Category: Banking

MIL-OSI: MiddleGround Capital Announces Seven Promotions Across Multiple Offices

Source: GlobeNewswire (MIL-OSI)

LEXINGTON, Ky., July 22, 2025 (GLOBE NEWSWIRE) — MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced that it has promoted seven of its professionals to more senior positions within the firm. The individuals serve in a range of roles across the organization, including investment, business development, operations, and accounting.

Shelby Hundley has been promoted to Managing Director, Chief of Staff. Based in the firm’s Lexington, KY headquarters, Shelby acts as a strategic and operational cornerstone, partnering with the Managing Partner to translate the firm’s vision into actionable goals while driving optimization and efficiency. Shelby joined MiddleGround in 2021 following her time at General Electric, where she led long-term synergies, organizational growth, and both employee and union relations for Oil & Gas and Steam Power segments. Shelby holds a master’s degree in human resource management from the University of Central Florida as well as a master’s degree in safety, security, and emergency management from Eastern Kentucky University.
Erica Richardson has been named Vice President. Based in MiddleGround’s headquarters in Lexington, KY, Erica works on the transaction team. She joined the firm in 2022, bringing experience from Wells Fargo, where she was an Investment Banking Analyst, and from Harbor View Advisors, where she was an Associate. Erica holds a bachelor’s degree in business administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
Zachary Spencer has been named Vice President. Working out of MiddleGround’s New York office, Zachary is a member of the investment team focusing on due diligence and underwriting activities. He joined MiddleGround in 2021 after working at Wells Fargo in the Industrials group, where he concentrated on building product manufacturers. He holds a bachelor’s degree in business administration from Auburn University.
Taylor Hall has been named Vice President. Working from MiddleGround’s headquarters in Lexington, KY, Taylor collaborates with management teams across the portfolio to drive value creation through operational initiatives. Prior to joining MiddleGround in 2021, he held roles at GE Appliances within its financial development program. He holds a master’s in business administration from Indiana University.
Graham Sparks has been promoted to Senior Associate. Based in MiddleGround’s New York office, he works on deal origination as part of the firm’s Business Development team. Before joining MiddleGround in 2022, Graham worked at JP Morgan where he was a Private Banking Analyst. Graham holds a bachelor’s degree in finance and administration from the University of Kentucky.
Sebastian Ruff has been elevated to Senior Associate in MiddleGround’s EU location in Amsterdam. In this role, Sebastian provides the deal team with support in evaluating and executing transactions, specifically analyzing portfolio company performance and business initiatives. He was an Associate at global investment bank Harris Williams prior to coming to MiddleGround in 2023. Sebastian holds a bachelor’s degree in business administration from the University of Eichstätt-Ingolstadt and a master’s degree in management from the University of Mannheim.
Tyler Sebastian has been named Senior Accountant. Working from MiddleGround’s headquarters in Lexington, KY, he participates in various accounting activities for the firm, including accounts payable and prepaids, along with other financial reporting tasks. Tyler holds a bachelor’s degree in finance and a master’s degree in accounting and data from Northern Kentucky University, and first joined the firm in 2022.

“These promotions reflect the depth of talent across our firm and the meaningful contributions each individual has made in their respective areas,” said John Stewart, Founding and Managing Partner of MiddleGround. “We’re proud to recognize their hard work spanning various business units and offices – from investment and business development to accounting and operations – and are excited to support their continued growth as we scale to meet the evolving needs of our investors and portfolio companies.”

About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $4.1 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.

MiddleGround Capital Media Contacts
Doug Allen/Maya Hanowitz
Dukas Linden Public Relations
MiddleGround@dlpr.com
+1 (646) 722-6530

MIL-OSI: MiddleGround Capital Announces Seven Promotions Across Multiple Offices

Source: GlobeNewswire (MIL-OSI)

LEXINGTON, Ky., July 22, 2025 (GLOBE NEWSWIRE) — MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced that it has promoted seven of its professionals to more senior positions within the firm. The individuals serve in a range of roles across the organization, including investment, business development, operations, and accounting.

Shelby Hundley has been promoted to Managing Director, Chief of Staff. Based in the firm’s Lexington, KY headquarters, Shelby acts as a strategic and operational cornerstone, partnering with the Managing Partner to translate the firm’s vision into actionable goals while driving optimization and efficiency. Shelby joined MiddleGround in 2021 following her time at General Electric, where she led long-term synergies, organizational growth, and both employee and union relations for Oil & Gas and Steam Power segments. Shelby holds a master’s degree in human resource management from the University of Central Florida as well as a master’s degree in safety, security, and emergency management from Eastern Kentucky University.
Erica Richardson has been named Vice President. Based in MiddleGround’s headquarters in Lexington, KY, Erica works on the transaction team. She joined the firm in 2022, bringing experience from Wells Fargo, where she was an Investment Banking Analyst, and from Harbor View Advisors, where she was an Associate. Erica holds a bachelor’s degree in business administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
Zachary Spencer has been named Vice President. Working out of MiddleGround’s New York office, Zachary is a member of the investment team focusing on due diligence and underwriting activities. He joined MiddleGround in 2021 after working at Wells Fargo in the Industrials group, where he concentrated on building product manufacturers. He holds a bachelor’s degree in business administration from Auburn University.
Taylor Hall has been named Vice President. Working from MiddleGround’s headquarters in Lexington, KY, Taylor collaborates with management teams across the portfolio to drive value creation through operational initiatives. Prior to joining MiddleGround in 2021, he held roles at GE Appliances within its financial development program. He holds a master’s in business administration from Indiana University.
Graham Sparks has been promoted to Senior Associate. Based in MiddleGround’s New York office, he works on deal origination as part of the firm’s Business Development team. Before joining MiddleGround in 2022, Graham worked at JP Morgan where he was a Private Banking Analyst. Graham holds a bachelor’s degree in finance and administration from the University of Kentucky.
Sebastian Ruff has been elevated to Senior Associate in MiddleGround’s EU location in Amsterdam. In this role, Sebastian provides the deal team with support in evaluating and executing transactions, specifically analyzing portfolio company performance and business initiatives. He was an Associate at global investment bank Harris Williams prior to coming to MiddleGround in 2023. Sebastian holds a bachelor’s degree in business administration from the University of Eichstätt-Ingolstadt and a master’s degree in management from the University of Mannheim.
Tyler Sebastian has been named Senior Accountant. Working from MiddleGround’s headquarters in Lexington, KY, he participates in various accounting activities for the firm, including accounts payable and prepaids, along with other financial reporting tasks. Tyler holds a bachelor’s degree in finance and a master’s degree in accounting and data from Northern Kentucky University, and first joined the firm in 2022.

“These promotions reflect the depth of talent across our firm and the meaningful contributions each individual has made in their respective areas,” said John Stewart, Founding and Managing Partner of MiddleGround. “We’re proud to recognize their hard work spanning various business units and offices – from investment and business development to accounting and operations – and are excited to support their continued growth as we scale to meet the evolving needs of our investors and portfolio companies.”

About MiddleGround Capital
MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $4.1 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.

MiddleGround Capital Media Contacts
Doug Allen/Maya Hanowitz
Dukas Linden Public Relations
MiddleGround@dlpr.com
+1 (646) 722-6530

MIL-OSI: Thomas Financial Group Secures $19.975 Million USDA Loan for Major Mendocino Hotel Restoration

Source: GlobeNewswire (MIL-OSI)

ATLANTA, July 22, 2025 (GLOBE NEWSWIRE) — Thomas Financial Group, a wholly owned subsidiary of Community Bankshares Inc., is proud to announce the successful closing of a $19.975 million USDA Business & Industry (B&I) loan for the refinance and full renovation of two historic hospitality assets in downtown Mendocino: The Mendocino Hotel & Garden Suites and Hill House Inn.

This milestone project, originated and underwritten by Thomas Financial Group, was financed through the USDA’s B&I program. The project will preserve and revitalize all guest rooms across the two properties, relaunch a centerpiece food and beverage destination, reactivate the largest indoor event space on California’s North Coast, and create over 50 new high-paying jobs, tripling the current staff and restoring these historic landmarks to full operation.

Once thriving anchors of the Mendocino community, both the Mendocino Hotel & Garden Suites and Hill House Inn had fallen into disrepair. With this USDA loan, the new owners, Castle Peak Holdings, will launch a comprehensive restoration that enhances the guest experience while preserving the charm and history that define this iconic coastal village.

The planned improvements include:

Expansive renovations across both properties.
Restoration of a three-meal restaurant and historic lobby bar at Mendocino Hotel.
Reopening of North Coast’s largest indoor wedding venue.
Upgrades to room layouts, ADA compliance, and coastal-facing suites.
Activation of public gathering spaces for locals and tourists alike.

The Mendocino Hotel & Garden Suites, the only full-service hotel in the downtown district, will be a dynamic center of gravity for the North Coast on Mendocino’s historic Main Street, while Hill House Inn – famed as the setting for the drama TV series “Murder She Wrote” – will be restored as a hilltop retreat featuring the largest and most flexible meeting and event spaces on the North Coast, with ocean views and walking access to downtown Mendocino. Both properties will feature authentic local design elements and highlight regional artisans and makers through curated programming.

“This is what rural revitalization looks like,” said Zach Chandler, SVP, Government Guaranteed Lending for Thomas Financial Group. “We delivered a complex, long-term loan structure to support two of Northern California’s most irreplaceable hospitality assets, and did it with the stability of USDA financing.”

With an 80% USDA guarantee, a 30-year term, and no balloon payments, the loan provides unmatched peace of mind for the borrower, particularly in a volatile rate environment.

Situated in a town with a regulatory moratorium on new hotel development, these properties represent a significant portion of Mendocino’s total hotel room inventory. With over 2 million annual visitors and no new supply on the horizon, the business case for reinvesting in these assets is as compelling as the historic preservation effort itself.

“This project is about more than restoring two historic hotels,” said David Better, Partner at Castle Peak Holdings. “It’s about breathing life back into community gems, reactivating jobs, and celebrating the unique cultural legacy and spirit of Mendocino. These hotels are deeply woven into the historic fabric of what makes Mendocino special. Everyone in the area has a story about these hotels; whether they worked there as a kid, had their high school prom there, or shared a memorable meal there with family and friends. We look forward to delivering a successful project and creating the next generation of memories, for locals and guests alike. The USDA loan gave us the ability to do that in a thoughtful, sustainable way—and the team at Thomas Financial made the process seamless from start to finish.”

This project is part of a growing trend where USDA financing is used to support economic development in iconic rural destinations, and Thomas Financial Group is leading the charge.

“We’re not just closing loans—we’re reactivating communities,” added Chandler. “If you have a hospitality, manufacturing, or rural development project in the pipeline, we can help you close faster, structure smarter, and build for the long term.”

If you’re looking to fund a rural acquisition, repositioning, or expansion project and need a lender who can bridge the gap and deliver USDA takeout, contact Thomas Financial Group today.

About Thomas Financial Group

Thomas Financial Group, a wholly owned subsidiary of Community Bankshares Inc., is a nationally recognized leader in USDA and SBA lending. In partnership with Phoenix Lender Services and Community Bank & Trust, TFG specializes in complex capital solutions that support rural economic development, small business growth, and infrastructure expansion.

About Community Bankshares Inc.

Community Bankshares Inc. is a privately held financial holding company headquartered in LaGrange, Georgia, with subsidiaries including Community Bank & Trust, Thomas Financial Group, and Phoenix Lender Services. Through its network of specialized financial institutions, Community Bankshares Inc. delivers innovative, relationship-driven banking and lending services across the United States, with a strong emphasis on rural development and community reinvestment.

Media Contact
Abigail Davison
Uproar by Moburst for Community Bankshares, Inc.
abigail.davison@moburst.com

MIL-OSI United Nations: Gaza: UN staff now fainting from hunger, exhaustion; WHO worker detained

Source: United Nations MIL OSI

“Doctors, nurses, journalists, humanitarians, among them UNRWA staff, are hungry…fainting due to hunger and exhaustion while performing their duties,” said Juliette Touma, Director of Communications with the UN agency for Palestine refugees, UNRWA.

Speaking from Amman, she stressed that seeking food “has become as deadly as the bombardments.”

The development comes as the UN human rights office, OHCHR, announced on Tuesday that more than 1,000 Palestinians have now been killed by the Israeli military while trying to get food in Gaza since the so-called Gaza Humanitarian Foundation (GHF) started operating on 27 May.

“As of 21 July, we have recorded 1,054 people killed in Gaza while trying to get food,” said OHCHR spokesperson Thameen Al-Kheetan; “766 of them were killed in the vicinity of GHF sites and 288 near UN and other humanitarian organizations’ aid convoys.”

Mr. Al-Kheetan noted that the finding came from “multiple reliable sources on the ground, including medical teams, humanitarian and human rights organizations. It is still being verified in line with our strict methodology.”

The Foundation’s hubs are supported by the US and Israeli authorities and started operating in southern Gaza on 27 May, bypassing the UN and other established NGOs.

Aid relief is not a job for mercenaries

“The so-called GHF distribution scheme is a sadistic death-trap,” UNRWA’s Ms. Touma said. “Snipers open fire randomly on crowds, as if they’re given a licence to kill.”

Quoting a statement by UNRWA head Philippe Lazzarini, Ms. Touma called the scheme a “massive hunt of people in total impunity.”

“This cannot be our new norm. Humanitarian assistance is not the job of mercenaries,” she added.

The UNRWA spokesperson insisted that the UN and its humanitarian partners have the expertise, experience and available resources to provide safe, dignified and at-scale assistance.

“We have proven it time and again during the last ceasefire,” she said.

Living conditions in the Strip have reached a new low as prices for basic commodities have increased by around 4,000 per cent. For Gaza’s inhabitants who have lost their homes and been displaced multiple times, they have no income and find themselves completely deprived of essentials.

A child waits for food in Gaza.

$200 for a bag of flour

Ms. Touma highlighted the testimony of a colleague on the ground who had to walk for hours to buy a bag of lentils and some flour, paying almost $200 for it.

On Monday, the UN World Food Programme (WFP) said that a quarter of Gaza’s population faces famine-like conditions. Almost 100,000 women and children are suffering from severe acute malnutrition and need treatment as soon as possible.

Vital everyday items such as diapers are scarce and costly, at about $3 each. Mothers have resorted to using plastic bags instead, while one father “said that he had to cut one of his last shirts to give his daughter sanitary pads,” Ms. Touma said.

“We at UNRWA have stocks of hygiene supplies, including diapers for babies and for adults waiting outside the gates of Gaza,” Ms. Touma stressed, insisting that the agency has 6,000 trucks loaded with food, medicines and hygiene supplies waiting in Egypt and in Jordan to be allowed into the enclave.

Urgent ceasefire call

She reiterated the UN’s calls for “a deal that would bring a ceasefire, that would release the hostages, that would bring in a standard flow of humanitarian supplies into Gaza under the management of the United Nations, including UNRWA.”

Humanitarian operations in the enclave are being pushed into an “ever-shrinking space”, said World Health Organization (WHO) spokesperson Tarik Jašarević.

Briefing journalists in Geneva, he condemned three attacks on Monday on a building housing WHO staff in Deir Al-Balah in central Gaza, as well as the “mistreatment of those sheltering there and the destruction of its main warehouse.”

“Staff and their families, including children, were exposed to grave danger and traumatized after airstrikes caused a fire and significant damage,” Mr. Jašarević said, adding that Israeli military entered the premises, “forcing women and children to evacuate on foot” towards the coastal shelter of Al Mawasi amid active conflict.

Screened at gunpoint

The WHO spokesperson said that staff and family members were “handcuffed, stripped, interrogated on the spot and screened at gunpoint.” Two staff and two family members were detained and while three were later released, one WHO staff member remains in detention for reasons unknown to the organization.

Mr. Jašarević called for the release of the detained staff member and insisted that “no one should be held without charges and without due process.”

The latest evacuation order for the area has impacted several WHO premises and compromised its presence on the ground, “crippling efforts to sustain a collapsing health system,” Mr. Jašarević added, and “pushing survival further out of reach for more than two million people.”

The Israeli military operation in Deir Al-Balah on Monday also caused an explosion and fire inside WHO’s main warehouse, which is located within the evacuation zone in the central Gazan city – “part of a pattern of systematic destruction of health facilities,” the agency’s spokesperson said.

According to Gaza’s health authorities, since the start of the war in October 2023 some 1,500 health workers have been killed in the Strip. Some 94 per cent of all health facilities have been damaged and half of Gaza’s hospitals are “not functional at all,” Mr. Jašarević said.

“The chance to prevent loss of lives and reverse immense damage to the health system slips further out of reach every day,” he stressed.

Visa denials

Spotlighting further challenges to the humanitarian operation in Gaza, the WHO spokesperson pointed to an increase in the denial of visas by the Israeli authorities for emergency medical teams seeking to enter the Strip since the breakdown of the latest ceasefire between Israel and Hamas on 18 March.

He said that 58 international staff for the emergency medical teams, including surgeons and critical medical specialists, have been denied access.

UNRWA’s Ms. Touma highlighted the fact that ever since the agency’s Commissioner-General was denied entry to Gaza in March 2024, he has not been allowed back into the Strip. He has also not received a visa from Israel to enter the occupied West Bank, including East Jerusalem, for more than a year.

The UNRWA spokesperson also deplored the lack of access for international media to the enclave.

“It certainly is time, if not long overdue, for international media to go into Gaza precisely to look into the facts and to help with reporting first-hand information on the horrors that people in Gaza are living through,” she said.

MIL OSI United Nations News –

MIL-OSI: PSB Holdings, Inc. Reports Record Quarterly Earnings of $0.89 Per Diluted Share; Net Interest Margin Improves For Fifth Consecutive Quarter

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., July 22, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported second quarter earnings ending June 30, 2025 up 48% relative to the prior quarter to $0.89 per diluted common share on net income of $3.8 million, compared to $0.60 per diluted common share on net income of $2.6 million during the first quarter ending March 31, 2025, and $0.56 per diluted common share on net income of $2.4 million during the second quarter ending June 30, 2024.

PSB’s second quarter 2025 operating results reflected the following changes from the first quarter of 2025: (1) a stronger net interest margin as asset yields rose; (2) higher non-interest income from higher mortgage banking income; and (3) lower non-interest expenses due to lower salaries and employee benefit expenses.

“We are proud to report record earnings for the second quarter, highlighted by an improving net interest margin and cost controls that have lowered our non-interest expenses and improved our efficiency ratio to 63%. Over the past year, we increased tangible book value per share by 13.1% while paying $0.64 per share in dividends to our shareholders. As loans continue to reprice at higher rates and new loans are originated at higher levels than current yields, we expect our net interest margin to continue to expand from current levels. While non-performing assets have grown, they represent a small number with special circumstances, and we expect favorable resolutions for certain significant non-performing assets by the end of the calendar year,” stated Scott Cattanach, President and CEO.

June 30, 2025, Highlights:

Net interest income increased $470,000 to $10.7 million for the quarter ended June 30, 2025, from $10.3 million for the quarter ended March 31, 2025, due in part to higher yields on loans and one additional day during the quarter.

Noninterest income increased $230,000 to $2.1 million for the quarter ended June 30, 2025, compared to $1.9 million the prior quarter due primarily to higher mortgage banking revenues.

Noninterest expenses decreased $776,000 to $8.2 million during the quarter ended June 30, 2025 from $9.0 million for the quarter ended March 31, 2025, reflecting lower salary and benefit expenses.

Net loans increased $12.9 million, or 1% in the second quarter ended June 30, 2025, to $1.11 billion compared to March 31, 2025, largely due to increased commercial line usage. Allowance for credit losses remained at 1.12% of gross loans.

Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 compared to the previous quarter. One existing non-performing loan relationship increased during the quarter as an additional loan in this relationship was moved to non-performing status. The underlying security of these loans is undergoing a sales process by the owner. Additionally, an unrelated new loan relationship was added to non-performing status.

Total deposits increased $47.5 million to $1.18 billion at June 30, 2025 from $1.13 billion at March 31, 2025, with the increase largely consisting of non-interest bearing demand deposits and time deposits with balances greater than $250,000. Core deposits increased $32.3 million while brokered deposits decreased $13.7 million. A portion of the overall deposit increase relates to an established customer making a large time deposit near the end of the quarter.

Return on average tangible common equity was 13.11% for the quarter ended June 30, 2025, compared to 9.21% the prior quarter and 9.34% in the year ago quarter.

Tangible book value per common share was up 13.1% over the past year to $27.77 at June 30, 2025, compared to $24.55 at June 30, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.

Balance Sheet and Asset Quality Review

Total assets increased $46.8 million during the second quarter to $1.51 billion at June 30, 2025, compared to $1.46 billion at March 31, 2025. Cash and cash equivalents increased $34.9 million to $57.5 million at June 30, 2025 from $22.7 million at March 31, 2025 as new deposits replenished reserves used to fund new loans. Investment securities available for sale increased $1.7 million to $184.3 million at June 30, 2025, from $182.6 million one quarter earlier.

Gross loans receivable increased $10.7 million to $1.15 billion at June 30, 2025, compared to one quarter earlier, due primarily to increased commercial & industrial lending. Commercial & industrial loans increased $11.2 million to $135.3 million at June 30, 2025, and commercial real estate loans increased $3.6 million to $566.5 million at June 30, 2025, compared to three months earlier. Commercial real estate construction and development loans decreased $9.2 million to $77.9 million at June 30, 2025, while residential real estate loans increased $3.3 million from the prior quarter to $337.1 million. Agricultural loans increased $1.6 million to $13.2 million at June 30, 2025 compared to three months earlier. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.1% of gross loans, followed by residential real estate loans at 29.4% of gross loans, commercial non-real estate loans at 14.1% and consumer loans at 0.4%.

The allowance for credit losses remained at 1.12% of gross loans at June 30, 2025 while annualized net charge-offs to average loans were zero for the quarter ended June 30, 2025. Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 up from 0.89% at March 31, 2025. The increase reflects a loan relationship that was non-performing in the prior quarter having an additional loan move to non-performing status in the second quarter and a separate loan relationship within the timber industry where the customer has experienced irregular cashflows. Approximately 80% of the non-performing assets consisted of five loan relationships.

Total deposits increased 4% quarter over quarter, with 23% of the deposit portfolio being uninsured at June 30^th. Overall, core deposits increased $32.3 million during the quarter while brokered deposits decreased $13.7 million.

At June 30, 2025, non-interest bearing demand deposits increased to 23.6% of total deposits from 21.7% the prior quarter, while interest-bearing demand and savings deposits decreased to 27.4% at June 30, 2025 from 29.4% one quarter earlier. The additional deposit inflow helped to decrease FHLB advances during the quarter by $4.3 million and brokered deposits by $13.7 million.

Tangible stockholder equity as a percentage of total tangible assets decreased to 7.95% at June 30, 2025, compared to 8.05% at March 31, 2025, and 7.32% at June 30, 2024.

Tangible net book value per common share increased $3.22 during the quarter to $27.77, at June 30, 2025 compared to $24.55 one year earlier, an increase of 13.1% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.94, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value of the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at June 30, 2025, compared to $16.7 million one quarter earlier.

Operations Review

Net interest income increased to $10.7 million (on a net margin of 3.09%) for the second quarter of 2025, from $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, and increased from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024. The higher net interest income in the current period primarily relates to higher loan yields during the quarter. Earning asset yields increased to 5.40% during the second quarter of 2025 from 5.35% the prior period and cost of funds increased four basis points to 3.06% compared to 3.02% during the first quarter of 2025. Relative to one year earlier, earning asset yields were up 19 basis points while the overall cost of funds was flat.

The increase in earning asset yields was due to higher yields on loan originations, loan renewals and security repricing. Loan yields increased during the second quarter of 2025 to 5.91% from 5.82% for the first quarter of 2025. Taxable security yields on a smaller average balance relative to the prior quarter were 3.24% for the quarter ended June 30, 2025, compared to 3.35% for the quarter ended March 31, 2025, while tax-exempt security yields remained at 3.35% for the quarter ended June 30, 2025.

Total noninterest income increased $230,000 during the second quarter of 2025 to $2.1 million. An increase of $161,000 in mortgage banking income during the quarter accounted for the majority of the change.

Noninterest expenses decreased $776,000 to $8.2 million for the second quarter of 2025, compared to $9.0 million for the first quarter of 2025, and decreased $202,000 from $8.4 million for the second quarter of 2024. On a linked quarter basis, salary and benefits expense decreased $474,000 as the first quarter results reflected an increase in variable commercial sales incentive expense. Occupancy and facilities costs decreased $67,000, data processing and other office operation expenses decreased $12,000, a gain on the sale of foreclosed real estate was $58,000 and various other noninterest expenses decreased $225,000 during the second quarter ended June 30, 2025. Partially offsetting the expense reductions was an increase in advertising and promotion expenses of $60,000.

Income taxes increased $279,000 during the second quarter to $752,000, from $473,000 one quarter earlier on higher income levels. The effective tax rate for the quarter ended June 30, 2025, was 16.6% compared to 15.6% for the first quarter ended March 31, 2025.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.


