MIL-OSI USA: Chairman Hawley Exposes Big Tech’s Complicity in Piracy to Train AI Models & Willfulness to Bankrupt U.S. Creative Community

US Senate News:

Source: United States Senator Josh Hawley (R-Mo)

Wednesday, July 16, 2025

Today, U.S. Senator Josh Hawley (R-Mo.) chaired a Judiciary subcommittee hearing revealing Big Tech’s role behind the unchecked piracy of copyrighted content to fuel companies’ artificial intelligence (AI) models. The hearing featured witness testimony from bestselling author David Baldacci as well as AI experts and law professors who lent credence to Senator Hawley’s claim: AI companies, namely Meta, have crossed the line of technological innovation into corporate crime.
“Today’s hearing is about the largest intellectual property theft in American history. . . . AI companies are training their models on stolen material, period. . . . And we’re not talking about these companies simply scouring the internet for what’s publicly available. We’re talking about piracy,” Senator Hawley said.
“Are we going to protect [Americans’ creative community], or are we going to allow a few mega-corporations to vacuum it all up, digest it, and make billions of dollars in profits—maybe trillions—and pay nobody for it. That’s not America,” the Senator argued, explaining that the issue at hand is a moral one as much as a legal one.
Baldacci went on to point out the harm mass piracy poses to America’s authors, songwriters, and other creative producers, whose works are now in the crosshairs of Big Tech’s lawlessness.
“Every single one of my books was presented to me . . . in three seconds. It really felt like I had been robbed of everything of my entire adult life that I had worked on,” Baldacci said.
Key revelations uncovered during the hearing include:
AI companies being trained on over 200 terabytes of copyrighted work—or, in other words, billions of pages that would fill approximately 22 Libraries of Congress.
Big Tech having pirated this work by illegally downloading it.
AI companies having facilitated other actors’ piracy by illegally uploading more than 50 terabytes of copyrighted works for others’ use.
Meta knowing it was engaging in illegal activity.
• Employees internally warned each other that Meta’s piracy was illegal—and then brazenly made light of it.
• Meta concealed its pirating via non-Meta servers, so its criminal acts would not be traced back to the company.

Watch the full subcommittee hearing here.

MIL OSI USA News –

July 17, 2025

MIL-OSI USA: Welch Spotlights Importance of Safeguarding Musicians and Artists from AI

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. — U.S. Senator Peter Welch (D-Vt.), a member of the Senate Judiciary Committee today emphasized the importance of establishing protections to help creators—musicians, artists, writers, and others—access the courts to protect their copyrighted works if and when they are used to train generative artificial intelligence (AI) models. Senator Welch urged Congress to pass the Transparency and Responsibility for Artificial Intelligence Networks (TRAIN) Act, bipartisan legislation that would allow copyright holders to access training records used for AI models to determine if their work was used—a process currently used for internet piracy.
“The AI companies need content, so they don’t care where it comes from. It’s just a voracious, insatiable appetite, and they’re going to go into copyrighted material. We know that, and to suggest they won’t, I think, is naïve. And the question, and the burden here is—that is going into copyrighted material. And the artist has the right to have that copyright respected. The burden is that how do you know they used it? That’s the whole point of the TRAIN Act, where if there is copyright infringement, a reasonable assertion of that and suspicion of it is going to require disclosure on the part of the AI platform,” said Senator Welch.
Watch Senator Welch’s full remarks below:
Read key excerpts from Senator Welch’s exchange with Michael Smith, Professor of Information Technology and Marketing at Carnegie Mellon University:
“Music is so important. It really helps people get a sense of who they are, it helps people connect, and it’s across political divisions. That’s what’s one of the inspiring things about the incredible contributions that musicians provide to our society. Can you just explain what the dangers are of allowing AI models to freely train off of copyrighted works?” asked Senator Welch.
Mr. Michael Smith testified: “There are multiple dangers…When you sign a license with a generative AI company, you’re signing with a gun to your head because they can say, ‘either sign what I’m offering or I’m going to go steal it instead.’ That’s troubling.”
Senator Welch: “This is the concern I have about how this AI…is going to make it tougher for those folks against great odds to keep at it. So maybe you could just—from your experience—talk a little bit about how it would adversely impact any chance they have of being able to pay their bills at the end of the month while they’re trying to create inspirational music for the benefit of all of us.”
Mr. Smith: “I deeply share that concern, Senator, and it’s based on peer-reviewed academic research showing that creative output goes down when piracy is allowed to flourish. I worry that the future David Baldaccis of the world won’t get through that hump. And we won’t get to appreciate their creative output if we allow piracy to be used to continue to train these generative AI models.”
Senator Welch is focused on strengthening consumer protections and safety around emerging technologies, including AI. Last Congress, Senator Welch introduced the Artificial Intelligence Consumer Opt-In, Notification Standards, and Ethical Norms for Training (AI CONSENT) Act, legislation that would require online platforms to obtain consumers’ express informed consent before using their personal data to train AI models. Senator Welch also introduced the Digital Platform Commission Act, legislation to create an expert federal agency to provide comprehensive regulation of digital platforms to protect consumers, promote competition, and safeguard the public interest.
Learn more about Senator Welch’s work by visiting his website or by following him on social media.

MIL OSI USA News –

July 17, 2025

MIL-OSI USA: Ricketts, Colleagues Call for a Stable Regulatory Environment to Win the A.I. Race

