MIL-OSI China: Announcement on Open Market Operations No.136 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.136 [2025]

(Open Market Operations Office, July 17, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB450.5 billion through quantity bidding at a fixed interest rate on July 17, 2025.

Details of the Reverse Repo Operations

Maturity	Rate	Bidding Volume	Winning Bid Volume
7 days	1.40%	RMB450.5 billion	RMB450.5 billion

Date of last update Nov. 29 2018

2025年07月17日

MIL OSI China News –

July 17, 2025

Sensex, Nifty open flat amid search for fresh market triggers

Source: Government of India

Source: Government of India (4)

Indian equity markets opened on a muted note Thursday morning as investors awaited new cues to help break the prevailing consolidation phase.

The BSE Sensex dipped slightly by 15 points to open at 82,619, while the NSE Nifty edged down by 2 points to 25,210. Despite the cautious start in benchmark indices, investor interest remained strong in the broader markets. The Nifty Midcap 100 rose 123 points (0.18%) to 59,741, while the Nifty Smallcap 100 gained 70 points (0.37%) to trade at 19,210.

Sector-wise, auto, pharma, FMCG, metals, real estate, energy, infrastructure, and public sector enterprises registered early gains. On the other hand, IT, PSU banks, financial services, and media stocks came under selling pressure.

Among the Sensex constituents, Sun Pharma, M&M, Trent, Kotak Mahindra Bank, Tata Motors, NTPC, BEL, Titan, and Power Grid were among the top performers. Meanwhile, Tech Mahindra, ICICI Bank, Axis Bank, Infosys, and Hindustan Unilever were among the major laggards.

Market analysts noted that expectations around an India-US interim trade deal have already been priced in, limiting chances for an immediate breakout. However, any unexpected tariff reductions—such as duties below 20%, possibly around 15%—could provide a fresh upward push.

Most Asian markets were trading flat to slightly positive. Indices in Tokyo, Shanghai, Bangkok, and Jakarta posted gains, while Hong Kong and Seoul remained in negative territory.

Wall Street closed higher on Wednesday, aided by positive sentiment across key sectors. Back home, foreign institutional investors (FIIs) continued their selling streak, offloading equities worth ₹1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) provided support to the market for the eighth consecutive session, purchasing shares worth ₹1,223 crore.

While short-term movements remain range-bound, analysts believe the broader outlook remains constructive, provided critical support levels hold firm.

July 17, 2025

MIL-OSI Analysis: From coal to crops: Dayak women lead a just transition through backyard farming

Source: The Conversation – Indonesia – By Aidy Halimanjaya, Associate lecturer, Universitas Katolik Parahyangan

The global shift toward renewable energy is no longer a choice but a necessity: the climate crisis intensifies, with 2024 confirmed as the warmest year on record.

Yet in Indonesia, coal remains an economic lifeline for several regions. In East Kutai, East Kalimantan, coal mining accounts for nearly 75% of the district’s gross regional domestic product (GRDP).

The end of the coal mining era will come at a cost to local residents, many of whom risk losing their current jobs — especially after their traditional forest-based livelihoods have already been eroded by environmental degradation tied to fossil fuel extraction.

Aulia, 31, a Dayak women from East Kutai, admitted:

We’re heavily dependent on mining—it’s the only thing that gives us a substantial income.

Yet, amid this dilemma, indigenous Dayak women are unfolding a quiet revolution.

By growing food crops in their backyards, these women not only generate income but also demonstrate that sustainable agriculture can align with local traditions. Their initiative is an inspiration, especially for communities near mining sites seeking alternative sources of income.

Mining’s hidden toll on women and indigenous communities

While coal fuels East Kalimantan’s economy, its benefits are unevenly distributed. In 2024, Kutai Kartanegara and East Kutai regencies were ranked first and third among the province’s poorest regions.

Instead of prosperity, many residents face environmental degradation and the loss of traditional livelihoods (land-based livelihood). This is especially true for women, who are often marginalised in decision-making and excluded from the mining sector.

Since the forest was converted into a mining pit, the indigenous Dayak Basap community, which once relied on the forest for its livelihood, has lost its traditional living space and been forced to adapt to survive.

Many men have turned to mining, while women have sought other ways to support their families: some teach, others run small businesses, and many now grow chillies, spinach, and watercress in their backyards.

From backyards to resistance: A community’s fight for survival

With the changing economic landscape, Basap Dayak women are turning to their yards as a source of alternative income. There, they grow food crops that yield quick harvests, are in high demand, and may influence local inflation — such as chillies. Spinach and watercress are also among the popular choices.

This shift is driven by a 2024 pilot project from Just Transition Indonesia and Parahyangan University, supported by Energi Muda, a local NGO focused on energy transition issues.

On a 700-square-metre plot, local residents have learned to blend traditional farming with modern permaculture techniques, including composting and crop rotation. Permaculture is a holistic approach to agriculture and land management that mimics patterns found in surrounding natural ecosystems. Local youth are also engaged as community mobilisers to support the post-coal transition.

The results are promising. With agricultural science and technological support from the startup HARA, Dayak Basap women have overcome challenges such as acidic soil and water pollution caused by mining. Through seed cultivation, their crop yields have even outperformed those of conventional farming methods previously tested.

They’ve also learned to sell their harvests directly to consumers — such as restaurants and cracker producers — cutting out middlemen and increasing their bargaining power. This combination of traditional knowledge and modern innovation is not only enhancing community capacity but also delivering tangible economic benefits.

When innovation meets tradition: Overcoming barriers

However, the journey is far from easy. Formerly mined land takes a long time to recover. Acidic soil and water contaminated with heavy metals pose serious challenges, while limited access to tools and fertilisers remains a significant barrier. In some cases, communities must purchase pre-grown seedlings to speed up the planting process.

This chilli planting program has been very good. It’s just that the condition of the land was inadequate and hard to improve. If there’s a chance, maybe we can try farming that lasts more than just one season—Indigenous Dayak women.

Furthermore, the transition from shifting cropping to a long-term management system requires ongoing training. This kind of adaptation certainly cannot be achieved overnight and requires intensive mentoring.

A just transition must be grassroots-led

Initiatives like these offer valuable lessons.

First, the energy transition must involve local communities—especially women—from the outset.

Second, collective, community-based approaches have proven more sustainable than top-down programmes, which often fail to address real needs on the ground.

Third, policy support must be directed toward grassroots initiatives like this. The focus should not only be on meeting transition targets, but also on ensuring social and ecological justice.

In the global context, Indonesia has expressed its commitment through the Paris Agreement and the Just Energy Transition Partnership (JETP). However, this commitment must be grounded in the lived experiences of communities, particularly indigenous women and those directly impacted by extractive industries.

A just energy transition requires gradual steps, targeted programme support, inclusive partnerships, and genuine commitment from all stakeholders.

The story of the Dayak Basap women is more than one of resilience—it is a roadmap for a just energy transition. Their success proves that economic diversification is possible, even in coal-dependent regions. But that success hinges on the quality of support: whether it truly meets community needs and is led by strong local leadership.

Aidy Halimanjaya terafiliasi sebagai pendiri dan direktur Yayasan Transisi berkeadilan Indonesia. Ia menerima dana dari Bank Indonesia melalui Universitas Parahyangan.

– ref. From coal to crops: Dayak women lead a just transition through backyard farming – https://theconversation.com/from-coal-to-crops-dayak-women-lead-a-just-transition-through-backyard-farming-260827

MIL OSI Analysis –

July 17, 2025

MIL-OSI Africa: Israel’s disregard for ICJ rulings undermines global governance, says Dangor

Source: Government of South Africa

Israel’s disregard for ICJ rulings undermines global governance, says Dangor

Israel’s ongoing disregard for the rulings of the International Court of Justice (ICJ) undermines the integrity of the court and weakens the ability of global governance institutions to address impunity, says Zane Dangor, the Director-General of the Department of International Relations and Cooperation (DIRCO).

Dangor was addressing the Emergency Conference of States, which is aimed at resolving what has been described as the genocide in Gaza. The Emergency Conference, jointly convened by Colombia and South Africa as co-chairs of The Hague Group, seeks to turn international condemnation into coordinated legal and diplomatic action.

The meeting in Colombia’s capital, Bogotá, took place one year after the General Assembly passed a resolution affirming the ICJ advisory opinion that deemed Israel’s presence in the occupied Palestinian territories “unlawful.“

“As the humanitarian situation in Gaza continues to deteriorate, we are witnessing continued and urgent calls from United Nations (UN) Member States and the international community for a ceasefire in Gaza. For too long, Israel has blatantly ignored orders from the ICJ in violation of international law.

“Despite this, the impunity continues unabated,” Dangor said on Tuesday.

Dangor stressed that Israel continues with its violence against Palestinians, with forced evacuations and targeted attacks on schools and medical facilities being the order of the day.

To stop the bloodshed, the DG called for an immediate ceasefire and negotiations towards a just peace.

“A just peace requires justice, and this requires that international law must be respected.”

Dangor said the international community cannot claim that the importance of international law, including the UN Charter, applies in some circumstances but not in others.

“We should not pick and choose which binding orders of the ICJ to abide by and which to set aside or simply ignore.”

Dangor argued that allowing Israel to disregard court decisions and UN resolutions without repercussions undermines the integrity of international law, including international humanitarian law, as well as the organisations responsible for its enforcement.

“This is unacceptable, and we should not be complicit in Israel’s endeavours to irreparably harm the institutions that were established to hold all of us accountable to the goals of a more peaceful and just world.”

Israel’s unlawful actions, Dangor said, are enabled when some seek to rationalise their actions.

“The crime of genocide, war crimes, crimes against humanity and the crime of apartheid are not complex; they are unlawful.

“It is time to end the institutional impunity that Israel has enjoyed for over five decades.”

Dangor said the carnage seen in Palestine today is a testament to the “folly” of Israel’s grand exceptionalism from accountability to international law and norms.

“As responsible Member States of the United Nations, it is our duty to ensure that the bloodshed and genocide in Gaza are stopped… now as we do not have the luxury of time.

“The government of Israel must immediately halt the forced displacement of civilians in Gaza, which is causing untold suffering and trauma.”

Dangor is of the view that the Israeli government, as the occupying power, must uphold its obligations under international law and guarantee unimpeded access to humanitarian assistance, including healthcare and other essential services in the West Bank and Gaza.

According to the DG, humanitarian support provided by Member States is regularly obstructed and destroyed by Israeli authorities or is being allowed to be destroyed by right-wing and extreme elements.

“We hope that today, we begin a journey wherein states from all regions, including those that were part of the Madrid meeting, join hands to end the ongoing genocide in Palestine and fora more just world.” – SAnews.gov.za

Gabisile
Wed, 07/16/2025 – 11:19

MIL OSI Africa –

July 17, 2025

MIL-OSI Banking: Money Market Operations as on July 16, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,91,245.23	5.30	3.00-6.55
I. Call Money	19,774.73	5.36	4.75-5.45
II. Triparty Repo	3,84,694.90	5.28	5.25-5.34
III. Market Repo	1,84,341.05	5.34	3.00-5.90
IV. Repo in Corporate Bond	2,434.55	5.50	5.42-6.55
B. Term Segment
I. Notice Money**	168.00	5.28	4.90-5.35
II. Term Money^@@	1,030.00	–	5.50-6.47
III. Triparty Repo	1,393.20	5.31	5.28-5.38
IV. Market Repo	284.77	5.45	5.45-5.45
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#	Wed, 16/07/2025	1	Thu, 17/07/2025	879.00	5.75
4. SDF^Δ#	Wed, 16/07/2025	1	Thu, 17/07/2025	1,09,064.00	5.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-1,08,185.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Tue, 15/07/2025	3	Fri, 18/07/2025	57,450.00	5.49
	Fri, 11/07/2025	7	Fri, 18/07/2025	1,51,633.00	5.49
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				5,862.63
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-2,03,220.37
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-3,11,405.37

G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on	July 16, 2025	9,60,845.52
(ii) Average daily cash reserve requirement for the fortnight ending	July 25, 2025	9,63,288.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥	July 16, 2025	0.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on	June 27, 2025	5,79,904.00

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

– Not Applicable / No Transaction.

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

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

^$ Includes refinance facilities extended by RBI.

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

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/727

MIL OSI Global Banks –

July 17, 2025

MIL-OSI Banking: ADB’s New Operating Model Offers Opportunity to Accelerate Change, but Greater Clarity and Responsiveness Needed: Independent Evaluation Report

Source: Asia Development Bank

Ambitious reforms introduced through ADB’s New Operating Model show promise in enhancing cross-regional collaboration and country-focused operations. However, clearer communication, streamlined processes, and a more inclusive approach to implementation are essential for the reform to succeed, according to a new evaluation by ADB’s Independent Evaluation Department.

MIL OSI Global Banks –

July 17, 2025

MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 17, 2025

ER Report: Here is a summary of significant articles published on EveningReport.nz on July 17, 2025.

Do women really need more sleep than men? A sleep psychologist explains
Source: The Conversation (Au and NZ) – By Amelia Scott, Honorary Affiliate and Clinical Psychologist at the Woolcock Institute of Medical Research, and Macquarie University Research Fellow, Macquarie University klebercordeiro/Getty If you spend any time in the wellness corners of TikTok or Instagram, you’ll see claims women need one to two hours more sleep than

I created a Vivaldi-inspired sound artwork for the Venice Biennale. The star of the show is an endangered bush-cricket
Source: The Conversation (Au and NZ) – By Miriama Young, Associate Professor Music Composition, Melbourne Conservatorium of Music, The University of Melbourne Marco Zorzanello It was late January when I got the call. I’m asked to bring my sound art to a collaborative ecology and design project, Song of the Cricket, for the Venice Biennale

Is it okay to boil water more than once, or should you empty the kettle every time?
Source: The Conversation (Au and NZ) – By Faisal Hai, Professor and Head of School of Civil, Mining, Environmental and Architectural Engineering, University of Wollongong Avocado_studio/Shutterstock The kettle is a household staple practically everywhere – how else would we make our hot drinks? But is it okay to re-boil water that’s already in the kettle

What does Australian law have to say about sovereign citizens and ‘pseudolaw’?
Source: The Conversation (Au and NZ) – By Madeleine Perrett, PhD Candidate in Law, University of Adelaide Armed with obscure legal jargon and fringe interpretations of the law, “sovereign citizens” are continuing to test the limits of the Australian justice system’s patience and power. A few weeks ago, two Western Australians were jailed for 30

Is childbirth really safer for women and babies in private hospitals?
Source: The Conversation (Au and NZ) – By Hannah Dahlen, Professor of Midwifery, Associate Dean Research and HDR, Midwifery Discipline Leader, Western Sydney University A study published this week in the international obstetrics and gynaecology journal BJOG has raised concerns among women due to give birth in Australia’s public hospitals. The study compared the outcomes

We were part of the world heritage listing of Murujuga. Here’s why all Australians should be proud
Source: The Conversation (Au and NZ) – By Jo McDonald, Professor, Director of Centre for Rock Art Research + Management, The University of Western Australia Senior Ranger, Mardudunhera man Peter Cooper, oversees the Murujuga landscape Jo McDonald, CC BY-SA On Friday, the Murujuga Cultural Landscape in northwest Western Australia was inscribed on the UNESCO World

Is our mental health determined by where we live – or is it the other way round? New research sheds more light
Source: The Conversation (Au and NZ) – By Matthew Hobbs, Associate Professor and Transforming Lives Fellow, Spatial Data Science and Planetary Health, Sheffield Hallam University Photon-Photos/Getty Images Ever felt like where you live is having an impact on your mental health? Turns out, you’re not imagining things. Our new analysis of eight years of data

The secret stories of trees are written in the knots and swirls of your floorboards. An expert explains how to read them
Source: The Conversation (Au and NZ) – By Gregory Moore, Senior Research Associate, School of Agriculture, Food and Ecosystem Sciences, The University of Melbourne Magda Ehlers/Pexels, CC BY Have you ever examined timber floorboards and pondered why they look the way they do? Perhaps you admired the super-fine grain, a stunning red hue or a

Tasmania is limping towards an election nobody wants. Here’s the state of play
Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania In the darkest and coldest months of the year, Tasmanians have been slogging through an election campaign no one wanted. It’s been a curious mix of humdrum plodding laced with cyanide levels of bitterness, with the most

What is astigmatism? Why does it make my vision blurry? And how did I get it?
Source: The Conversation (Au and NZ) – By Flora Hui, Research Fellow, Centre for Eye Research Australia and Honorary Fellow, Department of Surgery (Ophthalmology), The University of Melbourne Ground Picture/Shutterstock Have you ever gone to the optometrist for an eye test and were told your eye was shaped like a football? Or perhaps you’ve noticed

From Sister Rosetta Tharpe to Ronnie Yoshiko Fujiyama: how electric guitarists challenge expectations of gender
Source: The Conversation (Au and NZ) – By Janelle K Johnstone, Associate Lecturer Crime, Justice and Legal Studies, PhD Candidate School of Social Inquiry, La Trobe University American gospel singer and guitarist Sister Rosetta Tharpe playing a Gibson Les Paul electric guitar on stage in 1957. Chris Ware/Keystone Features/Hulton Archive/Getty Images I’ve been playing a

Ken Henry urges nature law reform after decades of ‘intergenerational bastardry’
Source: The Conversation (Au and NZ) – By Phillipa C. McCormack, Future Making Fellow, Environment Institute, University of Adelaide Former Treasury Secretary Ken Henry has warned Australia’s global environmental reputation is at risk if the Albanese government fails to reform nature laws this term. In his speech to the National Press Club on Wednesday, Henry

David Robie: New Zealand must do more for Pacific and confront nuclear powers
Rongelap Islanders on board the Greenpeace flagship Rainbow Warrior travelling to their new home on Mejatto Island in 1985 — less than two months before the bombing. Image: ©1985 David Robie/Eyes of Fire He accused the coalition government of being “too timid” and “afraid of offending President Donald Trump” to make a stand on the

First-hand view of peacemaking challenge in the ‘Holy Land’
Occupied West Bank-based New Zealand journalist Cole Martin asks who are the peacemakers? BEARING WITNESS: By Cole Martin As a Kiwi journalist living in the occupied West Bank, I can list endless reasons why there is no peace in the “Holy Land”. I live in a refugee camp, alongside families who were expelled from their

Politics with Michelle Grattan: Malcolm Turnbull on Australia’s ‘dumb’ defence debate
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra The Albanese government remains in complicated territory on the international stage. It has to tread carefully with China, despite the marked warming of the bilateral relationship. It is yet to find its line and length with the unpredictable Trump administration.

Why is Israel bombing Syria?
Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University Conflict in Syria has escalated with Israel launching bombing raids against its northern neighbour. It follows months of fluctuating tensions in southern Syria between the Druze minority and forces aligned with the new government in Damascus. Clashes erupted

Bougainville election: More than 400 candidates vie for parliament
By Don Wiseman, RNZ Pacific senior journalist More than 400 candidates have put their hands up to contest the Bougainville general election in September, hoping to enter Parliament. Incumbent President Ishmael Toroama is among the 404 people lining up to win a seat. Bougainville is involved in the process of achieving independence from Papua New

Scientists could be accidentally damaging fossils with a method we thought was safe
Source: The Conversation (Au and NZ) – By Mathieu Duval, Adjunct Senior Researcher at Griffith University and La Trobe University, and Ramón y Cajal (Senior) Research Fellow, Centro Nacional de Investigación sobre la Evolución Humana (CENIEH) 185,000-year-old human fossil jawbone from Misliya Cave, Israel. Gerhard Weber, University of Vienna, CC BY-ND Fossils are invaluable archives

Right-wing political group Advance is in the headlines. What is it and what does it stand for?
Source: The Conversation (Au and NZ) – By Mark Riboldi, Lecturer in Social Impact and Social Change, UTS Business School, University of Technology Sydney Advance/Facebook Political lobby group Advance has been back in the headlines this week. It was revealed an organisation headed by the husband of the Special Envoy for Combatting Antisemitism, Jillian Segal,

We travelled to Antarctica to see if a Māori lunar calendar might help track environmental change
Source: The Conversation (Au and NZ) – By Holly Winton, Senior Research Fellow in Climatology, Te Herenga Waka — Victoria University of Wellington Holly Winton, CC BY-SA Antarctica’s patterns of stark seasonal changes, with months of darkness followed by a summer of 24-hour daylight, prompted us to explore how a Māori lunar and environmental calendar

MIL OSI Analysis – EveningReport.nz –

July 17, 2025

MIL-OSI Submissions: Australia – From 4 trades to 40,000: How 30 years of CommSec has shaped Aussie investing – CBA

Source: Commonwealth Bank of Australia (CBA)

CommSec reflects on its 30-year journey and the future of investing.

When CommSec launched on 17 July 1995, just four trades were placed via telephone and fax, at $75 each. Investing was slow and largely reserved for the few who had the time, knowledge, and access.

But that day marked the beginning of a shift that would help reshape how Australians engage with financial markets. Fast forward to today, and investors can trade on the bus to work with the tap of their phone.

“Many younger investors would find it hard to imagine what it was like buying and selling shares 30 years ago. Back in the early ‘90s, investing wasn’t exactly easy. Picture having to put in a call to a stockbroker, sometimes even fax orders, fill out reams of paperwork, and then wait for what felt like weeks for your share certificate to arrive,” said CommSec’s Executive General Manger James Fowle.

“In 2025, that same process now takes a matter of seconds and you can do it straight from your mobile.”

https://youtu.be/AforSgYeUQA?si=k1ocLNyupyitvbCr

CommSec’s vision 30 years ago was to make the stock market easy, accessible and affordable.

Three decades later, CommSec customers now execute around 40,000 trades daily, with the average value of shares bought and sold on the platform reaching $575 million each day. In the past 30 years, CommSec has completed nearly 160 million orders, worth more than $2.5 trillion – roughly the equivalent size of Australia’s economy.

CommSec’s journey in many ways mirrors the broader evolution of investing in Australia, moving from the margins to the mainstream and becoming a core part of how Australians build wealth.

Through a commitment to empower more Australians to grow their wealth, CommSec has helped transform how Aussies invest.

“Over the past 30 years, CommSec has played a critical role in shaping the way Australians invest. Whether a first-time investor or seasoned portfolio builder, we’ve always pathed new ground to make investing more accessible to all Australians through innovation and education. Trust is key to who we are and I’m thankful to the millions of Australians who continue to trust us to grow their wealth,” said Fowle.

The evolution of investing

CommSec’s path to becoming Australia’s leading online broker has transpired largely due to the platform’s ability to meet the evolving needs of investors.

In 1997, CommSec became the first Australian broker to launch a share trading website, paving the way for a digital trading future.

By 2001, around 80 percent of CommSec’s trades were being placed online, mirroring a broader trend: Australians wanted more control, more transparency, and more speed when they invested.

In 2008, CommSec launched Australia’s first iPhone trading app, making trading accessible to Aussies with a smartphone. And in 2019, CommSec Pocket was launched – a low cost, simple investing app that aims to empower more Australians to start their investing journey.

Fast forward to today, and nearly 50 per cent of trades are made via mobile.

Over the years, market participation has also grown across demographics as government privatisations, the rise of self-managed super funds (SMSFs), the popularity of exchange traded funds (ETFs), and the increasing use of mobile apps have all contributed to a more engaged and informed investor base.

Ten years ago, 20 per cent of CommSec’s customers were under 40 – today, that number has more than doubled to 43 per cent. Meanwhile, the percentage of female investors on CommSec has almost tripled in the past 5 years.

“Markets have become more dynamic, and so have investors,” said Tom Piotrowski, CommSec’s long-time market analyst.

“We’ve gone from a world where people waited for the morning paper to receive market news, to one where they’re trading on their phones during a lunch break. Now we’re pushing out a daily podcast and educating our customers on TikTok. That shift has been extraordinary to witness.”

Not only that, CommSec has taken great strides in making investing more accessible through education. Initiatives like CommSec Learn offers tips to beginners, while the CommSec Invest podcast breaks down the fundamentals of investing. Also, bite sized content is delivered through channels like Instagram, YouTube and TikTok.

A trusted partner through volatility

From bull markets to the GFC, CommSec has supported customers through the uncertainty and volatility of the market.

In CommSec’s 30-year history, the top 10 trading days have all occurred over the last 5 years.

“Covid really changed the market – the number of first-time traders has more than doubled since February 2020,” said Fowle.

“The introduction of tariffs by President Trump on April 2 rattled global financial markets, with the three-day drop in the S&P 500 being one of the worst market sell-offs since World War II, while the ASX witnessed its biggest one-day drop since 2020. In fact, April 7 was CommSec’s largest trading day in three years, with the team processing over $1.4 billion in trades.

“What makes me proud is not just how we responded to the high and low moments like these; but how over three decades, CommSec has remained a trusted partner for Australians on their investment journey.”

Looking forward to the future

As technology continues to evolve at an ever-accelerating pace, CommSec is committed to remaining at the forefront of innovation to help more Aussies invest and grow their wealth.

“The Australian stock market is poised for continued evolution, with technology playing a central role in shaping trading practices and investor engagement,” Fowle said.

“I’m incredibly proud that CommSec, 30 years on, continues to make investing easy, accessible and affordable. As innovation continues to accelerate, we are well positioned to continue to harness new technologies to meet the evolving needs of our customers.”

