Apply for the Hosted Buyer Programme?

The Hosted Buyer Programme is a premium, no-cost opportunity designed specifically for commercial and industrial (C&I) organisations in Zambia looking to future-proof their operations through energy independence.

Successful applicants receive:
- Full Access Pass to both days of the summit, including keynotes, panels, and masterclasses.
- Curated 1:1 Matchmaking with developers and technology providers in solar, hydro, and battery energy storage systems (BESS).
- Facilitated Introductions to leading financiers and project developers ready to partner on viable energy solutions.
- 10% Discount for additional team members to maximise company-wide learning and engagement.
Whether you’re exploring embedded generation, considering power purchase agreements (PPAs), or ready to implement energy storage, the Hosted Buyer Programme gives you direct access to practical guidance and strategic connections to move your energy project forward.

Who Should Apply?

This opportunity is ideal for large energy-using businesses in manufacturing, mining, agriculture, retail, and logistics; project owners exploring clean energy options; and companies ready to implement private power solutions.

Apply now for the Hosted Buyer Programme: https://apo-opa.co/4o2P6Zr

Backed by Industry Leaders

The summit brings together an influential advisory board and speaker line-up featuring leading voices from Zambia’s energy ecosystem — including the Energy Regulation Board, Zambia Development Agency, Africa GreenCo, Standard Bank, and the Proudly Zambian Campaign. They’re joined by dynamic speakers from across the continent, such as representatives from Kenya Power, ENGIE Energy Access, and the Pan African Chamber of Commerce and Industry. All will be offering insights, case studies, and solutions tailored to Zambia’s energy reality. With even more powerful voices to be announced, this is a must-attend event for anyone committed to driving energy transformation in the region.

This year’s event is proudly supported by a network of sponsors and partners dedicated to advancing energy resilience across the continent. EnerJ, a leader in clean energy development, joins as Gold Sponsor, while global engineering and infrastructure players WEG and Vertiv participate as Bronze Sponsors.

The summit is also supported by influential Media Partners, including ESI Africa, Engineering News, EngineerIT, Global Africa Network, Green Economy Journal, Media Xpose, RDJ Publishing, and Happening News, who will bring post-event coverage and insights to a broader African audience.

Further strengthening the platform are Association Partners such as the Pan-African Chamber of Commerce and Industry (PACCI) and the Zambian Association of Manufacturers, alongside Industry Partners like the Zambia Chamber of Commerce and Industry (ZACCI), the Africa Solar Industry Association (AFSIA), and the Zambia Development Agency (ZDA) — all reinforcing the summit’s commitment to inclusive growth and industrial sustainability.

Zambia’s energy future is being written now — and your organisation can be part of the solution.

Download the programme: https://apo-opa.co/3GZ3UaU

Distributed by APO Group on behalf of VUKA Group.

Contact:
For sponsorship or hosted buyer enquiries, contact Marcel du Toit: marcel.dutoit@wearevka.com

For speaking opportunities, contact Babalwa Bungane: babalwa.bungane@wearevuka.com

About VUKA Group:
As part of the Power and Energy Portfolio of VUKA Group (https://WeAreVUKA.com), this Summit aligns with VUKA’s mission to connect industries, spark innovation, and fuel economic growth. VUKA Group is a premier organiser of conferences, exhibitions, and events across Africa, delivering tailored platforms for networking, knowledge sharing, and business development in energy and related sectors.

Media files

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MIL OSI Africa –
July 23, 2025
ADB projects India’s GDP to grow at 6.5% in 2025, 6.7% in 2026 amid strong domestic demandion

Source: Government of India

Source: Government of India (4)

The Asian Development Bank (ADB) on Wednesday projected that India’s GDP will grow at 6.5% in 2025 and a robust 6.7% in 2026, driven by strong domestic demand, a normal monsoon, and monetary easing.

Inflation in India is expected to stay well within the Reserve Bank of India’s target range, with headline inflation projected at 3.8% for 2025 and 4.0% for 2026, according to the ADB. A sharp decline in food prices has helped ease overall price pressures, with Consumer Price Index (CPI) inflation falling to 2.1% in June — the lowest level in over six years — as food inflation turned negative.

India’s real GDP growth is projected to range between 6.4% and 6.7% this fiscal year, reaffirming the country’s position as the fastest-growing major economy in the world, the Confederation of Indian Industry (CII) said earlier this month.

Meanwhile, ADB has lowered its growth forecasts for developing Asia and the Pacific for both this year and the next. The downward revisions are attributed to weaker exports due to higher US tariffs and global trade uncertainty, as well as subdued domestic demand.

According to the Asian Development Outlook (ADO) July 2025, the region’s economies are now expected to grow by 4.7% this year, a 0.2 percentage point decrease from April’s projection. The 2026 forecast has also been revised downward to 4.6% from 4.7%.

The outlook for developing Asia and the Pacific could worsen further if US tariffs and trade tensions escalate. Other risks include geopolitical conflicts that could disrupt global supply chains and drive up energy prices, as well as a deeper-than-expected slump in China’s property market.

“Asia and the Pacific have weathered an increasingly challenging external environment this year. But the economic outlook has weakened amid intensifying risks and global uncertainty,” said ADB Chief Economist Albert Park.

“Economies in the region should continue strengthening their fundamentals and promoting open trade and regional integration to support investment, employment, and growth,” Park added.

Growth projections for the People’s Republic of China (PRC), the region’s largest economy, remain unchanged at 4.7% for this year and 4.3% for next year. Southeast Asian economies are expected to be hit hardest by deteriorating trade conditions and rising uncertainty. ADB now forecasts growth of 4.2% for the subregion this year and 4.3% next year—both figures roughly half a percentage point lower than the April estimates.

— IANS

July 23, 2025
Indian stock market surges amid value buying, Sensex jumps 540 points

Source: Government of India

Source: Government of India (4)

The Indian stock market settled in positive territory on Wednesday following buying in banking, financial services, automobiles and healthcare sectors amid positive global cues surrounding the US-Japan trade pact.

Sensex closed at 82,726.64, up 539.83 or 0.66 per cent. The 30-share index opened with a decent gap-up at 82,451.87 against last session’s closing value of 82,186.81. The index soared further to hit an intraday high of 82,786.43, following buying interest in heavyweights like Tata Motors, Bharti Airtel and ICICI Bank.

Nifty 50 closed at 25,219.90, up 159 points or 0.63 per cent.

“The day was characterised by robust performance across key sectors such as Banking, Financial Services, Automobiles, Healthcare, and Information Technology. In contrast, pockets of weakness persisted in Realty, Media, Consumer Goods, and Metals, reflecting a sectorally bifurcated landscape,” said Ashika Institutional Equities in its note.

On the global stage, investor sentiment soared following optimistic developments surrounding the US-Japan trade pact, igniting expectations for further international agreements shortly.

Tata Motors, Bharti Airtel, Bajaj Finance, Maruti Suzuki, Bajaj FinServ, HDFC Bank, ICICI Bank, Eternal, Asian Paints, and SBI were top gainers from the Sensex’s stocks. Hindustan Unilever, Infosys, and Ultratech Cements ended the session in red.

Meanwhile, 37 stocks advanced and 13 shares declined from Nifty50.

Among sectoral indices, Nifty Bank settled 454 points or 0.80 per cent higher, Nifty Auto surged 203 points or 0.85 per cent and Nifty IT closed 92.60 points or 0.25 per cent up. Nifty FMCG declined.

Broader indices followed the gaining momentum as well. Nifty Net 50 surged 159 points, Nifty 100 rallied 0.55 per cent or 142 points, and Nifty Midcap 100 ended the session up 203 points or 0.34 per cent. Nifty Smallcap 100 settled flat.

Rupee traded flat in a narrow range near 86.40, with marginal movement of 0.01 per cent against the dollar. The dollar index also remained steady around 97.40 as markets awaited further cues.

“Domestic capital markets gained 0.65 per cent, while Fed Chair Powell’s recent speech kept the dollar range-bound. Attention now shifts to next week’s U.S. interest rate decision, which will be a key directional trigger. Rupee is expected to trade within a range of 85.80–86.70,” said Jateen Trivedi of LKP Securities.

(IANS)

July 23, 2025
MIL-OSI: CertiK Skynet Report Ranks Leading Stablecoins: USDT, USDC, PYUSD, and RLUSD Among the Top

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — CertiK, the largest Web3 security services company, released its Skynet Stablecoin Spotlight Report for H1 2025, detailing the current state of the stablecoin market, how the Skynet Stablecoin Rating Framework provides a tailored system for evaluating a stablecoin’s security risk profile, and recent regulatory impacts on stablecoin adoption and security.

In this report, CertiK noted that stablecoin adoption grew significantly in the first half of 2025; as of July 2025, stablecoins represent approximately 8.9% of the overall crypto market. However, as is the case with the growth of other digital assets, stablecoin expansion has brought increased scrutiny of security, risk, and regulatory compliance. This shift was one of the driving factors behind the development of CertiK’s Skynet rating system, which brings a comprehensive framework for assessing stablecoin activity from a security and risk standpoint, aiming to protect stablecoin users.

The report paints a detailed picture of the current state of the stablecoin market. For instance, aggregate supply of stablecoins grew from $204 billion to $252 billion in the first half of 2025, and monthly settlement volumes rose by 43 percent to $1.39 trillion. Stablecoins such as USDT (Tether) and USDC (Circle) are dominating the stablecoin market, with other stablecoins seeing a steep growth trajectory.

Additionally, CertiK noted how recent regulatory developments are changing the stablecoin landscape. In the United States, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 proposes a robust federal framework for stablecoin reserve requirements and monthly audited reserve reports, among other requirements. Concurrently, the Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025, which proposes a tiered regulatory system, allowing smaller issuers (under $10 billion in circulation) to operate under state-level oversight while mandating federal supervision for larger entities. The European Union has enforced its own similar frameworks through Markets in Crypto-Assets (MiCA).

These frameworks are bifurcating the market into license-ready leaders and non-compliant holdouts. Banks such as Société Générale, Santander, and Bank of America, and payment networks like Visa and Stripe, accelerated stablecoin pilots, signaling that regulated USD-backed coins are moving onto traditional finance rails.

As stablecoin adoption accelerates, security considerations will become all the more important. Thus, the focal point of CertiK’s report is its Skynet Stablecoin Rating Framework, which combines qualitative analysis with quantitative metrics across six key domains: Operational Resilience, Governance Strength, Fundamental Health, Code Security, Market Dynamic, and Community Trust. Some of the leading stablecoins evaluated by CertiK’s framework include USDT, USDC, PYUSD, and USDS.

CertiK’s report noted that the next wave of stablecoin innovation will likely involve the growth of two main stablecoin models: RWA-backed stablecoins and yield-bearing stablecoins. According to the report, the stablecoin market is projected to exceed $300 billion by year-end. In this evolving environment, rigorous risk management, transparent operations, and a proactive compliance posture are the critical determinants of long-term viability.