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) led a group of colleagues in sending a letter to Commerce Secretary Howard Lutnick on shaping regulations to position the United States as the world capital of artificial intelligence (AI). The letter calls for the administration to release a rule that creates an environment for American innovators to compete and win, while keeping frontier tech out of the hands of America’s adversaries. This rule will be another step in the administration’s work to ensure the United States dominates the global AI ecosystem. The letter reads:
“We can only win the AI race with Communist China if we are wisely limiting our foreign adversary’s opportunities to develop frontier AI and enabling American companies to compete quickly in the global marketplace. Both prongs are important and the balance between them are crucial. America is winning the AI race, but the competition has been hard fought and will continue to be. Steps must be taken quickly since investments happening now will create the world’s tech ecosystem for decades to come.”
The letter follows an April letter led by Senator Ricketts, urging Secretary Lutnick to rescind the Biden Administration’s AI Diffusion Rule. This Biden-era policy created obstacles to innovation and cooperation by applying tiers and caps on allies seeking to access American technology. The Trump administration rescinded the AI Diffusion Rule on May 7.
The letter was also signed by Senators Kevin Cramer (ND), John Kennedy (LA), James Lankford (OK), and Rick Scott (FL).
Read the full letter here or below.
Dear Secretary Lutnick,
Under President Trump’s leadership, the United States is shaping emerging technologies globally and positioned as the world capital of artificial intelligence (AI). The President’s cabinet is unshackling American energy, cutting burdensome red tape, and unwinding Biden’s bad policies. One important example of bolstering American prosperity was your decision to rescind and replace the Biden administration’s AI Diffusion Rule. This rule would have helped China win the AI race, and replacing this rule quickly will provide American innovators a stable environment to compete and win.
The Biden Administration’s AI Diffusion Rule, as accurately stated on the Bureau of Industry and Security’s website, “…would have stifled American innovation and saddled companies with burdensome new regulatory requirements.” The rule undermined relationships with allies and partners around the world. It hamstrung American companies, and the rule ultimately gave friendly nations an incentive to turn to Communist China for their emerging tech needs. Repealing this rule was a step forward for the nation.
While we are currently ahead of Communist China in the AI race, we must continue to help our nation, companies, and innovators succeed. Failure to maintain our lead in AI development means that we could be at the mercy of Communist China for many critical industries. Examples include cryptography, next-generation pharmaceuticals, and advanced defense materials. President Trump has been at the forefront of securing investment during his recent successful trip to the Middle East. He closed deals promoting U.S. technology as the global standard and secured landmark investments in frontier AI development at home. We must continue to capitalize on this momentum by ensuring allies and partners building out their AI investments see the U.S. as the superior, most reliable partner.
One crucial next step in this competition is providing American innovators, exporters, and nations around the world a stable exporting structure. Mr. Secretary, your testimony before the Senate Appropriations Committee included key elements of an AI diffusion framework that would enable American AI diffusion around the world while also limiting China’s ability to develop frontier AI. The Trump administration should not return to Biden’s tiers and caps that confused close allies and partners.
Instead, know-your-customer and security controls should be applied to technologies designed to train frontier AI models. This approach, while allowing other American technologies to flow freely, will ensure the United States dominates the global AI ecosystem.
We can only win the AI race with Communist China if we are wisely limiting our foreign adversary’s opportunities to develop frontier AI and enabling American companies to compete quickly in the global marketplace. Both prongs are important and the balance between them are crucial. America is winning the AI race, but the competition has been hard fought and will continue to be. Steps must be taken quickly since investments happening now will create the world’s tech ecosystem for decades to come.
We thank you for your decisive actions so far bolstering American leadership, security, and prosperity. We look forward to working with you and President Trump to make America the AI capital of the world.

MIL OSI USA News –

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 Submissions: Business – Hellmann expands footprint in Americas region with launch of fully-owned operations in Colombia

Source: Hellmann Worldwide Logistics

Osnabrueck / Bogotá, July 16, 2025. Hellmann Worldwide Logistics today announced the opening of its new fully-owned subsidiary in Colombia. The launch represents a strategic milestone in the company’s network expansion across the Americas and underscores its commitment to sustainable, long-term growth.

Hellmann has been active in Colombia for almost 30 years through local partner companies, establishing a strong market presence, in-depth local expertise, and a reliable network. Earlier this year Hellmann acquired its perishables partner HPL Apollo, including the HPL entity in Colombia. Following this acquisition, the company has further strengthened its footprint in the country by formally establishing its own subsidiary specializing in end-to-end logistics for general cargo and other verticals including airfreight, seafreight, customs brokerage, and contract logistics supported by an experienced team of supply chain professionals. Customers and partners can leverage Colombia as a new strategic hub for both inbound and outbound flows, enhancing connectivity to North and South American markets as well as global trade lanes supported by the extensive Hellmann network.

“Following the takeover of HPL Apollo in the United States and the inclusion of its Colombian operations, establishing a fully integrated own country organization in Colombia marks another milestone in our global expansion strategy. The Americas is a key market for us, and this development strengthens our presence and enhances our ability to serve customers across this strategically important region,” says Jens Drewes, CEO Hellmann Worldwide Logistics.

“After seven successful years of collaboration with our local partner ABC Cargo Logistics S.A.S., we are proud to take the next step by establishing our own Hellmann operations in Colombia,” said Peter Huwel, Regional Chief Executive Officer, Americas. “This launch strengthens our ability to deliver the high-quality, integrated logistics solutions our customers expect from Hellmann, while positioning us to drive continued growth across the region.”

The Colombian opening further consolidates Hellmann’s presence in Latin America and aligns with the company’s ambition to connect the Americas’ markets, people, and opportunities with efficiency, innovation, and commitment.

Über Hellmann
Hellmann Worldwide Logistics ist ein globaler Logistikdienstleister mit einem umfassenden Dienstleistungsportfolio, das Luft- und Seefracht, Straßen- und Schienentransport sowie Kontraktlogistik umfasst. Mit einem Jahresumsatz von EUR 3,8 Mrd. und rund 12.000 Mitarbeiter*innen in 61 Ländern bewegt Hellmann jährlich über 20 Mio. Sendungen. Auf Basis dieser breiten Produktpalette und langjährigen Erfahrung bietet Hellmann innovative Logistiklösungen für die komplexen Anforderungen jedes einzelnen Kunden und setzt auf visionäre technische Produkte, um maximale Kundentransparenz zu gewährleisten und gleichzeitig eine effizientere Lieferkette zu schaffen.

About Hellmann
Hellmann Worldwide Logistics is a global logistics service provider with a comprehensive service portfolio that includes air- and seafreight, road and rail transport, and contract logistics. With annual sales of EUR 3.8 bn and around 12,000 employees in 61 countries, Hellmann moves over 20 mio shipments annually. Based on this broad product range and many years of experience, Hellmann offers innovative logistics solutions for the complex requirements of each individual customer and relies on visionary technical products to ensure maximum customer transparency while creating a more efficient supply chain.