30 Years of CommSec by the Numbers

Australian Markets Since 1995

The ASX All Ordinaries Accumulation Index has risen 335%
Average NSW house prices have increased by 751%
CBA’s share price has grown from $9.34 (30/6/95) to $184.75 (30/6/25), a 1878% increase
Wealth per capita has surged from $96,810 to $810,000

CommSec Firsts

July 1995: First direct broker
1997: First free live share price quotes
November 2003: First retail Stop Loss order
July 2008: First Financial Services iPhone App

Average number of trades

Four trades on day 1
10,000 trades per day by 2002
40,000 /$575m per day by 2025

Method of Trading

Telephone and Fax only on launch 31 July 1995 ($75 per trade)
Internet access was offered in October 1996, providing information only. Trading started March 1997. 80% of trades made online by 2001

Top trading days

2020 and 2021 dominate the top five biggest trading days showing the impacts of COVID.
The sixth biggest trading day was on 7 April 2025, following the announcement of U.S. tariffs.

Stocks over time

Top 5 stocks: 25 June 1995

1. BHP
2. News Corp
3. NAB
4. CRA
5. WBC

Top 5 Stocks: 26 June 2025

1. CBA
2. BHP
3. Rio Tinto
4. NAB
5. CSL

CommSec customers

Percentage of customers under 40:

Now: 39.80%
5 years ago: 25.57%
10 years ago: 20.19%
30 years ago: 26.42%

Percentage of female customers with holdings:

Now: 27.46%
3 years ago: 12.62%
5 years ago: 10.60%.

MIL OSI – Submitted News –

July 17, 2025

MIL-OSI: OceanFirst Financial Corp. Announces 2025 Stock Repurchase Program

Source: GlobeNewswire (MIL-OSI)

RED BANK, N.J., July 16, 2025 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that its Board of Directors has authorized a 2025 Stock Repurchase Program, under which the Company may repurchase up to 3 million shares, or approximately 5% of its outstanding common stock. This authorization is incremental to the Company’s existing 2021 Stock Repurchase Program.

“The repurchase program underscores our belief that OceanFirst shares represent a compelling investment opportunity,” said Christopher D. Maher, Chairman and Chief Executive Officer. “The program enhances our capital deployment flexibility, allowing us to respond opportunistically to market conditions while maintaining the capacity to invest in organic growth, strategic initiatives, and shareholder returns.”

OceanFirst Financial Corp.’s press releases are available by visiting us at www.oceanfirst.com.

Forward-Looking Statements

In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, and retaliatory responses, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio, and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, changes in investor sentiment and consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under Item 1A – Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Company Contact:

Patrick S. Barrett
Chief Financial Officer
OceanFirst Financial Corp.
Tel: (732) 240-4500, ext. 27507
Email: pbarrett@oceanfirst.com

The MIL Network –

July 17, 2025

MIL-OSI: GBank Financial Holdings Inc. Announces Second Quarter 2025 Quarterly Earnings Call Scheduled for Tuesday, July 29th, at 10:00 A.M., Pacific Time

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, July 16, 2025 (GLOBE NEWSWIRE) — GBank Financial Holdings Inc. (the “Company”) (Nasdaq: GBFH), the parent company for GBank (the “Bank”), today announced it plans to release its second quarter 2025 financial results after the market closes on Monday, July 28, 2025, and will host its quarterly earnings call on Tuesday, July 29, 2025, at 10:00 a.m., PST. Interested parties can participate remotely via Internet connectivity. There will be no physical location for attendance.

Interested parties may join online, via the ZOOM app on their smartphones, or by telephone:

ZOOM Video Conference ID 826 3030 7240
Passcode: 549549

Joining by ZOOM Video Conference:

Log in on your computer at
https://us02web.zoom.us/j/82630307240?pwd=TU4yZXJqMEc2VGZoUm5rRTl0OVFxdz09
or use the ZOOM app on your smartphone.

Joining by Telephone

Dial (408) 638-0968. The conference ID is 826 3030 7240. Passcode: 549549.

About GBank Financial Holdings Inc.

GBank Financial Holdings Inc. is a bank holding company headquartered in Las Vegas, Nevada and is listed on the Nasdaq Capital Market under the symbol “GBFH.” Our national payment and Gaming FinTech business lines serve gaming clients across the U.S. and feature the GBank Visa Signature^® Card—a tailored product for the gaming and sports entertainment markets. The Bank is also a top national SBA lender, now operating across 40 states. Through our wholly owned bank subsidiary, GBank, we operate two full-service commercial branches in Las Vegas, Nevada to provide a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals in Nevada, California, Utah, and Arizona. Please visit www.gbankfinancialholdings.com for more information.

Available Information

The Company routinely posts important information for investors on its web site (under www.gbankfinancialholdings.com and, more specifically, under the News & Media tab at www.gbankfinancialholdings.com/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

For Further Information, Contact:

GBank Financial Holdings Inc.
T. Ryan Sullivan
President and CEO
702-851-4200
rsullivan@g.bank

Source: GBank Financial Holdings Inc.

The MIL Network –

July 17, 2025

MIL-OSI: Recession Profit Secrets Offers Recession Remedy Strategy for Economic Resilience in 2025

Source: GlobeNewswire (MIL-OSI)

New York, July 16, 2025 (GLOBE NEWSWIRE) —

Disclaimer: This content is for informational purposes only. Recession Profit Secrets products are not intended to diagnose, treat, cure, or prevent any disease. Always consult a healthcare provider before use.

Visit the Official Recession Profit Secrets Site

Understanding the Recession Profit Secrets Framework

In a time when economic headwinds challenge traditional investment logic, the Recession Profit Secrets platform offers an alternative financial learning system rooted in strategic preparedness. Unlike high-risk investment schemes that often emerge during periods of volatility, this program emphasizes core economic resilience—a principle aligned with timeless financial planning fundamentals.

At its core, the Recession Profit Secrets framework is designed to help individuals recognize recessionary signals in advance. The educational material prioritizes a blend of historical case studies, monetary policy trends, and behavioral finance strategies. Each lesson is structured to equip the average person with an analytical lens through which they can evaluate their own asset positioning, consumption patterns, and long-term fiscal health.

The platform does not claim to predict market collapses, nor does it provide financial advice. Rather, it teaches principles that help consumers interpret economic context with greater clarity. The keyword “Recession Remedy” represents a broader philosophy: using knowledge—not speculation—to make better personal finance decisions in uncertain times.

What Makes the ‘Recession Remedy’ Concept Unique in 2025

In 2025, recession discourse has shifted from rare-event theory to continuous preparedness. The “Recession Remedy” concept introduces structured education modules that challenge consumers to examine their dependencies on interest-sensitive income, evaluate liquidity positions, and stress-test their household budgets.

Unlike one-size-fits-all guides or emotionally driven forecasts, this program incorporates data from leading macroeconomic indicators such as the Consumer Price Index (CPI), GDP volatility, and the Federal Reserve’s forward guidance models. The Recession Profit Secrets team consolidates these elements into digestible formats accessible to non-professionals, with an emphasis on awareness rather than anxiety.

Additionally, the platform offers detailed frameworks on capital preservation, explaining the difference between cyclical downturns and structural economic shifts. Whether addressing inflationary environments or debt cycle contractions, the “Recession Remedy” curriculum remains anchored in verifiable academic sources and financial journalism standards.

Analyzing Economic Indicators and Market Trends

Interpreting macroeconomic signals is essential for financial planning. Recession Profit Secrets dedicates extensive coverage to the most telling indicators of systemic stress. These include yield curve inversions, stagnating industrial production, consumer sentiment declines, and wage growth divergences.

By breaking down these indicators into practical insights, the curriculum avoids overwhelming readers with technical jargon. Instead, it outlines how everyday economic developments—from grocery price surges to rising credit card APRs—can serve as early warnings for larger systemic shifts.

This section also explores how market psychology, geopolitical uncertainty, and commodity cycles intersect to influence recession trajectories. Users are introduced to frameworks that encourage diversified income streams, conservative leverage practices, and flexibility in spending habits—three critical ingredients for financial durability.

Learn more about how this framework works in real-world scenarios by visiting the Official Recession Profit Secrets Site.

Protecting Household Wealth Before a Recession Hits

While many programs focus on crisis response, Recession Profit Secrets focuses on pre-recession resilience. This includes guidance on fixed cost reduction, low-volatility income strategies, and recession-conscious budgeting techniques.

Participants are encouraged to audit discretionary expenses, review insurance coverages, and consider adjustments to tax-withholding strategies. For those nearing retirement, modules explore how sequence-of-returns risk can impact drawdown plans—and what adjustments may help reduce volatility exposure.

The “Recession Remedy” philosophy places strong emphasis on liquidity, arguing that access to cash reserves can reduce reliance on debt and allow strategic timing of asset decisions. The program offers no investment advice, but it does provide a playbook for increasing optionality in personal finance planning.

How Consumers Are Shifting Financial Behavior in Uncertain Times

Recent surveys suggest growing consumer appetite for financial literacy tools—particularly those aimed at reducing dependency on high-risk assets. The Recession Profit Secrets platform reflects this shift, offering modular instruction suited for all levels of experience.

In 2025, younger consumers are prioritizing debt reduction, middle-aged households are exploring passive income strategies, and retirees are seeking inflation-sensitive allocation models. The program adapts to these generational differences by offering layered content—each module building on the last in a non-linear, self-paced structure.

More broadly, the platform addresses the psychological side of economic stress: fear of job loss, anxiety over inflation, and pressure to sustain pre-recession lifestyles. It frames each lesson in terms of empowerment, helping users focus on action rather than apprehension.

The Educational Design Behind Recession Profit Secrets

The instructional design of Recession Profit Secrets follows a “concept-to-application” flow. Each topic begins with foundational definitions and economic context, followed by hypothetical case studies and end-of-module review checklists.

Modules are built to foster knowledge retention through spaced repetition, context layering, and behavioral modeling. Visual learners benefit from infographics and charts that map out economic cycles and recessionary triggers.

The program also includes access to periodic updates, ensuring that macro trends—such as fiscal policy changes, new federal reserve signals, or labor market shifts—are integrated into future course revisions. This living-document approach ensures the curriculum evolves in tandem with the economy itself.

Why ClickBank’s Transparent Delivery Model Matters

One distinguishing feature of the Recession Profit Secrets experience is its delivery through ClickBank, a global platform known for compliance standards and customer transparency.

Consumers who access the product through ClickBank benefit from secure checkout, defined refund terms, and readily available support channels. This backend infrastructure ensures continuity, platform security, and access to updates without data risk or affiliate obfuscation.

ClickBank’s reputation for delivering digital education securely and consistently makes it an ideal partner for programs like Recession Profit Secrets, where trust and clarity are critical to user adoption.

Explore how the platform delivers secure digital access via ClickBank by visiting the Official Recession Profit Secrets Site.

Debunking Common Myths About Recession-Proof Investing

The Recession Profit Secrets platform directly addresses common misconceptions—such as the belief that gold is always a safe haven, or that cash hoarding is universally effective.

Instead, the curriculum unpacks the nuances behind each perceived “safe” strategy. For example, while gold may act as a hedge during specific inflationary periods, its correlation to real purchasing power varies depending on geopolitical cycles.

The platform discourages absolutism, advocating instead for a principles-first approach: understanding liquidity profiles, inflation pass-throughs, and the interplay of policy responses. The goal is to equip users with frameworks, not prescriptions.

Who May Benefit Most from This Approach in 2025

The Recession Profit Secrets curriculum may appeal to a broad audience—particularly those with fixed or limited incomes, pre-retirees, small business owners, and consumers carrying unsecured debt.

Its accessibility makes it suitable for both new learners and experienced individuals looking to reframe outdated financial models. Those navigating job transitions, retirement recalibrations, or household budgeting stress may find particular value in the course’s situational application style.

Rather than positioning the program as a cure-all, the content invites users to treat it as a toolkit—drawing from it selectively based on their current financial lifecycle.

Final Thoughts on Building a Financially Resilient Future

In a landscape increasingly shaped by debt cycles, fiscal uncertainty, and automation-driven job volatility, building financial resilience has become more than a goal—it’s a necessity.

Recession Profit Secrets does not offer easy answers or predictive models. Instead, it emphasizes financial self-awareness, data-informed decision-making, and skillful adaptation. The “Recession Remedy” approach is less about forecasting crashes and more about preparing for the full arc of economic life.

Consumers seeking empowerment through education—not alarmist speculation—may find Recession Profit Secrets to be a valuable companion in their long-term planning process.

Contact & Transparency Information

For more details or support related to Recession Profit Secrets:
Contact Support:support@recessionprofitsecrets.com
ClickBank Customer Service:support@clickbank.com
Phone (US): 1-800-390-6035
Phone (INTL): 1-208-345-4245

Visit the Official Recession Profit Secrets Site

Disclaimer: This content is for informational purposes only. Recession Profit Secrets products are not intended to diagnose, treat, cure, or prevent any disease. Always consult a healthcare provider before use.

The MIL Network –

July 17, 2025

MIL-OSI USA: Baldwin, Banks Urge Administration to Strengthen Oversight on Buy America Rules in Defense Industry

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin
WASHINGTON, D.C. – Today, Senators Tammy Baldwin (D-WI) and Jim Banks (R-IN) called on the Trump Administration to strengthen enforcement and oversight of important defense trade agreements to ensure they support U.S. businesses, workers, and our industrial base. Currently, the Department of Defense has 28 of these trade agreements, known as Reciprocal Defense Procurement agreements, with partner countries like Japan, Germany, and the U.K. These agreements waive both the U.S.’s Buy America requirements and similar laws in partner countries, opening up the opportunity for foreign companies to sell products and services to the Department of Defense. However, a recent Government Accountability Office (GAO) report found that entities within the Department of Defense (DoD) skipped important steps in creating and renewing these agreements, sometimes skirting or undermining important Buy America requirements that are meant to put American businesses and workers first.
“A robust defense industrial base is essential for national security and economic resilience, as it underpins the development, maintenance, and deployment of U.S. military assets. While RDPs can have positive impacts in facilitating integration with our partners and allies and enable positive exchanges, the significant impact of RDP agreements on our domestic industrial base necessitates rigorous scrutiny in their review, approval, and renewal,” wrote the Senators. “With the growing number of RDP agreements, we expect that your Agency Secretaries will thoroughly review and refine the process for entering into and renewing these agreements, ensuring they bolster U.S. industry while fortifying our defense partnerships.”
In the letter, the Senators expressed concerns that RDP agreements have been used to waive “Buy American” requirements that are designed to ensure that taxpayer dollars support American businesses and workers to help bolster the U.S. economy, ensure a skilled domestic workforce, and strengthen our industrial base. Current Department of Defense rules provide a blanket “public interest” waiver of all Buy American requirements for defense materiel from any trading partner with an RDP agreement. Given these waivers, the Senators urged the Trump Administration to ensure that any RDP agreement has thoroughly assessed the implications on American businesses, workers, and the defense industrial base before they are finalized or renewed.
As outlined in the GAO report, the Senators also expressed concerns that the DoD is making these trade agreements without sufficient input from domestic industry. While the Department of Commerce is authorized to initiate a review of existing RDP agreements if they believe they could have adverse impacts on domestic industry, they have never completed such a review, even for RDPs that have been renewed several times. The Senators requested that the International Trade Commission review RDPs, allowing U.S. companies to have clear opportunities to alert the administration when a proposed trade agreement may harm them.
A recent GAO report also reviewed all existing RDP agreements, showing on several occasions the administration failed to properly scrutinize these agreements. According to GAO, since 2018, DoD has skipped important due diligence steps for entering into and renewing RDP agreements. For three agreements, DoD did not solicit U.S. industry input, and for another agreement, DoD did not seek analysis from Commerce, as required by law. The GAO also found that DoD waives Buy America requirements for partner countries even if their RDP agreement has expired. The GAO further found there was insufficient compliance with a 2021 requirement that the Made in America Office review RDP agreements to ensure domestic producers will have equal and proportional access to partner defense markets.
“We must ensure that any RDP agreements undergo rigorous scrutiny with transparent decision-making processes and input from industry stakeholders. The decision to enter or renew such agreements should be guided by strategic imperatives, not expediency. Our domestic industrial base should be able to take priority when that goal clashes with other priorities,” the Senators concluded. “Given the results of the GAO report, we urge the administration to review the RDP agreements process to ensure that such agreements fulfill their intended purpose of supporting U.S. industry and manufacturers while still bolstering our defense relationships with allies and partners.”
A full version of this letter is available here and below.
Dear Mr. President,
We write to raise concerns that shortcomings in the Reciprocal Defense Procurement (RDP) agreements process may be negatively impacting our defense industrial base. A recent Government Accountability Office (GAO) report shows that there needs to be a more robust review process for establishing and renewing RDP agreements, and your America First Trade Policy report similarly identified these agreements as a point of concern. We urge the administration to review and update the RDP agreement process to ensure that such agreements support the U.S. industrial base, to include establishing an interagency review process to oversee such agreements.
A robust defense industrial base is essential for national security and economic resilience, as it underpins the development, maintenance, and deployment of U.S. military assets. While RDPs can have positive impacts in facilitating integration with our partners and allies and enable positive exchanges, the significant impact of RDP agreements on our domestic industrial base necessitates rigorous scrutiny in their review, approval, and renewal. With the growing number of RDP agreements, we expect that your Agency Secretaries will thoroughly review and refine the process for entering into and renewing these agreements, ensuring they bolster U.S. industry while fortifying our defense partnerships.
RDP agreements are trade agreements for direct government procurement negotiated solely by the Department of Defense (DoD) with foreign counterparts, without Congressional ratification. Since first authorized by Congress in 1988, the DoD has entered into 28 RDP agreements and 6 related agreements with both North Atlantic Treaty Organization (NATO) member-states, major non-NATO allies, and other partner countries. Most agreements include automatic extension provisions. We understand that the DoD is currently negotiating new agreements.
We are concerned that RDP agreements have been used to waive or otherwise undermine “Buy American” requirements and similar domestic preferences that are in place to ensure that taxpayer dollars support American businesses and workers by prioritizing domestically produced goods and materiel when federal agencies make procurement decisions. This helps to bolster the U.S. economy, ensure a skilled domestic workforce, and strengthen our industrial base. Current DoD regulations (DFARS 225.872- 1) provide a blanket “public interest” waiver of all Buy American requirements for defense materiel for any foreign supplier from a country with an active reciprocal defense procurement agreement. The RDP agreement process should ensure that the administration has thoroughly assessed the implications on our industrial base before they are finalized or renewed.
We are also concerned that the DoD may be making decisions about RDP agreements without sufficient input from domestic industry. Federal law authorizes the Department of Commerce to initiate an interagency review of existing RDP agreements if Commerce has reason to believe an agreement either has or could have “a significant adverse effect on the international competitive position of the U.S. industry.” To date, Commerce has never completed such a review, even for RDPs that have been renewed several times. The administration can address this shortcoming by ensuring that Commerce and the International Trade Commission review RDPs and that the process includes mechanisms and transparency to allow for domestic industry input. U.S. companies should have clear opportunities to alert the administration when a proposed trade agreement may harm them.
At Congress’ request, the Government Accountability Office (GAO) recently completed a review of all existing RDP agreements, and their findings verify our concerns. According to GAO, since 2018, DoD has skipped important due diligence steps for entering into and renewing RDP agreements. For three agreements, DoD did not solicit U.S. industry input, and for another agreement, DoD did not seek analysis from Commerce, as required by law. Additionally, GAO found that Commerce’s methodology to assess RDP agreements has several weaknesses, including that it does not analyze the impact of RDP agreements on services. In Fiscal Year 2022, services comprised 49 percent of the value of DoD procurement. The GAO also found that DoD waives Buy America requirements for partner countries even if their RDP agreement has expired. The GAO further found there was insufficient compliance with a 2021 requirement that the Made in America Office review RDP agreements to ensure domestic producers will have equal and proportional access to partner defense markets.
We must ensure that any RDP agreements undergo rigorous scrutiny with transparent decision-making processes and input from industry stakeholders. The decision to enter or renew such agreements should be guided by strategic imperatives, not expediency. Our domestic industrial base should be able to take priority when that goal clashes with other priorities.
Given the results of the GAO report, we urge the administration to review the RDP agreements process to ensure that such agreements fulfill their intended purpose of supporting U.S. industry and manufacturers while still bolstering our defense relationships with allies and partners. We encourage you to implement GAO’s recommendations and ensure all RDPs undergo robust interagency review.
Thank you for your attention to this critical matter. We look forward to your response.

MIL OSI USA News –

July 17, 2025

MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary Second Quarter Earnings of $1.72 Per Diluted Common Share

Source: GlobeNewswire (MIL-OSI)

SPRINGFIELD, Mo., July 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (the “Company”) (NASDAQ:GSBC), the holding company for Great Southern Bank (the “Bank”), today reported that preliminary earnings for the three months ended June 30, 2025, were $1.72 per diluted common share ($19.8 million net income) compared to $1.45 per diluted common share ($17.0 million net income) for the three months ended June 30, 2024.

For the quarter ended June 30, 2025, annualized return on average common equity was 12.81%, annualized return on average assets was 1.34%, and annualized net interest margin was 3.68%, compared to 12.03%, 1.17% and 3.43%, respectively, for the quarter ended June 30, 2024.

Second Quarter 2025 Key Results:

Net Interest Income: Net interest income for the second quarter of 2025 increased $4.2 million (or approximately 8.9%) to $51.0 million compared to $46.8 million for the second quarter of 2024, largely driven by lower interest expense on deposit accounts and other borrowings. Annualized net interest margin was 3.68% for the quarter ended June 30, 2025, compared to 3.43% for the quarter ended June 30, 2024, and 3.57% for the quarter ended March 31, 2025. During the quarter ended June 30, 2025, the Company recorded $434,000 of interest income related to recoveries on non-accrual loans and other cash-basis assets, positively affecting net interest income and net interest margin.
Asset Quality: Non-performing assets and potential problem loans totaled $15.3 million at June 30, 2025, a decrease of $1.3 million from $16.6 million at December 31, 2024. At June 30, 2025, non-performing assets were $8.1 million (0.14% of total assets), a decrease of $1.5 million from $9.6 million (0.16% of total assets) at December 31, 2024.
Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.22 billion and $338.9 million, respectively, at June 30, 2025. In addition, at June 30, 2025, the Company had unpledged securities with a market value totaling $349.3 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
Capital: The Company’s capital position remained strong as of June 30, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of June 30, 2025, the Company’s Tier 1 Leverage Ratio was 11.5%, Common Equity Tier 1 Capital Ratio was 13.0%, Tier 1 Capital Ratio was 13.5%, and Total Capital Ratio was 14.7%. The Company’s tangible common equity to tangible assets ratio was 10.5% at June 30, 2025. In June 2025, the Company redeemed at par all of its outstanding subordinated notes, which had an aggregate principal amount of $75.0 million.
Significant Item Impacting Non-Interest Income: In the quarter ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships. This was an unusually large amount for the Company, but this type of income occurs from time to time. We cannot, however, anticipate the amount or timing of this income with certainty.

Selected Financial Data:

	Three Months Ended
		June 30,			June 30,		March 31,
		2025			2024			2025
		(Dollars in thousands, except per share data)

Net interest income	$	50,963		$	46,818		$	49,334
Provision (credit) for credit losses on loans and unfunded commitments		(110	)		(607	)		(348	)
Non-interest income		8,212			9,833			6,590
Non-interest expense		35,005			36,409			34,822
Provision for income taxes		4,494			3,861			4,290

Net income	$	19,786		$	16,988		$	17,160

Earnings per diluted common share	$	1.72		$	1.45		$	1.47

Joseph W. Turner, President and CEO of Great Southern, commented, “The second quarter was marked by continued execution of our strategy to maintain core banking fundamentals, drive earnings, and improve tangible book value per share. Our core credit and operating metrics remained sound, with solid quarterly profitability driven by steady margins, ongoing disciplined expense control, and continued strong credit quality. We reported net income of $19.8 million, or $1.72 per diluted common share, for the second quarter of 2025, compared to $17.0 million, or $1.45 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter reflects strong growth in net interest income, which rose $4.2 million, or 8.9%, largely due to lower interest expense on deposit accounts and borrowings. The second quarter of 2025 and 2024 each had significant unusual or non-recurring items included in non-interest income, which are noted elsewhere in this earnings release. Non-interest expense also decreased from the year-ago quarter due to significant legal and professional fees recorded in 2024.”

Turner noted, “Despite lingering external economic pressures, our core operations continued to perform well. Total interest income for the second quarter of 2025 was $81.0 million, reflecting stable yields on loans and investment securities. Net interest income for the quarter increased to $51.0 million, supported by our continued disciplined asset-liability management and lower deposit interest costs, despite competitive pressures. We also saw stability in our core non-time deposit balances, reflecting the strength of customer relationships and the enduring value of our franchise.”

Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.85 billion at June 30, 2025, and a loan portfolio that reflects a balanced approach to growth and risk management, as we serve our constituent markets. We emphasize prudent lending practices through our relationship-based lending resulting in strong credit quality. Given our emphasis on balancing loan growth with appropriate pricing and loan structure, we saw a $156 million net loan reduction in the quarter, which included a $30 million loan payoff at the end of the quarter. Large loan payoffs tend to fluctuate, but we did experience a higher level of such payoffs in the second quarter of 2025. Our allowance for credit losses stood at $64.8 million at June 30, 2025, representing 1.41% of total loans. Our non-performing assets decreased $1.5 million from both March 31, 2025, and December 31, 2024, to $8.1 million, or 0.14% of total assets, highlighting our prudent underwriting standards and ongoing credit monitoring.”

