NewzIntel.com

Category: Business

  • MIL-OSI: STAR Systems International’s New Eagle Transponder and Titan Pro Lead the Way in Gen2V3 Solutions for Next-Generation Tolling

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 24, 2025 (GLOBE NEWSWIRE) — STAR Systems International, a global leader in automatic vehicle identification (AVI) solutions, proudly announces the launch of its next-generation Gen2V3-compatible tolling technology, setting new benchmarks for performance, speed, and reliability. Gen2V3 is the next evolution of the ISO/IEC 18000-63 (also known as “6C”) communications protocol and introduces significant improvements over the current Gen2V2/6C standard, making it a powerful advancement for next-generation toll systems.

    STAR Systems’ Titan Pro high-performance reader and Eagle transponder are among the first products in the tolling market to support the new Gen2V3 technology. By implementing new Gen2V3 features, STAR Systems is ready to deliver future-ready solutions that meet the evolving demands of the tolling industry.

    With Gen2V3’s streamlined communication, improved filtering, and optimizations to handle “fringe” tags, the Titan Pro can identify transponders more efficiently and prioritize stronger signals in high-interference environments, making the Gen2V3 protocol ideal for tolling. These enhancements work in tandem with the advanced design of the Gen2V3 Eagle transponder to ensure exceptional performance with the Titan Pro. Having the capability to support the current Gen2V2 standard as well as the new Gen2V3 standard, the Titan Pro allows agencies and integrators to transition cost-effectively to next-generation tolling systems as the technology evolves.

    STAR Systems’ new Eagle transponder is among the first to be powered by a Gen2V3 chip and is specifically designed for tolling and AVI applications. The Eagle transponder delivers exceptional read performance and superior communication reliability. New robust filtering capabilities ensure that Eagle tags are read accurately and efficiently even in high-traffic environments. The Eagle is a dual frequency transponder with both ultra-high frequency (UHF) and high frequency (HF) capabilities, broadening its application range across various AVI applications.

    “The new features in Gen2V3 make it ideal for open road, high-speed, and high-volume tolling operations where precision and reliability are paramount,” said Robert Karr, CEO of STAR Systems International. “With our Gen2V3-capable Titan Pro reader and Eagle transponder, we are continuing to move forward and drive performance while lowering operational costs for tolling agencies.”

    For more information about the Titan Pro, the new Eagle transponder, Gen2V3, and other AVI solutions that STAR Systems International offers, please contact STAR Systems at salesinquiry@star-int.net.

    About STAR Systems International 
    Founded in 2013, STAR Systems International is a world leader in Automatic Vehicle Identification Technologies. STAR Systems focuses on providing best-in-class transponders, readers and professional consulting services for Smart City Initiatives, including Electronic Tolling (ETC), Congestion/Road Use Charging, Electronic Vehicle Registration (EVR), Express/HOT Lane, Fleet Management, Parking and Secure Access Control applications.

    STAR Systems strives to ensure customer success by leveraging the Company’s technical expertise and implementation experience. For more information, please visit www.star-int.net.

    Media Contact

    Zhihan Chen
    +(1) 469-838-2649
    zhihan.chen@star-int.net

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26efefb2-850d-4bc3-84d4-69da76845981

    The MIL Network –

  • MIL-OSI: Blockmate Launches Bitcoin Treasury Division in Line with “Mine-and-Hold” Strategy

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc. (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH) (“Blockmate” or the “Company”) is pleased to announce the launch of a dedicated Bitcoin treasury division, further aligning its corporate strategy with a long-term belief in the value of Bitcoin.

    The division has already been established, with secure wallet infrastructure in place and an initial purchase of one Bitcoin completed. This initiative reflects Blockmate’s conviction that Bitcoin will play an increasingly important role as a strategic treasury asset for companies focused on preserving value and managing risk.

    This development complements Blockmate’s existing operations through its wholly owned subsidiary, Blockmate Mining, which is pursuing a “mine-and-hold” strategy aimed at accumulating Bitcoin on its balance sheet as operations scale.

    As announced on May 27, 2025, Blockmate Mining has secured a site with electricity costs of just USD 3.3 cents per kilowatt-hour — among the most competitive rates in North America. Once fully developed, the facility is expected to support up to 200 megawatts (MW) of mining infrastructure. While Blockmate does not currently own mining hardware to fully utilize this capacity, this figure represents the long-term potential of the site.

    For illustrative purposes only, based on current Bitcoin prices and network difficulty, a fully utilized 200MW site could generate approximately 200 Bitcoin per month. Similarly, under current market conditions, the site could support Bitcoin mining at an estimated 40% discount to the prevailing spot price. These estimates are subject to change based on network conditions, hardware availability, electricity pricing, and the market price of Bitcoin. There is no assurance that these conditions will remain favorable or that Blockmate will be able to achieve these projections.

    Justin Rosenberg, CEO of Blockmate Ventures, commented:

    “Holding Bitcoin on Blockmate’s balance sheet provides capital growth opportunities for shareholders, as well as liquidity options should Blockmate Mining or future investees seek to take advantage of elevated Bitcoin market prices. These scenarios represent a win-win, enabling the Company to realize value through both operational success and treasury appreciation.”

    As the Bitcoin market continues to evolve and Blockmate Mining progresses, the Company will regularly assess further treasury purchases to enhance balance sheet agility in parallel with its mine-and-hold strategy. The price of Bitcoin is highly volatile and may decrease significantly over time. As a result, any holdings or treasury strategies involving Bitcoin are subject to market risk and could lead to financial loss.

    Planned Bitcoin acquisitions are currently under review and will be disclosed through the TSX Venture Exchange in due course.

    On July 10th, Blockmate provided an online investor update covering the strategic rationale and rollout of Blockmate Mining, which can be viewed here: https://youtu.be/Br6iqvB8hkQ

    About Blockmate Ventures Inc.

    Blockmate Ventures (TSX.V: MATE) is a Blockchain & Web3 venture builder investing in and operating scalable blockchain, mining, and digital infrastructure companies. From decentralized computing with Hivello to Blockmate Mining, the Company’s portfolio provides investors with diversified exposure to emerging sectors within Web3 and beyond.

    To learn more, visit www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates, webinars and industry research by subscribing at https://www.blockmate.com/subscribe.

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI Submissions: What makes a person cool? Global study has some answers

    Source: The Conversation – Africa – By Todd Pezzuti, Associate Professor, Business School, Universidad Adolfo Ibáñez

    From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.

    But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?

    In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?

    We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.



    Read more:
    What makes a person seem wise? Global study finds that cultures do differ – but not as much as you’d think

    The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.

    Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.

    These findings help settle a long debate about what it means to be cool today.

    A brief history of cool

    Early writing on coolness described it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.

    Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.

    Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.

    This is what makes someone cool

    Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.

    Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).

    This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.

    We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.

    What about South Africa and Nigeria?

    One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.

    In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.



    Read more:
    Which African countries are flourishing? Scientists have a new way of measuring well-being

    Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.

    Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.

    Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.

    Why does this matter?

    The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.

    Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.

    So what can we learn from this?

    For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.

    Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.

    And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.

    Todd Pezzuti received funding from ANID Chile to conduct this research.

    – ref. What makes a person cool? Global study has some answers – https://theconversation.com/what-makes-a-person-cool-global-study-has-some-answers-261266

    MIL OSI –

  • MIL-OSI Submissions: What makes a person cool? Global study has some answers

    Source: The Conversation – Africa – By Todd Pezzuti, Associate Professor, Business School, Universidad Adolfo Ibáñez

    From Lagos to Cape Town, Santiago to Seoul, people want to be cool. “Cool” is a word we hear everywhere – in music, in fashion, on social media. We use it to describe certain types of people.

    But what exactly makes someone cool? Is it just about being popular or trendy? Or is there something deeper going on?

    In a recent study I conducted with other marketing professors, we set out to answer a simple but surprisingly unexplored question. What are the personality traits and values that make someone seem cool – and do they differ across cultures?

    We asked nearly 6,000 people from 12 countries to think of someone they personally knew who was “cool”, “not cool”, “good”, or “not good”. Then we asked them to describe that person’s traits and values using validated psychological measures. We used this data to examine how coolness differs from general likeability or morality.



    Read more:
    What makes a person seem wise? Global study finds that cultures do differ – but not as much as you’d think

    The countries ranged from Australia to Turkey, the US to Germany, India to China, Nigeria to South Africa.

    Our data showed that coolness is uniquely associated with the same six traits around the world: cool people tend to be extroverted, hedonistic, adventurous, open, powerful, and autonomous.

    These findings help settle a long debate about what it means to be cool today.

    A brief history of cool

    Early writing on coolness described it as emotional restraint: being calm, composed and unbothered. This view, rooted in the metaphor of temperature and emotion, saw coolness as a sign of self-control and mastery.

    Some of these scholars trace this form of cool to slavery and segregation, where emotional restraint was a survival strategy among enslaved Africans and their descendants, symbolising autonomy and dignity in the face of oppression. Others propose “cool” restraint existed long before slavery.

    Regardless, jazz musicians in the 1940s first helped popularise this cool persona – relaxed, emotionally contained, and stylish – an image later embraced by youth and various countercultures. Corporations like Nike, Apple and MTV commercialised cool, turning a countercultural attitude into a more commercially friendly global aesthetic.

    This is what makes someone cool

    Our findings suggest that the meaning of cool has changed. It’s a way to identify and label people with a specific psychological profile.

    Cool people are outgoing and social (extroverted). They seek pleasure and enjoyment (hedonistic). They take risks and try new things (adventurous). They are curious and open to new experiences (open). They have influence or charisma (powerful). And perhaps most of all, they do things their own way (autonomous).

    This finding held remarkably steady across countries. Whether you’re in the US, South Korea, Spain or South Africa, people tend to think that cool individuals have this same “cool profile”.

    We also found that even though coolness overlaps with being good or favourable, being cool and being good are not the same. Being kind, calm, traditional, secure and conscientious were more associated with being good than cool. Some “cool” traits were not necessarily good at all, like extroversion and hedonism.

    What about South Africa and Nigeria?

    One of the most fascinating aspects of our study was seeing how consistent the meaning of coolness was across cultures – even in countries with very different traditions and values.

    In South Africa, participants viewed cool people as extroverted, hedonistic, powerful, adventurous, open and autonomous – just like participants from Europe to Asia. In South Africa, however, coolness is especially distinct from being good. South Africa is one of the countries in which being hedonistic, powerful, adventurous and autonomous was much more cool than good.



    Read more:
    Which African countries are flourishing? Scientists have a new way of measuring well-being

    Nigeria was the only country in which cool and uncool people were equally autonomous. So basically, individuality wasn’t seen as cool. That difference might reflect cultural values that place a greater emphasis on community, respect for elders, or collective identity. In places where tradition and hierarchy matter, doing your own thing might not be cool.

    Social sciences, like all science, however, are not perfect. So, it’s reasonable to speculate that autonomy might still be cool in Nigeria, with the discrepancy resulting from methodological issues such as how the Nigerian participants interpreted and responded to the survey.

    Nigeria was also unique because the distinction between cool and good wasn’t as notable as in other countries. So coolness was seen more as goodness than in the other countries.

    Why does this matter?

    The fact that so many cultures agree on what makes someone cool suggests that “coolness” may serve a shared social function. The traits that make people cool may make them more likely to try new things, innovate new styles and fashions, and influence others. These individuals often push boundaries and introduce new ideas – in fashion, art, politics, or technology. They inspire others and help shape what’s seen as modern, desirable, or forward-thinking.

    Coolness, in this sense, might function as a kind of cultural status marker – a reward for being bold, open-minded and innovative. It’s not just about surface style. It’s about signalling that you’re ahead of the curve, and that others should pay attention.

    So what can we learn from this?

    For one, young people in South Africa, Nigeria, and around the world may have more in common than we often think. Despite vast cultural differences, they tend to admire the same traits. That opens up interesting possibilities for cross-cultural communication, collaboration and influence.

    Second, if we want to connect with or inspire others – whether through education, branding, or leadership – it helps to understand what people see as cool. Coolness may not be a universal virtue, but it is a universal currency.

    And finally, there’s something reassuring in all this: coolness is not about being famous or rich. It’s about how you live. Are you curious? Courageous? True to yourself? If so, chances are someone out there thinks you’re cool – no matter where you’re from.

    Todd Pezzuti received funding from ANID Chile to conduct this research.

    – ref. What makes a person cool? Global study has some answers – https://theconversation.com/what-makes-a-person-cool-global-study-has-some-answers-261266

    MIL OSI –

  • MIL-OSI Australia: New taxpayer alert warns about GST refund fraud

    Source: New places to play in Gungahlin

    We’ve now published a new taxpayer alert – TA 2025/2: Arrangements designed to improperly obtain goods and services tax refunds. This alert strongly warns businesses against using arrangements where a business colludes with another related business to create fraudulent invoices, so they can attempt to claim large GST refunds. In many cases the invoice will overclaim GST credits on real goods or services that were provided. In the worst cases, invoices are completely fictitious.

    Deliberately exploiting the GST system to obtain a refund you’re not entitled to, or to avoid payment, is a criminal offence.

    We’re still seeing these arrangements occurring, despite warnings from the Serious Financial Crime Taskforce over the last 18 months about fraudulent GST refunds and false invoicing.

    Our data shows that the fraud is currently predominantly within the property and construction industry. We’ve also identified early signs of it proliferating in other industries, particularly by privately owned and wealthy groups.

    It’s a small number of businesses that are attempting to do this. However, they’re trying to fraudulently claim tens of millions of dollars – money that should instead be supporting vital services the Australian community relies on. Their behaviour:

    • disadvantages the vast majority of Australian businesses that are doing the right thing
    • tarnishes the reputation of the industries where those businesses operate
    • undermines the tax system.

    This is not related to the GST fraud scheme that was promoted through social media where individuals created fake businesses and lodged BAS statements to obtain GST refunds. These are real businesses creating fraudulent invoices to try to gain overinflated GST refunds.

    We’re equipped with resources, sophisticated data matching and analytics capabilities, and intelligence-sharing relationships to uncover even the most elaborate financial crime. Any businesses caught in these arrangements will face the full force of the law. Further:

    • If you’re a company director, you’re responsible for ensuring the company pays its GST in full and by the due date. If these obligations are not met, you can become personally liable for director penalties.
    • Promoter penalty laws may apply to any registered agent and adviser who promotes these arrangements. In some instances, cases will be pursued as criminal matters. The worst cases may result in imprisonment.

    What you can do

    We’re encouraging honest businesses, industry groups and the community to help us stamp out this behaviour. If you suspect another business of being involved in these arrangements, you can confidentially report to us by making a tip-off or by calling 1800 060 062.

    If you’re involved in a fraudulent arrangement, we strongly encourage you to come forward and make a voluntary disclosure rather than wait for us to contact you. If you cooperate early and make a voluntary disclosure, we may reduce the penalties imposed.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

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    MIL OSI News –

  • MIL-OSI USA: Ranking Member Frankel Opening Remarks at Full Committee Markup of the National Security, Department of State, and Related Programs Funding Bill

    Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

    Thank you, Mr. Chairman. I’m going to start by recognizing the collegiality of our Chairman Mr. Diaz-Balart and the thoughtful members on both sides of the aisle. And of course, I want to thank our hardworking staff for their tireless efforts. But most of all, I want to recognize the brave and committed Americans—our diplomats, USAID workers, humanitarian teams, and public health experts and our partners around the world—who bring our country’s values to the world’s toughest places. They’re the ones who delivered vaccines to remote villages in Congo, who help girls in Ethiopia escape forced marriage and find education and safety. 

    I’ve seen their work up close–I know many of us have—and the impact of the programs we funded. Children who escaped the brutality of Assad’s Syria thriving in classrooms in Jordan. Mothers in Malawi learning skills to support their families. Pregnant women in Kenya staying healthy with support from HIV clinics. To all of these workers —past and present: You are the patriots. You represent the best of America. And those who are still serving deserve more than our thanks. They deserve the tools to get the job done.

    Mr. Chairman, I wish we had a bipartisan bill in front of us that I could support that honored that service and reflected America’s leadership. If we had a responsible allocation and a White House that understood diplomacy, development, and humanitarian aid, we could have gotten there. But instead, here we are, questioning whether any of this matters when the President just ignores the will of Congress and the laws we pass.

    So today, I strongly oppose the FY 2026 Republican bill. It’s not just a funding cut—it’s a reckless blueprint for American retreat. Our President seems to think relying on threats and bullying alone is a smart strategy. But chaotic tariffs, cruel immigration crackdowns, and this tepid foreign aid plan before us today is not going to make us more safe, secure, or more prosperous. And attention: we are ceding the world to China. And let me be clear: This bill does not lower costs for hard working families and retirees on day one as promised by President Trump—instead it puts hard earned finances at risk by hurting global stability.

    And tax breaks for billionaires is not a trade-off for millions of starving children and let me just say that this bill does not make one bit of difference in making up the $4 trillion addition to our debt when the Republicans pass what they call their Big Bill their Big Beautiful Bill I call it the Big Ugly Bill   And this bill is just adds to the list of  troubling actions by the Administration.

    Here’s what’s happened leading up: Foreign aid has been held up illegally, then justified by an inane clawback known as recission; USAID—an agency backed by Congress that fights poverty and prevents conflict—gutted; Over 10,000 development and humanitarian professionals dismissed by Elon Musk; 5,000 life-saving aid programs abruptly terminated; 1,300 State Department staff laid off; Offices shuttered. Decades of progress wiped out. How disgusting , the richest man in the world was allowed to pull the plug on programs that save the world’s poorest children.

    The infrastructure and staffing is no longer present to carry out the few programs that remain. Let me say this again with emphasis: The infrastructure and staffing is no longer present to carry out the few programs that remain.

    All while the world faces crisis after crisis: Wars and armed conflict, Extreme weather, Hunger and famine, Disease outbreaks, Mass migration, and Rising authoritarian regimes

    These aren’t distant problems. They land right at our door: Fragile states collapse and migration surges; Trade stops and U.S. farmers and businesses lose buyers ;Climate disasters destroy crops and homes; Broken health systems allow deadly viruses to spread; And when we step back, China and Russia step in—not to help, but to expand their grip.

    We’re leaving behind a gap they fill with money, weapons, and propaganda taking over the airwaves – reaching listeners who used to rely on Voice of America and our international broadcasting. They want to remake the world to fit their playbook.

    Meanwhile, sadly our allies are also slashing foreign aid —pushed to spend more on weapons by Mr. Trump. As global needs explode, democracy’s soft power is vanishing. This bill fails to meet this moment.

    Here’s what it really does:

    Cuts 22% from the international affairs budget – that’s $13 billion, diminishing funding for development and economic assistance:

    • Kids kicked out of the classroom and cut off from clean water
    • Farmers losing seeds and tools to make a living
    • Violence prevention programs vanishing
    • Local nonprofits shut down

    The bill slashes humanitarian aid by 42%:

    • In Nigeria, malnourished infants are dying without food
    • In Myanmar, hospitals are going dark
    • In The Gambia, support for survivors of female genital mutilation has ended—as the country debates making it legal again
    • In Ukraine, wounded soldiers go without care
    • In Ecuador, women entrepreneurs are losing lifelines and heading for our border

    This is a blow to our credibility, our moral standing, and our global influence. Soft power – interestingly enough – development and diplomacy – have been secret weapons abroad. Without them, we’re losing Americans on the ground who know the terrain, see trouble coming, and keep us one step ahead.

    And as always, my, my, my. Here we go again–Republicans couldn’t resist one more swipe at women: Slashing family planning programs that save hundreds of thousands of lives each year and prevent millions of unplanned pregnancies, Reinstating the Global Gag Rule—which blocks funding to foreign groups that even talk about abortion; you can’t even say the word “abortion”, not do abortion, say the word “abortion”– you lose your funding, Gutting the UNFPA—which provides basic reproductive and maternal care in over 150 countries

    And while this bill guts humanitarian programs and walks away from the world’s most vulnerable, the administration is also on the road to destroying one of the smartest, most effective tools of U.S. foreign policy: the Women, Peace, and Security agenda. WPS is not some fringe idea. It’s the law, signed by guess who, Donald Trump. It passed with strong bipartisan support. And here’s why: Women experience conflict differently than men—often bearing the brunt of sexual violence, displacement, and the burden of caring for families amid chaos—yet they are too often excluded from life changing decisions. The WPS agenda has helped train diplomats, strengthen alliances, and put more women at the center of peace and security.

    When women are at the table for peace talks, recovery, and crisis response, the results are better. Period. Peace lasts longer. Communities recover faster. And Missions succeed. And yet, this administration shut down the State Department’s office that leads that work—right when we need women’s leadership the most. That’s not just shortsighted. It makes the world less safe and works directly against our own interests.

    The bill also abandons multilateral institutions and organizations—UNICEF, the UN Development Program, the African and Asian Development Banks, the World Bank, the World Health Organization—undermining our ability to shape the global agenda and ceding ground to autocrats. Guess who? Attention: China is going to take over this world.

    So why should Americans care that these cuts are going to cost more than they save? Because these cuts hurt American families, too.  When we walk away from the world: Chaos spreads; Troops are put in harm’s way; Our adversaries gain ground; And we pay the price—in dollars, and in lives.