MIL OSI – Submitted News –

July 17, 2025

MIL-OSI USA: Cornyn, Cruz Provision to Bring Space Shuttle Discovery to Houston Signed Into Law in One Big Beautiful Bill

US Senate News:

Source: United States Senator for Texas John Cornyn

WASHINGTON – U.S. Senators John Cornyn (R-TX) and Ted Cruz (R-TX) released the following statements on their provision to consider moving the Space Shuttle Discovery from Virginia to its rightful home near the National Aeronautics and Space Administration’s (NASA) Johnson Space Center (JSC) in Houston getting signed into law by President Trump in the One Big Beautiful Bill Act:

“Houston has long been the cornerstone of our nation’s human space exploration program, and it’s overdue for Space City to receive the recognition it deserves by bringing the Space Shuttle Discovery home,” said Sen. Cornyn. “I am glad to see this provision become law as part of the One Big Beautiful Bill and look forward to welcoming Discovery to Houston and righting this egregious wrong.”

“Houston has long stood at the heart of America’s human spaceflight program, and this legislation rightly honors that legacy,” said Senate Committee on Commerce, Science, & Transportation Chairman Cruz. “It ensures that any future transfer of a flown, crewed space vehicle will prioritize locations that have played a direct and vital role in our nation’s manned space program, making Houston, Texas, a leading candidate. Bringing such a historic space vehicle to the region would underscore the city’s indispensable contributions to our space missions, highlight the strength of America’s commercial space partnerships, and inspire future generations of engineers, scientists, and pioneers who will carry our legacy of American leadership in space.”

Background:

The Senators’ provision will result in consideration of the Space Shuttle Discovery moving from Virginia to its rightful home near NASA’s JSC in Houston.

Mission Control at NASA’s Johnson Space Center led all of the space shuttle flights throughout the program’s history, and the astronauts who flew aboard the shuttles lived and trained in the area Houston. Four space shuttles were retired from NASA in 2010, and one of them was expected to go on display in the Space City. Congress stated in the NASA Authorization Act of 2010 that the four space shuttles were to be given to states with a “historical relationship with either the launch, flight operations, or processing of the Space Shuttle orbiters or the retrieval of NASA-manned space vehicles, or significant contributions to human space flight.” Unfortunately, this directive was unlawfully ignored by the Obama administration, who played politics to keep Houston from getting one of the shuttles. Notably, the administration gave one of the four shuttles to New York City, which has not made any major contributions to the nation’s history of space exploration and is not home to a NASA center—unlike Houston. The Space Shuttle Discovery should be transferred to Houston. This legislation would authorize the movement of the Space Shuttle Discovery from the Smithsonian’s National Air and Space Museum’s Steven F. Udvar-Hazy Center in Virginia to an entity near the JSC in Houston.

Additional space-related provisions led by Sen. Cornyn, including the Mission to Modernize Astronautic Resources (MARS) for Space Act, nearly $10 billion in NASA funding for programs at JSC, funding for National Aeronautics and Space Administration’s (NASA) Artemis program, and resources to support the International Space Station (ISS), were also signed into law as part of this legislation on July 4, 2025.

MIL OSI USA News –

July 17, 2025

MIL-OSI New Zealand: Employment – Union for local government workers supports LGNZ recommendations to improve voter turnout

Source: PSA

The PSA supports Local Government New Zealand’s (LGNZ) recommendations for a return to in-person voting at local elections, and for the Electoral Commission take over running and publicising local elections.

The Public Service Association Te Pūkenga Here Tikanga Mahi represents over 11,000 local government workers, and has a total membership of over 96,000 people living, paying rates and voting across the country.

Currently local bodies are responsible for running their own elections, and most contract that job out to private firms.

“Private companies should not be running local body elections, it is not appropriate for something so important to the functioning of local democracy,” said PSA National Secretary Fleur Fitzsimons.

“The Electoral Commission is publicly accountable and already has a track record for delivering Parliamentary elections, we call on central government to give the Electoral Commission this role, with the proper resourcing to do it.”

“In person voting will help turn around the poor turnout rates in local elections,” said Fitzsimons. “We need to see much greater participation and a more well-informed and engaged voting public.”

The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

MIL OSI New Zealand News –

July 17, 2025

MIL-OSI New Zealand: Tourism – Southern Discoveries puts new emergency survival equipment to the test

Source: Southern Discoveries

Southern Discoveries has become the first tourism company in Milford Sound to be AF8-ready with specialist emergency survival equipment.

The longest-running Milford Sound cruise operator has fitted out its entire fleet of vehicles, including five coaches seating up to 250 people, with survival gear specifically designed for major earthquake events.

And the initiative has already got the attention of tourism trade partners.

Yesterday, Southern Discoveries’ coach team and senior managers attended a simulated training exercise near Queenstown to familiarise themselves with the life-saving gear they may need in an emergency situation. The drill at Wilson’s Bay saw staff simulate realistic earthquake scenarios, practising shelter setup and testing rescue tools with the new equipment.

The specialist survival equipment has been supplied by Christchurch-based company The Survival Co., whose owner Peter Gillman was on-site during yesterday’s training exercises.

Gillman says Southern Discoveries’ investment in such an extensive range of survival and medical gear puts them ahead of others in the industry.

“Southern Discoveries is the first tourism operator to take this level of equipment from The Survival Co.,” he says. “They’ve taken the approach that if you’re going to do it, you should do it properly, and that’s exactly what’s been achieved.”

The Survival Co. created a tailor-made package for the company, considering the additional challenges of remote locations like Milford Sound.

“We looked at the scenarios people might find themselves in and what particular hazards exist in these areas. This gear provides an opportunity to keep people safe and comfortable during an emergency situation until help arrives.”

Each of Southern Discoveries’ five coaches is now equipped with long-life food supplies, bottled water, purification tablets, emergency shelter, headlamps, waterproof ponchos, survival blankets, personal hygiene items, and stretchers. The gear also includes four-person survival self-rescue backpacks, enabling passengers and drivers to evacuate safely if required, plus satellite communication devices with SOS and two-way texting capabilities to maintain contact in remote areas.

Survival packs will be placed in nine company vehicles and all coaches will carry Heartshine Samaritan AEDs (Automated External Defibrillators) for immediate medical response capabilities. Grab-and-go packs have been placed in staff housing in Milford Sound.

Southern Discoveries CEO Kerry Walker says the delivery of the gear aligns with the company’s goal of continuously improving and ensuring safety for guests and staff at all times.