Turner further noted, “On the expense side, we remain focused on operating discipline. Non-interest expense totaled $35.0 million for the second quarter of 2025, an improvement of $1.4 million from the prior-year second quarter, with reductions in legal and professional fees and expense on other real estate owned, partially offset by modest increases in technology investments. Non-interest income totaled $8.2 million for the second quarter of 2025, which did include some significant unusual income as we’ve noted.”

Turner continued, “As we look ahead, our priorities remain consistent: control costs, safeguard credit quality, and optimize our funding mix to enable continued growth and long-term financial stability. At June 30, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.5% and approximately $2.2 billion of secured available lines and on-balance sheet liquid assets, providing us with the capital and liquidity we need to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the second quarter of 2025 we repurchased nearly 176,000 shares of our common stock. In June 2025, we redeemed all of the Company’s outstanding 5.50% fixed-to-floating rate subordinated notes, with an aggregate principal balance of $75 million, in advance of a step up in rate, thereby avoiding a significant increase in interest cost.”

“Great Southern’s second-quarter 2025 results demonstrate the strength and consistency of our business model and our ability to deliver sustainable returns, supported by strong customer relationships and disciplined management. Our focus on long-term value creation is steadfast as our team works daily to meet the needs of our customers, communities and shareholders,” Turner concluded.

NET INTEREST INCOME

	Three Months Ended
		June 30,			June 30,		March 31,
		2025			2024		2025
		(Dollars in thousands)
Interest Income	$	80,975		$	80,927		$	80,243
Interest Expense		30,012			34,109			30,909

Net Interest Income	$	50,963		$	46,818		$	49,334

Net interest margin		3.68	%		3.43	%		3.57	%
Average interest-earning assets to average interest-bearing liabilities		126.9	%		126.7	%		125.5	%

Net interest income for the second quarter of 2025 increased $4.2 million to $51.0 million, compared to $46.8 million for the second quarter of 2024. This increase in net interest income was driven primarily by higher investment interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits to reduce interest expense. Net interest margin was 3.68% in the second quarter of 2025, compared to 3.43% in the same period of 2024 and 3.57% in the first quarter of 2025. Compared to the 2024 second quarter, the average yield on loans decreased 11 basis points, the average yield on investment securities increased 27 basis points and the average yield on other interest earning assets decreased 101 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 36 basis points, 63 basis points and 74 basis points, respectively, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The average interest rate spread was 3.09% for the three months ended June 30, 2025, compared to 2.77% for the three months ended June 30, 2024 and 3.00% for the three months ended March 31, 2025.

Net interest margin was positively impacted by the receipt of interest income which had not been accrued for, as outlined above, under “Second Quarter 2025 Key Results – Net Interest Income.” This additional interest income contributed three basis points to net interest margin in the second quarter of 2025. While we currently believe that interest income recoveries such as this may occur in future periods, we cannot anticipate the amount or timing of this income with certainty.

The average rate paid on total interest-bearing liabilities decreased from 3.17% in the 2024 second quarter to 2.75% in the 2025 second quarter. The average rates paid on deposits and borrowings decreased compared to the prior-year second quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year second quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the second quarter of 2024, the average yield on loans only decreased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

The following table presents, for the periods indicated, the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

	Three Months Ended
		June 30,			June 30,		March 31,
		2025			2024		2025
		(In thousands)
Terminated interest rate swaps	$	2,025		$	2,025		$	2,003
Active interest rate swaps		(1,757	)		(2,769	)		(1,742	)

Increase (decrease) to interest income	$	268		$	(744	)	$	261

The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the originally scheduled termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. The Company anticipates recording approximately $2.0 million in interest income from the terminated swap in the third quarter of 2025, after which no further interest income will be realized.

The Company’s net interest income in the second quarter of 2025 increased 8.9% compared to net interest income in the second quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at then-current market rates. Market rates for time deposits for much of 2024 remained elevated, but have declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in late 2025. As of June 30, 2025, time deposit maturities over the next 12 months were as follows: within three months — $696 million, with a weighted-average rate of 3.93%; within three to six months — $460 million, with a weighted-average rate of 3.83%; and within six to twelve months — $124 million, with a weighted-average rate of 3.37%. Based on time deposit market rates in June 2025, replacement rates for these maturing time deposits are likely to be approximately 3.35-3.85%.

NON-INTEREST INCOME

For the quarter ended June 30, 2025, non-interest income decreased $1.6 million to $8.2 million when compared to the quarter ended June 30, 2024, primarily as a result of the following items:

Other income: Other income decreased $1.6 million compared to the prior-year quarter. In the second quarter of 2024, the Company recorded $2.7 million of other income, net of expenses and write-offs, related to the termination of the master agreement between the Company and a third-party software vendor for the intended conversion of the Company’s core banking platform. Separately, in the quarter ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships.
Net gains on loan sales: Net gains on loan sales decreased $234,000 compared to the prior-year quarter. The decrease was due to a decrease in balance of fixed-rate single-family mortgage loans originated and sold during the 2025 period compared to the 2024 period. Fixed rate single-family mortgage loans originated are generally subsequently sold in the secondary market.
Late charges and fees on loans: Late charges and fees on loans increased $204,000 compared to the prior-year quarter. This increase was primarily due to prepayment fees on one large commercial real estate loan, which paid off in the 2025 quarter.

NON-INTEREST EXPENSE

For the quarter ended June 30, 2025, non-interest expense decreased $1.4 million to $35.0 million when compared to the quarter ended June 30, 2024, primarily as a result of the following items:

Legal, audit and other professional fees: Legal, audit and other professional fees decreased $935,000, or 50.2%, from the prior-year quarter, to $929,000. In the quarter ended June 30, 2024, the Company expensed a total of $902,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, compared to $46,000 in costs expensed in the quarter ended June 30, 2025.
Expense on other real estate owned: Expenses on other real estate owned decreased $453,000, or 158.9%, from the prior-year quarter. In the quarter ended June 30, 2025, the Company collected a total of $445,000 in rental income from other real estate owned, compared to $24,000 collected for the quarter ended June 30, 2024. The 2025 period included rental income from the $6.0 million office building asset that was added to other real estate owned in the fourth quarter of 2024. See “Asset Quality” below.
Other operating expenses: Other operating expenses decreased $444,000, or 17.3%, from the prior-year quarter. In the 2024 period, the Company recorded expenses totaling $600,000 related to the resolution of compliance matters, with no similar expenses recorded in the current-year quarter.
Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $594,000, or 7.6%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $502,000 in the second quarter of 2025 compared to the second quarter of 2024.

The Company’s efficiency ratio for the quarter ended June 30, 2025, was 59.16% compared to 64.27% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.37% for the three months ended June 30, 2025, compared to 2.50% for the three months ended June 30, 2024. Average assets for the three months ended June 30, 2025, increased $86.0 million, or 1.5%, compared to the three months ended June 30, 2024, primarily due to growth in average balances of net loans and investment securities.

INCOME TAXES

For each of the three months ended June 30, 2025 and 2024, the Company’s effective tax rate was 18.5%. For the six months ended June 30, 2025 and 2024, the Company’s effective tax rate was 19.2% and 18.8%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

CAPITAL

	June 30,		December 31,		March 31,
	2025		2024		2025
Consolidated Regulatory Capital Ratios	(Preliminary)
Tier 1 Leverage Ratio	11.5	%	11.4	%	11.3	%
Common Equity Tier 1 Capital Ratio	13.0	%	12.3	%	12.4	%
Tier 1 Capital Ratio	13.5	%	12.8	%	12.9	%
Total Capital Ratio	14.7	%	15.4	%	15.6	%
Tangible Common Equity Ratio	10.5	%	9.9	%	10.1	%

As of June 30, 2025, total stockholders’ equity was $622.4 million, representing 10.6% of total assets and a book value of $54.61 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $22.8 million increase in stockholders’ equity from December 31, 2024, was primarily driven by $36.9 million in net income and a $2.0 million increase from stock option exercises, partially offset by $9.2 million in cash dividends declared on the Company’s common stock and $20.0 million in common stock repurchases.

Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $54.4 million (net of taxes) at December 31, 2024, also increased stockholders’ equity by $13.0 million during the first six months of 2025. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps. In the first six months of 2025, these market interest rates decreased, resulting in increases in the fair value of the Company’s investment securities and interest rate swaps.

The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $19.3 million and $24.7 million at June 30, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at June 30, 2025, they would have decreased total stockholder’s equity at that date by $14.6 million. This amount was equal to 2.3% of total stockholders’ equity of $622.4 million at June 30, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

On June 15, 2025, the Company redeemed all of its outstanding 5.50% fixed-to-floating rate subordinated notes due June 15, 2030, with an aggregate principal balance of $75 million. The total redemption price was 100% of the aggregate principal balance of the subordinated notes plus accrued and unpaid interest. The Company utilized excess cash on hand for the redemption payment.

In November 2022, the Company’s Board of Directors authorized the purchase of up to one million shares of the Company’s common stock. As of June 30, 2025, approximately 94,000 shares remained available under this stock repurchase authorization.

In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

During the three months ended June 30, 2025, the Company repurchased 175,998 shares of its common stock at an average price of $55.11, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.4 million.

During the six months ended June 30, 2025, the Company repurchased 349,342 shares of its common stock at an average price of $56.73, and the Company’s Board of Directors declared regular quarterly cash dividends totaling $0.80 per common share, which, combined, reduced stockholders’ equity by $29.2 million.

LIQUIDITY AND DEPOSITS

Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

At June 30, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

	June 30, 2025
Federal Home Loan Bank line		$1,216.1 million
Federal Reserve Bank line		338.9 million
Cash and cash equivalents		245.9 million
Unpledged securities – Available-for-sale		325.3 million
Unpledged securities – Held-to-maturity		24.0 million

During the six months ended June 30, 2025, the Company’s total deposits increased $78.6 million. Interest-bearing checking balances increased $18.5 million (0.8%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $17.0 million (2.0%). Time deposits generated through the Company’s banking center and corporate services networks decreased $18.1 million (2.3%). Brokered deposits increased $61.2 million (7.9%) through a variety of sources. During the three months ended June 30, 2025, the Company’s total deposits decreased $73.9 million, with $62.1 million of this decrease in brokered deposits.

At June 30, 2025, the Company had the following deposit balances:

	June 30, 2025
Interest-bearing checking		$2,233.2 million
Non-interest-bearing checking		859.9 million
Time deposits		757.7 million
Brokered deposits		833.3 million

At June 30, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $703.6 million (15% of total deposits).

LOANS

Total net loans, excluding mortgage loans held for sale, decreased $156.1 million, or 3.3%, from $4.69 billion at December 31, 2024 to $4.53 billion at June 30, 2025. This decrease was primarily driven by decreases in construction loans of $79.1 million, commercial real estate loans of $56.1 million, one- to four-family residential loans of $23.0 million and commercial business loans of $25.2 million, partially offset by an increase in other residential (multi-family) loans of $28.7 million. Compared to March 31, 2025, net loans decreased $156.4 million.

The pipeline of the unfunded portion of loans and formal loan commitments remained strong, with the largest portion of these unfunded balances represented by the unfunded portion of outstanding construction loans ($626.0 million at June 30, 2025). See the table below.

For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

		June 30, 2025		March 31, 2025		December 31, 2024		December 31, 2023		December 31, 2022
Closed non-construction loans with unused available lines
Secured by real estate (one- to four-family)	$	211,453	$	211,119	$	205,599	$	203,964	$	199,182
Secured by real estate (not one- to four-family)		—		—		—		—		—
Not secured by real estate – commercial business		102,891		106,211		106,621		82,435		104,452

Closed construction loans with unused available lines
Secured by real estate (one-to four-family)		96,935		96,807		94,501		101,545		100,669
Secured by real estate (not one-to four-family)		644,427		657,828		703,947		719,039		1,444,450

Loan commitments not closed
Secured by real estate (one-to four-family)		17,148		19,264		14,373		12,347		16,819
Secured by real estate (not one-to four-family)		13,002		50,296		53,660		48,153		157,645
Not secured by real estate – commercial business		27,003		18,484		22,884		11,763		50,145

	$	1,112,859	$	1,160,009	$	1,201,585	$	1,179,246	$	2,073,362

PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

During the three months ended June 30, 2025 and 2024, the Company did not record a provision expense on its portfolio of outstanding loans. During the six months ended June 30, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net recoveries were $111,000 for the three months ended June 30, 2025, compared to net recoveries of $168,000 during the same period in the prior year. Total net recoveries were $55,000 for the six months ended June 30, 2025, compared to net recoveries of $85,000 during the same period in the prior year. Additionally, for the quarter ended June 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $110,000, compared to a negative provision of $607,000 for the same period in 2024. For the six months ended June 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $458,000, compared to a negative provision of $477,000 for the same period in 2024.

The Bank’s allowance for credit losses as a percentage of total loans was 1.41% at June 30, 2025, an increase from 1.36% at both December 31, 2024 and March 31, 2025. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at June 30, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

ASSET QUALITY

At June 30, 2025, non-performing assets were $8.1 million, a decrease of $1.5 million from $9.6 million at December 31, 2024 and a decrease of $1.4 million from $9.5 million at March 31, 2025. Non-performing assets as a percentage of total assets were 0.14% at June 30, 2025, compared to 0.16% at both December 31, 2024 and March 31, 2025.

Activity in the non-performing loan categories during the quarter ended June 30, 2025, was as follows:

		Beginning Balance, April 1		Additions to Non- Performing		Removed from Non- Performing		Transfers to Potential Problem Loans		Transfers to Foreclosed Assets and Repossessions		Charge- Offs		Payments			Ending Balance, June 30
		(In thousands)

One- to four-family construction	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—
Subdivision construction		—		—		—		—		—		—		—			—
Land development		368		—		—		—		—		—		(368	)		—
Commercial construction		—		—		—		—		—		—		—			—
One- to four-family residential		3,076		154		—		—		—		—		(1,204	)		2,026
Other residential (multi-family)		—		—		—		—		—		—		—			—
Commercial real estate		—		—		—		—		—		—		—			—
Commercial business		—		—		—		—		—		—		—			—
Consumer		38		7		—		—		—		—		(27	)		18
Total non-performing loans	$	3,482	$	161	$	—	$	—	$	—	$	—	$	(1,599	)	$	2,044

Compared to March 31, 2025, non-performing loans decreased $1.4 million.
The non-performing one- to four-family residential category consisted of eight loans at June 30, 2025, one of which was added during the current quarter.
The largest relationship in the one- to four-family residential category totaled $614,000 at June 30, 2025. This relationship was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Sarasota, Fla. area.
During the quarter ended June 30, 2025, one- to four-family residential loans experienced one loan pay-off totaling $884,000 and another related loan had a principal pay-down totaling $296,000. Additionally, the only loan in the non-performing land development category at the beginning of the quarter paid off.

Activity in the potential problem loans categories during the quarter ended June 30, 2025, was as follows:

		Beginning Balance, April 1		Additions to Potential Problem		Removed from Potential Problem			Transfers to Non- Performing		Transfers to Foreclosed Assets and Repossessions			Charge- Offs			Loan Advances (Payments)			Ending Balance, June 30
		(In thousands)

One- to four-family construction	$	—	$	—	$	—		$	—	$	—		$	—		$	—		$	—
Subdivision construction		—		—		—			—		—			—			—			—
Land development		—		—		—			—		—			—			—			—
Commercial construction		—		—		—			—		—			—			—			—
One- to four-family residential		2,128		34		(307	)		—		—			—			(16	)		1,839
Other residential (multi-family)		—		—		—			—		—			—			—			—
Commercial real estate		4,313		—		—			—		—			—			(16	)		4,297
Commercial business		—		33		—			—		—			—			—			33
Consumer		1,011		50		—			—		(2	)		(11	)		(11	)		1,037
Total potential problem loans	$	7,452	$	117	$	(307	)	$	—	$	(2	)	$	(11	)	$	(43	)	$	7,206

Compared to March 31, 2025, potential problem loans decreased $246,000.
At June 30, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in available labor and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
At June 30, 2025, the one- to four-family residential category consisted of ten loans, one of which was added to potential problem loans during the current quarter.
The largest relationship in the one- to four-family category, which was reclassified from the consumer category during the first quarter of 2025, totaled $963,000 and is collateralized by multiple single-family residential properties in Indiana and Florida.
At June 30, 2025, the consumer category of potential problem loans consisted of 14 loans, two of which were added during the current quarter.
The largest loan in the consumer category is a home equity loan totaling $784,000 related to the nursing care facility relationship, noted above.

Activity in the foreclosed assets and repossessions categories during the quarter ended June 30, 2025 was as follows:

		Beginning Balance, April 1		Additions		ORE and Repossession Sales			Capitalized Costs		ORE and Repossession Write-Downs		Ending Balance, June 30
		(In thousands)

One-to four-family construction	$	—	$	—	$	—		$	—	$	—	$	—
Subdivision construction		—		—		—			—		—		—
Land development		—		—		—			—		—		—
Commercial construction		—		—		—			—		—		—
One- to four-family residential		—		—		—			—		—		—
Other residential (multi-family)		—		—		—			—		—		—
Commercial real estate		6,036		—		—			—		—		6,036
Commercial business		—		—		—			—		—		—
Consumer		—		6		(2	)		—		—		4
Total foreclosed assets and repossessions	$	6,036	$	6	$	(2	)	$	—	$	—	$	6,040

Compared to March 31, 2025, foreclosed assets increased $4,000.
The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the first quarter of 2025.
The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

BUSINESS INITIATIVES

Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

The Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

Construction of the Company’s new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location, began in March 2025 and is on schedule for completion in the fourth quarter of 2025. The new facility, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools, balanced with customer convenience. The Company has 11 other banking centers and an Express Center in Springfield.

Earnings Conference Call

The Company will host a conference call on Thursday, July 17, 2025, at 2:00 p.m. Central Time to discuss second quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI5023532982f44a44b03e6e16deb1e937.

About Great Southern Bancorp, Inc.

Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

www.GreatSouthernBank.com

Forward-Looking Statements

When used in this press release and in other documents filed or furnished by the Company with or to the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and the Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three and six months ended June 30, 2025 and 2024, and the three months ended March 31, 2025, are not necessarily indicative of the results of operations which may be expected for any future period.

		June 30,		December 31,
		2025		2024
Selected Financial Condition Data:		(In thousands)

Total assets	$	5,854,672	$	5,981,628
Loans receivable, gross		4,604,943		4,761,848
Allowance for credit losses		64,815		64,760
Other real estate owned, net		6,040		5,993
Available-for-sale securities, at fair value		527,543		533,373
Held-to-maturity securities, at amortized cost		183,100		187,433
Deposits		4,684,126		4,605,549
Total borrowings		450,483		679,341
Total stockholders’ equity		622,368		599,568
Non-performing assets		8,084		9,566

		Three Months Ended						Six Months Ended					Three Months Ended
		June 30,						June 30,					March 31,
		2025			2024			2025			2024		2025
		(In thousands)
Selected Operating Data:
Interest income	$	80,975		$	80,927		$	161,218		$	158,317	$	80,243
Interest expense		30,012			34,109			60,921			66,683		30,909
Net interest income		50,963			46,818			100,297			91,634		49,334
Provision (credit) for credit losses on loans and unfunded commitments		(110	)		(607	)		(458	)		23		(348	)
Non-interest income		8,212			9,833			14,802			16,639		6,590
Non-interest expense		35,005			36,409			69,827			70,831		34,822
Provision for income taxes		4,494			3,861			8,784			7,024		4,290
Net income	$	19,786		$	16,988		$	36,946		$	30,395	$	17,160

	At or For the Three Months Ended						At or For the Six Months Ended						At or For the Three Months Ended
	June 30,						June 30,						March 31,
	2025			2024			2025			2024			2025
	(Dollars in thousands, except per share data)
Per Common Share:
Net income (fully diluted)	$	1.72		$	1.45		$	3.18		$	2.58		$	1.47
Book value	$	54.61		$	49.11		$	54.61		$	49.11		$	53.03

Earnings Performance Ratios:
Annualized return on average assets		1.34	%		1.17	%		1.24	%		1.05	%		1.15	%
Annualized return on average common stockholders’ equity		12.81	%		12.03	%		12.06	%		10.69	%		11.30	%
Net interest margin		3.68	%		3.43	%		3.63	%		3.38	%		3.57	%
Average interest rate spread		3.09	%		2.77	%		3.05	%		2.71	%		3.00	%
Efficiency ratio		59.16	%		64.27	%		60.67	%		65.42	%		62.27	%
Non-interest expense to average total assets		2.37	%		2.50	%		2.35	%		2.44	%		2.34	%

Asset Quality Ratios:
Allowance for credit losses to period-end loans		1.41	%		1.39	%		1.41	%		1.39	%		1.36	%
Non-performing assets to period-end assets		0.14	%		0.34	%		0.14	%		0.34	%		0.16	%
Non-performing loans to period-end loans		0.04	%		0.23	%		0.04	%		0.23	%		0.07	%
Annualized net charge-offs (recoveries) to average loans		(0.01	)%		(0.01	)%		0.00	%		0.00	%		0.00	%


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Financial Condition (In thousands, except number of shares)

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

Assets
Cash	$	110,007		$	109,366		$	106,336
Interest-bearing deposits in other financial institutions		135,906			86,390			110,845
Cash and cash equivalents		245,913			195,756			217,181

Available-for-sale securities		527,543			533,373			535,914
Held-to-maturity securities		183,100			187,433			185,853
Mortgage loans held for sale		5,616			6,937			6,857
Loans receivable, net of allowance for credit losses of $64,815 – June 2025; $64,760 – December 2024; $64,704 – March 2025		4,534,287			4,690,393			4,690,636
Interest receivable		20,644			20,430			21,504
Prepaid expenses and other assets		133,614			136,594			132,930
Other real estate owned and repossessions, net		6,040			5,993			6,036
Premises and equipment, net		134,337			132,466			132,165
Goodwill and other intangible assets		9,877			10,094			9,985
Federal Home Loan Bank stock and other interest-earning assets		23,714			28,392			25,813
Current and deferred income taxes		29,987			33,767			28,968

Total Assets	$	5,854,672		$	5,981,628		$	5,993,842

Liabilities and Stockholders’ Equity
Liabilities
Deposits	$	4,684,126		$	4,605,549		$	4,758,046
Securities sold under reverse repurchase agreements with customers		54,802			64,444			75,322
Short-term borrowings		369,907			514,247			359,907
Subordinated debentures issued to capital trust		25,774			25,774			25,774
Subordinated notes		—			74,876			74,950
Accrued interest payable		4,065			12,761			5,416
Advances from borrowers for taxes and insurance		8,822			5,272			7,451
Accounts payable and accrued expenses		76,763			70,634			65,528
Liability for unfunded commitments		8,045			8,503			8,155
Total Liabilities		5,232,304			5,382,060			5,380,549

Stockholders’ Equity
Capital stock
Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2025, December 2024 and March 2025 -0- shares		—			—			—
Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2025 – 11,396,533 shares; December 2024 – 11,723,548 shares; March 2025 – 11,565,211 shares		114			117			116
Additional paid-in capital		51,646			50,336			51,076
Retained earnings		611,921			603,477			606,239
Accumulated other comprehensive loss		(41,313	)		(54,362	)		(44,138	)
Total Stockholders’ Equity		622,368			599,568			613,293

Total Liabilities and Stockholders’ Equity	$	5,854,672		$	5,981,628		$	5,993,842


Great Southern Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (In thousands, except per share data)

		Three Months Ended						Six Months Ended						Three Months Ended
		June 30,						June 30,						March 31,
		2025			2024			2025			2024			2025
Interest Income
Loans	$	73,830		$	74,295		$	146,901		$	145,371		$	73,071
Investment securities and other		7,145			6,632			14,317			12,946			7,172
		80,975			80,927			161,218			158,317			80,243
Interest Expense
Deposits		24,368			27,783			48,968			55,420			24,600
Securities sold under reverse repurchase agreements		372			394			743			727			371
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities		3,974			4,373			8,424			7,417			4,450
Subordinated debentures issued to capital trust		389			454			771			908			382
Subordinated notes		909			1,105			2,015			2,211			1,106
		30,012			34,109			60,921			66,683			30,909

Net Interest Income		50,963			46,818			100,297			91,634			49,334
Provision for Credit Losses on Loans		—			—			—			500			—
Provision (Credit) for Unfunded Commitments		(110	)		(607	)		(458	)		(477	)		(348	)
Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments		51,073			47,425			100,755			91,611			49,682

Non-interest Income
Commissions		411			269			673			650			262
Overdraft and Insufficient funds fees		1,266			1,230			2,481			2,519			1,215
POS and ATM fee income and service charges		3,444			3,588			6,678			6,771			3,234
Net gains on loan sales		893			1,127			1,494			1,804			601
Late charges and fees on loans		340			136			583			303			243
Gain (loss) on derivative interest rate products		(28	)		(7	)		(52	)		(20	)		(24	)
Other income		1,886			3,490			2,945			4,612			1,059
		8,212			9,833			14,802			16,639			6,590