    And look, I say this not just as a lawmaker, but as a mother. My son served in the Marines. He was sent to two wars–Iraq and Afghanistan– I know what it means when diplomacy fails. The cost isn’t hypothetical—it hits our soldiers and their families the hardest.

    Let me remind you: the international affairs budget was already less than 1% of our federal spending. But it delivered huge returns: Markets for American goods; Stability abroad; Protection from pandemics; Fewer troops sent into harm’s way.

    Last week, we passed an $832 billion defense bill—that’s hard power. But even our top generals warn: without soft power alongside it, that number will only keep rising. So, Mr. Chairman, This bill is a lost opportunity. It’s a failure to lead. It hurts American families because when health systems collapse, people get sick.  When trade stalls, jobs vanish. When diplomacy fails, our loved ones go to war.  So let me close with this: Democrats aren’t giving up. We’re ready to work together with Republicans to reach a bill that reflects our values, keeps our promises, and protects American lives. Because we can’t bomb and drone our way to peace and prosperity.  A strong America doesn’t hide. And it doesn’t bully. A strong America leads—with vision, with courage, and compassion. And That’s the bill we should be fighting for. Thank you. I yield back.

    MIL OSI USA News –

  • MIL-OSI USA: DOE Announces Site Selection for AI Data Center and Energy Infrastructure Development on Federal Lands

    Source: US Department of Energy

    The forthcoming solicitations will drive innovation in reliable energy technologies, contribute to lower energy costs, and strengthen American leadership in artificial intelligence

    WASHINGTON– The U.S. Department of Energy (DOE) today announced the next steps in the Trump administration’s plan to accelerate the development of AI infrastructure through siting on DOE lands.  DOE has selected four sites—Idaho National Laboratory, Oak Ridge Reservation, Paducah Gaseous Diffusion Plant and Savannah River Site—to move forward with plans to invite private sector partners to develop cutting edge AI data center and energy generation projects.  

    Today’s announcement supports the Trump administration’s goals of utilizing Federal lands to lower energy costs and help power the global AI race, as outlined in President Trump’s Executive Orders on Accelerating Federal Permitting of Data Center Infrastructure, Deploying Advanced Nuclear Reactor Technologies for National Security, and Unleashing American Energy.  

    “By leveraging DOE land assets for the deployment of AI and energy infrastructure, we are taking a bold step to accelerate the next Manhattan Project—ensuring U.S. AI and energy leadership,” said Energy Secretary Chris Wright. “These sites are uniquely positioned to host data centers as well as power generation to bolster grid reliability, strengthen our national security, and reduce energy costs.”

    DOE received enormous interest in response to its April request for information (RFI) that helped inform the selection of these sites. The chosen locations are well-situated for large-scale data centers, new power generation, and other necessary infrastructure. 

    DOE looks forward to working with data center developers, energy companies, and the broader public in consultation with states, local governments, and federally recognized tribes that these projects will serve to further advance this important initiative. More details regarding project scope, eligibility requirements, and submission guidelines at each site will be available with the site-specific releases. These solicitations are expected to be released in the coming months and partners could be selected by the end of the year. DOE is also evaluating additional sites that could issue solicitations in the future.  

    MIL OSI USA News –

  • MIL-OSI USA: IAM District 776 Dedicates Union Hall to Fort Worth Native, Retired International President Robert Martinez Jr.

    Source: US GOIAM Union

    Most get a fond send off when retirement rolls around to their career, but in Texas they do everything big, including honors for legendary members of IAM District 776.

    The District had been working for months on a special tribute to International President Robert Martinez Jr., who retired in January 2024 after 43 years of service to the IAM and its members. Starting in 1980 as a member of Local 776A and an aircraft assembler, the U.S. Naval Air veteran rose to the highest position within the IAM, leading the organization for eight years and serving on the IAM Executive Council for 20 years of his storied career.

    District 776 took the steps to turn the atrium of the district’s meeting hall into a gallery of memorabilia from Martinez’s career. The space is filled with photographs, mementos, and awards to achievements of the IAM’s 14th International President. As the first Latino to join the IAM Executive Council, Martinez set standards and achieved milestones that moved the IAM forward in the labor movement. 

    “This hall, this district, and this union has meant the world to me and my family,” said Martinez. “This union gave me a purpose when I was 20 years old. It gave me a shot at the American dream, to make a living and support my family. Together, we have improved the lives of countless IAM members.”

    Martinez’s historic tenure steered the IAM through the COVID-19 crisis by championing airline and aerospace worker relief that saved hundreds of thousands of jobs. Martinez helped the IAM grow into new industries, including healthcare, and made the IAM the leading AFL-CIO affiliate in National Labor Relations Board union election victories from 2018 through 2022.

    At Martinez’s direction, the IAM also created groundbreaking membership programs that assist members and their families, as well as expanded opportunities for underrepresented groups to advance in the IAM. Martinez commissioned a new department to provide IAM members and their families who are military veterans with VA claims assistance free of charge, as well as an addiction services program and a women’s leadership initiative known as the Leadership Excellence Assembly of Dedicated Sisters, or IAM LEADS.

    The ceremony also honored District 776 President Directing Business Representative Paul Black and Business Representative Earnest Boone, both of have retired after 45 years of IAM membership. 

    International President Martinez extended a special note of gratitude to IAM Business Representative Joe Alviar and his wife, Linda, who were the primary architects of the atrium and the displays of the Martinez collection. 

    “Again I say thank you. It’s been a great honor,” said Martinez. “Our leadership, headed by our great International President Brian Bryant, has the IAM going in the right direction. I can’t wait to see where we’re going next, and I’m cheering all of you and our union on from retirement.”

    The post IAM District 776 Dedicates Union Hall to Fort Worth Native, Retired International President Robert Martinez Jr. appeared first on IAM Union.

    MIL OSI USA News –

  • MIL-OSI Economics: Martin Slouka to head up the Monetary and Financial Statistics Division

    Source: Czech National Bank

    Martin Slouka will become Director of the Monetary and Financial Statistics Division of the Czech National Bank’s Research and Statistics Department on 1 August 2025. The Bank Board decided on his appointment at its meeting on 24 July 2025.

    Martin Slouka graduated in statistical and insurance engineering from the Faculty of Informatics and Statistics of the Prague University of Economics and Business. He has been working at the CNB since 2005, specialising in statistics and data processing within the Monetary and Financial Statistics Division. He has held the positions of head of the Microdata Statistics Unit and Deputy Director of the Monetary and Financial Statistics Division since 2015. He has participated in numerous training courses abroad, including internships at the European Central Bank and other central banks in Europe and at the International Monetary Fund. He has represented the CNB in the ECB/ESCB working group for the development and collection of granular credit and credit risk data since 2019.

    Jakub Holas
    Director, Communications Division

    MIL OSI Economics –

  • MIL-OSI USA: Pingree Leads Bipartisan, Bicameral Push to Protect Drinking Water as Communities Face Rising Contamination Threats

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    As drinking water contamination from toxic “forever chemicals,” also known as per- and polyfluoroalkyl substances (PFAS), increasingly threatens communities in Maine and across the country, U.S. Representatives Chellie Pingree (D-Maine) and David Rouzer (R-N.C.) have reintroduced the bipartisan Healthy Drinking Water Affordability Act, or the Healthy H2O Act. The legislation, introduced in the Senate by Tammy Baldwin (D-Wisc.) and Susan Collins (R-Maine), provides grants for water testing and treatment technology directly to individuals and nonprofits in rural communities. Systems that improve water quality—whether installed at the faucet or within a building—can provide immediate and ongoing protections from known and emerging water contaminants, including PFAS, lead, and nitrates. 

    “The Healthy H2O Act will help make water testing and treatment technology more accessible here in Maine, and in rural communities across the country, especially for families on private wells who are too often left to navigate contamination risks on their own,” said Pingree. “As national protections face delays and uncertainty, local communities can’t afford to wait. This bipartisan bill gives them the tools to identify and address harmful chemicals like PFAS and lead at the tap—so they can be confident the water they’re drinking is safe.”

    “The Healthy H2O Act helps rural residents in the Cape Fear Valley gain access to safe, clean drinking water—free from harmful contaminants like GenX, PFAS, and PFOS,” said Rouzer. “As city and county water systems continue upgrading to address these pollutants, this legislation ensures rural communities aren’t left behind by supporting testing and the installation of effective filtration systems to remove these ‘forever chemicals.’”

    “All Wisconsin families, businesses, and communities should trust that the water coming out of their faucets is safe to drink, but across our state, rural communities are struggling to identify and treat chemicals like PFAs that endanger our health, especially for children,” said Senator Baldwin. “My bipartisan legislation ensures our small and rural communities aren’t left behind and makes sure they have what they need to find and get rid of dangerous chemicals and keep our families healthy.”

    “Maintaining and upgrading water and wastewater systems is vital to ensuring the economic and environmental health of our communities,” said Senator Collins. “This bipartisan legislation will help reduce health-based contaminants like PFAS in drinking water, increase consumer confidence, and protect public health.”

    The Healthy H2O Act would provide funding for point-of-use water treatment systems, such as under-sink filters, that can deliver immediate protections. Nearly 43 million U.S. households— primarily in rural areas—depend on private wells that are not regularly monitored under federal or state drinking water programs, leaving many communities vulnerable to contamination.

    The Healthy H2O Act is supported by:

    • Water Quality Association 
    • American Supply Association 
    • Plumbing Manufacturers International (PMI) 
    • Rural Community Assistance Partnership (RCAP) 
    • National Groundwater Association (NGWA) 
    • High Performance Building Coalition 
    • NSF International 
    • Water Systems Council 
    • Water Well Trust 
    • The Groundwater Foundation 
    • International Association of Plumbing and Mechanical Officials (IAPMO) 
    • International Code Council (ICC) 
    • DigDeep 
    • California Ground Water Association 
    • Eastern Water Quality Association (EWQA) 
    • Florida Groundwater Association 
    • Florida Water Quality Association (FWQA) 
    • Illinois Association of Groundwater Professionals 
    • Iowa Water Quality Association 
    • Kentucky Groundwater Association 
    • Michigan Ground Water Association 
    • Minnesota WQA (MWQA) 
    • Minnesota Water Well Association 
    • Montana Water Well Drillers Association 
    • Nebraska On-Site Wastewater Association 
    • Nebraska State Irrigation Association 
    • Nebraska Water Leaders Academy 
    • Nebraska Well Drillers Association 
    • Ohio Water Quality Association (OWQA) 
    • Ohio Water Well Association 
    • Pacific Water Quality Association (PWQA) 
    • Pennsylvania Groundwater Association 
    • Texas Water Quality Association (TWQA) 
    • Virginia Water Well Association 
    • Water Council of Milwaukee 
    • Water Quality Association of Wisconsin 
    • Well Drillers Association of Wisconsin

    “We applaud Representatives Pingree and Rouzer for introducing the Healthy H2O Act that will increase access to safer drinking water in rural communities,” said Pauli Undesser, Executive Director of the Water Quality Association. “This grant program will help Americans who are most vulnerable to contaminants in their water supply – children, the elderly, and households that rely on private wells. By increasing access to testing and water filtration products, we can support the health and safety of these communities.”

    “Too often, rural communities across the country face barriers to accessing clean, safe drinking water,” said National Ground Water Association President Eric Macias. “The Healthy H2O Act is a real step forward, delivering resources to help families test and treat their water. This legislation reflects the kind of commonsense investment that can truly improve lives, and we commend Congresswoman Pingree for her leadership on this important issue.”

    Pingree, who serves on the House Agriculture Committee, has long championed PFAS clean-up and clean drinking water legislation. She proudly supported the Infrastructure Investment and Jobs Act, which included a $55 billion investment to replace lead service lines, $10 billion to address PFAS chemicals, and investments in water infrastructure across America, including in Tribal Nations and underserved communities that need it most.

    As Chair of the Interior Appropriations Subcommittee, which oversees funding for the EPA, in the 117th Congress and as Ranking Member in the 118th and 119th Congresses, Pingree has championed funding to clean up PFAS contamination. In the Fiscal Year 2024 government funding bill signed by President Biden, Pingree secured $8 million for the EPA to work with the U.S. Department of Agriculture to further research on PFAS contamination in agriculture, as well as $5 million to assist farmers whose land has been contaminated by PFAS.

    ###

    MIL OSI USA News –

  • MIL-OSI Video: Open Dialogue with China: EU-China Summit

    Source: European Commission (video statements)

    “China and Europe are two of the world’s economic and trading giants.” – European Commission President Ursula von der Leyen

    On 24 July 2025, European Commission President Ursula von der Leyen and President of the European Council António Costa, held a joint press conference from the EU-China Summit in Beijing, China.

    For the full transcript of the President’s statement, see here: https://ec.europa.eu/commission/presscorner/detail/en/statement_25_1900

    For the 25th EU-China summit press release, see here:
    https://ec.europa.eu/commission/presscorner/detail/en/ip_25_1901

    Follow live events and access media content here:
    https://audiovisual.ec.europa.eu/en/

    Stay updated — follow us on X: https://x.com/EC_AVService

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Check our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=rBZ6uBXNMMc

    MIL OSI Video –

  • MIL-OSI Video: President Lagarde presents the latest monetary policy decisions – 24 July 2025

    Source: European Central Bank (video statements)

    Our monetary policy statement at a glance, 24 July 2025 [link to visual monetary policy statement]

    Christine Lagarde, Luis de Guindos: Monetary policy statement, 24 July 2025 www.ecb.europa.eu/press/press_conf…6e730494.en.html

    Monetary policy decisions, 24 July 2025 www.ecb.europa.eu/press/pr/date/20…bc70e13f.en.html

    Combined monetary policy decisions and statement, 24 July 2025 www.ecb.europa.eu/press/press_conf…04c7d1262686b588

    European Central Bank
    www.ecb.europa.eu/home/html/index.en.html

    Published and recorded during our press conference on 24 July 2025

    https://www.youtube.com/watch?v=e_ARHr9T90I

    MIL OSI Video –

  • MIL-OSI China: China to conduct 400-bln-yuan MLF operation on Friday

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

    BEIJING, July 24 — China’s central bank on Thursday announced that it will conduct a 400-billion-yuan (about 56.03 billion U.S. dollars), one-year medium-term lending facility (MLF) operation on Friday to maintain ample liquidity in the country’s banking system.

    The People’s Bank of China said the MLF operation will be conducted using a fixed-quantity, interest-rate-bidding and multiple-price-bidding method.

    With 300 billion yuan of MLF funds maturing in July, the net injection via MLF alone will reach 100 billion yuan this month.

    “The move demonstrates policy continuity and would help stabilize market expectations,” said Wang Qing, chief macro analyst at Golden Credit Rating.

    He believes that with liquidity maintained at an ample level in the first half of the year, China’s monetary policy will continue a supportive stance in the second half.

    The MLF was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

    MIL OSI China News –

  • MIL-OSI: Lloyds Bank plc: 2025 Half-Year Results

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) —

    Lloyds Bank plc

    2025 Half-Year Results

    24 July 2025

    Member of the Lloyds Banking Group

    CONTENTS

    Forward-looking statements 1
       
    Statutory information (IFRS)  
    Condensed consolidated balance sheet (unaudited) 2
    Condensed consolidated income statement (unaudited) 2
       
    Financial review 3
       
    Risk management  
    Principal risks and uncertainties 5
    Capital risk 6
    Credit risk 10
    Liquidity risk 20
       
    Statutory information  
    Condensed consolidated half-year financial statements (unaudited) 21
    Condensed consolidated income statement (unaudited) 22
    Condensed consolidated statement of comprehensive income (unaudited) 23
    Condensed consolidated balance sheet (unaudited) 24
    Condensed consolidated statement of changes in equity (unaudited) 25
    Condensed consolidated cash flow statement (unaudited) 28
    Notes to the condensed consolidated half-year financial statements (unaudited) 29
       
    Statement of directors’ responsibilities 52
    Independent review report to Lloyds Bank Plc 53
    Contacts 54


    FORWARD-LOOKING STATEMENTS

    This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and section 27A of the US Securities Act of 1933, as amended, with respect to the business, strategy, plans and/or results of Lloyds Bank plc together with its subsidiaries (the Lloyds Bank Group) and its current goals and expectations. Statements that are not historical or current facts, including statements about the Lloyds Bank Group’s or its directors’ and/or management’s beliefs and expectations, are forward-looking statements. Words such as, without limitation, ‘believes’, ‘achieves’, ‘anticipates’, ‘estimates’, ‘expects’, ‘targets’, ‘should’, ‘intends’, ‘aims’, ‘projects’, ‘plans’, ‘potential’, ‘will’, ‘would’, ‘could’, ‘considered’, ‘likely’, ‘may’, ‘seek’, ‘estimate’, ‘probability’, ‘goal’, ‘objective’, ‘deliver’, ‘endeavour’, ‘prospects’, ‘optimistic’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. These statements concern or may affect future matters, including but not limited to: projections or expectations of the Lloyds Bank Group’s future financial position, including profit attributable to shareholders, provisions, economic profit, dividends, capital structure, portfolios, net interest margin, capital ratios, liquidity, risk-weighted assets (RWAs), expenditures or any other financial items or ratios; litigation, regulatory and governmental investigations; the Lloyds Bank Group’s future financial performance; the level and extent of future impairments and write-downs; the Lloyds Bank Group’s ESG targets and/or commitments; statements of plans, objectives or goals of the Lloyds Bank Group or its management and other statements that are not historical fact and statements of assumptions underlying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon circumstances that will or may occur in the future. Factors that could cause actual business, strategy, targets, plans and/or results (including but not limited to the payment of dividends) to differ materially from forward-looking statements include, but are not limited to: general economic and business conditions in the UK and internationally (including in relation to tariffs); imposed and threatened tariffs and changes to global trade policies; acts of hostility or terrorism and responses to those acts, or other such events; geopolitical unpredictability; the war between Russia and Ukraine; the escalation of conflicts in the Middle East; the tensions between China and Taiwan; political instability including as a result of any UK general election; market related risks, trends and developments; changes in client and consumer behaviour and demand; exposure to counterparty risk; the ability to access sufficient sources of capital, liquidity and funding when required; changes to the Lloyds Bank Group’s or Lloyds Banking Group plc’s credit ratings; fluctuations in interest rates, inflation, exchange rates, stock markets and currencies; volatility in credit markets; volatility in the price of the Lloyds Bank Group’s securities; natural pandemic and other disasters; risks concerning borrower and counterparty credit quality; risks affecting defined benefit pension schemes; changes in laws, regulations, practices and accounting standards or taxation; changes to regulatory capital or liquidity requirements and similar contingencies; the policies and actions of governmental or regulatory authorities or courts together with any resulting impact on the future structure of the Lloyds Bank Group; risks associated with the Lloyds Bank Group’s compliance with a wide range of laws and regulations; assessment related to resolution planning requirements; risks related to regulatory actions which may be taken in the event of a bank or Lloyds Bank Group or Lloyds Banking Group failure; exposure to legal, regulatory or competition proceedings, investigations or complaints; failure to comply with anti-money laundering, counter terrorist financing, anti-bribery and sanctions regulations; failure to prevent or detect any illegal or improper activities; operational risks including risks as a result of the failure of third party suppliers; conduct risk; technological changes and risks to the security of IT and operational infrastructure, systems, data and information resulting from increased threat of cyber and other attacks; technological failure; inadequate or failed internal or external processes or systems; risks relating to ESG matters, such as climate change (and achieving climate change ambitions) and decarbonisation, including the Lloyds Bank Group’s or the Lloyds Banking Group’s ability along with the government and other stakeholders to measure, manage and mitigate the impacts of climate change effectively, and human rights issues; the impact of competitive conditions; failure to attract, retain and develop high calibre talent; the ability to achieve strategic objectives; the ability to derive cost savings and other benefits including, but without limitation, as a result of any acquisitions, disposals and other strategic transactions; inability to capture accurately the expected value from acquisitions; and assumptions and estimates that form the basis of the Lloyds Bank Group’s financial statements. A number of these influences and factors are beyond the Lloyds Bank Group’s control. Please refer to the latest Annual Report on Form 20-F filed by Lloyds Bank plc with the US Securities and Exchange Commission (the SEC), which is available on the SEC’s website at www.sec.gov, for a discussion of certain factors and risks. Lloyds Bank plc may also make or disclose written and/or oral forward-looking statements in other written materials and in oral statements made by the directors, officers or employees of Lloyds Bank plc to third parties, including financial analysts. Except as required by any applicable law or regulation, the forward-looking statements contained in this document are made as of today’s date, and the Lloyds Bank Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document whether as a result of new information, future events or otherwise. The information, statements and opinions contained in this document do not constitute a public offer under any applicable law or an offer to sell any securities or financial instruments or any advice or recommendation with respect to such securities or financial instruments.