“We operate in a region with significant seismic risks, so it’s our responsibility to be prepared for any eventuality. This equipment provides genuine peace of mind for our staff, guests, and the local community,” Walker explains.

The proactive safety initiative has already received strong support from Southern Discoveries’ international trade partners, particularly agents from the United States and Japan, who value the company’s commitment to safety standards.

“We know our travel agent partners place high value on safety for their clients, so we’re delighted to be able to provide this level of comfort,” Walker adds.

While Gillman notes his company is seeing increased interest from city councils and Civil Defence organisations, and is encouraged to see more tourism operators starting to invest in high-level survival equipment.

Walker adds: “We’re proud to position ourselves as industry leaders in emergency preparedness, but we also want to encourage others to work with The Survival Co., who are experts in this area. One of Southern Discoveries’ major trade partners has already contacted The Survival Co. to discuss obtaining safety gear for their organisation.”

About Southern Discoveries

Southern Discoveries is a local, family-owned company dedicated to sharing some of New Zealand’s most iconic scenery and extraordinary experiences with the world. Operating for more than 70 years, Southern Discoveries is Milford Sound’s original cruise operator, offering a wide range of incredible sightseeing and adventure activities in Fiordland. The company maintains an ongoing commitment to the conservation of Aotearoa’s environment through sustainable tourism initiatives and the support of the Tawaki Project in partnership with DoC, the Fiordland Conservation Trust and the University of Otago.
www.southerndiscoveries.co.nz

MIL OSI New Zealand 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: Cloud mining revolutionizes the way to increase the value of crypto assets: Ripplecoin Mining allows XRP, BTC, and Solana holders to achieve daily income

Source: GlobeNewswire (MIL-OSI)

Weston, Massachusetts, July 16, 2025 (GLOBE NEWSWIRE) — As the cryptocurrency market continues to fluctuate, more and more investors are looking for a stable income channel that does not rely on market conditions. Ripplecoin Mining’s newly launched mobile cloud mining application is providing a new passive income path for holders of mainstream currencies such as XRP, Bitcoin (BTC) and Solana: users no longer just wait for the price of the currency to rise, but rent computing power and participate in daily dividends to achieve continuous growth of assets.

Market turmoil drives investment strategy transformation, cloud mining becomes a new option for hedging

As the legal tug-of-war between Ripple and the U.S. Securities and Exchange Commission (SEC) draws to a close, the market is re-heating up on the future prospects of XRP; at the same time, Bitcoin (BTC) has retreated to about $117,000 after hitting a record high of $123,000, triggering a large-scale fund rebalancing. On-chain data shows that many long-term holders (“whale” addresses) have transferred some BTC to centralized exchanges, releasing potential selling pressure signals. Affected by the slowdown in ETF fund flows and macroeconomic uncertainties, short-term market volatility has significantly increased.

Against this backdrop, more and more investors have begun to turn their funds to “non-transactional” income channels such as cloud mining, giving priority to locking in daily stable returns and reducing their reliance on drastic market price fluctuations. Platforms such as Ripplecoin Mining have become the preferred tools for current crypto holders to build a stable cash flow due to their advantages such as no hardware required, daily settlement of income, and green energy drive.

A report released by ChainProof, a third-party blockchain data platform, pointed out that in the past month, the number of users using Ripplecoin Mining cloud mining services has increased by 23.5%, of which more than 46% completed registration and operation through mobile devices. This trend shows that mining is no longer limited to high-threshold professional scenarios, but is gradually opening up to ordinary users.

Simplify the mining process: three steps to participate

The Ripplecoin Mining mobile app is compatible with iOS and Android systems. Users only need to complete the following three steps to start the remote mining experience:

Quick registration: Register an account via email to get a free trial of $15 cloud computing power;
Choose a contract: Supports payment in currencies such as XRP, BTC, ETH, DOGE, etc. The contract is flexible and diverse, and the income is distributed on a daily basis;

Receive daily income: The system will automatically allocate global computing resources, and users can view and receive income in the App every day.

This innovative model greatly simplifies the hardware equipment, power configuration and technical threshold required for traditional mining, allowing every cryptocurrency holder to easily obtain miner-level income.

Smart and green: Dual guarantee of technology and energy

Ripplecoin Mining has more than 120 green data nodes distributed in North America, Europe and Asia Pacific. The system adopts AI intelligent scheduling algorithm, which can respond to the computing power requests of global users within one second, which not only improves efficiency, but also realizes a low-carbon and environmentally friendly mining ecology.
The platform spokesperson said: “We hope that every coin holder can participate in this global computing power network without worrying about equipment, technology or electricity costs.”

User voice: Stable income brings peace of mind

James, an XRP investor from Manchester, UK, shared his experience: “In the past, I was often anxious about the fluctuations in the currency price. Now, through cloud mining, I have stable income every day, which makes me more confident in the future.”
On social platforms such as Reddit and Telegram, users’ positive comments on the application are increasing. They not only agree with its ease of use, but also regard it as a safe and continuous asset management tool.

Future development: Multi-currency combined mining is about to go online

Ripplecoin Mining revealed that it will launch the “combined mining” function next, allowing users to participate in mining plans of multiple currencies in the same contract at the same time, thereby further enhancing the stability of income and the flexibility of asset allocation.
At the same time, the company will also expand its international layout, focusing on expanding the Canadian, British and Southeast Asian markets, so that more users can experience this barrier-free, green and compliant mining solution.

About Ripplecoin Mining

Ripplecoin Mining was established in 2017 and is registered in the UK. It is the world’s leading compliant cloud mining platform. The platform supports mainstream currencies such as XRP, BTC, ETH, DOGE, etc., and provides convenient, safe and sustainable mining services to more than 9.5 million users worldwide with green energy infrastructure, AI computing power scheduling and simplified user experience.
Experience cloud mining now:
Official website: https://ripplecoinmining.com

App download address: https://ripplecoinmining.com/xml/index.html#/app

Media contact: info@ripplecoinmining.com

The MIL Network –

July 17, 2025

MIL-OSI: Topnotch Crypto Launches Innovative Cloud Mining App, Turning Smartphones into Bitcoin Mining Machines

Source: GlobeNewswire (MIL-OSI)

London, UK, July 17, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto is a leading provider of blockchain and digital asset solutions is excited to announce the launch of their new cloud mining mobile app. The cloud mining mobile app easily makes the average smartphone a bitcoin mining machine, making crypto mining simple and open to the masses.

