NewzIntel.com

Category: Commerce

  • MIL-OSI New Zealand: Industry Skills Boards

    Source: Tertiary Education Commission

    This page explains the establishment of new Industry Skills Boards (ISBs), how to apply to become a board member, and the role of Establishment Advisory Groups in preparing for the ISBs’ launch in January 2026.
    This page explains the establishment of new Industry Skills Boards (ISBs), how to apply to become a board member, and the role of Establishment Advisory Groups in preparing for the ISBs’ launch in January 2026.

    On this page:

    Overview of the ISBs’ coverage
    In April and May 2025, the Government consulted on a proposed model for the number and coverage groupings of ISBs. The consultation included a proposal to move the coverage for some sectors (creative industries and IT) to the New Zealand Qualifications Authority (NZQA).
    Thank you to the groups and individuals that made submissions on the proposals. Your views helped inform final decisions by the Government on the number and coverage of ISBs.
    We received 521 submissions on the proposals. Following this consultation, the Government has agreed (subject to the passing of legislation) to establish eight ISBs.
    The agreed ISBs will have the following broad coverage areas:

    Automotive, transport and logistics
    Construction and specialist trades
    Food and fibre (including aquaculture)
    Health and community
    Infrastructure
    Manufacturing and engineering
    Services
    Electrotechnology and information technology.

    Industry Skills Board
    Example sectors within industry coverage

    Automotive, transport and logistics

    Automotive mechanics, commercial road transport, logistics, maritime

    Construction and specialist trades

    Carpentry, flooring, plumbing, gasfitting and drainlaying, roofing, scaffolding

    Food and fibre (including aquaculture)

    Agriculture, forestry, horticulture, aquaculture

    Health and community

    Aged care, community health and support, funeral services

    Infrastructure

    Electrical supply, road construction, telecommunications, water infrastructure, composites, energy, mining, quarrying

    Manufacturing and engineering

    Food and beverage manufacturing, mechanical engineering, textiles, rail operations, wood manufacturing

    Services

    Business services, creative arts, hairdressing and barbering, hospitality, recreation, retail, tourism

    Electrotechnology and information technology

    Electrotechnology, electronics, communications technology, computing

    All industries will be covered by ISBs. NZQA will not initially take over any industry coverage. 
    In the next few months, Establishment Advisory Groups will consult with industry regarding the detailed coverage areas of each ISB. This will then be set out in the Order in Council that will formally establish each ISB.
    Overview of the Establishment Advisory Groups
    Prior to being established, each ISB will have a dedicated Establishment Advisory Group (EAG) that will be responsible for ensuring the ISB can successfully stand up, as an organisation, on day one.
    There will be various decisions that the governing body of each new ISB will need to make on the day the organisation is established. Their ability to make the required decisions promptly will be essential to the success of their organisation and their ongoing accountability and performance.  
    Until the legislation is passed, there are limits on how much work can be done in advance.
    The TEC has confirmed the appointment of members to the EAGs. These members were nominated by industry, ensuring that the system is responsive to industry needs.
    The EAG members will attend an induction in late July. Following induction, each EAG will meet monthly to make key decisions to be ratified by its Industry Skills Board once it has been appointed, including:

    appointing a chief executive-designate
    preparing day one documentation including delegations
    agreeing banking arrangements
    developing key policies
    determining an organisational structure and industry engagement model for making operational arrangements for day one, eg, shared services, lease of premises, systems etc.
    agreeing processes with relevant organisations on the transfer of assets and staff
    assisting the TEC with the consultation on key content for Orders in Council.

    TEC will provide support to every EAG, including advice and administrative support.
    Detailed coverage consultation
    One area that EAGs will focus on in the next few months is working with industry to determine the detailed coverage areas of each ISB.  The details of this consultation are not yet finalised but EAGs will communicate directly with industry on these matters.
    This information will then be set out in the Order in Council (OIC) that will formally establish each ISB. The OICs will need to be approved by Cabinet after the legislation has been passed.
    Apply to be a member of the first ISBs
    We have confirmed the members of the EAGs who will work towards setting up Industry Skills Boards on 1 January 2026.
    The TEC is now inviting industries to nominate representatives for appointment to the first ISBs. These boards will be in place from 1 January 2026.
    Candidates will need strong governance and change management skills, an industry background, and an understanding of education and training.
    On each ISB, industry-nominated members will work alongside two members appointed by the Minister.
    What do nominees need?
    Candidates are expected to have significant governance experience combined with strategic leadership experience. Collectively, the members of each ISB will need:

    experience of strategic planning, including financial planning and sustainability
    financial management experience, including capital asset management
    a well-tuned understanding of risk
    experience in maintaining high standards while managing large-scale change
    experience of effectively monitoring organisational performance in a governance or senior management role
    experience in industry leadership, and extensive knowledge of, and connections within, industry
    an understanding of education and training.