    CONTACTS

    For further information please contact:


    INVESTORS AND ANALYSTS

    Douglas Radcliffe

    Group Investor Relations Director

    020 7356 1571

    douglas.radcliffe@lloydsbanking.com

    Rohith Chandra-Rajan

    Director of Investor Relations

    07353 885 690

    rohith.chandra-rajan@lloydsbanking.com

    Nora Thoden

    Director of Investor Relations – ESG

    020 7356 2334

    nora.thoden@lloydsbanking.com

    Tom Grantham

    Investor Relations Senior Manager

    07851 440 091

    thomas.grantham@lloydsbanking.com

    Sarah Robson

    Investor Relations Senior Manager

    07494 513 983

    sarah.robson2@lloydsbanking.com


    CORPORATE AFFAIRS

    Matt Smith

    Head of Media Relations

    07788 352 487

    matt.smith@lloydsbanking.com

    Emma Fairhurst

    Media Relations Senior Manager

    07814 395 855

    emma.fairhurst@lloydsbanking.com

    Copies of this News Release may be obtained from:
    Investor Relations, Lloyds Banking Group plc, 33 Old Broad Street, London, EC2N 1HZ
    The statement can also be found on the Group’s website – www.lloydsbankinggroup.com

    Registered office: Lloyds Bank plc, 25 Gresham Street, London, EC2V 7HN
    Registered in England No. 2065

    Click on, or paste the following link into your web browser, to view the associated PDF document.

    http://www.rns-pdf.londonstockexchange.com/rns/4360S_1-2025-7-24.pdf

    This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Second Quarter and First Six Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., July 24, 2025 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $7.8 million for the second quarter of 2025, an increase of 54.3 percent compared to $5.0 million for the second quarter of 2024. The Corporation reported consolidated net income of $13.2 million for the first six months of 2025, an increase of 55.4 percent compared to $8.5 million for the first six months of 2024. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Six Months Ended  
    Consolidated Financial Highlights (unaudited)   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Consolidated net income (000’s)   $ 7,767     $ 5,034     $ 13,162     $ 8,469  
                                     
    Earnings per share – basic and diluted   $ 2.37     $ 1.50     $ 4.03     $ 2.50  
                                     
    Annualized return on average assets     1.18 %     0.82 %     1.01 %     0.69 %
    Annualized return on average equity     13.06 %     9.31 %     11.23 %     7.82 %
    Annualized return on average tangible common equity1     14.70 %     10.72 %     12.72 %     9.01 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are very pleased with our strong second-quarter earnings,” said Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Our community banking segment delivered impressive loan and deposit growth, while our mortgage banking segment saw increased loan originations. Despite continued competition for auto loans, we are encouraged by the progress of our operational efficiency initiatives and ongoing technology investments at the consumer finance segment.

    Looking ahead, we’re optimistic about the second half of the year. In addition to the continued organic loan and deposit growth we expect at the community banking segment, we are excited about our recent expansion into Southwest Virginia. This strategic move extends our presence into key markets—including Roanoke, Lynchburg, Danville, Martinsville and Blacksburg—and reinforces our position as a leading community bank serving the Commonwealth of Virginia.”

    Key highlights for the second quarter and first six months of 2025 are as follows.

    • Community banking segment loans grew $76.7 million, or 10.6 percent annualized, and $143.4 million, or 10.3 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consumer finance segment loans decreased $5.4 million, or 2.3 percent annualized, and $17.0 million, or 3.5 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Deposits increased $85.5 million, or 7.9 percent annualized, and $150.3 million, or 7.1 percent, compared to December 31, 2024 and June 30, 2024, respectively;
    • Consolidated annualized net interest margin was 4.27 percent for the second quarter of 2025 compared to 4.12 percent for the second quarter of 2024 and 4.16 percent in the first quarter of 2025;
    • The community banking segment recorded a net reversal of provision for credit losses of $300,000 and a provision for credit losses of $450,000 for the second quarters of 2025 and 2024, respectively, and recorded a net reversal of provision for credit losses of $200,000 and a provision for credit losses of $950,000 for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment recorded provision for credit losses of $2.4 million and $2.1 million for the second quarters of 2025 and 2024, respectively, and recorded provision for credit losses of $5.3 million and $5.1 million for the first six months of 2025 and 2024, respectively;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024 and an annualized rate of 2.19 percent for the second quarter of 2025 compared to 2.64 percent for the first quarter of 2025;
    • Mortgage banking segment loan originations increased $67.5 million, or 46.2 percent, to $213.5 million for the second quarter of 2025 compared to the second quarter of 2024 and increased $99.8 million, or 87.7 percent compared to the first quarter of 2025; and
    • The Corporation issued new subordinated notes with aggregate principal of $40.0 million on June 6, 2025. Concurrently, the Corporation repurchased previously issued subordinated notes with aggregate principal of $20.0 million.

    Community Banking Segment. The community banking segment reported net income of $7.1 million and $12.6 million for the second quarter and first six months of 2025, respectively, compared to $4.6 million and $8.6 million for the same periods of 2024, due primarily to:

    • higher interest income resulting from higher average balances of loans and the effects of higher average interest rates on asset yields; and
    • lower provision for credit losses due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve, partially offset by provision related to loan growth;

    partially offset by:

    • higher interest expense due primarily to higher average balances of interest-bearing deposits, partially offset by lower average rates on deposits; and
    • higher marketing and advertising expenses related to the Corporation’s strategic marketing initiative, which began in the second half of 2024.

    Average loans increased $139.6 million, or 10.3 percent, for the second quarter of 2025 and increased $152.5 million, or 11.5 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to growth in the construction, construction real estate and land acquisition and development segments of the loan portfolio. Average deposits increased $156.9 million, or 7.6 percent, for the second quarter of 2025 and increased $144.4 million, or 7.0 percent, for the first six months of 2025, compared to the same periods in 2024, due primarily to higher balances of time deposits, noninterest-bearing demand deposits and saving and money market deposit accounts.

    Average interest-earning asset yields were higher for the second quarter and first six months of 2025, compared to the same periods of 2024, due primarily to a shift in the mix of the loan portfolio towards higher-yielding loans, renewals of fixed rate loans originated during periods of lower interest rates and purchases of securities available for sale in the overall higher interest rate environment. Average costs of interest-bearing deposits were lower for the second quarter of 2025, compared to the second quarter of 2024 due primarily to decreases in interest rates paid on time deposits. Average costs of interest-bearing deposits were higher for the first six months of 2025, compared to the first six months of 2024, due primarily to the continued effects of a shift in the mix of deposits to higher cost time deposits, partially offset by decreases in interest rates paid on time deposits.

    The community banking segment’s nonaccrual loans were $1.1 million at June 30, 2025 compared to $333,000 at December 31, 2024. The increase in nonaccrual loans compared to December 31, 2024 is due primarily to the downgrade of one residential mortgage relationship in the first quarter of 2025. The community banking segment recorded net reversals of provision for credit losses of $300,000 and $200,000 for the second quarter and first six months of 2025, compared to provision for credit losses of $450,000 and $950,000 for the same periods of 2024. At June 30, 2025, the allowance for credit losses decreased to $17.2 million, compared to $17.4 million at December 31, 2024. The allowance for credit losses as a percentage of total loans decreased to 1.12 percent at June 30, 2025 from 1.20 percent at December 31, 2024. These decreases are due primarily to the resolution of a nonperforming commercial real estate loan that had carried a specific reserve and growth in loans with shorter expected lives, which resulted in lower estimated losses over the life of the loan, partially offset by growth in the loan portfolio and changes in the forecast of key credit loss model assumptions. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $985,000 and $1.4 million for the second quarter and first six months of 2025, respectively, compared to $376,000 and $670,000 for the same periods of 2024, due primarily to:

    • higher gains on sales of loans and higher mortgage banking fee income due to higher volume of mortgage loan originations; and
    • higher mortgage lender services fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits; and
    • lower reversal of provision for indemnifications.

    Despite the sustained elevated level of mortgage interest rates, higher home prices and low levels of inventory, mortgage banking segment loan originations increased 46.2 percent and 36.2 percent for the second quarter and first six months of 2025, respectively, compared to the same periods of 2024. Mortgage loan originations for the mortgage banking segment were $213.5 million for the second quarter of 2025, comprised of $197.2 million home purchases and $16.3 million refinancings, compared to $146.0 million, comprised of $134.3 million home purchases and $11.7 million refinancings, for the same period in 2024. Mortgage loan originations for the mortgage banking segment were $327.3 million for the first six months of 2025, comprised of $298.9 million home purchases and $28.4 million refinancings, compared to $240.4 million, comprised of $221.1 million home purchases and $19.3 million refinancings, for the same period in 2024. Mortgage loan originations in the second quarter of 2025 increased $99.8 million compared to the first quarter of 2025 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the second quarter and first six months of 2025, the mortgage banking segment recorded a reversal of provision for indemnification losses of $35,000 and $60,000, respectively, compared to a reversal of provision for indemnification losses of $135,000 and $275,000 in the same periods of 2024. The allowance for indemnifications was $1.29 million and $1.35 million at June 30, 2025 and December 31, 2024, respectively. The release of indemnification reserves in 2025 and 2024 was due primarily to lower volume of mortgage loan originations in recent years, improvement in the mortgage banking segment’s assessment of borrower payment performance and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. The releases in 2025 decreased compared to the same periods in 2024 due primarily to the increased mortgage loan originations in 2025 compared to 2024. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $539,000 and $765,000 for the second quarter and first six months of 2025, compared to $894,000 and $831,000 for the same periods in 2024, due primarily to:

    • higher provision for credit losses due primarily to higher net charge-offs; and
    • lower interest income resulting from lower average balances of loans, partially offset by higher loan yields;

    partially offset by:

    • lower interest expense allocation on borrowings from the community banking segment as a result of lower average balances of borrowings; and
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs.

    Average loans decreased $14.1 million, or 2.9 percent, for the second quarter of 2025 and decreased $11.2 million, or 2.4 percent, for the first six months of 2025, respectively, compared to the same periods in 2024. The consumer finance segment experienced net charge-offs at an annualized rate of 2.42 percent of average total loans for the first six months of 2025, compared to 2.21 percent for the first six months of 2024, due primarily to an increase in delinquent loans, repossessions and the average amount charged-off when a loan was uncollectable. At June 30, 2025, total delinquent loans as a percentage of total loans was 3.81 percent, compared to 3.90 percent at December 31, 2024, and 3.51 percent at June 30, 2024.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. Average amounts of payment deferrals of automobile loans on a monthly basis, which are not included in delinquent loans, were 1.73 percent and 1.74 percent of average automobile loans outstanding during the second quarter and first six months of 2025, respectively, compared to 1.58 percent and 1.60 percent during the same periods during 2024. The allowance for credit losses was $22.4 million at June 30, 2025 and $22.7 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 4.85 percent at June 30, 2025 compared to 4.86 percent at December 31, 2024. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of June 30, 2025, the Corporation’s uninsured deposits were approximately $677.7 million, or 30.0 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $536.1 million, or 23.8 percent of total deposits as of June 30, 2025. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $373.7 million and borrowing availability was $576.4 million as of June 30, 2025, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $414.0 million as of June 30, 2025.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home Loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $146.1 million at June 30, 2025 from $122.6 million at December 31, 2024 due primarily to an increase in the Corporation’s subordinated debt, increased borrowings from the FHLB and fluctuations in balances of repurchase agreements with commercial deposit customers.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities, the issuance of brokered certificates of deposit and the capacity to borrow additional funds.

    Capital and Dividends.   During the second quarter of 2025, the Corporation declared a quarterly cash dividend of 46 cents per share. This dividend, which was paid to shareholders on July 1, 2025, represents a payout ratio of 19.4 percent of earnings per share for the second quarter of 2025. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital levels and requirements, and expected future earnings.

    Total consolidated equity increased $13.9 million at June 30, 2025, compared to December 31, 2024, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of increased market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest. Unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale, net of deferred income taxes, decreased to $19.9 million at June 30, 2025 compared to $23.7 million at December 31, 2024 due primarily to fluctuations in debt security market interest rates and a decrease in the balance of securities available for sale in an unrealized loss position as a result of maturities, calls and paydowns.

    As of June 30, 2025, the most recent notification from the FDIC categorized C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at June 30, 2025, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at June 30, 2025. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses become realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    The Corporation has a share repurchase program that was authorized by the Board of Directors to repurchase up to $5.0 million of the Corporation’s common stock, effective January 1, 2025 through December 31, 2025 (the 2025 Repurchase Program). During the second quarter of 2025, the Corporation did not make any repurchases of its common stock under the 2025 Repurchase Program.

    About C&F Financial Corporation. The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $69.18 per share on July 23, 2025. At June 30, 2025, the book value per share of the Corporation was $74.21 and the tangible book value per share was $66.12. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 31 banking offices and five commercial loan offices located throughout Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia and the surrounding states. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered primarily in the Mid-Atlantic, Midwest and Southern United States from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These may include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE. Interest on tax-exempt loans and securities is presented on a taxable-equivalent basis (which converts the income on loans and investments for which no income taxes are paid to the equivalent yield as if income taxes were paid) using the federal corporate income tax rate of 21 percent that was applicable for all periods presented.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to, or more important than, GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, fluctuations in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, changes in trade policy and the implementation of tariffs, war and other military conflicts or other major events, or the prospect of these events
    • average loan and securities yields and average costs of interest-bearing deposits and borrowings
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative and regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market areas
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the automobile finance and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansion, relocation and consolidation plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections made by the Corporation thereunder.

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2024 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   6/30/2025    12/31/2024    6/30/2024  
    Interest-bearing deposits in other banks   $ 62,289   $ 49,423   $ 28,433  
    Investment securities – available for sale, at fair value     434,506     418,625     404,758  
    Loans held for sale, at fair value     44,757     20,112     33,716  
    Loans, net:                    
    Community Banking segment     1,513,082     1,436,226     1,369,912  
    Consumer Finance segment     439,005     444,085     454,921  
    Total assets     2,686,392     2,563,374     2,492,100  
    Deposits     2,256,314     2,170,860     2,106,062  
    Repurchase agreements     20,642     28,994     25,047  
    Other borrowings     125,493     93,615     93,753  
    Total equity     240,916     226,970     219,099  
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Results of Operations   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Interest income   $ 37,407       $ 34,312     $ 73,395       $ 67,020  
    Interest expense     10,899         10,484       21,877         20,034  
    Provision for credit losses:                                
    Community Banking segment     (300 )       450       (200 )       950  
    Consumer Finance segment     2,400         2,100       5,300         5,100  
    Noninterest income:                                
    Gains on sales of loans     2,458         1,701       4,305         2,989  
    Other     7,390         5,623       13,116         11,827  
    Noninterest expenses:                                
    Salaries and employee benefits     14,846         13,452       28,329         27,704  
    Other     9,784         8,921       19,360         17,819  
    Income tax expense     1,859         1,195       2,988         1,760  
    Net income     7,767         5,034       13,162         8,469  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,768         31,460       66,196         61,096  
    Interest income on securities-FTE     3,530         2,977       6,876         6,075  
    Total interest income-FTE     37,711         34,600       73,987         67,593  
    Net interest income-FTE     26,812         24,116       52,110         47,559  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,499,272     $ 20,893   5.59 % $ 1,359,703     $ 18,543   5.48 %
    Mortgage banking segment     45,948       731   6.38     34,240       533   6.26  
    Consumer finance segment     464,193       12,144   10.49     478,296       12,384   10.41  
    Total loans     2,009,413       33,768   6.74     1,872,239       31,460   6.76  
    Securities:                                  
    Taxable     342,023       2,325   2.72     337,050       1,857   2.20  
    Tax-exempt     120,281       1,205   4.01     119,626       1,120   3.75  
    Total securities     462,304       3,530   3.05     456,676       2,977   2.61  
    Interest-bearing deposits in other banks     48,237       413   3.43     23,239       163   2.82  
    Total earning assets     2,519,954       37,711   6.00     2,352,154       34,600   5.91  
    Allowance for credit losses     (41,284 )               (40,837 )            
    Total non-earning assets     157,307                 153,002              
    Total assets   $ 2,635,977               $ 2,464,319              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 312,905       476   0.61   $ 321,070       476   0.60  
    Savings and money market deposit accounts     522,453       1,530   1.17     474,613       1,074   0.91  
    Certificates of deposit     830,425       7,547   3.65     751,973       7,700   4.12  
    Total interest-bearing deposits     1,665,783       9,553   2.30     1,547,656       9,250   2.40  
    Borrowings:                                  
    Repurchase agreements     23,920       85   1.43     25,113       97   1.55  
    Other borrowings     99,162       1,261   5.09     100,633       1,137   4.52  
    Total borrowings     123,082       1,346   4.38     125,746       1,234   3.93  
    Total interest-bearing liabilities     1,788,865       10,899   2.44     1,673,402       10,484   2.52  
    Noninterest-bearing demand deposits     568,372                 529,608              
    Other liabilities     40,917                 45,023              
    Total liabilities     2,398,154                 2,248,033              
    Equity     237,823                 216,286              
    Total liabilities and equity   $ 2,635,977               $ 2,464,319              
    Net interest income         $ 26,812             $ 24,116      
    Interest rate spread               3.56 %             3.39 %
    Interest expense to average earning assets               1.73 %             1.79 %
    Net interest margin               4.27 %             4.12 %
                                       
        For the Six Months Ended  
          6/30/2025      6/30/2024     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Loans:                                  
    Community banking segment   $ 1,483,501     $ 40,858   5.55 % $ 1,330,981     $ 35,874   5.42 %
    Mortgage banking segment     33,527       1,071   6.44     25,970       814   6.30  
    Consumer finance segment     464,856       24,267   10.53     476,072       24,408   10.31  
    Total loans     1,981,884       66,196   6.74     1,833,023       61,096   6.70  
    Securities:                                  
    Taxable     340,744       4,518   2.65     351,146       3,837   2.19  
    Tax-exempt     119,661       2,358   3.94     120,274       2,238   3.72  
    Total securities     460,405       6,876   2.99     471,420       6,075   2.58  
    Interest-bearing deposits in other banks     52,012       915   3.55     25,828       422   3.29  
    Total earning assets     2,494,301       73,987   5.98     2,330,271       67,593   5.83  
    Allowance for credit losses     (40,947 )               (40,565 )            
    Total non-earning assets     155,937                 154,902              
    Total assets   $ 2,609,291               $ 2,444,608              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 322,569       1,076   0.67   $ 328,320       1,029   0.63  
    Savings and money market deposit accounts     505,926       2,735   1.09     479,629       2,135   0.90  
    Certificates of deposit     826,211       15,511   3.79     728,570       14,616   4.03  
    Total interest-bearing deposits     1,654,706       19,322   2.35     1,536,519       17,780   2.33  
    Borrowings:                                  
    Repurchase agreements     26,044       198   1.53     26,555       208   1.57  
    Other borrowings     96,394       2,357   4.89     89,539       2,046   4.57  
    Total borrowings     122,438       2,555   4.18     116,094       2,254   3.88  
    Total interest-bearing liabilities     1,777,144       21,877   2.48     1,652,613       20,034   2.44  
    Noninterest-bearing demand deposits     556,923                 530,747              
    Other liabilities     40,896                 44,573              
    Total liabilities     2,374,963                 2,227,933              
    Equity     234,328                 216,675              
    Total liabilities and equity   $ 2,609,291               $ 2,444,608              
    Net interest income         $ 52,110             $ 47,559      
    Interest rate spread               3.50 %             3.39 %
    Interest expense to average earning assets               1.77 %             1.73 %
    Net interest margin               4.21 %             4.10 %
                       
        6/30/2025
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     267,278     52,000     215,278
    Borrowings from Federal Reserve Bank     286,137     —     286,137
    Total   $ 628,415   $ 52,000   $ 576,415
                     
    Asset Quality   6/30/2025     12/31/2024  
    Community Banking                
    Total loans   $ 1,530,275     $ 1,453,605  
    Nonaccrual loans   $ 1,075     $ 333  
                     
    Allowance for credit losses (ACL)   $ 17,193     $ 17,379  
    Nonaccrual loans to total loans     0.07 %     0.02 %
    ACL to total loans     1.12 %     1.20 %
    ACL to nonaccrual loans     1,599.35 %     5,218.92 %
    Annualized year-to-date net charge-offs to average loans     0.01 %     0.01 %
                     
    Consumer Finance                
    Total loans   $ 461,390     $ 466,793  
    Nonaccrual loans   $ 697     $ 614  
    Repossessed assets   $ 925     $ 779  
    ACL   $ 22,385     $ 22,708  
    Nonaccrual loans to total loans     0.15 %     0.13 %
    ACL to total loans     4.85 %     4.86 %
    ACL to nonaccrual loans     3,211.62 %     3,698.37 %
    Annualized year-to-date net charge-offs to average loans     2.42 %     2.62 %
                                     
        For The     For The  
        Quarter Ended     Six Months Ended  
    Other Performance Data   6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Net Income (Loss):                                
    Community Banking   $ 7,116       $ 4,571       $ 12,561       $ 8,583    
    Mortgage Banking     985         376         1,416         670    
    Consumer Finance     539         894         765         831    
    Other1     (873 )       (807 )       (1,580 )       (1,615 )  
    Total   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
                                     
    Net income attributable to C&F Financial Corporation   $ 7,691       $ 5,007       $ 13,059       $ 8,408    
                                     
    Earnings per share – basic and diluted   $ 2.37       $ 1.50       $ 4.03       $ 2.50    
    Weighted average shares outstanding – basic and diluted     3,238,765         3,343,192         3,236,849         3,357,063    
                                     