Elisa Yiting Xu
yiting.xu@certik.com

The MIL Network –

July 23, 2025

MIL-OSI: Fidelity D & D Bancorp, Inc. Reports Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DUNMORE, Pa., July 23, 2025 (GLOBE NEWSWIRE) — Fidelity D & D Bancorp, Inc. (NASDAQ: FDBC) and its banking subsidiary, The Fidelity Deposit and Discount Bank, announced its unaudited, consolidated financial results for the three and six-month periods ended June 30, 2025.

Unaudited Financial Information

Net income for the quarter ended June 30, 2025 was $6.9 million, or $1.20 diluted earnings per share, compared to $4.9 million, or $0.86 diluted earnings per share, for the quarter ended June 30, 2024. The $2.0 million, or 40%, increase in net income resulted primarily from a $2.8 million increase in net interest income coupled with a $0.8 million increase in non-interest income. This was partially offset by a $1.1 million increase in non-interest expense and a $0.6 million increase in the provision for income tax.

For the six months ended June 30, 2025, net income was $12.9 million, or $2.23 diluted earnings per share, compared to $10.0 million, or $1.73 diluted earnings per share, for the six months ended June 30, 2024. The $2.9 million, or 29%, increase in net income stemmed from the $4.9 million increase in net interest income and $1.1 million increase in non-interest income. This was partially offset by a $2.0 million increase in non-interest expense and a $1.0 million increase in the provision for income tax.

“I am pleased to share that we delivered another strong quarter, underscoring the continued momentum of our strategy and the dedication of our entire team,” stated Daniel J. Santaniello, President and Chief Executive Officer. “Second quarter 2025 net income increased 40% over last year’s second quarter to $6.9 million, with diluted earnings per share rising to $1.20. This performance was driven by a 19% increase in net interest income—reflecting our disciplined loan portfolio expansion and enhanced yields as well as a 16% rise in non-interest income.

Year-to-date, net income has grown 29% to $12.9 million, a clear testament to the strength of our relationship-based deposit strategy and prudent expense management. Our asset quality remains solid, and we further strengthened our capital position, with shareholders’ equity up 7% providing a strong foundation for continued growth in the second half of 2025.

These results reflect more than financial performance—they speak to the strength of our culture, our commitment to our clients, and our deep roots in the communities we serve. I want to sincerely thank our talented and dedicated team of bankers, whose expertise and focus on service excellence drive our success every day. Together, we continue to build a stronger, more resilient financial institution—one that delivers meaningful value to our bankers, clients, shareholders, and communities.”

Consolidated Second Quarter Operating Results Overview

Net interest income was $17.9 million for the second quarter of 2025, a 19% increase over the $15.1 million earned for the second quarter of 2024. The $2.8 million increase in net interest income resulted from the increase of $3.7 million in interest income primarily due to a $213.6 million increase in the average balance of interest-earning assets and a 19 basis point increase in fully-taxable equivalent (“FTE”) (non-GAAP measurement) yield. The loan portfolio had the most significant impact, producing a $2.8 million increase in FTE interest income from $124.6 million in higher quarterly average balances and an increase of 24 basis points in FTE loan yield. Additionally, the Company experienced an increase of $1.1 million in interest earned from interest-bearing deposits with other financial institutions from $102.0 million in higher average balances. Slightly offsetting the higher interest income, there was a $0.9 million increase in interest expense due to a $178.8 million quarter-over-quarter increase in average interest-bearing liability balances. The increase was due to growth of $208.3 million in average interest-bearing deposit balances. However, this deposit growth was partially offset by a $28.5 million decrease in average short-term borrowings.

The FTE yield on interest-earning assets was 4.77% for the second quarter of 2025, an increase of 19 basis points from the 4.58% for the second quarter of 2024. The overall cost of interest-bearing liabilities was 2.52% for the second quarter of 2025, a decrease of 6 basis points from the 2.58% for the second quarter of 2024. The cost of funds decreased 1 basis point from 1.96% to 1.95% for the second quarters of 2024 and 2025, respectively. The Company’s FTE net interest spread was 2.25% for the second quarter of 2025, an increase of 25 basis points from 2.00% recorded for the second quarter of 2024. FTE net interest margin increased to 2.92% for the three months ended June 30, 2025 from 2.71% for the same period of 2024 primarily due to the growth in higher yielding taxable commercial loans.

For the three months ended June 30, 2025, the provision for credit losses on loans was $300 thousand and the provision for unfunded commitments was $20 thousand compared to a $275 thousand provision for credit losses on loans and a $140 thousand provision for credit losses on unfunded loan commitments for the three months ended June 30, 2024. For the three months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $155 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the three months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower levels of unfunded commitments during the quarter due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

Total non-interest income increased $0.8 million, or 16%, to $5.4 million for the second quarter of 2025 compared to $4.6 million for the second quarter of 2024. The increase in non-interest income was primarily attributed to increases of $0.2 million in trust fees, a $0.2 million BOLI death benefit, $0.2 million in loan service charges, and $0.1 million in interchange fees.

Non-interest expenses increased $1.1 million, or 8%, for the second quarter of 2025 to $14.7 million from $13.6 million for the same quarter of 2024. The increase in non-interest expenses was primarily due to the increases in salaries and benefits expense of $0.8 million, premises and equipment expense of $0.2 million, and advertising expense of $0.2 million. These increases were partially offset by a $0.2 million decrease in professional services for the three months ended June 30, 2025 compared to the same period of 2024.

The provision for income taxes increased $0.6 million during the three months ended June 30, 2025 compared to the same period in 2024 primarily due to a $2.6 million increase in income before taxes.

Consolidated Year-To-Date Operating Results Overview

Net interest income was $35.0 million for the six months ended June 30, 2025 compared to $30.1 million for the six months ended June 30, 2024. The $4.9 million increase in net interest income resulted from the increase of $6.4 million in interest income primarily due to a $181.0 million increase in the average balance of interest-earning assets and a 20 basis point increase in FTE yield. On the asset side, the loan portfolio interest income growth resulted from producing $5.3 million more in interest income from an increase of 25 basis points in FTE loan yields on $120.5 million in higher average balances. Additionally, the Company experienced an increase of $1.5 million in interest earned from interest-bearing deposits with other financial institutions from $71.6 million in higher average balances. The increase in interest income was partially offset by a decrease of $0.3 million in interest earned on the investment portfolio due to decreases of 6 basis points in yield and $11.3 million in average balances. On the funding side, total interest expense increased by $1.5 million primarily due to an increase in interest expense paid on deposits of $2.5 million from a 2 basis points higher rates paid on a $194.0 million larger average balance of interest-bearing deposits, partially offset by a decrease in interest expense on borrowings of $1.0 million for the six months ended June 30, 2025 compared to the same period in 2024.

The overall cost of interest-bearing liabilities was 2.51% for the six months ended June 30, 2025 compared to 2.54% for the six months ended June 30, 2024. The cost of funds decreased 1 basis point to 1.94% for the six months ended June 30, 2025 from 1.95% from the same period of 2024. The FTE yield on earning assets was 4.75% for the six months ended June 30, 2025, an increase of 20 basis points from the 4.55% year-to-date June 30, 2024. The Company’s FTE net interest spread was 2.24% for the six months ended June 30, 2025, an increase of 23 basis points from the 2.01% recorded for the same period of 2024. FTE net interest margin increased by 21 basis points to 2.91% for the six months ended June 30, 2025 from 2.70% for the same 2024 period primarily due to the increase in yields earned on loans and leases outpacing the rates paid on interest-bearing deposits.

For the six months ended June 30, 2025, the provision for credit losses on loans was $755 thousand and the provision for credit losses on unfunded loan commitments was a net benefit of $65 thousand compared to a $400 thousand provision for credit losses on loans and a $90 thousand provision for credit losses on unfunded commitments for the six months ended June 30, 2024. For the six months ended June 30, 2025, the increase in the provision for credit losses on loans compared to the prior year period was due to $215 thousand in higher net charge-offs and a higher average total loan balance compared to the same period in 2024. For the six months ended June 30, 2025, the decrease in the provision for unfunded commitments was due to lower growth in unfunded commitments during the period due to increased utilization, specifically commercial construction commitments, compared to the year earlier period.

Total non-interest income for the six months ended June 30, 2025 was $10.3 million, an increase of $1.1 million, or 12%, from $9.2 million for the six months ended June 30, 2024. The increase was primarily due to $0.3 million higher fees from trust fiduciary activities. The Company also had $0.2 million more non-interest income resulting from an increase in interchange fees, a $0.2 million BOLI death benefit, and an increase of $0.2 million in service charges on commercial loans. During the first half of 2025, gains of $0.5 million on the sale of a commercial loan and $0.3 million from the sale of a property were offset by $0.8 million in losses recognized on the sale of securities.

Non-interest expenses increased to $29.3 million for the six months ended June 30, 2025, an increase of $2.0 million, or 7%, from $27.3 million for the six months ended June 30, 2024. Salaries and benefits expense increased $1.3 million due to an increase in bankers, group insurance costs, and banker incentives in the first half of 2025, compared to the same period in 2024. Additionally, the Company saw an increase of $0.5 million in advertising and marketing expenses primarily due to a $0.3 million increase in Neighborhood Assistance Program donations from which the Company recognized $0.2 million in additional tax credits causing a corresponding decrease in PA shares tax expense. There was also an increase of $0.5 million in premises and equipment expense primarily due to higher costs for software licenses, subscriptions, and maintenance. The increases were partially offset by $0.3 million less in professional services expense.

The provision for income taxes increased $1.0 million during the six months ended June 30, 2025 compared to the same period in 2024 primarily due to a $3.9 million increase in income before taxes and $0.2 million less in tax credits.

Consolidated Balance Sheet & Asset Quality Overview

The Company’s total assets had a balance of $2.7 billion as of June 30, 2025, an increase of $114.0 million from December 31, 2024. The increase resulted from $82.1 million in growth in cash and cash equivalents as of June 30, 2025 compared to December 31, 2024. The loans and leases portfolio increased $37.9 million over the same period. Asset growth was offset by a decrease of $11.4 million in the investment portfolio primarily due to the sale of $17.5 million in available-for-sale securities and $11.3 million in paydowns partially offset by $14.7 million in purchases of securities.

During the same time period, total liabilities increased $100.0 million, or 4%. Deposit growth of $94.5 million was utilized to fund loan growth and increase interest-bearing cash balances. For interest-bearing deposit accounts, the Company experienced increases of $37.2 million in money market deposits, $17.2 million in interest-bearing checking accounts, $14.4 million in time deposits, and $1.6 million in savings and clubs. The deposit growth is primarily driven by growth in existing account balances from the relationship building strategy along with targeted direct marketing campaigns driving new client acquisitions and active management of promotional and retention rates. Additionally, the Company experienced an increase of $24.1 million in non-interest-bearing checking accounts. As of June 30, 2025, the ratio of insured and collateralized deposits to total deposits was approximately 75%.