    Who can nominate a candidate?
    Industry bodies can nominate candidates. This ensures candidates have the backing of industry. Industry bodies must obtain the permission of the candidate to be nominated.
    How to nominate a candidate
    To nominate a candidate, please complete the Industry Skills Board Member Nomination Form.
    Nominations must be received before 29 August 2025.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Upcoming information session on Pillar Two

    Source: New places to play in Gungahlin

    Calling all multinational entities (MNEs) and tax advisers that may be in scope of the global and domestic minimum tax (Pillar Two).

    Join our Pillar Two information session on Friday 15 August from 11:00 am to 1:00 pm AEST.

    The session will provide an overview of the administrative and system aspects of the implementation of the Pillar Two measure in Australia. It’ll cover stakeholder and international engagement, guidance and system development, the design of the new domestic tax return form, lodgment obligations, key considerations for MNEs and available support.

    Don’t miss out on this opportunity to gain insights from experts and stay informed.

    Register for this sessionExternal Link now to secure a spot, as this session will not be recorded.

    Keep up to date

    Make sure to sign up to our Business bulletins newsletter to keep an eye out for additional future Pillar Two sessions. Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI USA: Ernst Advances Bills to Boost American Manufacturing, Crackdown on COVID Fraudsters

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    Published: July 16, 2025

    Small Business Committee passes Made In America Manufacturing Act and SBA Fraud Enforcement Extension Act.

    WASHINGTON – The U.S. Senate Committee on Small Business and Entrepreneurship advanced a pair of Chair Joni Ernst’s (R-Iowa) bills to unleash domestic manufacturing and hold COVID criminals accountable.
    “Republican leadership is unleashing growth across the country and making government more accountable to taxpayers,” said Ernst. “The Made in America Manufacturing Finance Act builds upon the domestic manufacturing explosion under President Trump and gives small businesses access to the resources they need to make ‘Made in America’ the norm instead of the exception. Equally as important is making sure Washington responsibly uses each tax dollar like an entrepreneur looks after their budget. After Biden’s bureaucrats were asleep at the wheel in pursuing billions in COVID fraud, my SBA Fraud Enforcement Extension Act ensures that justice will be carried out for criminals and stolen tax dollars will be recouped.”
    With manufacturing loans already soaring 74% under President Trump, the Made In America Manufacturing Finance Act allows small businesses to access the capital they need to invest in new equipment, hire new employees, and grow their businesses by doubling the individual loan limit for 7(a) and 504 small manufacturing loans from $5 million to $10 million.
    The SBA Fraud Enforcement Extension Act extends the statute of limitations from five to ten years for COVID fraudsters who stole from the Shuttered Venue Grant Operators Grant (SVOG) and Restaurant Revitalization Fund (RRF).
    Ernst initially led the legislation after a shocking report revealed that the Biden Small Business Administration (SBA) failed to pursue nearly two million individuals suspected of stealing pandemic aid.

    MIL OSI USA News –

  • MIL-OSI Australia: More support to help Australian business go global

    Source: Australian Attorney General’s Agencies

    To help Australian businesses access new export opportunities and navigate the global trading environment, the Albanese Labor Government is expanding the Go Global Toolkit and launching the Go Global Export Academy.

    The Go Global Toolkit is a one-stop-shop for businesses of all sizes to assess and improve their export readiness, providing Australian businesses with better understanding of markets, local laws, regulations and requirements as well as information on tariffs and taxes.

    More than 200,000 users have accessed the Go Global Toolkit in the past year, and research indicates it has saved businesses thousands of hours over the course of their export journey.

    The expanded Toolkit will be complemented by the launch of the Go Global Academy, and will feature a series of Market Spotlight webinars to support the launch. The series will showcase insights from key export markets in Asia, Europe, UK, the Middle East, America and the Pacific. The Market Spotlight series kicks off this week, and businesses can register for free at https://export.business.gov.au/.

    The Go Global Toolkit forms part of the Government’s Simplified Trade System reforms, which is streamlining our trade system to make it cheaper, faster and easier for Australian importers and exporters to do business.

    Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:

    “Trade is vital to Australia’s economic prosperity – one in four Australian jobs are trade-related, with jobs in export industries pay 10 per cent more on average.”