    Annualized return on average assets     1.18   %     0.82   %     1.01   %     0.69   %
    Annualized return on average equity     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity2     14.70   %     10.72   %     12.72   %     9.01   %
    Dividends declared per share   $ 0.46       $ 0.44       $ 0.92       $ 0.88    
                                     
    Mortgage loan originations – Mortgage Banking   $ 213,523       $ 146,010       $ 327,273       $ 240,356    
    Mortgage loans sold – Mortgage Banking     196,878         135,227         303,309         221,306    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   6/30/2025     12/31/2024
    Market value per share   $ 61.73     $ 71.25
    Book value per share   $ 74.21     $ 70.00
    Price to book value ratio     0.83       1.02
    Tangible book value per share1   $ 66.12     $ 61.86
    Price to tangible book value ratio1     0.93       1.15
    Price to earnings ratio (ttm)     8.17       11.86

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   6/30/2025   12/31/2024   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     15.0 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.0 %   11.9 %   6.0 %
    Common equity tier 1 capital ratio     10.8 %   10.7 %   4.5 %
    Tier 1 leverage ratio     10.0 %   9.8 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     14.8 %   13.5 %   8.0 %
    Tier 1 risk-based capital ratio     13.6 %   12.3 %   6.0 %
    Common equity tier 1 capital ratio     13.6 %   12.3 %   4.5 %
    Tier 1 leverage ratio     11.3 %   10.1 %   4.0 %

    ________________________
    1   The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2   All ratios at June 30, 2025 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2024 are presented as filed.
    3   The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Six Months Ended  
        6/30/2025     6/30/2024     6/30/2025     6/30/2024  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 237,823       $ 216,286       $ 234,328       $ 216,675    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,045 )       (1,301 )       (1,081 )       (1,333 )  
    Average noncontrolling interest     (652 )       (602 )       (696 )       (656 )  
    Average tangible common equity   $ 210,935       $ 189,192       $ 207,360       $ 189,495    
                                     
    Net income   $ 7,767       $ 5,034       $ 13,162       $ 8,469    
    Amortization of intangibles     63         65         125         130    
    Net income attributable to noncontrolling interest     (76 )       (27 )       (103 )       (61 )  
    Net tangible income attributable to C&F Financial Corporation   $ 7,754       $ 5,072       $ 13,184       $ 8,538    
                                     
    Annualized return on average equity, as reported     13.06   %     9.31   %     11.23   %     7.82   %
    Annualized return on average tangible common equity     14.70   %     10.72   %     12.72   %     9.01   %
                                   
        For The Quarter Ended     For The Six Months Ended
        6/30/2025     6/30/2024     6/30/2025     6/30/2024
    Fully Taxable Equivalent Net Interest Income1                              
    Interest income on loans   $ 33,716     $ 31,407     $ 66,098     $ 60,993
    FTE adjustment     52       53       98       103
    FTE interest income on loans   $ 33,768     $ 31,460     $ 66,196     $ 61,096
                                   
    Interest income on securities   $ 3,278     $ 2,742     $ 6,382     $ 5,605
    FTE adjustment     252       235       494       470
    FTE interest income on securities   $ 3,530     $ 2,977     $ 6,876     $ 6,075
                                   
    Total interest income   $ 37,407     $ 34,312     $ 73,395     $ 67,020
    FTE adjustment     304       288       592       573
    FTE interest income   $ 37,711     $ 34,600     $ 73,987     $ 67,593
                                   
    Net interest income   $ 26,508     $ 23,828     $ 51,518     $ 46,986
    FTE adjustment     304       288       592       573
    FTE net interest income   $ 26,812     $ 24,116     $ 52,110     $ 47,559

    ____________________
    1 Assuming a tax rate of 21%.

                   
        6/30/2025     12/31/2024
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 240,313       $ 226,360  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,022 )       (1,147 )
    Tangible equity attributable to C&F Financial Corporation   $ 214,100       $ 200,022  
                   
    Shares outstanding     3,238,085         3,233,672  
                   
    Book value per share   $ 74.21       $ 70.00  
    Tangible book value per share   $ 66.12       $ 61.86  
       
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI: Clear Street Launches Specialty Finance Franchise with the Addition of Mickey Schleien

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Clear Street, (“Clear Street”, “the Company”) a cloud-native financial technology firm on a mission to modernize the brokerage ecosystem, today announced the appointment of Mickey Schleien, CFA, as Managing Director and Senior Analyst, leading equity research coverage of Business Development Companies (BDCs) and Collateralized Loan Obligation (CLO) closed-end funds. He will report to Director of Research Mara Goldstein.

    Mr. Schleien brings three decades of capital markets experience to Clear Street, with deep expertise in BDCs and CLOs. He joins the firm from Ladenburg Thalmann & Co., where he spent more than 18 years producing comprehensive research coverage across the BDC and CLO fund sectors. Prior to that, Mr. Schleien held senior research positions at several prestigious financial institutions, including Lehman Brothers, UBS, James Capel (HSBC) and Morgan Stanley.

    Mara Goldstein, Director of Research at Clear Street, said, “We are delighted to welcome Mickey to our equity research team, where his extensive experience and deep understanding of BDCs and CLO funds will be invaluable. Mickey’s long-standing tenure in the space, along with his well-established relationships and sharp investment analysis, enhances our ability to serve clients—particularly as this sector plays a vital role in funding the growth of small- and medium-sized businesses. His appointment underscores our commitment to delivering exceptional research and insights across key market segments.”

    “I’m thrilled to join Clear Street at this exciting time in the firm’s growth,” said Mr. Schleien. “The combination of Clear Street’s innovative technology platform and commitment to excellence in equity research creates a unique opportunity to deliver exceptional value to clients. I look forward to leveraging my BDC and CLO experience, as well as my relationships with institutional investors, management teams, regulators and sector organizations to contribute to the firm’s continued success.”

    Mr. Schleien holds an MBA from Loyola Marymount University and a Bachelor of Science degree in Chemistry from UCLA. He is also a CFA charter holder.

    Media Contact:

    Ashley DeSimone

    Chief Marketing Officer, Clear Street, adesimone@clearstreet.io

    About Clear Street:

    Clear Street is modernizing the brokerage ecosystem with financial technology and services that empower market participants with real-time data and best-in-class products, tools and teams, to navigate capital markets around the world. Complemented by white-glove service, Clear Street’s cloud-native, proprietary product suite delivers financing, derivatives, execution and more to power client success, adding efficiency to the market and enabling clients to minimize risk, redundancy and cost. Clear Street’s goal is to create a single platform for every asset class, in every country and in any currency. For more information, visit https://clearstreet.io.

    The MIL Network –

  • MIL-OSI: Clear Street Launches Specialty Finance Franchise with the Addition of Mickey Schleien

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Clear Street, (“Clear Street”, “the Company”) a cloud-native financial technology firm on a mission to modernize the brokerage ecosystem, today announced the appointment of Mickey Schleien, CFA, as Managing Director and Senior Analyst, leading equity research coverage of Business Development Companies (BDCs) and Collateralized Loan Obligation (CLO) closed-end funds. He will report to Director of Research Mara Goldstein.

    Mr. Schleien brings three decades of capital markets experience to Clear Street, with deep expertise in BDCs and CLOs. He joins the firm from Ladenburg Thalmann & Co., where he spent more than 18 years producing comprehensive research coverage across the BDC and CLO fund sectors. Prior to that, Mr. Schleien held senior research positions at several prestigious financial institutions, including Lehman Brothers, UBS, James Capel (HSBC) and Morgan Stanley.

    Mara Goldstein, Director of Research at Clear Street, said, “We are delighted to welcome Mickey to our equity research team, where his extensive experience and deep understanding of BDCs and CLO funds will be invaluable. Mickey’s long-standing tenure in the space, along with his well-established relationships and sharp investment analysis, enhances our ability to serve clients—particularly as this sector plays a vital role in funding the growth of small- and medium-sized businesses. His appointment underscores our commitment to delivering exceptional research and insights across key market segments.”

    “I’m thrilled to join Clear Street at this exciting time in the firm’s growth,” said Mr. Schleien. “The combination of Clear Street’s innovative technology platform and commitment to excellence in equity research creates a unique opportunity to deliver exceptional value to clients. I look forward to leveraging my BDC and CLO experience, as well as my relationships with institutional investors, management teams, regulators and sector organizations to contribute to the firm’s continued success.”

    Mr. Schleien holds an MBA from Loyola Marymount University and a Bachelor of Science degree in Chemistry from UCLA. He is also a CFA charter holder.

    Media Contact:

    Ashley DeSimone

    Chief Marketing Officer, Clear Street, adesimone@clearstreet.io

    About Clear Street:

    Clear Street is modernizing the brokerage ecosystem with financial technology and services that empower market participants with real-time data and best-in-class products, tools and teams, to navigate capital markets around the world. Complemented by white-glove service, Clear Street’s cloud-native, proprietary product suite delivers financing, derivatives, execution and more to power client success, adding efficiency to the market and enabling clients to minimize risk, redundancy and cost. Clear Street’s goal is to create a single platform for every asset class, in every country and in any currency. For more information, visit https://clearstreet.io.

    The MIL Network –

  • MIL-OSI Banking: Facts & Figures Behind Galaxy Z Fold7’s Ultra Camera

    Source: Samsung

    Galaxy Z Fold7 features the Z Fold series’ most advanced camera, delivering an Ultra experience that transforms the way you capture, edit and share content.
     
    For the first time in the series, the device offers a 200MP ultra-high-resolution main camera and the powerful Snapdragon 8 Elite for Galaxy processor.
     
    Also equipped with a ProVisual Engine boasting more than 160 AI-powered imaging technologies, Galaxy Z Fold7 seamlessly merges flagship camera performance and intelligent processing in a versatile foldable design.
     
    From filming vivid night videos to capturing more of the world with its ultra-wide lens, here’s how the thinnest and lightest Z Fold yet is built to keep up with your creative vision.
     
     
    200MP Sensor: Next-Level Clarity in Every Frame
    ▲ The upgraded camera system takes your photography to the next level.
     
    At the heart of Galaxy Z Fold7’s camera system lies its 200MP wide-angle camera, the same found in Galaxy S25 Ultra and the highest-ever resolution sensor in the Z Fold series. With it, you can now capture every nuance of a scene, from the rich textures and colors of clothes in your holiday photos to the delicate contours of the vast landscape behind you. Here are some of the key benefits of Galaxy Z Fold7’s wide-angle camera:
     

    Captures shots that are 44% brighter and 4 times more detailed than those taken with Galaxy Z Fold6, ensuring every image is vivid, textured and ready to share.
    Maintains image quality at 2x optical-grade zoom, delivering sharp, clear results even when digitally zooming in — so you can reframe or crop images without sacrificing detail.
    A shutter speed that is up to 7 times faster, enabling you to take crisp, detailed photos of important moments.

     
     
    ▲ The 200MP sensor ensures you can capture every detail.
     
    Looking to highlight the intricate details of your latest artwork or piece of jewelry? The enhanced 12MP ultra-wide lens on Galaxy Z Fold7 now supports auto focus, enabling macro photography, so you can take close-ups with exceptional sharpness and depth.
     
    To maintain precise focus at close range, the device leverages Dual Camera Depth Calibration — a system that intelligently gauges subject distance and seamlessly switches between the wide and ultra-wide cameras when needed. This allows you to achieve consistent sharpness without manually changing cameras. The addition of autofocus to the ultra-wide camera further enhances accuracy, making it easier than ever to shoot detailed close-ups with clarity.
     
     
    Fit the Whole Crew in Wide-Angle Selfies
    ▲ The 100-degree front camera on the main display allows you to take large group selfies with ease.
     
    Getting everyone in the frame no longer means stretching your arm to the limit or asking the group to back up. The enhanced 100-degree front camera on the main display captures more of the scene so you can easily fit everyone in the shot. Features and upgrades include:
     

    Front camera photos that are 25% wider and 5 times clearer compared to those taken with Galaxy Z Fold6.
    The camera uses Wide Distortion Correction, which automatically adjusts proportions and reduces distortion when faces are near the edges of frames, allowing everyone to look more natural in wide shots.
    More natural skin texture on photo subjects, thanks to AI-driven adjustments optimized for the selfie experience.
    Enhanced HDR processing for portraits that prioritizes the subject for more true-to-life rendering.
    AI-powered filters trained on over 5,000 real analog film images, letting you fine-tune your photos based on contrast, saturation and color temperature to achieve a look that blends natural aesthetics with artistic expression.

     
     
    Light Up Night Shoots With the ProVisual Engine
    
    ▲ Grainy and blurred night videos are a thing of the past with Galaxy Z Fold7.
     
    Galaxy Z Fold7 shines brightest after dark, thanks to its AI-powered ProVisual Engine that processes images faster1 and optimizes every scene.
     
    The energy of an evening concert or a night out with friends can be recorded in stunning clarity. By analyzing movement and light in real time, Galaxy Z Fold7 reduces noise effectively and delivers crystal-clear results — even in challenging low-light conditions:
     

    Enhanced Nightography leverages an advanced Spatio-Temporal Filter that analyzes pixel data both within each frame and between frames. When analyzing across multiple frames, it separates the subject from the background to reduce background noise. Footage quality is further refined as noise is removed based on continuous pixel patterns within individual frames. The result is sharper, clearer night footage with natural light and fine detail.

     
    Videos get a further boost from the introduction of advanced 10-bit HDR video recording:
     

    Overall color expression is enhanced with 4 times richer contrast and a wider dynamic range compared to standard 8-bit recordings.
    Galaxy Z Fold7 supports Hybrid Log Gamma (HLG2), ensuring broad compatibility with regular displays and TVs.

     
    LOG video recording is supported as well — particularly useful for creators who want more flexibility during post-production. Videos can be edited with greater ease, thanks to:
     

    The 10-bit High Efficiency Video Coding (HEVC3) codec for advanced compression and editing freedom.
    The ability to fine-tune color grading using Samsung Look-Up Table (LUT4), right from the device.

     
     
    A Portable Editing Studio Right in Your Hands
    
    ▲ Remove unwanted objects in an instant with Generative Edit.
     
    With Galaxy Z Fold7, there’s no need to get back to your desk before editing content. The device itself is your own portable creative studio, with its large display allowing you to edit like a pro — anytime, anywhere with precision like never before:
     

    Generative Edit, enhanced with a refined AI model and more advanced prompt processing, now delivers an 18-fold reduction in the mis-generation rate and a 4-fold cut in texture distortion compared to Galaxy Z Fold6. The upgrade allows you to effortlessly remove unwanted objects — along with related elements such as shadows or reflections — adjust angles, and naturally fill in backgrounds, resulting in polished, professional-quality photos.
    Through Galaxy AI’s scene-understanding capabilities, Suggest Erases proactively suggests edits like removing passersby or other distractions in photos for flawless, clean shots.
    Side-by-Side Editing lets you compare original and edited versions of your photos in real time for quick editing on the go.
    Improved with advanced AI prompt engineering, Portrait Studio helps pet lovers and portrait enthusiasts alike refine images to capture vibrant expressions and striking profiles.

     
     
    Unfold Your Creativity
    Galaxy Z Fold7’s next-generation camera and editing tools make creating high-quality content simpler, faster and more intuitive than ever before. More than just a foldable, Galaxy Z Fold7 takes your craft to new heights as your personal creative assistant.
     
     
    1 Galaxy Z Fold7 processes images 27% faster than Galaxy Z Fold6.
    2 Hybrid Log-Gamma is an HDR standard that provides backwards compatibility with non-HDR monitors such as SDR, while also achieving a wider color range for HDR monitors.
    3 High Efficiency Video Coding (HEVC) is a video compression standard designed to offer improved video quality and a higher average bitrate reduction than its predecessor, Advanced Video Coding (AVC).
    4 Samsung Look-Up Table (LUT) is a pre-defined set of color adjustment values that can be applied to footage during post-production to achieve the desired visual style and color representation.

    MIL OSI Global Banks –

  • MIL-OSI: Mark Cuban Foundation and Who We Play For Bring Free AI Bootcamp to Melbourne Teens

    Source: GlobeNewswire (MIL-OSI)

    MELBOURNE, Fla., July 24, 2025 (GLOBE NEWSWIRE) — High school students in Melbourne have the chance to get hands-on experience with artificial intelligence through a free AI Bootcamp launched by the Mark Cuban Foundation, in partnership with Who We Play For and Groundswell Startups. Applications close September 30.

    This event brings the only artificial intelligence (AI) camp of its kind, free of charge, to the Space Coast. With a custom and highly-relevant curriculum focused on teaching students about the latest developments in the world of AI and Generative AI, the camp will provide the tools to make these technologies work for them and promises to educate, inspire and fuel the next generation of AI professionals.

    The program aims to provide students with a foundational understanding of artificial intelligence and its applications to future careers. Students can select from six tracks: healthcare, arts and entertainment, business and entrepreneurship, computer science, sports science, or education and career readiness. Driven by the belief that fostering interest in AI at a young age is crucial for preparing the next generation for their future, the AI Bootcamps are introductory and accessible to students in 9-12 grade with an interest in technology. Students do not need any familiarity with computer science or programming to attend.

    This free AI Bootcamp is hosted for underserved high school students with a transparent focus on recruiting girls, students of color, first generation college students, and those from low to moderate income households. The AI Bootcamp Program provides students with lunch and a snack, transportation assistance, and technology equipment during bootcamp.

    “As AI continues to become an undeniable force in all of our lives, it’s crucial that we open the door to this knowledge, especially to young people who want to explore it,” said Mark Cuban, founder. “While technology expands and becomes more advanced, it becomes more critical that we ensure our students are prepared when they apply for schools or jobs in the future. Thanks to our work with Who We Play For and Groundswell Startups, the bootcamp will offer an avenue to explore this fascinating field of technology to any student, no matter their means.”

    This year’s bootcamp, taking place in Melbourne on November 1st, 8th, and 15th is hosted and staffed by Groundswell Startups and Who We Play For, two organizations dedicated to fostering innovation, growth, and opportunity on the Space Coast.

    Who We Play For, a nonprofit organization committed to preventing sudden cardiac death in young people by providing affordable and accessible heart screenings. Founded in memory of Rafe Maccarone, a local student-athlete who lost his life to sudden cardiac arrest in 2007, the organization works tirelessly to ensure that no family, team, or community has to experience a similar loss. Through partnerships with schools, sports clubs, and community organizations, Who We Play For brings non-invasive heart screenings to youth across the country while raising awareness about the importance of early detection and advocating for increased access to life-saving resources.

    Groundswell Startups, founded in 2016, is a non-profit incubator and coworking space bringing concepts to life and accelerating scalability for businesses ranging from tech to manufacturing in Florida’s Space Coast and around the Southeast region.

    “This partnership reflects what Groundswell was built to do,” said Groundswell Co-Founder Bud Deffebach. “Events like these empower the next generation of tech innovators to understand and utilize AI. We are proud to join with the Mark Cuban Foundation in providing this experience to local students.”

    This partnership is one of more than 25 selected to host camps across the U.S. and the only event hosted in Florida.

    “We are thrilled to partner with the Mark Cuban Foundation and Groundswell Startups to share insights on artificial intelligence and the importance of early exposure to emerging technologies. This partnership is a great opportunity to showcase how AI is driving meaningful impact in our work here at Who We Play For, and we are proud to bring the AI Bootcamp to our hometown,” said Who We Play For Technical Director, Klynton Holmes.

    There are just 9 weeks left until the September 30 deadline. Do not miss your chance—submit your application now, as spaces are limited.

    Apply for the bootcamp at: markcubanai.org.

    Watch Mark Cuban’s message about Mark Cuban Foundation’s AI bootcamps and access the full media kit here.

    To learn more, visit markcubanai.org.

    This bootcamp is facilitated with support from Mark Cuban Foundation AI Bootcamp Program’s media partner, Notified, a globally trusted technology partner for investor relations, public relations and marketing professionals.

    About Mark Cuban Foundation’s AI Bootcamp Initiative
    The Mark Cuban Foundation is a 501(c)(3) private non-profit led by entrepreneur and investor Mark Cuban. The AI Bootcamps Program at MCF seeks to inspire young people with emerging technology so that they can create more equitable futures for themselves and their communities. Over 3 consecutive Saturdays underserved 9th – 12th grade students learn what AI is and isn’t, where they already interact with AI in their own lives, the ethical implications of AI systems, and much more. Learn more about the no-cost AI Bootcamp program at markcubanai.org.

    About Who We Play For

    WWPF represents every young person who lost their life to sudden cardiac arrest (SCA). Our fight is to ensure that other families, teams, and communities will never know that pain.

    On our mission to eliminate preventable sudden cardiac death in the young through affordable heart screenings, WWPF has screened over 450,000 youth across more than 500 communities throughout the United States. As a result of WWPF’s screening program, more than 450 youth with life threatening heart conditions have received immediate, life-saving medical intervention and thousands more are now aware of cardiac abnormalities that may increase their risk for SCA later in life.

    Alongside the world’s leaders in pediatric cardiology, our vision is to elevate the standard of care for ALL youth, no matter their level of athletics, socio-economic status or geographical location.