Details of the New Cloud Mining App

The app recently launched by Topnotch Crypto is an exciting development for cryptocurrency mining! Their application utilizes secure cloud (SaaS) infrastructure and takes out the barriers of crypto mining; you no longer have to pay a premium for expensive hardware, juggle the complexities of hardware, and then pay for the electricity!

Users leverage Topnotch Crypto’s prolific servers; after downloading the app and quickly registering as a user, they can start mining Bitcoin instantly. You will find the experience very straightforward, and they’ll aid you through it even if you’re new to cryptocurrency.

Click to download the APP to learn more highlights

Advantages of Using a Mobile Mining App

One of the key benefits of Topnotch Crypto’s solution is sheer convenience. Traditional mining configurations require thousands of dollars in hardware and a space with noisy, heat-generating rigs. Topnotch Crypto’s mobile app on the other hand, allows users to mine Bitcoin from almost anywhere — whether enjoying a coffee at a café, lounging while on vacation, or during a brief break at work.

Because the heavy compute occurs in the cloud, the user’s smartphone remains cool, efficient, fully available for other mobile functions. Moreover, the app utilizes minimal battery so that mining does not interfere with other mobile matters.

With this kind of accessibility, even total novices can quickly participate in the global Bitcoin network, adding to the ever-growing ledger, simply by tapping buttons on their smartphone.

Key Features and Benefits

Get started quickly: After downloading the app, you can complete the registration in just a few seconds, get $15, and start mining immediately without any technical barriers.

24/7 Cloud Mining: The platform does not stop running, allowing users’ Bitcoin to grow at all times, even while they sleep.

Live Reporting & Analytics: The intelligent dashboards demonstrate live mining statistics, current Bitcoin prices, and more detailed earning reports than anyone would need.

Advanced Security Model: Each user has their information, wallets, and funds protected with state-of-the-art encryption standards and multiple levels of data protocols.

Instant Withdrawals: Users can withdraw mined Bitcoin to their wallets without delay whenever they want.

Referrals: The built-in referral system allows users to earn engagement bonuses every time they invite friends to join the platform, with additional bonuses for reaching referral goals.

Statements from Topnotch Crypto

A representative from Topnotch Crypto emphasized how the app fits nicely within their larger vision of bringing everyone along the ride of blockchain:

“We’re incredibly excited to launch this mobile-first solution and make Bitcoin-mining accessible to anyone with a phone and an internet connection. This is a huge step forward to true decentralization and mass adoption of cryptocurrency.”

The company believes this innovation will catalyze a flood of new players into the crypto ecosystem, building even more awareness and confidence in Bitcoin as a long-term store of value.

Driving a New Era of Bitcoin Adoption

Topnotch Crypto’s cloud mining app is intending to eliminate the costly and technical barriers to entry that have traditionally prevented more individuals worldwide from mining Bitcoin. More users in the ecosystem ultimately makes the network stronger and speeds up the global transition to decentralized finance.

For existing crypto fans, the app will allow them to diversify their portfolio in an efficient manner and let them grow their Bitcoin assets passively. For new entrants, it’s a great way for them to explore the crypto world without incurring large investment upfront.

How to Get Started with Topnotch Crypto

It’s simple to get up and running. The Topnotch Crypto app is now available on both Android and iOS. Users can begin mining Bitcoin within minutes after installation and sign up, monitor their daily status, and take out their earnings whenever they wish.

User will also receive educational tips, market news, and customer support so all users may have a positive experience no matter their crypto experience level.

About Topnotch Crypto

Topnotch Crypto is a cutting edge blockchain company that is working to make cryptocurrency accessible, safe, and rewarding. Using advanced platforms and solutions that focus on the user, Topnotch Crypto is enabling individuals around the world to participate in the future of digital finance.

For press inquiries, partnership opportunities, or more information, please contact:

Topnotch Crypto Media Relations
info@topnotchcrypto.com
https://www.topnotchcrypto.com/

Experience the freedom to mine Bitcoin anytime, anywhere. Download the Topnotch Crypto app today and turn your smartphone into a powerful Bitcoin mining machine.

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

The MIL Network –

July 17, 2025

MIL-OSI: Topnotch Crypto Launches Innovative Cloud Mining App, Turning Smartphones into Bitcoin Mining Machines

Source: GlobeNewswire (MIL-OSI)

London, UK, July 17, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto is a leading provider of blockchain and digital asset solutions is excited to announce the launch of their new cloud mining mobile app. The cloud mining mobile app easily makes the average smartphone a bitcoin mining machine, making crypto mining simple and open to the masses.

Details of the New Cloud Mining App

The app recently launched by Topnotch Crypto is an exciting development for cryptocurrency mining! Their application utilizes secure cloud (SaaS) infrastructure and takes out the barriers of crypto mining; you no longer have to pay a premium for expensive hardware, juggle the complexities of hardware, and then pay for the electricity!

Users leverage Topnotch Crypto’s prolific servers; after downloading the app and quickly registering as a user, they can start mining Bitcoin instantly. You will find the experience very straightforward, and they’ll aid you through it even if you’re new to cryptocurrency.

Click to download the APP to learn more highlights

Advantages of Using a Mobile Mining App

One of the key benefits of Topnotch Crypto’s solution is sheer convenience. Traditional mining configurations require thousands of dollars in hardware and a space with noisy, heat-generating rigs. Topnotch Crypto’s mobile app on the other hand, allows users to mine Bitcoin from almost anywhere — whether enjoying a coffee at a café, lounging while on vacation, or during a brief break at work.

Because the heavy compute occurs in the cloud, the user’s smartphone remains cool, efficient, fully available for other mobile functions. Moreover, the app utilizes minimal battery so that mining does not interfere with other mobile matters.

With this kind of accessibility, even total novices can quickly participate in the global Bitcoin network, adding to the ever-growing ledger, simply by tapping buttons on their smartphone.

Key Features and Benefits

Get started quickly: After downloading the app, you can complete the registration in just a few seconds, get $15, and start mining immediately without any technical barriers.