    “The Albanese Government is working to create new opportunities for Aussie businesses, including in India, Southeast Asia, the UK and the Middle East.”

    “We want to make it as easy as possible for Australian businesses to discover and take up opportunities – and that’s exactly what the Go Global Toolkit does.”

    Austrade General Manager for Trade, Jay Meek:

    “Using the resources in the Go Global Toolkit – including live and on demand webinars through the Go Global Export Academy – will enable exporters to pivot when market conditions change or be first to market when new opportunities open up.”

    “Businesses can use the Go Global Toolkit Tariff Finder to explore what tariffs and taxes apply to their goods – knowledge that will arm them with the tools to navigate an increasingly complex world.”

    “The Go Global Toolkit now features a more personalised user experience with content tailored to individual business needs. Central to this is providing the right information to help exporters compare markets and build a resilient diversification strategy.”

    MIL OSI News –

  • MIL-OSI USA: Wyden, Merkley Join Colleagues to Introduce Bill to Safeguard Consumers from Online Subscription Traps

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    July 16, 2025

    Washington, D.C. – U.S. Senators Ron Wyden and Jeff Merkley said today they are joining colleagues in reintroducing legislation that would protect consumers in Oregon and nationwide from online free trial scams and hard-to-cancel recurring-payment programs.

    The Consumer Online Payment Transparency and Integrity (OPT-IN) Act puts the responsibility on companies rather than consumers when it comes to subscriptions and memberships, including a shift from “opt-out” default conditions  to “opt-in.” This reintroduction comes after the U.S. Court of Appeals for the Eighth Circuit last week vacated the Federal Trade Commission’s 2023 “click to cancel” rule, which would have made it easier to get out of unwanted subscriptions. 

    “Unexpected charges and confusing websites can make unsubscribing from a service a headache,” Wyden said. “Relief was in sight, but Donald Trump’s administration killed new protections for consumers and handed a huge gift to his corporate pals. I’m proud to work with Sen. Van Hollen and my colleagues on the OPT-IN Act to ensure it’s just as easy for Americans to unsubscribe from services as it is to sign up.”

    “Consumers shouldn’t have to jump over roadblocks from greedy corporations to cancel a subscription,” Merkley said. “Our bill will make it as simple to cancel a subscription as it is to sign up – no tricks, no gimmicks, no waiting on hold. Let’s pass this common-sense solution that makes sure Americans know what they’re signing up for.”

    Companies increasingly use free trial offers and unclear terms and conditions to trap consumers into subscriptions. Additionally, companies often use software and interfaces that subtly trick users, making it harder for consumers to end these subscriptions and stop unwanted charges. While the FTC has dedicated significant resources to combating the worst of these business practices, more action is needed to effectively deter companies from employing these practices and better protect consumers.

    Specifically, the Consumer OPT-IN Act would: 

    • Require companies to get express informed consent from consumers before converting free trials into automatically renewing contracts and charging consumers.
    • Require companies to notify consumers of the first automatic renewal and obtain express informed consent from consumers before automatically renewing long-term contracts. 
    • Require that companies offering contracts that automatically renew on a short-term basis get express informed consent from consumers annually. 
    • Require companies that have knowledge that a consumer isn’t using their product or service for 6 months to get the consumer’s express informed consent to continue billing, and allow consumers to request a refund for the remaining portion of the contract. 
    • Provide consumers with refunds when violations occur.
    • Give the FTC rulemaking authority over negative option contracts, automatic renewals, and dark patterns.

    The legislation is led by Senator Chris Van Hollen, D-Md., and Representative Yvette D. Clarke, D-N.Y. Along with Wyden and Merkley, the bill is cosponsored by Senators Richard Blumenthal, D-Conn., John Fetterman, D-Pa., Kirsten Gillibrand, D-N.Y., Mazie Hirono, D-Hawai’i, Ben Ray Luján, D-N.M., Jack Reed, D-R.I., Bernie Sanders, I-Vt., Peter Welch, D-Vt.,  and Representatives Robin Kelly, D-Ill., and Doris Matsui, D-Calif.

    This legislation is endorsed by Public Citizen, National Consumer Law Center, Consumer Action, Americans for Financial Reform, and American Economic Liberties Project.

    The text of the bill is here.