Non-interest Expense
Salaries and employee benefits		20,005			19,886			40,134			39,542			20,129
Net occupancy and equipment expense		8,435			7,841			16,968			15,680			8,533
Postage		825			777			1,756			1,584			931
Insurance		1,095			1,263			2,260			2,407			1,165
Advertising		705			891			995			1,241			290
Office supplies and printing		238			236			504			503			266
Telephone		705			685			1,411			1,406			706
Legal, audit and other professional fees		929			1,864			1,967			3,589			1,038
Expense (income) on other real estate and repossessions		(168	)		285			(238	)		346			(70	)
Acquired intangible asset amortization		108			109			216			217			108
Other operating expenses		2,128			2,572			3,854			4,316			1,726
		35,005			36,409			69,827			70,831			34,822

Income Before Income Taxes		24,280			20,849			45,730			37,419			21,450
Provision for Income Taxes		4,494			3,861			8,784			7,024			4,290

Net Income	$	19,786		$	16,988		$	36,946		$	30,395		$	17,160

Earnings Per Common Share
Basic	$	1.73		$	1.46		$	3.20		$	2.60		$	1.47
Diluted	$	1.72		$	1.45		$	3.18		$	2.58		$	1.47

Dividends Declared Per Common Share	$	0.40		$	0.40		$	0.80		$	0.80		$	0.40

Average Balances, Interest Rates and Yields

The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $1.1 million for both the three months ended June 30, 2025 and 2024. Net fees included in interest income were $2.1 million and $2.3 million for the six months ended June 30, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

	June 30, 2025			Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
				Average				Yield/			Average				Yield/
	Yield/Rate			Balance			Interest	Rate			Balance			Interest	Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential	4.24	%	$	822,283		$	8,750	4.27	%	$	877,957		$	8,769	4.02	%
Other residential	6.91			1,565,447			27,281	6.99			1,072,168			19,633	7.36
Commercial real estate	6.19			1,489,015			23,082	6.22			1,499,893			23,296	6.25
Construction	7.07			480,254			8,617	7.20			803,478			15,525	7.77
Commercial business	5.93			208,119			3,517	6.78			266,187			4,375	6.61
Other loans	6.39			167,548			2,583	6.18			170,467			2,697	6.36

Total loans receivable	6.16			4,732,666			73,830	6.26			4,690,150			74,295	6.37

Investment securities	3.17			727,336			6,099	3.36			696,239			5,347	3.09
Other interest-earning assets	4.37			97,463			1,046	4.30			97,340			1,285	5.31

Total interest-earning assets	5.74			5,557,465			80,975	5.84			5,483,729			80,927	5.94
Non-interest-earning assets:
Cash and cash equivalents				100,289							94,669
Other non-earning assets				256,923							250,244
Total assets			$	5,914,677						$	5,828,642

Interest-bearing liabilities:
Interest-bearing demand and savings	1.41		$	2,225,933			7,791	1.40		$	2,234,824			9,794	1.76
Time deposits	3.42			757,608			6,521	3.45			894,475			9,073	4.08
Brokered deposits	4.44			895,340			10,056	4.50			683,337			8,916	5.25
Total deposits	2.47			3,878,881			24,368	2.52			3,812,636			27,783	2.93
Securities sold under reverse repurchase agreements	2.33			65,607			372	2.27			76,969			394	2.06
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	4.55			347,303			3,974	4.59			339,270			4,373	5.18
Subordinated debentures issued to capital trust	6.14			25,774			389	6.05			25,774			454	7.08
Subordinated notes	—			62,631			909	5.82			74,699			1,105	5.95

Total interest-bearing liabilities	2.66			4,380,196			30,012	2.75			4,329,348			34,109	3.17
Non-interest-bearing liabilities:
Demand deposits				849,862							853,555
Other liabilities				66,585							80,905
Total liabilities				5,296,643							5,263,808
Stockholders’ equity				618,034							564,834
Total liabilities and stockholders’ equity			$	5,914,677						$	5,828,642

Net interest income:						$	50,963						$	46,818
Interest rate spread	3.08	%						3.09	%						2.77	%
Net interest margin*								3.68	%						3.43	%
Average interest-earning assets to average interest-bearing liabilities				126.9	%						126.7	%

*Defined as the Company’s net interest income divided by average total interest-earning assets.

	June 30, 2025			Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
				Average				Yield/			Average				Yield/
	Yield/Rate			Balance			Interest	Rate			Balance			Interest	Rate
	(Dollars in thousands)
Interest-earning assets:
Loans receivable:
One- to four-family residential	4.24	%	$	826,426		$	17,318	4.23	%	$	883,963		$	17,466	3.97	%
Other residential	6.91			1,555,881			53,731	6.96			1,016,071			36,491	7.22
Commercial real estate	6.19			1,499,665			46,096	6.20			1,499,767			46,064	6.18
Construction	7.07			485,392			17,270	7.17			830,025			31,368	7.60
Commercial business	5.93			209,944			7,339	7.05			276,131			8,984	6.54
Other loans	6.39			166,989			5,147	6.22			172,051			4,998	5.84

Total loans receivable	6.16			4,744,297			146,901	6.24			4,678,008			145,371	6.25

Investment securities	3.17			732,699			12,173	3.35			682,960			10,357	3.05
Other interest-earning assets	4.37			101,238			2,144	4.27			98,922			2,589	5.26

Total interest-earning assets	5.74			5,578,234			161,218	5.83			5,459,890			158,317	5.83
Non-interest-earning assets:
Cash and cash equivalents				100,537							92,572
Other non-earning assets				259,692							243,029
Total assets			$	5,938,463						$	5,795,491

Interest-bearing liabilities:
Interest-bearing demand and savings	1.41		$	2,223,716			15,588	1.41		$	2,229,302			19,276	1.74
Time deposits	3.42			764,791			13,235	3.49			916,098			18,238	4.00
Brokered deposits	4.44			893,983			20,145	4.54			686,079			17,906	5.25
Total deposits	2.47			3,882,490			48,968	2.54			3,831,479			55,420	2.91
Securities sold under reverse repurchase agreements	2.33			73,957			743	2.03			75,718			727	1.93
Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities	4.55			369,849			8,424	4.59			290,431			7,417	5.14
Subordinated debentures issued to capital trust	6.14			25,774			771	6.03			25,774			908	7.08
Subordinated notes	—			68,741			2,015	5.91			74,659			2,211	5.96

Total interest-bearing liabilities	2.66			4,420,811			60,921	2.78			4,298,061			66,683	3.12
Non-interest-bearing liabilities:
Demand deposits				835,888							854,202
Other liabilities				68,961							74,391
Total liabilities				5,325,660							5,226,654
Stockholders’ equity				612,803							568,837
Total liabilities and stockholders’ equity			$	5,938,463						$	5,795,491

Net interest income:						$	100,297						$	91,634
Interest rate spread	3.08	%						3.05	%						2.71	%
Net interest margin*								3.63	%						3.38	%
Average interest-earning assets to average interest-bearing liabilities				126.2	%						127.0	%

*Defined as the Company’s net interest income divided by average total interest-earning assets.

NON-GAAP FINANCIAL MEASURES

This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”), specifically, the ratio of tangible common equity to tangible assets.

In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

		June 30,			December 31,
		2025			2024
		(Dollars in thousands)

Common equity at period end	$	622,368		$	599,568
Less: Intangible assets at period end		9,877			10,094
Tangible common equity at period end (a)	$	612,491		$	589,474

Total assets at period end	$	5,854,672		$	5,981,628
Less: Intangible assets at period end		9,877			10,094
Tangible assets at period end (b)	$	5,844,795		$	5,971,534

Tangible common equity to tangible assets (a) / (b)		10.48	%		9.87	%

CONTACT:

Jeff Tryka, CFA,
Investor Relations,
(616) 233-0500
GSBC@lambert.com

The MIL Network –

July 17, 2025

MIL-OSI New Zealand: Economy – Updates to Deposit Takers Act implementation timeline and standards – Reserve Bank

Source: Reserve Bank of New Zealand

17 July 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua has today published an updated implementation timeline for incoming changes to the prudential regulatory regime for deposit takers.

The Deposit Takers Act 2023 (DTA) modernises the regulatory framework to help ensure the safety and soundness of deposit takers and support a stable financial system that New Zealanders can trust. 

DTA standards will be issued by 31 May 2027 and come into effect on 1 December 2028.

“The standards bring to life the prudential requirements deposit takers will need to meet to be licensed under the DTA,” Director Prudential Policy Jess Rowe says.

Public consultation on the proposed standards took place across 2024 and 2025.

“We’re grateful for the insightful feedback received from submitters, and we’re now hard at work preparing the exposure drafts of the standards,” Ms Rowe says.

Exposure draft consultation will take place in three tranches, starting in October 2025.

Licensing of existing deposit takers will occur over an 18-month window, running from 1 June 2027 to 30 November 2028, ahead of the standards coming into effect on 1 December of that year. The change means all banks and non-bank deposit takers will be licensed under a single, coherent regulatory regime. In late 2025, we hope to communicate information about our approach to licensing existing deposit takers under the DTA.

Changes to the DTA implementation timeline were necessary to allow time for a review of key capital settings, announced on 31 March 2025. DTA standards were previously planned to come into effect in July 2028.

DTA timeline – Reserve Bank of New Zealand – Te Pūtea Matua: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=e1c35a6635&e=f3c68946f8

2025 Review of key capital settings: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f4705877ae&e=f3c68946f8

Response to submissions on the non-core standards

In 2024, we received 25 submissions to public consultation on DTA non-core standards.

In response to feedback, we have made changes to further support a proportionate approach, reduce the impact of compliance on deposit takers, and enhance potential competition in the market. Changes resulting from consultation include removing prescriptive detail and making requirements more flexible in certain areas.

Our overall assessment remains that we are striking a good balance between our primary financial stability mandate and our purposes and principles, including proportionality and competition.

Deposit Takers Non-Core Standards – Reserve Bank of New Zealand – Citizen Space: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=88eeb490a1&e=f3c68946f8

A summary of submissions on the Crisis Management Issues Paper has also been published.

Crisis management under the Deposit Takers Act 2023 – Issues Paper – Reserve Bank of New Zealand – Citizen Space: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=aaa9de9963&e=f3c68946f8

Terminology explained

Core standards

These are the standards that we will use as the criteria to determine the eligibility of existing banks and NBDTs for relicensing under the DTA.

Non-core standards

These are the other standards that all deposit takers will need to comply with when the DTA standards regime starts but will not be used for relicensing existing deposit takers.

Deposit takers will need to comply with all standards when they come into force in 2028.

MIL OSI New Zealand News –

July 17, 2025

MIL-OSI: Pyrophyte Acquisition Corp. II Announces Pricing of $175 Million Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

HOUSTON, TX, July 16, 2025 (GLOBE NEWSWIRE) — Pyrophyte Acquisition Corp. II (the “Company”) today announced the pricing of its initial public offering of 17,500,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and are expected to trade under the ticker symbol “PAII.U” beginning on July 17, 2025. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be listed on the NYSE under the symbols “PAII” and “PAII WS,” respectively. Only whole warrants will trade. The offering is expected to close on July 18, 2025.

Pyrophyte Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it expects to target opportunities and companies in the energy sector.

UBS Investment Bank is acting as the lead book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,625,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 16, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Prospectus Department, or by email at: prospectusrequest@ubs.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, that the net proceeds of the offering will be used as indicated, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the offering, available on the SEC’s website, www.sec.gov, and the Company’s preliminary prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the issuance of this release, except as required by law.

CONTACT

Sten Gustafson
President and Chief Financial Officer
Pyrophyte Acquisition Corp. II
sten.gustafson@pyrophytespac.com

The MIL Network –

July 17, 2025

MIL-OSI: Pyrophyte Acquisition Corp. II Announces Pricing of $175 Million Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

HOUSTON, TX, July 16, 2025 (GLOBE NEWSWIRE) — Pyrophyte Acquisition Corp. II (the “Company”) today announced the pricing of its initial public offering of 17,500,000 units at a price of $10.00 per unit. The units will be listed on the New York Stock Exchange (the “NYSE”) and are expected to trade under the ticker symbol “PAII.U” beginning on July 17, 2025. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants are expected to be listed on the NYSE under the symbols “PAII” and “PAII WS,” respectively. Only whole warrants will trade. The offering is expected to close on July 18, 2025.

Pyrophyte Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any industry, sector or geographic region, it expects to target opportunities and companies in the energy sector.

UBS Investment Bank is acting as the lead book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 2,625,000 units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on July 16, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Prospectus Department, or by email at: prospectusrequest@ubs.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds from the offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, that the net proceeds of the offering will be used as indicated, or that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the offering, available on the SEC’s website, www.sec.gov, and the Company’s preliminary prospectus. The Company undertakes no obligation to update these statements for revisions or changes after the issuance of this release, except as required by law.

CONTACT

Sten Gustafson
President and Chief Financial Officer
Pyrophyte Acquisition Corp. II
sten.gustafson@pyrophytespac.com

The MIL Network –

July 17, 2025

MIL-OSI: Consistency, Strength & Earnings Power Remain the Story at HOMB

Source: GlobeNewswire (MIL-OSI)

CONWAY, Ark., July 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

Quarterly Highlights
Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024
Net income	$118.4 million	$115.2 million	$100.6 million	$100.0 million	$101.5 million
Net income, as adjusted (non-GAAP)⁽¹⁾	$114.6 million	$111.9 million	$99.8 million	$99.0 million	$103.9 million
Total revenue (net)	$271.0 million	$260.1 million	$258.4 million	$258.0 million	$254.6 million
Income before income taxes	$152.0 million	$147.2 million	$129.5 million	$129.1 million	$133.4 million
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾	$155.0 million	$147.2 million	$146.2 million	$148.0 million	$141.4 million
PPNR, as adjusted (non-GAAP)⁽¹⁾	$150.4 million	$142.8 million	$145.2 million	$146.6 million	$141.9 million
Pre-tax net income to total revenue (net)	56.08%	56.58%	50.11%	50.03%	52.40%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾	54.39%	54.91%	49.74%	49.49%	52.59%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾	57.19%	56.58%	56.57%	57.35%	55.54%
P5_NR, as adjusted (non-GAAP)⁽¹⁾	55.49%	54.91%	56.20%	56.81%	55.73%
ROA	2.08%	2.07%	1.77%	1.74%	1.79%
ROA, as adjusted (non-GAAP)⁽¹⁾	2.02%	2.01%	1.76%	1.72%	1.83%
NIM	4.44%	4.44%	4.39%	4.28%	4.27%
Purchase accounting accretion	$1.2 million	$1.4 million	$1.6 million	$1.9 million	$1.9 million
ROE	11.77%	11.75%	10.13%	10.23%	10.73%
ROE, as adjusted (non-GAAP)⁽¹⁾	11.39%	11.41%	10.05%	10.12%	10.98%
ROTCE (non-GAAP)⁽¹⁾	18.26%	18.39%	15.94%	16.26%	17.29%
ROTCE, as adjusted (non-GAAP)⁽¹⁾	17.68%	17.87%	15.82%	16.09%	17.69%
Diluted earnings per share	$0.60	$0.58	$0.51	$0.50	$0.51
Diluted earnings per share, as adjusted (non-GAAP)⁽¹⁾	$0.58	$0.56	$0.50	$0.50	$0.52
Non-performing assets to total assets	0.60%	0.56%	0.63%	0.63%	0.56%
Common equity tier 1 capital	15.6%	15.4%	15.1%	14.7%	14.4%
Leverage	13.4%	13.3%	13.0%	12.5%	12.3%
Tier 1 capital	15.6%	15.4%	15.1%	14.7%	14.4%
Total risk-based capital	19.3%	19.1%	18.7%	18.3%	18.0%
Allowance for credit losses to total loans	1.86%	1.87%	1.87%	2.11%	2.00%
Book value per share	$20.71	$20.40	$19.92	$19.91	$19.30
Tangible book value per share (non-GAAP)⁽¹⁾	$13.44	$13.15	$12.68	$12.67	$12.08
Dividends per share	$0.20	$0.195	$0.195	$0.195	$0.18
Shareholder buyback yield⁽²⁾	0.49%	0.53%	0.05%	0.56%	0.67%

⁽¹⁾ Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
⁽²⁾ Calculation of this metric is included in the schedules accompanying this release.

“I am once again very pleased with our quarterly results. Diluted EPS of $0.60 and net income of $118.4 million are both records for HOMB. The ongoing, consistent performance from our bankers led to numerous other records being set in the second quarter, further highlighting that strength is no accident,” said John Allison, Chairman & CEO of HOMB.

Stock Repurchases and Dividends

During the three-month period ended June 30, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.49%⁽¹⁾. In comparison, during the three-month period ended March 31, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.53%⁽¹⁾. The Company defines shareholder buyback yield as the percentage of the Company’s market capitalization spent on share repurchases. It reflects how much the Company is returning to the shareholders by reducing the number of outstanding shares, and it is calculated by dividing the Company’s total share repurchase cost for the period by the Company’s total market capitalization at the beginning of the period.

In addition, during the quarter ended June 30, 2025, the Company paid a dividend of $0.20 per share. This cash dividend represented a $0.005 per share, or 2.6%, increase over the $0.195 cash dividend paid during the first quarter of 2025.

Operating Highlights

Net income for the three-month period ended June 30, 2025 was $118.4 million, or $0.60 diluted earnings per share, both of which were records for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $114.6 million⁽²⁾ and $0.58 per share⁽²⁾, respectively, for the three months ended June 30, 2025.

Our net interest margin was 4.44% for both of the three-month periods ended June 30, 2025 and March 31, 2025. The yield on loans was 7.36% and 7.38% for the three months ended June 30, 2025 and March 31, 2025, respectively, as average loans increased from $14.89 billion to $15.06 billion. Additionally, the rate on interest bearing deposits decreased to 2.64% as of June 30, 2025, from 2.67% as of March 31, 2025, while average interest-bearing deposits increased from $13.20 billion to $13.43 billion.

During the second quarter of 2025, there was $516,000 of event interest income compared to $1.3 million of event interest income for the first quarter of 2025. Purchase accounting accretion on acquired loans was $1.2 million and $1.4 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively, and average purchase accounting loan discounts were $16.2 million and $17.5 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively.

Net interest income on a fully taxable equivalent basis was $222.5 million for the three-month period ended June 30, 2025, and $217.2 million for the three-month period ended March 31, 2025. This increase in net interest income for the three-month period ended June 30, 2025, was the result of a $6.6 million increase in interest income, partially offset by a $1.3 million increase in interest expense. The $6.6 million increase in interest income was primarily the result of a $5.3 million increase in loan income and a $2.3 million increase in income from deposits with other banks, partially offset by a $1.0 million decrease in investment income. The $1.3 million increase in interest expense was due to a $1.7 million increase in interest expense on deposits, partially offset by a $363,000 decrease in FHLB and other borrowed funds.

The Company reported $51.1 million of non-interest income for the second quarter of 2025. The most important components of non-interest income were $13.5 million from other income, $12.6 million from other service charges and fees, $9.6 million from service charges on deposit accounts, $5.2 million from trust fees, $4.8 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the increase in cash value of life insurance and $972,000 from the gain on sale of branches, equipment and other assets, net. Included within other income was $3.5 million in special income from equity investments and $885,000 in legal fee reimbursements.

Non-interest expense for the second quarter of 2025 was $116.0 million. The most important components of non-interest expense were $64.3 million from salaries and employee benefits, $29.3 million in other operating expense, $14.0 million in occupancy and equipment expenses and $8.4 million in data processing expenses. Included within other expense was $3.3 million in legal claims expense, which was partially offset by a $1.5 million FDIC assessment reduction. For the second quarter of 2025, our efficiency ratio was 41.68%, and our efficiency ratio, as adjusted (non-GAAP), was 42.01%⁽²⁾_.

Financial Condition

Total loans receivable were $15.18 billion at June 30, 2025, compared to $14.95 billion at March 31, 2025. Total loans receivable of $15.18 billion were a record for the Company. Total deposits were $17.49 billion at June 30, 2025, compared to $17.54 billion at March 31, 2025. Total assets were $22.91 billion at June 30, 2025, compared to $22.99 billion at March 31, 2025.

During the second quarter of 2025, the Company had a $228.5 million increase in loans. Our community banking footprint experienced $106.8 million in organic loan growth during the quarter ended June 30, 2025, and Centennial CFG experienced $121.7 million of organic loan growth and had loans of $1.83 billion at June 30, 2025.

Non-performing loans to total loans were 0.63% and 0.60% at June 30, 2025 and March 31, 2025, respectively. Non-performing assets to total assets were 0.60% and 0.56% at June 30, 2025 and March 31, 2025, respectively. Net loans charged-off were $1.1 million for the three months ended June 30, 2025, and net loans recovered were $4.1 million for the three months ended March 31, 2025. The charge-off detail by region for the quarters ended June 30, 2025 and March 31, 2025 can be seen below.

For the Three Months Ended June 30, 2025
(in thousands)	Texas			Arkansas			Centennial CFG		Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	2,588		$	462		$	181	$	582		$	245		$	13		$	4,071
Recoveries		(2,172	)		(223	)		—		(22	)		(577	)		(2	)		(2,996	)
Net charge-offs (recoveries)	$	416		$	239		$	181	$	560		$	(332	)	$	11		$	1,075

For the Three Months Ended March 31, 2025
(in thousands)	Texas			Arkansas			Centennial CFG			Shore Premier Finance			Florida			Alabama			Total
Charge-offs	$	444		$	474		$	—		$	53		$	2,479		$	8		$	3,458
Recoveries		(6,514	)		(228	)		(658	)		(3	)		(117	)		(2	)		(7,522	)
Net (recoveries) charge-offs	$	(6,070	)	$	246		$	(658	)	$	50		$	2,362		$	6		$	(4,064	)

At June 30, 2025, non-performing loans were $96.3 million, and non-performing assets were $137.8 million. At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million.

The table below shows the non-performing loans and non-performing assets by region as June 30, 2025:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	22,487	16,276	787	11,716	37,833	162	89,261
Loans 90+ days past due	3,557	2,341	—	—	1,133	—	7,031
Total non-performing loans	26,044	18,617	787	11,716	38,966	162	96,292

Foreclosed assets held for sale	17,259	863	22,842	—	565	—	41,529
Other non-performing assets	—	—	—	—	—	—	—
Total other non-performing assets	17,259	863	22,842	—	565	—	41,529
Total non-performing assets	43,303	19,480	23,629	11,716	39,531	162	137,821

The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

(in thousands)	Texas	Arkansas	Centennial CFG	Shore Premier Finance	Florida	Alabama	Total
Non-accrual loans	23,694	15,214	2,766	5,444	39,108	157	86,383
Loans 90+ days past due	3,264	—	—	—	—	—	3,264
Total non-performing loans	26,958	15,214	2,766	5,444	39,108	157	89,647

Foreclosed assets held for sale	15,357	1,052	22,820	—	451	—	39,680
Other non-performing assets	63	—	—	—	—	—	63
Total other non-performing assets	15,420	1,052	22,820	—	451	—	39,743
Total non-performing assets	42,378	16,266	25,586	5,444	39,559	157	129,390

The Company’s allowance for credit losses on loans was $281.9 million at June 30, 2025, or 1.86% of total loans, compared to the allowance for credit losses on loans of $279.9 million, or 1.87% of total loans, at March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company’s allowance for credit losses on loans was 292.72% and 312.27% of its total non-performing loans, respectively.

Stockholders’ equity was $4.09 billion at June 30, 2025, which increased approximately $42.8 million from March 31, 2025. The net increase in stockholders’ equity is primarily associated with the $78.9 million increase in retained earnings, which was partially offset by the $11.4 million increase in accumulated other comprehensive loss and the $27.5 million in stock repurchases for the quarter. Book value per common share was $20.71 at June 30, 2025, compared to $20.40 at March 31, 2025. Tangible book value per common share (non-GAAP) was $13.44⁽²⁾ at June 30, 2025, compared to $13.15⁽²⁾ at March 31, 2025. Book value per common share and tangible book value per common share, as of June 30, 2025, were both records for the Company.

Branches

The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

Conference Call

Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/133918928. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=862a0326&confId=84106. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com.

About Home BancShares

Home BancShares, Inc. is a bank holding company headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. 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 of this release.