PSB Holdings, Inc.
Consolidated Balance Sheets
June 30, and March 31, 2025, September 30, and June 30, 2024, unaudited, December 31, 2024 derived from audited financial statements

	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(dollars in thousands, except per share data)		2025			2025			2024			2024			2024

Assets

Cash and due from banks	$	23,022		$	19,628		$	21,414		$	23,554		$	16,475
Interest-bearing deposits		2,890			702			3,724			5,126			251
Federal funds sold		31,624			2,351			15,360			58,434			69,249

Cash and cash equivalents		57,536			22,681			40,498			87,114			85,975
Securities available for sale (at fair value)		184,320			182,594			189,086			174,911			165,177
Securities held to maturity (fair values of $75,016, $77,375, $79,654, $82,389 and $79,993 respectively)		83,123			85,373			86,748			86,847			86,825
Equity securities		2,885			2,847			2,782			1,752			1,661
Loans held for sale		349			734			217			–			2,268
Loans receivable, net (allowance for credit losses of $12,553, $12,392, $12,342, $12,598 and $12,597 respectively)		1,109,296			1,096,422			1,078,204			1,057,974			1,074,844
Accrued interest receivable		5,006			5,184			5,042			4,837			5,046
Foreclosed assets		–			300			–			–			–
Premises and equipment, net		13,397			13,522			13,805			14,065			14,048
Mortgage servicing rights, net		1,684			1,717			1,742			1,727			1,688
Federal Home Loan Bank stock (at cost)		9,297			8,825			8,825			8,825			8,825
Cash surrender value of bank-owned life insurance		25,067			24,897			24,732			24,565			24,401
Core deposit intangible		330			353			195			212			229
Goodwill		3,495			3,495			2,541			2,541			2,541
Other assets		10,832			10,828			11,539			10,598			12,111

TOTAL ASSETS	$	1,506,617		$	1,459,772		$	1,465,956		$	1,475,968		$	1,485,639

Liabilities

Non-interest-bearing deposits	$	277,239		$	245,672		$	259,515		$	265,078		$	250,435
Interest-bearing deposits		900,303			884,364			887,834			874,035			901,886

Total deposits		1,177,542			1,130,036			1,147,349			1,139,113			1,152,321

Federal Home Loan Bank advances		165,950			170,250			162,250			181,250			184,900
Other borrowings		6,250			6,343			6,872			6,128			5,775
Senior subordinated notes		4,784			4,783			4,781			4,779			4,778
Junior subordinated debentures		13,075			13,049			13,023			12,998			12,972
Allowance for credit losses on unfunded commitments		622			672			672			477			477
Accrued expenses and other liabilities		15,118			13,554			14,723			12,850			13,069

Total liabilities		1,383,341			1,338,687			1,349,670			1,357,595			1,374,292

Stockholders’ equity

Preferred stock – no par value:
Authorized – 30,000 shares; Issued – 7,200 shares
Outstanding – 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock – no par value with a stated value of $1.00 per share:
Authorized – 18,000,000 shares; Issued – 5,490,798 shares
Outstanding – 4,041,573, 4,084,708, 4,092,977, 4,105,594 and 4,128,382 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,659			8,608			8,610			8,567			8,527
Retained earnings		144,548			142,277			139,838			138,142			135,276
Accumulated other comprehensive income (loss), net of tax		(15,764	)		(16,692	)		(19,314	)		(15,814	)		(20,503	)
Treasury stock, at cost – 1,449,225, 1,406,090, 1,397,821, 1,385,204 and 1,362,416 shares, respectively		(23,197	)		(22,138	)		(21,878	)		(21,552	)		(20,983	)

Total stockholders’ equity		123,276			121,085			116,286			118,373			111,347

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,506,617		$	1,459,772		$	1,465,956		$	1,475,968		$	1,485,639

PSB Holdings, Inc.
Consolidated Statements of Income

	Quarter Ended													Six Months Ended
(dollars in thousands,	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,		Jun. 30,		June
except per share data – unaudited)		2025			2025			2024			2024		2024		2025			2024

Interest and dividend income:
Loans, including fees	$	16,510		$	15,782		$	15,646		$	15,634	$	15,433	$	32,292		$	30,542
Securities:
Taxable		1,566			1,641			1,545			1,345		1,295		3,207			2,492
Tax-exempt		506			517			522			522		521		1,023			1,047
Other interest and dividends		332			345			948			699		265		677			608

Total interest and dividend income		18,914			18,285			18,661			18,200		17,514		37,199			34,689

Interest expense:
Deposits		5,934			5,884			6,027			5,905		5,838		11,818			11,920
FHLB advances		1,899			1,792			1,890			2,038		1,860		3,691			3,310
Other borrowings		48			47			57			57		58		95			118
Senior subordinated notes		58			59			59			59		58		117			117
Junior subordinated debentures		250			248			252			252		255		498			506

Total interest expense		8,189			8,030			8,285			8,311		8,069		16,219			15,971

Net interest income		10,725			10,255			10,376			9,889		9,445		20,980			18,718
Provision for credit losses		110			117			–			–		100		227			195

Net interest income after provision for credit losses		10,615			10,138			10,376			9,889		9,345		20,753			18,523

Noninterest income:
Service fees		366			358			362			367		350		724			686
Mortgage banking income		411			250			414			433		433		661			741
Investment and insurance sales commissions		335			326			226			230		222		799			343
Net loss on sale of securities		–			(1	)		(511	)		–		–		661			(495	)
Increase in cash surrender value of life insurance		170			163			166			165		159		(1	)		316
Other noninterest income		814			770			620			648		742		1,584			1,359

Total noninterest income		2,096			1,866			1,277			1,843		1,906		3,962			2,950

Noninterest expense:
Salaries and employee benefits		4,828			5,302			4,691			4,771		5,167		10,130			10,290
Occupancy and facilities		719			786			691			757		733		1,505			1,454
Loss (gain) on foreclosed assets		(58	)		–			–			1		–		(58	)		–
Data processing and other office operations		1,189			1,201			1,111			1,104		1,047		2,390			2,069
Advertising and promotion		189			129			141			164		171		318			300
Core deposit intangible amortization		23			23			17			17		20		46			44
Other noninterest expenses		1,303			1,528			1,351			1,337		1,257		2,831			2,563

Total noninterest expense		8,193			8,969			8,002			8,151		8,395		17,162			16,720

Income before provision for income taxes		4,518			3,035			3,651			3,581		2,856		7,553			4,753
Provision for income taxes		752			473			524			593		410		1,225			579

Net income	$	3,766		$	2,562		$	3,127		$	2,988	$	2,446	$	6,328		$	4,174
Preferred stock dividends declared	$	122		$	122		$	122		$	122	$	122	$	244		$	244

Net income available to common shareholders	$	3,644		$	2,440		$	3,005		$	2,866	$	2,324	$	6,084		$	3,930
Basic earnings per common share	$	0.90		$	0.60		$	0.73		$	0.69	$	0.56	$	1.49		$	0.95
Diluted earnings per common share	$	0.89		$	0.60		$	0.73		$	0.69	$	0.56	$	1.49		$	0.95

PSB Holdings, Inc.
Quarterly Financial Summary

(dollars in thousands, except per share data)	Quarter ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
Earnings and dividends:		2025			2025			2024			2024			2024

Interest income	$	18,914		$	18,285		$	18,661		$	18,200		$	17,514
Interest expense	$	8,189		$	8,030		$	8,285		$	8,311		$	8,069
Net interest income	$	10,725		$	10,255		$	10,376		$	9,889		$	9,445
Provision for credit losses	$	110		$	117		$	–		$	–		$	100
Other noninterest income	$	2,096		$	1,866		$	1,277		$	1,843		$	1,906
Other noninterest expense	$	8,193		$	8,969		$	8,002		$	8,151		$	8,395
Net income available to common shareholders	$	3,644		$	2,440		$	3,005		$	2,866		$	2,324

Basic earnings per common share (3)	$	0.90		$	0.60		$	0.73		$	0.69		$	0.56
Diluted earnings per common share (3)	$	0.89		$	0.60		$	0.73		$	0.69		$	0.56
Dividends declared per common share (3)	$	0.34		$	–		$	0.32		$	–		$	0.32
Tangible net book value per common share (4)	$	27.77		$	26.94		$	25.98		$	26.41		$	24.55

Semi-annual dividend payout ratio		22.58	%	n/a				23.27	%	n/a				33.61	%
Average common shares outstanding		4,070,721			4,088,824			4,094,360			4,132,218			4,139,456


Balance sheet – average balances:
Loans receivable, net of allowances for credit loss	$	1,111,004		$	1,091,533		$	1,064,619		$	1,066,795		$	1,088,013
Assets	$	1,480,851		$	1,462,862		$	1,479,812		$	1,445,613		$	1,433,749
Deposits	$	1,142,279		$	1,140,397		$	1,151,450		$	1,110,854		$	1,111,240
Stockholders’ equity	$	123,077		$	118,576		$	118,396		$	114,458		$	110,726


Performance ratios:
Return on average assets (1)		1.02	%		0.71	%		0.84	%		0.82	%		0.69	%
Return on average common stockholders’ equity (1)		12.61	%		8.88	%		10.75	%		10.63	%		9.03	%
Return on average tangible common stockholders’ equity (1)(4)		13.11	%		9.21	%		11.07	%		10.96	%		9.34	%
Net loan charge-offs to average loans (1)		0.00	%		0.02	%		0.02	%		0.00	%		0.00	%
Nonperforming loans to gross loans		1.39	%		1.15	%		0.95	%		0.97	%		1.15	%
Nonperforming assets to total assets		1.04	%		0.89	%		0.71	%		0.71	%		0.84	%
Allowance for credit losses to gross loans		1.12	%		1.12	%		1.13	%		1.18	%		1.16	%
Nonperforming assets to tangible equity plus the allowance for credit losses (4)		12.64	%		10.71	%		8.85	%		8.71	%		11.09	%
Net interest rate margin (1)(2)		3.09	%		3.03	%		2.96	%		2.90	%		2.84	%
Net interest rate spread (1)(2)		2.34	%		2.33	%		2.23	%		2.16	%		2.15	%
Service fee revenue as a percent of average demand deposits (1)		0.54	%		0.58	%		0.53	%		0.56	%		0.56	%
Noninterest income as a percent of gross revenue		9.98	%		9.26	%		6.40	%		9.20	%		9.81	%
Efficiency ratio (2)		63.00	%		72.88	%		67.59	%		68.43	%		72.52	%
Noninterest expenses to average assets (1)		2.22	%		2.49	%		2.15	%		2.24	%		2.35	%
Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets		9.31	%		9.22	%		9.08	%		9.06	%		9.03	%
Tangible equity to tangible assets (4)		7.95	%		8.05	%		7.76	%		7.85	%		7.32	%

Stock price information:

High	$	25.70		$	26.50		$	27.90		$	25.00		$	21.40
Low	$	23.65		$	25.60		$	25.00		$	20.30		$	19.75
Last trade value at quarter-end	$	23.89		$	25.70		$	26.50		$	25.00		$	20.40

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.

PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

	Quarter Ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(dollars in thousands – unaudited)		2025			2025			2024			2024			2024

Net income	$	3,766		$	2,562		$	3,127		$	2,988		$	2,446

Other comprehensive income, net of tax:

Unrealized gain (loss) on securities available for sale		972			2,551			(3,955	)		4,738			184

Reclassification adjustment for security loss included in net income		–			1			404			–			–

Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19		(35	)		–			(76	)		–			–

Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity		91			89			90			90			89

Unrealized gain (loss) on interest rate swap		(87	)		(6	)		65			(101	)		39

Reclassification adjustment of interest rate swap settlements included in earnings		(13	)		(13	)		(27	)		(38	)		(40	)


Other comprehensive income (loss)		928			2,622			(3,499	)		4,689			272

Comprehensive income (loss)	$	4,694		$	5,184		$	(372	)	$	7,677		$	2,718

PSB Holdings, Inc.
Nonperforming Assets as of:

	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
(dollars in thousands)		2025			2025			2024			2024			2024

Nonaccrual loans (excluding restructured loans)	$	15,333		$	12,404		$	10,109		$	10,116		$	12,184
Nonaccrual restructured loans		13			17			18			25			28
Restructured loans not on nonaccrual		295			280			286			292			299
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		15,641			12,701			10,413			10,433			12,511
Other real estate owned		–			300			–			–			–

Total nonperforming assets	$	15,641		$	13,001		$	10,413		$	10,433		$	12,511

Nonperforming loans as a % of gross loans receivable		1.39	%		1.15	%		0.95	%		0.97	%		1.15	%
Total nonperforming assets as a % of total assets		1.04	%		0.89	%		0.71	%		0.71	%		0.84	%
Allowance for credit losses as a % of nonperforming loans		80.26	%		97.57	%		118.52	%		120.75	%		100.69	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At June 30, 2025

(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreational facility	Nonaccrual		3,940			145
Real estate – Equipment dealership	Nonaccrual		2,708			560
Real estate – Non owner occupied rental properties	Nonaccrual		4,227			0
Real estate – Wood products	Nonaccrual		1,707			271


Total listed nonperforming assets		$	12,582		$	976
Total bank wide nonperforming assets		$	15,641		$	1,180
Listed assets as a % of total nonperforming assets			80	%		83	%

PSB Holdings, Inc.
Loan Composition by Collateral Type

Quarter-ended (dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024

Commercial:
Commercial and industrial	$	135,313		$	124,074		$	116,864		$	115,234		$	125,508
Agriculture		13,219			11,632			11,568			11,203			11,480
Municipal		12,805			12,878			15,733			12,596			11,190

Total Commercial		161,337			148,584			144,165			139,033			148,178

Commercial Real Estate:
Commercial real estate		566,526			562,901			551,641			541,577			544,171
Construction and development		77,905			87,080			79,377			60,952			70,540

Total Commercial Real Estate		644,431			649,981			631,018			602,529			614,711

Residential real estate:
Residential		266,203			268,490			271,643			269,954			270,944
Construction and development		31,439			26,884			28,959			34,655			36,129
HELOC		39,425			38,364			36,887			36,734			33,838

Total Residential Real Estate		337,067			333,738			337,489			341,343			340,911

Consumer installment		4,886			4,683			5,060			4,770			4,423

Subtotals – Gross loans		1,147,721			1,136,986			1,117,732			1,087,675			1,108,223
Loans in process of disbursement		(26,496	)		(28,752	)		(27,791	)		(17,836	)		(21,484	)

Subtotals – Disbursed loans		1,121,225			1,108,234			1,089,941			1,069,839			1,086,739
Net deferred loan costs		624			580			605			733			702
Allowance for credit losses		(12,553	)		(12,392	)		(12,342	)		(12,598	)		(12,597	)

Total loans receivable	$	1,109,296		$	1,096,422		$	1,078,204		$	1,057,974		$	1,074,844

PSB Holdings, Inc.
Selected Commercial Real Estate Loans by Purpose

	Jun 30,				Mar 31,				Dec 31,				Sept 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	145,523	14.0	%	$	143,674	13.9	%	$	140,087	14.0	%	$	140,307	14.7	%	$	146,873	15.2	%
Industrial and Warehousing		105,256	10.2			109,366	10.6			103,794	10.4			96,995	10.2			96,286	9.6
Retail		29,407	2.8			29,285	2.8			23,438	2.3			25,263	2.7			26,154	2.7
Hotels		25,299	2.4			25,719	2.5			25,892	2.6			26,057	2.7			29,035	3.0
Office		7,131	0.7			7,254	0.7			6,234	0.6			6,378	0.7			6,518	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	225,916	19.2	%	$	206,562	18.3	%	$	204,167	17.8	%	$	210,534	18.5	%	$	202,343	17.5	%
Interest-bearing demand and savings		304,779	25.9	%		314,957	27.9	%		315,900	27.6	%		305,631	26.8	%		304,392	26.5	%
Money market deposits		113,161	9.6	%		118,047	10.4	%		141,024	12.3	%		138,376	12.2	%		137,637	12.0	%
Retail and local time deposits <= $250		165,368	14.0	%		158,066	14.0	%		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%

Total core deposits		809,224	68.7	%		797,632	70.6	%		816,190	71.2	%		810,529	71.2	%		793,670	69.0	%
Retail and local time deposits > $250		28,000	2.4	%		26,750	2.3	%		25,500	2.2	%		23,500	2.1	%		22,500	2.0	%
Broker & national time deposits <= $250		748	0.1	%		1,241	0.1	%		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%
Broker & national time deposits > $250		65,917	5.6	%		79,090	7.0	%		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%

Totals	$	903,889	76.8	%	$	904,713	80.0	%	$	899,095	78.4	%	$	891,434	78.3	%	$	873,988	76.0	%


PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	51,323	4.4	%	$	39,110	3.5	%	$	55,348	4.8	%	$	54,544	4.8	%	$	48,092	4.1	%
Interest-bearing demand and savings		17,983	1.5	%		17,262	1.5	%		20,934	1.8	%		18,317	1.6	%		32,674	2.8	%
Money market deposits		157,998	13.4	%		150,222	13.3	%		153,334	13.4	%		157,489	13.8	%		177,954	15.4	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		227,304	19.3	%		206,594	18.3	%		229,616	20.0	%		230,350	20.2	%		258,720	22.3	%
Retail and local time deposits > $250		46,349	3.9	%		18,729	1.7	%		18,638	1.6	%		17,329	1.5	%		19,613	1.7	%
Broker & national time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%
Broker & national time deposits > $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Totals	$	273,653	23.2	%	$	225,323	20.0	%	$	248,254	21.6	%	$	247,679	21.7	%	$	278,333	24.0	%


PSB Holdings, Inc.
Deposit Composition

Total Deposits	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	277,239	23.6	%	$	245,672	21.7	%	$	259,515	22.6	%	$	265,078	23.3	%	$	250,435	21.6	%
Interest-bearing demand and savings		322,762	27.4	%		332,219	29.4	%		336,834	29.4	%		323,948	28.4	%		337,066	29.3	%
Money market deposits		271,159	23.0	%		268,269	23.7	%		294,358	25.7	%		295,865	26.0	%		315,591	27.4	%
Retail and local time deposits <= $250		165,368	14.0	%		158,066	14.1	%		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%

Total core deposits		1,036,528	88.0	%		1,004,226	88.9	%		1,045,806	91.2	%		1,040,879	91.4	%		1,052,390	91.3	%
Retail and local time deposits > $250		74,349	6.3	%		45,479	4.0	%		44,138	3.8	%		40,829	3.6	%		42,113	3.7	%
Broker & national time deposits <= $250		748	0.1	%		1,241	0.1	%		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%
Broker & national time deposits > $250		65,917	5.6	%		79,090	7.0	%		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%

Totals	$	1,177,542	100.0	%	$	1,130,036	100.0	%	$	1,147,349	100.0	%	$	1,139,113	100.0	%	$	1,152,321	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Quarter ended June 30, 2025							Quarter ended March 31, 2025							Quarter ended June 30, 2024
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,123,460		$	16,558	5.91	%	$	1,103,895		$	15,830	5.82	%	$	1,100,518		$	15,520	5.67	%
Taxable securities		193,926			1,566	3.24	%		198,426			1,641	3.35	%		172,563			1,295	3.02	%
Tax-exempt securities (2)		76,774			641	3.35	%		79,282			654	3.35	%		79,564			659	3.33	%
FHLB stock		9,189			166	7.25	%		8,825			241	11.08	%		7,931			182	9.23	%
Other		14,571			166	4.57	%		8,960			104	4.71	%		8,241			83	4.05	%

Total (2)		1,417,920			19,097	5.40	%		1,399,388			18,470	5.35	%		1,368,817			17,739	5.21	%

Non-interest-earning assets:
Cash and due from banks		15,498							16,292							17,345
Premises and equipment, net		13,527							13,728							13,930
Cash surrender value ins		24,960							24,795							24,297
Other assets		21,402							21,021							21,865
Allowance for credit losses		(12,456	)						(12,362	)						(12,505	)

Total	$	1,480,851						$	1,462,862						$	1,433,749

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand deposits	$	315,978		$	1,450	1.84	%	$	339,909		$	1,567	1.87	%	$	331,740		$	1,467	1.78	%
Money market deposits		262,015			1,572	2.41	%		280,396			1,685	2.44	%		271,336			1,835	2.72	%
Time deposits		294,750			2,912	3.96	%		268,821			2,632	3.97	%		257,006			2,536	3.97	%
FHLB borrowings		173,080			1,899	4.40	%		164,968			1,792	4.41	%		174,596			1,860	4.28	%
Other borrowings		8,843			48	2.18	%		6,321			47	3.02	%		6,870			58	3.40	%
Senior sub notes		4,784			58	4.86	%		4,782			59	5.00	%		4,777			58	4.88	%
Junior sub. debentures		13,062			250	7.68	%		13,036			248	7.72	%		12,960			255	7.91	%

Total		1,072,512			8,189	3.06	%		1,078,233			8,030	3.02	%		1,059,285			8,069	3.06	%

Non-interest-bearing liabilities:
Demand deposits		269,536							251,271							251,158
Other liabilities		15,726							14,782							12,580
Stockholders’ equity		123,077							118,576							110,726

Total	$	1,480,851						$	1,462,862						$	1,433,749

Net interest income				$	10,908						$	10,440						$	9,670
Rate spread						2.34	%						2.33	%						2.15	%
Net yield on interest-earning assets						3.09	%						3.03	%						2.84	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Six months ended June 30, 2025							Six months ended June 30, 2024
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,113,731		$	32,388	5.86	%	$	1,097,419		$	30,719	5.63	%
Taxable securities		196,162			3,207	3.30	%		172,176			2,492	2.91	%
Tax-exempt securities (2)		78,021			1,295	3.35	%		79,999			1,325	3.33	%
FHLB stock		9,008			407	9.11	%		7,215			347	9.67	%
Other		11,790			270	4.62	%		10,562			261	4.97	%

Total (2)		1,408,712			37,567	5.38	%		1,367,371			35,144	5.17	%

Non-interest-earning assets:
Cash and due from banks		15,893							17,356
Premises and equipment, net		13,627							13,557
Cash surrender value ins		24,878							24,221
Other assets		21,215							21,534
Allowance for credit losses		(12,409	)						(12,445	)

Total	$	1,471,916						$	1,431,594

Liabilities & stockholders’ equity Interest-bearing liabilities:
Savings and demand deposits	$	327,878		$	3,017	1.86	%	$	341,119		$	3,139	1.85	%
Money market deposits		270,785			3,257	2.43	%		272,591			3,732	2.75	%
Time deposits		281,857			5,544	3.97	%		260,832			5,049	3.89	%
FHLB borrowings		169,046			3,691	4.40	%		158,761			3,310	4.19	%
Other borrowings		7,589			95	2.52	%		7,712			118	3.08	%
Senior sub. notes		4,783			117	4.93	%		4,776			117	4.93	%
Junior sub. debentures		13,049			498	7.70	%		12,947			506	7.86	%

Total		1,074,987			16,219	3.04	%		1,058,738			15,971	3.03	%

Non-interest-bearing liabilities:
Demand deposits		260,522							249,909
Other liabilities		15,492							12,881
Stockholders’ equity		120,915							110,066

Total	$	1,471,916						$	1,431,594

Net interest income				$	21,348						$	19,173
Rate spread						2.34	%						2.14	%
Net yield on interest-earning assets						3.06	%						2.82	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com

MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Second Quarter of the Year Ending December 31, 2025 and Declaration of a Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

ASHEVILLE, N.C., July 22, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NYSE: HTB) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the second quarter of the year ending December 31, 2025 and approval of its quarterly cash dividend.

For the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025:

net income was $17.2 million compared to $14.5 million;
diluted earnings per share (“EPS”) were $1.00 compared to $0.84;
annualized return on assets (“ROA”) was 1.58% compared to 1.33%;
annualized return on equity (“ROE”) was 11.97% compared to 10.52%;
net interest margin was 4.32% compared to 4.18%;
provision for credit losses was $1.3 million compared to $1.5 million;
gain on the sale of our two Knoxville, Tennessee branches was $1.4 million compared to $0;
quarterly cash dividends continued at $0.12 per share totaling $2.1 million for both periods; and
78,412 shares of Company common stock were repurchased during the current quarter at an average price of $35.74 compared to 14,800 shares repurchased at an average price of $33.64 in the prior quarter.

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024:

net income was $31.7 million compared to $27.5 million;
diluted EPS were $1.84 compared to $1.61;
annualized ROA was 1.46% compared to 1.25%;
annualized ROE was 11.26% compared to 10.73%;
net interest margin was 4.25% compared to 4.08%;
provision for credit losses was $2.8 million compared to $5.4 million;
tax-free death benefit proceeds from life insurance were $0 compared to $1.1 million;
cash dividends of $0.24 per share totaling $4.1 million compared to $0.22 per share totaling $3.7 million; and
93,212 shares of Company common stock were repurchased during the six months at an average price of $35.41 compared to 23,483 shares repurchased at an average price of $27.48 in the same period last year.

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on August 28, 2025 to shareholders of record as of the close of business on August 14, 2025.

“Given the current economic uncertainty, we are pleased to report another quarter of strong financial results,” said C. Hunter Westbrook, President and Chief Executive Officer. “These results reflect HTB’s commitment to remain nimble and be prudent balance sheet managers. Our earnings story over recent quarters has primarily been driven by our top quartile net interest margin, which expanded to 4.32% this quarter, and our ability to limit growth in our expense base.

“HTB previously set a goal to be a consistently high-performing regional community bank that is a regionally and nationally recognized ‘Best Place to Work.’ As a result of this strong financial performance, for the second year in a row, the Company was named one of Forbes’ America’s Best Banks for 2025 and recognized as a Top 50 Community Bank in the 2024 S&P Global Market Intelligence annual rankings, awards based on the overall financial performance and strength of financial institutions. The Company was also recently included in the coveted 2025 KBW Bank Honor Roll, a distinction granted to only 5% of eligible banks based on their best-in-class earnings growth over the past ten years. Over the last year, HTB has been recognized as a best place to work in all five states we serve as well as nationally by Newsweek and American Banker.

“Lastly, during the quarter we completed the previously announced sale of our two Knoxville, Tennessee branches. This transaction reflects our efforts to tighten our geographic footprint, improve our branch efficiencies, and allow us to better allocate capital to support long-term growth in other core markets.”

WEBSITE: WWW.HTB.COM

Comparison of Results of Operations for the Three Months Ended June 30, 2025 and March 31, 2025
Net Income. Net income totaled $17.2 million, or $1.00 per diluted share, for the three months ended June 30, 2025 compared to $14.5 million, or $0.84 per diluted share, for the three months ended March 31, 2025, an increase of $2.7 million, or 18.4%. Results for the three months ended June 30, 2025 benefited from a $1.3 million increase in net interest income and a $2.1 million increase in noninterest income due to a $1.4 million gain on the sale of two branch locations. Details of the changes in the various components of net income are further discussed below.

Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

	Three Months Ended
	June 30, 2025							March 31, 2025
(Dollars in thousands)	Average Balance Outstanding			Interest Earned / Paid		Yield / Rate		Average Balance Outstanding			Interest Earned / Paid		Yield / Rate
Assets
Interest-earning assets
Loans receivable⁽¹⁾	$	3,804,502		$	60,440	6.37	%	$	3,802,003		$	58,613	6.25	%
Debt securities available for sale		149,611			1,658	4.45			152,659			1,787	4.75
Other interest-earning assets⁽²⁾		149,175			1,543	4.15			206,242			3,235	6.36
Total interest-earning assets		4,103,288			63,641	6.22			4,160,904			63,635	6.20
Other assets		263,603							266,141
Total assets	$	4,366,891						$	4,427,045
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts	$	563,817		$	1,251	0.89	%	$	573,316		$	1,324	0.94	%
Money market accounts		1,329,973			9,004	2.72			1,345,575			9,177	2.77
Savings accounts		182,340			37	0.08			183,354			38	0.08
Certificate accounts		868,321			8,564	3.96			951,715			9,824	4.19
Total interest-bearing deposits		2,944,451			18,856	2.57			3,053,960			20,363	2.70
Junior subordinated debt		10,154			206	8.14			10,129			205	8.21
Borrowings		31,154			350	4.51			12,301			160	5.28
Total interest-bearing liabilities		2,985,759			19,412	2.61			3,076,390			20,728	2.73
Noninterest-bearing deposits		744,585							719,522
Other liabilities		59,973							70,821
Total liabilities		3,790,317							3,866,733
Stockholders’ equity		576,574							560,312
Total liabilities and stockholders’ equity	$	4,366,891						$	4,427,045
Net earning assets	$	1,117,529						$	1,084,514
Average interest-earning assets to average interest-bearing liabilities		137.43	%						135.25	%
Non-tax-equivalent
Net interest income				$	44,229						$	42,907
Interest rate spread						3.61	%						3.47	%
Net interest margin⁽³⁾						4.32	%						4.18	%
Tax-equivalent⁽⁴⁾
Net interest income				$	44,660						$	43,325
Interest rate spread						3.65	%						3.51	%
Net interest margin⁽³⁾						4.37	%						4.22	%

^{(1)  Average loans receivable balances include loans held for sale and nonaccruing loans.}
^{(2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.}
^{(3)  Net interest income divided by average interest-earning assets.}
^{(4)  Tax-equivalent results include adjustments to interest income of $431 and $418 for the three months ended June 30, 2025 and March 31, 2025, respectively, calculated based on a combined federal and state tax rate of 24%.}

Total interest and dividend income for the three months ended June 30, 2025 did not vary significantly when compared to the three months ended March 31, 2025. Regarding the components of this income, loan interest income increased $1.8 million, or 3.1%, primarily due to an increase in yield on loans and an additional day in the current quarter, which was offset by a $1.7 million, or 52.3%, decrease in other investments and interest-bearing deposits income, mainly due to a $1.0 million, or 78.9%, decrease in SBIC investment income where significant investment appreciation was recognized in the prior quarter. Accretion income on acquired loans of $1.0 million and $322,000 was recognized during the same periods, respectively, and was included in interest income on loans.

Total interest expense for the three months ended June 30, 2025 decreased $1.3 million, or 6.3%, compared to the three months ended March 31, 2025. The decrease was primarily the result of a decline in the average balance of certificate accounts, specifically brokered deposits, and a decline in the average cost of funds across funding categories.

The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

	Increase / (Decrease) Due to						Total Increase / (Decrease)
(Dollars in thousands)	Volume			Rate			Total Increase / (Decrease)
Interest-earning assets
Loans receivable	$	703		$	1,124		$	1,827
Debt securities available for sale		(17	)		(112	)		(129	)
Other interest-earning assets		(878	)		(814	)		(1,692	)
Total interest-earning assets		(192	)		198			6
Interest-bearing liabilities
Interest-bearing checking accounts		(8	)		(65	)		(73	)
Money market accounts		(7	)		(166	)		(173	)
Savings accounts		—			(1	)		(1	)
Certificate accounts		(767	)		(493	)		(1,260	)
Junior subordinated debt		3			(2	)		1
Borrowings		249			(59	)		190
Total interest-bearing liabilities		(530	)		(786	)		(1,316	)
Increase in net interest income							$	1,322

Provision for Credit Losses. The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

The following table presents a breakdown of the components of the provision for credit losses:

	Three Months Ended
(Dollars in thousands)	June 30, 2025			March 31, 2025		$ Change			% Change
Provision for credit losses
Loans	$	1,385		$	800	$	585		73	%
Off-balance-sheet credit exposure		(82	)		740		(822	)	(111	)
Total provision for credit losses	$	1,303		$	1,540	$	(237	)	(15	)%

For the quarter ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.0 million during the quarter:

$0.3 million benefit driven by changes in the loan mix.
$1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
$1.3 million increase in specific reserves on individually evaluated loans.

For the quarter ended March 31, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $1.3 million during the quarter:

$0.6 million benefit driven by changes in the loan mix.
A slight improvement in the projected economic forecast, specifically the national unemployment rate, was offset by changes in qualitative adjustments.
$0.1 million increase in specific reserves on individually evaluated loans.

For the quarter ended June 30, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments offset by changes in the projected economic forecast and qualitative allocation as outlined above. For the quarter ended March 31, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments and changes in the loan mix and projected economic forecast as outlined above.

Noninterest Income. Noninterest income for the three months ended June 30, 2025 increased $2.1 million, or 26.5%, when compared to the quarter ended March 31, 2025. Changes in the components of noninterest income are discussed below:

	Three Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Noninterest income
Service charges and fees on deposit accounts	$	2,502	$	2,244	$	258		11	%
Loan income and fees		548		721		(173	)	(24	)
Gain on sale of loans held for sale		2,109		1,908		201		11
Bank owned life insurance (“BOLI”) income		852		842		10		1
Operating lease income		1,876		1,379		497		36
Gain on sale of branches		1,448		—		1,448		100
Gain on sale of premises and equipment		28		—		28		100
Other		794		933		(139	)	(15	)
Total noninterest income	$	10,157	$	8,027	$	2,130		27	%

Gain on sale of loans held for sale: The increase was primarily driven by sales of the guaranteed portion of SBA commercial loans during the period. There were $7.3 million in sales of the guaranteed portion of SBA commercial loans with gains of $570,000 for the current quarter compared to $4.6 million sold and gains of $366,000 for the prior quarter. There were $108.8 million of HELOCs originated for sale which were sold during the current quarter with gains of $954,000 compared to $89.4 million sold with gains of $1.1 million in the prior quarter. There were $30.3 million of residential mortgage loans sold for gains of $558,000 during the current quarter compared to $18.8 million sold with gains of $473,000 in the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $27,000 for the current quarter compared to a net gain of $13,000 for the prior quarter.
Operating lease income: The increase was primarily the result of a reduction in losses recognized on the sale of previously leased equipment. We recognized net losses of $358,000 and $745,000 during the three months ended June 30, 2025 and March 31, 2025, respectively.
Gain on sale of branches: On May 23, 2025, we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million. The gain was primarily the result of a premium received on the deposits assumed by the purchasing institution, partially offset by expenses associated with the transaction.

Noninterest Expense. Noninterest expense for the three months ended June 30, 2025 increased $294,000, or 0.9%, when compared to the three months ended March 31, 2025. Changes in the components of noninterest expense are discussed below:

	Three Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Noninterest expense
Salaries and employee benefits	$	18,208	$	17,699	$	509		3	%
Occupancy expense, net		2,375		2,511		(136	)	(5	)
Computer services		2,488		2,805		(317	)	(11	)
Operating lease depreciation expense		1,789		1,868		(79	)	(4	)
Telephone, postage and supplies		561		546		15		3
Marketing and advertising		442		452		(10	)	(2	)
Deposit insurance premiums		473		511		(38	)	(7	)
Core deposit intangible amortization		411		515		(104	)	(20	)
Other		4,508		4,054		454		11
Total noninterest expense	$	31,255	$	30,961	$	294		1	%

Computer services: At the end of the prior calendar year, we finalized the multiyear renewal of our largest core processing contract. The decrease in expense quarter-over-quarter is a reflection of the improved vendor pricing negotiated through this effort.
Other: The change was driven by an increase in loan workout expenses in addition to smaller increases across several other expense categories.

Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended June 30, 2025 and March 31, 2025 were 21.2% and 21.1%, respectively.

Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024
Net Income. Net income totaled $31.7 million, or $1.84 per diluted share, for the six months ended June 30, 2025 compared to $27.5 million, or $1.61 per diluted share, for the six months ended June 30, 2024, an increase of $4.3 million, or 15.5%. The results for the six months ended June 30, 2025 were positively impacted by a $3.2 million increase in net interest income, a decrease of $2.6 million in the provision for credit losses, a $1.3 million increase in noninterest income, partially offset by a $1.6 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.

Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

	Six Months Ended
	June 30, 2025							June 30, 2024
(Dollars in thousands)	Average Balance Outstanding			Interest Earned / Paid		Yield / Rate		Average Balance Outstanding			Interest Earned / Paid		Yield / Rate
Assets
Interest-earning assets
Loans receivable⁽¹⁾	$	3,803,259		$	119,053	6.31	%	$	3,874,740		$	122,113	6.34	%
Debt securities available for sale		151,127			3,445	4.60			130,510			2,808	4.33
Other interest-earning assets⁽²⁾		177,551			4,778	5.43			135,936			3,848	5.69
Total interest-earning assets		4,131,937			127,276	6.21			4,141,186			128,769	6.25
Other assets		264,865							282,550
Total assets	$	4,396,802						$	4,423,736
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts	$	568,540		$	2,575	0.91	%	$	588,567		$	2,870	0.98	%
Money market accounts		1,337,731			18,180	2.74			1,289,758			19,340	3.02
Savings accounts		182,844			75	0.08			189,887			84	0.09
Certificate accounts		909,787			18,389	4.08			895,242			19,162	4.30
Total interest-bearing deposits		2,998,902			39,219	2.64			2,963,454			41,456	2.81
Junior subordinated debt		10,142			411	8.17			10,042			470	9.41
Borrowings		21,780			510	4.72			95,235			2,902	6.13
Total interest-bearing liabilities		3,030,824			40,140	2.67			3,068,731			44,828	2.94
Noninterest-bearing deposits		732,123							789,565
Other liabilities		65,367							50,224
Total liabilities		3,828,314							3,908,520
Stockholders’ equity		568,488							515,216
Total liabilities and stockholders’ equity	$	4,396,802						$	4,423,736
Net earning assets	$	1,101,113						$	1,072,455
Average interest-earning assets to average interest-bearing liabilities		136.33	%						134.95	%
Non-tax-equivalent
Net interest income				$	87,136						$	83,941
Interest rate spread						3.54	%						3.31	%
Net interest margin⁽³⁾						4.25	%						4.08	%
Tax-equivalent⁽⁴⁾
Net interest income				$	87,985						$	84,645
Interest rate spread						3.58	%						3.35	%
Net interest margin⁽³⁾						4.29	%						4.11	%

^{(1)  Average loans receivable balances include loans held for sale and nonaccruing loans.}
^{(2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.}
^{(3)  Net interest income divided by average interest-earning assets.}
^{(4)  Tax-equivalent results include adjustments to interest income of $849 and $704 for the six months ended June 30, 2025 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.}

Total interest and dividend income for the six months ended June 30, 2025 decreased $1.5 million, or 1.2%, compared to the six months ended June 30, 2024, which was driven by a $3.1 million, or 2.5%, decrease in interest income on loans, partially offset by a combined $1.6 million, or 23.5%, increase in interest income on debt securities available for sale and other interest-bearing assets. Accretion income on acquired loans of $1.3 million and $1.4 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall decrease in average yield on interest-earning assets was mainly the result of a decline in average balances, specifically for the loan portfolio where we continue to be focused on prudent loan growth.

Total interest expense for the six months ended June 30, 2025 decreased $4.7 million, or 10.5%, compared to the six months ended June 30, 2024. The change was primarily the result of a decrease in the average balance of borrowings in addition to the cost of funds across all funding sources.

The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

	Increase / (Decrease) Due to						Total Increase / (Decrease)
(Dollars in thousands)	Volume			Rate			Total Increase / (Decrease)
Interest-earning assets
Loans receivable	$	(2,583	)	$	(477	)	$	(3,060	)
Debt securities available for sale		434			203			637
Other interest-earning assets		1,165			(235	)		930
Total interest-earning assets		(984	)		(509	)		(1,493	)
Interest-bearing liabilities
Interest-bearing checking accounts		(105	)		(190	)		(295	)
Money market accounts		669			(1,829	)		(1,160	)
Savings accounts		(3	)		(6	)		(9	)
Certificate accounts		260			(1,033	)		(773	)
Junior subordinated debt		4			(63	)		(59	)
Borrowings		(2,240	)		(152	)		(2,392	)
Total interest-bearing liabilities		(1,415	)		(3,273	)		(4,688	)
Increase in net interest income							$	3,195

Provision for Credit Losses. The following table presents a breakdown of the components of the provision for credit losses:

	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024			$ Change			% Change
Provision for credit losses
Loans	$	2,185	$	5,445		$	(3,260	)	(60	)%
Off-balance-sheet credit exposure		658		(20	)		678		3,390
Total provision for credit losses	$	2,843	$	5,425		$	(2,582	)	(48	)%

For the six months ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $3.3 million during the period.

$0.9 million benefit driven by changes in the loan mix.
$1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
$1.4 million increase in specific reserves on individually evaluated loans.

For the six months ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $4.9 million during the period:

$1.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
$1.8 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.1 million to $16.3 million during the six month period, concentrated in the equipment finance and SBA portfolios.

For the six months ended June 30, 2025 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

Noninterest Income. Noninterest income for the six months ended June 30, 2025 increased $1.3 million, or 7.4%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024			$ Change			% Change
Noninterest income
Service charges and fees on deposit accounts	$	4,746	$	4,503		$	243		5	%
Loan income and fees		1,269		1,325			(56	)	(4	)
Gain on sale of loans held for sale		4,017		3,285			732		22
BOLI income		1,694		2,642			(948	)	(36	)
Operating lease income		3,255		3,450			(195	)	(6	)
Gain on sale of branches		1,448		—			1,448		100
Gain (loss) on sale of premises and equipment		28		(9	)		37		411
Other		1,727		1,728			(1	)	—
Total noninterest income	$	18,184	$	16,924		$	1,260		7	%

Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by HELOCs and residential mortgage loans sold during the period. During the six months ended June 30, 2025, there were $198.2 million of HELOCs sold during the current period for gains of $2.0 million compared to $40.7 million sold and gains of $473,000 for the corresponding period in the prior year. There were $49.1 million of residential mortgage loans originated for sale which were sold with gains of $1.0 million compared to $36.6 million sold with gains of $667,000 for the corresponding period in the prior year. There were $11.9 million of sales of the guaranteed portion of SBA commercial loans with gains of $936,000 compared to $25.6 million sold and gains of $2.1 million for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $40,000 for the six months ended June 30, 2025 versus a net loss of $3,000 for the six months ended June 30, 2024.
BOLI income: The decrease was due to $1.1 million in tax-free gains on death benefit proceeds in excess of the cash surrender value of the policies recognized in the prior period, partially offset by higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
Gain on sale of branches: As discussed earlier, during the current period we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million in the current period.

Noninterest Expense. Noninterest expense for the six months ended June 30, 2025 increased $2.1 million, or 3.6%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024		$ Change			% Change
Noninterest expense
Salaries and employee benefits	$	35,907	$	33,584	$	2,323		7	%
Occupancy expense, net		4,886		4,856		30		1
Computer services		5,293		6,204		(911	)	(15	)
Operating lease depreciation expense		3,657		3,565		92		3
Telephone, postage and supplies		1,107		1,165		(58	)	(5	)
Marketing and advertising		894		1,251		(357	)	(29	)
Deposit insurance premiums		984		1,085		(101	)	(9	)
Core deposit intangible amortization		926		1,329		(403	)	(30	)
Other		8,562		7,580		982		13
Total noninterest expense	$	62,216	$	60,619	$	1,597		3	%

Salaries and employee benefits: The increase was primarily the result of increases in both pay and incentive compensation.
Computer services: As discussed earlier, the decrease in expense year-over-year is a reflection of the improved vendor pricing associated with the multiyear renewal of our largest core processing contract.
Marketing and advertising: The decrease was the result of a reduction in spending in the six months ended June 30, 2025 when compared to the same period of the prior year, as we re-evaluated our marketing strategy for future periods.
Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
Other: The increase period-over-period was driven by increases of $274,000 in losses on the sale repossessed equipment, $234,000 in community association banking deposit line of business referral fees, and $224,000 in consulting fees.

Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate was 21.1% for both the six months ended June 30, 2025 and June 30, 2024.

Balance Sheet Review
Total assets decreased by $17.4 million to $4.6 billion and total liabilities decreased by $44.9 million to $4.0 billion, respectively, at June 30, 2025 as compared to December 31, 2024. These changes can be traced to the use of the proceeds of both loan sales and the maturities of debt securities and certificates of deposit to fund loan growth. Total deposits declined by $113.0 million over the same period. The decrease was mainly the result of a reduction in brokered deposits of $96.5 million and $34.3 million of deposits which were assumed by the purchaser of our two Knoxville, Tennessee branches. Borrowings increased by $77.0 million to provide additional liquidity.

Stockholders’ equity increased $27.5 million to $579.3 million at June 30, 2025 as compared to December 31, 2024. Activity within stockholders’ equity included $31.8 million in net income and $2.2 million in stock-based compensation and stock option exercises, partially offset by $4.1 million in cash dividends declared and $3.3 million in stock repurchases. In addition, accumulated other comprehensive income improved by $1.4 million due to a reduction in the unrealized loss on available for sale securities due to changes in market interest rates.

As of June 30, 2025, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

Asset Quality
The ACL on loans was $44.1 million, or 1.20% of total loans, at June 30, 2025 compared to $45.3 million, or 1.24% of total loans, at December 31, 2024. The drivers of this change are discussed in the “Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024 – Provision for Credit Losses” section above.

Net loan charge-offs totaled $3.3 million for the six months ended June 30, 2025 compared to $4.9 million for the same period last year. Annualized net charge-offs as a percentage of average loans were 0.18% for the six months ended June 30, 2025 as compared to 0.25% for the six months ended June 30, 2024.

Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $2.5 million, or 8.9%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.0 million, or 0.61% of total assets, at March 31, 2025. Owner occupied commercial real estate (“CRE”) made up the largest portion of nonperforming assets at $8.9 million and $8.6 million, respectively, at these same dates. One relationship made up $5.0 million of the totals at both dates but no loss is anticipated. In addition, equipment finance loans made up $6.0 million and $5.1 million, respectively, at these same dates, concentrated in the transportation sector. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.74% at March 31, 2025.

Nonperforming assets increased by $1.7 million, or 6.1%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.8 million, or 0.63% of total assets, at December 31, 2024, with the composition of nonperforming assets remaining consistent between periods. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.76% at December 31, 2024.

Classified assets increased by $8.2 million, or 20.0%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $40.7 million, or 0.89% of total assets, at March 31, 2025. The drivers of the change were increases of $3.2 million in Equipment Finance loans, $2.3 million in commercial and industrial loans, and $1.6 million in owner-occupied CRE loans. Classified assets increased by $69,000, or 0.14%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $48.8 million, or 1.06% of total assets, at December 31, 2024. The largest portfolios of classified assets at June 30, 2025 included $14.5 million of owner-occupied CRE loans, $8.6 million of equipment finance loans, $6.5 million of both 1-4 family residential real estate and commercial and industrial loans, $5.4 million of HELOCs, and $4.7 million of non-owner occupied CRE loans.

Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, at the end of the prior calendar year we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals declined from $136.0 million at December 31, 2024 to $18.9 million at June 30, 2025. As stated earlier, after reassessing the remaining exposure and the sufficiency of the ACL in place, in the current quarter we released the $2.2 million qualitative allocation previously established for the storm upon our loan portfolio which had been established in the quarter ended September 30, 2024. To date, $27,000 in charge-offs have been recognized which were directly related to Hurricane Helene.

About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. (NYSE: HTB), headquartered in Asheville, North Carolina, is the holding company for HomeTrust Bank, a state-chartered community bank operating over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia. With total assets of $4.6 billion as of June 30, 2025, the Company’s goal is to continue to be recognized as a high-performing, regional community bank, while our strategy to reach that goal is to be a best place to work. As a reflection of these efforts, the Company has been named one of Bank Director’s “Best U.S. Banks,” one of Forbes’ “America’s Best Banks”, one of S&P Global’s “Top 50 Community Banks”, and named to the 2025 KBW Honor Roll. In addition, the Company has been recognized as one of American Banker’s “Best Banks to Work For”, received a “Most Loved Workplace” certification by Best Practices Institute, named as one of Best Companies Group’s “America’s Best Workplaces”, as well as being named a “Best Place to Work” in all five states in which the Company operates.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, natural disasters, including the lingering effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024⁽¹⁾			September 30, 2024			June 30, 2024
Assets
Cash	$	16,662		$	14,303		$	18,778		$	18,980		$	18,382
Interest-bearing deposits		280,547			285,522			260,441			274,497			275,808
Cash and cash equivalents		297,209			299,825			279,219			293,477			294,190
Certificates of deposit in other banks		23,319			25,806			28,538			29,290			32,131
Debt securities available for sale, at fair value		143,942			150,577			152,011			140,552			134,135
FHLB and FRB stock		15,263			13,602			13,630			18,384			19,637
SBIC investments, at cost		17,720			17,746			15,117			15,489			15,462
Loans held for sale, at fair value		1,106			2,175			4,144			2,968			1,614
Loans held for sale, at the lower of cost or fair value		169,835			151,164			202,018			189,722			224,976
Total loans, net of deferred loan fees and costs		3,671,951			3,648,609			3,648,299			3,698,892			3,701,454
Allowance for credit losses – loans		(44,139	)		(44,742	)		(45,285	)		(48,131	)		(49,223	)
Loans, net		3,627,812			3,603,867			3,603,014			3,650,761			3,652,231
Premises and equipment held for sale, at the lower of cost or fair value		616			8,240			616			616			616
Premises and equipment, net		62,706			62,347			69,872			69,603			69,880
Accrued interest receivable		16,554			18,269			18,336			17,523			18,412
Deferred income taxes, net		9,968			9,288			10,735			10,100			10,512
BOLI		92,576			91,715			90,868			90,021			89,176
Goodwill		34,111			34,111			34,111			34,111			34,111
Core deposit intangibles, net		5,670			6,080			6,595			7,162			7,730
Other assets		59,646			63,248			66,606			67,514			66,051
Total assets	$	4,578,053		$	4,558,060		$	4,595,430		$	4,637,293		$	4,670,864
Liabilities and stockholders’ equity
Liabilities
Deposits	$	3,666,178		$	3,736,360		$	3,779,203		$	3,761,588		$	3,707,779
Junior subordinated debt		10,170			10,145			10,120			10,096			10,070
Borrowings		265,000			177,000			188,000			260,013			364,513
Other liabilities		57,431			69,106			66,349			65,592			64,874
Total liabilities		3,998,779			3,992,611			4,043,672			4,097,289			4,147,236
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Common stock, $0.01 par value, 60,000,000 shares authorized⁽²⁾		175			176			175			175			175
Additional paid in capital		174,900			176,682			176,693			175,495			172,907
Retained earnings		408,178			393,026			380,541			368,383			357,147
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(3,703	)		(3,835	)		(3,966	)		(4,099	)		(4,232	)
Accumulated other comprehensive income (loss)		(276	)		(600	)		(1,685	)		50			(2,369	)
Total stockholders’ equity		579,274			565,449			551,758			540,004			523,628
Total liabilities and stockholders’ equity	$	4,578,053		$	4,558,060		$	4,595,430		$	4,637,293		$	4,670,864

^{(1) Derived from audited financial statements.}
^{(2) Shares of common stock issued and outstanding were 17,492,143 at June 30, 2025; 17,552,626 at March 31, 2025; 17,527,709 at December 31, 2024; 17,514,922 at September 30, 2024; and 17,437,326 at June 30, 2024.}

Consolidated Statements of Income (Unaudited)

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Interest and dividend income
Loans	$	60,440	$	58,613	$	119,053	$	122,113
Debt securities available for sale		1,658		1,787		3,445		2,808
Other investments and interest-bearing deposits		1,543		3,235		4,778		3,848
Total interest and dividend income		63,641		63,635		127,276		128,769
Interest expense
Deposits		18,856		20,363		39,219		41,456
Junior subordinated debt		206		205		411		470
Borrowings		350		160		510		2,902
Total interest expense		19,412		20,728		40,140		44,828
Net interest income		44,229		42,907		87,136		83,941
Provision for credit losses		1,303		1,540		2,843		5,425
Net interest income after provision for credit losses		42,926		41,367		84,293		78,516
Noninterest income
Service charges and fees on deposit accounts		2,502		2,244		4,746		4,503
Loan income and fees		548		721		1,269		1,325
Gain on sale of loans held for sale		2,109		1,908		4,017		3,285
BOLI income		852		842		1,694		2,642
Operating lease income		1,876		1,379		3,255		3,450
Gain on sale of branches		1,448		—		1,448		—
Gain (loss) on sale of premises and equipment		28		—		28		(9	)
Other		794		933		1,727		1,728
Total noninterest income		10,157		8,027		18,184		16,924
Noninterest expense
Salaries and employee benefits		18,208		17,699		35,907		33,584
Occupancy expense, net		2,375		2,511		4,886		4,856
Computer services		2,488		2,805		5,293		6,204
Operating lease depreciation expense		1,789		1,868		3,657		3,565
Telephone, postage and supplies		561		546		1,107		1,165
Marketing and advertising		442		452		894		1,251
Deposit insurance premiums		473		511		984		1,085
Core deposit intangible amortization		411		515		926		1,329
Other		4,508		4,054		8,562		7,580
Total noninterest expense		31,255		30,961		62,216		60,619
Income before income taxes		21,828		18,433		40,261		34,821
Income tax expense		4,618		3,894		8,512		7,336
Net income	$	17,210	$	14,539	$	31,749	$	27,485