Shareholders’ equity increased $13.9 million, or 7%, to $217.9 million at June 30, 2025 from $204.0 million at December 31, 2024. The increase was caused by $8.3 million higher retained earnings from net income of $12.9 million plus a $4.9 million, after tax, improvement in accumulated other comprehensive income from lower net unrealized losses recorded on available-for-sale securities, partially offset by $4.7 million in cash dividends paid to shareholders. An additional $0.9 million was recorded from the issuance of common stock under the Company’s stock plans and stock-based compensation expense. At June 30, 2025, there were no credit losses on available-for-sale and held-to-maturity debt securities. Accumulated other comprehensive income (loss) is excluded from regulatory capital ratios. The Company remains well capitalized with Tier 1 capital at 9.16% of total average assets as of June 30, 2025. Total risk-based capital was 14.72% of risk-weighted assets and Tier 1 risk-based capital was 13.57% of risk-weighted assets as of June 30, 2025. Tangible book value per share was $34.25 at June 30, 2025 compared to $31.98 at December 31, 2024. Tangible common equity was 7.38% of total assets at June 30, 2025 compared to 7.16% at December 31, 2024.

Asset Quality

Total non-performing assets were $3.5 million, or 0.13% of total assets, at June 30, 2025, compared to $7.8 million, or 0.30% of total assets, at December 31, 2024. Past due and non-accrual loans to total loans were 0.41% at June 30, 2025 compared to 0.71% at December 31, 2024. Net charge-offs to average total loans were 0.05% at June 30, 2025 compared to 0.03% at December 31, 2024.

About Fidelity D & D Bancorp, Inc. and The Fidelity Deposit and Discount Bank

Fidelity D & D Bancorp, Inc. has built a strong history as trusted financial advisor to the clients served by The Fidelity Deposit and Discount Bank (“Fidelity Bank”). Fidelity Bank continues its mission of exceeding client expectations through a unique banking experience. It operates 21 full-service offices throughout Lackawanna, Luzerne, Lehigh and Northampton Counties and a Fidelity Bank Wealth Management Office in Schuylkill County. Fidelity Bank provides a digital banking experience online at www.bankatfidelity.com, through the Fidelity Mobile Banking app, and in the Client Care Center at 1-800-388-4380. Additionally, the Bank offers full-service Wealth Management & Brokerage Services, a Mortgage Center, and a full suite of personal and commercial banking products and services. Part of the Company’s vision is to serve as the best bank for the community, which was accomplished by having provided over 5,960 hours of volunteer time and over $1.3 million in donations to non-profit organizations directly within the markets served throughout 2024. Fidelity Bank’s deposits are insured by the Federal Deposit Insurance Corporation up to the full extent permitted by law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures to provide information useful to the reader in understanding its operating performance and trends, and to facilitate comparisons with the performance of other financial institutions. Management uses these measures internally to assess and better understand our underlying business performance and trends related to core business activities. The Company’s non-GAAP financial measures and key performance indicators may differ from the non-GAAP financial measures and key performance indicators other financial institutions use to measure their performance and trends. Non-GAAP financial measures should be supplemental to GAAP used to prepare the Company’s operating results and should not be read in isolation or relied upon as a substitute for GAAP measures. Reconciliations of non-GAAP financial measures to GAAP are presented in the tables below.

Interest income was adjusted to recognize the income from tax exempt interest-earning assets as if the interest was taxable, fully-taxable equivalent (“FTE”), in order to calculate certain ratios within this document. This treatment allows a uniform comparison among yields on interest-earning assets. Interest income was FTE adjusted, using the corporate federal tax rate of 21% for 2025 and 2024.

Forward-looking statements

Certain of the matters discussed in this press release constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and as such may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The words “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” and similar expressions are intended to identify such forward-looking statements.

The Company’s actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation:

	■	local, regional and national economic conditions and changes thereto;
	■	the short-term and long-term effects of inflation, and rising costs to the Company, its customers and on the economy;
	■	the risks of changes and volatility of interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities and interest rate protection agreements, as well as interest rate risks;
	■	securities markets and monetary fluctuations and volatility;
	■	disruption of credit and equity markets;
	■	impacts of the capital and liquidity requirements of the Basel III standards and other regulatory pronouncements, regulations and rules;
	■	governmental monetary and fiscal policies, as well as legislative and regulatory changes;
	■	effects of short- and long-term federal budget and tax negotiations and their effect on economic and business conditions;
	■	the costs and effects of litigation and of unexpected or adverse outcomes in such litigation;
	■	the impact of new or changes in existing laws and regulations, including laws and regulations concerning taxes, banking, securities and insurance and their application with which the Company and its subsidiaries must comply;
	■	the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters;
	■	the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market area and elsewhere, including institutions operating locally, regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the internet;
	■	the effects of economic conditions of any other pandemic, epidemic or other health-related crisis such as COVID-19 and responses thereto on current customers and the operations of the Company, specifically the effect of the economy on loan customers’ ability to repay loans;
	■	the effects of bank failures, banking system instability, deposit fluctuations, loan and securities value changes;
	■	technological changes;
	■	the interruption or breach in security of our information systems, continually evolving cybersecurity and other technological risks and attacks resulting in failures or disruptions in customer account management, general ledger processing and loan or deposit updates and potential impacts resulting therefrom including additional costs, reputational damage, regulatory penalties, and financial losses;
	■	acquisitions and integration of acquired businesses;
	■	the failure of assumptions underlying the establishment of reserves for loan losses and estimations of values of collateral and various financial assets and liabilities;
	■	acts of war or terrorism; and
	■	the risk that our analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

The Company cautions readers not to place undue reliance on forward-looking statements, which reflect analyses only as of the date of this release. The Company has no obligation to update any forward-looking statements to reflect events or circumstances after the date of this release.

For more information please visit our investor relations web site located through www.bankatfidelity.com.

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)
At Period End:	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	165,495		$	83,353
Investment securities		545,821			557,221
Restricted investments in bank stock		4,240			3,961
Loans and leases		1,837,477			1,800,856
Allowance for credit losses on loans		(19,976	)		(19,666	)
Premises and equipment, net		40,097			35,914
Life insurance cash surrender value		58,849			58,069
Goodwill and core deposit intangible		20,364			20,504
Other assets		46,208			44,404

Total assets	$	2,698,575		$	2,584,616

Liabilities
Non-interest-bearing deposits	$	558,074		$	533,935
Interest-bearing deposits		1,877,254			1,806,885
Total deposits		2,435,328			2,340,820
Short-term borrowings		10			–
Secured borrowings		6,134			6,266
Other liabilities		39,191			33,561
Total liabilities		2,480,663			2,380,647

Shareholders’ equity		217,912			203,969

Total liabilities and shareholders’ equity	$	2,698,575		$	2,584,616

Average Year-To-Date Balances:	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	129,527		$	55,773
Investment securities		551,906			557,537
Restricted investments in bank stock		4,066			3,960
Loans and leases		1,822,654			1,741,349
Allowance for credit losses on loans		(20,189	)		(19,391	)
Premises and equipment, net		35,839			35,580
Life insurance cash surrender value		58,503			56,455
Goodwill and core deposit intangible		20,423			20,641
Other assets		42,950			41,755

Total assets	$	2,645,679		$	2,493,659

Liabilities
Non-interest-bearing deposits	$	540,320		$	527,825
Interest-bearing deposits		1,852,895			1,697,529
Total deposits		2,393,215			2,225,354
Short-term borrowings		16			32,446
Secured borrowings		6,194			6,830
Other liabilities		35,497			32,471
Total liabilities		2,434,922			2,297,101

Shareholders’ equity		210,757			196,558

Total liabilities and shareholders’ equity	$	2,645,679		$	2,493,659

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Statements of Income (dollars in thousands)
	Three Months Ended						Six Months Ended
	Jun. 30, 2025			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Interest income
Loans and leases	$	25,328		$	22,516		$	49,924		$	44,649
Securities and other		4,437			3,523			8,149			7,016

Total interest income		29,765			26,039			58,073			51,665

Interest expense
Deposits		(11,738	)		(10,459	)		(22,925	)		(20,400	)
Borrowings and debt		(98	)		(463	)		(186	)		(1,204	)

Total interest expense		(11,836	)		(10,922	)		(23,111	)		(21,604	)

Net interest income		17,929			15,117			34,962			30,061

Provision for credit losses on loans		(300	)		(275	)		(755	)		(400	)
Net (provision) benefit for credit losses on unfunded loan commitments		(20	)		(140	)		65			(90	)
Non-interest income		5,359			4,615			10,332			9,188
Non-interest expense		(14,710	)		(13,616	)		(29,264	)		(27,306	)

Income before income taxes		8,258			5,701			15,340			11,453

Provision for income taxes		(1,337	)		(766	)		(2,428	)		(1,460	)
Net income	$	6,921		$	4,935		$	12,912		$	9,993

	Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Interest income
Loans and leases	$	25,328		$	24,596		$	24,584		$	24,036		$	22,516
Securities and other		4,437			3,712			3,475			3,263			3,523

Total interest income		29,765			28,308			28,059			27,299			26,039

Interest expense
Deposits		(11,738	)		(11,187	)		(11,468	)		(11,297	)		(10,459	)
Borrowings and debt		(98	)		(88	)		(217	)		(571	)		(463	)

Total interest expense		(11,836	)		(11,275	)		(11,685	)		(11,868	)		(10,922	)

Net interest income		17,929			17,033			16,374			15,431			15,117

Provision for credit losses on loans		(300	)		(455	)		(250	)		(675	)		(275	)
Net benefit (provision) for credit losses on unfunded loan commitments		(20	)		85			85			(135	)		(140	)
Non-interest income		5,359			4,973			4,847			4,979			4,615
Non-interest expense		(14,710	)		(14,554	)		(14,395	)		(13,840	)		(13,616	)

Income before income taxes		8,258			7,082			6,661			5,760			5,701

Provision for income taxes		(1,337	)		(1,091	)		(826	)		(793	)		(766	)
Net income	$	6,921		$	5,991		$	5,835		$	4,967		$	4,935

FIDELITY D & D BANCORP, INC. Unaudited Condensed Consolidated Balance Sheets (dollars in thousands)
At Period End:	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Assets
Cash and cash equivalents	$	165,495		$	211,195		$	83,353		$	120,169		$	78,085
Investment securities		545,821			540,960			557,221			559,819			552,495
Restricted investments in bank stock		4,240			4,021			3,961			3,944			3,968
Loans and leases		1,837,477			1,817,509			1,800,856			1,795,548			1,728,509
Allowance for credit losses on loans		(19,976	)		(20,017	)		(19,666	)		(19,630	)		(18,975	)
Premises and equipment, net		40,097			34,995			35,914			36,057			35,808
Life insurance cash surrender value		58,849			58,458			58,069			57,672			57,278
Goodwill and core deposit intangible		20,364			20,431			20,504			20,576			20,649
Other assets		46,208			43,758			44,404			41,778			42,828

Total assets	$	2,698,575		$	2,711,310		$	2,584,616		$	2,615,933		$	2,500,645

Liabilities
Non-interest-bearing deposits	$	558,074		$	555,684		$	533,935		$	549,710		$	527,572
Interest-bearing deposits		1,877,254			1,901,775			1,806,885			1,792,796			1,641,558
Total deposits		2,435,328			2,457,459			2,340,820			2,342,506			2,169,130
Short-term borrowings		10			10			–			25,000			98,120
Secured borrowings		6,134			6,190			6,266			6,323			7,237
Other liabilities		39,191			35,977			33,561			34,843			30,466
Total liabilities		2,480,663			2,499,636			2,380,647			2,408,672			2,304,953