    About Groundswell Startups

    Groundswell, a nonprofit high-tech incubator in Florida’s Space Coast, serves as a hub that unites founders, mentors, investors, and trusted support services. Our mission is simple yet powerful: to envelop entrepreneurs in a supportive ecosystem abundant with resources. We pave the way for company building, industry disruption, and scalable growth. At Groundswell, we believe in empowering startups with the essential network and resources to thrive in the heart of the Space Coast’s innovation landscape. Learn more or find support for your startup idea at www.swellstartups.com.

    The MIL Network –

  • MIL-OSI: New CAST Highlight update reveals ‘good’ v. ‘bad’ technical debt

    Source: GlobeNewswire (MIL-OSI)

    PARIS and NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Chief Information Officers confronting technical debt now have a new way to prioritize thousands of hours in IT development time, announced CAST, a leader in software mapping and intelligence technology. The company today released the latest version of CAST Highlight, which distinguishes between ‘good’ and ‘bad’ technical debt, helping teams prioritize remediation efforts across all custom applications.

    “Each day CIOs face the same question: ‘Which 100 of my 1,000 applications should we focus on?’,” said Greg Rivera, Head of Product at CAST. “Now, within seconds, the answer is clear, ranked, and prioritized. In true CAST Highlight fashion, each issue also comes with data-driven recommendations and quantification of the effort required to resolve it.”

    Key capabilities of the new “Portfolio Advisor for Technical Debt” feature include:

    • Prioritizing applications based on business criticality and issue severity
    • Categorizing debt types, such as low Software Health (e.g. issues with resiliency, agility, and complexity), outdated open-source components, and obsolete technology versions (e.g. Java, .NET)
    • Drilling down to the application level to understand specific issues and remediation needs

    “Not all problems are created equally,” continued Rivera. “Many can wait with minimal business impact. The real challenge has been knowing what to prioritize. With this new intelligence in-hand, CIOs can get a centralized view of their technical debt, direct their teams with confidence, and update the board on progress. “

    “Good” technical debt is defined as lower importance applications with minimal debt density. “Bad” technical debt arises from business-critical applications with high tech debt density in multiple areas. CAST Highlight generates these insights based on industry-standard best practices for code quality and up-to-date components.

    Additional new capabilities in this release include:

    • Terraform Cloud Maturity Insights to speed cloud migration and modernization for applications with Terraform
    • Docker Cloud Maturity Insights to streamline cloud adoption for applications running Docker containers
    • Enhanced Custom Segmentation for more detailed Portfolio Advisor dashboards, with new segmentation options such as OSS component names, technical debt values, and technology versions

    The release is available to all CAST Highlight customers.

    About CAST
    Businesses move faster using CAST technology to understand, improve, and transform their software. Through semantic analysis of source code, CAST produces 3D maps and dashboards to navigate inside individual applications and across entire portfolios. This intelligence empowers executives and technology leaders to steer, speed, and report on initiatives such as technical debt, GenAI, modernization, and cloud. As the pioneer of the software intelligence field, CAST is trusted by the world’s leading companies and governments, their consultancies and cloud providers. See it all at castsoftware.com.

    The MIL Network –

  • MIL-OSI: New CAST Highlight update reveals ‘good’ v. ‘bad’ technical debt

    Source: GlobeNewswire (MIL-OSI)

    PARIS and NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Chief Information Officers confronting technical debt now have a new way to prioritize thousands of hours in IT development time, announced CAST, a leader in software mapping and intelligence technology. The company today released the latest version of CAST Highlight, which distinguishes between ‘good’ and ‘bad’ technical debt, helping teams prioritize remediation efforts across all custom applications.

    “Each day CIOs face the same question: ‘Which 100 of my 1,000 applications should we focus on?’,” said Greg Rivera, Head of Product at CAST. “Now, within seconds, the answer is clear, ranked, and prioritized. In true CAST Highlight fashion, each issue also comes with data-driven recommendations and quantification of the effort required to resolve it.”

    Key capabilities of the new “Portfolio Advisor for Technical Debt” feature include:

    • Prioritizing applications based on business criticality and issue severity
    • Categorizing debt types, such as low Software Health (e.g. issues with resiliency, agility, and complexity), outdated open-source components, and obsolete technology versions (e.g. Java, .NET)
    • Drilling down to the application level to understand specific issues and remediation needs

    “Not all problems are created equally,” continued Rivera. “Many can wait with minimal business impact. The real challenge has been knowing what to prioritize. With this new intelligence in-hand, CIOs can get a centralized view of their technical debt, direct their teams with confidence, and update the board on progress. “

    “Good” technical debt is defined as lower importance applications with minimal debt density. “Bad” technical debt arises from business-critical applications with high tech debt density in multiple areas. CAST Highlight generates these insights based on industry-standard best practices for code quality and up-to-date components.

    Additional new capabilities in this release include:

    • Terraform Cloud Maturity Insights to speed cloud migration and modernization for applications with Terraform
    • Docker Cloud Maturity Insights to streamline cloud adoption for applications running Docker containers
    • Enhanced Custom Segmentation for more detailed Portfolio Advisor dashboards, with new segmentation options such as OSS component names, technical debt values, and technology versions

    The release is available to all CAST Highlight customers.

    About CAST
    Businesses move faster using CAST technology to understand, improve, and transform their software. Through semantic analysis of source code, CAST produces 3D maps and dashboards to navigate inside individual applications and across entire portfolios. This intelligence empowers executives and technology leaders to steer, speed, and report on initiatives such as technical debt, GenAI, modernization, and cloud. As the pioneer of the software intelligence field, CAST is trusted by the world’s leading companies and governments, their consultancies and cloud providers. See it all at castsoftware.com.

    The MIL Network –

  • MIL-OSI: Blockgraph Builds on OnDemand Platform Success with Launch of Collaborative Insights and Geo-Based Audiences

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Blockgraph, the privacy-first data collaboration platform for household-based advertising, today launched two powerful new features—Collaborative Insights and Geo-Based Audiences— designed to further fuel its transformation as an industry leading resource for data-driven local advertisers.

    Following strong adoption of the Blockgraph OnDemand platform, which debuted in late 2024, these new capabilities are purpose-built to simplify targeting, planning and measurement across Blockgraph’s media partner ecosystem, making sophisticated advertising tools more accessible for advertisers of all sizes. Blockgraph OnDemand is on track for over 200% year-over-year growth with adoption spanning local ad categories including automotive dealerships, retail, political, education, local events marketing and home services.

    “Local marketers are often underserved by enterprise-level solutions,” said Jason Manningham, CEO of Blockgraph. “With these new capabilities, we’re making it easier than ever for local advertisers to measure what matters and activate campaigns with precision—no data science team or complicated setup required.”

    Collaborative Insights: Simplifying Measurement for Local Advertisers

    Blockgraph’s Collaborative Insights is a turn-key, privacy-safe reporting solution that helps advertisers understand campaign impact in clear business metrics, like return on ad spend, sales lift and store visit lift. It allows local advertisers and media sellers to easily collaborate on campaign performance and sales data, unlocking fast, actionable insights tied to real business outcomes. Built with privacy-safe intelligence, Collaborative Insights drastically simplifies measurement data collaboration and reporting, without a need for expensive setup, custom technology or complex integrations.

    Key benefits include:

    • Outcomes-Based Reporting – Instantly measure campaign outcomes with scalable, automated reporting
    • Smarter Planning – Collaborate with sellers to benchmark and refine local campaigns.
    • Speed to Insight – Consistent reporting and automation designed for local marketing teams.
    • Privacy-Safe By Design – Built-in protections facilitate sharing outcome insights without compromising data security.

    “This levels the playing field for local advertisers” said Jason Manningham, CEO at Blockgraph. “Collaborative Insights offers plug-and-play access to always-on insights, helping smaller businesses move quicker and plan smarter so they can prove ROI.”

    Collaborative Insights is also available to Blockgraph enterprise customers seeking to standardize, simplify and scale their reporting operations.

    Geo-Based Audiences: Easier and Smarter Local Targeting

    Geo-Based Audiences gives advertisers a simple way to reach real households in specific ZIP codes, cities, or custom regions using deterministic household-level data—without requiring their own CRM list or reliance on imprecise IP signals.

    Marketers can define audiences by specific location and activate with confidence knowing the segments are built from verified data—not probabilistic guesswork.

    Key Benefits:

    • No Set Up Required – Go live without uploading first-party data or configuring segments.
    • Verified Audiences – Built from household deterministic data—not proxies.
    • Flexible Geography – Build audiences by DMA, ZIP, or hyperlocal zones.
    • Confidence without Complexity– Avoid the inaccuracies and complexities of IP-based targeting.

    “This is local targeting made simple,” Manningham added. “Marketers can finally activate with the precision of national tools—without the technical burden.”

    Fueling the Future of Local Advertising

    With these launches, Blockgraph OnDemand continues to deliver on its mission to make local advertising even easier and more effective–providing a one-stop solution to plan, activate, and measure campaigns with confidence–all backed by the same privacy-first infrastructure trusted by the nation’s largest media companies.

    “At Comcast Advertising, we’re committed to driving innovation that delivers real business outcomes for our clients,” says Dawn Williamson, Chief Revenue Officer at Comcast Advertising. “As an early adopter of Blockgraph OnDemand, we’re proud to lead solutions that make advanced measurement and precision targeting more accessible to advertisers of all sizes. These capabilities not only elevate our ability to serve local businesses—they also reflect our broader mission to lead with data, insights, and impact.”

    About Blockgraph

    Blockgraph is a leading privacy-centric identity and data collaboration platform designed to fuel the future of connected TV advertising. By enabling secure, privacy-focused household identity resolution, the world’s leading media, technology, and information services companies rely on Blockgraph to collaborate with trusted partners—allowing brands and agencies to connect with audiences more effectively, maximizing reach and performance while protecting consumer privacy. Blockgraph is owned by Charter Communications Inc., Comcast NBCUniversal, and Paramount. For more information, visit www.blockgraph.co.

    Contact:
    Alexandra Levy
    650-996-5758
    alex@siliconalley-media.com

    The MIL Network –

  • MIL-OSI: droppGroup Leads $5M Pre-Seed in D-GN: Betting Big on the Ethical Layer for AI

    Source: GlobeNewswire (MIL-OSI)

    Miami, Florida, July 24, 2025 (GLOBE NEWSWIRE) — – droppGroup, the US-based company behind sovereign-grade AI and blockchain solutions, alongside Saudi businessman Hamoud Al-Rumayyan and veteran crypto firm Hub Culture, has fully subscribed the $5 million pre-seed round of Data Guardians Network (D-GN) – a decentralized platform delivering the most accurate and ethically sourced training data in the AI market.

    This investment strengthens droppGroup’s ethical AI infrastructure, already in deployment with Saudi Aramco, Cisco, and multiple government partners, while expanding a growing portfolio of critical technologies grounded in compliance, transparency, and human-centered design.

    “Billions of dollars in lawsuits are hitting the AI industry because foundational models have been trained on stolen or unlicensed data,” said Faisal Al Monai, Chairman of droppGroup. “D-GN solves this industrial problem. It transforms global human input into an auditable, tokenized data engine that ethically trains, verifies and improves AI systems across voice, image and text. We took part of the round because we see this as a core pillar of the future AI stack for all our clients.”

    “When we saw Meta purchase a stake in Scale AI for around $14-15 billion, investing in D‑GN at this stage looked like a steal. We believe D-GN is the Scale AI killer”. Said Faisal Al Monai, Chairman of droppGroup. “More importantly, D‑GN does it differently, upholding both ethical AI and ethical labor standards. No outsourcing to click‑farms, no gray IP zones – just transparent, auditable, fair data.”

    Unlike Scale AI, which has faced criticism over opaque labor practices and the use of unlicensed content, D-GN builds datasets through a decentralized contributor model with on-chain traceability via Solan and stablecoin payments via Tether’s USDT, openly ensuring workers are paid fairly and AI models are trained responsibly.

    “As Saudi Arabia transforms into a global hub for AI and innovation, our focus must remain on building infrastructure rooted in ethics, equity and opportunity”. Said Mr Hamoud Al-Rumayyan. “Data Guardians Network represents a new model, one where the people who power AI are finally included in its value creation. This is not just an investment, it’s a step toward a more inclusive digital economy aligned with the Saudi Vision 2030”. He concluded. 

    Johanna Cabildo, Founder and CEO of D-GN, commented:
    “We built D-GN so that everyday people could have a stake in the future of AI, not just be the invisible labor behind it. droppGroup understands that vision deeply. This partnership gives us the fuel and the infrastructure to scale ethical data at a global level.”

    With this investment, D-GN will scale contributor operations in MENA, Latin America and Southeast Asia, expand multimodal frontier datasets (voice, lip sync, human-emotion mapping) and deepen integrations with open-source and enterprise AI frameworks.

    About droppGroup

    droppGroup is a US-based AI and blockchain infrastructure company building the secure, sovereign systems of tomorrow. The parent company behind droppOne, it supports highly sensitive deployments across governments and Fortune 500s.

    www.droppgroup.xyz

    About Data Guardians Network (D-GN)

    D-GN is a decentralized platform that turns global human input into ethically sourced training data for AI. Through stablecoin rewards, blockchain transparency and decentralized governance, D-GN enables enterprises and model developers to build AI systems that are fair, traceable and regulation-ready. 

    www.dataguardians.network

    Media Contact:Dominic dominic.c@lunaPR.io

    The MIL Network –

  • MIL-OSI: ACNB Corporation Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., July 24, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of $11.6 million, or $1.11 diluted earnings per share, for the three months ended June 30, 2025 compared to net income of $11.3 million, or $1.32 diluted earnings per share, for the three months ended June 30, 2024 and compared to net loss of $272 thousand, or $0.03 diluted loss per share, for the three months ended March 31, 2025. Financial results for the three months ended March 31, 2025 were impacted by two discrete items that were related to the acquisition of Traditions Bancorp, Inc. (“Traditions”) (“Acquisition”): a provision for credit losses on non-purchase credit deteriorated (“PCD”) loans of $4.2 million, net of taxes, and merger-related expenses, net of taxes, totaling $6.2 million.

    2025 Second Quarter Highlights

    • Fully taxable equivalent (“FTE”) net interest margin was 4.21% for the three months ended June 30, 2025 compared to 4.07% for the three months ended March 31, 2025 and 3.82% for the three months ended June 30, 2024.
    • Return on average assets was 1.43% and return on average equity was 11.96% for the three months ended June 30, 2025.
    • Total loans were $2.34 billion at June 30, 2025, an increase of $19.6 million, or 0.8%, from March 31, 2025, or 3.4% on an annualized basis.
    • Tangible common equity to tangible assets ratio1 of 9.65% at June 30, 2025 compared to 9.33% at March 31, 2025 and 9.84% at June 30, 2024. The net unrealized loss on the available for sale securities portfolio was $36.2 million at June 30, 2025 compared to a net unrealized loss of $39.7 million at March 31, 2025 and a net unrealized loss of $52.7 million at June 30, 2024.
    • As announced on Form 8-K on July 23, 2025, the Board of Directors approved and declared a regular quarterly cash dividend of $0.34 per share of ACNB Corporation common stock for the second quarter, reflecting a $0.02, or 6.3%, increase over the same period of 2024.
    • ACNB repurchased 71,592 shares of ACNB common stock in open market transactions during the three months ended June 30, 2025. On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares or approximately 3.0%, of the outstanding shares of ACNB’s common stock.

    “We are pleased to share strong results for the second quarter of 2025 which reflect our first full quarter of combined operations including Traditions Bank, a division of ACNB Bank. After completing the acquisition in early February of this year, we are excited to share that we have successfully completed our system conversion enabling all ACNB Bank customers to bank at any convenient location,” said James P. Helt, ACNB Corporation President and Chief Executive Officer.

    “Our financial results reflect our continued commitment to our community banking business model and to generating long term shareholder value. The quarter was represented by strong profitability, an increase in quarter over quarter net loan growth, stable asset quality and an active capital management strategy supported by a $0.34 second quarter dividend payment and continued open market share repurchases.”

    Mr. Helt continued, “As we look to the remainder of the year, we are focused on managing through the uncertain national economic challenges by continuing to diversify our revenue streams with ACNB Insurance Services, our Wealth Management teams and Traditions Mortgage. We are optimistic that our strong capital position, ample liquidity, superior asset quality metrics and our focus on profitability will enable us to deliver on our commitment to our many different stakeholders.”

    ACNB’s financial results for any periods ended prior to February 1, 2025 reflect ACNB on a standalone basis. As a result, ACNB’s financial results for the three months ended June 30, 2025 may not be directly comparable to prior reported periods.

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.

    Net Interest Income and Margin

    Net interest income for the three months ended June 30, 2025 totaled $31.0 million, an increase of $10.0 million from the three months ended June 30, 2024 and an increase of $3.9 million from the three months ended March 31, 2025. The increases were driven primarily by the Acquisition. The FTE net interest margin for the three months ended June 30, 2025 was 4.21%, a 39 basis points increase from the three months ended June 30, 2024 and a 14 basis points increase from the three months ended March 31, 2025. The accretion impact of acquisition accounting adjustments on loans and deposits from the Acquisition was $2.2 million and $1.5 million for the three months ended June 30, 2025 and the three months ended March 31, 2025, respectively. The following discussion of increases in average balances and yields compared to the previous periods were driven primarily by the Acquisition. For the three months ended June 30, 2025, total average loans increased $678.7 million and $217.1 million compared to the three months ended June 30, 2024 and the three months ended March 31, 2025, respectively. The yield on total loans was 6.29% for the three months ended June 30, 2025, an increase of 76 basis points compared to the three months ended June 30, 2024 and an increase of 21 basis points from the three months ended March 31, 2025. For the three months ended June 30, 2025, total average interest- bearing deposits increased $613.8 million from the three months ended June 30, 2024 and increased $203.0 million from the three months ended March 31, 2025. The average rate paid on interest-bearing deposits was 1.49% for the three months ended June 30, 2025, an increase of 70 basis points from the three months ended June 30, 2024 and an increase of 11 basis points from the three months ended March 31, 2025. For the three months ended June 30, 2025, total average noninterest-bearing demand deposits increased $78.0 million from the three months ended June 30, 2024 and increased $50.4 million from the three months ended March 31, 2025.

    Noninterest Income

    Noninterest income for the three months ended June 30, 2025 was $8.7 million, an increase of $2.3 million from the three months ended June 30, 2024 and an increase of $1.5 million from the three months ended March 31, 2025. Gain from mortgage loans held for sale for the three months ended June 30, 2025 was $1.6 million, an increase of $1.5 million from the three months ended June 30, 2024 and an increase of $720 thousand from the three months ended March 31, 2025. Insurance commissions for the three months ended June 30, 2025 were $2.9 million, an increase of $161 thousand from the three months ended June 30, 2024 driven primarily by timing of policy renewals and new business and an increase of $761 thousand from the three months ended March 31, 2025 driven primarily by seasonally stronger policy renewals and an increase in contingent commission income during the three months ended June 30, 2025 for contingent commissions earned in 2024. Service charges on deposits were $1.2 million, an increase of $158 thousand from the three months ended June 30, 2024 and an increase of $85 thousand from the three months ended March 31, 2025 driven primarily by the Acquisition.

    Noninterest Expense

    Noninterest expense for the three months ended June 30, 2025 increased $9.0 million from the three months ended June 30, 2024 and decreased $4.0 million from the three months ended March 31, 2025. Merger-related expenses totaled $1.9 million for the three months ended June 30, 2025 compared to $23 thousand for the three months ended June 30, 2024 and $8.0 million for the three months ended March 31, 2025. Salaries and employee benefits expense increased $3.3 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $832 thousand compared to three months ended March 31, 2025 driven primarily by an increased number of employees attributable to the Acquisition, merit increases and higher mortgage commissions. Net occupancy increased $286 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 driven primarily by the Acquisition and decreased $165 thousand compared to the three months ended March 31, 2025 driven primarily by lower snow removal costs. Equipment expense increased $969 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $259 thousand compared to the three months ended March 31, 2025 driven primarily by the Acquisition and the implementation of new additional products into our core processing system. Other tax decreased $136 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and decreased $307 thousand compared to the three months ended March 31, 2025 driven primarily by earned income tax credits recognized in the period. Intangible assets amortization increased $826 thousand during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $284 thousand compared to the three months ended March 31, 2025 driven by the Acquisition. Other increased $1.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $1.0 million compared to the three months ended March 31, 2025 driven primarily by the Acquisition, earned income tax related donations, and higher internet banking services.

    Loans and Asset Quality

    Total loans outstanding were $2.34 billion at June 30, 2025, an increase of $19.6 million from March 31, 2025 and an increase of $662.2 million from June 30, 2024. The growth from March 31, 2025 was spread across real estate construction, commercial and industrial, home equity lines of credit and residential mortgage. The increase compared to June 30, 2024 was spread across all loan categories and was driven primarily by the Acquisition. The allowance for credit losses was $24.4 million at June 30, 2025, a decrease of $293 thousand compared to March 31, 2025 and an increase of $7.2 million compared to June 30, 2024. The decrease compared to March 31, 2025 was driven primarily by the incorporation of post-COVID lower credit loss history in the bank’s allowance for credit losses model. The increase compared to June 30, 2024 was driven primarily by the Acquisition. The allowance for unfunded commitments was $1.5 million at June 30, 2025, a decrease of $354 thousand compared to March 31, 2025 and an increase of $219 thousand compared to June 30, 2024. The decrease compared to March 31, 2025 was driven primarily by the incorporation of post-COVID lower credit loss history in the bank’s allowance for unfunded commitments model and lower commitments. The increase compared to June 30, 2024 was driven primarily by the Acquisition.