(1) Calculation of this metric is included in the schedules accompanying this release.
(2) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

General

This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

FOR MORE INFORMATION CONTACT:
Donna Townsell
Director of Investor Relations
Home BancShares, Inc.
(501) 328-4625

Home BancShares, Inc.
Consolidated End of Period Balance Sheets
(Unaudited)

(In thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
ASSETS

Cash and due from banks	$	291,344		$	319,747		$	281,063		$	265,408		$	229,209
Interest-bearing deposits with other banks		809,729			975,983			629,284			752,269			829,507
Cash and cash equivalents		1,101,073			1,295,730			910,347			1,017,677			1,058,716
Federal funds sold		2,600			6,275			3,725			6,425			—
Investment securities – available-for-sale, net of allowance for credit losses		2,899,968			3,003,320			3,072,639			3,270,620			3,344,539
Investment securities – held-to-maturity, net of allowance for credit losses		1,265,292			1,269,896			1,275,204			1,277,090			1,278,853
Total investment securities		4,165,260			4,273,216			4,347,843			4,547,710			4,623,392
Loans receivable		15,180,624			14,952,116			14,764,500			14,823,979			14,781,457
Allowance for credit losses		(281,869	)		(279,944	)		(275,880	)		(312,574	)		(295,856	)
Loans receivable, net		14,898,755			14,672,172			14,488,620			14,511,405			14,485,601
Bank premises and equipment, net		379,729			384,843			386,322			388,776			383,691
Foreclosed assets held for sale		41,529			39,680			43,407			43,040			41,347
Cash value of life insurance		218,113			221,621			219,786			219,353			218,198
Accrued interest receivable		107,732			115,983			120,129			118,871			120,984
Deferred tax asset, net		174,323			170,120			186,697			176,629			195,041
Goodwill		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit intangible		36,255			38,280			40,327			42,395			44,490
Other assets		383,400			376,030			345,292			352,583			350,192
Total assets	$	22,907,022		$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Deposits:
Demand and non-interest-bearing	$	4,024,574		$	4,079,289		$	4,006,115		$	3,937,168		$	4,068,302
Savings and interest-bearing transaction accounts		11,571,949			11,586,106			11,347,850			10,966,426			11,150,516
Time deposits		1,891,909			1,876,096			1,792,332			1,802,116			1,736,985
Total deposits		17,488,432			17,541,491			17,146,297			16,705,710			16,955,803
Securities sold under agreements to repurchase		140,813			161,401			162,350			179,416			137,996
FHLB and other borrowed funds		550,500			600,500			600,750			1,300,750			1,301,050
Accrued interest payable and other liabilities		203,004			207,154			181,080			238,058			230,011
Subordinated debentures		438,957			439,102			439,246			439,394			439,542
Total liabilities		18,821,706			18,949,648			18,529,723			18,863,328			19,064,402

Stockholders’ equity
Common stock		1,972			1,982			1,989			1,989			1,997
Capital surplus		2,221,576			2,246,312			2,272,794			2,272,100			2,295,893
Retained earnings		2,097,712			2,018,801			1,942,350			1,880,562			1,819,412
Accumulated other comprehensive loss		(235,944	)		(224,540	)		(256,108	)		(194,862	)		(261,799	)
Total stockholders’ equity		4,085,316			4,042,555			3,961,025			3,959,789			3,855,503
Total liabilities and stockholders’ equity	$	22,907,022		$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905

Home BancShares, Inc.
Consolidated Statements of Income
(Unaudited)

	Quarter Ended															Six Months Ended
(In thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Interest income:
Loans	$	276,041		$	270,784		$	278,409		$	281,977		$	274,324		$	546,825		$	539,618
Investment securities
Taxable		26,444			27,433			28,943			31,006			32,587			53,877			65,816
Tax-exempt		7,626			7,650			7,704			7,704			7,769			15,276			15,572
Deposits – other banks		8,951			6,620			7,585			12,096			12,564			15,571			23,092
Federal funds sold		53			55			73			62			59			108			120
Total interest income		319,115			312,542			322,714			332,845			327,303			631,657			644,218
Interest expense:
Interest on deposits		88,489			86,786			90,564			97,785			95,741			175,275			188,289
Federal funds purchased		—			—			—			1			—			—			—
FHLB and other borrowed funds		5,539			5,902			9,541			14,383			14,255			11,441			28,531
Securities sold under agreements to repurchase		1,012			1,074			1,346			1,335			1,363			2,086			2,767
Subordinated debentures		4,123			4,124			4,121			4,121			4,122			8,247			8,219
Total interest expense		99,163			97,886			105,572			117,625			115,481			197,049			227,806
Net interest income		219,952			214,656			217,142			215,220			211,822			434,608			416,412
Provision for credit losses on loans		3,000			—			16,700			18,200			8,000			3,000			13,500
Provision for (recovery of) credit losses on unfunded commitments		—			—			—			1,000			—			—			(1,000	)
Recovery of credit losses on investment securities		—			—			—			(330	)		—			—			—
Total credit loss expense		3,000			—			16,700			18,870			8,000			3,000			12,500
Net interest income after credit loss expense		216,952			214,656			200,442			196,350			203,822			431,608			403,912
Non-interest income:
Service charges on deposit accounts		9,552			9,650			9,935			9,888			9,714			19,202			19,400
Other service charges and fees		12,643			10,689			11,651			10,490			10,679			23,332			20,868
Trust fees		5,234			4,760			4,526			4,403			4,722			9,994			9,788
Mortgage lending income		4,780			3,599			3,518			4,437			4,276			8,379			7,834
Insurance commissions		589			535			483			595			565			1,124			1,073
Increase in cash value of life insurance		1,415			1,842			1,215			1,161			1,279			3,257			2,474
Dividends from FHLB, FRB, FNBB & other		2,657			2,718			2,820			2,637			2,998			5,375			6,005
Gain on SBA loans		—			288			218			145			56			288			254
Gain (loss) on branches, equipment and other assets, net		972			(163	)		26			32			2,052			809			2,044
Gain (loss) on OREO, net		13			(376	)		(2,423	)		85			49			(363	)		66
Fair value adjustment for marketable securities		(238	)		442			850			1,392			(274	)		204			729
Other income		13,462			11,442			8,403			7,514			6,658			24,904			14,038
Total non-interest income		51,079			45,426			41,222			42,779			42,774			96,505			84,573
Non-interest expense:
Salaries and employee benefits		64,318			61,855			60,824			58,861			60,427			126,173			121,337
Occupancy and equipment		14,023			14,425			14,526			14,546			14,408			28,448			28,959
Data processing expense		8,364			8,558			9,324			9,088			8,935			16,922			18,082
Other operating expenses		29,335			28,090			27,536			27,550			29,415			57,425			56,303
Total non-interest expense		116,040			112,928			112,210			110,045			113,185			228,968			224,681
Income before income taxes		151,991			147,154			129,454			129,084			133,411			299,145			263,804
Income tax expense		33,588			31,945			28,890			29,046			31,881			65,533			62,165
Net income	$	118,403		$	115,209		$	100,564		$	100,038		$	101,530		$	233,612		$	201,639

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Six Months Ended
(Dollars and shares in thousands, except per share data)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
PER SHARE DATA
Diluted earnings per common share	$	0.60		$	0.58		$	0.51		$	0.50		$	0.51		$	1.18		$	1.00
Diluted earnings per common share, as adjusted (non-GAAP)⁽¹⁾		0.58			0.56			0.50			0.50			0.52			1.14			1.01
Basic earnings per common share		0.60			0.58			0.51			0.50			0.51			1.18			1.00
Dividends per share – common		0.20			0.195			0.195			0.195			0.18			0.395			0.36
Shareholder buyback yield⁽²⁾		0.49	%		0.53	%		0.05	%		0.56	%		0.67	%		1.02	%		1.12	%
Book value per common share	$	20.71		$	20.40		$	19.92		$	19.91		$	19.30		$	20.71		$	19.30
Tangible book value per common share (non-GAAP)⁽¹⁾		13.44			13.15			12.68			12.67			12.08			13.44			12.08

STOCK INFORMATION
Average common shares outstanding		197,532			198,657			198,863			199,380			200,319			198,091			200,765
Average diluted shares outstanding		197,765			198,852			198,973			199,461			200,465			198,289			200,909
End of period common shares outstanding		197,239			198,206			198,882			198,879			199,746			197,239			199,746

ANNUALIZED PERFORMANCE METRICS

Return on average assets (ROA)		2.08	%		2.07	%		1.77	%		1.74	%		1.79	%		2.08	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)⁽¹⁾		2.02	%		2.01	%		1.76	%		1.72	%		1.83	%		2.02	%		1.79	%
Return on average assets excluding intangible amortization (non-GAAP)⁽¹⁾		2.25	%		2.24	%		1.92	%		1.88	%		1.94	%		2.25	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		2.18	%		2.18	%		1.91	%		1.86	%		1.98	%		2.18	%		1.94	%
Return on average common equity (ROE)		11.77	%		11.75	%		10.13	%		10.23	%		10.73	%		11.76	%		10.69	%
Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)⁽¹⁾		11.39	%		11.41	%		10.05	%		10.12	%		10.98	%		11.40	%		10.76	%
Return on average tangible common equity (ROTCE) (non-GAAP)⁽¹⁾		18.26	%		18.39	%		15.94	%		16.26	%		17.29	%		18.33	%		17.26	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)⁽¹⁾		17.68	%		17.87	%		15.82	%		16.09	%		17.69	%		17.77	%		17.38	%
Return on average tangible common equity excluding intangible amortization (non-GAAP)⁽¹⁾		18.50	%		18.64	%		16.18	%		16.51	%		17.56	%		18.57	%		17.53	%
Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)⁽¹⁾		17.92	%		18.12	%		16.07	%		16.34	%		17.97	%		18.02	%		17.66	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
(2) Calculation of this metric is included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

	Quarter Ended															Six Months Ended
(Dollars in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Efficiency ratio		41.68	%		42.22	%		42.24	%		41.42	%		43.17	%		41.94	%		43.69	%
Efficiency ratio, as adjusted (non-GAAP)⁽¹⁾		42.01	%		42.84	%		42.00	%		41.66	%		42.59	%		42.42	%		43.50	%
Net interest margin – FTE (NIM)		4.44	%		4.44	%		4.39	%		4.28	%		4.27	%		4.44	%		4.20	%
Fully taxable equivalent adjustment	$	2,526		$	2,534		$	2,398		$	2,616		$	2,628		$	5,060		$	3,520
Total revenue (net)		271,031			260,082			258,364			257,999			254,596			531,113			500,985
Pre-tax, pre-provision, net income (PPNR) (non-GAAP)⁽¹⁾		154,991			147,154			146,154			147,954			141,411			302,145			276,304
PPNR, as adjusted (non-GAAP)⁽¹⁾		150,404			142,821			145,209			146,562			141,886			293,225			275,614
Pre-tax net income to total revenue (net)		56.08	%		56.58	%		50.11	%		50.03	%		52.40	%		56.32	%		52.66	%
Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)⁽¹⁾		54.39	%		54.91	%		49.74	%		49.49	%		52.59	%		54.64	%		52.52	%
P5_NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)⁽¹⁾		57.19	%		56.58	%		56.57	%		57.35	%		55.54	%		56.89	%		55.15	%
P5_NR, as adjusted (non-GAAP)⁽¹⁾		55.49	%		54.91	%		56.20	%		56.81	%		55.73	%		55.21	%		55.01	%
Total purchase accounting accretion	$	1,233		$	1,378		$	1,610		$	1,878		$	1,873		$	2,611		$	4,645
Average purchase accounting loan discounts		16,219			17,493			19,090			20,832			22,788			16,873			23,813

OTHER OPERATING EXPENSES
Advertising	$	2,054		$	1,928		$	1,941		$	1,810		$	1,692		$	3,982		$	3,346
Amortization of intangibles		2,025			2,047			2,068			2,095			2,140			4,072			4,280
Electronic banking expense		3,172			3,055			3,307			3,569			3,412			6,227			6,568
Directors’ fees		431			452			356			362			423			883			921
Due from bank service charges		283			281			271			302			282			564			558
FDIC and state assessment		1,636			3,387			3,216			3,360			5,494			5,023			8,812
Insurance		1,049			999			900			926			905			2,048			1,808
Legal and accounting		2,360			3,641			2,361			1,902			2,617			6,001			4,698
Other professional fees		2,211			1,947			1,736			2,062			2,108			4,158			4,344
Operating supplies		711			711			711			673			613			1,422			1,296
Postage		488			503			518			522			497			991			1,020
Telephone		419			436			438			455			444			855			914
Other expense		12,496			8,703			9,713			9,512			8,788			21,199			17,738
Total other operating expenses	$	29,335		$	28,090		$	27,536		$	27,550		$	29,415		$	57,425		$	56,303

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Selected Financial Information
(Unaudited)

(Dollars in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
BALANCE SHEET RATIOS
Total loans to total deposits		86.80	%		85.24	%		86.11	%		88.74	%		87.18	%
Common equity to assets		17.83	%		17.58	%		17.61	%		17.35	%		16.82	%
Tangible common equity to tangible assets (non-GAAP)⁽¹⁾		12.35	%		12.09	%		11.98	%		11.78	%		11.23	%
										.
LOANS RECEIVABLE
Real estate
Commercial real estate loans
Non-farm/non-residential	$	5,553,182		$	5,588,681		$	5,426,780		$	5,496,536		$	5,599,925
Construction/land development		2,695,561			2,735,760			2,736,214			2,741,419			2,511,817
Agricultural		315,926			335,437			336,993			335,965			345,461
Residential real estate loans
Residential 1-4 family		2,138,990			1,947,872			1,956,489			1,932,352			1,910,143
Multifamily residential		620,439			576,089			496,484			482,648			509,091
Total real estate		11,324,098			11,183,839			10,952,960			10,988,920			10,876,437
Consumer		1,218,834			1,227,745			1,234,361			1,219,197			1,189,386
Commercial and industrial		2,107,326			2,045,036			2,022,775			2,084,667			2,242,072
Agricultural		323,457			314,323			367,251			352,963			314,600
Other		206,909			181,173			187,153			178,232			158,962
Loans receivable	$	15,180,624		$	14,952,116		$	14,764,500		$	14,823,979		$	14,781,457

ALLOWANCE FOR CREDIT LOSSES
Balance, beginning of period	$	279,944		$	275,880		$	312,574		$	295,856		$	290,294
Loans charged off		4,071			3,458			53,959			2,001			3,098
Recoveries of loans previously charged off		2,996			7,522			565			519			660
Net loans charged off (recovered)		1,075			(4,064	)		53,394			1,482			2,438
Provision for credit losses – loans		3,000			—			16,700			18,200			8,000
Balance, end of period	$	281,869		$	279,944		$	275,880		$	312,574		$	295,856

Net charge-offs (recoveries) to average total loans		0.03	%		(0.11	)%		1.44	%		0.04	%		0.07	%
Allowance for credit losses to total loans		1.86	%		1.87	%		1.87	%		2.11	%		2.00	%

NON-PERFORMING ASSETS
Non-performing loans
Non-accrual loans	$	89,261		$	86,383		$	93,853		$	95,747		$	78,090
Loans past due 90 days or more		7,031			3,264			5,034			5,356			8,251
Total non-performing loans		96,292			89,647			98,887			101,103			86,341
Other non-performing assets
Foreclosed assets held for sale, net		41,529			39,680			43,407			43,040			41,347
Other non-performing assets		—			63			63			63			63
Total other non-performing assets		41,529			39,743			43,470			43,103			41,410
Total non-performing assets	$	137,821		$	129,390		$	142,357		$	144,206		$	127,751

Allowance for credit losses for loans to non-performing loans		292.72	%		312.27	%		278.99	%		309.16	%		342.66	%
Non-performing loans to total loans		0.63	%		0.60	%		0.67	%		0.68	%		0.58	%
Non-performing assets to total assets		0.60	%		0.56	%		0.63	%		0.63	%		0.56	%

(1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Three Months Ended
	June 30, 2025						March 31, 2025
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	813,833	$	8,951	4.41	%	$	611,962	$	6,620	4.39	%
Federal funds sold		4,878		53	4.36	%		5,091		55	4.38	%
Investment securities – taxable		3,095,764		26,444	3.43	%		3,179,290		27,433	3.50	%
Investment securities – non-taxable – FTE		1,113,044		10,033	3.62	%		1,135,783		10,061	3.59	%
Loans receivable – FTE		15,055,414		276,160	7.36	%		14,893,912		270,907	7.38	%
Total interest-earning assets		20,082,933		321,641	6.42	%		19,826,038		315,076	6.45	%
Non-earning assets		2,714,805						2,722,797
Total assets	$	22,797,738					$	22,548,835

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,541,641	$	71,042	2.47	%	$	11,402,688	$	69,672	2.48	%
Time deposits		1,886,147		17,447	3.71	%		1,801,503		17,114	3.85	%
Total interest-bearing deposits		13,427,788		88,489	2.64	%		13,204,191		86,786	2.67	%
Federal funds purchased		46		—	—	%		—		—	—	%
Securities sold under agreement to repurchase		143,752		1,012	2.82	%		155,861		1,074	2.79	%
FHLB and other borrowed funds		566,984		5,539	3.92	%		600,681		5,902	3.98	%
Subordinated debentures		439,027		4,123	3.77	%		439,173		4,124	3.81	%
Total interest-bearing liabilities		14,577,597		99,163	2.73	%		14,399,906		97,886	2.76	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,981,901						3,980,944
Other liabilities		202,085						190,314
Total liabilities		18,761,583						18,571,164
Shareholders’ equity		4,036,155						3,977,671
Total liabilities and shareholders’ equity	$	22,797,738					$	22,548,835
Net interest spread					3.69	%					3.69	%
Net interest income and margin – FTE			$	222,478	4.44	%			$	217,190	4.44	%

Home BancShares, Inc.
Consolidated Net Interest Margin
(Unaudited)

	Six Months Ended
	June 30, 2025						June 30, 2024
(Dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
ASSETS
Earning assets
Interest-bearing balances due from banks	$	713,455	$	15,571	4.40	%	$	865,686	$	23,092	5.36	%
Federal funds sold		4,984		108	4.37	%		4,718		120	5.11	%
Investment securities – taxable		3,137,296		53,877	3.46	%		3,459,639		65,816	3.83	%
Investment securities – non-taxable – FTE		1,124,351		20,094	3.60	%		1,221,431		18,896	3.11	%
Loans receivable – FTE		14,975,109		547,067	7.37	%		14,568,029		539,814	7.45	%
Total interest-earning assets		19,955,195		636,717	6.43	%		20,119,503		647,738	6.47	%
Non-earning assets		2,718,779						2,660,101
Total assets	$	22,673,974					$	22,779,604

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	11,472,548	$	140,713	2.47	%	$	11,078,749	$	153,525	2.79	%
Time deposits		1,844,059		34,562	3.78	%		1,708,902		34,764	4.09	%
Total interest-bearing deposits		13,316,607		175,275	2.65	%		12,787,651		188,289	2.96	%
Federal funds purchased		23		—	—	%		17		—	—	%
Securities sold under agreement to repurchase		149,773		2,086	2.81	%		165,962		2,767	3.35	%
FHLB and other borrowed funds		583,739		11,441	3.95	%		1,301,071		28,531	4.41	%
Subordinated debentures		439,100		8,247	3.79	%		439,686		8,219	3.76	%
Total interest-bearing liabilities		14,489,242		197,049	2.74	%		14,694,387		227,806	3.12	%
Non-interest bearing liabilities
Non-interest bearing deposits		3,981,425						4,050,787
Other liabilities		196,232						239,704
Total liabilities		18,666,899						18,984,878
Shareholders’ equity		4,007,075						3,794,726
Total liabilities and shareholders’ equity	$	22,673,974					$	22,779,604
Net interest spread					3.69	%					3.35	%
Net interest income and margin – FTE			$	439,668	4.44	%			$	419,932	4.20	%

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Six Months Ended
(Dollars and shares in thousands, except per share data)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
EARNINGS, AS ADJUSTED
GAAP net income available to common shareholders (A)	$	118,403		$	115,209		$	100,564		$	100,038		$	101,530		$	233,612		$	201,639
Pre-tax adjustments
FDIC special assessment		(1,516	)		—			—			—			2,260			(1,516	)		2,260
BOLI death benefits		(1,243	)		—			(95	)		—			—			(1,243	)		(162	)
Gain on sale of premises and equipment		(983	)		—			—			—			(2,059	)		(983	)		(2,059	)
Fair value adjustment for marketable securities		238			(442	)		(850	)		(1,392	)		274			(204	)		(729	)
Special income from equity investment		(3,498	)		(3,891	)		—			—			—			(7,389	)		—
Legal fee reimbursement		(885	)		—			—			—			—			(885	)		—
Legal claims expense		3,300			—			—			—			—			3,300			—
Total pre-tax adjustments		(4,587	)		(4,333	)		(945	)		(1,392	)		475			(8,920	)		(690	)
Tax-effect of adjustments		(817	)		(1,059	)		(208	)		(348	)		119			(1,876	)		(132	)
Deferred tax asset write-down		—			—			—			—			2,030			—			2,030
Total adjustments after-tax (B)		(3,770	)		(3,274	)		(737	)		(1,044	)		2,386			(7,044	)		1,472
Earnings, as adjusted (C)	$	114,633		$	111,935		$	99,827		$	98,994		$	103,916		$	226,568		$	203,111

Average diluted shares outstanding (D)		197,765			198,852			198,973			199,461			200,465			198,289			200,909

GAAP diluted earnings per share: (A/D)	$	0.60		$	0.58		$	0.51		$	0.50		$	0.51		$	1.18		$	1.00
Adjustments after-tax: (B/D)		(0.02	)		(0.02	)		(0.01	)		0.00			0.01			(0.04	)		0.01
Diluted earnings per common share, as adjusted: (C/D)	$	0.58		$	0.56		$	0.50		$	0.50		$	0.52		$	1.14		$	1.01

ANNUALIZED RETURN ON AVERAGE ASSETS
Return on average assets: (A/E)		2.08	%		2.07	%		1.77	%		1.74	%		1.79	%		2.08	%		1.78	%
Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)		2.02	%		2.01	%		1.76	%		1.72	%		1.83	%		2.02	%		1.79	%
Return on average assets excluding intangible amortization: ((A+C)/(E-F))		2.25	%		2.24	%		1.92	%		1.88	%		1.94	%		2.25	%		1.93	%
Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))		2.18	%		2.18	%		1.91	%		1.86	%		1.98	%		2.18	%		1.94	%

GAAP net income available to common shareholders (A)	$	118,403		$	115,209		$	100,564		$	100,038		$	101,530		$	233,612		$	201,639
Amortization of intangibles (B)		2,025			2,047			2,068			2,095			2,140			4,072			4,280
Amortization of intangibles after-tax (C)		1,530			1,547			1,563			1,572			1,605			3,077			3,210
Adjustments after-tax (D)		(3,770	)		(3,274	)		(737	)		(1,044	)		2,386			(7,044	)		1,472
Average assets (E)		22,797,738			22,548,835			22,565,077			22,893,784			22,875,949			22,673,974			22,779,604
Average goodwill & core deposit intangible (F)		1,435,480			1,437,515			1,439,566			1,441,654			1,443,778			1,436,492			1,444,840

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended															Six Months Ended
(Dollars in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
ANNUALIZED RETURN ON AVERAGE COMMON EQUITY
Return on average common equity: (A/D)		11.77	%		11.75	%		10.13	%		10.23	%		10.73	%		11.76	%		10.69	%
Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)		11.39	%		11.41	%		10.05	%		10.12	%		10.98	%		11.40	%		10.76	%
Return on average tangible common equity: (ROTCE) (A/(D-E))		18.26	%		18.39	%		15.94	%		16.26	%		17.29	%		18.33	%		17.26	%
Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))		17.68	%		17.87	%		15.82	%		16.09	%		17.69	%		17.77	%		17.38	%
Return on average tangible common equity excluding intangible amortization: (B/(D-E))		18.50	%		18.64	%		16.18	%		16.51	%		17.56	%		18.57	%		17.53	%
Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))		17.92	%		18.12	%		16.07	%		16.34	%		17.97	%		18.02	%		17.66	%

GAAP net income available to common shareholders (A)	$	118,403		$	115,209		$	100,564		$	100,038		$	101,530		$	233,612		$	201,639
Earnings excluding intangible amortization (B)		119,933			116,756			102,127			101,610			103,135			236,689			204,849
Adjustments after-tax (C)		(3,770	)		(3,274	)		(737	)		(1,044	)		2,386			(7,044	)		1,472
Average common equity (D)		4,036,155			3,977,671			3,950,176			3,889,712			3,805,800			4,007,075			3,794,726
Average goodwill & core deposits intangible (E)		1,435,480			1,437,515			1,439,566			1,441,654			1,443,778			1,436,492			1,444,840

EFFICIENCY RATIO & P5_NR
Efficiency ratio: ((D-G)/(B+C+E))		41.68	%		42.22	%		42.24	%		41.42	%		43.17	%		41.94	%		43.69	%
Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))		42.01	%		42.84	%		42.00	%		41.66	%		42.59	%		42.42	%		43.50	%
Pre-tax net income to total revenue (net) (A/(B+C))		56.08	%		56.58	%		50.11	%		50.03	%		52.40	%		56.32	%		52.66	%
Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))		54.39	%		54.91	%		49.74	%		49.49	%		52.59	%		54.64	%		52.52	%
Pre-tax, pre-provision, net income (PPNR) (B+C-D)	$	154,991		$	147,154		$	146,154		$	147,954		$	141,411		$	302,145		$	276,304
Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)	$	150,404		$	142,821		$	145,209		$	146,562		$	141,886		$	293,225		$	275,614
P5_NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)		57.19	%		56.58	%		56.57	%		57.35	%		55.54	%		56.89	%		55.15	%
P5_NR, as adjusted (B+C-D+F)/(B+C)		55.49	%		54.91	%		56.20	%		56.81	%		55.73	%		55.21	%		55.01	%