Shareholders’ equity		217,912			211,674			203,969			207,261			195,692

Total liabilities and shareholders’ equity	$	2,698,575		$	2,711,310		$	2,584,616		$	2,615,933		$	2,500,645

Average Quarterly Balances:	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Assets
Cash and cash equivalents	$	161,316		$	97,384		$	67,882		$	41,991		$	58,351
Investment securities		546,149			557,726			560,453			554,578			551,445
Restricted investments in bank stock		4,158			3,973			3,957			3,965			3,983
Loans and leases		1,832,162			1,813,040			1,797,023			1,763,254			1,707,598
Allowance for credit losses on loans		(20,357	)		(20,019	)		(20,050	)		(19,323	)		(19,171	)
Premises and equipment, net		35,954			35,722			36,065			36,219			35,433
Life insurance cash surrender value		58,697			58,307			57,919			57,525			55,552
Goodwill and core deposit intangible		20,386			20,459			20,529			20,602			20,677
Other assets		42,729			43,177			41,454			41,734			42,960

Total assets	$	2,681,194		$	2,609,769		$	2,565,232		$	2,500,545		$	2,456,828

Liabilities
Non-interest-bearing deposits	$	547,278		$	533,286		$	538,506		$	522,827		$	530,048
Interest-bearing deposits		1,878,548			1,826,957			1,769,265			1,702,187			1,670,211
Total deposits		2,425,826			2,360,243			2,307,771			2,225,014			2,200,259
Short-term borrowings		10			22			10,326			37,220			28,477
Secured borrowings		6,162			6,226			6,297			6,429			7,269
Other liabilities		36,050			34,937			34,695			31,999			30,734
Total liabilities		2,468,048			2,401,428			2,359,089			2,300,662			2,266,739

Shareholders’ equity		213,146			208,341			206,143			199,883			190,089

Total liabilities and shareholders’ equity	$	2,681,194		$	2,609,769		$	2,565,232		$	2,500,545		$	2,456,828

FIDELITY D & D BANCORP, INC. Selected Financial Ratios and Other Financial Data
	Three Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Selected returns and financial ratios
Basic earnings per share	$	1.20		$	1.04		$	1.02		$	0.87		$	0.86
Diluted earnings per share	$	1.20		$	1.03		$	1.01		$	0.86		$	0.86
Dividends per share	$	0.40		$	0.40		$	0.40		$	0.38		$	0.38
Yield on interest-earning assets (FTE)*		4.77	%		4.73	%		4.68	%		4.68	%		4.58	%
Cost of interest-bearing liabilities		2.52	%		2.49	%		2.60	%		2.70	%		2.58	%
Cost of funds		1.95	%		1.93	%		2.00	%		2.08	%		1.96	%
Net interest spread (FTE)*		2.25	%		2.24	%		2.08	%		1.98	%		2.00	%
Net interest margin (FTE)*		2.92	%		2.89	%		2.78	%		2.70	%		2.71	%
Return on average assets		1.04	%		0.93	%		0.90	%		0.79	%		0.81	%
Pre-provision net revenue to average assets*		1.28	%		1.16	%		1.06	%		1.05	%		1.00	%
Return on average equity		13.02	%		11.66	%		11.26	%		9.89	%		10.44	%
Return on average tangible equity*		14.40	%		12.93	%		12.50	%		11.02	%		11.72	%
Efficiency ratio (FTE)*		61.17	%		61.67	%		65.48	%		65.33	%		66.47	%
Expense ratio		1.40	%		1.37	%		1.48	%		1.41	%		1.47	%

	Six months ended
	Jun. 30, 2025			Jun. 30, 2024
Basic earnings per share	$	2.24		$	1.74
Diluted earnings per share	$	2.23		$	1.73
Dividends per share	$	0.80		$	0.76
Yield on interest-earning assets (FTE)*		4.75	%		4.55	%
Cost of interest-bearing liabilities		2.51	%		2.54	%
Cost of funds		1.94	%		1.95	%
Net interest spread (FTE)*		2.24	%		2.01	%
Net interest margin (FTE)*		2.91	%		2.70	%
Return on average assets		0.98	%		0.82	%
Pre-provision net revenue to average assets*		1.22	%		0.98	%
Return on average equity		12.35	%		10.57	%
Return on average tangible equity*		13.68	%		11.87	%
Efficiency ratio (FTE)*		61.42	%		67.01	%
Expense ratio		1.38	%		1.49	%

Other financial data	At period end:
(dollars in thousands except per share data)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Assets under management	$	1,030,268		$	955,647		$	921,994		$	942,190		$	906,861
Book value per share	$	37.78		$	36.70		$	35.56		$	36.13		$	34.12
Tangible book value per share*	$	34.25		$	33.16		$	31.98		$	32.55		$	30.52
Equity to assets		8.08	%		7.81	%		7.89	%		7.92	%		7.83	%
Tangible common equity ratio*		7.38	%		7.11	%		7.16	%		7.19	%		7.06	%
Allowance for credit losses on loans to:
Total loans		1.09	%		1.10	%		1.09	%		1.09	%		1.10	%
Non-accrual loans	6.50x			3.36x			2.68x			2.77x			2.75x
Non-accrual loans to total loans		0.17	%		0.33	%		0.41	%		0.39	%		0.40	%
Non-performing assets to total assets		0.13	%		0.23	%		0.30	%		0.29	%		0.28	%
Net charge-offs to average total loans		0.05	%		0.02	%		0.03	%		0.02	%		0.03	%

Capital Adequacy Ratios
Total risk-based capital ratio		14.72	%		14.74	%		14.78	%		14.56	%		14.69	%
Common equity tier 1 risk-based capital ratio		13.57	%		13.57	%		13.60	%		13.38	%		13.52	%
Tier 1 risk-based capital ratio		13.57	%		13.57	%		13.60	%		13.38	%		13.52	%
Leverage ratio		9.16	%		9.22	%		9.22	%		9.30	%		9.30	%

* Non-GAAP Financial Measures – see reconciliations below

FIDELITY D & D BANCORP, INC. Reconciliations of Non-GAAP Financial Measures to GAAP
Reconciliations of Non-GAAP Measures to GAAP	Three Months Ended
(dollars in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
FTE net interest income (non-GAAP)
Interest income (GAAP)	$	29,765		$	28,308		$	28,059		$	27,299		$	26,039
Adjustment to FTE		760			771			764			775			751
Interest income adjusted to FTE (non-GAAP)		30,525			29,079			28,823			28,074			26,790
Interest expense (GAAP)		11,836			11,275			11,685			11,868			10,922
Net interest income adjusted to FTE (non-GAAP)	$	18,689		$	17,804		$	17,138		$	16,206		$	15,868

Efficiency Ratio (non-GAAP)
Non-interest expenses (GAAP)	$	14,710		$	14,554		$	14,395		$	13,840		$	13,616

Net interest income (GAAP)		17,929			17,033			16,374			15,431			15,117
Plus: taxable equivalent adjustment		760			771			764			775			751
Non-interest income (GAAP)		5,359			4,973			4,847			4,979			4,615
Plus: Loss on sales of securities		–			822			–			–			–
Net interest income (FTE) plus adjusted non-interest income (non-GAAP)	$	24,048		$	23,599		$	21,985		$	21,185		$	20,483
Efficiency ratio (non-GAAP) (1)		61.17	%		61.67	%		65.47	%		65.33	%		66.48	%
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest income.

Tangible Book Value per Share/Tangible Common Equity Ratio (non-GAAP)
Total assets (GAAP)	$	2,698,575		$	2,711,310		$	2,584,616		$	2,615,933		$	2,500,645
Less: Intangible assets		(20,364	)		(20,431	)		(20,504	)		(20,576	)		(20,649	)
Tangible assets		2,678,211			2,690,879			2,564,112			2,595,357			2,479,996
Total shareholders’ equity (GAAP)		217,912			211,674			203,969			207,261			195,692
Less: Intangible assets		(20,364	)		(20,431	)		(20,504	)		(20,576	)		(20,649	)
Tangible common equity		197,548			191,243			183,465			186,685			175,043

Common shares outstanding, end of period		5,767,490			5,767,500			5,736,252			5,736,025			5,735,728
Tangible Common Book Value per Share	$	34.25		$	33.16		$	31.98		$	32.55		$	30.52
Tangible Common Equity Ratio		7.38	%		7.11	%		7.16	%		7.19	%		7.06	%

Pre-Provision Net Revenue to Average Assets
Income before taxes (GAAP)	$	8,258		$	7,082		$	6,661		$	5,760		$	5,701
Plus: Provision for credit losses		320			370			165			810			415
Total pre-provision net revenue (non-GAAP)		8,578			7,452			6,826			6,570			6,116
Total (annualized) (non-GAAP)	$	34,404		$	30,220		$	27,157		$	26,423		$	24,600

Average assets	$	2,681,194		$	2,609,769		$	2,565,232		$	2,500,545		$	2,456,828
Pre-Provision Net Revenue to Average Assets (non-GAAP)		1.28	%		1.16	%		1.06	%		1.05	%		1.00	%

Reconciliations of Non-GAAP Measures to GAAP	Six months ended
(dollars in thousands)	Jun. 30, 2025			Jun. 30, 2024
FTE net interest income (non-GAAP)
Interest income (GAAP)	$	58,073		$	51,665
Adjustment to FTE		1,531			1,497
Interest income adjusted to FTE (non-GAAP)		59,604			53,162
Interest expense (GAAP)		23,111			21,604
Net interest income adjusted to FTE (non-GAAP)	$	36,493			31,558

Efficiency Ratio (non-GAAP)
Non-interest expenses (GAAP)	$	29,264		$	27,306

Net interest income (GAAP)		34,962			30,061
Plus: taxable equivalent adjustment		1,531			1,497
Non-interest income (GAAP)		10,332			9,188
Plus: Loss on sales of securities		822			–
Net interest income (FTE) plus non-interest income (non-GAAP)	$	47,647		$	40,746
Efficiency ratio (non-GAAP) (1)		61.42	%		67.01	%
(1) The reported efficiency ratio is a non-GAAP measure calculated by dividing non-interest expense by the sum of net interest income, on an FTE basis, and adjusted non-interest (loss) income.

Pre-Provision Net Revenue to Average Assets
Income before taxes (GAAP)	$	15,340		$	11,453
Plus: Provision for credit losses		690			490
Total pre-provision net revenue (non-GAAP)	$	16,030		$	11,943
Total (annualized) (non-GAAP)	$	32,326		$	23,951

Average assets	$	2,645,679		$	2,453,998
Pre-Provision Net Revenue to Average Assets (non-GAAP)		1.22	%		0.98	%


Contacts:
Daniel J. Santaniello	Salvatore R. DeFrancesco, Jr.
President and Chief Executive Officer	Treasurer and Chief Financial Officer
570-504-8035	570-504-8000

The MIL Network –

July 23, 2025

MIL-OSI Russia: Financial news: Data on average market values of maximum yield on deposits of individuals

Translation. Region: Russian Federal

Source: Central Bank of Russia –

An important disclaimer is at the bottom of this article.