24/7 Cloud Mining: The platform does not stop running, allowing users’ Bitcoin to grow at all times, even while they sleep.

Live Reporting & Analytics: The intelligent dashboards demonstrate live mining statistics, current Bitcoin prices, and more detailed earning reports than anyone would need.

Advanced Security Model: Each user has their information, wallets, and funds protected with state-of-the-art encryption standards and multiple levels of data protocols.

Instant Withdrawals: Users can withdraw mined Bitcoin to their wallets without delay whenever they want.

Referrals: The built-in referral system allows users to earn engagement bonuses every time they invite friends to join the platform, with additional bonuses for reaching referral goals.

Statements from Topnotch Crypto

A representative from Topnotch Crypto emphasized how the app fits nicely within their larger vision of bringing everyone along the ride of blockchain:

“We’re incredibly excited to launch this mobile-first solution and make Bitcoin-mining accessible to anyone with a phone and an internet connection. This is a huge step forward to true decentralization and mass adoption of cryptocurrency.”

The company believes this innovation will catalyze a flood of new players into the crypto ecosystem, building even more awareness and confidence in Bitcoin as a long-term store of value.

Driving a New Era of Bitcoin Adoption

Topnotch Crypto’s cloud mining app is intending to eliminate the costly and technical barriers to entry that have traditionally prevented more individuals worldwide from mining Bitcoin. More users in the ecosystem ultimately makes the network stronger and speeds up the global transition to decentralized finance.

For existing crypto fans, the app will allow them to diversify their portfolio in an efficient manner and let them grow their Bitcoin assets passively. For new entrants, it’s a great way for them to explore the crypto world without incurring large investment upfront.

How to Get Started with Topnotch Crypto

It’s simple to get up and running. The Topnotch Crypto app is now available on both Android and iOS. Users can begin mining Bitcoin within minutes after installation and sign up, monitor their daily status, and take out their earnings whenever they wish.

User will also receive educational tips, market news, and customer support so all users may have a positive experience no matter their crypto experience level.

About Topnotch Crypto

Topnotch Crypto is a cutting edge blockchain company that is working to make cryptocurrency accessible, safe, and rewarding. Using advanced platforms and solutions that focus on the user, Topnotch Crypto is enabling individuals around the world to participate in the future of digital finance.

For press inquiries, partnership opportunities, or more information, please contact:

Topnotch Crypto Media Relations
info@topnotchcrypto.com
https://www.topnotchcrypto.com/

Experience the freedom to mine Bitcoin anytime, anywhere. Download the Topnotch Crypto app today and turn your smartphone into a powerful Bitcoin mining machine.

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

The MIL Network –

July 17, 2025

MIL-OSI: Lightchain AI Confirms July 2025 Mainnet Launch, Introducing Decentralized AI Infrastructure

Source: GlobeNewswire (MIL-OSI)

SHREWSBURY, United Kingdom, July 16, 2025 (GLOBE NEWSWIRE) — Lightchain AI a decentralized infrastructure protocol focused on artificial intelligence, has confirmed the launch of its mainnet in July 2025. This milestone marks a significant step forward in integrating AI execution into blockchain environments through real-time task processing, developer tools, and incentive-driven consensus.

Designed with scalability, transparency, and performance at its core, Lightchain AI’s architecture introduces a new layer of utility to blockchain networks. The protocol features the Artificial Intelligence Virtual Machine (AIVM), which enables distributed training and inference of AI models across validator nodes using zero-knowledge proofs and federated learning mechanisms.

At the heart of the network lies a novel Proof of Intelligence (PoI) consensus, rewarding nodes for completing useful AI tasks such as model optimization and data analysis. This approach transforms compute power into verifiable contributions that can support diverse use cases across healthcare, finance, logistics, and more.

“Launching our mainnet in July is a major step toward making AI-based computation more open, distributed, and accessible,” said a Lightchain AI spokesperson. “We are building a transparent ecosystem where developers and node operators can work together to create meaningful real-world AI solutions.”

Key features of the Lightchain AI network include:

Artificial Intelligence Virtual Machine (AIVM): Secure, privacy-preserving AI task execution
Gas Optimization: Fee adjustment based on task complexity and network load
Decentralized Storage: Enables verifiable data integrity and transparency
Developer Ecosystem: Public GitHub repositories, API libraries, and onboarding documentation
$150,000 Grant Pool: Available for developers building tooling, explorers, or dApps
Validator Onboarding: Node registration and task allocation tools now live

The upcoming launch builds on Lightchain AI’s successful $21.1 million presale across 15 funding rounds, reflecting early community engagement and confidence in the platform’s mission. The Bonus Round remains active at a fixed price of $0.007 per token as Lightchain finalizes preparations for mainnet rollout.

Developers, validators, and ecosystem partners are invited to join the growing network and participate in shaping the future of decentralized artificial intelligence.

For more information and ongoing updates, visit:
https://lightchain.ai
Whitepaper
Twitter/X
Telegram

Contact:
SHAJAN SKARIA
media@lightchain.ai

Disclaimer: This content is provided by Lightchain AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80d4d6ec-5a84-44f2-a9b1-b48b8264241a

The MIL Network –

July 17, 2025

MIL-OSI: Lightchain AI Confirms July 2025 Mainnet Launch, Introducing Decentralized AI Infrastructure

Source: GlobeNewswire (MIL-OSI)

SHREWSBURY, United Kingdom, July 16, 2025 (GLOBE NEWSWIRE) — Lightchain AI a decentralized infrastructure protocol focused on artificial intelligence, has confirmed the launch of its mainnet in July 2025. This milestone marks a significant step forward in integrating AI execution into blockchain environments through real-time task processing, developer tools, and incentive-driven consensus.

Designed with scalability, transparency, and performance at its core, Lightchain AI’s architecture introduces a new layer of utility to blockchain networks. The protocol features the Artificial Intelligence Virtual Machine (AIVM), which enables distributed training and inference of AI models across validator nodes using zero-knowledge proofs and federated learning mechanisms.

At the heart of the network lies a novel Proof of Intelligence (PoI) consensus, rewarding nodes for completing useful AI tasks such as model optimization and data analysis. This approach transforms compute power into verifiable contributions that can support diverse use cases across healthcare, finance, logistics, and more.