Pre-tax net income (A)	$	151,991		$	147,154		$	129,454		$	129,084		$	133,411		$	299,145		$	263,804
Net interest income (B)		219,952			214,656			217,142			215,220			211,822			434,608			416,412
Non-interest income (C)		51,079			45,426			41,222			42,779			42,774			96,505			84,573
Non-interest expense (D)		116,040			112,928			112,210			110,045			113,185			228,968			224,681
Fully taxable equivalent adjustment (E)		2,526			2,534			2,398			2,616			2,628			5,060			3,520
Total pre-tax adjustments (F)		(4,587	)		(4,333	)		(945	)		(1,392	)		475			(8,920	)		(690	)
Amortization of intangibles (G)		2,025			2,047			2,068			2,095			2,140			4,072			4,280

Adjustments:
Non-interest income:
Fair value adjustment for marketable securities	$	(238	)	$	442		$	850		$	1,392		$	(274	)	$	204		$	729
Gain (loss) on OREO		13			(376	)		(2,423	)		85			49			(363	)		66
Gain (loss) on branches, equipment and other assets, net		972			(163	)		26			32			2,052			809			2,044
Special income from equity investment		3,498			3,891			—			—			—			7,389			—
BOLI death benefits		1,243			—			95			—			—			1,243			162
Legal expense reimbursement		885			—			—			—			—			885			—
Total non-interest income adjustments (H)	$	6,373		$	3,794		$	(1,452	)	$	1,509		$	1,827		$	10,167		$	3,001

Non-interest expense:
FDIC special assessment		(1,516	)		—			—			—			2,260			(1,516	)		2,260
Legal claims expense		3,300			—			—			—			—			3,300			—
Total non-interest expense adjustments (I)	$	1,784		$	—		$	—		$	—		$	2,260		$	1,784		$	2,260

Home BancShares, Inc.
Non-GAAP Reconciliations
(Unaudited)

	Quarter Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
TANGIBLE BOOK VALUE PER COMMON SHARE
Book value per common share: (A/B)	$	20.71		$	20.40		$	19.92		$	19.91		$	19.30
Tangible book value per common share: ((A-C-D)/B)		13.44			13.15			12.68			12.67			12.08

Total stockholders’ equity (A)	$	4,085,316		$	4,042,555		$	3,961,025		$	3,959,789		$	3,855,503
End of period common shares outstanding (B)		197,239			198,206			198,882			198,879			199,746
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		36,255			38,280			40,327			42,395			44,490

TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS
Equity to assets: (B/A)		17.83	%		17.58	%		17.61	%		17.35	%		16.82	%
Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))		12.35	%		12.09	%		11.98	%		11.78	%		11.23	%

Total assets (A)	$	22,907,022		$	22,992,203		$	22,490,748		$	22,823,117		$	22,919,905
Total stockholders’ equity (B)		4,085,316			4,042,555			3,961,025			3,959,789			3,855,503
Goodwill (C)		1,398,253			1,398,253			1,398,253			1,398,253			1,398,253
Core deposit and other intangibles (D)		36,255			38,280			40,327			42,395			44,490

Home BancShares, Inc.
Shareholder Buyback Yield
(Unaudited)

	Quarter Ended															Six Months Ended
(Dollars and shares in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
SHAREHOLDER BUYBACK YIELD
Shareholder buyback yield: (A/B)		0.49	%		0.53	%		0.05	%		0.56	%		0.67	%		1.02	%		1.12	%

Shares repurchased		1,000			1,000			96			1,000			1,400			2,000			2,426
Average price per share	$	26.99		$	29.67		$	26.38		$	26.90		$	23.26		$	28.33		$	23.31
Principal cost		26,989			29,668			2,526			26,902			32,562			56,657			56,549
Excise tax		459			117			(72	)		63			285			576			421
Total share repurchase cost (A)	$	27,448		$	29,785		$	2,454		$	26,965		$	32,847		$	57,233		$	56,970

Shares outstanding beginning of period		198,206			198,882			198,879			199,746			200,797			198,882			201,526
Price per share beginning of period	$	28.27		$	28.30		$	27.09		$	23.96		$	24.57		$	28.30		$	25.33
Market capitalization beginning of period (B)	$	5,603,284		$	5,628,361		$	5,387,632		$	4,785,914		$	4,933,582		$	5,628,361		$	5,104,654

The MIL Network –

July 17, 2025

MIL-OSI United Kingdom: PM set to reshape how Government works with communities to tackle Britain’s biggest challenges

Source: United Kingdom – Executive Government & Departments

Press release

PM set to reshape how Government works with communities to tackle Britain’s biggest challenges

The Prime Minister will launch the Civil Society Covenant – a new way of working that puts people at the heart of government.

Charities, faith groups, social enterprises and impact investors recognised as essential partners in tackling the country’s biggest challenges and deliver on the Plan for Change
Ministers and community leaders gather at a national summit to show how collaboration is already delivering – and will go further.

The Prime Minister will join community leaders, campaigners, and charities from across the UK to launch the Civil Society Covenant – a new approach that listens, learns and delivers alongside those on the frontline.

In his keynote speech, the Prime Minister will reflect on a promise made 18 months ago in opposition: to work in genuine partnership with civil society in the national interest. Since taking office, that promise has become reality – resetting the relationship between government and the people working every day to make their communities stronger.

At its core, the Covenant is about delivering real change for working people – strengthening public services, creating safe communities, and providing new opportunities for communities to thrive. It gives civil society a home at the heart of government and recognises that national renewal can’t be delivered from Westminster alone.

The summit brings together leaders from charities, faith organisations, philanthropists, social investors and grassroots groups to focus on the UK’s most urgent issues – from healthcare access to tackling violence against women and girls. These are challenges that disproportionately affect working families, and the Covenant ensures their voices are heard and their needs are met.

It will show how civil society leadership, backed by government support, is already delivering results. As seen by:

Tackling domestic abuse: The Drive Project, a third-sector initiative, has seen percentages of perpetrators using physical abuse cut by 82%. The government is investing £53 million to expand the programme across England and Wales, working to tackle the behaviour of perpetrators and protect victims.
Supporting vulnerable children and families: Newly launched £500 million Better Futures Fund will support up to 200,000 children and families through early intervention. This is being matched by local and philanthropic investment.
Transparent immigration: Over 10 million people have transitioned to a digital immigration status, supported by 72 local organisations helping vulnerable communities. This system strengthens border security, reduces fraud, and ensures only those with the right to be here can access services.
Building the workforce we need: A new Labour Market Evidence Group is helping reduce reliance on overseas recruitment by boosting domestic skills and training.

This is about rebalancing power and responsibility,” the Prime Minister will say.

Not the top-down approach of the state working alone. Not the transactional approach of markets left to their own devices. But a new way forward – where government and civil society work side by side to deliver real change.

The Civil Society Covenant has been shaped by over 1,200 organisations since it was first announced in October 2024. From national charities, trade unions and local campaigners, it sets out how government and communities will work together to deliver lasting change.

Ahead of speaking at the Summit later today, Culture Secretary Lisa Nandy said:

The Civil Society Covenant is about delivering real results for working people. It marks a shift from a government that kept civil society at arm’s length to one that actively partners with it, on equal footing.

Our charities, volunteers, and social enterprises are embedded in the communities they serve and trusted by the people they support. That makes them the perfect partners for shaping the change we need.

By working together, we’ll improve public services, make them more responsive and rooted in local needs, and ensure that every community benefits as part of our Plan for Change.

The summit will spotlight how this partnership works in practice. Following the Prime Minister’s keynote, mission-led sessions will include:

Jess Phillips, Minister for Safeguarding, and Alex Davies-Jones, Minister for Victims and Violence Against Women and Girls, chairing a Safer Streets panel with campaigners.
Bridget Phillipson, Education Secretary, outlining how civil society will support the Opportunity Mission.
Darren Jones, Chief Secretary to the Treasury, talking about how a mission-driven government can work in partnership with impact investors and philanthropists
They will be joined by civil society leaders delivering change across the country, in areas such as early years support, health and violence against women and girls.

The Covenant will play a key role in delivering the government’s Plan for Change—supporting the opportunity mission by breaking down barriers for young people, helping to build an NHS fit for the future, and ensuring that no community is left behind.

As part of the Summit, the government will also announce:

A new Joint Civil Society Covenant Council to drive delivery. The Joint Council will set direction and provide strategic oversight for implementation of the Covenant. It will have cross-sector membership comprising senior leaders from civil society and senior representatives from government departments to provide a key forum for driving progress in the reset of the relationship between government and civil society.
A Local Covenant Partnerships programme to support collaboration between civil society, councils and public services in communities that need it most.

ENDS

Additional quotes:

Sarah Elliott & Jane Ide, CEO’s of National Council for Voluntary Organisations & Association of Chief Executives of Voluntary Organisations on behalf of the Civil Society Advisory Group said:

The challenges our country face can only be tackled by working together. The launch of the Civil Society Covenant is a key step forward in building a more collaborative and sustainable relationship between civil society and the UK government, while recognising our sector’s independence. Real and lasting change requires a partnership that is equal, honest and fair, with an intention to put lived experience at the heart of policy decision making.

The Civil Society Covenant sets out solid principles for how we work together. Now the test is putting them into practice, both nationally and locally. As organisations rooted in communities across the UK, we’ll hold ourselves and the government accountable, speaking up on behalf of the people and communities we represent and working together to ensure meaningful and lasting impact.

Scottish Council for Voluntary Organisations Chief Executive Anna Fowlie, said:

SCVO welcomes the publication of the UK Government’s Civil Society Covenant, which recognises the independence of, and the vital role played by, voluntary organisations in our communities, society, and democracy.

Today is a starting point. The words on the page must now be made real—and that requires sustained effort, open dialogue, and, crucially, a genuine commitment to a partnership of equals.

We welcome the Covenant’s recognition of the different contexts in which the voluntary sector operates across the UK—and, importantly, its commitment to respect and complement these.

Wales Council for Voluntary Action, Chief Executive Lindsay Cordery-Bruce said:

We welcome the Civil Society Covenant as a first step towards building a stronger, more respectful relationship between civil society and UK Government.

We’re pleased to have been part of shaping this new approach, and welcome its alignment with the strong partnership structures we already have in place in Wales. The real test will now be in its implementation.

We look forward to working together to ensure the Covenant is embedded in day-to-day practice and delivers meaningful improvements in how government and the sector work in partnership across the UK.

Chief Executive of the Northern Ireland Council for Voluntary Action, Celine McStravick said:

We warmly welcome the launch of the Civil Society Covenant as an important step in recognising the vital role civil society plays across the UK. In a devolved context like Northern Ireland, where community voices are central to local progress and peacebuilding, this commitment to partnership is especially significant.

We look forward to ensuring the Covenant is embedded alongside our own partnership structures in Northern Ireland, and supports communities here to thrive.

Notes to editors:

More information will be available at the Civil Society Covenant Hub on GOV.UK.
The summit is supported by Lloyds Bank Foundation for England and Wales and Pro Bono Economics. More information will be available at the Civil Society Covenant Hub on GOV.UK.
The Covenant is intended to complement and respect existing governance and partnership arrangements in Scotland, Wales and Northern Ireland, working alongside the distinct frameworks in each nation. The UK government will continue to work in partnership with civil society organisations in all four parts of the UK.

Published 16 July 2025

MIL OSI United Kingdom –

July 17, 2025

MIL-OSI: Union Bankshares Announces Earnings for the three and six months ended June 30, 2025 and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

MORRISVILLE, VT., July 16, 2025 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three and six months ended June 30, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2025 was $2.4 million, or $0.53 per share, compared to $2.0 million, or $0.45 per share, for the same period in 2024, and $4.9 million, or $1.08 per share, for the six months ended June 30, 2025, compared to $4.4 million, or $0.98 per share, for the same period in 2024.

Balance Sheet

Total assets were $1.48 billion as of June 30, 2025 compared to $1.40 billion as of June 30, 2024, an increase of $81.9 million, or 5.9%. Loan growth was the primary driver of the increase in total assets with total loans increasing $99.8 million, or 9.8%, to reach $1.11 billion as of June 30, 2025 including $9.0 million in loans held for sale, compared to $1.01 billion as of June 30, 2024, with $6.2 million in loans held for sale. Despite the economic uncertainty in the future, asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $6 thousand for the three and six months ended June 30, 2025, respectively.

In addition to the balance sheet growth in loans, qualifying residential loans of $31.0 million and $56.8 million were sold to the secondary market for the three and six months ended June 30, 2025, respectively, compared to sales of $19.3 million and $41.0 million for the three and six months ended June 30, 2024, respectively.

Total deposits were $1.10 billion as of June 30, 2025 compared to deposits of $1.05 billion as of June 30, 2024, and included purchased brokered deposits of $65.3 million and $65.0 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $270.7 million as of June 30, 2025 compared to $212.1 million as of June 30, 2024. There were also $35.0 million in advances from the Federal Reserve’s Bank Term Funding Program outstanding as of June 30, 2024.

The Company had total equity capital of $71.3 million and a book value per share of $15.66 as of June 30, 2025 compared to $64.0 million and a book value of $14.16 per share as of June 30, 2024. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of June 30, 2025 was $31.2 million compared to $35.2 million as of June 30, 2024.

Income Statement

Consolidated net income was $2.4 million for the second quarter of 2025 compared to $2.0 million for the second quarter of 2024, an increase of $376 thousand, or 18.6%. Interest income increased $2.2 million, or 13.1%, to $18.7 million for the three months ended June 30, 2025 compared to $16.5 million for the three months ended June 30, 2024, due to an increase in yield on earning assets and an increase in volume for the comparison periods. Similarly, interest expense increased $1.2 million, or 17.1%, to $8.3 million for the three months ended June 30, 2025 compared to $7.1 million for the three months ended June 30, 2024 due to an increase in rates paid on customer deposits and to a lesser extent an increase in volumes. As a result of these changes during the comparison periods, net interest income increased $962 thousand, or 10.1%.

Credit loss expense of $221 thousand was recorded for the second quarter of 2025 compared to $388 thousand recorded for the second quarter of 2024. The credit loss expense was primarily related to the growth and mix of the loan portfolio at both June 30, 2025 and June 30, 2024. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly.

Noninterest income was $2.8 million for the three months ended June 30, 2025 and 2024. Noninterest expenses increased $706 thousand, or 7.2%, to $10.5 million for the three months ended June 30, 2025 compared to $9.8 million for the same period in 2024. The increase during the comparison period was due to increases of $311 thousand in salaries and wages, $340 thousand in employee benefits, $2 thousand in occupancy expenses, and $83 thousand in equipment expenses, partially offset by a decrease of $31 thousand in other expenses. Income tax expense was $102 thousand for the three months ended June 30, 2025, an increase of $41 thousand compared to income tax expense of $61 thousand for the three months ended June 30, 2024.

Dividend Declared

The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable August 7, 2025 to shareholders of record as of July 26, 2025.

About Union Bankshares, Inc.

Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.

Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank’s employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and “Outstanding” rating for its compliance with the Community Reinvestment Act (“CRA”) in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values–combined with financial expertise, quality products and the latest technology–make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.

Forward-Looking Statements

Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at www.sec.gov or on our investor page at www.ublocal.com.

Contact: David S. Silverman
(802) 888-6600

The MIL Network –

July 17, 2025

MIL-OSI: Union Bankshares Announces Earnings for the three and six months ended June 30, 2025 and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

MORRISVILLE, VT., July 16, 2025 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three and six months ended June 30, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended June 30, 2025 was $2.4 million, or $0.53 per share, compared to $2.0 million, or $0.45 per share, for the same period in 2024, and $4.9 million, or $1.08 per share, for the six months ended June 30, 2025, compared to $4.4 million, or $0.98 per share, for the same period in 2024.

Balance Sheet

Total assets were $1.48 billion as of June 30, 2025 compared to $1.40 billion as of June 30, 2024, an increase of $81.9 million, or 5.9%. Loan growth was the primary driver of the increase in total assets with total loans increasing $99.8 million, or 9.8%, to reach $1.11 billion as of June 30, 2025 including $9.0 million in loans held for sale, compared to $1.01 billion as of June 30, 2024, with $6.2 million in loans held for sale. Despite the economic uncertainty in the future, asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $6 thousand for the three and six months ended June 30, 2025, respectively.

In addition to the balance sheet growth in loans, qualifying residential loans of $31.0 million and $56.8 million were sold to the secondary market for the three and six months ended June 30, 2025, respectively, compared to sales of $19.3 million and $41.0 million for the three and six months ended June 30, 2024, respectively.

Total deposits were $1.10 billion as of June 30, 2025 compared to deposits of $1.05 billion as of June 30, 2024, and included purchased brokered deposits of $65.3 million and $65.0 million for the respective periods. Borrowed funds consisted of Federal Home Loan Bank advances of $270.7 million as of June 30, 2025 compared to $212.1 million as of June 30, 2024. There were also $35.0 million in advances from the Federal Reserve’s Bank Term Funding Program outstanding as of June 30, 2024.

The Company had total equity capital of $71.3 million and a book value per share of $15.66 as of June 30, 2025 compared to $64.0 million and a book value of $14.16 per share as of June 30, 2024. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of June 30, 2025 was $31.2 million compared to $35.2 million as of June 30, 2024.

Income Statement

Consolidated net income was $2.4 million for the second quarter of 2025 compared to $2.0 million for the second quarter of 2024, an increase of $376 thousand, or 18.6%. Interest income increased $2.2 million, or 13.1%, to $18.7 million for the three months ended June 30, 2025 compared to $16.5 million for the three months ended June 30, 2024, due to an increase in yield on earning assets and an increase in volume for the comparison periods. Similarly, interest expense increased $1.2 million, or 17.1%, to $8.3 million for the three months ended June 30, 2025 compared to $7.1 million for the three months ended June 30, 2024 due to an increase in rates paid on customer deposits and to a lesser extent an increase in volumes. As a result of these changes during the comparison periods, net interest income increased $962 thousand, or 10.1%.

Credit loss expense of $221 thousand was recorded for the second quarter of 2025 compared to $388 thousand recorded for the second quarter of 2024. The credit loss expense was primarily related to the growth and mix of the loan portfolio at both June 30, 2025 and June 30, 2024. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly.

Noninterest income was $2.8 million for the three months ended June 30, 2025 and 2024. Noninterest expenses increased $706 thousand, or 7.2%, to $10.5 million for the three months ended June 30, 2025 compared to $9.8 million for the same period in 2024. The increase during the comparison period was due to increases of $311 thousand in salaries and wages, $340 thousand in employee benefits, $2 thousand in occupancy expenses, and $83 thousand in equipment expenses, partially offset by a decrease of $31 thousand in other expenses. Income tax expense was $102 thousand for the three months ended June 30, 2025, an increase of $41 thousand compared to income tax expense of $61 thousand for the three months ended June 30, 2024.

Dividend Declared

The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable August 7, 2025 to shareholders of record as of July 26, 2025.

About Union Bankshares, Inc.

Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 18 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.

Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank’s employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and “Outstanding” rating for its compliance with the Community Reinvestment Act (“CRA”) in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values–combined with financial expertise, quality products and the latest technology–make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.

Forward-Looking Statements

Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at www.sec.gov or on our investor page at www.ublocal.com.

Contact: David S. Silverman
(802) 888-6600

The MIL Network –

July 17, 2025

MIL-OSI Africa: TOP AFRICA NEWS Named Best Environment & Natural Resources News Platform 2025 by MEA Markets

Source: APO

TOP AFRICA NEWS (www.TOPAFRICANEWS.com) has been recognized as the Best Environment & Natural Resources News Platform 2025 by MEA Markets, highlighting its significant contribution to environmental journalism across Africa.

This latest accolade caps a series of distinguished awards for the platform, including SME of the Year (2022), Best International Publication Service Provider (2023), and Best Marketing Service Provider (2024), demonstrating consistent excellence and leadership in the region’s media landscape.

Founder and Managing Director Mr. DUSABEMUNGU Ange de la Victoire expressed pride in the achievement, stating, “Being named the best platform in this vital field underscores our dedication to covering critical environmental issues affecting Africa. It motivates us to continue delivering impactful, accurate, and insightful journalism that can influence policy and inspire sustainable change across the continent.”

He emphasized the platform’s mission, saying, “At TOP AFRICA NEWS, our goal remains to amplify Africa’s stories on issues like natural resources, conservation, and sustainable development—topics that are pivotal for the continent’s future. This award reaffirms our role as a trusted voice for Africa’s environment and natural resources sectors.”

Available on www.TOPAFRICANEWS.com, the website provides comprehensive coverage of topics ranging from agriculture and tourism to youth engagement and peacebuilding, aiming to inform and empower communities across Africa.

As climate and environmental challenges grow more urgent, TOP AFRICA NEWS pledges to sustain its focus on delivering high-quality news that drives awareness, action, and sustainable development across Africa.

Distributed by APO Group on behalf of TOP AFRICA NEWS.

Additional link: https://apo-opa.co/4kHbEw8

Media contact:
vickange@gmail.com

About TOP AFRICA NEWS:
TOP AFRICA NEWS is a Private shareholder Digital News Website managed by AFRICA NEWS DIGEST Ltd, a Domestic Company registered in Rwanda Development Board. Available on www.TOPAFRICANEWS.com, this website publishes stories from across Africa focusing on Environment, Natural resources, Livestock and Agriculture, Tourism and conservation, Youth, Sports and Culture, Peace Building, Health, Infrastructure and ICT, Security, Education, Business and Banking. The main objective of this website is to tell the World the real Africa’s Story from the real and reliable sources. We Publish News Stories, Supplements stories, advertorials, Feature stories among many others. We are based in Kigali, Rwanda.

Media files

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MIL OSI Africa –

July 17, 2025

MIL-OSI USA: Old Flames

Source: Securities and Exchange Commission

Thank you, Chairman [Chris] Hayward. You have once again gone out of your way to make me feel welcome in London. Thank you also to all of you who are here today. Before I begin, I must remind you that my views are my own as a Commissioner of the United States Securities and Exchange Commission and not necessarily those of the SEC or my fellow Commissioners or of anyone else in U.S. Government.

It is an honor to stand before you in this grand and historic room. The Guildhall is a symbol of resilience—the site is rich with centuries of history that enliven a vibrant present—and renewal—when fire or war has damaged the place, reconstruction followed. Notably, the Guildhall survived London’s Great Fire of 1666, though not fully intact.[1] Samuel Pepys, the go-to eyewitness of the fire that burned much of London to the ground, described watching “the fire grow . . . in a most horrid malicious bloody flame” so that it “made [him] weep to see it.”[2]

Although the fire’s official death toll was remarkably low at six people, the four-day conflagration caused years of immeasurable human suffering for an overwhelmingly homeless, and universally, haunted population.[3] Pepys, whose house survived the blaze—as presumably did the Parmesan cheese he had buried before fleeing the oncoming flames[4]—remarked a few days after the fire that he “sleeping and waking had a fear of fire in my heart”[5] and in 1667 still could not “sleep at night without great terrors of fire.”[6] Rebuilding began right away but took decades to complete. In December 1667, Pepys observed that “the city [had] got a pace on in the rebuilding of Guildhall.”[7] As with any large-scale reconstruction, conflicting architectural plans, regulatory uncertainty,[8] and legal wrangling about how to rebuild and who foots the bill sometimes slowed progress. But, with the help of its financial markets,[9] the city rebuilt itself from the ashes, this time with less flammable materials.[10]

London’s ability to survive and thrive after the Great Fire served as a precedent for its later perseverance through and recovery from the ravages of World War II bombings of the city. Pepys was not around to document those events, but photographic evidence tells of the destruction and suffering in a way that words could not.[11] Photos of the post-air-raid Guildhall reveal a pile of rubble against a still-standing grand backdrop.[12]

Again, London rebuilt the Guildhall and the rest of itself from its bombed ruins into a thriving metropolis. The United States through the Marshall Plan and other measures helped to finance that effort. That assistance, a continuation of the wartime alliance, is evidence of a relationship that runs deep between our nations. Physical manifestations of that connection exist in the damaged London church that was reconstructed as a memorial to Winston Churchill in Missouri[13] and in the bomb detritus that was shipped from the United Kingdom in empty aid ships returning to the United States and used to build parts of New York City.[14] The US-UK bond also reveals itself in the intertwining of our markets for human talent, capital, physical goods, and services, including financial services.

Smart financial regulation embraces and perpetuates the knitting together of our two nations. Because we share so many of the same principles, the United Kingdom is a natural partner with the United States in the endeavor to foster resilient and robust global capital markets. We have a long history of working together. We both have common-law systems that afford strong legal protections to investors. We share an appreciation for the role capital markets play in empowering our people to build a vibrant, prosperous society. We both recognize the importance of market-driven capital allocation decisions in ensuring that society builds the right things and builds them well. We both acknowledge the importance of innovation and competition in serving people’s needs. Both jurisdictions value an environment in which incumbents and new entrants can try new things and change the way old systems work. Both jurisdictions, by promulgating and implementing generally sensible and properly focused regulatory frameworks, have fostered capital markets that attract global investors and talent.

Shared principles alone are not enough to bind our markets together. Regulatory cooperation, which takes many forms, helps too. I have benefited on this trip, for example, from bilateral meetings with my UK counterparts, and similar meetings happen frequently between UK and US officials. Supervisory colleges bring regulators and supervisors together to compare notes on multinational market participants. Substituted compliance—a tool we have used in security-based swaps regulation[15]—enables a market participant that meets one jurisdiction’s regulatory requirements to satisfy the rules of the other jurisdiction geared toward a similar objective. UK and US regulators have worked together to overcome data access challenges to clear the way for US examinations of the more than 270 UK investment advisers serving clients in the US and for additional UK advisers to join their ranks.[16] UK and US authorities also routinely cooperate on enforcement matters by, for example, facilitating one another’s investigations of potential securities law violations.