Calculation by banks of the maximum yield on attracted deposits for the purpose of submitting information on the maximum yield on attracted deposits to the Bank of Russia as part of the reporting is carried out in accordance with the Procedure for compiling and submitting reports on form 0409119 “Data on the maximum yield on deposits of individuals”, established by Appendix 1 to Bank of Russia Instruction dated 10.04.2023 No. 6406-U “On the forms, terms, procedure for compiling and submitting reports of credit institutions (banking groups) to the Central Bank of the Russian Federation, as well as on the list of information on the activities of credit institutions (banking groups)” (taking into account the changes provided for by Bank of Russia Instruction dated 10.07.2024 No. 6800-U “On Amendments to the Bank of Russia Instruction dated April 10, 2023 No. 6406-U”.

Based on the specified information, the Bank of Russia calculates the average market value of the maximum yield on deposits of individuals by type of deposit on a monthly basis and publishes it for informational purposes in the subsection “Banking sector” of the section “Statistics”.

The average market value of the maximum yield on deposits of individuals is determined by the Bank of Russia as the average value of the maximum yield on deposits attracted in banks that attracted, over the past calendar month, in total two-thirds of the total volume of corresponding deposits in banks of the Russian Federation.

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

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MIL OSI Russia News –

July 23, 2025
MIL-OSI Economics: Canada contributes CAD 250,000 for food, animal and plant health standards

Source: WTO

Headline: Canada contributes CAD 250,000 for food, animal and plant health standards

WTO Director-General Ngozi Okonjo-Iweala welcomed Canada’s donation: “Compliance with international standards enhances food security in both importing and exporting countries by facilitating trade in agricultural products. The long-term impact of STDF-related programs will benefit producers, traders and governments along global and regional value chains, helping them raise export revenues, income levels and living standards. The STDF will continue to facilitate inclusive and safe trade worldwide, in close partnership with Canada.”
Heath MacDonald, Canada’s Minister of Agriculture and Agri-Food, said: “The Government of Canada will continue to support global efforts to adopt international standards for food safety and animal and plant health. Investing in larger-scale capacity building projects, like the Standards and Trade Development Facility, will help improve food security, reduce poverty, and promote sustainable economic growth around the world.”
Beyond participation in the STDF Working Group, Canadian officials have shared expertise to strengthen the delivery of STDF projects. This includes innovative projects to pilot the use of Codex Guidelines on voluntary third-party assurance programmes (vTPA) in Africa and Central America for more effective risk-based food safety systems. For instance, the Canadian Food Inspection Agency (CFIA) hosted a learning visit for regulators from Honduras and Belize in 2024, and co-organized webinars in March and April 2025 attended by more than 100 experts, many in Africa, to share insights from Canada’s risk-based food safety model. Additionally, the CFIA will host a learning visit for regulators from Rwanda and Uganda in September 2025, as a follow up to the April 2025 webinar and to further share information on this model.
This donation underscores Canada’s major and long-standing commitment to the STDF’s programme goal, bringing its total contributions to CHF 7.6 million since 2005.
Canada has contributed over CHF 15 million to WTO trust funds over the past 23 years.
The STDF is a global multi-stakeholder partnership that promotes safe and inclusive trade. It was established by the Food and Agriculture Organization of the United Nations (FAO), the World Bank Group, the World Health Organization (WHO), the World Organization for Animal Health (WOAH), and the WTO, which houses and manages the partnership.
In support of the United Nations’ Sustainable Development Goals (SDGs), the STDF responds to evolving SPS needs, drives inclusive trade and contributes to sustainable economic growth, poverty reduction, food security and resilience to climate change.
Developing economies and least developed countries are encouraged to apply to the STDF for SPS project and project preparation grants. Information on how to apply is available here.
To date, the STDF has funded over 260 safe trade projects benefiting developing and least developed country economies.

MIL OSI Economics –

July 23, 2025
MIL-OSI Banking: RBI Bulletin – July 2025
Source: Reserve Bank of India

Today, the Reserve Bank released the July 2025 issue of its monthly Bulletin. The Bulletin includes four speeches, four articles and current statistics.

The four articles are: I. State of the Economy; II. Revisiting the Oil Price and Inflation Nexus in India; III. Determinants of Overnight Uncollateralised Money Market Volume- An Empirical Assessment; and IV. Household Inflation Expectations in India: Emerging Trends, Determinants and Impact of Monetary Policy.

I. State of the Economy

The global macroeconomic environment remained fluid in June and July so far amidst geo-political tensions and tariff policy uncertainties. Domestic economic activity held up, with improving kharif agricultural season prospects, continuation of strong momentum in the services sector and modest growth in industrial activity. Headline CPI inflation remained below 4 per cent for the fifth consecutive month in June driven by deflation in food prices. System liquidity remained in surplus to facilitate a faster transmission of policy rate cuts to the credit markets. The external sector remained resilient, backed by ample foreign exchange reserves and a moderate external debt-to-GDP ratio.

II. Revisiting the Oil Price and Inflation Nexus in India

By Sujata Kundu, Soumasree Tewari and Indranil Bhattacharyya

In the backdrop of volatile global crude oil prices and a less regulated petrol and diesel prices regime, this paper reassesses the impact of international crude oil price movements on headline inflation in the Indian context.

Highlights:
- Since the pandemic, the global economy has experienced large gyrations in crude oil prices. India, being a net oil importer, has remained susceptible to the vagaries of global crude oil prices and has been actively intervening in the domestic fuel market to contain the adverse fallout of higher oil prices on domestic inflation and output.
- Empirical estimates suggest that a 10 per cent rise in global crude oil prices could increase India’s headline inflation by around 20 basis points on a contemporaneous basis. In the post-pandemic period, the impact on inflation, although largely contained, has been statistically significant with the surge in crude oil prices owing to the post-pandemic demand revival, which further intensified due to the supply chain disruptions caused by the outbreak of the Russia-Ukraine war in early 2022.
- While Government measures have limited the impact of global crude oil price fluctuations on headline inflation, increase in oil import dependency warrants measures not only to contain the spillovers to domestic prices but also to gradually transit towards alternative sources of fuel for more efficient management of domestic fuel prices in the long run.
III. Determinants of Overnight Uncollateralised Money Market Volume – An Empirical Assessment

By Srijashree Sardar and Alqama Pervez

The uncollateralised money market holds a pivotal position in India’s monetary framework, serving as the principal avenue for the exchange of central bank reserves. Its significance is further underscored by the fact that the weighted average call rate (WACR) functions as the operating target of the Reserve Bank of India’s monetary policy. Against this backdrop, the article seeks to empirically examine the factors influencing trading volumes in the unsecured interbank segment of the Indian money market.

Highlights:
- The temporal distribution of trades in the call money market exhibits skewness within the day. The bulk of the trades occur in the first hour of any given day which may be attributed to the fact that primary dealers, the major borrowers in the segment, tend to fulfil their funding needs early in the day.
- System liquidity conditions, spread of the weighted average call rate over the policy repo rate, divergence of overnight forward premia from interest rate differential, inflows to and outflows from government accounts, trading volume of the collateralised segment and market trading hours are found to have a significant impact on call volume during the period of the study (2019-2024).
- Divergence of overnight forward premia from the interest rate differential has a positive impact on call volume, indicating arbitrage by banks during times of such divergence.
- Co-operative banks participation in call money market decreased significantly after the Reserve Bank’s directive for mandatory membership on NDS-CALL trading platform for call money market activity. It has, however, rebounded in the recent months, following an increase in membership of co-operative banks.
IV. Household Inflation Expectations in India: Emerging Trends, Determinants and Impact of Monetary Policy

By Ankit Ruhi, Kanupriya Sharma and Subhadhra Sankaran

Household inflation expectations rose in the aftermath of the COVID-19 pandemic and geopolitical tensions, and have remained largely elevated since. In view of these developments, this article analyses the evolving trends in household inflation expectations. It proposes alternative methods for adjusting higher values of expectations reported in Inflation Expectations Survey of Households and identifies the key macroeconomic factors influencing these expectations. Finally, the impact of policy interventions, especially since the adoption of flexible inflation targeting (FIT) regime, is also examined.

Highlights:
- Households’ inflation expectations exhibit systematic upward bias compared to those of professionals and businesses, even in periods of stable or low inflation.
- Median inflation expectation and the disagreement across demographic groups is gradually moderating since 2023-24.
- Perceived past inflation expectations add to stickiness in household expectations even as influence of realised inflation dynamics becomes stronger when expectations are adjusted for extreme values.
- Transition to the FIT regime has successfully aided in stabilising inflation expectations. Monetary policy actions are found to effectively anchor inflation expectations.
- While headline inflation is more influential than food inflation, volatile and broad-based food inflation may keep overall expectations elevated, underscoring the importance of continued policy emphasis on headline inflation.
The views expressed in the Bulletin articles are of the authors and do not represent the views of the Reserve Bank of India.

(Puneet Pancholy)
Chief General Manager

Press Release: 2025-2026/769
MIL OSI Global Banks –
July 23, 2025
MIL-OSI Africa: Lusophone Compact Presents Investment Opportunities to Accelerate Inclusive Development at 15th Community of Portuguese-Speaking Countries (CPLP) Summit

Source: APO – Report:

The Lusophone Compact Secretariat last week engaged with leaders of the Community of Portuguese-Speaking Countries (CPLP) at their 15th Summit and economic forum in Bissau, Guinea-Bissau. The July 15-18 meetings provided a strategic platform to showcase the Lusophone Compact’s role in attracting private financing to accelerate sustainable economic development in African member countries.

An initiative by the African Development Bank in partnership with the Governments of Portugal and Brazil, the Lusophone Compact supports private sector investment in the six African member states of the CPLP: Angola, Cabo Verde, Guinea-Bissau, Mozambique, São Tomé and Príncipe, and Equatorial Guinea. Representing a community of more than 300 million people across four continents, with a combined GDP of $2.3 trillion in 2024, the CPLP holds immense potential for trade, investment, and inclusive economic transformation.

Compact objectives are: promoting inclusive private sector development, mobilizing blended finance and technical assistance, strengthening economic resilience and regional integration, and aligning with national development priorities and the CPLP’s economic agenda.

During the summit, officials of the Lusophone Compact secretariat participated in high-level policy dialogues on food security, technology, and sustainability, which align with the thematic focus of the summit under Guinea-Bissau’s rotating presidency. The Compact team also presented its suite of financing tools and eligibility criteria while supporting resource mobilization efforts in member countries.

“The 15th CPLP Summit presented a unique opportunity to reinforce the strategic priorities of the Lusophone Compact, particularly in areas of food security, technology, and sustainability,” said Neima Ferreira Coordinator of the Lusophone Compact at the African Development Bank. “With the right tools, partnerships and vision, Portuguese-speaking countries can lead a new era of investment-driven development.”

The host country, Guinea-Bissau, reaffirmed its commitment to private sector-led growth and expressed strong interest in aligning the Compact’s support mechanisms with its national development strategy.

One of the Compact’s flagship achievements is the Cabeólica Project in Cabo Verde – a large-scale public-private wind energy project, co-financed by the African Development Bank and the European Investment Bank. The project supplies more than 20 percent of Cabo Verde’s electricity, avoids the emission of thousands of tons of CO2 annually, and has created more than 150 local jobs. Cabeólica has become a benchmark for sustainable infrastructure and innovative finance in the region.