Per Share Data

	Three Months Ended				Six Months Ended
	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Net income per common share⁽¹⁾
Basic	$	1.01	$	0.84	$	1.85	$	1.61
Diluted	$	1.00	$	0.84	$	1.84	$	1.61
Average shares outstanding
Basic		17,006,141		17,011,359		17,008,699		16,871,383
Diluted		17,106,448		17,113,424		17,109,842		16,888,550
Book value per share at end of period	$	33.12	$	32.21	$	33.12	$	30.03
Tangible book value per share at end of period⁽²⁾	$	30.92	$	30.00	$	30.92	$	27.73
Cash dividends declared per common share	$	0.12	$	0.12	$	0.24	$	0.22
Total shares outstanding at end of period		17,492,143		17,552,626		17,492,143		17,437,326

^{(1) Basic and diluted net income per common share have been prepared in accordance with the two-class method.}
^{(2) See Non-GAAP reconciliations below for adjustments.}

Selected Financial Ratios and Other Data

	Three Months Ended				Six Months Ended
	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Performance ratios⁽¹⁾
Return on assets (ratio of net income to average total assets)	1.58	%	1.33	%	1.46	%	1.25	%
Return on equity (ratio of net income to average equity)	11.97		10.52		11.26		10.73
Yield on earning assets	6.22		6.20		6.21		6.25
Rate paid on interest-bearing liabilities	2.61		2.73		2.67		2.94
Average interest rate spread	3.61		3.47		3.54		3.31
Net interest margin⁽²⁾	4.32		4.18		4.25		4.08
Average interest-earning assets to average interest-bearing liabilities	137.43		135.25		136.33		134.95
Noninterest expense to average total assets	2.87		2.84		2.85		2.76
Efficiency ratio	57.47		60.79		59.07		60.10
Efficiency ratio – adjusted⁽³⁾	58.59		60.29		59.43		60.36

^{(1)  Ratios are annualized where appropriate.}
^{(2)  Net interest income divided by average interest-earning assets.}
^{(3)  See Non-GAAP reconciliations below for adjustments.}

	At or For the Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Asset quality ratios
Nonperforming assets to total assets⁽¹⁾	0.67	%	0.61	%	0.63	%	0.64	%	0.54	%
Nonperforming loans to total loans⁽¹⁾	0.81		0.74		0.76		0.78		0.68
Total classified assets to total assets	1.07		0.85		1.06		0.99		0.91
Allowance for credit losses to nonperforming loans⁽¹⁾	147.98		165.96		163.68		166.51		194.80
Allowance for credit losses to total loans	1.20		1.23		1.24		1.30		1.33
Net charge-offs to average loans (annualized)	0.21		0.14		0.19		0.42		0.27
Capital ratios
Equity to total assets at end of period	12.65	%	12.41	%	12.01	%	11.64	%	11.21	%
Tangible equity to total tangible assets⁽²⁾	11.91		11.65		11.25		10.88		10.44
Average equity to average assets	13.20		12.66		12.28		12.02		11.78

^{(1) Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At June 30, 2025, $6.1 million, or 20.4%, of nonaccruing loans were current on their loan payments as of that date.}
^{(2) See Non-GAAP reconciliations below for adjustments.}

Loans

(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Commercial real estate
Construction and land development	$	267,494		$	247,539		$	274,356		$	300,905		$	316,050
Commercial real estate – owner occupied		561,623			570,150			545,490			544,689			545,631
Commercial real estate – non-owner occupied		877,440			867,711			866,094			881,340			892,653
Multifamily		113,416			118,094			120,425			114,155			92,292
Total commercial real estate		1,819,973			1,803,494			1,806,365			1,841,089			1,846,626
Commercial
Commercial and industrial		367,359			349,085			316,159			286,809			266,136
Equipment finance		360,499			380,166			406,400			443,033			461,010
Municipal leases		168,623			163,554			165,984			158,560			152,509
Total commercial		896,481			892,805			888,543			888,402			879,655
Residential real estate
Construction and land development		53,020			56,858			53,683			63,016			70,679
One-to-four family		640,287			631,537			630,391			627,845			621,196
HELOCs		205,918			199,747			195,288			194,909			188,465
Total residential real estate		899,225			888,142			879,362			885,770			880,340
Consumer		56,272			64,168			74,029			83,631			94,833
Total loans, net of deferred loan fees and costs		3,671,951			3,648,609			3,648,299			3,698,892			3,701,454
Allowance for credit losses – loans		(44,139	)		(44,742	)		(45,285	)		(48,131	)		(49,223	)
Loans, net	$	3,627,812		$	3,603,867		$	3,603,014		$	3,650,761		$	3,652,231

Deposits

(Dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Core deposits
Noninterest-bearing accounts	$	698,843	$	721,814	$	680,926	$	684,501	$	683,346
NOW accounts		561,524		573,745		575,238		534,517		561,789
Money market accounts		1,323,762		1,357,961		1,341,995		1,345,289		1,311,940
Savings accounts		179,980		184,396		181,317		179,762		185,499
Total core deposits		2,764,109		2,837,916		2,779,476		2,744,069		2,742,574
Certificates of deposit		902,069		898,444		999,727		1,017,519		965,205
Total	$	3,666,178	$	3,736,360	$	3,779,203	$	3,761,588	$	3,707,779

Non-GAAP Reconciliations
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Noninterest expense	$	31,255	$	30,961	$	62,216	$	60,619

Net interest income	$	44,229	$	42,907	$	87,136	$	83,941
Plus: tax-equivalent adjustment		431		418		849		704
Plus: noninterest income		10,157		8,027		18,184		16,924
Less: BOLI death benefit proceeds in excess of cash surrender value		—		—		—		1,143
Less: gain on sale of branches		1,448		—		1,448		—
Less: gain (loss) on sale of premises and equipment		28		—		28		(9	)
Net interest income plus noninterest income – adjusted	$	53,341	$	51,352	$	104,693	$	100,435

Efficiency ratio		57.47	%		60.79	%		59.07	%		60.10	%
Efficiency ratio – adjusted		58.59	%		60.29	%		59.43	%		60.36	%

Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

	As of
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total stockholders’ equity	$	579,274	$	565,449	$	551,758	$	540,004	$	523,628
Less: goodwill, core deposit intangibles, net of taxes		38,477		38,793		39,189		39,626		40,063
Tangible book value	$	540,797	$	526,656	$	512,569	$	500,378	$	483,565
Common shares outstanding		17,492,143		17,552,626		17,527,709		17,514,922		17,437,326
Book value per share	$	33.12	$	32.21	$	31.48	$	30.83	$	30.03
Tangible book value per share	$	30.92	$	30.00	$	29.24	$	28.57	$	27.73

Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

	As of
(Dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Tangible equity⁽¹⁾	$	540,797	$	526,656	$	512,569	$	500,378	$	483,565
Total assets		4,578,053		4,558,060		4,595,430		4,637,293		4,670,864
Less: goodwill, core deposit intangibles, net of taxes		38,477		38,793		39,189		39,626		40,063
Total tangible assets	$	4,539,576	$	4,519,267	$	4,556,241	$	4,597,667	$	4,630,801

Tangible equity to tangible assets

11.91

%

11.65

%

11.25

%

10.88

%

10.44

%

^{(1) Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.}

MIL-OSI Banking: Secretary General of ASEAN Delivered Remarks at the Opening Ceremony of ASEAN Regional Disaster Emergency Response Simulation Exercise 2025, in Phnom Penh, Cambodia

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered remarks at the Opening Ceremony of the ASEAN Regional Disaster Emergency Response Simulation Exercise 2025 (ARDEX-25), in Phnom Penh, Cambodia. In his remarks, SG Dr. Kao underscored the critical role of ARDEX as a cornerstone of ASEAN’s efforts to strengthen regional disaster resilience. He emphasised that through coordinated simulation exercises, ARDEX enables ASEAN Member States and relevant stakeholders to assess the effectiveness of existing mechanisms in responding to complex emergencies. SG Dr. Kao also highlighted that the exercise fosters a spirit of solidarity and collective responsibility among ASEAN Member States, which is essential for building a more responsive and adaptive disaster management system in the face of increasingly severe and frequent natural hazards.

During the pre-ceremony engagement and equipment display visit, SG Dr. Kao was invited by the H.E. Kun Kim to inspect search and rescue equipment from Cambodia and other ASEAN Member States, showcasing technologies and capacities.

Download the full remarks here.

The post Secretary General of ASEAN Delivered Remarks at the Opening Ceremony of ASEAN Regional Disaster Emergency Response Simulation Exercise 2025, in Phnom Penh, Cambodia appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

QUARTER HIGHLIGHTS (2^ndQuarter 2025 versus 1^stQuarter 2025)

Income Statement

Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
- Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

Balance Sheet

Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
- Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

“Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.

Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense. Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

Income Taxes

We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

Allowance for Credit Losses

At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

Deposits

Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024. Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

Liquidity

We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

Capital

Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402.8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024	Jun 30, 2024
Shareowners’ Equity (GAAP)		$	526,423	$	512,575	$	495,317	476,499	$	460,999
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Shareowners’ Equity (non-GAAP)	A		433,730		419,842		402,544	383,686		368,146
Total Assets (GAAP)			4,391,753		4,461,233		4,324,932	4,225,316		4,225,695
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Assets (non-GAAP)	B	$	4,299,060	$	4,368,500	$	4,232,159	4,132,503	$	4,132,842
Tangible Common Equity Ratio (non-GAAP)	A/B		10.09%		9.61%		9.51%	9.28%		8.91%
Actual Diluted Shares Outstanding (GAAP)	C		17,097,986		17,072,330		17,018,122	16,980,686		16,970,228
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	25.37	$	24.59	$	23.65	22.60	$	21.69

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	15,044	$	16,858	$	14,150	$	31,902	$	26,707
Diluted Net Income Per Share	$	0.88	$	0.99	$	0.83	$	1.87	$	1.57
PERFORMANCE
Return on Average Assets (annualized)		1.38	%	1.58	%	1.33	%	1.48	%	1.27	%
Return on Average Equity (annualized)		11.44		13.32		12.23		12.36		11.66
Net Interest Margin		4.30		4.22		4.02		4.26		4.01
Noninterest Income as % of Operating Revenue		31.67		32.39		33.30		32.03		32.69
Efficiency Ratio		67.26	%	62.93	%	68.61	%	65.13	%	69.81	%
CAPITAL ADEQUACY
Tier 1 Capital		18.38	%	18.01	%	16.31	%	18.38	%	16.31	%
Total Capital		19.60		19.20		17.50		19.60		17.50
Leverage		11.14		11.17		10.51		11.14		10.51
Common Equity Tier 1		16.81		16.08		14.44		16.81		14.44
Tangible Common Equity⁽¹⁾		10.09		9.61		8.91		10.09		8.91
Equity to Assets		11.99	%	11.49	%	10.91	%	11.99	%	10.91	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		463.01	%	692.10	%	529.79	%	463.01	%	529.79	%
Allowance as a % of Loans HFI		1.13		1.12		1.09		1.13		1.09
Net Charge-Offs as % of Average Loans HFI		0.09		0.09		0.18		0.09		0.20
Nonperforming Assets as % of Loans HFI and OREO		0.25		0.17		0.23		0.25		0.23
Nonperforming Assets as % of Total Assets		0.15	%	0.10	%	0.15	%	0.15	%	0.15	%
STOCK PERFORMANCE
High	$	39.82	$	38.27	$	28.58	$	39.82	$	31.34
Low		32.38		33.00		25.45		32.38		25.45
Close	$	39.35	$	35.96	$	28.44	$	39.35	$	28.44
Average Daily Trading Volume		27,397		24,486		29,861		25,988		30,433

⁽¹⁾Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025							2024
(Dollars in thousands)	Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter
ASSETS
Cash and Due From Banks	$	78,485		$	78,521		$	70,543		$	83,431		$	75,304
Funds Sold and Interest Bearing Deposits		394,917			446,042			321,311			261,779			272,675
Total Cash and Cash Equivalents		473,402			524,563			391,854			345,210			347,979

Investment Securities Available for Sale		533,457			461,224			403,345			336,187			310,941
Investment Securities Held to Maturity		462,599			517,176			567,155			561,480			582,984
Other Equity Securities		3,242			2,315			2,399			6,976			2,537
Total Investment Securities		999,298			980,715			972,899			904,643			896,462

Loans Held for Sale (“HFS”):		19,181			21,441			28,672			31,251			24,022

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		180,008			184,393			189,208			194,625			204,990
Real Estate – Construction		174,115			192,282			219,994			218,899			200,754
Real Estate – Commercial		802,504			806,942			779,095			819,955			823,122
Real Estate – Residential		1,046,368			1,040,594			1,028,498			1,023,485			1,012,541
Real Estate – Home Equity		228,201			225,987			220,064			210,988			211,126
Consumer		197,483			206,191			199,479			213,305			234,212
Other Loans		1,552			3,227			14,006			461			2,286
Overdrafts		1,259			1,154			1,206			1,378			1,192
Total Loans Held for Investment		2,631,490			2,660,770			2,651,550			2,683,096			2,690,223
Allowance for Credit Losses		(29,862	)		(29,734	)		(29,251	)		(29,836	)		(29,219	)
Loans Held for Investment, Net		2,601,628			2,631,036			2,622,299			2,653,260			2,661,004

Premises and Equipment, Net		79,906			80,043			81,952			81,876			81,414
Goodwill and Other Intangibles		92,693			92,733			92,773			92,813			92,853
Other Real Estate Owned		132			132			367			650			650
Other Assets		125,513			130,570			134,116			115,613			121,311
Total Other Assets		298,244			303,478			309,208			290,952			296,228
Total Assets	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,332,080		$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606
NOW Accounts		1,284,137			1,292,654			1,285,281			1,174,585			1,177,180
Money Market Accounts		408,666			445,999			404,396			401,272			413,594
Savings Accounts		504,331			511,265			506,766			507,604			514,560
Certificates of Deposit		175,639			170,233			169,280			164,901			159,624
Total Deposits		3,704,853			3,783,890			3,671,977			3,579,077			3,608,564

Repurchase Agreements		21,800			22,799			26,240			29,339			22,463
Other Short-Term Borrowings		12,741			14,401			2,064			7,929			3,307
Subordinated Notes Payable		42,582			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		680			794			794			794			1,009
Other Liabilities		82,674			73,887			75,653			71,974			69,987
Total Liabilities		3,865,330			3,948,658			3,829,615			3,742,000			3,758,217

Temporary Equity		–			–			–			6,817			6,479
SHAREOWNERS’ EQUITY
Common Stock		171			171			170			169			169
Additional Paid-In Capital		39,527			38,576			37,684			36,070			35,547
Retained Earnings		487,665			476,715			463,949			454,342			445,959
Accumulated Other Comprehensive Loss, Net of Tax		(940	)		(2,887	)		(6,486	)		(14,082	)		(20,676	)
Total Shareowners’ Equity		526,423			512,575			495,317			476,499			460,999
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
OTHER BALANCE SHEET DATA
Earning Assets	$	4,044,886		$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382
Interest Bearing Liabilities		2,450,576			2,511,032			2,447,708			2,339,311			2,344,624
Book Value Per Diluted Share	$	30.79		$	30.02		$	29.11		$	28.06		$	27.17
Tangible Book Value Per Diluted Share⁽¹⁾		25.37			24.59			23.65			22.60			21.69
Actual Basic Shares Outstanding		17,066			17,055			16,975			16,944			16,942
Actual Diluted Shares Outstanding		17,098			17,072			17,018			16,981			16,970
⁽¹⁾Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025				2024							Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		2025		2024
INTEREST INCOME
Loans, including Fees	$	40,872	$	40,478	$	41,453		$	41,659	$	41,138	$	81,350	$	81,821
Investment Securities		6,678		5,808		4,694			4,155		4,004		12,486		8,248
Federal Funds Sold and Interest Bearing Deposits		3,909		3,496		3,596			3,514		3,624		7,405		5,517
Total Interest Income		51,459		49,782		49,743			49,328		48,766		101,241		95,586
INTEREST EXPENSE
Deposits		7,405		7,383		7,766			8,223		8,579		14,788		16,173
Repurchase Agreements		156		164		199			221		217		320		418
Other Short-Term Borrowings		179		117		83			52		68		296		107
Subordinated Notes Payable		530		560		581			610		630		1,090		1,258
Other Long-Term Borrowings		5		11		11			11		3		16		6
Total Interest Expense		8,275		8,235		8,640			9,117		9,497		16,510		17,962
Net Interest Income		43,184		41,547		41,103			40,211		39,269		84,731		77,624
Provision for Credit Losses		620		768		701			1,206		1,204		1,388		2,124
Net Interest Income after Provision for Credit Losses		42,564		40,779		40,402			39,005		38,065		83,343		75,500
NONINTEREST INCOME
Deposit Fees		5,320		5,061		5,207			5,512		5,377		10,381		10,627
Bank Card Fees		3,774		3,514		3,697			3,624		3,766		7,288		7,386
Wealth Management Fees		5,206		5,763		5,222			4,770		4,439		10,969		9,121
Mortgage Banking Revenues		4,190		3,820		3,118			3,966		4,381		8,010		7,259
Other		1,524		1,749		1,516			1,641		1,643		3,273		3,310
Total Noninterest Income		20,014		19,907		18,760			19,513		19,606		39,921		37,703
NONINTEREST EXPENSE
Compensation		26,490		26,248		26,108			25,800		24,406		52,738		48,813
Occupancy, Net		7,071		6,793		6,893			7,098		6,997		13,864		13,991
Other		8,977		5,660		8,781			10,023		9,038		14,637		17,808
Total Noninterest Expense		42,538		38,701		41,782			42,921		40,441		81,239		80,612
OPERATING PROFIT		20,040		21,985		17,380			15,597		17,230		42,025		32,591
Income Tax Expense		4,996		5,127		4,219			2,980		3,189		10,123		6,725
Net Income		15,044		16,858		13,161			12,617		14,041		31,902		25,866
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		–		(71	)		501		109		–		841
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	15,044	$	16,858	$	13,090		$	13,118	$	14,150	$	31,902	$	26,707
PER COMMON SHARE
Basic Net Income	$	0.88	$	0.99	$	0.77		$	0.77	$	0.84	$	1.87	$	1.58
Diluted Net Income		0.88		0.99		0.77			0.77		0.83		1.87		1.57
Cash Dividend	$	0.24	$	0.24	$	0.23		$	0.23	$	0.21	$	0.48	$	0.42
AVERAGE SHARES
Basic		17,056		17,027		16,946			16,943		16,931		17,042		16,941
Diluted		17,088		17,044		16,990			16,979		16,960		17,067		16,964

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025						2024									Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2025			2024
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329		$	29,251		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			–			–			(50	)
Provision for Credit Losses		718			1,083			1,085			1,879			1,129			1,801			2,061
Net Charge-Offs (Recoveries)		590			600			1,670			1,262			1,239			1,190			2,733
Balance at End of Period	$	29,862		$	29,734		$	29,251		$	29,836		$	29,219		$	29,862		$	29,219
As a % of Loans HFI		1.13	%		1.12	%		1.10	%		1.11	%		1.09	%		1.13	%		1.09	%
As a % of Nonperforming Loans		463.01	%		692.10	%		464.14	%		452.64	%		529.79	%		463.01	%		529.79	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		1,832		$	2,155		$	2,522		$	3,139		$	3,121		$	2,155		$	3,191
Provision for Credit Losses		(94	)		(323	)		(367	)		(617	)		18			(417	)		(52	)
Balance at End of Period⁽¹⁾		1,738			1,832			2,155			2,522			3,139			1,738			3,139
ACL – DEBT SECURITIES
Provision for Credit Losses	$	(4	)	$	8		$	(17	)	$	(56	)	$	57		$	4		$	115
CHARGE-OFFS
Commercial, Financial and Agricultural	$	74		$	168		$	499		$	331		$	400		$	242		$	682
Real Estate – Construction		–			–			47			–			–			–			–
Real Estate – Commercial		–			–			–			3			–			–			–
Real Estate – Residential		49			8			44			–			–			57			17
Real Estate – Home Equity		24			–			33			23			–			24			76
Consumer		914			865			1,307			1,315			1,061			1,779			2,611
Overdrafts		437			570			574			611			571			1,007			1,209
Total Charge-Offs	$	1,498		$	1,611		$	2,504		$	2,283		$	2,032		$	3,109		$	4,595
RECOVERIES
Commercial, Financial and Agricultural	$	117		$	75		$	103		$	176		$	59		$	192		$	100
Real Estate – Construction		–			–			3			–			–			–			–
Real Estate – Commercial		6			3			33			5			19			9			223
Real Estate – Residential		65			119			28			88			23			184			60
Real Estate – Home Equity		42			9			17			59			37			51			61
Consumer		456			481			352			405			313			937			723
Overdrafts		222			324			298			288			342			546			695
Total Recoveries	$	908		$	1,011		$	834		$	1,021		$	793		$	1,919		$	1,862
NET CHARGE-OFFS (RECOVERIES)	$	590		$	600		$	1,670		$	1,262		$	1,239		$	1,190		$	2,733
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.09	%		0.25	%		0.19	%		0.18	%		0.09	%		0.20	%
CREDIT QUALITY
Nonaccruing Loans	$	6,449		$	4,296		$	6,302		$	6,592		$	5,515
Other Real Estate Owned		132			132			367			650			650
Total Nonperforming Assets (“NPAs”)	$	6,581		$	4,428		$	6,669		$	7,242		$	6,165

Past Due Loans 30-89 Days	$	4,523		$	3,735		$	4,311		$	9,388		$	5,672
Classified Loans		28,623			19,194			19,896			25,501			25,566

Nonperforming Loans as a % of Loans HFI		0.25	%		0.16	%		0.24	%		0.25	%		0.21	%
NPAs as a % of Loans HFI and Other Real Estate		0.25	%		0.17	%		0.25	%		0.27	%		0.23	%
NPAs as a % of Total Assets		0.15	%		0.10	%		0.15	%		0.17	%		0.15	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		Second Quarter 2025							First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							June 2025 YTD							June 2024 YTD
(Dollars in thousands)		Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate
ASSETS:
Loans Held for Sale	$	22,668		$	475	8.40	%	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570			720	7.49	%	$	26,281		$	517	5.26	%	$	23,692		$	965	8.21	%	$	26,797		$	1,080	5.62	%
Loans Held for Investment⁽¹⁾		2,652,572			40,436	6.11			2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,659,204			80,465	6.10			2,727,688			80,879	5.99

Investment Securities
Taxable Investment Securities		1,006,514			6,666	2.65			981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			994,068			12,468	2.52			935,658			8,237	1.76
Tax-Exempt Investment Securities⁽¹⁾		1,467			17	4.50			845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			1,158			26	4.43			850			18	4.35

Total Investment Securities		1,007,981			6,683	2.65			982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			995,226			12,494	2.52			936,508			8,255	1.76

Federal Funds Sold and Interest Bearing Deposits		348,787			3,909	4.49			320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			334,944			7,405	4.46			201,454			5,517	5.51

Total Earning Assets		4,032,008		$	51,503	5.12	%		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		4,013,066		$	101,329	5.09	%		3,892,447		$	95,731	4.94	%

Cash and Due From Banks		65,761							73,467							73,992							70,994							74,803							69,593							75,283
Allowance for Credit Losses		(30,492	)						(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,251	)						(29,797	)
Other Assets		302,984							297,660							293,884							291,359							291,669							300,336							293,473

Total Assets	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

LIABILITIES:
Noninterest Bearing Deposits	$	1,342,304						$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,329,933						$	1,345,367
NOW Accounts		1,225,697		$	3,750	1.23	%		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,237,759		$	7,604	1.24	%		1,204,337		$	8,922	1.49	%
Money Market Accounts		431,774			2,340	2.17			420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			425,949			4,527	2.14			380,489			4,737	2.50
Savings Accounts		507,950			174	0.14			507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			507,813			350	0.14			529,374			364	0.14
Time Deposits		172,982			1,141	2.65			170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			171,682			2,307	2.71			149,203			2,150	2.90
Total Interest Bearing Deposits		2,338,403			7,405	1.27			2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,343,203			14,788	1.27			2,263,403			16,173	1.44
Total Deposits		3,680,707			7,405	0.81			3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,673,136			14,788	0.81			3,608,770			16,173	0.90
Repurchase Agreements		22,557			156	2.78			29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			26,169			320	2.47			26,362			418	3.19
Other Short-Term Borrowings		10,503			179	6.82			7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			8,978			296	6.64			5,176			107	4.16
Subordinated Notes Payable		51,981			530	4.03			52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,432			1,090	4.13			52,887			1,258	4.70
Other Long-Term Borrowings		792			5	2.41			794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			793			16	4.04			270			6	4.56
Total Interest Bearing Liabilities		2,424,236		$	8,275	1.37	%		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,431,575		$	16,510	1.37	%		2,348,098		$	17,962	1.54	%

Other Liabilities		76,138							65,211							73,130							73,767							72,634							70,705							70,464

Total Liabilities		3,842,678							3,821,632							3,761,763							3,729,282							3,800,398							3,832,213							3,763,929
Temporary Equity		–							–							6,763							6,443							6,493							–							6,821

SHAREOWNERS’ EQUITY:		527,583							513,401							491,143							480,137							465,297							520,531							460,656

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

Interest Rate Spread				$	43,228	3.75	%				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	84,819	3.72	%				$	77,769	3.40	%

Interest Income and Rate Earned⁽¹⁾					51,503	5.12						49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						101,329	5.09						95,731	4.94
Interest Expense and Rate Paid⁽²⁾					8,275	0.82						8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						16,510	0.83						17,962	0.93

Net Interest Margin				$	43,228	4.30	%				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	84,819	4.26	%				$	77,769	4.01	%

⁽¹⁾Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
⁽²⁾Rate calculated based on average earning assets.

MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

QUARTER HIGHLIGHTS (2^ndQuarter 2025 versus 1^stQuarter 2025)

Income Statement

Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
- Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

Balance Sheet

Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
- Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

“Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.

Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense. Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

Income Taxes

We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

Allowance for Credit Losses

At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

Deposits

Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024. Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

Liquidity

We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

Capital

Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402.8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024	Jun 30, 2024
Shareowners’ Equity (GAAP)		$	526,423	$	512,575	$	495,317	476,499	$	460,999
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Shareowners’ Equity (non-GAAP)	A		433,730		419,842		402,544	383,686		368,146
Total Assets (GAAP)			4,391,753		4,461,233		4,324,932	4,225,316		4,225,695
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Assets (non-GAAP)	B	$	4,299,060	$	4,368,500	$	4,232,159	4,132,503	$	4,132,842
Tangible Common Equity Ratio (non-GAAP)	A/B		10.09%		9.61%		9.51%	9.28%		8.91%
Actual Diluted Shares Outstanding (GAAP)	C		17,097,986		17,072,330		17,018,122	16,980,686		16,970,228
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	25.37	$	24.59	$	23.65	22.60	$	21.69

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	15,044	$	16,858	$	14,150	$	31,902	$	26,707
Diluted Net Income Per Share	$	0.88	$	0.99	$	0.83	$	1.87	$	1.57
PERFORMANCE
Return on Average Assets (annualized)		1.38	%	1.58	%	1.33	%	1.48	%	1.27	%
Return on Average Equity (annualized)		11.44		13.32		12.23		12.36		11.66
Net Interest Margin		4.30		4.22		4.02		4.26		4.01
Noninterest Income as % of Operating Revenue		31.67		32.39		33.30		32.03		32.69
Efficiency Ratio		67.26	%	62.93	%	68.61	%	65.13	%	69.81	%
CAPITAL ADEQUACY
Tier 1 Capital		18.38	%	18.01	%	16.31	%	18.38	%	16.31	%
Total Capital		19.60		19.20		17.50		19.60		17.50
Leverage		11.14		11.17		10.51		11.14		10.51
Common Equity Tier 1		16.81		16.08		14.44		16.81		14.44
Tangible Common Equity⁽¹⁾		10.09		9.61		8.91		10.09		8.91
Equity to Assets		11.99	%	11.49	%	10.91	%	11.99	%	10.91	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		463.01	%	692.10	%	529.79	%	463.01	%	529.79	%
Allowance as a % of Loans HFI		1.13		1.12		1.09		1.13		1.09
Net Charge-Offs as % of Average Loans HFI		0.09		0.09		0.18		0.09		0.20
Nonperforming Assets as % of Loans HFI and OREO		0.25		0.17		0.23		0.25		0.23
Nonperforming Assets as % of Total Assets		0.15	%	0.10	%	0.15	%	0.15	%	0.15	%
STOCK PERFORMANCE
High	$	39.82	$	38.27	$	28.58	$	39.82	$	31.34
Low		32.38		33.00		25.45		32.38		25.45
Close	$	39.35	$	35.96	$	28.44	$	39.35	$	28.44
Average Daily Trading Volume		27,397		24,486		29,861		25,988		30,433

⁽¹⁾Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025							2024
(Dollars in thousands)	Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter
ASSETS
Cash and Due From Banks	$	78,485		$	78,521		$	70,543		$	83,431		$	75,304
Funds Sold and Interest Bearing Deposits		394,917			446,042			321,311			261,779			272,675
Total Cash and Cash Equivalents		473,402			524,563			391,854			345,210			347,979

Investment Securities Available for Sale		533,457			461,224			403,345			336,187			310,941
Investment Securities Held to Maturity		462,599			517,176			567,155			561,480			582,984
Other Equity Securities		3,242			2,315			2,399			6,976			2,537
Total Investment Securities		999,298			980,715			972,899			904,643			896,462

Loans Held for Sale (“HFS”):		19,181			21,441			28,672			31,251			24,022

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		180,008			184,393			189,208			194,625			204,990
Real Estate – Construction		174,115			192,282			219,994			218,899			200,754
Real Estate – Commercial		802,504			806,942			779,095			819,955			823,122
Real Estate – Residential		1,046,368			1,040,594			1,028,498			1,023,485			1,012,541
Real Estate – Home Equity		228,201			225,987			220,064			210,988			211,126
Consumer		197,483			206,191			199,479			213,305			234,212
Other Loans		1,552			3,227			14,006			461			2,286
Overdrafts		1,259			1,154			1,206			1,378			1,192
Total Loans Held for Investment		2,631,490			2,660,770			2,651,550			2,683,096			2,690,223
Allowance for Credit Losses		(29,862	)		(29,734	)		(29,251	)		(29,836	)		(29,219	)
Loans Held for Investment, Net		2,601,628			2,631,036			2,622,299			2,653,260			2,661,004

Premises and Equipment, Net		79,906			80,043			81,952			81,876			81,414
Goodwill and Other Intangibles		92,693			92,733			92,773			92,813			92,853
Other Real Estate Owned		132			132			367			650			650
Other Assets		125,513			130,570			134,116			115,613			121,311
Total Other Assets		298,244			303,478			309,208			290,952			296,228
Total Assets	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,332,080		$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606
NOW Accounts		1,284,137			1,292,654			1,285,281			1,174,585			1,177,180
Money Market Accounts		408,666			445,999			404,396			401,272			413,594
Savings Accounts		504,331			511,265			506,766			507,604			514,560
Certificates of Deposit		175,639			170,233			169,280			164,901			159,624
Total Deposits		3,704,853			3,783,890			3,671,977			3,579,077			3,608,564

Repurchase Agreements		21,800			22,799			26,240			29,339			22,463
Other Short-Term Borrowings		12,741			14,401			2,064			7,929			3,307
Subordinated Notes Payable		42,582			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		680			794			794			794			1,009
Other Liabilities		82,674			73,887			75,653			71,974			69,987
Total Liabilities		3,865,330			3,948,658			3,829,615			3,742,000			3,758,217

Temporary Equity		–			–			–			6,817			6,479
SHAREOWNERS’ EQUITY
Common Stock		171			171			170			169			169
Additional Paid-In Capital		39,527			38,576			37,684			36,070			35,547
Retained Earnings		487,665			476,715			463,949			454,342			445,959
Accumulated Other Comprehensive Loss, Net of Tax		(940	)		(2,887	)		(6,486	)		(14,082	)		(20,676	)
Total Shareowners’ Equity		526,423			512,575			495,317			476,499			460,999
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
OTHER BALANCE SHEET DATA
Earning Assets	$	4,044,886		$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382
Interest Bearing Liabilities		2,450,576			2,511,032			2,447,708			2,339,311			2,344,624
Book Value Per Diluted Share	$	30.79		$	30.02		$	29.11		$	28.06		$	27.17
Tangible Book Value Per Diluted Share⁽¹⁾		25.37			24.59			23.65			22.60			21.69
Actual Basic Shares Outstanding		17,066			17,055			16,975			16,944			16,942
Actual Diluted Shares Outstanding		17,098			17,072			17,018			16,981			16,970
⁽¹⁾Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025				2024							Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		2025		2024
INTEREST INCOME
Loans, including Fees	$	40,872	$	40,478	$	41,453		$	41,659	$	41,138	$	81,350	$	81,821
Investment Securities		6,678		5,808		4,694			4,155		4,004		12,486		8,248
Federal Funds Sold and Interest Bearing Deposits		3,909		3,496		3,596			3,514		3,624		7,405		5,517
Total Interest Income		51,459		49,782		49,743			49,328		48,766		101,241		95,586
INTEREST EXPENSE
Deposits		7,405		7,383		7,766			8,223		8,579		14,788		16,173
Repurchase Agreements		156		164		199			221		217		320		418
Other Short-Term Borrowings		179		117		83			52		68		296		107
Subordinated Notes Payable		530		560		581			610		630		1,090		1,258
Other Long-Term Borrowings		5		11		11			11		3		16		6
Total Interest Expense		8,275		8,235		8,640			9,117		9,497		16,510		17,962
Net Interest Income		43,184		41,547		41,103			40,211		39,269		84,731		77,624
Provision for Credit Losses		620		768		701			1,206		1,204		1,388		2,124
Net Interest Income after Provision for Credit Losses		42,564		40,779		40,402			39,005		38,065		83,343		75,500
NONINTEREST INCOME
Deposit Fees		5,320		5,061		5,207			5,512		5,377		10,381		10,627
Bank Card Fees		3,774		3,514		3,697			3,624		3,766		7,288		7,386
Wealth Management Fees		5,206		5,763		5,222			4,770		4,439		10,969		9,121
Mortgage Banking Revenues		4,190		3,820		3,118			3,966		4,381		8,010		7,259
Other		1,524		1,749		1,516			1,641		1,643		3,273		3,310
Total Noninterest Income		20,014		19,907		18,760			19,513		19,606		39,921		37,703
NONINTEREST EXPENSE
Compensation		26,490		26,248		26,108			25,800		24,406		52,738		48,813
Occupancy, Net		7,071		6,793		6,893			7,098		6,997		13,864		13,991
Other		8,977		5,660		8,781			10,023		9,038		14,637		17,808
Total Noninterest Expense		42,538		38,701		41,782			42,921		40,441		81,239		80,612
OPERATING PROFIT		20,040		21,985		17,380			15,597		17,230		42,025		32,591
Income Tax Expense		4,996		5,127		4,219			2,980		3,189		10,123		6,725
Net Income		15,044		16,858		13,161			12,617		14,041		31,902		25,866
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		–		(71	)		501		109		–		841
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	15,044	$	16,858	$	13,090		$	13,118	$	14,150	$	31,902	$	26,707
PER COMMON SHARE
Basic Net Income	$	0.88	$	0.99	$	0.77		$	0.77	$	0.84	$	1.87	$	1.58
Diluted Net Income		0.88		0.99		0.77			0.77		0.83		1.87		1.57
Cash Dividend	$	0.24	$	0.24	$	0.23		$	0.23	$	0.21	$	0.48	$	0.42
AVERAGE SHARES
Basic		17,056		17,027		16,946			16,943		16,931		17,042		16,941
Diluted		17,088		17,044		16,990			16,979		16,960		17,067		16,964

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025						2024									Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2025			2024
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329		$	29,251		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			–			–			(50	)
Provision for Credit Losses		718			1,083			1,085			1,879			1,129			1,801			2,061
Net Charge-Offs (Recoveries)		590			600			1,670			1,262			1,239			1,190			2,733
Balance at End of Period	$	29,862		$	29,734		$	29,251		$	29,836		$	29,219		$	29,862		$	29,219
As a % of Loans HFI		1.13	%		1.12	%		1.10	%		1.11	%		1.09	%		1.13	%		1.09	%
As a % of Nonperforming Loans		463.01	%		692.10	%		464.14	%		452.64	%		529.79	%		463.01	%		529.79	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		1,832		$	2,155		$	2,522		$	3,139		$	3,121		$	2,155		$	3,191
Provision for Credit Losses		(94	)		(323	)		(367	)		(617	)		18			(417	)		(52	)
Balance at End of Period⁽¹⁾		1,738			1,832			2,155			2,522			3,139			1,738			3,139
ACL – DEBT SECURITIES
Provision for Credit Losses	$	(4	)	$	8		$	(17	)	$	(56	)	$	57		$	4		$	115
CHARGE-OFFS
Commercial, Financial and Agricultural	$	74		$	168		$	499		$	331		$	400		$	242		$	682
Real Estate – Construction		–			–			47			–			–			–			–
Real Estate – Commercial		–			–			–			3			–			–			–
Real Estate – Residential		49			8			44			–			–			57			17
Real Estate – Home Equity		24			–			33			23			–			24			76
Consumer		914			865			1,307			1,315			1,061			1,779			2,611
Overdrafts		437			570			574			611			571			1,007			1,209
Total Charge-Offs	$	1,498		$	1,611		$	2,504		$	2,283		$	2,032		$	3,109		$	4,595
RECOVERIES
Commercial, Financial and Agricultural	$	117		$	75		$	103		$	176		$	59		$	192		$	100
Real Estate – Construction		–			–			3			–			–			–			–
Real Estate – Commercial		6			3			33			5			19			9			223
Real Estate – Residential		65			119			28			88			23			184			60
Real Estate – Home Equity		42			9			17			59			37			51			61
Consumer		456			481			352			405			313			937			723
Overdrafts		222			324			298			288			342			546			695
Total Recoveries	$	908		$	1,011		$	834		$	1,021		$	793		$	1,919		$	1,862
NET CHARGE-OFFS (RECOVERIES)	$	590		$	600		$	1,670		$	1,262		$	1,239		$	1,190		$	2,733
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.09	%		0.25	%		0.19	%		0.18	%		0.09	%		0.20	%
CREDIT QUALITY
Nonaccruing Loans	$	6,449		$	4,296		$	6,302		$	6,592		$	5,515
Other Real Estate Owned		132			132			367			650			650
Total Nonperforming Assets (“NPAs”)	$	6,581		$	4,428		$	6,669		$	7,242		$	6,165

Past Due Loans 30-89 Days	$	4,523		$	3,735		$	4,311		$	9,388		$	5,672
Classified Loans		28,623			19,194			19,896			25,501			25,566

Nonperforming Loans as a % of Loans HFI		0.25	%		0.16	%		0.24	%		0.25	%		0.21	%
NPAs as a % of Loans HFI and Other Real Estate		0.25	%		0.17	%		0.25	%		0.27	%		0.23	%
NPAs as a % of Total Assets		0.15	%		0.10	%		0.15	%		0.17	%		0.15	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		Second Quarter 2025							First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							June 2025 YTD							June 2024 YTD
(Dollars in thousands)		Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate
ASSETS:
Loans Held for Sale	$	22,668		$	475	8.40	%	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570			720	7.49	%	$	26,281		$	517	5.26	%	$	23,692		$	965	8.21	%	$	26,797		$	1,080	5.62	%
Loans Held for Investment⁽¹⁾		2,652,572			40,436	6.11			2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,659,204			80,465	6.10			2,727,688			80,879	5.99

Investment Securities
Taxable Investment Securities		1,006,514			6,666	2.65			981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			994,068			12,468	2.52			935,658			8,237	1.76
Tax-Exempt Investment Securities⁽¹⁾		1,467			17	4.50			845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			1,158			26	4.43			850			18	4.35

Total Investment Securities		1,007,981			6,683	2.65			982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			995,226			12,494	2.52			936,508			8,255	1.76

Federal Funds Sold and Interest Bearing Deposits		348,787			3,909	4.49			320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			334,944			7,405	4.46			201,454			5,517	5.51

Total Earning Assets		4,032,008		$	51,503	5.12	%		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		4,013,066		$	101,329	5.09	%		3,892,447		$	95,731	4.94	%

Cash and Due From Banks		65,761							73,467							73,992							70,994							74,803							69,593							75,283
Allowance for Credit Losses		(30,492	)						(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,251	)						(29,797	)
Other Assets		302,984							297,660							293,884							291,359							291,669							300,336							293,473

Total Assets	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

LIABILITIES:
Noninterest Bearing Deposits	$	1,342,304						$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,329,933						$	1,345,367
NOW Accounts		1,225,697		$	3,750	1.23	%		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,237,759		$	7,604	1.24	%		1,204,337		$	8,922	1.49	%
Money Market Accounts		431,774			2,340	2.17			420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			425,949			4,527	2.14			380,489			4,737	2.50
Savings Accounts		507,950			174	0.14			507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			507,813			350	0.14			529,374			364	0.14
Time Deposits		172,982			1,141	2.65			170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			171,682			2,307	2.71			149,203			2,150	2.90
Total Interest Bearing Deposits		2,338,403			7,405	1.27			2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,343,203			14,788	1.27			2,263,403			16,173	1.44
Total Deposits		3,680,707			7,405	0.81			3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,673,136			14,788	0.81			3,608,770			16,173	0.90
Repurchase Agreements		22,557			156	2.78			29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			26,169			320	2.47			26,362			418	3.19
Other Short-Term Borrowings		10,503			179	6.82			7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			8,978			296	6.64			5,176			107	4.16
Subordinated Notes Payable		51,981			530	4.03			52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,432			1,090	4.13			52,887			1,258	4.70
Other Long-Term Borrowings		792			5	2.41			794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			793			16	4.04			270			6	4.56
Total Interest Bearing Liabilities		2,424,236		$	8,275	1.37	%		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,431,575		$	16,510	1.37	%		2,348,098		$	17,962	1.54	%

Other Liabilities		76,138							65,211							73,130							73,767							72,634							70,705							70,464

Total Liabilities		3,842,678							3,821,632							3,761,763							3,729,282							3,800,398							3,832,213							3,763,929
Temporary Equity		–							–							6,763							6,443							6,493							–							6,821

SHAREOWNERS’ EQUITY:		527,583							513,401							491,143							480,137							465,297							520,531							460,656

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

Interest Rate Spread				$	43,228	3.75	%				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	84,819	3.72	%				$	77,769	3.40	%

Interest Income and Rate Earned⁽¹⁾					51,503	5.12						49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						101,329	5.09						95,731	4.94
Interest Expense and Rate Paid⁽²⁾					8,275	0.82						8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						16,510	0.83						17,962	0.93

Net Interest Margin				$	43,228	4.30	%				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	84,819	4.26	%				$	77,769	4.01	%

⁽¹⁾Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
⁽²⁾Rate calculated based on average earning assets.

MIL-OSI: Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO

Source: GlobeNewswire (MIL-OSI)

EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) —

Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted¹basis, respectively.

CEO COMMENTARY:

“Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses,” said Chairman and CEO Jim Ryan. “Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.”

“We are thrilled to welcome Tim Burke as Old National’s President and Chief Operating Officer,” said Chairman and CEO Jim Ryan. “Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve.”

SECOND QUARTER HIGHLIGHTS²:

Net Income	Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares¹ of $190.9 million
Net Income	Earnings per diluted common share (“EPS”) of $0.34; adjusted EPS¹ of $0.53

Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis¹ of $521.9 million
Net Interest Income/NIM	Net interest margin on a fully taxable equivalent basis¹ (“NIM”) of 3.53%, up 26 basis points (“bps”)

Operating Performance	Pre-provision net revenue¹ (“PPNR”) of $269.6 million; adjusted PPNR¹ of $289.9 million
	Noninterest expense of $384.8 million; adjusted noninterest expense¹ of $343.6 million
	Efficiency ratio¹ of 55.8%; adjusted efficiency ratio¹ of 50.2%

Deposits and Funding	Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation (“Bremer”)
Deposits and Funding	Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps

Loans and Credit Quality	End-of-period total loans³ of $48.0 billion, up $11.5 billion End-of-period loans³ up 3.7% annualized excluding loans acquired from Bremer
	Provision for credit losses⁴ (“provision”) of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss (“CECL”) Day 1 non-purchased credit deteriorated (“non-PCD”) provision expense⁵
	Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
	30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans

Return Profile & Capital	Return on average tangible common equity¹ (“ROATCE”) of 12.0%; adjusted ROATCE¹ of 18.1% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps

Notable Items	Closing of Bremer partnership on May 1, 2025 $75.6 million of pre-tax CECL Day 1 non-PCD provision expense⁵ $41.2 million of pre-tax merger-related charges $21.0 million of pre-tax pension plan gain⁶

¹Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release ²Comparisons are on a linked-quarter basis, unless otherwise noted ³Includes loans held-for-sale ⁴Includes the provision for unfunded commitments ⁵Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses ⁶Includes a gain associated with freezing benefits of the Bremer pension plan

TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
Timothy M. Burke, Jr. will join Old National Bancorp (“Old National”) on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.

Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.

“I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”

As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.

RESULTS OF OPERATIONS²
Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.

Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income¹ was $190.9 million, or $0.53 per diluted common share.

DEPOSITS AND FUNDING
Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.

Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
- Period-end core deposits up 0.8% annualized excluding Bremer.
On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.

LOANS
Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.

Period-end total loans³ were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
- Excluding loans³ acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
Commercial loans, excluding Bremer, grew 4.6% annualized
- Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.

Provision⁴ expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense⁵ related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense⁵ related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

NET INTEREST INCOME AND MARGIN
Higher reflective of larger balance sheet and higher asset yields.

Net interest income on a fully taxable equivalent basis¹ increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
Net interest margin on a fully taxable equivalent basis¹ increased 26 bps to 3.53%.
Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.

NONINTEREST INCOME
Increase driven by Bremer and organic growth of fee-based businesses.

Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

NONINTEREST EXPENSE
Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.

Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
Excluding merger-related charges, adjusted noninterest expense¹ was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
The efficiency ratio¹ was 55.8%, while the adjusted efficiency ratio¹ was 50.2% compared to 53.7% and 51.8%, respectively.

INCOME TAXES

Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.6% compared to 22.5%.
- The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.

CAPITAL
Capital ratios remain strong.

Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
Tangible common equity to tangible assets was 7.26%, down 6.4%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES
The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS
This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:
Media: Rick Jillson		Investors: Lynell Durchholz
(812) 465-7267		(812) 464-1366
Rick.Jillson@oldnational.com		Lynell.Durchholz@oldnational.com


Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
Income Statement
Net interest income	$	514,790		$	387,643		$	394,180		$	391,724		$	388,421		$	902,433		$	744,879
FTE adjustment^1,3		7,063			5,360			5,777			6,144			6,340			12,423			12,593
Net interest income – tax equivalent basis³		521,853			393,003			399,957			397,868			394,761			914,856			757,472
Provision for credit losses		106,835			31,403			27,017			28,497			36,214			138,238			55,105
Noninterest income		132,517			93,794			95,766			94,138			87,271			226,311			164,793
Noninterest expense		384,766			268,471			276,824			272,283			282,999			653,237			545,316
Net income available to common shareholders	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196		$	262,000		$	233,446
Per Common Share Data
Weighted average diluted shares		361,436			321,016			318,803			317,331			316,461			340,250			304,207
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37		$	0.77		$	0.77
Cash dividends		0.14			0.14			0.14			0.14			0.14			0.28			0.28
Dividend payout ratio²		41	%		32	%		30	%		32	%		38	%		36	%		36	%
Book value	$	20.12		$	19.71		$	19.11		$	19.20		$	18.28		$	20.12		$	18.28
Stock price		21.34			21.19			21.71			18.66			17.19			21.34			17.19
Tangible book value³		12.60			12.54			11.91			11.97			11.05			12.60			11.05
Performance Ratios
ROAA		0.77	%		1.08	%		1.14	%		1.08	%		0.92	%		0.91	%		0.95	%
ROAE		6.7	%		9.1	%		9.8	%		9.4	%		8.2	%		7.8	%		8.4	%
ROATCE³		12.0	%		15.0	%		16.4	%		16.0	%		14.1	%		13.4	%		14.5	%
NIM (FTE)³		3.53	%		3.27	%		3.30	%		3.32	%		3.33	%		3.41	%		3.31	%
Efficiency ratio³		55.8	%		53.7	%		54.4	%		53.8	%		57.2	%		54.9	%		57.7	%
NCOs to average loans		0.24	%		0.24	%		0.21	%		0.19	%		0.16	%		0.24	%		0.15	%
ACL on loans to EOP loans		1.18	%		1.10	%		1.08	%		1.05	%		1.01	%		1.18	%		1.01	%
ACL⁴ to EOP loans		1.24	%		1.16	%		1.14	%		1.12	%		1.08	%		1.24	%		1.08	%
NPLs to EOP loans		1.24	%		1.29	%		1.23	%		1.22	%		0.94	%		1.24	%		0.94	%
Balance Sheet (EOP)
Total loans	$	47,902,819		$	36,413,944		$	36,285,887		$	36,400,643		$	36,150,513		$	47,902,819		$	36,150,513
Total assets		70,979,805			53,877,944			53,552,272			53,602,293			53,119,645			70,979,805			53,119,645
Total deposits		54,357,683			41,034,572			40,823,560			40,845,746			39,999,228			54,357,683			39,999,228
Total borrowed funds		7,346,098			5,447,054			5,411,537			5,449,096			6,085,204			7,346,098			6,085,204
Total shareholders’ equity		8,126,387			6,534,654			6,340,350			6,367,298			6,075,072			8,126,387			6,075,072
Capital Ratios³
Risk-based capital ratios (EOP):
Tier 1 common equity		10.74	%		11.62	%		11.38	%		11.00	%		10.73	%		10.74	%		10.73	%
Tier 1 capital		11.20	%		12.23	%		11.98	%		11.60	%		11.33	%		11.20	%		11.33	%
Total capital		12.59	%		13.68	%		13.37	%		12.94	%		12.71	%		12.59	%		12.71	%
Leverage ratio (average assets)		9.26	%		9.44	%		9.21	%		9.05	%		8.90	%		9.26	%		8.90	%
Equity to assets (averages)		11.38	%		12.01	%		11.78	%		11.60	%		11.31	%		11.66	%		11.31	%
TCE to TA		7.26	%		7.76	%		7.41	%		7.44	%		6.94	%		7.26	%		6.94	%
Nonfinancial Data
Full-time equivalent employees		5,313			4,028			4,066			4,105			4,267			5,313			4,267
Banking centers		351			280			280			280			280			351			280
¹ Calculated using the federal statutory tax rate in effect of 21% for all periods.
² Cash dividends per common share divided by net income per common share (basic).
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures. June 30, 2025 capital ratios are preliminary.
⁴ Includes the allowance for credit losses on loans and unfunded loan commitments.

FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets


Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
Interest income	$	824,961		$	630,399		$	662,082		$	679,925		$	663,663		$	1,455,360		$	1,259,644
Less: interest expense		310,171			242,756			267,902			288,201			275,242			552,927			514,765
Net interest income		514,790			387,643			394,180			391,724			388,421			902,433			744,879
Provision for credit losses		106,835			31,403			27,017			28,497			36,214			138,238			55,105
Net interest income after provision for credit losses		407,955			356,240			367,163			363,227			352,207			764,195			689,774
Wealth and investment services fees		35,817			29,648			30,012			29,117			29,358			65,465			57,662
Service charges on deposit accounts		23,878			21,156			20,577			20,350			19,350			45,034			37,248
Debit card and ATM fees		12,922			9,991			10,991			11,362			10,993			22,913			21,047
Mortgage banking revenue		10,032			6,879			7,026			7,669			7,064			16,911			11,542
Capital markets income		7,114			4,506			5,244			7,426			4,729			11,620			7,629
Company-owned life insurance		6,625			5,381			6,499			5,315			5,739			12,006			9,173
Other income		36,170			16,309			15,539			12,975			10,036			52,479			20,506
Debt securities gains (losses), net		(41	)		(76	)		(122	)		(76	)		2			(117	)		(14	)
Total noninterest income		132,517			93,794			95,766			94,138			87,271			226,311			164,793
Salaries and employee benefits		202,112			148,305			146,605			147,494			159,193			350,417			308,996
Occupancy		30,432			29,053			29,733			27,130			26,547			59,485			53,566
Equipment		12,566			8,901			9,325			9,888			8,704			21,467			17,375
Marketing		13,759			11,940			12,653			11,036			11,284			25,699			21,918
Technology		31,452			22,020			21,429			23,343			24,002			53,472			44,025
Communication		5,014			4,134			4,176			4,681			4,480			9,148			8,480
Professional fees		21,931			7,919			11,055			7,278			10,552			29,850			16,958
FDIC assessment		13,409			9,700			11,970			11,722			9,676			23,109			20,989
Amortization of intangibles		19,630			6,830			7,237			7,411			7,425			26,460			12,880
Amortization of tax credit investments		5,815			3,424			4,556			3,277			2,747			9,239			5,496
Other expense		28,646			16,245			18,085			19,023			18,389			44,891			34,633
Total noninterest expense		384,766			268,471			276,824			272,283			282,999			653,237			545,316
Income before income taxes		155,706			181,563			186,105			185,082			156,479			337,269			309,251
Income tax expense		30,298			36,904			32,232			41,280			35,250			67,202			67,738
Net income	$	125,408		$	144,659		$	153,873		$	143,802		$	121,229		$	270,067		$	241,513
Preferred dividends		(4,033	)		(4,034	)		(4,034	)		(4,034	)		(4,033	)		(8,067	)		(8,067	)
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196		$	262,000		$	233,446

EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37		$	0.77		$	0.77
Weighted Average Common Shares Outstanding
Basic		360,155			315,925			315,673			315,622			315,585			338,162			303,283
Diluted		361,436			321,016			318,803			317,331			316,461			340,250			304,207
(EOP)		391,818			319,236			318,980			318,955			318,969			391,818			318,969


End of Period Balance Sheet (unaudited)
($ in thousands)
	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Assets
Cash and due from banks	$	637,556		$	486,061		$	394,450		$	498,120		$	428,665
Money market and other interest-earning investments		1,171,015			753,719			833,518			693,450			804,381
Investments:
Treasury and government-sponsored agencies		2,445,733			2,364,170			2,289,903			2,335,716			2,207,004
Mortgage-backed securities		9,632,206			6,458,023			6,175,103			6,085,826			5,890,371
States and political subdivisions		1,590,272			1,589,555			1,637,379			1,665,128			1,678,597
Other securities		852,687			755,348			781,656			783,079			775,623
Total investments		14,520,898			11,167,096			10,884,041			10,869,749			10,551,595
Loans held-for-sale, at fair value		77,618			40,424			34,483			62,376			66,126
Loans:
Commercial		14,662,916			10,650,615			10,288,560			10,408,095			10,332,631
Commercial and agriculture real estate		21,879,785			16,135,327			16,307,486			16,356,216			16,016,958
Residential real estate		8,212,242			6,771,694			6,797,586			6,757,896			6,894,957
Consumer		3,147,876			2,856,308			2,892,255			2,878,436			2,905,967
Total loans		47,902,819			36,413,944			36,285,887			36,400,643			36,150,513
Allowance for credit losses on loans		(565,109	)		(401,932	)		(392,522	)		(380,840	)		(366,335	)
Premises and equipment, net		682,539			584,664			588,970			599,528			601,945
Goodwill and other intangible assets		2,944,372			2,289,268			2,296,098			2,305,084			2,306,204
Company-owned life insurance		1,046,693			859,211			859,851			863,723			862,032
Accrued interest receivable and other assets		2,561,404			1,685,489			1,767,496			1,690,460			1,714,519
Total assets	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645

Liabilities and Equity
Noninterest-bearing demand deposits	$	12,652,556		$	9,186,314		$	9,399,019		$	9,429,285		$	9,336,042
Interest-bearing:
Checking and NOW accounts		9,194,738			7,736,014			7,538,987			7,314,245			7,680,865
Savings accounts		5,058,819			4,715,329			4,753,279			4,781,447			4,983,811
Money market accounts		16,564,125			11,638,653			11,807,228			11,601,461			10,485,491
Other time deposits		7,613,377			6,212,898			5,819,970			6,010,070			5,688,432
Total core deposits		51,083,615			39,489,208			39,318,483			39,136,508			38,174,641
Brokered deposits		3,274,068			1,545,364			1,505,077			1,709,238			1,824,587
Total deposits		54,357,683			41,034,572			40,823,560			40,845,746			39,999,228

Federal funds purchased and interbank borrowings		340,246			170			385			135,263			250,154
Securities sold under agreements to repurchase		297,637			290,256			268,975			244,626			240,713
Federal Home Loan Bank advances		5,835,918			4,514,354			4,452,559			4,471,153			4,744,560
Other borrowings		872,297			642,274			689,618			598,054			849,777
Total borrowed funds		7,346,098			5,447,054			5,411,537			5,449,096			6,085,204
Accrued expenses and other liabilities		1,149,637			861,664			976,825			940,153			960,141
Total liabilities		62,853,418			47,343,290			47,211,922			47,234,995			47,044,573
Preferred stock, common stock, surplus, and retained earnings		8,725,995			7,183,163			7,086,393			6,971,054			6,866,480
Accumulated other comprehensive income (loss), net of tax		(599,608	)		(648,509	)		(746,043	)		(603,756	)		(791,408	)
Total shareholders’ equity		8,126,387			6,534,654			6,340,350			6,367,298			6,075,072
Total liabilities and shareholders’ equity	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Three Months Ended							Three Months Ended							Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	1,424,700		$	14,791	4.16	%	$	791,067		$	8,815	4.52	%	$	814,944		$	11,311	5.58	%
Investments:
Treasury and government-sponsored agencies		2,396,691			20,820	3.47	%		2,318,869			20,019	3.45	%		2,208,935			21,531	3.90	%
Mortgage-backed securities		8,567,318			87,734	4.10	%		6,287,825			54,523	3.47	%		5,828,225			47,904	3.29	%
States and political subdivisions		1,596,899			13,402	3.36	%		1,610,819			13,242	3.29	%		1,686,994			14,290	3.39	%
Other securities		970,581			15,770	6.50	%		770,839			10,512	5.45	%		788,571			12,583	6.38	%
Total investments		13,531,489			137,726	4.07	%		10,988,352			98,296	3.58	%		10,512,725			96,308	3.66	%
Loans:²
Commercial		13,240,876			219,446	6.63	%		10,397,991			165,595	6.37	%		10,345,098			183,425	7.09	%
Commercial and agriculture real estate		20,022,403			316,422	6.32	%		16,213,606			245,935	6.07	%		15,870,809			260,407	6.56	%
Residential real estate loans		7,792,440			88,852	4.56	%		6,815,091			67,648	3.97	%		6,952,942			67,683	3.89	%
Consumer		3,049,341			54,787	7.21	%		2,871,213			49,470	6.99	%		2,910,331			50,869	7.03	%
Total loans		44,105,060			679,507	6.16	%		36,297,901			528,648	5.83	%		36,079,180			562,384	6.24	%

Total earning assets	$	59,061,249		$	832,024	5.64	%	$	48,077,320		$	635,759	5.30	%	$	47,406,849		$	670,003	5.66	%

Less: Allowance for credit losses on loans		(404,871	)						(398,765	)						(331,043	)

Non-earning Assets:
Cash and due from banks	$	426,513						$	372,428						$	430,256
Other assets		6,403,239							5,394,600							5,341,022

Total assets	$	65,486,130						$	53,445,583						$	52,847,084

Interest-Bearing Liabilities:
Checking and NOW accounts	$	8,594,591		$	29,291	1.37	%	$	7,526,294		$	23,850	1.29	%	$	8,189,454		$	34,398	1.69	%
Savings accounts		4,968,232			3,777	0.30	%		4,692,239			3,608	0.31	%		5,044,800			5,254	0.42	%
Money market accounts		15,055,735			110,933	2.96	%		11,664,650			88,381	3.07	%		10,728,156			102,560	3.84	%
Other time deposits		7,092,124			67,204	3.80	%		5,996,108			56,485	3.82	%		5,358,103			56,586	4.25	%
Total interest-bearing core deposits		35,710,682			211,205	2.37	%		29,879,291			172,324	2.34	%		29,320,513			198,798	2.73	%
Brokered deposits		2,530,726			28,883	4.58	%		1,546,756			18,171	4.76	%		1,244,237			17,008	5.50	%
Total interest-bearing deposits		38,241,408			240,088	2.52	%		31,426,047			190,495	2.46	%		30,564,750			215,806	2.84	%

Federal funds purchased and interbank borrowings		88,603			953	4.31	%		148,130			1,625	4.45	%		148,835			1,986	5.37	%
Securities sold under agreements to repurchase		295,948			636	0.86	%		272,961			551	0.82	%		249,939			639	1.03	%
Federal Home Loan Bank advances		6,037,462			59,042	3.92	%		4,464,590			41,896	3.81	%		4,473,978			44,643	4.01	%
Other borrowings		828,214			9,452	4.58	%		675,759			8,189	4.91	%		891,609			12,168	5.49	%
Total borrowed funds		7,250,227			70,083	3.88	%		5,561,440			52,261	3.81	%		5,764,361			59,436	4.15	%

Total interest-bearing liabilities	$	45,491,635		$	310,171	2.73	%	$	36,987,487		$	242,756	2.66	%	$	36,329,111		$	275,242	3.05	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	11,568,854						$	9,096,676						$	9,558,675
Other liabilities		973,525							944,935							980,322
Shareholders’ equity		7,452,116							6,416,485							5,978,976

Total liabilities and shareholders’ equity	$	65,486,130						$	53,445,583						$	52,847,084

Net interest rate spread						2.91	%						2.64	%						2.61	%

Net interest margin (GAAP)						3.49	%						3.23	%						3.28	%

Net interest margin (FTE)³						3.53	%						3.27	%						3.33	%

FTE adjustment				$	7,063						$	5,360						$	6,340

¹ Interest income is reflected on a FTE basis.
² Includes loans held-for-sale.
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Six Months Ended							Six Months Ended
	June 30, 2025							June 30, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	1,109,634		$	23,606	4.29	%	$	786,094		$	21,296	5.45	%
Investments:
Treasury and government-sponsored agencies		2,357,995			40,839	3.46	%		2,285,706			44,797	3.92	%
Mortgage-backed securities		7,433,868			142,257	3.83	%		5,592,655			86,792	3.10	%
States and political subdivisions		1,603,821			26,644	3.32	%		1,683,585			28,266	3.36	%
Other securities		871,262			26,282	6.03	%		779,504			24,756	6.35	%
Total investments	$	12,266,946		$	236,022	3.85	%	$	10,341,450		$	184,611	3.57	%
Loans:²
Commercial		11,827,287			385,041	6.51	%		9,942,741			350,688	7.05	%
Commercial and agriculture real estate		18,128,526			562,357	6.20	%		15,119,590			490,493	6.49	%
Residential real estate loans		7,306,465			156,500	4.28	%		6,823,378			130,686	3.83	%
Consumer		2,960,769			104,257	7.10	%		2,777,711			94,463	6.84	%
Total loans		40,223,047			1,208,155	6.01	%		34,663,420			1,066,330	6.16	%

Total earning assets	$	53,599,627		$	1,467,783	5.48	%	$	45,790,964		$	1,272,237	5.56	%

Less: Allowance for credit losses on loans		(401,835	)						(322,256	)

Non-earning Assets:
Cash and due from banks	$	399,620						$	396,466
Other assets		5,901,705							5,151,308

Total assets	$	59,499,117						$	51,016,482

Interest-Bearing Liabilities:
Checking and NOW accounts	$	8,063,393		$	53,141	1.33	%	$	7,665,327		$	59,650	1.56	%
Savings accounts		4,830,998			7,385	0.31	%		5,035,100			10,271	0.41	%
Money market accounts		13,369,560			199,314	3.01	%		10,322,808			196,773	3.83	%
Other time deposits		6,547,143			123,689	3.81	%		5,023,620			104,018	4.16	%
Total interest-bearing core deposits		32,811,094			383,529	2.36	%		28,046,855			370,712	2.66	%
Brokered deposits		2,041,459			47,054	4.65	%		1,145,744			30,533	5.36	%
Total interest-bearing deposits		34,852,553			430,583	2.49	%		29,192,599			401,245	2.76	%

Federal funds purchased and interbank borrowings		118,202			2,578	4.40	%		108,962			2,947	5.44	%
Securities sold under agreements to repurchase		284,518			1,187	0.84	%		273,088			1,556	1.15	%
Federal Home Loan Bank advances		5,255,372			100,938	3.87	%		4,430,236			85,810	3.90	%
Other borrowings		752,408			17,641	4.73	%		858,727			23,207	5.43	%
Total borrowed funds		6,410,500			122,344	3.85	%		5,671,013			113,520	4.03	%

Total interest-bearing liabilities		41,263,053			552,927	2.70	%		34,863,612			514,765	2.97	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	10,339,594						$	9,408,406
Other liabilities		959,309							972,205
Shareholders’ equity		6,937,161							5,772,259

Total liabilities and shareholders’ equity	$	59,499,117						$	51,016,482

Net interest rate spread						2.78	%						2.59	%

Net interest margin (GAAP)						3.37	%						3.25	%

Net interest margin (FTE)³						3.41	%						3.31	%

FTE adjustment				$	12,423						$	12,593

¹ Interest income is reflected on a FTE.
² Includes loans held-for-sale.
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	401,932		$	392,522		$	380,840		$	366,335		$	319,713		$	392,522		$	307,610
Allowance established for acquired PCD loans		90,442			—			—			2,803			23,922			90,442			23,922
Provision for credit losses on loans		99,263			31,026			30,417			29,176			36,745			130,289			60,598
Gross charge-offs		(29,954	)		(24,540	)		(21,278	)		(18,965	)		(17,041	)		(54,494	)		(31,061	)
Gross recoveries		3,426			2,924			2,543			1,491			2,996			6,350			5,266
NCOs		(26,528	)		(21,616	)		(18,735	)		(17,474	)		(14,045	)		(48,144	)		(25,795	)
Ending allowance for credit losses on loans	$	565,109		$	401,932		$	392,522		$	380,840		$	366,335		$	565,109		$	366,335
Beginning allowance for credit losses on unfunded commitments	$	22,031		$	21,654		$	25,054		$	25,733		$	26,264		$	21,654		$	31,226
Provision (release) for credit losses on unfunded commitments		7,572			377			(3,400	)		(679	)		(531	)		7,949			(5,493	)
Ending allowance for credit losses on unfunded commitments	$	29,603		$	22,031		$	21,654		$	25,054		$	25,733		$	29,603		$	25,733
Allowance for credit losses	$	594,712		$	423,963		$	414,176		$	405,894		$	392,068		$	594,712		$	392,068
Provision for credit losses on loans	$	99,263		$	31,026		$	30,417		$	29,176		$	36,745		$	130,289		$	60,598
Provision (release) for credit losses on unfunded commitments		7,572			377			(3,400	)		(679	)		(531	)		7,949			(5,493	)
Provision for credit losses	$	106,835		$	31,403		$	27,017		$	28,497		$	36,214		$	138,238		$	55,105
NCOs / average loans¹		0.24	%		0.24	%		0.21	%		0.19	%		0.16	%		0.24	%		0.15	%
Average loans¹	$	44,075,472		$	36,284,059		$	36,410,414		$	36,299,544		$	36,053,845		$	40,201,289		$	34,648,292
EOP loans¹		47,902,819			36,413,944			36,285,887			36,400,643			36,150,513			47,902,819			36,150,513
ACL on loans / EOP loans¹		1.18	%		1.10	%		1.08	%		1.05	%		1.01	%		1.18	%		1.01	%
ACL / EOP loans¹		1.24	%		1.16	%		1.14	%		1.12	%		1.08	%		1.24	%		1.08	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	16,893		$	6,757		$	4,060		$	1,177		$	5,251		$	16,893		$	5,251
Nonaccrual loans		594,709			469,211			447,979			443,597			340,181			594,709			340,181
Foreclosed assets		7,986			6,301			4,294			4,077			8,290			7,986			8,290
Total underperforming assets	$	619,588		$	482,269		$	456,333		$	448,851		$	353,722		$	619,588		$	353,722
Classified and Criticized Assets:
Nonaccrual loans	$	594,709		$	469,211		$	447,979		$	443,597		$	340,181		$	594,709		$	340,181
Substandard loans (still accruing)		1,969,260			1,479,630			1,073,413			1,074,243			841,087			1,969,260			841,087
Loans 90 days and over (still accruing)		16,893			6,757			4,060			1,177			5,251			16,893			5,251
Total classified loans – “problem loans”		2,580,862			1,955,598			1,525,452			1,519,017			1,186,519			2,580,862			1,186,519
Other classified assets		43,495			53,239			58,954			59,485			60,772			43,495			60,772
Special Mention		1,008,716			828,314			908,630			837,543			967,655			1,008,716			967,655
Total classified and criticized assets	$	3,633,073		$	2,837,151		$	2,493,036		$	2,416,045		$	2,214,946		$	3,633,073		$	2,214,946
Loans 30-89 days past due (still accruing)	$	128,771		$	72,517		$	93,141		$	91,750		$	51,712		$	128,771		$	51,712
Nonaccrual loans / EOP loans¹		1.24	%		1.29	%		1.23	%		1.22	%		0.94	%		1.24	%		0.94	%
ACL / nonaccrual loans		100	%		90	%		92	%		92	%		115	%		100	%		115	%
Under-performing assets/EOP loans¹		1.29	%		1.32	%		1.26	%		1.23	%		0.98	%		1.29	%		0.98	%
Under-performing assets/EOP assets		0.87	%		0.90	%		0.85	%		0.84	%		0.67	%		0.87	%		0.67	%
30+ day delinquencies/EOP loans¹		0.30	%		0.22	%		0.27	%		0.26	%		0.16	%		0.30	%		0.16	%

¹ Excludes loans held-for-sale.


Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
Earnings Per Share:
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196			$	262,000		$	233,446
Adjustments:
CECL Day 1 non-PCD provision expense		75,604			—			—			—			15,312				75,604			15,312
Tax effect¹		(20,802	)		—			—			—			(3,476	)			(20,802	)		(3,476	)
CECL Day 1 non-PCD provision expense, net		54,802			—			—			—			11,836				54,802			11,836
Merger-related charges		41,206			5,856			8,117			6,860			19,440				47,062			22,348
Tax effect¹		(11,337	)		(1,089	)		(2,058	)		(1,528	)		(4,413	)			(12,426	)		(5,123	)
Merger-related charges, net		29,869			4,767			6,059			5,332			15,027				34,636			17,225
Pension plan gain		(21,001	)		—			—			—			—				(21,001	)		—
Tax effect¹		5,778			—			—			—			—				5,778			—
Pension plan gain, net		(15,223	)		—			—			—			—				(15,223	)		—
Debt securities (gains) losses		41			76			122			76			(2	)			117			14
Tax effect¹		(11	)		(14	)		(31	)		(17	)		1				(25	)		(3	)
Debt securities (gains) losses, net		30			62			91			59			(1	)			92			11
Separation expense		—			—			—			2,646			—				—			—
Tax effect¹		—			—			—			(589	)		—				—			—
Separation expense, net		—			—			—			2,057			—				—			—
Distribution of excess pension assets		—			—			—			—			—		—		—			13,318
Tax effect¹		—			—			—			—			—		—		—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			—				—			10,068
FDIC special assessment		—			—			—			—			—				—			2,994
Tax effect¹		—			—			—			—			—				—			(731	)
FDIC special assessment, net		—			—			—			—			—				—			2,263
Total adjustments, net		69,478			4,829			6,150			7,448			26,862				74,307			41,403
Net income applicable to common shares, adjusted	$	190,853		$	145,454		$	155,989		$	147,216		$	144,058			$	336,307		$	274,849
Weighted average diluted common shares outstanding		361,436			321,016			318,803			317,331			316,461				340,250			304,207
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37			$	0.77		$	0.77
Adjusted EPS, diluted	$	0.53		$	0.45		$	0.49		$	0.46		$	0.46			$	0.99		$	0.90
NIM:
Net interest income	$	514,790		$	387,643		$	394,180		$	391,724		$	388,421			$	902,433		$	744,879
Add: FTE adjustment²		7,063			5,360			5,777			6,144			6,340				12,423			12,593
Net interest income (FTE)	$	521,853		$	393,003		$	399,957		$	397,868		$	394,761			$	914,856		$	757,472
Average earning assets	$	59,061,249		$	48,077,320		$	48,411,803		$	47,905,463		$	47,406,849			$	53,599,627		$	45,790,964
NIM (GAAP)		3.49	%		3.23	%		3.26	%		3.27	%		3.28	%			3.37	%		3.25	%
NIM (FTE)		3.53	%		3.27	%		3.30	%		3.32	%		3.33	%			3.41	%		3.31	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
PPNR:
Net interest income (FTE)²	$	521,853		$	393,003		$	399,957		$	397,868		$	394,761		$	914,856		$	757,472
Add: Noninterest income		132,517			93,794			95,766			94,138			87,271			226,311			164,793
Total revenue (FTE)		654,370			486,797			495,723			492,006			482,032			1,141,167			922,265
Less: Noninterest expense		(384,766	)		(268,471	)		(276,824	)		(272,283	)		(282,999	)		(653,237	)		(545,316	)
PPNR	$	269,604		$	218,326		$	218,899		$	219,723		$	199,033		$	487,930		$	376,949
Adjustments:
Pension plan termination gain	$	(21,001	)	$	—		$	—		$	—		$	—		$	(21,001	)	$	—
Debt securities (gains) losses	$	41		$	76		$	122		$	76		$	(2	)	$	117		$	14
Noninterest income adjustments		(20,960	)		76			122			76			(2	)		(20,884	)		14
Adjusted noninterest income		111,557			93,870			95,888			94,214			87,269			205,427			164,807
Adjusted revenue	$	633,410		$	486,873		$	495,845		$	492,082		$	482,030		$	1,120,283		$	922,279
Adjustments:
Merger-related charges	$	41,206		$	5,856		$	8,117		$	6,860		$	19,440		$	47,062		$	22,348
Separation expense		—			—			—			2,646			—			—			—
Distribution of excess pension assets		—			—			—			—			—			—			13,318
FDIC Special Assessment		—			—			—			—			—			—			2,994
Noninterest expense adjustments		41,206			5,856			8,117			9,506			19,440			47,062			38,660
Adjusted total noninterest expense		(343,560	)		(262,615	)		(268,707	)		(262,777	)		(263,559	)		(606,175	)		(506,656	)
Adjusted PPNR	$	289,850		$	224,258		$	227,138		$	229,305		$	218,471		$	514,108		$	415,623
Efficiency Ratio:
Noninterest expense	$	384,766		$	268,471		$	276,824		$	272,283		$	282,999		$	653,237		$	545,316
Less: Amortization of intangibles		(19,630	)		(6,830	)		(7,237	)		(7,411	)		(7,425	)		(26,460	)		(12,880	)
Noninterest expense, excl. amortization of intangibles		365,136			261,641			269,587			264,872			275,574			626,777			532,436
Less: Amortization of tax credit investments		(5,815	)		(3,424	)		(4,556	)		(3,277	)		(2,747	)		(9,239	)		(5,496	)
Less: Noninterest expense adjustments		(41,206	)		(5,856	)		(8,117	)		(9,506	)		(19,440	)		(47,062	)		(38,660	)
Adjusted noninterest expense, excluding amortization	$	318,115		$	252,361		$	256,914		$	252,089		$	253,387		$	570,476		$	488,280
Total revenue (FTE)²	$	654,370		$	486,797		$	495,723		$	492,006		$	482,032		$	1,141,167		$	922,265
Less: Debt securities (gains) losses		41			76			122			76			(2	)		117			14
Less: Pension plan gain		(21,001	)		—			—			—			—			(21,001	)		—
Total adjusted revenue	$	633,410		$	486,873		$	495,845		$	492,082		$	482,030		$	1,120,283		$	922,279
Efficiency Ratio		55.8	%		53.7	%		54.4	%		53.8	%		57.2	%		54.9	%		57.7	%
Adjusted Efficiency Ratio		50.2	%		51.8	%		51.8	%		51.2	%		52.6	%		50.9	%		52.9	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
ROAE and ROATCE:
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196		$	262,000		$	233,446
Amortization of intangibles		19,630			6,830			7,237			7,411			7,425			26,460			12,880
Tax effect¹		(4,908	)		(1,708	)		(1,809	)		(1,853	)		(1,856	)		(6,615	)		(3,220	)
Amortization of intangibles, net		14,722			5,122			5,428			5,558			5,569			19,845			9,660
Net income applicable to common shares, excluding intangibles amortization		136,097			145,747			155,267			145,326			122,765			281,845			243,106
Total adjustments, net (see pg.12)		69,478			4,829			6,150			7,448			26,862			74,307			41,403
Adjusted net income applicable to common shares, excluding intangibles amortization	$	205,575		$	150,576		$	161,417		$	152,774		$	149,627		$	356,152		$	284,509
Average shareholders’ equity	$	7,452,116		$	6,416,485		$	6,338,953		$	6,190,071		$	5,978,976		$	6,937,161		$	5,772,259
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Average shareholders’ common equity	$	7,208,397		$	6,172,766		$	6,095,234		$	5,946,352		$	5,735,257		$	6,693,442		$	5,528,540
Average goodwill and other intangible assets		(2,670,710	)		(2,292,526	)		(2,301,177	)		(2,304,597	)		(2,245,405	)		(2,482,663	)		(2,171,872	)
Average tangible shareholder’s common equity	$	4,537,687		$	3,880,240		$	3,794,057		$	3,641,755		$	3,489,852		$	4,210,779		$	3,356,668
ROAE		6.7	%		9.1	%		9.8	%		9.4	%		8.2	%		7.8	%		8.4	%
ROAE, adjusted		10.6	%		9.4	%		10.2	%		9.9	%		10.0	%		10.0	%		9.9	%
ROATCE		12.0	%		15.0	%		16.4	%		16.0	%		14.1	%		13.4	%		14.5	%
ROATCE, adjusted		18.1	%		15.5	%		17.0	%		16.8	%		17.1	%		16.9	%		17.0	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Tangible Common Equity:
Shareholders’ equity	$	8,126,387		$	6,534,654		$	6,340,350		$	6,367,298		$	6,075,072
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders’ common equity	$	7,882,668		$	6,290,935		$	6,096,631		$	6,123,579		$	5,831,353
Less: Goodwill and other intangible assets		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)
Tangible shareholders’ common equity	$	4,938,296		$	4,001,667		$	3,800,533		$	3,818,495		$	3,525,149

Total assets	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645
Less: Goodwill and other intangible assets		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)
Tangible assets	$	68,035,433		$	51,588,676		$	51,256,174		$	51,297,209		$	50,813,441

Risk-weighted assets³	$	52,517,871		$	40,266,670		$	40,314,805		$	40,584,608		$	40,627,117

Tangible common equity to tangible assets		7.26	%		7.76	%		7.41	%		7.44	%		6.94	%
Tangible common equity to risk-weighted assets³		9.40	%		9.94	%		9.43	%		9.41	%		8.68	%
Tangible Common Book Value:
Common shares outstanding		391,818			319,236			318,980			318,955			318,969
Tangible common book value	$	12.60		$	12.54		$	11.91		$	11.97		$	11.05

¹ Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
² Calculated using the federal statutory tax rate in effect of 21% for all periods.
³ June 30, 2025 figures are preliminary.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e11c9d1-b9ea-4a5c-a250-cb6dc83091a5

India implements world’s largest grain storage plan in cooperative sector

Source: Government of India

Source: Government of India (4)

The central government is moving swiftly to implement the “World’s Largest Grain Storage Plan in the Cooperative Sector,” an ambitious initiative aimed at revolutionizing rural agri-infrastructure and empowering Primary Agricultural Credit Societies (PACS) across the country. Approved on May 31, 2023, the plan is currently being rolled out as a pilot project and is set to transform grain storage and agricultural logistics at the grassroots level.