Just over a year ago, I suggested another tool for regulators to use in bringing our markets together. In a comment letter to the Bank of England and the Financial Conduct Authority on their consultation on a digital securities sandbox, I suggested a cross-border sandbox.[17] The UK government had proposed a digital securities sandbox, which was limited to UK firms, to generate real-world insights about whether distributed ledger technology could streamline the issuance, trading, and settlement of securities without undermining investor protection, market integrity, or financial stability.[18] I posited that a cross-border version of the sandbox could be even more effective: innovators could benefit from simultaneously serving UK and US markets; regulators, relying on information sharing agreements, could benefit by seeing more data on how complex emerging technologies operate in different contexts; and the British and American public could benefit by being served by a greater pool of product and service providers.

As I envisioned it, a very flexible US micro-innovation sandbox would pair well with a UK sandbox; participants could adhere to a single set of conditions in both jurisdictions. Details matter, and I ended the letter by welcoming a discussion on how we might bring a cross-border sandbox to life. I have appreciated expressions of interest from the public and private sector in the UK, including much useful feedback gathered by Chairman Hayward and his colleagues at the City of London. Several months ago, referring to my sandbox, Chancellor Reeves advocated “explor[ing] opportunities to support industry to innovate cross-border . . . potentially allowing greater digital collaboration between capital markets in New York and London.”[19] And at last night’s Mansion House Speech, Chancellor Reeves reiterated her support for “proposals for greater digital collaboration between our two financial centres.”[20]

The goal of future conversations between our two jurisdictions should be a financial system better able to serve UK and US investors, innovators, and entrepreneurs. A sandbox can serve as a bridge between our current rulebooks and future financial markets by allowing people to experiment with technology that may underpin the markets of the future.

As I have thought more about the sandbox idea in the past year and talked with others, several themes have emerged. First, perhaps the term “sandbox” undersells the efficacy of the tool. “Sandbox” describes a regulatory mechanism that the UK and other jurisdictions have put to productive use.[21] Yet the term evokes for some an isolated laboratory environment with no prospect of long-term commercialization and for others children at play. Innovators are childlike only in their healthy sense of curiosity, which enables them to identify and solve societal problems. As I have said before, beaches are better than sandboxes. Beaches give innovators more room to formulate and reformulate ideas within eyeshot of the regulator—in this analogy the lifeguard—but lifeguards do not opine every time a beachgoer adds a turret to her sandcastle, as a regulator sitting in a sandbox with the innovator might be tempted to do.[22] Despite its appeal to this freedom-lover, “cross-border beach” is unlikely to catch on as a term. Maybe we can come up with another descriptor such as technology incubator, but meanwhile we are stuck with “sandbox.”

Second, a sandbox has limited utility unless it comes with a smooth exit ramp that takes the participant into a workable permanent regulatory environment. Incorporating an effective exit ramp facilitates commercial experiments that lead to better, cheaper products and services and a more resilient and efficient financial market infrastructure.

Third, and related, a sandbox with time, customer, or activity limits, absent a nimble mechanism to extend the timeline or raise the limits, could put sand in the gears of a growing company or even bring it to a screeching halt. After a period of slow and steady growth, user interest might spike suddenly. If a regulator were not able to react quickly, the company would have to turn new users away, which could color adversely the public’s perception of the company. Similarly, regulators must stand ready to work with participants to change conditions as needed. As part of the standard innovation process, a team may start with one idea and pivot in response to market demand.

Fourth, incumbent firms and new entrants should have equal access to the sandbox. Some observers worry that if entry criteria are not transparent, the sandbox could become a mechanism for regulators to pick winners. Everyone should be able to participate on the same terms, but the whole point of a sandbox is to accommodate experimentation with different ways of doing things. Transparent terms available to everyone with an option to iterate may address this concern. In operating a sandbox, regulators also must be cognizant of the cost of participating, which can be prohibitive for small entities or even for large firms if long-term commercialization is not a reality. A proactive invitation to firms of all shapes, ages, and sizes to come in and talk about whether the sandbox is right for them can help not only to combat perceptions of favoritism, but to build trust, and inform regulators of market developments.

Fifth, regulators cannot force participants into a sandbox. A cross-border sandbox only makes sense if it streamlines the road to commercial viability for a company that wants to serve both the UK and the US. Sandbox projects need to be organically generated, not planned by government working groups. As London found out in rebuilding after the 1666 fire and after the wartime firebombing, grand plans drawn up by experts often give way to organic building in response to real and immediate human needs. Operationalization of a sandbox may have to wait until a company with a concrete idea for cross-border activity approaches both regulators, though I look forward to preparatory discussions in the meantime, including joint discussions with firms and both sets of regulators in the same room.

Sixth, the conditions imposed by a cross-border sandbox would need to be workable for both jurisdictions. For example, I would not support conditioning a sandbox on sustainability or diversity objectives. Extracting conditions unrelated to—and potentially distracting from—the safe and effective functioning of the project would be an improper use of financial regulation to achieve political outcomes.[23]

Seventh, although not a new thought, many people have underscored the importance of protecting investors and markets from harm caused by sandbox activities. These objectives align with the SEC’s mission, but an often-forgotten part of protecting investors and markets is ensuring that new competitors, products, services, and ways of doing things can come into the market. A sandbox constrains, but does not eliminate, risk, which is consistent with sound regulation. As Chancellor Reeves noted last night, regulation can “go too far in seeking to eliminate risk.”[24]

Much of my thinking about a potential sandbox has been in connection with crypto. Blockchain technology, given its early stage and potential for transforming the way our financial system and perhaps other systems work, is ripe for experimentation. The SEC’s Crypto Task Force has received written comment on the issue of sandboxes.[25] The topic of fostering experimentation also comes up in some of the Task Force’s meetings with the public.[26] Market participants are looking to experiment with bitcoin and other crypto assets, stablecoins, non-fungible tokens, digital identity solutions, collateral management, and tokenization of securities and assets such as real estate, among other issues. Blockchain allows for increased transparency, enhanced efficiency, lower costs, increased liquidity, and decentralization. In recent years, many use cases for the technology likely remained unexplored in the face of regulatory hostility or died in the labyrinth of regulatory ambiguity before they could achieve commercial success. The unique challenges and opportunities raised by blockchain technology and crypto assets and their borderless nature would lend themselves well to a mechanism for facilitating experiments and could help to identify where and how existing regulations might need to change in response. Because market participants are exploring numerous models, a sandbox for tokenizing securities might make sense. Building in cross-border interoperability will be easier now than later when business models have matured. I head back to the US today with the hope that the Crypto Task Force can collaborate with the FCA in coordination with our domestic colleagues across the government and in the context of the Administration’s broader cooperation with the United Kingdom.

Because I prize the ability of capital to flow to its highest and best use, regardless of borders, and of investors to share in the wealth created by entrepreneurs all over the world, I also hope that our cross-jurisdiction partnership can serve as an example of how more than just our two nations can align interests in pursuit of a freer and more prosperous society. Fundamental differences in approaches to and objectives of financial regulation, however, could impede such efforts. Securities markets are key to solving all manner of problems, but only if market participants are free to respond to market incentives rather than serving as robotic mercenaries in a government-orchestrated initiative to achieve objectives unrelated to investor protection, efficiency, competition and capital formation. As Europe’s embrace of double materiality in corporate reporting and export of its sustainability disclosure requirements have laid bare, market integration suffers when two jurisdictions diverge on core matters such as the purpose of financial statements and other securities disclosures.

On a related note that may be relevant to some people in the room, the SEC recently asked for comment on the definition of a Foreign Private Issuer (“FPI”), which provides a number of specific accommodations from which eligible FPIs may currently benefit as compared to domestic issuers.[27] One of the few comments to date came from an FPI based in the UK urging us “to consider carve-outs or refined eligibility criteria that preserve FPI status for companies with genuine foreign governance and infrastructure, regardless of shareholder geography or incorporation jurisdiction.”[28] That first-hand perspective is valuable, and I look forward to hearing from other interested members of the public, including UK companies, on this topic with similar or differing views.

Thank you for indulging me today with your attention. I hope that the coming months will bring continuing discussions about how people from our two countries can work together for our mutual prosperity and benefit. Cross-border cooperation, whether in the context of crypto or capital markets, is a good way to fan the flames of our long friendship.

[3] For an interesting discussion of the fire and its aftermath see Not Just the Tudors Podcast: Great Fire of London (May 28, 2023).

[8] Pepys gives us a glimpse of the effect of regulatory uncertainty, when he notes in his diary that a friend told him in “his opinion that the City will never be built again together, as is expected, while any restraint is laid upon them. He hath been a great loser, and would be a builder again, but, he says, he knows not what restrictions there will be, so as it is unsafe for him to begin.” Samuel Pepys, Diary Entry on February 27, 1667, https://www.pepysdiary.com/diary/1667/02/28/.

[9] Judy Stephenson, Nathan Sussman & D’Maris Coffman, The financing of the rebuilding of London after the Great Fire, Economic Historical Society Blog (Feb. 9, 2022), https://ehs.org.uk/the-financing-of-the-rebuilding-of-london-after-the-great-fire/ (“London’s financial market extended the Corporation credit at an average of 4 per cent in the key period of rebuilding. . . . Remarkably, as the costs of rebuilding mounted, and war with the Dutch began, in addition to political upheaval, the Corporation was able to tap considerable funds for most of the cost of initial reconstruction at declining interest rates.”).

[15] See, e.g., Order Granting Conditional Substituted Compliance in Connection with Certain Requirements Applicable to Non-U.S. Security-Based Swap Dealers and Major Security-Based Swap Participants Subject to Regulation in the United Kingdom, Securities Act Release No. 34-92529, (July 30, 2021), https://www.sec.gov/files/rules/other/2021/34-92529.pdf.

[21] See, e.g., Stuart Alderoty, Sameer Dhond & Deborah McCrimmon, Ripple May 28, 2025 Written Input Submission to SEC Crypto Task Force, https://www.sec.gov/files/ctf-written-input-ripple-letter-regulatory-sandboxes-052825.pdf (mentioning, in addition to the UK’s Digital Securities Sandbox, Singapore’s Project Guardian, the EU Blockchain Regulatory Sandbox, the Swiss Sandbox and Fintech License, the UAE Sandbox, and the Dubai Sandbox).

[23] See All. for Fair Bd. Recruitment v. Sec. & Exch. Comm’n, 125 F.4th 159 (5th Cir. 2024). See also Commissioner Hester M. Peirce, Statement on the Commission’s Order Approving Proposed Rule Changes, as Modified by Amendments No. 1, to Adopt Listing Rules Related to Board Diversity submitted by the Nasdaq Stock Market LLC, U.S. Securities and Exchange Commission (Aug. 6, 2021), https://www.sec.gov/newsroom/speeches-statements/peirce-nasdaq-diversity-statement-080621.

MIL OSI USA News –

July 17, 2025

MIL-OSI: Triumph Releases Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

DALLAS , July 16, 2025 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN) has released its second quarter 2025 financial results. The 2Q 2025 financial results and shareholder letter are available on the Company’s website at ir.triumph.io through the News & Events, Events & Presentations links.

Aaron P. Graft, Vice Chairman & CEO, and Brad Voss, CFO, will review the financial results in a conference call with investors and analysts beginning at 9:30 a.m. central time on Thursday, July 17, 2025.

The live video conference option may be accessed directly through this link, https://triumph-financial-q2-2025-earnings.open-exchange.net/ or via the Company’s IR website at ir.triumph.io through the News & Events, Events & Presentations links. An archive of this conference call will subsequently be available at the same location, referenced above, on the Company’s website.

About Triumph

Triumph (Nasdaq: TFIN) is a financial and technology company focused on payments, factoring, intelligence and banking to modernize and simplify freight transactions. Headquartered in Dallas, Texas, its portfolio of brands includes Triumph, TBK Bank and LoadPay.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

Source: Triumph Financial, Inc.

Investor Relations:
Luke Wyse
Executive Vice President, Head of Investor Relations
lwyse@tfin.com
214-365-6936

Media Contact:
Amanda Tavackoli
Senior Vice President, Director of Corporate Communication
atavackoli@tfin.com
214-365-6930

The MIL Network –

July 17, 2025

MIL-OSI: South Plains Financial, Inc. Reports Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LUBBOCK, Texas, July 16, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Highlights

Net income for the second quarter of 2025 was $14.6 million, compared to $12.3 million for the first quarter of 2025 and $11.1 million for the second quarter of 2024.
Diluted earnings per share for the second quarter of 2025 was $0.86, compared to $0.72 for the first quarter of 2025 and $0.66 for the second quarter of 2024.
Average cost of deposits for the second quarter of 2025 was 214 basis points, compared to 219 basis points for the first quarter of 2025 and 243 basis points for the second quarter of 2024.
Net interest margin, on a tax-equivalent basis, was 4.07% for the second quarter of 2025, compared to 3.81% for the first quarter of 2025 and 3.63% for the second quarter of 2024.
Return on average assets for the second quarter of 2025 was 1.34%, compared to 1.16% for the first quarter of 2025 and 1.07% for the second quarter of 2024.
Tangible book value (non-GAAP) per share was $26.70 as of June 30, 2025, compared to $26.05 as of March 31, 2025 and $24.15 as of June 30, 2024.
The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at June 30, 2025 were 18.17%, 13.86%, and 12.12%, respectively.

Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered solid second quarter results highlighted by steady margin expansion, continued loan growth despite high levels of loan payoffs, which were expected, and healthy capital levels that continued to build through the quarter. Additionally, we believe the credit quality of our loan portfolio remained solid through the quarter. We believe that we are in a strong position to take advantage of opportunities as they present themselves and are pursuing a strategy to increase the assets of the Bank primarily focused on expanding our lending capabilities. Our community-based deposit franchise continues to provide a stable, lower-cost funding source for loan growth across our markets and our team has done a terrific job growing our loan portfolio over the last five years. We believe that we have opportunities to accelerate that growth by further expanding our lending platform and adding experienced commercial lenders who share our culture and values, and who can bring high quality customer relationships to the Bank. We recruited several experienced lenders in the Dallas market during the second quarter and will continue to add talent in the quarters to come as we expand our reach and continue to work to take market share.”

Results of Operations, Quarter Ended June 30, 2025

Net Interest Income

Net interest income was $42.5 million for the second quarter of 2025, compared to $38.5 million for the first quarter of 2025 and $35.9 million for the second quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 4.07% for the second quarter of 2025, compared to 3.81% for the first quarter of 2025 and 3.63% for the second quarter of 2024. The average yield on loans was 6.99% for the second quarter of 2025, compared to 6.67% for the first quarter of 2025 and 6.60% for the second quarter of 2024. The average cost of deposits was 214 basis points for the second quarter of 2025, which is 5 basis points lower than the first quarter of 2025 and 29 basis points lower than the second quarter of 2024. There was a recovery of $1.7 million in interest during the second quarter of 2025, related to a full repayment of a loan that had previously been on nonaccrual. This recovery positively impacted the net interest margin by 17 basis points and the loan yield by 23 basis points during the second quarter of 2025.

Interest income was $64.1 million for the second quarter of 2025, compared to $59.9 million for the first quarter of 2025 and $59.2 million for the second quarter of 2024. Interest income increased $4.2 million in the second quarter of 2025 from the first quarter of 2025, which was primarily comprised of an increase of $3.3 million in loan interest income and an increase of $888 thousand in interest income on other earning assets. The increase in loan interest income was due primarily to the $1.7 million recovery of interest and growth of $20.0 million in average loans outstanding during the second quarter of 2025. The increase in interest income on other earning assets was mainly due to an increase of $69.8 million in average other interest-earning assets during the second quarter of 2025. Interest income increased $4.9 million in the second quarter of 2025 compared to the second quarter of 2024. This increase was primarily due to the $1.7 million recovery of interest and an increase of average loans of $12.0 million and higher loan interest rates during the period, resulting in growth of $3.3 million in loan interest income.

Interest expense was $21.6 million for the second quarter of 2025, compared to $21.4 million for the first quarter of 2025 and $23.3 million for the second quarter of 2024. Interest expense increased $237 thousand compared to the first quarter of 2025 and decreased $1.7 million compared to the second quarter of 2024. The $237 thousand increase was primarily as a result of a $21.2 million increase in average interest-bearing deposits during the second quarter of 2025 as compared to the first quarter of 2025. The $1.7 million decrease was primarily as a result of a 42 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $151.3 million in average interest-bearing deposits in the second quarter of 2025 as compared to the second quarter of 2024.

Noninterest Income and Noninterest Expense

Noninterest income was $12.2 million for the second quarter of 2025, compared to $10.6 million for the first quarter of 2025 and $12.7 million for the second quarter of 2024. The increase from the first quarter of 2025 was primarily due to an increase of $1.5 million in mortgage banking revenues, mainly as a result of an increase of $1.4 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value stabilized in the second quarter of 2025 after declining in the first quarter of 2025. The decrease in noninterest income for the second quarter of 2025 as compared to the second quarter of 2024 was primarily due to a decrease of $523 thousand in income from investments in Small Business Investment Companies.

Noninterest expense was $33.5 million for the second quarter of 2025, compared to $33.0 million for the first quarter of 2025 and $32.6 million for the second quarter of 2024. The $513 thousand increase from the first quarter of 2025 was largely the result of an increase of $267 thousand in personnel expenses and $144 thousand in increased professional service expenses. The $971 thousand increase in noninterest expense for the second quarter of 2025 as compared to the second quarter of 2024 was largely the result of an increase of $509 thousand in personnel expenses, mainly a result of annual salary adjustments.

Loan Portfolio and Composition

Loans held for investment were $3.10 billion as of June 30, 2025, compared to $3.08 billion as of March 31, 2025 and $3.09 billion as of June 30, 2024. The increase of $23.1 million, or 3.0% annualized, during the second quarter of 2025 as compared to the first quarter of 2025 occurred primarily as a result of organic loan growth experienced broadly across the portfolio, partially offset by a decrease of $52.6 million in multi-family property loans mainly due to the payoff of three loans totaling $49.1 million. As of June 30, 2025, loans held for investment increased $4.7 million, or 0.2%, from June 30, 2024.

Deposits and Borrowings

Deposits totaled $3.74 billion as of June 30, 2025, compared to $3.79 billion as of March 31, 2025 and $3.62 billion as of June 30, 2024. Deposits decreased by $53.6 million, or 1.4%, in the second quarter of 2025 from March 31, 2025. Deposits increased by $114.4 million, or 3.2%, at June 30, 2025 as compared to June 30, 2024. Noninterest-bearing deposits were $998.8 million as of June 30, 2025, compared to $966.5 million as of March 31, 2025 and $951.6 million as of June 30, 2024. Noninterest-bearing deposits represented 26.7% of total deposits as of June 30, 2025. The quarterly change in total deposits was mainly due to a seasonal decrease of $73.7 million in public fund deposits, partially offset by organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits.

Asset Quality

The Company recorded a provision for credit losses in the second quarter of 2025 of $2.5 million, compared to $420 thousand in the first quarter of 2025 and $1.8 million in the second quarter of 2024. The provision during the second quarter of 2025 was largely attributable to an increase in specific reserves, net charge-off activity, increased loan balances, and several credit quality downgrades.

The ratio of allowance for credit losses to loans held for investment was 1.45% as of June 30, 2025, compared to 1.40% as of March 31, 2025 and 1.40% as of June 30, 2024.

The ratio of nonperforming assets to total assets was 0.25% as of June 30, 2025, compared to 0.16% as of March 31, 2025 and 0.57% as of June 30, 2024. Annualized net charge-offs were 0.06% for the second quarter of 2025, compared to 0.07% for the first quarter of 2025 and 0.10% for the second quarter of 2024.

Capital

Book value per share increased to $27.98 at June 30, 2025, compared to $27.33 at March 31, 2025. The change was primarily driven by $12.2 million of net income after dividends paid, partially offset by a decrease in accumulated other comprehensive income of $2.3 million. The ratio of tangible common equity to tangible assets (non-GAAP) increased 34 basis points to 9.98% during the second quarter of 2025.

Conference Call

South Plains will host a conference call to discuss its second quarter 2025 financial results today, July 16, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13754259. The replay will be available until July 30, 2025.

About South Plains Financial, Inc.

South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

Non-GAAP Financial Measures

Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

Available Information

The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of the policies of the current U.S. presidential administration or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

Contact:	Mikella Newsom, Chief Risk Officer and Secretary
	(866) 771-3347
	investors@city.bank

Source: South Plains Financial, Inc.


South Plains Financial, Inc. Consolidated Financial Highlights – (Unaudited) (Dollars in thousands, except share data)

	As of and for the quarter ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Selected Income Statement Data:
Interest income	$	64,135		$	59,922		$	61,324		$	61,640		$	59,208
Interest expense		21,632			21,395			22,776			24,346			23,320
Net interest income		42,503			38,527			38,548			37,294			35,888
Provision for credit losses		2,500			420			1,200			495			1,775
Noninterest income		12,165			10,625			13,319			10,635			12,709
Noninterest expense		33,543			33,030			29,948			33,128			32,572
Income tax expense		4,020			3,408			4,222			3,094			3,116
Net income		14,605			12,294			16,497			11,212			11,134
Per Share Data (Common Stock):
Net earnings, basic	$	0.90		$	0.75		$	1.01		$	0.68		$	0.68
Net earnings, diluted		0.86			0.72			0.96			0.66			0.66
Cash dividends declared and paid		0.15			0.15			0.15			0.14			0.14
Book value		27.98			27.33			26.67			27.04			25.45
Tangible book value (non-GAAP)		26.70			26.05			25.40			25.75			24.15
Weighted average shares outstanding, basic		16,231,627			16,415,862			16,400,361			16,386,079			16,425,360
Weighted average shares outstanding, dilutive		16,886,993			17,065,599			17,161,646			17,056,959			16,932,077
Shares outstanding at end of period		16,230,475			16,235,647			16,455,826			16,386,627			16,424,021
Selected Period End Balance Sheet Data:
Cash and cash equivalents	$	470,496		$	536,300		$	359,082		$	471,167		$	298,006
Investment securities		570,000			571,527			577,240			606,889			591,031
Total loans held for investment		3,098,978			3,075,860			3,055,054			3,037,375			3,094,273
Allowance for credit losses		45,010			42,968			43,237			42,886			43,173
Total assets		4,363,674			4,405,209			4,232,239			4,337,659			4,220,936
Interest-bearing deposits		2,740,179			2,826,055			2,685,366			2,720,880			2,672,948
Noninterest-bearing deposits		998,759			966,464			935,510			998,480			951,565
Total deposits		3,738,938			3,792,519			3,620,876			3,719,360			3,624,513
Borrowings		111,799			110,400			110,354			110,307			110,261
Total stockholders’ equity		454,074			443,743			438,949			443,122			417,985
Summary Performance Ratios:
Return on average assets (annualized)		1.34	%		1.16	%		1.53	%		1.05	%		1.07	%
Return on average equity (annualized)		13.05	%		11.30	%		14.88	%		10.36	%		10.83	%
Net interest margin ⁽¹⁾		4.07	%		3.81	%		3.75	%		3.65	%		3.63	%
Yield on loans		6.99	%		6.67	%		6.69	%		6.68	%		6.60	%
Cost of interest-bearing deposits		2.91	%		2.93	%		3.12	%		3.36	%		3.33	%
Efficiency ratio		61.11	%		66.90	%		57.50	%		68.80	%		66.72	%
Summary Credit Quality Data:
Nonperforming loans	$	10,463		$	6,467		$	24,023		$	24,693		$	23,452
Nonperforming loans to total loans held for investment		0.34	%		0.21	%		0.79	%		0.81	%		0.76	%
Other real estate owned	$	535		$	600		$	530		$	973		$	755
Nonperforming assets to total assets		0.25	%		0.16	%		0.58	%		0.59	%		0.57	%
Allowance for credit losses to total loans held for investment		1.45	%		1.40	%		1.42	%		1.41	%		1.40	%
Net charge-offs to average loans outstanding (annualized)		0.06	%		0.07	%		0.11	%		0.11	%		0.10	%

	As of and for the quarter ended
	June 30 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Capital Ratios:
Total stockholders’ equity to total assets		10.41	%		10.07	%		10.37	%		10.22	%		9.90	%
Tangible common equity to tangible assets (non-GAAP)		9.98	%		9.64	%		9.92	%		9.77	%		9.44	%
Common equity tier 1 to risk-weighted assets		13.86	%		13.59	%		13.53	%		13.25	%		12.61	%
Tier 1 capital to average assets		12.12	%		12.04	%		12.04	%		11.76	%		11.81	%
Total capital to risk-weighted assets		18.17	%		17.93	%		17.86	%		17.61	%		16.86	%

(1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.