“Launching our mainnet in July is a major step toward making AI-based computation more open, distributed, and accessible,” said a Lightchain AI spokesperson. “We are building a transparent ecosystem where developers and node operators can work together to create meaningful real-world AI solutions.”

Key features of the Lightchain AI network include:

Artificial Intelligence Virtual Machine (AIVM): Secure, privacy-preserving AI task execution
Gas Optimization: Fee adjustment based on task complexity and network load
Decentralized Storage: Enables verifiable data integrity and transparency
Developer Ecosystem: Public GitHub repositories, API libraries, and onboarding documentation
$150,000 Grant Pool: Available for developers building tooling, explorers, or dApps
Validator Onboarding: Node registration and task allocation tools now live

The upcoming launch builds on Lightchain AI’s successful $21.1 million presale across 15 funding rounds, reflecting early community engagement and confidence in the platform’s mission. The Bonus Round remains active at a fixed price of $0.007 per token as Lightchain finalizes preparations for mainnet rollout.

Developers, validators, and ecosystem partners are invited to join the growing network and participate in shaping the future of decentralized artificial intelligence.

For more information and ongoing updates, visit:
https://lightchain.ai
Whitepaper
Twitter/X
Telegram

Contact:
SHAJAN SKARIA
media@lightchain.ai

Disclaimer: This content is provided by Lightchain AI. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/80d4d6ec-5a84-44f2-a9b1-b48b8264241a

The MIL Network –

July 17, 2025

MIL-OSI Submissions: Moldova – Moldova Launches Agrotek Arena: A New Incubator for Digital Agriculture, Robotics, and FoodTech

Source: Innovate Moldova Programme

Chișinău, Moldova – Moldova is taking a decisive step toward the future of agriculture with the launch of a new incubator and pre-accelerator at Agrotek Arena Incubator, an innovation space dedicated to digital agriculture, robotics, and food technology. The initiative is part of the Innovate Moldova Programme, funded by Sweden, and aims to modernize the country’s agri-food sector through innovation, research, and international collaboration.

On July 9, 2025, a Memorandum of Understanding was signed between the Moldova’s Ministry of Digitalization and Economic Development (MDED), the Technical University of Moldova (UTM), the Innovate Moldova Programme, and the Ukraine-Moldova American Enterprise Fund (UMAEF), marking the start of this strategic partnership.

The incubator will span 1,300 square meters across two refurbished floors of Agrotek Arena and will host up to 30 residents – startups, student entrepreneurs, researchers, and agri-food businesses. It is projected to benefit over 3,000 students, farmers, and food processors annually by providing access to cutting-edge technologies, prototyping labs, greenhouses, and innovation support programs.

“Agriculture remains a backbone of Moldova’s economy. Yet, without modern tools and forward-thinking infrastructure, its full potential cannot be realized, Agrotek Arena will serve as a launchpad for innovation, helping us bridge the gap between academia, industry, and global partners.”

stated Doina Nistor, Deputy Prime Minister and Minister of Digitalization and Economic Development.

The incubator is set to open its doors to residents by September 1st, with a structured acceleration program launching in October 2025. Activities will focus on developing viable agri-tech solutions in areas such as precision agriculture, smart irrigation, and sustainable food processing.

Shared Investment and Global Collaboration

The $1 million project is built on a shared funding model. Innovate Moldova Programme and UMAEF are supporting the refurbishment of common areas, while UTM is offering rent-free space and managing energy efficiency upgrades. Residents will contribute by equipping their dedicated offices with air conditioning, furnishings, and technical installations.

Agrotek Arena will also establish strong linkages with European and North American technology providers. Strategic collaborations include:

Davis Weather Stations for climate-smart farming,
Biosfera’s GPS AgTech Solutions for resource-optimized agriculture,
SAS Cropio ERP Systems for real-time farm data analytics.

These partnerships not only bolster Moldova’s agricultural transformation but also create long-term business opportunities for EU, EFTA and North Atlantic region.

A Foundation for Moldova’s AgriTech Future

Located on UTM’s 5-hectare Mircești campus in capital Chișinău and linked to 570 hectares in Criuleni region, Agrotek Arena is the first major milestone in the broader Agrotek Park vision. Future plans include the development of high-tech farming sites, applied R&D centers, and repurposed Soviet-era infrastructure into labs and innovation hubs.

“This is more than a building—it’s the beginning of Moldova’s transformation into a regional hub for sustainable agri-tech. By fostering ties between startups, universities, and international partners, we are laying the groundwork for high-value job creation and export-ready technologies.”

said Sergiu Rabii, Programme Director at the Innovate Moldova Programme

Agrotek Arena will also support Moldova’s alignment with EU standards by integrating sustainable design, ESG practices, and inclusive economic development into its operational model.

MIL OSI – Submitted News –

July 17, 2025

MIL-OSI Submissions: Moldova – Moldova Business Week 2025. Discover Moldova’s Economic Opportunities at the Country’s Leading Economic Forum

Source: Invest Moldova Agency

Chișinău, July 16, 2025 – Invest Moldova Agency invites business leaders, investors, business associations, public and private partners to the tenth edition of Moldova Business Week – the country’s most important economic forum, taking place between September 15-19, 2025.

The event will bring together participants from the business, institutional, and academic communities, both from Moldova and abroad, with activities scheduled in Chișinău and other regions across the country.

Organized under the theme “Moldova is Open for Business”, this milestone edition highlights Moldova’s ongoing commitment to international economic cooperation.

MBW25 reflects the country’s strategic direction toward building a sustainable, digital, and regionally integrated economy, further strengthening Moldova’s position as an emerging investment destination in Europe.

The forum’s agenda includes B2B sessions, thematic panels, investor and exporter success stories, field visits, and a strong focus on networking and business development.

This edition will place special emphasis on four strategic pillars:

State Aid Scheme for Industrialization – a competitive investment attraction tool supporting six strategic sectors, offering state assistance of up to 60% of the total investment amount.

Moldova IT Park – a flagship success in the IT and business services sector, offering a unique flat tax rate of 7%, guaranteed by law until 2035.

Infrastructure and Renewable Energy Investments – aiming to strengthen energy independence, diversify supply sources, ensure direct energy integration with the EU, and accelerate the transition to green energy.