As Portuguese-speaking countries seek new engines for economic growth, the Lusophone Compact offers a robust mechanism for mobilizing private sector capital, fostering regional cooperation, and advancing shared development objectives.

Learn more about the Lusophone Compact here (https://apo-opa.co/44ZMHGt).

– on behalf of African Development Bank Group (AfDB).

Media contact:
Communication and External Relations Department
media@afdb.org

Media files

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MIL OSI Africa –

July 23, 2025
MIL-OSI Africa: New Bank Leadership, Capital Strategies Drive African Mining Investment Push

Source: APO – Report:

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Several African multilateral banks and financial institutions have undergone significant leadership transitions this year aimed at aligning financial strategies with the continent’s evolving development and industrialization goals. In June, the African Export–Import Bank (Afreximbank) appointed Dr. George Elombi as President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah after nearly a decade of leadership. Under Dr. Elombi, the bank aims to scale into a $250 billion institution and serve as a key enabler of investment in Africa’s mining sector.

The African Development Bank (AfDB) also elected new leadership in May, appointing Sidi Ould Tah to replace Akinwumi Adesina. The Bank is now expanding its capital base – reaching $318 billion – while pursuing a $25 billion replenishment round and broadening its bond issuance strategy to support infrastructure and industrialization. Leadership changes have also extended to commercial banks. Standard Bank appointed Sim Tshabalala as interim CEO in April, while Absa Group named Kenny Fihla as CEO in March.

African Mining Week serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

At this year’s African Mining Week (AMW), a featured panel on The Investor Perspective – Financing Africa’s Mineral Industrialization will explore how these and other institutions are adapting financial strategies to meet the continent’s infrastructure and beneficiation needs.

Recent deals underscore the sector’s momentum. In June, Afreximbank signed a $3.8 billion agreement with Gabon to fund manganese and gold trading, energy development and rail infrastructure. It also extended a $25 million facility to Lilium Gold for operations at the Boungou and Wahgnion gold mines in Burkina Faso. Meanwhile, AfDB approved $325 million in financing for Mauritania’s state-owned SNIM to upgrade logistics and equipment for its iron-ore corridor.

In South Africa, Standard Bank provided $300 million to Northam Platinum for a 140 MW wind power plant, ensuring long-term energy security for mining operations. It is also co-financing a $38.5 million deal with Lotus Resources for the Kayelekera Uranium Project in Malawi. Absa Bank is backing Angola’s Longonjo Rare Earth Project – operated by Pensana – with an $80 million facility. The project is expected to supply up to 5% of the world’s magnet rare earth elements critical to electric vehicle manufacturing.

AMW 2025 will bring together African financial institutions, mining stakeholders and international partners to forge new investment alliances and accelerate mining sector growth. Held alongside African Energy Week: Invest in African Energies 2025, AMW is the premier platform for engaging with the full spectrum of Africa’s mining opportunities.

– on behalf of Energy Capital & Power.

MIL OSI Africa –

July 23, 2025
MIL-OSI Europe: Italy: EIB provides €120 million to AGSM AIM to strengthen power grid
Source: European Investment Bank

AGSM
- The agreement will enable power grid modernisation and reliability improvement work in three key municipalities in Veneto, with direct benefits for residents and businesses.
- The operation will help make the local energy system more efficient and able to meet the challenges of the green transition and digitalisation.
The European Investment Bank (EIB) and AGSM AIM have signed a finance contract totalling €120 million to strengthen and modernise the power grid in the three Italian municipalities of Vicenza, Verona and Grezzana, all strategic areas for the group served by the V-RETI S.p.A. business unit.

The financing – which can be used all at once or split into tranches – is a step forward in promoting the energy transition and the goals of REPowerEU. The funds will be directed to projects improving the grid’s operational efficiency, resilience and sustainability, in line with EU decarbonisation and digitalisation objectives.

EIB Vice-President Gelsomina Vigliotti said: “This agreement shows our growing practical commitment to backing investments to make power grids more modern, sustainable and resilient, benefiting local communities and Italy’s energy transition.”

AGSM AIM Managing Director Alessandro Russo added: “This new EIB financing confirms our commitment to investing in our longstanding operational areas, making them more modern and sustainable. These technical operations are also strategically important to providing residents and businesses with an efficient power supply able to meet future challenges. The support of an institution like the EIB shows the strength of our business plan and the group’s ability to lead the national energy transition.”

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

AGSM AIM Group provides essential services to individuals and products of high added value for the development of businesses, entities and institutions. It operates in the electrical energy, gas, district heating, energy efficiency, street lighting, telecom services, electric mobility and environmental health sectors. Created by the merger of AGSM Verona and AIM Vicenza, the publicly owned group (61.2% owned by the municipality of Verona and 38.8% by the municipality of Vicenza) has positioned itself as a benchmark for the energy, technological, sustainability and digital transitions. Its multi-business model enabled it to record substantial profitability growth in 2024, with solid business performance. Its €1.9 billion in revenue, €182 million EBITDA, over 2 000 employees and 890 000 electricity and gas customers make it one of Italy’s biggest multi-utility companies.

AGSM AIM ELECTRICITY NETWORK UPGRADE
EIB provides €120 million to AGSM AIM to strengthen power grid
©AGSM
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AGSM AIM ELECTRICITY NETWORK UPGRADE
EIB provides €120 million to AGSM AIM to strengthen power grid
©AGSM
Download original
MIL OSI Europe News –
July 23, 2025
MIL-OSI Russia: Overseas investors to be given access to financial products at Hainan Free Trade Port

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

HAIKOU, July 23 (Xinhua) — A pilot program allowing overseas investors to invest in financial products offered by local financial institutions is scheduled to be launched at the Hainan Free Trade Port on Aug. 21, 2025.

These include asset management products, private wealth management products from securities, funds and futures operators, as well as funds for investment in public placement of securities and insurance asset management products.

The program is aimed at increasing the cross-border supply of financial products and finding new channels for foreign investors to access China’s domestic market, said the People’s Bank of China’s Hainan branch, which co-authored the new rules.

The said program is also expected to help attract both domestic and foreign institutions specializing in asset management to Hainan and establish business for the benefit of the development of Hainan Free Trade Port. -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 –

July 23, 2025
MIL-OSI: Aerospike Opens Champions of Scale Nominations Worldwide
Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Aerospike, Inc., today opened nominations for its first-ever Champions of Scale awards.

Champions of Scale celebrates CTOs, CIOs, data architecture VPs and directors, or any other technology innovators who’ve built massive and efficient internet-scale data infrastructure that powers outstanding customer and user experiences. The program will showcase their personal and technical journeys in their industry, regardless of the underlying technology stack.

“Today’s IT leaders are expected to rapidly deploy and scale-up applications while still controlling costs and promising lightning-fast and predictable performance – even during the most unpredictable times,” said Subbu Iyer, CEO, Aerospike. “Champions of Scale celebrates the technology heroes who’ve forged new ground, delivered growth, and solved previously impossible or impractical data challenges in ML, generative and agentic AI, and other operations.”

Industry Luminaries to Judge Applications

A panel of industry luminaries in AI, ML, data science, and the large-scale, mission-critical data architectures behind some of the world’s most successful companies will judge Champions of Scale applications. The panel will also include two Aerospike executives:
- Srini V Srinivasan, Ph.D., founder and CTO of Aerospike. Recognized as one of the database pioneers in Silicon Valley at companies like Oracle and Yahoo!, Srini has spent decades designing, deploying, and operating high-scale infrastructure.
- Srinivasan (Sesh) Seshadri, Ph.D., chief evangelist of Aerospike. Sesh has spent decades building and operating business-critical infrastructure as the former vice president of data and discovery at Target, CTO of Yahoo!, and director of engineering at Google.
Additional criteria and conditions apply.

About Aerospike

Aerospike is the real-time database for mission-critical use cases and workloads, including machine learning and generative and agentic AI. Aerospike powers millions of transactions per second with millisecond latency, at a fraction of the cost of other databases. Global leaders, including Adobe, Airtel, Barclays, Criteo, DBS Bank, Experian, Grab, HDFC Bank, PayPal, Sony Interactive Entertainment, The Trade Desk, and Wayfair, rely on Aerospike for customer 360, fraud detection, real-time bidding, profile stores, recommendation engines, and other use cases. Try Aerospike for free.

Contact:
Bryan Scanlon
Look Left Marketing
aerospike@lookleftmarketing.com

The MIL Network –
July 23, 2025
MIL-OSI China: Announcement on Open Market Operations No.140 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.140 [2025]

(Open Market Operations Office, July 23, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB150.5 billion through quantity bidding at a fixed interest rate on July 23, 2025.

Details of the Reverse Repo Operations

Maturity

Rate

Bidding Volume

Winning Bid Volume

7 days

1.40%

RMB150.5 billion

RMB150.5 billion

Date of last update Nov. 29 2018

2025年07月23日

MIL OSI China News –

July 23, 2025

MIL-OSI Banking: Result of the 2-day Variable Rate Repo (VRR) auction held on July 23, 2025

Source: Reserve Bank of India

Tenor	2-day
Notified Amount (in ₹ crore)	50,000
Total amount of bids received (in ₹ crore)	71,902
Amount allotted (in ₹ crore)	50,001
Cut off Rate (%)	5.53
Weighted Average Rate (%)	5.58
Partial Allotment Percentage of bids received at cut off rate (%)	51.89

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/768

MIL OSI Global Banks –

July 23, 2025

MIL-OSI Banking: Result of the 2-day Variable Rate Repo (VRR) auction held on July 23, 2025

Source: Reserve Bank of India

Tenor	2-day
Notified Amount (in ₹ crore)	50,000
Total amount of bids received (in ₹ crore)	71,902
Amount allotted (in ₹ crore)	50,001
Cut off Rate (%)	5.53
Weighted Average Rate (%)	5.58
Partial Allotment Percentage of bids received at cut off rate (%)	51.89

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/768

MIL OSI Global Banks –

July 23, 2025

MIL-OSI Europe: The EBA publishes Report on direct provision of banking services from third countries

Source: European Banking Authority

The European Banking Authority (EBA) today published a Report on the direct provision of banking services from third countries. The quantitative and qualitative analysis performed didn’t provide evidence to recommend the amendment of the new Article 21c of the Capital Requirement Directive (CRD) which identifies how core banking services should be provided in a Member State. However, the EBA suggests a clarification of the interaction between Article 21c of the CRD and other sectorial legislations could be beneficial to authorities and market participants.

The EBA considers that several factors make it difficult to measure the impact of the prohibition of direct provision of services from third countries set out in Article 21c CRD. At the same time, Article 21c of the CRD provides flexibility to EU financial sector entities that remain free to solicit core banking services from third country undertakings or may rely on services provided by third country branches or subsidiaries in the EU.

However, the EBA notes that Article 21c CRD does not expressly address the interaction with the Undertakings for the Collective Investment in Transferable Securities (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD), in particular those provisions entitling EU financial sector entities to receive core banking services for their ongoing operationality in third countries in accordance with their business model. The EBA suggests that additional clarification could also be provided via the EBA Q&A tool.