Minister of Cooperation, Amit Shah, shared these updates in a written reply in the Lok Sabha, emphasizing the Government’s commitment to transforming the cooperative sector into a pillar of rural economic development.

The plan focuses on the creation of infrastructure at the PACS level, including godowns, custom hiring centers, food processing units, and Fair Price Shops. These developments are being implemented through convergence of various government schemes such as the Agriculture Infrastructure Fund (AIF), Agricultural Marketing Infrastructure Scheme (AMI), Sub-Mission on Agricultural Mechanization (SMAM), and the Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFME) scheme.

As part of the pilot phase, construction of godowns has been completed in 11 PACS across 11 states, including Maharashtra, Uttar Pradesh, Madhya Pradesh, Gujarat, Tamil Nadu, Rajasthan, Telangana, Karnataka, Tripura, Assam, and Uttarakhand. The total storage capacity developed so far stands at 9,750 metric tonnes, with integrated facilities such as seed grading units, processing centers, and Grameen Haats also being established in some locations. More than 500 additional PACS have been identified for godown construction, with a completion target set for December 2026.

To support the initiative’s expansion, the Government has approved a parallel plan to establish new multipurpose PACS, dairy, and fisheries cooperatives, with the aim of reaching every panchayat and village within five years. Supported by NABARD, NDDB, NFDB, and State/UT governments, this plan has already resulted in the registration of 22,933 new cooperative societies since February 15, 2023—including 5,937 multipurpose PACS. A comprehensive implementation guide, Margadarshika, was launched on September 19, 2024, to outline the timelines and responsibilities of all stakeholders.

Additionally, in a move to digitally empower PACS, the Government has approved a ₹2,925.39 crore project for their computerization. This project will bring all functional PACS under a common ERP-based national software, ensuring integration with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs). As of June 30, 2025, a total of 73,492 PACS across 31 States and Union Territories have been sanctioned for inclusion. Of these, 59,920 have already been onboarded onto the ERP system, with hardware delivered to 64,323 PACS.

The project is not only streamlining agricultural operations but is also expected to improve transparency, record-keeping, and credit delivery across the cooperative sector. States like Maharashtra, Rajasthan, Tamil Nadu, Gujarat, and Uttar Pradesh are leading in the number of PACS onboarded and operationalized under the ERP system.

Govt pushes cooperative growth: Over 22,600 new societies registered under national plan

Source: Government of India

Source: Government of India (4)

The government’s plan to strengthen the cooperative movement across rural India has made significant progress, with 22,606 new Primary Agricultural Credit Societies (PACS), dairies, and fishery cooperative societies registered across the country as of June 30, said Union Minister Amit Shah in a written reply to the Lok Sabha on Monday.

The initiative, approved on February 15, 2023, aims to establish two lakh multipurpose cooperative societies in five years, covering every panchayat and village.

The plan is being implemented through convergence of various central government schemes – such as the Dairy Infrastructure Development Fund (DIDF), National Programme for Dairy Development (NPDD), and PM Matsya Sampada Yojana (PMMSY) – with support from National Bank for Agriculture and Rural Development (NABARD), National Dairy Development Board (NDDB), National Fisheries Development Board (NFDB), and state governments. Importantly, the scheme uses the existing outlays of these programs and integrates them at the PACS level.

To guide this rollout, the Ministry of Cooperation launched a standard operating procedure (Margdarshika) on September 19, 2024. This document outlines clear targets, timelines, and responsibilities for all stakeholders.

MIL-OSI Africa: SA to launch Pandemic Fund to strengthen health preparedness

Source: Government of South Africa

A mechanism set to support pandemic preparedness in low- and middle-income countries is set to be launched later this week.

The Department of Health, in collaboration with the World Health Organisation (WHO), the Food and Agriculture Organisation (FAO), and the United Nations Children’s Fund (UNICEF), will officially launch the Pandemic Fund.

As the project lead for this initiative, the Department of Health aims to strengthen South Africa’s capacity to prevent, prepare for, and respond to future pandemics.

According to the joint statement, the launch, scheduled for Thursday in Pretoria, represents a significant milestone in global health security efforts.

The Pandemic Fund, hosted by the World Bank, is a global financing mechanism that provides catalytic funding to support pandemic preparedness and response in low- and middle-income countries.

“South Africa’s engagement through this project reinforces its leadership and commitment to advancing health system resilience,” the statement read.

The launch will feature keynote remarks from national and international leaders, the unveiling of South Africa’s Pandemic Fund implementation strategy, a panel discussion on pandemic preparedness, and opportunities for media engagement and networking with key stakeholders.

The gathering will feature senior officials from various departments, including Health, Agriculture, Land Reform, and Rural Development, as well as Forestry, Fisheries, and the Environment.

Representatives from the WHO, UNICEF, FAO, the Pandemic Fund Secretariat, development partners, civil society organisations, and the media will also be present. – SAnews.gov.za

MIL-OSI: Recording of LHV Group’s 22 July investor webinar

Source: GlobeNewswire (MIL-OSI)

To give an overview of the 2025 Q2 financial results, LHV Group organised an investor meeting webinar on 22 July. An overview of the company’s progress was given by Madis Toomsalu, former Chairman of the Management Board of LHV Group, Mihkel Torim, Chairman of the Management Board of LHV Group, and Meelis Paakspuu, CFO of LHV Group.

The live coverage was followed by 32 participants, the live feed of the presentation was broadcast over Zoom.

Recording of the investor meeting (in Estonian) is available at: https://www.youtube.com/watch?v=4HRsdcw4O_c

Presentation (in English) at: www.lhv.ee/assets/files/investor/LHV_Group_Investoresitlus_2025-Q2_EN.pdf

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of June, LHV Pank services are being used by 474,000 clients, the pension funds managed by LHV have 110,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Investor Relations

Sten Hans Jakobsoo
Head of Investor Relations and Corporate Development
Email: stenhans.jakobsoo@lhv.ee

Communications

Paul Pihlak
Head of Investment Communications
Email: paul.pihlak@lhv.ee

MIL-OSI Europe: July results of the Bank Lending Survey in Germany | Demand continued to rise in all loan categories

Source: Deutsche Bundesbank

The German banks responding to the Bank Lending Survey (BLS) tightened their credit standards for loans to enterprises and loans to households in the second quarter of 2025. Increased credit risk and lower risk tolerance were the rationale behind the tightening.
The surveyed banks barely changed their credit terms and conditions for loans to enterprises and loans to households for house purchase. For consumer credit and other lending to households, they tightened credit terms and conditions on balance.
Loan demand continued to rise in all loan categories; the demand for loans to enterprises increased more strongly than in previous quarters.
The non-performing loans (NPL) ratio and other indicators of credit quality had a tightening impact on banks’ credit standards, terms and conditions in all loan categories under review.
Owing to climate-related risks and measures to cope with climate change, the past twelve months saw banks tighten their credit standards for “brown” firms and firms in transition. In the case of loans to households for house purchase, credit standards for loans for buildings with poor energy performance also became more restrictive.

The BLS covers three loan categories: loans to enterprises, loans to households for house purchase, and consumer credit and other lending to households. On balance, the surveyed banks tightened their credit standards (i.e. their internal guidelines or loan approval criteria) for loans to enterprises and loans to households. The net share of banks that tightened their standards stood at + 3 % for loans to enterprises (compared with + 3 % in the previous quarter). Credit standards for loans to enterprises were tightened only for small and medium-sized enterprises. The banks tightened credit standards for loans to households for house purchase by + 11 % in net terms (compared with − 7 % in the previous quarter) and for consumer credit and other lending to households by + 11 % in net terms (compared with 0 % in the previous quarter). Banks tightened their credit standards for all reported loan categories to a lesser extent than they had planned in the previous quarter.
The rationale given by the banks for the marginal tightening of credit standards for loans to enterprises was elevated credit risk owing to the gloomier economic situation and the economic outlook. The banks cited a decrease in their risk tolerance as the main reason for tightening their credit standards for loans to households. In addition, a decline in households’ creditworthiness had a restrictive impact on consumer credit and other lending. For the third quarter of 2025, banks are planning to ease their credit standards for loans to enterprises. As regards loans to households, they expect to tighten credit standards again if borrowers’ credit quality continues to deteriorate.

Changes in credit standards for loans to enterprises and contributing factors

On aggregate, banks made hardly any changes to their credit terms and conditions (i.e. the terms and conditions actually approved as laid down in the loan contract) for loans to enterprises and loans to households for house purchase. For consumer credit and other lending to households, they tightened credit terms and conditions on balance. The banks justified these adjustments primarily on the grounds of their reduced risk tolerance and an increase in credit risk.
The surveyed banks reported that demand for bank loans in Germany had risen on balance in all loan categories in the second quarter of 2025. The increase in demand exceeded the banks’ expectations from the previous quarter in all surveyed business areas. Demand for loans to enterprises rose more strongly than in previous quarters. The banks cited an increase in financing needs for fixed investment as well as for inventories and working capital as the reason. In both cases, this was the first time in a year that banks reported moderate growth in funding needs again. In addition, the general level of interest rates also contributed to the increase in demand. According to the surveyed banks, the renewed significant rise in demand for loans to households for house purchase was due mainly to households’ positive view of the outlook on the housing market and the lower level of interest rates. Banks put the rise in households’ demand for consumer credit and other lending down to improved consumer confidence and an increase in purchases of durable consumer goods. The loan rejection rate for loans to enterprises went up again, primarily for loan requests and applications from small and medium-sized enterprises. The rejection rate also increased for consumer credit and other lending to households, but remained unchanged for loans for house purchase. For the third quarter of 2025, banks are expecting to see demand increase further across all three loan categories. For loans to enterprises, banks are expecting positive impetus from domestic economic policy but at the same time a dampening impact from the global political situation.

Change in demand for loans to enterprises and contributing factors

The July survey round contained ad hoc questions on participating banks’ financing conditions and about the impact of NPLs and other indicators of credit quality on the institutions’ lending policies. It also contained a question on their credit standards, terms and conditions, and on demand for loans across the main economic sectors. In addition, for the third time, BLS banks were surveyed on the impact of climate change and climate-related measures on bank lending. They were asked to report on the impact for “green” firms (firms that do not contribute or contribute little to climate change), firms in transition (firms that contribute to climate change, which are making relevant progress in the transition), and “brown” firms (firms that contribute strongly to climate change, which have not yet started or have so far made only little progress in the transition). This question was expanded for the first time to include a question on the impact of climate change and climate-related measures in connection with loans to households for house purchase. Another ad hoc question assessed the impact of excess liquidity on bank lending.
Given the conditions in financial markets, German banks reported that their funding situation had improved slightly compared with the previous quarter.
In the second quarter of 2025, the NPL ratio (the stock of gross NPLs on the bank’s balance sheet as a percentage of the gross carrying amount of loans) and other indicators of credit quality, owing to their size, had a restrictive impact on credit standards, terms and conditions for loans to enterprises and loans to households. For the third quarter of 2025, the banks are expecting this credit quality-driven restrictive effect to continue. Credit standards for loans to enterprises were tightened most sharply over the past six months in the (commercial) real estate and manufacturing sectors. However, credit standards were also tightened for all other sectors surveyed, with the exception of services. For the next six months, banks are not expecting to make any noteworthy adjustments to credit standards in any of the economic sectors, the first time they have reported this for quite some time.
Climate-related risks and measures to cope with climate change have had a restrictive impact on credit standards for loans to enterprises over the past twelve months. The more the enterprises contributed to climate change, the greater that impact was. The effects of climate change had a restrictive impact on credit terms and conditions, especially those for loans to “brown” firms. The effect was expansionary, on the other hand, for loans to “green” firms. Over the next twelve months, banks expect climate change to ease their credit standards, terms and conditions for “green” firms. They are expecting climate change to have a further restrictive impact on their credit standards, terms and conditions for loans to other enterprises. At the same time, the effects of climate change, taken in isolation, stimulated loan demand from “green” firms and firms in transition. By contrast, climate change and climate policy had no impact on loan demand from “brown” firms. For the next twelve months, banks are expecting to see climate change stimulate demand for loans irrespective of firms’ classification.
In the case of loans to households for house purchase, credit standards for loans for buildings with poor energy performance were tightened. By contrast, for loans for buildings with high or reasonably good energy performance, climate-related risks and measures to cope with climate change had no notable impact on credit standards. Over the next twelve months, banks expect this adjustment of credit standards, which is dependent on buildings’ energy performance, to continue. At the same time, climate-related factors, especially investment in the energy performance of buildings, in isolation, stimulated demand for loans for buildings with high or reasonably good energy performance. By contrast, demand for loans for buildings with poor energy performance remained unaffected by climate-related factors. Over the next twelve months, banks expect rising demand for loans for buildings with high energy performance and declining loan demand for buildings with poor energy performance.
The banks do not see developments in excess liquidity held with the Eurosystem as having had any impact on bank lending over the past six months. By their account, that is unlikely to change in the next six months.
The Bank Lending Survey, which is conducted four times a year, took place between 13 June and 1 July 2025. In Germany, 33 banks took part in the survey, with a response rate of 100 %.

Changes in credit standards for loans to enterprises across main economic sectors

Changes in credit standards for loans to households for house purchases and contributing factors

Change in demand for loans to households for house purchase and contributing factors

Time series credit standards
Loans to enterprises
Loans to households for house purchase
Consumer credit and other lending to households

MIL OSI

MIL OSI Europe News –

MIL-OSI Africa: Islamic Development Bank Institute and Prince Mohammed Bin Salman College of Business & Entrepreneurship Launch Entrepreneurial Mindset Development Program

Source: APO

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The Islamic Development Bank Institute (IsDBI) (www.IsDBInstitute.org) and Prince Mohammed Bin Salman College of Business & Entrepreneurship (MBSC) are pleased to announce the launch of the Entrepreneurial Mindset Development Flagship Program, as part of a strategic collaboration aimed at nurturing the next generation of innovative entrepreneurial leaders.

The partnership reflects a shared vision to empower a new generation of entrepreneurs across IsDB Member Countries and Muslim communities worldwide, fostering sustainable growth through innovation, ethical business practices, and economic inclusion.

Participants of the program will gain access to world-class faculty, diverse global perspectives, and peer learning opportunities, enabling them to build impactful networks and acquire actionable skills.

The Entrepreneurial Mindset Development Flagship Program consists of three intensive modules, combining live online sessions with immersive in-person experiences at the MBSC campus in King Abdullah Economic City.

In his comments on this occasion, Dr. Sami Al-Suwailem, Acting Director General, IsDB Institute, said, “Our strategic collaboration with MBSC is inspired by our commitment to innovation, sustainable development, and dynamic learning experiences.”

For his part, Professor Zeger Degraeve, Executive Dean, MBSC, said, “Prince MBSC’s collaboration with the IsDB reflects our shared commitment to expanding opportunities and delivering credible world-class business education.”

Learn more and apply to the Program here (http://apo-opa.co/3TTHsmv).

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

Social media handles:
X (Twitter): https://apo-opa.co/455iS7p
Facebook: https://apo-opa.co/4kJQPQx
LinkedIn: https://apo-opa.co/3UmQkRE

About the Islamic Development Bank Institute:
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://IsDBInstitute.org

MIL-OSI Russia: German companies pledge to invest €631bn to boost economic confidence

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

BERLIN, July 22 (Xinhua) — More than 60 leading German companies, including Siemens and Deutsche Bank, pledged on Monday to invest 631 billion euros (735 billion U.S. dollars) in the country by 2028 as part of a joint effort to restore investor confidence, German newspaper Handelsblatt reported.

The initiative, called “Made for Germany,” will be formally presented to German Chancellor Friedrich Merz and Finance Minister Lars Klingbeil later on Monday. It includes capital expenditure, research and development costs, and commitments from international investors.

The announcement comes as Germany seeks to reverse sluggish economic growth and attract private capital, helped in part by recent changes in fiscal policy and the creation of a special fund for infrastructure investment.

High energy prices and structural problems are reducing the competitiveness of Germany’s industry, prompting growing calls for deeper reforms.

“We need political courage for structural change, and decisive steps must follow,” Siemens CEO Roland Busch told the Handelsblatt newspaper. “But we also need companies that believe in Germany and are willing to invest. All this must come together quickly to gain momentum.”

Companies involved in the initiative plan to lobby the government for faster approval procedures for infrastructure projects and tougher measures to address labor shortages, he added. –0–

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

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MIL OSI Russia News –

MIL-OSI Russia: Information about using the SolidPAY mobile application

Translation. Region: Russian Federal

Source: Solid Bank – Solid Bank –

An important disclaimer is at the bottom of this article.

Dear customers!

On the side of the SolidPay mobile application vendor, there are problems with access to the personal account for clients who own Android devices.

We will inform you about the resumption of the service in a separate letter.

Login to your personal account on iOS is available in the usual mode, as well as access to Internet banking in the web version from the bank’s website.

We apologize and ask you to take this information into account.

Share the news on social networks

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 –

MIL-OSI Asia-Pac: Monetary Authority takes disciplinary actions against three banks for contraventions of Anti-Money Laundering and Counter-Terrorist Financing Ordinance

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

The Hong Kong Monetary Authority (HKMA) announced today (July 22) that it had completed investigations and disciplinary proceedings under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO) in relation to three banks: Indian Overseas Bank, Hong Kong Branch (IOBHK), Bank of Communications (Hong Kong) Limited (BCOM(HK)) and Bank of Communications Co., Ltd., Hong Kong Branch (BCOM Hong Kong Branch).

The Monetary Authority (MA) has: (i) reprimanded IOBHK; (ii) ordered IOBHK to conduct a look-back review of past transactions, and develop and implement a remedial plan to address the contraventions; and (iii) imposed a pecuniary penalty of HK$8,500,000 on IOBHK. Separately, the MA has imposed pecuniary penalties of HK$4,000,000 on BCOM(HK) and HK$3,700,000 on BCOM Hong Kong Branch. Details of the disciplinary actions against each of the three banks are set out in the respective Statements of Disciplinary Action attached.

The disciplinary actions (Note) follow investigations by the HKMA into the banks’ systems and controls for compliance with the AMLO. The control deficiencies identified related to failures to establish and maintain effective procedures for continuously monitoring business relationships with customers.

There were significant deficiencies in IOBHK’s transaction monitoring mechanism and management oversight of the bank’s anti-money laundering and counter-financing of terrorism (AML/CFT) controls.

The contraventions of BCOM(HK) and BCOM Hong Kong Branch arose from omissions to load certain types of transactions into the transaction monitoring system shared by the two banks, undermining the system’s effectiveness in identifying potentially suspicious activities.

In deciding the disciplinary actions, the MA has taken into account the relevant circumstances and factors, including:

the seriousness of the investigation findings;
the need to send a clear deterrent message to the three banks and the industry about the importance of having effective controls and procedures to address money laundering and terrorist financing risks;
where applicable, the remedial measures taken by the banks to address the deficiencies identified; and
the three banks have no previous disciplinary record in relation to the AMLO and co-operated with the HKMA during the investigations and enforcement proceedings.

The Executive Director (Enforcement and AML) of the HKMA, Mr Raymond Chan, said, “Effective transaction monitoring enables timely identification and reporting of suspicious transactions and thus is an essential component of banks’ AML/CFT controls. Bank management should ensure that proper transaction monitoring systems and processes are in place and any identified deficiencies are addressed promptly.”

Relevant links:
Statement of Disciplinary Action (IOBHK)
Statement of Disciplinary Action (BCOM(HK))
Statement of Disciplinary Action (BCOM Hong Kong Branch)

Note: The disciplinary actions are taken under section 21 of the AMLO. The AMLO imposes customer due diligence and record-keeping requirements on specified financial institutions, including authorized institutions, and designated non-financial businesses and professions. The MA is the relevant authority for authorized institutions under the AMLO.

MIL OSI Asia Pacific News –

MIL-OSI: Form 8.5 (EPT/RI) – Apax Global Alpha Limited

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	Investec Bank plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Apax Global Alpha Limited
(c) Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to Apax Global Alpha Limited
(d) Date dealing undertaken:	21^st July 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary	Purchases	2,056,411	163.296	156.4
Ordinary	Sales	1,809,485	164	139.8

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	22^ndJuly 2025
Contact name:	Abhishek Gawde
Telephone number:	+91-9923757332

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

MIL-OSI: Form 8.5 (EPT/RI) – Apax Global Alpha Limited

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
Rule 8.5 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Name of exempt principal trader:	Investec Bank plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Apax Global Alpha Limited
(c) Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint Broker to Apax Global Alpha Limited
(d) Date dealing undertaken:	21^st July 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary	Purchases	2,056,411	163.296	156.4
Ordinary	Sales	1,809,485	164	139.8

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
N/A	N/A	N/A	N/A	N/A

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

(ii) Exercise

Class of relevant security	Product description e.g. call option	Exercising/ exercised against	Number of securities	Exercise price per unit
N/A	N/A	N/A	N/A	N/A

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
N/A	N/A	N/A	N/A

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	22^ndJuly 2025
Contact name:	Abhishek Gawde
Telephone number:	+91-9923757332

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

Read the full report here.

MIL-OSI NGOs: Oxfam reaction to the communiqué of the third meeting of G20 Finance Ministers and Central Bank Governors under South African presidency

Source: Oxfam –

Reacting to the communique issued at the conclusion of 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the South African presidency, Nkateko Chauke, Interim Executive Director at Oxfam South Africa said:

“Although the G20 acknowledged the need to reform the international tax system, it ignored the elephant in the room: the super-rich continue to evade taxes through legal loopholes and tax havens. Meanwhile governments in Africa and other low-income countries are forced to institute regressive taxes like VAT to raise more revenues, hence fuelling inequality and worsening poverty.

“A fair global tax system must start by supporting the efforts of UN Tax Convention and ending the veto power of tax havens.

“As droughts, floods, and climate devastation threaten the Global South and beyond, the G20’s inaction is a betrayal. They must urgently deliver on the Baku-to-Belém roadmap by securing public, grant-based climate finance, led by the richest polluters. Their focus on private finance and carbon markets dangerously evades responsibility, burdening the poorest. The money is there—it’s time to tax the super-rich and fossil fuel excessive profits.

“We urge the G20 to follow the South African G20 Presidency’s call for solidarity, equality and sustainability. That includes backing bold proposals like taxing the super-rich, as supported in the Brazilian G20 Leaders’ Declaration and the recent UN Conference on Financing for Development in Seville. Fair taxation is essential to fight inequality and fund public services.”

Oxfam’s latest report Africa’s inequality crisis and the rise of the super-rich reveals that at present, just four of Africa’s richest billionaires hold more wealth than half of the continent’s population combined.

The report finds that the richest 5% in Africa hold nearly $4 trillion in wealth — more than double the combined wealth of the remaining 95%.

It shows that an extra tax of 1% on wealth and 10% on income of Africa’s richest 1% could raise $66 billion annually — enough to close the funding gaps for free quality education and universal access to electricity.

Despite worsening poverty, African governments remain the least committed globally to tackling inequality, and many are cutting spending on health, education and social protection to repay debt.

MIL OSI NGO –

MIL-Evening Report: Israeli settlers beat to death 2 Palestinians in latest lynchings

BEARING WITNESS: By Cole Martin in occupied West Bank

Two young Palestinians were beaten to death on their land by Israeli settlers in the occupied West Bank on Friday.

A funeral was held on Sunday for Sayfollah “Saif” Mussalet, 20, and Muhammad Shalabi, 23, who were brutally killed by a large group of settlers in an attack that left more than 30 other Palestinians injured.

Mussalet died from his wounds as settlers attacked medical responders, and Shalabi’s body was recovered later that evening, having reportedly bled to death from a gunshot wound while ambulances and rescuers were blocked by Israeli military.

Settlers continued to roam the Palestinian farmland freely for hours.

Both young men were from the neighbouring Mazra’a Sharqiya village, and Saif was an American citizen visiting loved ones and friends over summer. His family released a statement calling his death an “unimaginable nightmare and an injustice that no family should ever have to face”.