Positioning Moldova as a regional logistics hub – contributing to the reconstruction of Ukraine through infrastructure, logistics, and the production of construction materials.

“Through this anniversary edition, Moldova will demonstrate its readiness to play an active role in the regional economy. We have talented people, a business-friendly fiscal environment, and a clear development vision,” says Natalia Bejan, Director of the Invest Moldova Agency.

Recent data reinforces this message:

In 2024, 1.3% of all cars produced globally included components made in Moldova.

Moldova ranks among the top 20 global producers and exporters of apples, apricots, plums, and wine.

IT exports have increased more than fivefold between 2018 and 2024.

The British company William Russell named Moldova the most promising real estate investment destination in Europe for 2025.

International rating agencies Fitch and Moody’s have reaffirmed Moldova’s sovereign ratings with a stable outlook, reflecting investor confidence and economic resilience.

MIL OSI – Submitted News –

July 17, 2025

MIL-OSI USA: Tillis Announces $24 Million for Raleigh-Durham International Airport Improvements

US Senate News:

Source: United States Senator for North Carolina Thom Tillis

WASHINGTON, D.C. – Today, Senator Thom Tillis announced a $24 million grant from the U.S. Department of Transportation (DOT) to realign key sections of the roadway in front of two terminals at Raleigh-Durham International (RDU) Airport and widen the roadway from two lanes to four lanes. The funding comes from the Better Utilizing Investments to Leverage Development (BUILD) Grant Program for fiscal year 2025, which is partially funded by the Bipartisan Infrastructure Law (BIL), legislation that Senator Tillis helped negotiate, write, and pass into law.

“This funding will ensure that RDU not only meets national standards but also continues to provide an exceptional experience for passengers,” said Senator Tillis. “As the Triangle region continues to grow, it is vital that we invest in our public transportation and infrastructure, including our airports. I am proud to have worked alongside local leaders to secure this critical funding.”

MIL OSI USA News –

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: BAY Miner Launches Zero-Fee Bitcoin Cloud Mining for All Users—Empowering Global Access to Passive Crypto Income

Source: GlobeNewswire (MIL-OSI)

Boston, Massachusetts, July 16, 2025 (GLOBE NEWSWIRE) — As Bitcoin maintains momentum above $118,000 and decentralized finance sees increasing institutional support, BAY Miner is once again transforming the landscape of crypto participation. Today, the company officially launched its Zero-Fee Mining Program, a game-changing initiative allowing users worldwide to mine Bitcoin and other cryptocurrencies without incurring any service fees—ensuring users retain 100% of their crypto earnings.

This move further solidifies BAY Miner’s position as a global leader in accessible and sustainable cloud mining. Built on AI-powered optimization and green energy infrastructure, BAY Miner enables users to mine cryptocurrency directly from their smartphones, with no hardware, no maintenance, and now—no fees.

BAY Miner Redefines the Crypto Mining Model with Fee-Free, Mobile-First Cloud Mining

Zero Commission on Mining Rewards
With the Zero-Fee Mining Program, BAY Miner removes all platform charges on mining earnings. Users receive the full value of their mined assets without deductions.

AI-Optimized Hash Rate Allocation
Smart algorithms manage and distribute computing power in real-time, optimizing mining efficiency for BTC, ETH, and XRP across dynamic market conditions.

Fully Mobile, Hardware-Free Mining
No mining rigs, servers, or cooling systems are needed. Users simply manage their accounts and track earnings from the BAY Miner mobile app.

Eco-Conscious Infrastructure
BAY Miner’s operations are backed by renewable energy sources, contributing to a cleaner crypto mining ecosystem.

Daily Payouts with Real-Time Visibility
Mining earnings are settled automatically every 24 hours. Users can view live income data through the platform’s real-time dashboard.

Accessible to All Experience Levels
The system is designed for both first-time users and seasoned crypto miners. No technical background is required.

How to Start Zero-Fee Bitcoin Mining with BAY Miner

Download the BAY Miner App
Visit https://www.bayminer.com or download the app from the official platform.

Register Using Your Email
No identity verification or KYC documents required—just a simple email-based registration process.

Activate Your Free Cloud Mining Contract
Every new user receives a free starter contract upon signup, allowing instant mining with no upfront cost.

Mine Bitcoin, Ethereum, or XRP—No Equipment Needed
Your smartphone becomes your gateway to passive crypto earnings—no hardware or configuration required.

Track and Receive Earnings Automatically
Mining payouts are processed daily. Earnings are visible in real-time via the income dashboard.

Withdraw or Reinvest When Ready
Once your balance reaches $100, you can withdraw to your preferred crypto wallet or reinvest in mining upgrades.

USD-Pegged Contracts Provide Price Stability

To protect users from crypto price volatility, BAY Miner pegs all cloud mining contracts to the U.S. dollar. Users can fund accounts with major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP, Tether (USDT – ERC20 & TRC20), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), and Solana (SOL).

All crypto deposits are automatically converted to USD at the current exchange rate and locked in to preserve the mining contract’s value. Upon withdrawal, users can convert back to their preferred cryptocurrency.

BAY Miner’s Continued Rise as a Global Cloud Mining Leader

Amid rising economic uncertainty and a growing demand for digital income, BAY Miner provides a safe, scalable, and sustainable avenue for passive earnings.

• 10+ Million Users Worldwide
Adopted across more than 180 countries and territories

• Green Energy Infrastructure
Aligned with ESG goals and carbon-conscious mining standards

• Daily, Automated Payouts
BTC, ETH, or XRP deposited directly every 24 hours

• No Hardware Required—Fully Mobile Mining
Accessible from any smartphone with no technical setup

• Free Entry and Flexible Upgrades
Free initial contracts and optional tiered upgrades to grow returns

• Secure and Transparent Operations
Live dashboards and institutional-grade backend infrastructure

With its no-fee model, renewable mining backbone, and mobile-first accessibility, BAY Miner continues to break down barriers to crypto participation. The company is well-positioned to lead the next wave of digital asset mining in 2025 and beyond.

Start Earning with Fee-Free Cloud Mining

Users from all backgrounds can now start earning crypto daily without fees or hardware. Setup takes just minutes.

Website: https://www.bayminer.com/
Email: info@bayminer.com
Download App: https://bayminer.com/xml/index.html#/app

Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

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