Legal basis and background

Article 21c CRD aims to regulate when a third country branch needs to be established for the provision of core banking services in a relevant Member State. Article 21c CRD also provides exemptions and carve outs, embedding some flexibility in the articulation of such requirement. Notably, the establishment of a third-country branch is not required in case of interbank or intragroup transactions, or where the core banking services are provided via reverse solicitation. Additionally, Article 21c provides for a Markets in Financial Instruments Directive (MiFID) carve out, which excludes its application where investment services under MiFID and related ancillary services are provided. Lastly, to facilitate the transition to the new regime, a contract grandfathering is envisaged.

The EBA has been mandated by article 21c(6) CRD to develop a Report to assess whether it is appropriate to extend the possibility for third country undertakings to provide core banking services directly from third countries – i.e. without a branch in the Union – not only to EU credit institutions, but to any EU financial sector entity, having regard to financial stability and EU competitiveness considerations. For this purpose, the EBA has to consult the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).

MIL OSI Europe News –

July 23, 2025
MIL-OSI Europe: Payments statistics: second half of 2024
Source: European Central Bank

23 July 2025

The European Central Bank (ECB) today published statistics on non-cash payments for the second half of 2024.^[2]The statistics comprise indicators on access to and use of payment services, payment cards and payment terminals by the public, as well as volumes and values of transactions processed through retail and large-value payment systems. This press release focuses on developments in the euro area as a whole, while statistics are also published at country level for all euro area and most non-euro area EU member states. EU and euro area aggregates are also published.^[3]

Payment services^[4]

In the second half of 2024, the total number of non-cash payment transactions^[5] in the euro area increased by 8.6% to 77.6 billion compared with the second half of 2023, with the corresponding total value rising by 3.8% to €116.9 trillion. Card payments accounted for 57% of the total number of transactions, while credit transfers accounted for 21%, direct debits for 15% and e-money payments for 6%. The remaining 1% comprised cheques, money remittances and other payment services (see annex, Table 1).

Chart 1

Use of the main payment services in the euro area

(number of transactions in billions, graph on the right-hand-side refers to half-yearly data)

Source: ECB.
Note: Data have been partially estimated for periods prior to 2010, as methodological changes were implemented in those years and some data are not directly available. The historical estimations done by the ECB ensure comparability of figures over the entire period. Statistics were also collected for cheques, money remittances and other payment services which together accounted for 1% of the total number of non-cash euro area payment transactions in the second half of 2024.

Data on payment services

Card payments

In the second half of 2024 the number of card payments within the euro area increased by 11.3% to 44.3 billion compared with the second half of 2023. The corresponding total value of card payments rose by 9.4% to €1.7 trillion, reflecting an average value of around €39 per transaction. The split between remote and non-remote^[6] transactions in the total number of card payments was 18% to 82%, while the split in terms of value was 28% to 72%. The number of contactless card payments initiated at a physical electronic funds transfer point of sale terminal increased by 15.5% to 29.5 billion compared with the second half of 2023, with the corresponding total value rising by 15.1% to €0.8 trillion. As a result, their share in the total number of non-remote card payments accounted for 81%, while the corresponding share in terms of value was 65%. At the national level, Lithuania continued to have the largest share of card payments as a percentage of the total number of non-cash payments in the second half of 2024, at around 79% (see annex, Table 2).

Credit transfers^[7]

In the second half of 2024 the number of credit transfers within the euro area increased by 7.3% to 16.2 billion compared with the second half of 2023, and the corresponding total value rose by 3.6% to €108.3 trillion. As higher-value payments are usually made by credit transfer^[8], they accounted for 93% of the total value of non-cash payments. The ratio of transactions initiated electronically to those initiated using paper forms was around 16 to 1, while in terms of value the ratio was around 12 to 1. At the national level, Latvia continued to have the largest share of credit transfers as a percentage of the total number of non-cash payments in the second half of 2024, at around 36% (see annex, Table 2).

Direct debits

In the second half of 2024 the number of direct debits within the euro area increased by 3.9% to 11.4 billion compared with the second half of 2023, and the corresponding total value rose by 8.2% to €5.4 trillion. Of the total number of direct debits, those with an electronic mandate accounted for 12% whereas those with consent given in other forms accounted for 88%, while in terms of value the split was 14% to 86%. At the national level, Germany continued to have the largest share of direct debits as a percentage of the total number of non-cash payments in the second half of 2024, at around 32% (see annex, Table 2).

E-money payments

In the second half of 2024 the number of e-money payment transactions within the euro area increased by 2.6% to 4.6 billion compared with the second half of 2023, and the corresponding value rose by 15.8% to €0.3 trillion. Of the total number of e-money payment transactions, those made with e-money accounts accounted for 95% whereas those made with cards on which e-money can be stored accounted for 5%, while in terms of value the split was 93% to 7%.

Cards and accepting devices

At the end of the second half of 2024 the number of cards with a payment function^[9] had increased by 8.2% to 750.0 million compared with the number at the end of the second half of 2023. With a total euro area population of around 353 million, this implies an average of 2.1 payment cards per euro area inhabitant.

At the end of the second half of 2024 the total number of automated teller machines (ATMs) in the euro area had decreased by 3.1% to around 253.7 thousand compared with the number at the end of the second half of 2023. Of these, 33% accepted contactless transactions.

At the end of the second half of 2024 the total number of point of sale (POS) terminals had increased by 7.9% to around 20.7 million^[10] compared with the corresponding number at the end of the second half of 2023. Of these terminals, 92% accepted contactless transactions.

Payment systems^[11]

Retail payment systems

Retail payment systems located in the euro area handle mainly payments that are made by individuals and businesses, with a relatively low value and high volume overall.

In the second half of 2024, 34 retail payment systems within the euro area processed around 56.1 billion transactions with a combined value of €26.4 trillion. Instant credit transfers accounted for 16% of the total number and for 4% of the total value of credit transfer transactions processed by euro area retail payment systems.

Retail payment systems located in the euro area differ significantly in terms of type, size and geographical scope of transactions they process. The three largest systems (MCMS^[12], STEP2-T^[13] and CORE (France)) processed 65% of the volume and 62% of the value of all transactions processed by the retail payment systems located in the euro area in the second half of 2024.

Chart 2

Main retail payment systems located in the euro area, values and numbers of transactions processed in the second half of 2024

(value of transactions in EUR trillions and number of transactions in billions)

Source: ECB.

Data on retail payment systems

Large-value payment systems

Large-value payment systems form the backbone of the euro area financial market infrastructure and are designed primarily to process large-value and/or high-priority payments made between system participants for their own account or on behalf of their customers.

In the second half of 2024, large-value payment systems located in the euro area settled 74.7 million payments with a total value of €223.7 trillion in euro payments, with T2 and EURO1/STEP1 being the two main systems.^[14]

Chart 3

Main large-value payment systems located in the euro area, values and numbers of transactions processed in the second half of 2024

(value of transactions in EUR trillions and number of transactions in millions)

Source: ECB.

Data on large-value payment systems

Notes:
- The full set of payment statistics can be downloaded from the ECB Data Portal (EDP). The EDP also includes interactive dashboards and interactive reports supporting data visualization. Detailed methodological information, including a list of all data definitions, is available under “Payment services and large-value and retail payment systems” in the “Statistics” section of the ECB’s website.
- As of 2025, the dissemination scope of payments statistics in the EDP has been extended in two-waves. Since March 2025, the quarterly publication of payments statistics has been significantly widened, offering more detailed geographical breakdowns as well as additional details on card payments per type of merchant category codes (MCC). As of July 2025, the semi-annual publication includes details on the payment schemes for credit transfers and direct debits as well as more granular geographical breakdowns, among others. In addition, some indicators related to fraudulent payment transactions are now publicly available in the EDP. For the latter, please also refer to the relevant disclaimer available towards the bottom of the EDP page.
- Taking effect on 1 January 2022, the methodological and reporting framework for payments statistics was enhanced to take progressive developments in the payments market and related changes in the legal framework in Europe into account. The enhanced reporting requirements are set out in Regulation ECB/2020/59 amending Regulation ECB/2013/43 on payments statistics and in Guideline ECB/2021/13 on reporting requirements on payments statistics. In addition, the Manual on payments statistics reporting is available on the ECB’s website.
- Hyperlinks in the main body of the press release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data at the time of the current release. Unless otherwise indicated, statistics referring to the euro area cover the EU Member States that had adopted the euro at the time to which the data relate.
MIL OSI Europe News –
July 23, 2025
MIL-OSI Africa: Central African Republic Innovates with Nature-Based Solutions and Reaffirms Commitment to Urban Climate Resilience

Source: APO – Report:

.

The World Bank approved today an additional grant financing in the amount of $9.175 million (just over CFAF 5.3 billion) from the Global Environment Facility (GEF) for the Inclusive and Resilient Cities Project in the Central African Republic (PROVIR). This additional financing aims to improve access to climate-resilient infrastructure in the cities of Bangui and Berbérati by financing Nature-based Solutions, including the regeneration of urban forests and the planting of avenues and public spaces.

With this funding, about 300,000 people in Bangui and Berberati—including vulnerable groups such as refugees, internally displaced persons, returnees, women, and youth—will benefit from improved living conditions with improved access to flood-safe and erosion-protected infrastructure.

“The Central African Republic, which is ranked second in the world in terms of high vulnerability to climate change, is exposed to numerous natural disaster risks exacerbated by deforestation and climate change,” said Guido Rurangwa, World Bank Country Manager for the Central African Republic. “Nature-based solutions have great potential for the country. By combining these with grey infrastructure in Bangui and Berberati, they will increase rainwater retention capacity, reducing the risk of flooding and soil erosion. Their multi-purpose nature will also provide many livelihood opportunities ranging from forest products to fishing opportunities.”

PROVIR is part of the World Bank’s programmatic support to the urban development sector in the Central African Republic and adopts an integrated approach. It supports the World Bank Group’s climate change and resilience agenda, including the Climate Change Action Plan (2021-2025), which aims to promote green, resilient, and inclusive development and competitive cities.

Project preparation benefited from technical assistance and grants from the Global Facility for Disaster Reduction and Recovery (GFDRR), City Climate Finance Gap Fund (Gap Fund), and NBS Invest.

– on behalf of The World Bank Group.

MIL OSI Africa –

July 23, 2025
Nifty, Sensex open with gains on US-Japan trade deal optimism

Source: Government of India

Source: Government of India (4)

Indian stock markets continued their upward momentum on Wednesday, with both key indices, the Nifty 50 and the BSE Sensex, posting early gains.

This positive movement came as investor confidence received a major boost following the recent trade agreement between the United States and Japan.

The Nifty 50 index opened at 25,138.50, registering a gain of 77.60 points or 0.31 per cent. Similarly, the BSE Sensex began the day on a stronger note at 82,429.66, rising by 242.85 points or 0.30 per cent.

Experts attributed the bullish sentiment to the recent US-Japan deal, which settled tariffs at 15 per cent on Japanese goods, instead of the previously feared 25 per cent. This has lifted investor morale across Asian markets.