    Non-performing loans were $10.1 million, or 0.43%, of total loans, net of unearned income, at June 30, 2025 compared to $10.0 million, or 0.43%, of total loans at March 31, 2025 and $3.1 million, or 0.19%, of total loans at June 30, 2024. The increase in non-performing loans at June 30, 2025 compared to June 30, 2024 was driven primarily by one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during 2024 and by the Acquisition. Annualized net charge-offs for the three months ended June 30, 2025 were 0.01% of total average loans compared to 0.01% for the three months ended March 31, 2025 and 0.00% for the three months ended June 30, 2024.

    Deposits and Borrowings

    Deposits totaled $2.52 billion at June 30, 2025, a decrease of $15.5 million from March 31, 2025 and an increase of $686.0 million from June 30, 2024. Included in total deposits at June 30, 2025 were $568.3 million of noninterest-bearing deposits, which increased $5.6 million and $88.6 million from March 31, 2025 and June 30, 2024, respectively. Total interest-bearing deposits were $1.96 billion at June 30, 2025 a decrease of $21.1 million from March 31, 2025 and an increase of $597.4 million from June 30, 2024. The decrease from March 31, 2025 was driven primarily by the withdrawal of a significant 1031 Exchange deposit held on behalf of a commercial customer. Time deposits, included in interest-bearing deposits, increased $3.3 million and $225.0 million since March 31, 2025 and June 30, 2024, respectively. In June 2025, ACNB Bank issued $20.0 million in brokered time deposits to partially offset the 1031 Exchange deposit withdrawal and the maturity of a $5.0 million brokered deposit during the quarter. The overall increase in total deposits compared to June 30, 2024 was driven primarily by the Acquisition.

    Total borrowings were $298.4 million at June 30, 2025, a decrease of $1.1 million and $5.9 million compared to March 31, 2025 and June 30, 2024, respectively.

    Stockholders’ Equity

    Total stockholders’ equity was $395.2 million at June 30, 2025 compared to $386.9 million at March 31, 2025 and $289.3 million at June 30, 2024. The increase at June 30, 2025 compared to March 31, 2025 was driven primarily by net income of $11.6 million slightly offset by dividends paid of $3.5 million and common stock repurchased of $3.1 million for the three months ended June 30, 2025. The increase at June 30, 2025 compared to June 30, 2024 was driven primarily by the common stock equity issued in the Acquisition.

    Tangible book value1 per share was $29.30, $28.23 and $27.82 at June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    ACNB repurchased 71,592 shares of ACNB common stock in open market transactions during the three months ended June 30, 2025. On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares or approximately 3.0%, of the outstanding shares of ACNB’s common stock. This new common stock open market repurchase plan replaces and supersedes any and all earlier announced repurchase plans. There were no shares repurchased under this plan during the three months ended June 30, 2025.

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.

    About ACNB Corporation

    ACNB Corporation, headquartered in Gettysburg, PA, is the independent $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, including its operating divisions Traditions Bank and Traditions Mortgage, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 33 community banking offices and one loan office located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York, and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, MD and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    SAFE HARBOR AND FORWARD-LOOKING STATEMENTS – Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation’s consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

    ACNB #2025-10
    July 24, 2025

    ACNB Corporation Financial Highlights Selected Financial Data by Respective Quarter End (Unaudited)
     
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    BALANCE SHEET DATA          
    Total Assets $         3,259,528   $ 3,270,041   $ 2,394,830   $ 2,420,914   $ 2,457,753  
    Investment securities   520,758     521,306     459,472     483,604     483,868  
    Total loans, net of unearned income   2,341,816     2,322,209     1,682,910     1,677,112     1,679,600  
    Allowance for credit losses   (24,353 )   (24,646 )   (17,280 )   (17,214 )   (17,162 )
    Deposits   2,524,541     2,540,009     1,792,501     1,791,317     1,838,588  
    Allowance for unfunded commitments   1,529     1,883     1,394     1,349     1,310  
    Borrowings   298,395     299,531     271,159     293,091     304,286  
    Stockholders’ equity   395,151     386,883     303,273     306,755     289,331  
    INCOME STATEMENT DATA          
    Interest and dividend income $         41,576   $ 36,290   $ 27,381   $ 27,241   $ 26,869  
    Interest expense   10,564     9,200     6,269     6,299     5,905  
    Net interest income   31,012     27,090     21,112     20,942     20,964  
    (Reversal of) provision for credit losses   (228 )   5,968     249     81     (2,990 )
    (Reversal of) provision for unfunded commitments   (354 )   (480 )   44     40     (259 )
    Net interest income after (reversal of) provisions for credit losses and unfunded commitments   31,594     21,602     20,819     20,821     24,213  
    Noninterest income   8,682     7,184     5,803     6,833     6,427  
    Noninterest expenses   25,366     29,335     18,388     18,244     16,391  
    Income (loss) before income taxes   14,910     (549 )   8,234     9,410     14,249  
    Income tax expense (benefit)   3,262     (277 )   1,639     2,206     2,970  
    Net income (loss) $         11,648   $ (272 ) $ 6,595   $ 7,204   $ 11,279  
    PROFITABILITY RATIOS          
    Total loans, net of unearned income to deposits   92.76 %   91.43 %   93.89 %   93.62 %   91.35 %
    Return on average assets (annualized)   1.43     (0.04 )   1.08     1.17     1.86  
    Return on average equity (annualized)   11.96     (0.31 )   8.57     9.63     16.12  
    Efficiency ratio1   56.21     60.13     63.83     60.56     58.61  
    FTE Net interest margin   4.21     4.07     3.81     3.77     3.82  
    Yield on average earning assets   5.64     5.45     4.93     4.90     4.89  
    Yield on investment securities   2.95     2.91     2.58     2.59     2.65  
    Yield on total loans   6.29     6.08     5.61     5.56     5.53  
    Cost of funds   1.50     1.45     1.19     1.19     1.12  
    PER SHARE DATA          
    Diluted earnings (loss) per share $         1.11   $ (0.03 ) $ 0.77   $ 0.84   $ 1.32  
    Cash dividends paid per share   0.34     0.32     0.32     0.32     0.32  
    Tangible book value per share1   29.30     28.23     29.51     29.90     27.82  
    CAPITAL RATIOS2
    Tier 1 leverage ratio   10.97 %   11.81 %   12.52 %   12.46 %   12.25 %
    Common equity tier 1 ratio   13.96     13.65     16.27     16.07     15.78  
    Tier 1 risk based capital ratio   14.17     13.86     16.56     16.36     16.07  
    Total risk based capital ratio   15.75     15.45     18.36     18.15     17.86  
    CREDIT QUALITY                              
    Net charge-offs to average loans outstanding (annualized)   0.01 %   0.01 %   0.04 %   0.01 %   0.00 %
    Total non-performing loans to total loans, net of unearned income3   0.43     0.43     0.40     0.39     0.19  
    Total non-performing assets to total assets4   0.31     0.32     0.30     0.29     0.14  
    Allowance for credit losses to total loans, net of unearned income   1.04     1.06     1.03     1.03     1.02  
                                   

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.
    2 Regulatory capital ratios as of June 30, 2025 are preliminary.
    3 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
    4 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.

    Consolidated Statements of Condition
    (Unaudited)
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 June 30, 2024
    ASSETS      
    Cash and due from banks $         32,834   $ 23,422   $ 26,681  
    Interest-bearing deposits with banks   70,275     100,141     59,593  
    Total Cash and Cash Equivalents   103,109     123,563     86,274  
    Equity securities with readily determinable fair values   936     933     919  
    Investment securities available for sale, at estimated fair value   455,317     455,819     418,364  
    Investment securities held to maturity, at amortized cost (fair value $56,420, $56,219 and $57,026)   64,505     64,554     64,585  
    Loans held for sale   16,455     21,413     1,801  
    Total loans, net of unearned income   2,341,816     2,322,209     1,679,600  
    Less: Allowance for credit losses   (24,353 )   (24,646 )   (17,162 )
    Loans, net   2,317,463     2,297,563     1,662,438  
    Premises and equipment, net   31,581     32,398     25,760  
    Right of use asset   4,657     5,440     2,278  
    Restricted investment in bank stocks   13,533     13,560     11,853  
    Investment in bank-owned life insurance   96,104     98,814     80,841  
    Investments in low-income housing partnerships   814     846     940  
    Goodwill   64,449     64,449     44,185  
    Intangible assets, net   24,694     25,835     8,446  
    Foreclosed assets held for resale   32     438     406  
    Other assets   65,879     64,416     48,663  
    Total Assets $         3,259,528   $ 3,270,041   $ 2,457,753  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Deposits:      
    Noninterest-bearing $         568,301   $ 562,700   $ 479,726  
    Interest-bearing   1,956,240     1,977,309     1,358,862  
    Total Deposits   2,524,541     2,540,009     1,838,588  
    Short-term borrowings   43,041     44,188     48,974  
    Long-term borrowings   255,354     255,343     255,312  
    Lease liability   4,946     5,790     2,278  
    Allowance for unfunded commitments   1,529     1,883     1,310  
    Other liabilities   34,966     35,945     21,960  
    Total Liabilities   2,864,377     2,883,158     2,168,422  
           
    Stockholders’ Equity:      
    Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding at June 30, 2025, March 31, 2025 and June 30, 2024   —     —     —  
    Common stock, $2.50 par value; 20,000,000 shares authorized; 11,017,121, 11,011,051, and 8,934,495 shares issued; 10,478,149, 10,543,671, and 8,545,629 shares outstanding at June 30, 2025, March 31, 2025 and June 30, 2024, respectively   27,539     27,521     22,330  
    Treasury stock, at cost; 538,972, 467,380, and 388,866 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively   (17,167 )   (14,309 )   (11,101 )
    Additional paid-in capital   178,553     178,011     98,230  
    Retained earnings   239,077     230,978     226,271  
    Accumulated other comprehensive loss   (32,851 )   (35,318 )   (46,399 )
    Total Stockholders’ Equity   395,151     386,883     289,331  
    Total Liabilities and Stockholders’ Equity $         3,259,528   $ 3,270,041   $ 2,457,753  
                       
    Consolidated Income Statements
    (Unaudited)
     
      Three Months Ended June 30, Six Months Ended June 30,
    (Dollars in thousands, except per share data)   2025     2024     2025     2024  
    INTEREST AND DIVIDEND INCOME        
    Loans, including fees        
    Taxable $         36,555   $ 22,675   $         68,231   $ 44,145  
    Tax-exempt   317     313     609     632  
    Investment securities:        
    Taxable   3,283     2,665     6,185     5,576  
    Tax-exempt   283     284     571     568  
    Dividends   307     248     647     488  
    Other   831     684     1,623     1,434  
    Total Interest and Dividend Income   41,576     26,869     77,866     52,843  
    INTEREST EXPENSE        
    Deposits   7,284     2,643     13,280     4,803  
    Short-term borrowings   341     304     635     643  
    Long-term borrowings   2,939     2,958     5,849     5,840  
    Total Interest Expense   10,564     5,905     19,764     11,286  
    Net Interest Income   31,012     20,964     58,102     41,557  
    (Reversal of) provision for credit losses   (228 )   (2,990 )   5,740     (2,767 )
    (Reversal of) provision for unfunded commitments   (354 )   (259 )   (834 )   (410 )
    Net Interest Income after (Reversal of) Provisions for Credit Losses and Unfunded Commitments   31,594     24,213     53,196     44,734  
    NONINTEREST INCOME        
    Insurance commissions   2,908     2,747     5,055     4,862  
    Service charges on deposits   1,179     1,021     2,273     2,012  
    Wealth management   1,090     1,069     2,150     2,031  
    Gain from mortgage loans held for sale   1,575     34     2,430     82  
    ATM debit card charges   905     841     1,736     1,660  
    Earnings on investment in bank-owned life insurance   627     493     1,207     970  
    Gain on life insurance proceeds   31     —     285     —  
    Net gains on sales or calls of investment securities   22     —     22     69  
    Net gains (losses) on equity securities   3     1     17     (9 )
    Other   342     221     691     417  
    Total Noninterest Income   8,682     6,427     15,866     12,094  
    NONINTEREST EXPENSES        
    Salaries and employee benefits   13,693     10,426     26,554     21,594  
    Equipment   2,539     1,570     4,819     3,299  
    Net occupancy   1,277     991     2,719     2,121  
    Professional services   743     529     1,320     1,145  
    FDIC and regulatory   435     348     836     723  
    Other tax   220     356     747     726  
    Intangible assets amortization   1,141     315     1,998     636  
    Merger-related   1,943     23     9,974     23  
    Other   3,375     1,833     5,734     3,786  
    Total Noninterest Expenses   25,366     16,391     54,701     34,053  
    Income Before Income Taxes   14,910     14,249     14,361     22,775  
    Income tax expense   3,262     2,970     2,985     4,728  
    Net Income $         11,648   $ 11,279   $         11,376   $ 18,047  
    PER SHARE DATA        
    Basic earnings $         1.11   $ 1.32   $         1.12   $ 2.12  
    Diluted earnings $         1.11   $ 1.32   $         1.12   $ 2.12  
    Weighted average shares basic   10,451,469     8,502,268     10,130,666     8,497,686  
    Weighted average shares diluted   10,487,519     8,540,706     10,157,331     8,526,177  
                             
    Average Balances, Income and Expenses, Yields and Rates
            
      Three months ended
    June 30, 2025    		 Three months ended
    March 31, 2025
    		 Three months ended
    December 31, 2024
    		 Three months ended
    September 30, 2024
    		 Three months ended
    June 30, 2024
    (Dollars in thousands) Average
    Balance    		 Interest1 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate
    ASSETS                            
    Loans:                            
    Taxable $ 2,296,429   $ 36,555   6.38 % $ 2,080,231   $ 31,676 6.18 % $ 1,619,245   $ 23,294 5.72 % $ 1,618,879   $ 23,108 5.68 % $ 1,612,380   $ 22,675 5.66 %
    Tax-exempt   58,903     401   2.73     57,969     370 2.59     57,683     366 2.52     62,401     394 2.51     64,276     396 2.48  
    Total Loans2   2,355,332     36,956   6.29     2,138,200     32,046 6.08     1,676,928     23,660 5.61     1,681,280     23,502 5.56     1,676,656     23,071 5.53  
    Investment Securities:                                  
    Taxable   482,933     3,590   2.98     447,986     3,242 2.93     431,338     2,786 2.57     441,135     2,868 2.59     442,390     2,913 2.65  
    Tax-exempt   54,261     358   2.65     54,659     365 2.71     54,453     359 2.62     54,549     359 2.62     54,644     359 2.64  
    Total Investments3   537,194     3,948   2.95     502,645     3,607 2.91     485,791     3,145 2.58     495,684     3,227 2.59     497,034     3,272 2.65  
    Interest-bearing deposits with banks   77,348     831   4.31     73,181     792 4.39     60,104     728 4.82     48,794     670 5.46     50,851     684 5.41  
    Total Earning Assets   2,969,874     41,735   5.64     2,714,026     36,445 5.45     2,222,823     27,533 4.93     2,225,758     27,399 4.90     2,224,541     27,027 4.89  
    Cash and due from banks   25,610               20,603         20,413         21,684         21,041      
    Premises and equipment   32,019               29,903         25,679         25,716         25,903      
    Other assets   255,624               224,522         181,180         184,105         187,937      
    Allowance for credit losses   (24,615 )             (19,939 )       (17,153 )       (17,147 )       (20,124 )    
    Total Assets $ 3,258,512             $ 2,969,115       $ 2,432,942       $ 2,440,116       $ 2,439,298      
    LIABILITIES                                      
    Interest-bearing demand deposits $ 612,812   $         514   0.34 % $ 573,341     $ 524   0.37 % $ 519,833     $ 511   0.39 % $ 518,368     $ 552   0.42 % $ 513,163     $ 275   0.22 %
    Money markets   536,755     2,706   2.02     447,297       1,984   1.80     251,781       747   1.18     246,653       692   1.12     248,191       613   0.99  
    Savings deposits   342,327     27   0.03     331,103       27   0.03     315,512       34   0.04     318,291       26   0.03     327,274       30   0.04  
    Time deposits   473,589     4,037   3.42     410,749       3,461   3.42     268,559       1,987   2.94     258,053       1,842   2.84     263,045       1,725   2.64  
    Total Interest-Bearing Deposits   1,965,483     7,284   1.49     1,762,490       5,996   1.38     1,355,685       3,279   0.96     1,341,365       3,112   0.92     1,351,673       2,643   0.79  
    Short-term borrowings   44,515     341   3.07     38,721       294   3.08     23,087       12   0.21     38,666       204   2.10     37,256       304   3.28  
    Long-term borrowings   255,347     2,939   4.62     257,558       2,910   4.58     255,326       2,978   4.64     255,316       2,983   4.65     255,305       2,958   4.66  
    Total Borrowings   299,862     3,280   4.39     296,279       3,204   4.39     278,413       2,990   4.27     293,982       3,187   4.31     292,561       3,262   4.48  
    Total Interest-Bearing Liabilities   2,265,345     10,564   1.87     2,058,769       9,200   1.81     1,634,098       6,269   1.53     1,635,347       6,299   1.53     1,644,234       5,905   1.44  
    Noninterest-bearing demand deposits   563,321         512,966           464,949           477,350           485,351        
    Other liabilities   39,271         36,934           27,887           29,946           28,348        
    Stockholders’ Equity   390,575         360,446           306,008           297,473           281,365        
    Total Liabilities and Stockholders’ Equity $ 3,258,512       $ 2,969,115         $ 2,432,942         $ 2,440,116         $ 2,439,298        
    Taxable Equivalent Net Interest Income     31,171           27,245           21,264           21,100           21,122    
    Taxable Equivalent Adjustment     (159 )         (155 )         (152 )         (158 )         (158 )  
    Net Interest Income   $ 31,012         $ 27,090         $ 21,112         $ 20,942         $ 20,964    
    Cost of Funds     1.50 %       1.45 %       1.19 %       1.19 %       1.12 %
    FTE Net Interest Margin     4.21 %       4.07 %       3.81 %       3.77 %       3.82 %
                                                     

    _______________
    1     Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
    2 Average balances include non-accrual loans and are net of unearned income.
    3 Average balances of investment securities is computed at fair value.

    Average Balances, Income and Expenses, Yields and Rates
                                       
      Six months ended June 30, 2025   Six months ended June 30, 2024
    (Dollars in thousands)   Average Balance     Interest1   Yield/ Rate       Average Balance     Interest1   Yield/ Rate  
    ASSETS                                  
    Loans:                                  
    Taxable $         2,188,852   $         68,231   6.29 %   $ 1,592,745   $ 44,145   5.57 %
    Tax-exempt   58,438     771   2.66       65,050   800   2.47  
    Total Loans2   2,247,290     69,002   6.19       1,657,795   44,945   5.45  
    Investment Securities:                    
    Taxable   465,556     6,832   2.96       454,928   6,064   2.68  
    Tax-exempt   54,459     723   2.68       54,692   719   2.64  
    Total Investments3   520,015     7,555   2.93       509,620   6,783   2.68  
    Interest-bearing deposits with banks   75,276     1,623   4.35       52,504   1,434   5.49  
    Total Earning Assets   2,842,581     78,180   5.55       2,219,919   53,162   4.82  
    Cash and due from banks   23,120             20,790      
    Premises and equipment   30,967             26,051      
    Other assets   240,235             187,458      
    Allowance for credit losses   (22,290 )           (20,044 )    
    Total Assets $         3,114,613           $ 2,434,174      
    LIABILITIES            
    Interest-bearing demand deposits $         593,185   $         1,038   0.35 %   $ 512,932   $ 540   0.21 %
    Money markets   492,273     4,690   1.92       248,244     1,149   0.93  
    Savings deposits   336,746     54   0.03       331,244     58   0.04  
    Time deposits   442,343     7,498   3.42       253,763     3,056   2.42  
    Total Interest-Bearing Deposits   1,864,547     13,280   1.44       1,346,183     4,803   0.72  
    Short-term borrowings   41,634     635   3.08       42,170     643   3.07  
    Long-term borrowings   256,447     5,849   4.60       252,004     5,840   4.66  
    Total Borrowings   298,081     6,484   4.39       294,174     6,483   4.43  
    Total Interest-Bearing Liabilities   2,162,628     19,764   1.84       1,640,357     11,286   1.38  
    Noninterest-bearing demand deposits   538,282             485,999          
    Other liabilities   38,109             27,626          
    Stockholders’ Equity   375,594             280,192          
    Total Liabilities and Stockholders’ Equity $         3,114,613           $ 2,434,174          
    Taxable Equivalent Net Interest Income     58,416             41,876    
    Taxable Equivalent Adjustment     (314 )           (319 )  
    Net Interest Income   $         58,102           $ 41,557    
    Cost of Funds     1.48 %       1.07 %
    FTE Net Interest Margin     4.14 %       3.79 %

    _______________
    1 Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the 21% federal income tax statutory rate.
    2 Average balances include non-accrual loans and are net of unearned income.
    3 Average balances of investment securities is computed at fair value.