South Plains Financial, Inc. Average Balances and Yields – (Unaudited) (Dollars in thousands)

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

	Average Balance		Interest		Yield/Rate			Average Balance		Interest		Yield/Rate
Assets
Loans	$	3,094,558	$	53,894		6.99	%	$	3,082,601	$	50,579		6.60	%
Debt securities – taxable		508,508		4,700		3.71	%		533,553		5,285		3.98	%
Debt securities – nontaxable		152,202		1,015		2.67	%		155,408		1,022		2.64	%
Other interest-bearing assets		456,818		4,747		4.17	%		225,720		2,545		4.53	%

Total interest-earning assets		4,212,086		64,356		6.13	%		3,997,282		59,431		5.98	%
Noninterest-earning assets		166,763							171,472

Total assets	$	4,378,849						$	4,168,754

Liabilities & stockholders’ equity
NOW, Savings, MMDA’s	$	2,326,779		15,890		2.74	%	$	2,221,427		17,652		3.20	%
Time deposits		438,697		4,172		3.81	%		392,778		3,977		4.07	%
Short-term borrowings		18		–		0.00	%		3		–		0.00	%
Notes payable & other long-term borrowings		–		–		0.00	%		–		–		0.00	%
Subordinated debt		64,031		835		5.23	%		63,845		835		5.26	%
Junior subordinated deferrable interest debentures		46,393		735		6.35	%		46,393		856		7.42	%

Total interest-bearing liabilities		2,875,918		21,632		3.02	%		2,724,446		23,320		3.44	%
Demand deposits		990,343							960,106
Other liabilities		63,679							70,854
Stockholders’ equity		448,909							413,348

Total liabilities & stockholders’ equity	$	4,378,849						$	4,168,754

Net interest income			$	42,724						$	36,111
Net interest margin ⁽²⁾						4.07	%						3.63	%

(1) Average loan balances include nonaccrual loans and loans held for sale.
(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.


South Plains Financial, Inc. Average Balances and Yields – (Unaudited) (Dollars in thousands)

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

	Average Balance		Interest		Yield/Rate			Average Balance		Interest		Yield/Rate
Assets
Loans	$	3,084,563	$	104,471		6.83	%	$	3,048,569	$	99,519		6.56	%
Debt securities – taxable		509,431		9,392		3.72	%		543,817		10,796		3.99	%
Debt securities – nontaxable		152,716		2,029		2.68	%		155,831		2,046		2.64	%
Other interest-bearing assets		421,899		8,606		4.11	%		262,345		6,020		4.61	%

Total interest-earning assets		4,168,609		124,498		6.02	%		4,010,562		118,381		5.94	%
Noninterest-earning assets		169,222							177,882

Total assets	$	4,337,831						$	4,188,444

Liabilities & stockholders’ equity
NOW, Savings, MMDA’s	$	2,314,562		31,401		2.74	%	$	2,253,704		35,649		3.18	%
Time deposits		440,297		8,488		3.89	%		383,816		7,643		4.00	%
Short-term borrowings		11		–		0.00	%		3		–		0.00	%
Notes payable & other long-term borrowings		–		–		0.00	%		–		–		0.00	%
Subordinated debt		64,008		1,670		5.26	%		63,822		1,670		5.26	%
Junior subordinated deferrable interest debentures		46,393		1,468		6.38	%		46,393		1,717		7.44	%

Total interest-bearing liabilities		2,865,271		43,027		3.03	%		2,747,738		46,679		3.42	%
Demand deposits		962,557							959,219
Other liabilities		64,875							70,856
Stockholders’ equity		445,128							410,631

Total liabilities & stockholders’ equity	$	4,337,831						$	4,188,444

Net interest income			$	81,471						$	71,702
Net interest margin ⁽²⁾						3.94	%						3.60	%

(1) Average loan balances include nonaccrual loans and loans held for sale.
(2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.


South Plains Financial, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in thousands)

	As of
	June 30, 2025			December 31, 2024

Assets
Cash and due from banks	$	60,400		$	54,114
Interest-bearing deposits in banks		410,096			304,968
Securities available for sale		570,000			577,240
Loans held for sale		17,182			20,542
Loans held for investment		3,098,978			3,055,054
Less: Allowance for credit losses		(45,010	)		(43,237	)
Net loans held for investment		3,053,968			3,011,817
Premises and equipment, net		51,329			52,951
Goodwill		19,315			19,315
Intangible assets		1,417			1,720
Mortgage servicing rights		25,134			26,292
Other assets		154,833			163,280
Total assets	$	4,363,674		$	4,232,239

Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	998,759		$	935,510
Interest-bearing deposits		2,740,179			2,685,366
Total deposits		3,738,938			3,620,876
Short-term borrowings		1,352			—
Subordinated debt		64,054			63,961
Junior subordinated deferrable interest debentures		46,393			46,393
Other liabilities		58,863			62,060
Total liabilities		3,909,600			3,793,290
Stockholders’ Equity
Common stock		16,230			16,456
Additional paid-in capital		90,268			97,287
Retained earnings		407,822			385,827
Accumulated other comprehensive income (loss)		(60,246	)		(60,621	)
Total stockholders’ equity		454,074			438,949
Total liabilities and stockholders’ equity	$	4,363,674		$	4,232,239


South Plains Financial, Inc. Consolidated Statements of Income (Unaudited) (Dollars in thousands)

	Three Months Ended				Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

Interest income:
Loans, including fees	$	53,886	$	50,571	$	104,456	$	99,503
Other		10,249		8,637		19,601		18,432
Total interest income		64,135		59,208		124,057		117,935
Interest expense:
Deposits		20,062		21,629		39,889		43,292
Subordinated debt		835		835		1,670		1,670
Junior subordinated deferrable interest debentures		735		856		1,468		1,717
Other		–		–		–		–
Total interest expense		21,632		23,320		43,027		46,679
Net interest income		42,503		35,888		81,030		71,256
Provision for credit losses		2,500		1,775		2,920		2,605
Net interest income after provision for credit losses		40,003		34,113		78,110		68,651
Noninterest income:
Service charges on deposits		2,098		1,949		4,239		3,762
Mortgage banking activities		3,606		3,397		5,719		7,342
Bank card services and interchange fees		3,771		4,052		7,150		7,113
Other		2,690		3,311		5,682		5,901
Total noninterest income		12,165		12,709		22,790		24,118
Noninterest expense:
Salaries and employee benefits		19,708		19,199		39,149		38,187
Net occupancy expense		3,972		4,029		7,999		7,949
Professional services		1,874		1,738		3,604		3,221
Marketing and development		919		860		1,824		1,614
Other		7,070		6,746		13,997		13,531
Total noninterest expense		33,543		32,572		66,573		64,502
Income before income taxes		18,625		14,250		34,327		28,267
Income tax expense		4,020		3,116		7,428		6,259
Net income	$	14,605	$	11,134	$	26,899	$	22,008


South Plains Financial, Inc. Loan Composition (Unaudited) (Dollars in thousands)

	As of
	June 30, 2025		December 31, 2024

Loans:
Commercial Real Estate	$	1,085,309	$	1,119,063
Commercial – Specialized		379,068		388,955
Commercial – General		620,934		557,371
Consumer:
1-4 Family Residential		589,935		566,400
Auto Loans		258,193		254,474
Other Consumer		63,589		64,936
Construction		101,950		103,855
Total loans held for investment	$	3,098,978	$	3,055,054


South Plains Financial, Inc. Deposit Composition (Unaudited) (Dollars in thousands)

	As of
	June 30, 2025		December 31, 2024

Deposits:
Noninterest-bearing deposits	$	998,759	$	935,510
NOW & other transaction accounts		1,244,023		498,718
MMDA & other savings		1,072,010		1,741,988
Time deposits		424,146		444,660
Total deposits	$	3,738,938	$	3,620,876


South Plains Financial, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) (Dollars in thousands)

	For the quarter ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Pre-tax, pre-provision income
Net income	$	14,605	$	12,294	$	16,497	$	11,212	$	11,134
Income tax expense		4,020		3,408		4,222		3,094		3,116
Provision for credit losses		2,500		420		1,200		495		1,775
Pre-tax, pre-provision income	$	21,125	$	16,122	$	21,919	$	14,801	$	16,025

	As of
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Tangible common equity
Total common stockholders’ equity	$	454,074		$	443,743		$	438,949		$	443,122		$	417,985
Less: goodwill and other intangibles		(20,732	)		(20,884	)		(21,035	)		(21,197	)		(21,379	)

Tangible common equity	$	433,342		$	422,859		$	417,914		$	421,925		$	396,606

Tangible assets
Total assets	$	4,363,674		$	4,405,209		$	4,232,239		$	4,337,659		$	4,220,936
Less: goodwill and other intangibles		(20,732	)		(20,884	)		(21,035	)		(21,197	)		(21,379	)

Tangible assets	$	4,342,942		$	4,384,325		$	4,211,204		$	4,316,462		$	4,199,557

Shares outstanding		16,230,475			16,235,647			16,455,826			16,386,627			16,424,021

Total stockholders’ equity to total assets		10.41	%		10.07	%		10.37	%		10.22	%		9.90	%
Tangible common equity to tangible assets		9.98	%		9.64	%		9.92	%		9.77	%		9.44	%
Book value per share	$	27.98		$	27.33		$	26.67		$	27.04		$	25.45
Tangible book value per share	$	26.70		$	26.05		$	25.40		$	25.75		$	24.15

The MIL Network –

July 17, 2025

MIL-OSI USA: Joint Agriculture Chairmen’s Ag Issues Summit Announced for August 21, 2025

Source: US State of Georgia

ATLANTA (July 16, 2025) —State Senator Russ Goodman (R–Cogdell), Chairman of the Senate Agriculture and Consumer Affairs Committee, and State Representative Robert Dickey (R–Musella), Chairman of the House Agriculture and Consumer Affairs Committee, will host the annual Joint Ag Issues Summit on Thursday, August 21, 2025, in Perry, Georgia.

The summit will bring together lawmakers, industry leaders, and members of Georgia’s farming community to discuss the top issues impacting the state’s number one industry. The event will feature key policy updates and a forward-looking agenda focused on protecting Georgia’s agricultural future.

“This summit is about making sure farmers have a seat at the table as we shape policy at the State Capitol,” said Sen. Russ Goodman. “Chairman Dickey and I are both farmers ourselves. We know what’s at stake, and we’re committed to listening, learning, and leading on the issues that matter most to Georgia agriculture.”

“As farmers, we know firsthand the challenges and opportunities facing Georgia’s agriculture industry,” said Rep. Dickey. “The Ag Issues Summit is a vital chance for us to come together – farmers, lawmakers and industry leaders – to listen, learn and plan for the future of our state’s number one industry. I’m proud to help lead this effort as we work to strengthen and protect Georgia’s agriculture industry for the generations to come.”

The Summit will convene in the Miller Murphy Howard Building at 401 Larry Walker Pkwy, Perry, Georgia 31069. Registration will begin at 9:00 A.M., and the official program will start at 9:30 A.M. Coffee and lunch will be provided. A detailed agenda will be released in the weeks ahead.

Attendees are encouraged to RSVP by Friday, August 8, either online here or by emailing Rachel.Whitted@senate.ga.gov.

# # # #
Sen. Russ Goodman serves as Chairman of the Senate Committee on Agriculture and Consumer Affairs. He represents Senate District 8 which includes Atkinson, Clinch, Echols, Lanier, Lowndes and Pierce Counties and a large portion of Ware County. He may be reached at 404.656.7454 or at russ.goodman@senate.ga.gov

Representative Robert Dickey represents the citizens of District 134, which includes Crawford and Upson counties, as well as portions of Lamar and Peach counties. He was first elected to the House of Representatives in 2011 and currently serves as Chairman of the Agriculture & Consumer Affairs Committee. He also serves on the Appropriations Subcommittee on Education, Banks and Banking, Energy, Utilities and Telecommunications, Higher Education, Natural Resources and Environment and Ways and Means committees, as well as the Special Committee on Resource Management.

For all media inquiries, reach out to SenatePressInquiries@senate.ga.gov.

MIL OSI USA News –

July 17, 2025

MIL-OSI Banking: Verizon Frontline welcomes newest “Verizon Frontline Verified” partners: Radiav and Siyata

Source: Verizon

Headline: Verizon Frontline welcomes newest “Verizon Frontline Verified” partners: Radiav and Siyata

ASHBURN, Va. – Verizon Frontline today announced that two more industry partners have joined the growing list of companies whose products have earned “Verizon Frontline Verified” status. With Radiav and Siyata now part of the “Verizon Frontline Verified” program, Verizon continues to demonstrate its commitment to providing proven 5G-enabled solutions built for first responders.

Radiav’s revolutionary Rapid Air Deployable (RAD) is a compact, deployable communications unit designed to help maintain reliable connectivity in the most challenging environments. This patent-pending, rapidly-deployable communication hub integrates 5G, LTE, satellite, Wi-Fi, and Ethernet backhaul—with central failover switching designed to help maintain seamless, on-demand communication in diverse operational scenarios.

“We’re proud to have earned the Verizon Frontline Verified tag,” said Ty Roberston, Chief Marketing Officer at Radiav. “It’s a testament to the real-world value we’ve built into RAD. We didn’t just design a product—we co-developed it alongside first responders who operate in disaster zones where traditional networks fail. Now, with Verizon Frontline’s backing, we’re ready to scale this impact.”

Also achieving “Verizon Frontline Verified” status is Siyata, a vendor redefining mission-critical communications with devices like the Siyata SD7, a ruggedized Push-to-Talk-over-Cellular handset. This advanced device demonstrates their commitment to providing first responders with reliable, high-quality and secure communication tools.

“We’re proud to join the ranks of ‘Verizon Frontline Verified’ partners,” said Nick Yaeger, Vice President of Sales at Siyata. “The SD7 is designed for users who need reliable, simple, and robust communication, often as an upgrade from traditional systems, and now it’s backed by the #1 network choice in public safety.”

Both the Siyata SD7 and the Radiav RAD are utilized by the Verizon Frontline Crisis Response Team, as they support first responders across the nation with critical connectivity.

“Radiav and Siyata are valued partners in the program,” said Calvin Jackson, a senior manager for crisis response with Verizon Frontline. “The first responders we support can have confidence that, in conjunction with our award-winning network, these solutions will deliver the capabilities they need.”

Verizon Frontline Verified Program

The “Verizon Frontline Verified” program offers a special designation to vendors whose products have been tested and met the rigorous standards required for public safety use on the Verizon network. The products eligible for this status are specifically designed to assist public safety officials and first responders during all types of hazards and emergencies.

Vendors looking to earn the “Verizon Frontline Verified” designation must first be part of the Verizon Frontline Innovation Program. Vendors in this program can request to have specific products go through the verification process. More information on the program can be found here.

Verizon Frontline is the advanced network and technology built for first responders – developed over three decades of partnership with public safety officials and agencies on the front lines – to meet their unique and evolving needs. Learn more at our site.

MIL OSI Global Banks –

July 17, 2025

MIL-OSI Europe: Answer to a written question – Gaza: offer of EU assistance in sidelining UN humanitarian agencies and consultation with Palestinian counterparts – E-002153/2025(ASW)

Source: European Parliament

The dire humanitarian situation in Gaza is a priority for the EU. The EU has consistently called on the Israeli government to lift the blockade on the entry of humanitarian aid into Gaza[1].

The EU reiterates that humanitarian aid must never be politicised or militarised and stressed the role of the United Nations (UN) in distributing humanitarian assistance[2].

The EU continues to voice its urgent call for the immediate, unimpeded and sustained resumption of delivery of aid at scale, fully in line with humanitarian principles and according to the needs of the civilian population in Gaza, as expressed in a joint statement by the High Representative/Vice-President (HR/VP) with the Commissioner for the Mediterranean and the Commissioner for Equality on 7 May 2025[3] and in a joint donor statement on humanitarian aid to Gaza on 19 May 2025[4].

A diplomatic solution is the only way forward. The EU continues to support the efforts by the mediators to reach a permanent ceasefire and hostage-release deal. The HR/VP is engaging in diplomatic efforts with all relevant actors, including the UN and regional partners, to help end the conflict in Gaza.

Since the onset of the conflict in Gaza, the EU has deployed all available humanitarian instruments to ease the suffering of the civilian population in Gaza and the West Bank.

The EU announced initial humanitarian funding of EUR 120 million for Gaza in 2025, and then allocated an additional EUR 50 million to address the urgent needs.

This brings total EU humanitarian assistance since October 2023 to over EUR 500 million (EUR 103 million in 2023 and EUR 237 million in 2024).

[1] https://north-africa-middle-east-gulf.ec.europa.eu/news/joint-statement-high-representative-kallas-and-commissioners-suica-and-lahbib-humanitarian-situation-2025-04-12_en; https://north-africa-middle-east-gulf.ec.europa.eu/news/joint-statement-high-representative-kallas-commissioner-suica-and-commissioner-lahbib-humanitarian-2025-05-07_en; https://north-africa-middle-east-gulf.ec.europa.eu/news/read-out-phone-call-between-president-von-der-leyen-and-his-majesty-king-abdullah-ii-jordan-2025-05-27_en.
[2] https://www.eeas.europa.eu/eeas/israelpalestine-statement-high-representative-occupied-palestinian-territory_en.
[3] https://north-africa-middle-east-gulf.ec.europa.eu/news/joint-statement-high-representative-kallas-commissioner-suica-and-commissioner-lahbib-humanitarian-2025-05-07_en.
[4] https://www.eeas.europa.eu/eeas/joint-donor-statement-humanitarian-aid-gaza%C2%A0_en.

Last updated: 16 July 2025

MIL OSI Europe News –

July 17, 2025

MIL-OSI Europe: Answer to a written question – Israeli Gaza Strip occupation plan – P-001825/2025(ASW)

Source: European Parliament

The European Council in March 2025[1] deplored the breakdown of the ceasefire in Gaza and called for an immediate return to the full implementation of the ceasefire-hostage release agreement. It stressed the need for a ceasefire leading to the release of all hostages and a permanent end to hostilities.

The EU has been consistently calling for the immediate resumption of humanitarian aid at scale into Gaza. The High Representative/Vice-President (HR/VP) of the Commission, the Commissioner for the Mediterranean and the Commissioner for Equality, Preparedness and Crisis Management called for the lifting of the blockade on humanitarian aid into Gaza (statements of 12 April 2025[2] and 7 May 2025[3]).

Following the exchange at the Foreign Affairs Council on 20 May 2025, with the support of the majority of Member States, the HR/VP announced the review of Israel’s compliance with Article 2 of the Association Agreement in view of the untenable humanitarian situation in Gaza.

This was discussed with Member States at the Foreign Affairs Council on 23 June 2025 as well as the European Council on 26 June 2025. The Foreign Affairs Council will revisit the issue on 15 July 2025. It will be up to Member States to decide the next steps, if any.

The Commission has allocated EUR 170 million of humanitarian assistance for Gaza and the West Bank in 2025 so far. This brings the total support to over EUR 500 million since 2023 (EUR 102 million in 2023 and EUR 237 million in 2024).

The Commission continues its utmost efforts to ensure full compliance with IHL and advocate for unimpeded access for all its humanitarian partners.

[1] https://www.consilium.europa.eu/media/viyhc2m4/20250320-european-council-conclusions-en.pdf.
[2] https://north-africa-middle-east-gulf.ec.europa.eu/news/joint-statement-high-representative-kallas-and-commissioners-suica-and-lahbib-humanitarian-situation-2025-04-12_en.
[3] https://ec.europa.eu/commission/presscorner/detail/de/statement_25_1155.

Last updated: 16 July 2025

MIL OSI Europe News –

July 17, 2025

MIL-OSI USA: Congressman Maxwell Frost Statement on the Murder of Saifullah Kamel Musallet

Source: United States House of Representatives – Representative Maxwell Frost Florida (10th District)

July 15, 2025

WASHINGTON, D.C. — Today, Congressman Maxwell Alejandro Frost (FL-10) issued a statement following reports of the horrific murder of Florida resident, Saifullah Kamel Musallet, a Palestinian-American visiting family in the West Bank.

In a statement, Rep. Frost says:

“The horrific and cold-blooded murder of an American citizen by Israeli settlers in the West Bank cannot be ignored. Saifullah Kamel Musallet, a Palestinian-American and Floridian, was brutally murdered, and his attackers reportedly deliberately obstructed medical assistance to ensure he would die.

“The loss of his life serves as a stark reminder of the pain, suffering, and conflict ongoing in the West Bank and Gaza.

“As our country’s self-proclaimed peacekeeper, Donald Trump has a moral and constitutional obligation to direct the Department of State to conduct a thorough investigation and, more importantly, to demand full justice and accountability for those responsible for this heinous act. Our country must ensure the protection and safety of Americans abroad.”

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MIL OSI USA News –

July 17, 2025

MIL-OSI Africa: The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Al Baraka Islamic Bank BSC Bahrain Sign Documentary Credit Insurance Policy to Boost Shariah-Compliant Trade

Source: APO

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) (https://ICIEC.IsDB.org), a Shariah-based multilateral insurer and member of the Islamic Development Bank Group, and Al Baraka Islamic Bank BSC Bahrain signed a Documentary Credit Insurance Policy (DCIP). The policy aims to strengthen support for Shariah-compliant trade finance, enabling greater security and confidence in the international trade ecosystem.

The agreement was signed by Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank BSC Bahrain, in a joint effort to enhance the capacity of Islamic financial institutions to manage trade-related risks more effectively.

Under this partnership, ICIEC will provide insurance coverage for the confirmation of Letters of Credit (LCs) issued by Al Baraka Islamic Bank in connection with the import and export of eligible Shariah-compliant goods and services. This solution will help mitigate payment risks associated with cross-border trade while promoting sustainable growth in ICIEC’s member states.

Dr. Khalid Khalafalla, CEO of ICIEC, stated: “This strategic collaboration with Al Baraka Islamic Bank reflects ICIEC’s unwavering commitment to advancing intra-OIC trade and investment. By supporting Shariah-compliant trade finance through our Documentary Credit Insurance Policy, we are facilitating secure trade flows while empowering Islamic banks to broaden their offerings to clients. This partnership demonstrates the power of multilateral cooperation in achieving shared development goals.”

For his part, Dr. Adel Salem, CEO of Al Baraka Islamic Bank BSC Bahrain, stated: “We are delighted to partner with ICIEC on this pioneering Credit Insurance Policy, which empowers us to extend Shariah‑compliant trade finance to our clients, bolster Bahrain’s role as a regional hub for Islamic banking, and stimulate sustainable economic growth across member states worldwide. This collaboration underscores our unwavering commitment to innovation and robust risk management, giving the businesses we serve greater confidence to expand in global markets.”

The DCIP serves as a vital tool for Islamic banks, enhancing their ability to expand trade finance operations with reduced exposure to commercial and political risks. The policy also complements ICIEC’s broader mandate to promote economic resilience, financial inclusion, and private sector development in member countries.

Both institutions reaffirmed their shared dedication to expanding the reach of Islamic finance, strengthening risk mitigation tools, and contributing to inclusive and sustainable economic development.

Distributed by APO Group on behalf of Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Media Contacts:
ICIEC
Email: ICIEC-Communication@isdb.org

Al Baraka Islamic Bank BSC
Email: marketing@albaraka.bh

Follow ICIEC on:
X: https://apo-opa.co/44Qre2B
Facebook: https://apo-opa.co/3Iv2bL3
LinkedIn: https://apo-opa.co/44JYv0J
YouTube: https://apo-opa.co/4eRJkG9
Instagram: https://apo-opa.co/44LpCak

About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC):
As a member of ‘AAA’ rated Islamic Development Bank (IsDB), ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 50 Member States. ICIEC, for the 17^th consecutive year, maintained an “Aa3” insurance financial strength credit rating from Moody’s, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, S&P has reaffirmed ICIEC “AA-“ long-term Issuer Credit and Financial Strength Rating for the second year with Stable Outlook. ICIEC’s resilience is underpinned by its sound underwriting, global reinsurance network, and strong risk management policies. Cumulatively, ICIEC has insured more than USD 121 billion in trade and investment. ICIEC activities are directed to several sectors – energy, manufacturing, infrastructure, healthcare, and agriculture.

Website: https://ICIEC.IsDB.org

About Al Baraka Islamic Bank BSC:
Al Baraka Islamic Bank (AIB) is one of leading financial institutions in the Islamic banking sector within Bahrain. Throughout its history of more than four decades (since its establishment in 1984), the Bank has played a prominent role in building the infrastructure of the Islamic finance industry. The Bank also played a significant role in promoting the Islamic finance industry and publicizing its merits.

AIB offers innovative financial products, including investments, international trading, management of short-term liquidity and consumer financing, all of which are all based on Islamic financing modes. Such financing includes Murabaha, Wakala, Istisna, Musharaka, Mudarabah, Salam, and Ijara Muntahia Bittamleek.

Website: https://www.AlBaraka.bh

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MIL OSI Africa –

July 17, 2025

Category: Banking

Mining’s hidden toll on women and indigenous communities

From backyards to resistance: A community’s fight for survival

When innovation meets tradition: Overcoming barriers

A just transition must be grassroots-led

PM set to reshape how Government works with communities to tackle Britain’s biggest challenges

Ahead of speaking at the Summit later today, Culture Secretary Lisa Nandy said:

ENDS

Sarah Elliott & Jane Ide, CEO’s of National Council for Voluntary Organisations & Association of Chief Executives of Voluntary Organisations on behalf of the Civil Society Advisory Group said:

Scottish Council for Voluntary Organisations Chief Executive Anna Fowlie, said:

Wales Council for Voluntary Action, Chief Executive Lindsay Cordery-Bruce said:

Chief Executive of the Northern Ireland Council for Voluntary Action, Celine McStravick said:

Notes to editors:

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