They said he was a “beloved member of his community . . . a brother and a son [and] a kind, hard-working, and deeply-respected young man.”

Saif built a widely-loved business in Tampa, Florida, and was known for his generosity, ambition, and connection to his Palestinian heritage.

Following news of his death an overwhelming number of locals gathered at his store to share their grief and anger.

Frequent atrocities
Such lynchings have become a frequent atrocity across the West Bank, as settler gangs are repeatedly emboldened by the Israeli government, police, and military who protect and often facilitate violence against Palestinian communities.

Two settlers were reportedly detained following the attacks, but released again within hours.

Between 2005-2020, 91 percent of Palestinian cases filed with police were closed without indictment, according to the Israeli human rights organisation B’tselem, and settlers undergo trial with full legal rights and higher lenience in Israeli civil courts.

By contrast, Palestinians are tried in Israeli military courts, established in violation of the fourth Geneva Convention and largely considered corrupt for maintaining a 95 percent conviction rate (Military Court Watch).

Additionally, more than 3600 Palestinians are currently held in Israeli captivity without charge or trial, with all detainees facing an increase in documented physical, psychological, and sexual abuse — including children.

A funeral was held for the young men on Sunday in Mazra’a Sharqiya village, with thousands in attendance. The killings continue a systemic pattern which alongside military incursions, has seen 153 Palestinians killed by Israeli forces in the West Bank since the beginning of 2025 (OCHA).

UN resolution
A UN resolution last September reaffirmed the illegality of Israel’s presence in the occupied Palestinian territories, demanding a total and unconditional withdrawal within a year.

Ten months on, settler attacks have escalated in frequency and severity, settlement expansion has rapidly increased, and numerous Palestinian villages have been forcibly displaced after months of sustained violence.

Communities across the West Bank are facing erasure, and as the death toll climbs pressure continues to grow for the New Zealand government to enforce stronger political sanctions, including the entire opposition uniting behind the Green Party’s Unlawful Occupation of Palestine Sanctions Bill.

Cole Martin is an independent New Zealand photojournalist based in the Middle East and a contributor to Asia Pacific Report.

Mourners pay their respects to the two young Palestinians killed by illegal settlers. Image: Cole Martin

MIL OSI Analysis – EveningReport.nz –

MIL-OSI Africa: Top African and Global Voices in Technology to Speak at Africa Tech Festival 2025

Source: APO – Report:

.

Africa Tech Festival (www.AfricaTechFestival.com), the longest running and most influential tech event on the continent, has announced the first wave of 25 headline speakers for its 2025 edition, bringing together influential voices from global tech, government, and business who are driving the growth and transformation of Africa’s digital economy.

The 2025 speaker line-up features some of the most influential voices in global technology and African business leadership. Among them is Bernardo Mariano Junior, Assistant Secretary-General and Chief Information Technology Officer at the United Nations, who brings a global governance perspective to digital development. Mark Elliott, President for Africa at Mastercard, will offer insights into advancing inclusive finance across the continent. Representing the frontier of artificial intelligence, Emmanuel Lubanzadio, Senior Director and Head of Africa at OpenAI, will contribute to conversations around AI adoption and policy readiness in African markets.

Also speaking is Odunayo Eweniyi, a prominent tech entrepreneur and investor, serving as Co-Founder and Chief Operating Officer of PiggyVest and General Partner at First Capital, who will share perspectives on fintech growth and funding in Africa. From the telecoms and enterprise space, Tumi Chamayou, Chief Enterprise Business Officer at MTN South Africa, and Ravi Bhat, Chief Technology and Solutions Officer at Microsoft Africa, will explore enterprise innovation and the role of strategic partnerships in enabling digital infrastructure.

They will be joined by senior decision-makers from across the public and private sectors, including technology and strategy executives from African Bank, Transnet, Cell C, Telkom, the Department of Public Service and Administration of South Africa, and Hewlett Packard Enterprise. Together, these leaders represent a broad spectrum of industries and expertise, united by a common goal: to drive forward Africa’s digital transformation.

Africa Tech Festival 2025 will be held in Cape Town from 11 to 13 November. The conference will feature a structured programme built around four core tracks: AfricaCom, AfricaTech, AfricaIgnite, and The AI Summit Cape Town. Each track is designed to address key areas of technological advancement and policy development across the continent. This year’s agenda is also framed by four central themes: Responsible Innovation, Inclusive Investment, Connectivity for Development, and Policy Harmonisation. These themes reflect the Festival’s commitment to providing a platform for examining the challenges and opportunities shaping Africa’s digital economy.

“We’re excited to share a speaker roster that truly represents the diversity of experience shaping Africa’s tech future,” said Kadi Diallo, Portfolio Manager for Africa Tech Festival. “These are individuals who are actively working to improve systems, close gaps, and build digital infrastructure that works for everyone.”

“This year, you’ll also notice a bold new look and feel as we unveil our refreshed branding. It marks the start of a new era for the Africa Tech Festival—one that reflects the scale, ambition, and innovation of the continent’s thriving tech ecosystem.”

Following the success of 2024, Africa Tech Festival will continue to provide in-depth discussions on national digital strategies, economic growth, infrastructure, and public-private collaboration. Although a formal partnership with the Department of Communications and Digital Technologies (DCDT) is still under consideration, last year’s engagement with senior government officials led to meaningful policy dialogue. Now in its third decade, the Festival remains a key platform for shaping Africa’s digital transformation through informed debate, investment, and strategic partnerships.

Further programme details and additional speakers will be announced in the weeks ahead.

Registration for Africa Tech Festival 2025 is now open and can be completed via the official portal here (https://apo-opa.co/450ROWS).

– on behalf of Africa Tech Festival.

About Africa Tech Festival:
Now in its 28th edition, Africa Tech Festival 2025 will take place from 11 to 13 November 2025 at the Cape Town International Convention Centre (CTICC), bringing together over 15,000 technology leaders, policymakers, investors, startups, and visionaries. The festival encompasses four anchor events:

AfricaCom – The continent’s largest telecoms and connectivity event
AfricaTech – The hub for technology, innovation, and enterprise growth
AfricaIgnite – Driving growth and impact in Africa’s startup ecosystem
The AI Summit Cape Town – Where commercial AI comes to life

With over 500 speakers, 300 exhibitors, and multiple networking opportunities, Africa Tech Festival remains the largest and most influential tech event on the continent.

MIL-OSI Europe: July 2025 euro area bank lending survey

Source: European Central Bank

22 July 2025

Credit standards for firm loans remained broadly unchanged
Credit standards tightened slightly for housing loans and more markedly for consumer credit
Housing loan demand continued to increase strongly, while demand for firm loans remained weak

According to the July 2025 bank lending survey (BLS), euro area banks reported broadly unchanged credit standards – banks’ internal guidelines or loan approval criteria – for loans or credit lines to enterprises in the second quarter of 2025 (net percentage of banks of -1%; Chart 1). Banks also reported a slight net tightening of credit standards for loans to households for house purchase (net percentage of 2%) and a more pronounced net tightening for consumer credit and other lending to households (net percentage of 11%). For credit standards on loans to firms, the net percentage was smaller than banks had expected in the previous survey (a net tightening of 5%) and follows the small net tightening in credit standards seen in the first quarter (3%). Perceived risks related to the economic outlook continued to contribute to a tightening of credit standards, whereas competition had an easing impact. For the most part, banks reported no specific additional tightening impact on their credit standards related to geopolitical uncertainty and trade tensions, although they intensified their monitoring of the most exposed sectors and firms. For loans to households for house purchase, the net tightening followed the easing of credit standards seen in the first quarter (-7%) but was lower than banks anticipated (7%). For both housing loans and consumer credit, changes in risk perceptions and the risk tolerance of banks were the main drivers of the net tightening of credit standards. For the third quarter of 2025, banks expect credit standards to remain unchanged for firms (0%), ease slightly for housing loans (-3%) and tighten further for consumer credit (4%).

Banks’ overall terms and conditions – the actual terms and conditions agreed in loan contracts – eased for loans to firms, remained unchanged for housing loans and tightened for consumer credit.

In the second quarter of 2025, euro area banks reported a slight net increase in demand for loans or credit lines to firms (Chart 2), with demand remaining weak overall. This followed a small net decrease in loan demand in the previous quarter (-3%) and was broadly in line with banks’ expectations in that quarter (4%). Loan demand was supported by declining interest rates, but dampened by global uncertainty and trade tensions, while the impact of fixed investment and inventories and working capital was neutral. Demand for housing loans continued to increase substantially in net terms. Declining interest rates, improved housing market prospects and, to a lesser extent, consumer confidence, were the main drivers of the continued increase in housing loan demand. Demand for consumer credit and other lending to households increased only slightly, with declining interest rates and other factors offsetting negative contributions from lower consumer confidence and spending on durable goods. In the third quarter of 2025, banks expect a net increase in loan demand from firms (net percentage of 7%), a further substantial net increase for housing loans (net percentage of 21%) and broadly unchanged demand for consumer credit (1%).

Euro area banks’ access to retail and wholesale funding improved slightly in the second quarter of 2025, driven by short-term retail funding, money markets and debt securities, and remained broadly unchanged for securitisations. Over the next three months, banks expect access to these funding sources to remain broadly unchanged.

Euro area banks reported that non-performing loan (NPL) ratios and other credit quality indicators had a net tightening impact on their credit standards across all loan categories, as well as a net tightening impact on terms and conditions for loans to firms and consumer credit. Banks expect these trends to continue in the third quarter for loans to firms and consumer credit, driven mostly by pressures related to supervisory or regulatory requirements.

Changes in credit standards and loan demand were heterogeneous across the main economic sectors in the first half of 2025. Credit standards tightened in commercial real estate (CRE), manufacturing, wholesale and retail trade and, to a lesser extent, in construction, while they eased slightly across most services (excluding financial services and real estate) and in residential real estate (RRE). Banks reported a net decrease in loan demand for construction, manufacturing, CRE and wholesale and retail trade, and net increases in RRE and in the transport, accommodation and food services sectors. For the second half of 2025, in most of the main economic sectors, banks expect either broadly unchanged or easier credit standards and overall small changes in loan demand. The exception is RRE, for which banks expect a further moderate increase.

Banks continue to take firms’ climate performance into consideration in their lending policies, reporting an easing impact on credit standards and terms and conditions for green firms and firms in transition and a tightening impact for high-emitting firms over the past twelve months. Both physical risk and firms’ transition risk had a moderate net tightening impact on banks’ lending policies, while climate-related fiscal support continued to have an easing impact. Banks also reported a net increase in demand for loans to green firms and firms in transition owing to climate change, while uncertainty over future climate regulation was perceived as an obstacle. Banks expect a similar impact overall over the next twelve months.

Based on a new question on the impact of climate change on housing loans, banks reported an easing impact on credit standards for buildings with high energy performance and a tightening impact for buildings with low energy performance over the past twelve months. They expect a broadly corresponding impact over the next twelve months. As the easing impact for new buildings mostly offset the tightening impact for old buildings, the net impact of energy performance was low overall. The physical risk of real estate was, however, an important driver of further net tightening in lending conditions overall, and an even higher net percentage of banks reported that it will be a driver over the next year. Banks also reported a positive impact on loan demand for buildings with high and medium energy performance but a negative impact for those with low energy performance. Investment in energy performance was the key factor for climate-related loan demand, supported by preferential lending rates for increasing sustainability, whereas uncertainty over future climate regulation was reported as a dampening factor for loan demand.

Banks indicated that changes in excess liquidity held with the Eurosystem in the first half of 2025 had a neutral impact on bank lending conditions. They expect to see similar effects in the second half of 2025.

The quarterly BLS was developed by the Eurosystem to improve its understanding of bank lending behaviour in the euro area. The results reported in the July 2025 survey relate to changes observed in the second quarter of 2025 and changes expected in the third quarter of 2025, unless otherwise indicated. The July 2025 survey round was conducted between 13 June and 1 July 2025. A total of 155 banks were surveyed in this round, with a response rate of 100%.

Chart 1

Changes in credit standards for loans or credit lines to enterprises, and contributing factors

(net percentages of banks reporting a tightening of credit standards, and contributing factors)

Source: ECB (BLS).

Notes: Net percentages are defined as the difference between the sum of the percentages of banks responding “tightened considerably” and “tightened somewhat” and the sum of the percentages of banks responding “eased somewhat” and “eased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in credit standards. Data are for the euro area and for the largest four euro area countries.

Chart 2

Changes in demand for loans or credit lines to enterprises, and contributing factors

(net percentages of banks reporting an increase in demand, and contributing factors)

Source: ECB (BLS).

Notes: Net percentages for the questions on demand for loans are defined as the difference between the sum of the percentages of banks responding “increased considerably” and “increased somewhat” and the sum of the percentages of banks responding “decreased somewhat” and “decreased considerably”. The net percentages for “Other factors” refer to an average of the further factors which were mentioned by banks as having contributed to changes in loan demand. Data are for the euro area and for the largest four euro area countries.

For media queries, please contact William Lelieveldt, tel.: +49 170 227 9090.

Notes

A report on this survey round is available on the ECB’s website, along with a copy of the questionnaire, a glossary of BLS terms and a BLS user guide with information on the BLS series keys.
The euro area and national data series are available on the ECB’s website via the ECB Data Portal. National results, as published by the respective national central banks, can be obtained via the ECB’s website.
For more detailed information on the BLS, see Köhler-Ulbrich, P., Dimou, M., Ferrante, L. and Parle, C., “Happy anniversary, BLS – 20 years of the euro area bank lending survey”, Economic Bulletin, Issue 7, ECB, 2023, and Huennekes, F. and Köhler-Ulbrich, P., “What information does the euro area bank lending survey provide on future loan developments?”, Economic Bulletin, Issue 8, ECB, 2022.

MIL OSI Europe News –

MIL-OSI China: Announcement on Open Market Operations No.139 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.139 [2025]

(Open Market Operations Office, July 22, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB214.8 billion through quantity bidding at a fixed interest rate on July 22, 2025.

Details of the Reverse Repo Operations

Maturity	Rate	Bidding Volume	Winning Bid Volume
7 days	1.40%	RMB214.8 billion	RMB214.8 billion

Date of last update Nov. 29 2018

2025年07月22日

MIL OSI China News –

MIL-OSI: Correction: LHV Group unaudited financial results for Q2 and 6 months of 2025

Source: GlobeNewswire (MIL-OSI)

— The corrected Estonian interim report has been added in the revised version —

In Q2 of 2025, LHV Group was able to earn higher net profit and increase business volumes against the background of lower interest rates. The loan portfolio of LHV Group reached 5 billion euros.

In Q2 2025, LHV Group earned a net profit of 30.8 million euros, which was 1.6 million euros more than in the previous quarter (+6% increase). The return on equity attributable to the shareholders of the Group was 17.4% in Q2.

All subsidiaries of the Group were profitable in the quarter. LHV Pank earned a net profit of 29.7 million euros, LHV Bank Ltd 0.1 million euros, LHV Varahaldus 0.5 million euros and LHV Kindlustus 1.1 million euros.

On a consolidated basis, LHV Group earned 73.9 million euros in revenue in Q1 2025, i.e. 7% less than in the previous quarter and 14% less than a year ago. Of the revenue of Q2 of this year, net interest income accounted for 57.6 million euros, and net fee and commission income for 15.6 million euros of total net income. Expenditure totalled 40.5 million euros, being 8% more than in the previous quarter and 11% more than a year ago. Due to the improvement of the macroeconomic situation, the previous provisions were undervalued in the amount of 4.2 million euros in the second quarter, which finally had a positive effect at the level of net profit.

As at the end of June, LHV Group consolidated assets amounted to 9.38 billion euros, which was 10% more than in the previous quarter and 28% more than in the same period last year. The consolidated loan portfolio increased by 269 million euros or 6% to 5.0 billion euros over the quarter (the loan portfolio increased by 1.1 billion euros or 28% year-on-year). Consolidated deposits of LHV Group increased by 760 million euros, i.e. by 12%, to 7.36 billion euros. The volume of funds managed by LHV increased by 3.7 million euros, to 1.56 billion euros. The number of payments made by clients who are financial intermediaries was 19.9 million in the second quarter, which was slightly less than in the previous quarter.

LHV Group’s consolidated net revenue for the 6 months of 2025 amounted to 153.3 million euros, which is 16.5 million euros or 10% less compared to the same period last year. Expenditure totalled 78.1 million euros, which was 7.8 million euros or 11% more. The Group’s 6-month consolidated net profit was 59.9 million euros, being a decrease of 19.4 million euros, or 24%, compared to the previous year. In six months, LHV Pank earned a net profit of 54.9 million euros, LHV Bank Ltd 2.3 million euros, LHV Varahaldus 0.6 million euros and LHV Kindlustus 1.7 million euros. LHV Group’s ROE for the first half of the year was 17.0%.

Based on the first half of the year, LHV Group outperforms the financial forecast at the level of net income by 2.0 million euros and at the level of net profit by 2.3 million euros.

Income statement, EUR Th	Q2 2025	Q1 2025	Q2 2024 adjusted
Net interest income	57,643	62,010	70,424
Net fee and commission income	15,579	14,071	14,352
Net financial income	-380	2,747	-37
Net insurance income	1,065	597	421
Other operating income and expense	0	-4	638
Total net income	73,907	79,421	85,798
Staff costs	-22,901	-22,655	-20,420
Office expenses	-679	-659	-874
IT costs	-4,017	-3,576	-3,267
Marketing expenses	-1,526	-1,258	-796
Other operating expenses	-11,387	-9,394	-10,741
Total expenses	-40,510	–37,542	–36,098
Operating profit	33,397	41,879	49,700
Profit before allowances	33,397	41,879	49,700
Allowances	4,152	-5,667	-5,043
Income tax expenses	-6,784	-7,052	-6,071
Net profit	30,765	29,160	38,586
Minority holding	716	592	300
Shareholders’ share of profit of parent company	30,049	28,568	38,286

Net earnings per share, EUR	0.09	0.09	0.12
Diluted earnings per share, EUR	0.09	0.09	0.12



Balance sheet, EUR Th	June 2025	March 2025	June 2024
Cash and due from banks	3,867,487	3,279,271	3,217,448
Financial assets	454,979	442,463	157,131
Loans to clients	5,038,379	4,774,970	3,925,877
Loan impairment reserve	-39,734	-45,629	-35,333
Receivables from clients	16,626	9,439	15,380
Other assets	46,058	47,771	49,220
Total assets	9,383,795	8,508,285	7,329,723
Demand deposits	4,669,435	4,189,062	3,659,675
Term deposits	2,694,906	2,415,430	2,124,254
Loans received	1,037,347	936,215	735,281
Due to clients and loans received	8,401,688	7,540,707	6,519,211
Accruals and other liabilities	105,692	163,690	100,709
Subordinated loans	161,155	126,247	107,521
Total liabilities	8,668,535	7,830,644	6,727,441
Owners’ equity	715,260	677,641	602,282
incl. minority holding	7,850	7,134	7,694
Total liabilities and owner’s equity	9,383,795	8,508,285	7,329,723

LHV Group’s net income in the second quarter was affected by the continuing decline in interest rates. The higher profitability compared to the previous quarter resulted in a write-down effect of the previous provisions, which resulted in an increase of the Group’s net profit by 1.6 million euros in the second quarter. The second quarter was also marked by strong growth in loan volumes and deposits, which were 269 and 760 million euros, respectively, compared to the previous quarter.

The number of LHV Pank clients increased by 8,300 over the quarter. During the same period, the bank’s deposits increased by 576 million euros, of which 113 million euros were deposits from financial intermediaries and 113 million euros were platform deposits. In the second quarter, an innovative banking service LHV Premium was also launched, combining everyday banking, insurance and travel services offering investment comfort. In addition, a new price list for the securities trading and investment account for pension entered into force in the second quarter, which reduced several investment-related fees by almost half.

LHV Pank’s loan portfolio increased by 190 million euros and the quality of the portfolio remained strong. Due to the resolution of one of the major problems with creditworthiness and the improved economic situation, the provisions made earlier were reduced by 4.1 million euros.

In the second quarter, LHV Pank issued covered bonds with a maturity of four years in the amount of 300 million euros, which were listed on the Dublin Stock Exchange for the purpose of diversifying financing sources. Covered bonds secured by Estonian home loans were sold to European institutional investors. 44 institutional investors participated in the offer and the offer was 2.5 times oversubscribed.

The volume of deposits and loans of LHV Bank operating in the United Kingdom continued to grow in the second quarter – the loan portfolio increased by 79 million euros to 569 million euros. At the same time, loans worth 204 million euros have been approved by the Credit Committee but not yet issued.

The deposits taken by LHV Bank increased by 202 million quarter-on-quarter and reached a record 1.02 billion euros. In the second quarter, the mobile bank of retail banking was launched, where the first 1,000 clients have opened an account and 17 million euros of new deposits have been received. LHV Bank earned a net profit of 0.1 million euros in quarter-on-quarter terms – lower profitability was due to higher marketing costs, conference participation fees, allocated costs and changes in the value of interest rate risk hedging contracts. In order to support the rapid growth of the loan portfolio, the share capital was increased by 12 million euros and subordinated bonds were issued in the amount of 12 million euros. As of the first half of the year, LHV Bank’s net income and net profit exceed strongly the financial plan.

LHV Kindlustus showed strong growth in the second quarter, when the insurance revenue increased by 78% and net profit by 62% compared to the previous quarter, but the result of the second quarter was slightly below the financial plan. The volume of insurance premiums across the market decreased significantly compared to the same quarter of the previous year. The results for the first half of the year are well above the financial forecast. As of the end of June, LHV Kindlustus had 176,000 clients and 278,000 valid insurance contracts.

The good rate of return shown by global financial markets in the second quarter was also reflected in LHV’s pension funds, which all offered a positive rate of return. The rates of return of LHV pension funds M, L and XL were 1.2%, 1.0% and 2.8%, respectively, in the quarter. The rate of return of the more conservative funds XS and S was 0.7% and 0.8%, respectively. Pensionifond Indeks increased by 3.0% and Pensionifond Roheline lost 4.4% in value. Net income of LHV Varahaldus remained largely the same as in the previous quarter and net profit increased. The number of second pillar clients making active monthly contributions was 110,000 by the end of the quarter.

As important information, it was disclosed that as of September 2, the green pension funds of LHV II and III pillar will cease operations, merge with other LHV funds and will be consolidated into LHV pension funds S and M, and the names of the II pension pillar funds will change. As a result of the changes, LHV clients will have the option to choose from four actively managed pension funds to grow their savings. Starting in September, LHV’s actively managed pension funds will be named Julge, Ettevõtlik, Tasakaalukas, and Rahulik.

As of the end of the half-year, LHV Group is well capitalised. AT1 bonds worth 50 million euros and unsecured bonds worth 60 million euros were issued in the second quarter. Moody’s Ratings raised the ratings for LHV Pank’s covered bond programme and covered bonds to the highest level, Aaa. The Moody’s Investors Service ratings agency left AS LHV Pank’s long-term deposits rating at A3 (with a positive outlook) and LHV Group’s long-term issuer rating at Baa3 (positive outlook).The ratings confirm LHV’s strong financial position and capitalisation and express the expectation of a strengthening of creditworthiness.

Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:

“We are pleased that LHV has continued on a strong growth trajectory. Over the past year, our loan portfolio has grown by 1 billion euros, reaching 5 billion euros by the end of the half-year. This reflects increased investment confidence among Estonian companies, as well as the expansion of our UK loan book, which has now surpassed the 500 million euros mark. We’ve also seen a rise in demand for home loans and an overall increase in client activity. Several initiatives are underway to support continued growth going forward.”

To access the reports of AS LHV Group, please visit the website at https://investor.lhv.ee/aruanded.

In order to present the results of the quarter, LHV Group will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place before the market opens on 22 July at 9.00. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN_6RKaesfVT1qxJZ5BWiT4TA

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of June, LHV Pank services are being used by 474,000 clients, the pension funds managed by LHV have 110,000 active clients, and LHV Kindlustus protects a total of 176,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Investor Relations

Sten Hans Jakobsoo
Head of Investor Relations and Corporate Development
Email: stenhans.jakobsoo@lhv.ee

Communications

Paul Pihlak
Head of Investment Communications
Email: paul.pihlak@lhv.ee

Attachments

MIL-OSI Banking: Secretary General of ASEAN Meets with First Vice President of the National Committee for Disaster Management of the Kingdom of Cambodia

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, this morning met with H.E. Kitte Sangahak Bandith Kun Kim, Senior Minister in Charge of Special Missions, First Vice President of the National Committee for Disaster Management (NCDM) of the Kingdom of Cambodia and Chair of ASEAN Ministerial Meeting on Disaster Management (AMMDM) 2025, in Phnom Penh, prior to the Opening Ceremony for the ASEAN Disaster Emergency Response Simulation Exercise 2025 (ARDEX-25). During the meeting, SG Dr. Kao congratulated Cambodia for hosting the ARDEX-25 and reiterated ASEAN Secretariat’s support for Cambodia’s Chairmanship for the AMMDM and the ASEAN Committee on Disaster Management (ACDM) to be held later this year in Phnom Penh.

The post Secretary General of ASEAN Meets with First Vice President of the National Committee for Disaster Management of the Kingdom of Cambodia appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

MIL-OSI Banking: Financial Inclusion Index for March 2025

Source: Reserve Bank of India

The Reserve Bank of India had constructed a composite Financial Inclusion Index (FI-Index) in consultation with the concerned stakeholders including the Government, to capture the extent of financial inclusion across the country, which was first published in August 2021 for the FY ending March 2021.

Index for the year ending March 2025 has since been compiled. The value of FI-Index for March 2025 stands at 67.0 vis-à-vis 64.2 in March 2024, with growth witnessed across all sub-indices, viz., Access, Usage and Quality. Improvement in FI-Index in FY 2025 is contributed by Usage and Quality dimensions, reflecting deepening of financial inclusion, and sustained financial literacy initiatives.

(Puneet Pancholy)
Chief General Manager

Press Release: 2025-2026/759

MIL OSI Global Banks –