    Non-GAAP Reconciliation

    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non- GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

      Three Months Ended
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    Tangible book value per share          
    Stockholders’ equity $         395,151   $ 386,883   $ 303,273   $ 306,755   $ 289,331  
    Less: Goodwill and intangible assets   (89,143 )   (90,284 )   (52,023 )   (52,327 )   (52,631 )
    Tangible common stockholders’ equity (numerator) $         306,008   $ 296,599   $ 251,250   $ 254,428   $ 236,700  
    Shares outstanding, less unvested shares, end of period (denominator)   10,442,269     10,506,822     8,515,347     8,510,187     8,507,191  
    Tangible book value per share $         29.30   $ 28.23   $ 29.51   $ 29.90   $ 27.82  
    Tangible common equity to tangible assets (TCE/TA Ratio)          
    Tangible common stockholders’ equity (numerator) $         306,008   $ 296,599   $ 251,250   $ 254,428   $ 236,700  
    Total assets $         3,259,528   $ 3,270,041   $ 2,394,830   $ 2,420,914   $ 2,457,753  
    Less: Goodwill and intangible assets   (89,143 )   (90,284 )   (52,023 )   (52,327 )   (52,631 )
    Total tangible assets (denominator) $         3,170,385   $ 3,179,757   $ 2,342,807   $ 2,368,587   $ 2,405,122  
    Tangible common equity to tangible assets   9.65 %   9.33 %   10.72 %   10.74 %   9.84 %
    Efficiency Ratio          
    Noninterest expense $         25,366   $ 29,335   $ 18,388   $ 18,244   $ 16,391  
    Less: Intangible amortization   1,141     857     304     304     315  
    Less: Merger-related expense   1,943     8,031     885     1,137     23  
    Noninterest expense (numerator) $         22,282   $ 20,447   $ 17,199   $ 16,803   $ 16,053  
    Net interest income $         31,012   $ 27,090   $ 21,112   $ 20,942   $ 20,964  
    Plus: Total noninterest income   8,682     7,184     5,803     6,833     6,427  
    Less: Gain on life insurance proceeds   31     254     —     —     —  
    Less: Net gains on sales or calls of securities   22     —     —     —     —  
    Less: Net gains (losses) on equity securities   3     14     (28 )   28     1  
    Total revenue (denominator) $         39,638   $ 34,006   $ 26,943   $ 27,747   $ 27,390  
    Efficiency ratio   56.21 %   60.13 %   63.83 %   60.56 %   58.61 %
                                   
    Contact:    Jason H. Weber
    EVP/Treasurer & Chief Financial Officer
    717.339.5090
    jweber@acnb.com
         

    The MIL Network –

  • MIL-OSI: ACNB Corporation Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., July 24, 2025 (GLOBE NEWSWIRE) — ACNB Corporation (NASDAQ: ACNB) (“ACNB” or the “Corporation”), financial holding company for ACNB Bank and ACNB Insurance Services, Inc., announced net income of $11.6 million, or $1.11 diluted earnings per share, for the three months ended June 30, 2025 compared to net income of $11.3 million, or $1.32 diluted earnings per share, for the three months ended June 30, 2024 and compared to net loss of $272 thousand, or $0.03 diluted loss per share, for the three months ended March 31, 2025. Financial results for the three months ended March 31, 2025 were impacted by two discrete items that were related to the acquisition of Traditions Bancorp, Inc. (“Traditions”) (“Acquisition”): a provision for credit losses on non-purchase credit deteriorated (“PCD”) loans of $4.2 million, net of taxes, and merger-related expenses, net of taxes, totaling $6.2 million.

    2025 Second Quarter Highlights

    • Fully taxable equivalent (“FTE”) net interest margin was 4.21% for the three months ended June 30, 2025 compared to 4.07% for the three months ended March 31, 2025 and 3.82% for the three months ended June 30, 2024.
    • Return on average assets was 1.43% and return on average equity was 11.96% for the three months ended June 30, 2025.
    • Total loans were $2.34 billion at June 30, 2025, an increase of $19.6 million, or 0.8%, from March 31, 2025, or 3.4% on an annualized basis.
    • Tangible common equity to tangible assets ratio1 of 9.65% at June 30, 2025 compared to 9.33% at March 31, 2025 and 9.84% at June 30, 2024. The net unrealized loss on the available for sale securities portfolio was $36.2 million at June 30, 2025 compared to a net unrealized loss of $39.7 million at March 31, 2025 and a net unrealized loss of $52.7 million at June 30, 2024.
    • As announced on Form 8-K on July 23, 2025, the Board of Directors approved and declared a regular quarterly cash dividend of $0.34 per share of ACNB Corporation common stock for the second quarter, reflecting a $0.02, or 6.3%, increase over the same period of 2024.
    • ACNB repurchased 71,592 shares of ACNB common stock in open market transactions during the three months ended June 30, 2025. On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares or approximately 3.0%, of the outstanding shares of ACNB’s common stock.

    “We are pleased to share strong results for the second quarter of 2025 which reflect our first full quarter of combined operations including Traditions Bank, a division of ACNB Bank. After completing the acquisition in early February of this year, we are excited to share that we have successfully completed our system conversion enabling all ACNB Bank customers to bank at any convenient location,” said James P. Helt, ACNB Corporation President and Chief Executive Officer.

    “Our financial results reflect our continued commitment to our community banking business model and to generating long term shareholder value. The quarter was represented by strong profitability, an increase in quarter over quarter net loan growth, stable asset quality and an active capital management strategy supported by a $0.34 second quarter dividend payment and continued open market share repurchases.”

    Mr. Helt continued, “As we look to the remainder of the year, we are focused on managing through the uncertain national economic challenges by continuing to diversify our revenue streams with ACNB Insurance Services, our Wealth Management teams and Traditions Mortgage. We are optimistic that our strong capital position, ample liquidity, superior asset quality metrics and our focus on profitability will enable us to deliver on our commitment to our many different stakeholders.”

    ACNB’s financial results for any periods ended prior to February 1, 2025 reflect ACNB on a standalone basis. As a result, ACNB’s financial results for the three months ended June 30, 2025 may not be directly comparable to prior reported periods.

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.

    Net Interest Income and Margin

    Net interest income for the three months ended June 30, 2025 totaled $31.0 million, an increase of $10.0 million from the three months ended June 30, 2024 and an increase of $3.9 million from the three months ended March 31, 2025. The increases were driven primarily by the Acquisition. The FTE net interest margin for the three months ended June 30, 2025 was 4.21%, a 39 basis points increase from the three months ended June 30, 2024 and a 14 basis points increase from the three months ended March 31, 2025. The accretion impact of acquisition accounting adjustments on loans and deposits from the Acquisition was $2.2 million and $1.5 million for the three months ended June 30, 2025 and the three months ended March 31, 2025, respectively. The following discussion of increases in average balances and yields compared to the previous periods were driven primarily by the Acquisition. For the three months ended June 30, 2025, total average loans increased $678.7 million and $217.1 million compared to the three months ended June 30, 2024 and the three months ended March 31, 2025, respectively. The yield on total loans was 6.29% for the three months ended June 30, 2025, an increase of 76 basis points compared to the three months ended June 30, 2024 and an increase of 21 basis points from the three months ended March 31, 2025. For the three months ended June 30, 2025, total average interest- bearing deposits increased $613.8 million from the three months ended June 30, 2024 and increased $203.0 million from the three months ended March 31, 2025. The average rate paid on interest-bearing deposits was 1.49% for the three months ended June 30, 2025, an increase of 70 basis points from the three months ended June 30, 2024 and an increase of 11 basis points from the three months ended March 31, 2025. For the three months ended June 30, 2025, total average noninterest-bearing demand deposits increased $78.0 million from the three months ended June 30, 2024 and increased $50.4 million from the three months ended March 31, 2025.

    Noninterest Income

    Noninterest income for the three months ended June 30, 2025 was $8.7 million, an increase of $2.3 million from the three months ended June 30, 2024 and an increase of $1.5 million from the three months ended March 31, 2025. Gain from mortgage loans held for sale for the three months ended June 30, 2025 was $1.6 million, an increase of $1.5 million from the three months ended June 30, 2024 and an increase of $720 thousand from the three months ended March 31, 2025. Insurance commissions for the three months ended June 30, 2025 were $2.9 million, an increase of $161 thousand from the three months ended June 30, 2024 driven primarily by timing of policy renewals and new business and an increase of $761 thousand from the three months ended March 31, 2025 driven primarily by seasonally stronger policy renewals and an increase in contingent commission income during the three months ended June 30, 2025 for contingent commissions earned in 2024. Service charges on deposits were $1.2 million, an increase of $158 thousand from the three months ended June 30, 2024 and an increase of $85 thousand from the three months ended March 31, 2025 driven primarily by the Acquisition.

    Noninterest Expense

    Noninterest expense for the three months ended June 30, 2025 increased $9.0 million from the three months ended June 30, 2024 and decreased $4.0 million from the three months ended March 31, 2025. Merger-related expenses totaled $1.9 million for the three months ended June 30, 2025 compared to $23 thousand for the three months ended June 30, 2024 and $8.0 million for the three months ended March 31, 2025. Salaries and employee benefits expense increased $3.3 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $832 thousand compared to three months ended March 31, 2025 driven primarily by an increased number of employees attributable to the Acquisition, merit increases and higher mortgage commissions. Net occupancy increased $286 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 driven primarily by the Acquisition and decreased $165 thousand compared to the three months ended March 31, 2025 driven primarily by lower snow removal costs. Equipment expense increased $969 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $259 thousand compared to the three months ended March 31, 2025 driven primarily by the Acquisition and the implementation of new additional products into our core processing system. Other tax decreased $136 thousand for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and decreased $307 thousand compared to the three months ended March 31, 2025 driven primarily by earned income tax credits recognized in the period. Intangible assets amortization increased $826 thousand during the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $284 thousand compared to the three months ended March 31, 2025 driven by the Acquisition. Other increased $1.5 million for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 and increased $1.0 million compared to the three months ended March 31, 2025 driven primarily by the Acquisition, earned income tax related donations, and higher internet banking services.

    Loans and Asset Quality

    Total loans outstanding were $2.34 billion at June 30, 2025, an increase of $19.6 million from March 31, 2025 and an increase of $662.2 million from June 30, 2024. The growth from March 31, 2025 was spread across real estate construction, commercial and industrial, home equity lines of credit and residential mortgage. The increase compared to June 30, 2024 was spread across all loan categories and was driven primarily by the Acquisition. The allowance for credit losses was $24.4 million at June 30, 2025, a decrease of $293 thousand compared to March 31, 2025 and an increase of $7.2 million compared to June 30, 2024. The decrease compared to March 31, 2025 was driven primarily by the incorporation of post-COVID lower credit loss history in the bank’s allowance for credit losses model. The increase compared to June 30, 2024 was driven primarily by the Acquisition. The allowance for unfunded commitments was $1.5 million at June 30, 2025, a decrease of $354 thousand compared to March 31, 2025 and an increase of $219 thousand compared to June 30, 2024. The decrease compared to March 31, 2025 was driven primarily by the incorporation of post-COVID lower credit loss history in the bank’s allowance for unfunded commitments model and lower commitments. The increase compared to June 30, 2024 was driven primarily by the Acquisition.

    Non-performing loans were $10.1 million, or 0.43%, of total loans, net of unearned income, at June 30, 2025 compared to $10.0 million, or 0.43%, of total loans at March 31, 2025 and $3.1 million, or 0.19%, of total loans at June 30, 2024. The increase in non-performing loans at June 30, 2025 compared to June 30, 2024 was driven primarily by one long-standing commercial relationship in the healthcare industry, comprised of both owner-occupied commercial real estate and commercial and industrial loans, that moved into non-performing loan status during 2024 and by the Acquisition. Annualized net charge-offs for the three months ended June 30, 2025 were 0.01% of total average loans compared to 0.01% for the three months ended March 31, 2025 and 0.00% for the three months ended June 30, 2024.

    Deposits and Borrowings

    Deposits totaled $2.52 billion at June 30, 2025, a decrease of $15.5 million from March 31, 2025 and an increase of $686.0 million from June 30, 2024. Included in total deposits at June 30, 2025 were $568.3 million of noninterest-bearing deposits, which increased $5.6 million and $88.6 million from March 31, 2025 and June 30, 2024, respectively. Total interest-bearing deposits were $1.96 billion at June 30, 2025 a decrease of $21.1 million from March 31, 2025 and an increase of $597.4 million from June 30, 2024. The decrease from March 31, 2025 was driven primarily by the withdrawal of a significant 1031 Exchange deposit held on behalf of a commercial customer. Time deposits, included in interest-bearing deposits, increased $3.3 million and $225.0 million since March 31, 2025 and June 30, 2024, respectively. In June 2025, ACNB Bank issued $20.0 million in brokered time deposits to partially offset the 1031 Exchange deposit withdrawal and the maturity of a $5.0 million brokered deposit during the quarter. The overall increase in total deposits compared to June 30, 2024 was driven primarily by the Acquisition.

    Total borrowings were $298.4 million at June 30, 2025, a decrease of $1.1 million and $5.9 million compared to March 31, 2025 and June 30, 2024, respectively.

    Stockholders’ Equity

    Total stockholders’ equity was $395.2 million at June 30, 2025 compared to $386.9 million at March 31, 2025 and $289.3 million at June 30, 2024. The increase at June 30, 2025 compared to March 31, 2025 was driven primarily by net income of $11.6 million slightly offset by dividends paid of $3.5 million and common stock repurchased of $3.1 million for the three months ended June 30, 2025. The increase at June 30, 2025 compared to June 30, 2024 was driven primarily by the common stock equity issued in the Acquisition.

    Tangible book value1 per share was $29.30, $28.23 and $27.82 at June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    ACNB repurchased 71,592 shares of ACNB common stock in open market transactions during the three months ended June 30, 2025. On June 18, 2025, the Corporation announced that the Board of Directors approved a plan to repurchase, in open market transactions at prevailing market prices, up to 314,000 shares or approximately 3.0%, of the outstanding shares of ACNB’s common stock. This new common stock open market repurchase plan replaces and supersedes any and all earlier announced repurchase plans. There were no shares repurchased under this plan during the three months ended June 30, 2025.

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.

    About ACNB Corporation

    ACNB Corporation, headquartered in Gettysburg, PA, is the independent $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, including its operating divisions Traditions Bank and Traditions Mortgage, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 33 community banking offices and one loan office located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York, and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster, MD and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    SAFE HARBOR AND FORWARD-LOOKING STATEMENTS – Should there be a material subsequent event prior to the filing of the Quarterly Report on Form 10-Q with the Securities and Exchange Commission, the financial information reported in this press release is subject to change to reflect the subsequent event. In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses. Management considers subsequent events occurring after the balance sheet date for matters which may require adjustment to, or disclosure in, the consolidated financial statements. The review period for subsequent events extends up to and including the filing date of the Corporation’s consolidated financial statements when filed with the SEC. Accordingly, the financial information in this announcement is subject to change. We caution readers not to place undue reliance on these forward-looking statements. They only reflect Management’s analysis as of this date. The Corporation does not revise or update these forward-looking statements to reflect events or changed circumstances. Please carefully review the risk factors described in other documents the Corporation files from time to time with the SEC, including the Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Please also carefully review any Current Reports on Form 8-K filed by the Corporation with the SEC.

    ACNB #2025-10
    July 24, 2025

    ACNB Corporation Financial Highlights Selected Financial Data by Respective Quarter End (Unaudited)
     
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    BALANCE SHEET DATA          
    Total Assets $         3,259,528   $ 3,270,041   $ 2,394,830   $ 2,420,914   $ 2,457,753  
    Investment securities   520,758     521,306     459,472     483,604     483,868  
    Total loans, net of unearned income   2,341,816     2,322,209     1,682,910     1,677,112     1,679,600  
    Allowance for credit losses   (24,353 )   (24,646 )   (17,280 )   (17,214 )   (17,162 )
    Deposits   2,524,541     2,540,009     1,792,501     1,791,317     1,838,588  
    Allowance for unfunded commitments   1,529     1,883     1,394     1,349     1,310  
    Borrowings   298,395     299,531     271,159     293,091     304,286  
    Stockholders’ equity   395,151     386,883     303,273     306,755     289,331  
    INCOME STATEMENT DATA          
    Interest and dividend income $         41,576   $ 36,290   $ 27,381   $ 27,241   $ 26,869  
    Interest expense   10,564     9,200     6,269     6,299     5,905  
    Net interest income   31,012     27,090     21,112     20,942     20,964  
    (Reversal of) provision for credit losses   (228 )   5,968     249     81     (2,990 )
    (Reversal of) provision for unfunded commitments   (354 )   (480 )   44     40     (259 )
    Net interest income after (reversal of) provisions for credit losses and unfunded commitments   31,594     21,602     20,819     20,821     24,213  
    Noninterest income   8,682     7,184     5,803     6,833     6,427  
    Noninterest expenses   25,366     29,335     18,388     18,244     16,391  
    Income (loss) before income taxes   14,910     (549 )   8,234     9,410     14,249  
    Income tax expense (benefit)   3,262     (277 )   1,639     2,206     2,970  
    Net income (loss) $         11,648   $ (272 ) $ 6,595   $ 7,204   $ 11,279  
    PROFITABILITY RATIOS          
    Total loans, net of unearned income to deposits   92.76 %   91.43 %   93.89 %   93.62 %   91.35 %
    Return on average assets (annualized)   1.43     (0.04 )   1.08     1.17     1.86  
    Return on average equity (annualized)   11.96     (0.31 )   8.57     9.63     16.12  
    Efficiency ratio1   56.21     60.13     63.83     60.56     58.61  
    FTE Net interest margin   4.21     4.07     3.81     3.77     3.82  
    Yield on average earning assets   5.64     5.45     4.93     4.90     4.89  
    Yield on investment securities   2.95     2.91     2.58     2.59     2.65  
    Yield on total loans   6.29     6.08     5.61     5.56     5.53  
    Cost of funds   1.50     1.45     1.19     1.19     1.12  
    PER SHARE DATA          
    Diluted earnings (loss) per share $         1.11   $ (0.03 ) $ 0.77   $ 0.84   $ 1.32  
    Cash dividends paid per share   0.34     0.32     0.32     0.32     0.32  
    Tangible book value per share1   29.30     28.23     29.51     29.90     27.82  
    CAPITAL RATIOS2
    Tier 1 leverage ratio   10.97 %   11.81 %   12.52 %   12.46 %   12.25 %
    Common equity tier 1 ratio   13.96     13.65     16.27     16.07     15.78  
    Tier 1 risk based capital ratio   14.17     13.86     16.56     16.36     16.07  
    Total risk based capital ratio   15.75     15.45     18.36     18.15     17.86  
    CREDIT QUALITY                              
    Net charge-offs to average loans outstanding (annualized)   0.01 %   0.01 %   0.04 %   0.01 %   0.00 %
    Total non-performing loans to total loans, net of unearned income3   0.43     0.43     0.40     0.39     0.19  
    Total non-performing assets to total assets4   0.31     0.32     0.30     0.29     0.14  
    Allowance for credit losses to total loans, net of unearned income   1.04     1.06     1.03     1.03     1.02  
                                   

    _______________
    1 Non-GAAP financial measure. Please refer to the calculation on the page titled “Non-GAAP Reconciliation” at the end of this document.
    2 Regulatory capital ratios as of June 30, 2025 are preliminary.
    3 Non-performing Loans consists of loans on nonaccrual status and loans greater than 90 days past due and still accruing interest.
    4 Non-performing Assets consists of Non-performing Loans and Foreclosed assets held for resale.