Ajay Bagga, Banking and Market Expert, told ANI, “Indian markets have held key support levels despite the twin headwinds of tariff uncertainty and weak earnings. The Japan deal raises hopes for a US-India deal in the ballpark 15 per cent range. That could be a huge catalyst for short covering and could lead to a regaining of the September 2024 all-time highs in the Indian markets. Today is promising to be a positive day, with massive inflows from DIIs countering the continued FPI outflows.”

The US-Japan deal is expected to lead to a short squeeze in Japan, with Japanese automaker stocks reportedly rising as much as 15 per cent in early Tokyo trade.

The market now anticipates that similar deals may be announced with other major economies such as the EU and India, providing further support to global equity markets.

Despite the positive open, technical analysts remained cautious. Akshay Chinchalkar, Head of Research at Axis Securities, noted, “The Nifty ended down 30 points to close at 25,061. Technically speaking, the market did break above the first hurdle at 25,144 yesterday but wasn’t able to close above it, and that’s not a good sign. To reiterate, unless we break 25,340 on a closing basis, bulls have very little going for them from these levels. Asian cues are positive due to Japan securing a trade deal with the US.”

In the broader market, indices on the NSE showed mixed trends. The Nifty 100 was up by 0.15 per cent, while the Nifty 200 gained 0.10 per cent. However, the Nifty Midcap index fell by 0.14 per cent, and the Nifty Smallcap 100 declined by 0.33 per cent.

Sector wise performance was also mixed. The Nifty Auto index surged by 1 per cent, supported by gains in Japanese automobile stocks. Nifty Metal gained 0.36 per cent, while Nifty PSU Bank posted a 0.16 per cent increase. On the downside, the Nifty FMCG, IT, and Media indices registered losses.

Commenting on the technical outlook, Vikram Kasat, Head, Advisory, PL Capital said, “The tug of war between the bulls and the bears continues. Nifty is failing to cross and sustain above the 40HEMA, which has now moved lower to 25,104. Sustaining above the 40HEMA and closing above the high hourly high of 25,182 can hint towards a trend reversal as it would reinforce a higher top, higher bottom formation. The low of 24,882 will be an important support level.”

As the markets digest the implications of the US-Japan deal, all eyes are now on potential trade developments involving India, which could serve as a further trigger for the next leg of the market rally.

(ANI)

July 23, 2025
MIL-OSI Banking: Secretary-General of ASEAN meets with ASEAN Committee in Beijing

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today met with the ASEAN Committee in Beijing (ACB).

The working lunch provided an opportunity for SG Dr. Kao to brief the ACB on recent developments in ASEAN and in ASEAN-China relations. SG Dr. Kao and the Committee also exchanged views on key regional developments and the role of the ACB in supporting ASEAN’s interest and visibility in China. SG Dr. Kao expressed appreciation for the ACB’s continued efforts to promote ASEAN awareness and enhance coordination among ASEAN Member States’ diplomatic missions in Beijing.

The post Secretary-General of ASEAN meets with ASEAN Committee in Beijing appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

July 23, 2025
MIL-OSI: Prosafe SE: Commencement of subscription period for the Warrants Offering

Source: GlobeNewswire (MIL-OSI)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE’S REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

Reference is made to the stock exchange announcement made by Prosafe SE (“Prosafe” or the “Company“) on 18 July 2025 regarding the publication of a prospectus (the “Prospectus“) approved by the Norwegian Financial Supervisory Authority for, inter alia, the offering of up to 17,868,651 warrants (the “Warrants“) (the “Warrants Offering“).

The subscription period for the Warrants Offering (the “Subscription Period“) commences today, 23 July 2025 at 09:00 hours (CEST) and expires on 6 August 2025 at 16:30 hours (CEST), unless extended in accordance with the terms set out in the Prospectus.

The Warrants may be subscribed for by shareholders of the Company as of 16 May 2025, as recorded in the Company’s shareholder register in Euronext Securities Oslo (VPS) on 20 May 2025 (the “Record Date“) (the “Eligible Shareholders“). The Eligible Shareholders shall have a preferential right to subscribe for and be allocated the Warrants in proportion to their shareholding in the Company on the Record Date, pursuant to Section 11-13 of the Norwegian Public Limited Liability Companies Act, cf. Section 10-4. The preferential right to subscribe for the Warrants may not be transferred by the Eligible Shareholders. Oversubscription or subscription without subscription rights is not permitted. The Warrants may not be subscribed for by investors in jurisdictions where such subscription is not permitted or where the offering of such warrants is not legally allowed.

No consideration shall be paid for the Warrants. The Warrants shall not be transferable. The Warrants will be registered in Euronext Securities Oslo (VPS).

Subscriptions for Warrants must be made by submitting a correctly completed subscription form to the Receiving Agent (as defined below) during the Subscription Period, or may, for subscribers who are residents of Norway with a Norwegian personal identification number, be made online during the Subscription Period. Please see the Prospectus for further information about the Warrants Offering, including subscription procedures and the complete terms of the Warrants Offering. The Prospectus (including the subscription form for the Warrants Offering) is, subject to applicable securities laws, available on the Company’s website: www.prosafe.com.

Subscriptions may only be made on the basis of the Prospectus. Allocation of Warrants will be made by the Company’s board of directors based on the number of Warrants subscribed for by each shareholder in accordance with the number of Warrants each subscriber has the right to subscribe for.

The Warrants may be exercised during the period starting at 09:00 (CEST) on 11 August 2025 and concluding at 16:30 (CEST) on 25 August 2025 (the “Exercise Period“). One Warrant entitles the holder to request the issuance of one ordinary share in the Company. Eligible Shareholders having validly subscribed for and been allocated Warrants will receive an exercise form prior to the Exercise Period. Exercise shall be carried out by submitting a correctly completed exercise form to the Receiving Agent (as defined below) during the Exercise Period, or may, for Warrant holders who are residents of Norway with a Norwegian personal identification number, be made online during the Exercise Period. Warrants that are not exercised before the expiry of the Exercise Period will have no value and will lapse without compensation to the holder.

To the extent members of the Company’s board of directors or management or closely related parties of such are prohibited from exercising Warrants in the Exercise Period due to securities law restrictions, these shall have the right to exercise Warrants during a period which expires two weeks after such restrictions lapse, as set out in the resolution to issue the Warrants at the Company’s extraordinary general meeting held on 16 May 2025 (the “EGM“). Exercises can in any case not take place after 31 December 2025.

The subscription price upon exercise of the Warrants is EUR 0.01 per new share. Pursuant to the resolution adopted by the EGM, the Company plans to establish a NOK-based exchange mechanism for the contribution, whereby each exercising Warrant holder will be debited a NOK amount covering the EUR subscription amount, currently expected to be NOK 0.15 per share.

Advokatfirmaet Schjødt AS acts as legal advisor to the Company in connection with the Warrants Offering. DNB Issuer Services, a part of DNB Bank ASA (the “Receiving Agent” as well as the “Settlement Agent“) acts as both the Receiving Agent and Settlement Agent for the Company in connection with the Warrants Offering.

For further information, please contact:

Terje Askvig, CEO

Phone: +47 952 03 886

Reese McNeel, CFO

Phone: +47 415 08 186

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the requirements of Oslo Børs’ Continuing Obligations.

About Prosafe

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com (https://www.prosafe.com/)

Important information

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act“), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or their securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “Prospectus Regulation” means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company’s services, changes in the general economic, political and market conditions in the markets in which the Company operate, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this announcement. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company.

The MIL Network –

July 23, 2025
MIL-OSI Submissions: Energy Sector – Equinor second quarter 2025 results
Source: Equinor

23 JULY 2025 – Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

Solid financial results

Strong operational performance and production growth

Higher US onshore gas production capturing higher prices

Stable cost and capex in line with guidance

Balance sheet remains robust through lower price environment

Strategic progress

Announced divestment of the Peregrino field in Brazil for USD 3.5 billion

Financial close of Bałtyk 2 & 3 offshore wind projects in Poland

Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

Capital distribution

Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion

Expected total capital distribution of USD 9 billion in 2025

Anders Opedal, President and CEO of Equinor ASA:
“We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

“Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

“We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

Solid production

Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

Strong financial results

Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

Adjusted operating and administrative expenses* are stable from the same quarter last year.

Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

Cash flow from operations after taxes paid* ended at USD 1.94 billion.

Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

Strategic progress

Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are expected to increase the recoverable volumes from the field by 40-50 million boe.

After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

Financial close was announced on the Bałtyk 2 and Bałtyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.
MIL OSI – Submitted News –
July 23, 2025
MIL-OSI: Equinor second quarter 2025 results
Source: GlobeNewswire (MIL-OSI)

Equinor (OSE:EQNR, NYSE:EQNR) delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

Solid financial results
- Strong operational performance and production growth
- Higher US onshore gas production capturing higher prices
- Stable cost and capex in line with guidance
- Balance sheet remains robust through lower price environment
Strategic progress
- Delivered key milestones on Johan Castberg, Johan Sverdrup phase 3 and Fram South/Troll
- Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
- Financial close of Baltyk 2 & 3 offshore wind projects in Poland
- Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs
Capital distribution
- Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
- Expected total capital distribution of USD 9 billion in 2025
Anders Opedal, President and CEO of Equinor ASA:

“We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

“Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

“We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Baltyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

Solid production

Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

Strong financial results

Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

Adjusted operating and administrative expenses* are stable from the same quarter last year.

Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

Cash flow from operations after taxes paid* ended at USD 1.94 billion.

Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

Strategic progress

Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are expected to increase the recoverable volumes from the field by 40-50 million boe.

After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

Financial close was announced on the Baltyk 2 and Baltyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

– – –

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

– – –

Further information from:

Investor relations
Bård Glad Pedersen, Senior vice president Investor relations,
+47 918 01 791 (mobile)

Press
Sissel Rinde, Vice president Media relations,
+47 412 60 584 (mobile)

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachments
- Equinor Second quarter 2025 Financial Statements and Review
- CFO presentation – Second quarter 2025 results
The MIL Network –
July 23, 2025
MIL-OSI Banking: Secretary-General of ASEAN visits the AIIB Headquarters

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today visited the Headquarters of the Asian Infrastructure Investment Bank (AIIB) in Beijing, China, and was received by the President of AIIB, Jin Liqun. They exchanged views on areas of mutual interest and opportunities to strengthen cooperation between ASEAN and AIIB, particularly in advancing regional connectivity including on sustainable infrastructure, the ASEAN Power Grid, and the digital economy. SG Dr. Kao looked forward to the AIIB’s continued support for ASEAN and ASEAN Member States in achieving a resilient, innovative, dynamic, and people-centred ASEAN by 2045.

The post Secretary-General of ASEAN visits the AIIB Headquarters appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

July 23, 2025

Maturity	Rate	Bidding Volume	Winning Bid Volume
7 days	1.40%	RMB150.5 billion	RMB150.5 billion

Category: Banking

Legal basis and background

Payment services[4]

Chart 1

Card payments

Credit transfers[7]

Direct debits

E-money payments

Cards and accepting devices

Payment systems[11]

Retail payment systems

Chart 2

Large-value payment systems

Chart 3

Notes:

Payment services^[4]

Credit transfers^[7]

Payment systems^[11]