    Consolidated Statements of Condition
    (Unaudited)
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 June 30, 2024
    ASSETS      
    Cash and due from banks $         32,834   $ 23,422   $ 26,681  
    Interest-bearing deposits with banks   70,275     100,141     59,593  
    Total Cash and Cash Equivalents   103,109     123,563     86,274  
    Equity securities with readily determinable fair values   936     933     919  
    Investment securities available for sale, at estimated fair value   455,317     455,819     418,364  
    Investment securities held to maturity, at amortized cost (fair value $56,420, $56,219 and $57,026)   64,505     64,554     64,585  
    Loans held for sale   16,455     21,413     1,801  
    Total loans, net of unearned income   2,341,816     2,322,209     1,679,600  
    Less: Allowance for credit losses   (24,353 )   (24,646 )   (17,162 )
    Loans, net   2,317,463     2,297,563     1,662,438  
    Premises and equipment, net   31,581     32,398     25,760  
    Right of use asset   4,657     5,440     2,278  
    Restricted investment in bank stocks   13,533     13,560     11,853  
    Investment in bank-owned life insurance   96,104     98,814     80,841  
    Investments in low-income housing partnerships   814     846     940  
    Goodwill   64,449     64,449     44,185  
    Intangible assets, net   24,694     25,835     8,446  
    Foreclosed assets held for resale   32     438     406  
    Other assets   65,879     64,416     48,663  
    Total Assets $         3,259,528   $ 3,270,041   $ 2,457,753  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Deposits:      
    Noninterest-bearing $         568,301   $ 562,700   $ 479,726  
    Interest-bearing   1,956,240     1,977,309     1,358,862  
    Total Deposits   2,524,541     2,540,009     1,838,588  
    Short-term borrowings   43,041     44,188     48,974  
    Long-term borrowings   255,354     255,343     255,312  
    Lease liability   4,946     5,790     2,278  
    Allowance for unfunded commitments   1,529     1,883     1,310  
    Other liabilities   34,966     35,945     21,960  
    Total Liabilities   2,864,377     2,883,158     2,168,422  
           
    Stockholders’ Equity:      
    Preferred Stock, $2.50 par value; 20,000,000 shares authorized; no shares outstanding at June 30, 2025, March 31, 2025 and June 30, 2024   —     —     —  
    Common stock, $2.50 par value; 20,000,000 shares authorized; 11,017,121, 11,011,051, and 8,934,495 shares issued; 10,478,149, 10,543,671, and 8,545,629 shares outstanding at June 30, 2025, March 31, 2025 and June 30, 2024, respectively   27,539     27,521     22,330  
    Treasury stock, at cost; 538,972, 467,380, and 388,866 at June 30, 2025, March 31, 2025, and June 30, 2024, respectively   (17,167 )   (14,309 )   (11,101 )
    Additional paid-in capital   178,553     178,011     98,230  
    Retained earnings   239,077     230,978     226,271  
    Accumulated other comprehensive loss   (32,851 )   (35,318 )   (46,399 )
    Total Stockholders’ Equity   395,151     386,883     289,331  
    Total Liabilities and Stockholders’ Equity $         3,259,528   $ 3,270,041   $ 2,457,753  
                       
    Consolidated Income Statements
    (Unaudited)
     
      Three Months Ended June 30, Six Months Ended June 30,
    (Dollars in thousands, except per share data)   2025     2024     2025     2024  
    INTEREST AND DIVIDEND INCOME        
    Loans, including fees        
    Taxable $         36,555   $ 22,675   $         68,231   $ 44,145  
    Tax-exempt   317     313     609     632  
    Investment securities:        
    Taxable   3,283     2,665     6,185     5,576  
    Tax-exempt   283     284     571     568  
    Dividends   307     248     647     488  
    Other   831     684     1,623     1,434  
    Total Interest and Dividend Income   41,576     26,869     77,866     52,843  
    INTEREST EXPENSE        
    Deposits   7,284     2,643     13,280     4,803  
    Short-term borrowings   341     304     635     643  
    Long-term borrowings   2,939     2,958     5,849     5,840  
    Total Interest Expense   10,564     5,905     19,764     11,286  
    Net Interest Income   31,012     20,964     58,102     41,557  
    (Reversal of) provision for credit losses   (228 )   (2,990 )   5,740     (2,767 )
    (Reversal of) provision for unfunded commitments   (354 )   (259 )   (834 )   (410 )
    Net Interest Income after (Reversal of) Provisions for Credit Losses and Unfunded Commitments   31,594     24,213     53,196     44,734  
    NONINTEREST INCOME        
    Insurance commissions   2,908     2,747     5,055     4,862  
    Service charges on deposits   1,179     1,021     2,273     2,012  
    Wealth management   1,090     1,069     2,150     2,031  
    Gain from mortgage loans held for sale   1,575     34     2,430     82  
    ATM debit card charges   905     841     1,736     1,660  
    Earnings on investment in bank-owned life insurance   627     493     1,207     970  
    Gain on life insurance proceeds   31     —     285     —  
    Net gains on sales or calls of investment securities   22     —     22     69  
    Net gains (losses) on equity securities   3     1     17     (9 )
    Other   342     221     691     417  
    Total Noninterest Income   8,682     6,427     15,866     12,094  
    NONINTEREST EXPENSES        
    Salaries and employee benefits   13,693     10,426     26,554     21,594  
    Equipment   2,539     1,570     4,819     3,299  
    Net occupancy   1,277     991     2,719     2,121  
    Professional services   743     529     1,320     1,145  
    FDIC and regulatory   435     348     836     723  
    Other tax   220     356     747     726  
    Intangible assets amortization   1,141     315     1,998     636  
    Merger-related   1,943     23     9,974     23  
    Other   3,375     1,833     5,734     3,786  
    Total Noninterest Expenses   25,366     16,391     54,701     34,053  
    Income Before Income Taxes   14,910     14,249     14,361     22,775  
    Income tax expense   3,262     2,970     2,985     4,728  
    Net Income $         11,648   $ 11,279   $         11,376   $ 18,047  
    PER SHARE DATA        
    Basic earnings $         1.11   $ 1.32   $         1.12   $ 2.12  
    Diluted earnings $         1.11   $ 1.32   $         1.12   $ 2.12  
    Weighted average shares basic   10,451,469     8,502,268     10,130,666     8,497,686  
    Weighted average shares diluted   10,487,519     8,540,706     10,157,331     8,526,177  
                             
    Average Balances, Income and Expenses, Yields and Rates
            
      Three months ended
    June 30, 2025    		 Three months ended
    March 31, 2025
    		 Three months ended
    December 31, 2024
    		 Three months ended
    September 30, 2024
    		 Three months ended
    June 30, 2024
    (Dollars in thousands) Average
    Balance    		 Interest1 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate    		 Average
    Balance

    Interest1

    		 Yield/
    Rate
    ASSETS                            
    Loans:                            
    Taxable $ 2,296,429   $ 36,555   6.38 % $ 2,080,231   $ 31,676 6.18 % $ 1,619,245   $ 23,294 5.72 % $ 1,618,879   $ 23,108 5.68 % $ 1,612,380   $ 22,675 5.66 %
    Tax-exempt   58,903     401   2.73     57,969     370 2.59     57,683     366 2.52     62,401     394 2.51     64,276     396 2.48  
    Total Loans2   2,355,332     36,956   6.29     2,138,200     32,046 6.08     1,676,928     23,660 5.61     1,681,280     23,502 5.56     1,676,656     23,071 5.53  
    Investment Securities:                                  
    Taxable   482,933     3,590   2.98     447,986     3,242 2.93     431,338     2,786 2.57     441,135     2,868 2.59     442,390     2,913 2.65  
    Tax-exempt   54,261     358   2.65     54,659     365 2.71     54,453     359 2.62     54,549     359 2.62     54,644     359 2.64  
    Total Investments3   537,194     3,948   2.95     502,645     3,607 2.91     485,791     3,145 2.58     495,684     3,227 2.59     497,034     3,272 2.65  
    Interest-bearing deposits with banks   77,348     831   4.31     73,181     792 4.39     60,104     728 4.82     48,794     670 5.46     50,851     684 5.41  
    Total Earning Assets   2,969,874     41,735   5.64     2,714,026     36,445 5.45     2,222,823     27,533 4.93     2,225,758     27,399 4.90     2,224,541     27,027 4.89  
    Cash and due from banks   25,610               20,603         20,413         21,684         21,041      
    Premises and equipment   32,019               29,903         25,679         25,716         25,903      
    Other assets   255,624               224,522         181,180         184,105         187,937      
    Allowance for credit losses   (24,615 )             (19,939 )       (17,153 )       (17,147 )       (20,124 )    
    Total Assets $ 3,258,512             $ 2,969,115       $ 2,432,942       $ 2,440,116       $ 2,439,298      
    LIABILITIES                                      
    Interest-bearing demand deposits $ 612,812   $         514   0.34 % $ 573,341     $ 524   0.37 % $ 519,833     $ 511   0.39 % $ 518,368     $ 552   0.42 % $ 513,163     $ 275   0.22 %
    Money markets   536,755     2,706   2.02     447,297       1,984   1.80     251,781       747   1.18     246,653       692   1.12     248,191       613   0.99  
    Savings deposits   342,327     27   0.03     331,103       27   0.03     315,512       34   0.04     318,291       26   0.03     327,274       30   0.04  
    Time deposits   473,589     4,037   3.42     410,749       3,461   3.42     268,559       1,987   2.94     258,053       1,842   2.84     263,045       1,725   2.64  
    Total Interest-Bearing Deposits   1,965,483     7,284   1.49     1,762,490       5,996   1.38     1,355,685       3,279   0.96     1,341,365       3,112   0.92     1,351,673       2,643   0.79  
    Short-term borrowings   44,515     341   3.07     38,721       294   3.08     23,087       12   0.21     38,666       204   2.10     37,256       304   3.28  
    Long-term borrowings   255,347     2,939   4.62     257,558       2,910   4.58     255,326       2,978   4.64     255,316       2,983   4.65     255,305       2,958   4.66  
    Total Borrowings   299,862     3,280   4.39     296,279       3,204   4.39     278,413       2,990   4.27     293,982       3,187   4.31     292,561       3,262   4.48  
    Total Interest-Bearing Liabilities   2,265,345     10,564   1.87     2,058,769       9,200   1.81     1,634,098       6,269   1.53     1,635,347       6,299   1.53     1,644,234       5,905   1.44  
    Noninterest-bearing demand deposits   563,321         512,966           464,949           477,350           485,351        
    Other liabilities   39,271         36,934           27,887           29,946           28,348        
    Stockholders’ Equity   390,575         360,446           306,008           297,473           281,365        
    Total Liabilities and Stockholders’ Equity $ 3,258,512       $ 2,969,115         $ 2,432,942         $ 2,440,116         $ 2,439,298        
    Taxable Equivalent Net Interest Income     31,171           27,245           21,264           21,100           21,122    
    Taxable Equivalent Adjustment     (159 )         (155 )         (152 )         (158 )         (158 )  
    Net Interest Income   $ 31,012         $ 27,090         $ 21,112         $ 20,942         $ 20,964    
    Cost of Funds     1.50 %       1.45 %       1.19 %       1.19 %       1.12 %
    FTE Net Interest Margin     4.21 %       4.07 %       3.81 %       3.77 %       3.82 %
                                                     

    _______________
    1     Income on interest-earning assets has been computed on a fully taxable equivalent (FTE) basis using the 21% federal income tax statutory rate.
    2 Average balances include non-accrual loans and are net of unearned income.
    3 Average balances of investment securities is computed at fair value.

    Average Balances, Income and Expenses, Yields and Rates
                                       
      Six months ended June 30, 2025   Six months ended June 30, 2024
    (Dollars in thousands)   Average Balance     Interest1   Yield/ Rate       Average Balance     Interest1   Yield/ Rate  
    ASSETS                                  
    Loans:                                  
    Taxable $         2,188,852   $         68,231   6.29 %   $ 1,592,745   $ 44,145   5.57 %
    Tax-exempt   58,438     771   2.66       65,050   800   2.47  
    Total Loans2   2,247,290     69,002   6.19       1,657,795   44,945   5.45  
    Investment Securities:                    
    Taxable   465,556     6,832   2.96       454,928   6,064   2.68  
    Tax-exempt   54,459     723   2.68       54,692   719   2.64  
    Total Investments3   520,015     7,555   2.93       509,620   6,783   2.68  
    Interest-bearing deposits with banks   75,276     1,623   4.35       52,504   1,434   5.49  
    Total Earning Assets   2,842,581     78,180   5.55       2,219,919   53,162   4.82  
    Cash and due from banks   23,120             20,790      
    Premises and equipment   30,967             26,051      
    Other assets   240,235             187,458      
    Allowance for credit losses   (22,290 )           (20,044 )    
    Total Assets $         3,114,613           $ 2,434,174      
    LIABILITIES            
    Interest-bearing demand deposits $         593,185   $         1,038   0.35 %   $ 512,932   $ 540   0.21 %
    Money markets   492,273     4,690   1.92       248,244     1,149   0.93  
    Savings deposits   336,746     54   0.03       331,244     58   0.04  
    Time deposits   442,343     7,498   3.42       253,763     3,056   2.42  
    Total Interest-Bearing Deposits   1,864,547     13,280   1.44       1,346,183     4,803   0.72  
    Short-term borrowings   41,634     635   3.08       42,170     643   3.07  
    Long-term borrowings   256,447     5,849   4.60       252,004     5,840   4.66  
    Total Borrowings   298,081     6,484   4.39       294,174     6,483   4.43  
    Total Interest-Bearing Liabilities   2,162,628     19,764   1.84       1,640,357     11,286   1.38  
    Noninterest-bearing demand deposits   538,282             485,999          
    Other liabilities   38,109             27,626          
    Stockholders’ Equity   375,594             280,192          
    Total Liabilities and Stockholders’ Equity $         3,114,613           $ 2,434,174          
    Taxable Equivalent Net Interest Income     58,416             41,876    
    Taxable Equivalent Adjustment     (314 )           (319 )  
    Net Interest Income   $         58,102           $ 41,557    
    Cost of Funds     1.48 %       1.07 %
    FTE Net Interest Margin     4.14 %       3.79 %

    _______________
    1 Income on interest-earning assets has been computed on a fully taxable equivalent basis (FTE) using the 21% federal income tax statutory rate.
    2 Average balances include non-accrual loans and are net of unearned income.
    3 Average balances of investment securities is computed at fair value.

    Non-GAAP Reconciliation

    Note: The Corporation has presented the following non-GAAP financial measures because it believes that these measures provide useful and comparative information to assess trends in the Corporation’s results of operations and financial condition. These non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Corporation’s industry. Investors should recognize that the Corporation’s presentation of these non- GAAP financial measures might not be comparable to similarly-titled measures of other corporations. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures, and the Corporation strongly encourages a review of its condensed consolidated financial statements in their entirety.

      Three Months Ended
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024
    Tangible book value per share          
    Stockholders’ equity $         395,151   $ 386,883   $ 303,273   $ 306,755   $ 289,331  
    Less: Goodwill and intangible assets   (89,143 )   (90,284 )   (52,023 )   (52,327 )   (52,631 )
    Tangible common stockholders’ equity (numerator) $         306,008   $ 296,599   $ 251,250   $ 254,428   $ 236,700  
    Shares outstanding, less unvested shares, end of period (denominator)   10,442,269     10,506,822     8,515,347     8,510,187     8,507,191  
    Tangible book value per share $         29.30   $ 28.23   $ 29.51   $ 29.90   $ 27.82  
    Tangible common equity to tangible assets (TCE/TA Ratio)          
    Tangible common stockholders’ equity (numerator) $         306,008   $ 296,599   $ 251,250   $ 254,428   $ 236,700  
    Total assets $         3,259,528   $ 3,270,041   $ 2,394,830   $ 2,420,914   $ 2,457,753  
    Less: Goodwill and intangible assets   (89,143 )   (90,284 )   (52,023 )   (52,327 )   (52,631 )
    Total tangible assets (denominator) $         3,170,385   $ 3,179,757   $ 2,342,807   $ 2,368,587   $ 2,405,122  
    Tangible common equity to tangible assets   9.65 %   9.33 %   10.72 %   10.74 %   9.84 %
    Efficiency Ratio          
    Noninterest expense $         25,366   $ 29,335   $ 18,388   $ 18,244   $ 16,391  
    Less: Intangible amortization   1,141     857     304     304     315  
    Less: Merger-related expense   1,943     8,031     885     1,137     23  
    Noninterest expense (numerator) $         22,282   $ 20,447   $ 17,199   $ 16,803   $ 16,053  
    Net interest income $         31,012   $ 27,090   $ 21,112   $ 20,942   $ 20,964  
    Plus: Total noninterest income   8,682     7,184     5,803     6,833     6,427  
    Less: Gain on life insurance proceeds   31     254     —     —     —  
    Less: Net gains on sales or calls of securities   22     —     —     —     —  
    Less: Net gains (losses) on equity securities   3     14     (28 )   28     1  
    Total revenue (denominator) $         39,638   $ 34,006   $ 26,943   $ 27,747   $ 27,390  
    Efficiency ratio   56.21 %   60.13 %   63.83 %   60.56 %   58.61 %
                                   
    Contact:    Jason H. Weber
    EVP/Treasurer & Chief Financial Officer
    717.339.5090
    jweber@acnb.com
         

    The MIL Network –

  • MIL-OSI Banking: RBI to conduct 7-day Variable Rate Reverse Repo (VRRR) auction under LAF on July 25, 2025

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on Friday, July 25, 2025, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (days)    		 Window Timing Date of Reversal
    1 1,25,000 7 10:00 AM to 10:30 AM August 01, 2025
    (Friday)

    2. Further, it has been decided not to conduct the 14-day main operation on Friday, July 25, 2025, for the ensuing fortnight.

    3. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    Ajit Prasad          
    Deputy General Manager
    (Communications)   

    Press Release: 2025-2026/777

    MIL OSI Global Banks –

  • MIL-OSI Banking: Microsoft Research Asia launches Singapore lab

    Source: Microsoft

    Headline: Microsoft Research Asia launches Singapore lab

    MIL OSI Global Banks –

  • MIL-OSI Africa: Enlit Africa 2025 Post Event Report has launched: A defining moment for Africa’s power, energy, and water sectors

    Source: APO

    Enlit Africa (http://apo-opa.co/46V5oxu), brought to you by VUKA Group (https://WeAreVUKA.com), is thrilled to announce the release of the Enlit Africa 2025 Post Event Report, a comprehensive summary of the transformative three-day event held in Cape Town. With over 7,000 attendees from 68 countries, this year’s gathering solidified its position as a pivotal platform for driving Africa’s energy and water transition forward.

    The report captures the essence of an event that went beyond dialogue, showcasing real action, bold thinking, and meaningful connections under the theme “Challenge the Status Quo.” It offers a detailed look at the conversations, innovations, and outcomes that are shaping the future of Africa’s power, energy, and water sectors.

    Download the report (http://apo-opa.co/4kWSaUn)

    What’s Inside the Report?

    Key Themes: The report offers key insight into critical discussions on small modular reactor (SMR) regulation, battery storage, tariff reform, and municipal turnaround strategies, and highlights how these issues are reshaping the continent’s energy agenda and driving tangible progress.

    Event Highlights:

    From inspiring keynotes by leaders like South Africa’s Minister Kgosientsho Ramokgopa to the Renewable Energy & Storage Hub addressing grid and finance gaps, the report showcases moments that defined the event.

    The Project & Investment Network facilitated connections between projects and funding, while Women in Energy celebrated inclusive leadership. Water Security Africa reframed water as critical infrastructure.

    Site Visit Snapshots:

    Beyond the conference, delegates visited live sites showcasing generation, distribution, water, and hybrid energy systems. The report includes reflections on smart infrastructure, storage systems, and sustainable designs in action.

    Top Strategic Recommendations:

    Actionable guidance across technology, policy, investment, and human capital, backed by evidence and ready for implementation.

    Impact by the Numbers:

    Data-driven insights into the event’s reach and influence, offering proof of the growing momentum behind Africa’s energy and water transition. From ROI validation to partnership scouting, the metrics provide essential context for decision-makers.

    A Call to Action

    The conversations at Enlit Africa 2025 sparked a movement, but the work doesn’t stop here. The Post Event Report is a tool to reconnect with key moments, reflect on critical insights, and stay ahead in shaping Africa’s sustainable future.

    Download your copy (http://apo-opa.co/46V5oxu) of the Enlit Africa 2025 Post Event Report today to explore the metrics, strategies, and stories behind the movement. Join us in carrying this momentum forward as we continue to transform Africa’s power, energy, and water sectors together.

    Save the date for Enlit Africa 2026: 19 – 21 May 2026 at the CTICC in Cape Town, South Africa. Pre-register here (http://apo-opa.co/4o0ihwx).

    Distributed by APO Group on behalf of VUKA Group.

    Contact details:
    For sponsorship or exhibition opportunities, contact Marcel du Toit: marcel.dutoit@wearevuka.com

    For speaking opportunities, contact Boipelo Mothlowa: Boipelo.mothlowa@wearevuka.com

    For media enquiries, contact Natalie Simms: Natalie.simms@wearevuka.com

    About Enlit Africa:
    Enlit Africa brings the top manufacturers, associations, institutions, and government leaders together to shape a sustainable, prosperous energy and water future for Africa. A leading power, energy and water conference and exhibition, Enlit Africa is designed to provide a unique platform to connect decision-makers and determine Africa’s future direction of travel. 

    Enlit Africa takes place annually at the CTICC, Cape Town, South Africa. The event is CPD accredited by the SAIEE and SAICE, thereby contributing to the professional development of industry experts.

    For more information, please visit the Enlit Africa website at https://Enlit-Africa.com or contact our team at info@enlit-africa.com.

    About The VUKA Group:
    VUKA Group (https://WeAreVUKA.com) brings people and organisations together to connect with information and each other in meaningful conversations to reach the next level of growth in their industry ecosystem. With 20 years of experience in Africa, the group serves the Energy, Mining, Smart Mobility, Transport and Retail sectors, through a range of industry touchpoints across digital, print and in-person platforms. With a commitment to data at its core, the group is well-positioned to support industry stakeholders today and into the future. Operating from Cape Town, South Africa the group is actively involved in projects across continental Africa and boasts a diverse African team who take great pride in the work they do for the sectors and markets they serve.

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    MIL OSI Africa –