    MIL OSI USA News –

  • MIL-OSI New Zealand: ASEAN Young Business Leaders to meet in Viet Nam, marking 50 years of ASEAN-New Zealand relations

    Source: Asia New Zealand Foundation

    Business leaders from New Zealand and Southeast Asia will gather in Viet Nam this July for the ASEAN Young Business Leaders Initiative (YBLI) Summit, taking place from 23-27 July 2025 in Da Nang and Hue. The event is hosted by the Asia New Zealand Foundation Te Whītau Tūhono in partnership with the New Zealand Ministry of Foreign Affairs and Trade (MFAT).
    The Summit brings together YBLI programme alumni and entrepreneurs from a range of industries – including agribusiness, technology, tourism, fashion, health, and food and beverage – to connect, collaborate, and explore new growth opportunities.
    “Through this Summit, we aim to build lasting connections among entrepreneurs from New Zealand and ASEAN,” says Suzannah Jessep, Chief Executive at the Asia New Zealand Foundation. “Viet Nam is an important partner in the region and strengthening relationships, trade and economic ties here benefits both sides.”
    Nick Siu, Director of Business and Entrepreneurship at the Foundation, adds, “This is a chance for emerging leaders to learn from each other, find ways to collaborate, and develop new ideas that could lead to partnerships.”
    “YBLI opened doors for my business, helping to secure our first export customer in Singapore. I look forward to strengthening these connections at the upcoming event,” says Nick Carey, Managing Director, Green Meadows Beef, New Zealand.
    “The Summit is a great opportunity to connect with fellow changemakers and discover ways to advance our sectors together,” says Bicky Nguyen, Co-founder, Cricket One, Viet Nam.
    “Since attending the last YBLI event, I’ve grown my consulting firm and am now expanding into Australia and the wider Asia-Pacific region,” says Kaye-Maree Dunn, Managing Director Making Everything Achievable and Āhau NZ Limited.
    The Summit marks 50 years of diplomatic relations between New Zealand and both ASEAN and Viet Nam, as well as the 30th anniversary of the Asia New Zealand Foundation.
    “New Zealand is proud to be a close friend and partner of ASEAN for more than 50 years,” says New Zealand Ambassador to Viet Nam, Caroline Beresford. “Strengthening these ties goes beyond diplomacy – the Summit empowers young leaders, builds partnerships, and creates mutually beneficial opportunities for both ASEAN and New Zealand.”
    -END-
    About the Asia New Zealand Foundation Te Whītau Tūhono
    Established in 1994, the Asia New Zealand Foundation Te Whītau Tūhono is New Zealand’s leading provider of Asia insights and experiences. Its mission is to equip New Zealanders to excel in Asia, by providing research, insights and targeted opportunities to grow their knowledge, connections and experiences across the Asia region. The Foundation’s activities cover more than 20 countries in Asia and are delivered through eight core programmes: arts, business, entrepreneurship, leadership, media, research, Track II diplomacy and sports.
    About the ASEAN Young Business leaders Initiative
    The ASEAN Young Business Leaders Initiative (YBLI) is a key part of the New Zealand Government’s ASEAN strategy. The aim of the programme is to facilitate trade and build connections between business leaders and entrepreneurs in New Zealand and Southeast Asia. This is achieved through short, targeted visits to New Zealand and Southeast Asia for ASEAN entrepreneurs and Kiwi entrepreneurs respectively.  

    MIL OSI New Zealand News –

  • MIL-OSI USA: SIGNED INTO LAW: Bipartisan Legislation That Secures Permanent Scheduling of Fentanyl Analogues

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    Washington, D.C. – Today the Halt All Lethal Trafficking of (HALT) Fentanyl Act, bipartisan legislation that U.S. Senators Maggie Hassan and Jeanne Shaheen helped introduce and was supported by Congressman Chris Pappas (NH-01) and Congresswoman Maggie Goodlander (NH-02), was signed into law. This law permanently schedules all fentanyl-related substances as Schedule I drugs under the Controlled Substances Act to ensure law enforcement can keep them off the streets and hold drug traffickers accountable.

    “The vast majority of drug-related deaths in New Hampshire have been caused by the trafficking of illicit fentanyl. That’s why I have consistently engaged with law enforcement, public health experts, and colleagues across the aisle to ensure that the scheduling of fentanyl analogues did not lapse and is finally made permanent,” said Congressman Pappas. “The enactment of this legislation represents an important step forward and will ensure law enforcement retains the full suite of tools they need to take on the opioid crisis and crack down on drug traffickers, but we cannot rest here. I remain committed to delivering the resources our communities need to stop traffickers, bring down drug-related deaths, and support people in recovery.”

    “In the Granite State we’ve lost far too many lives due to fentanyl overdoses, and we must do everything we can to prevent more deaths,” said Senator Shaheen. “I was proud to help introduce this bipartisan legislation in the Senate and I’m glad the President has signed it into law so that we can stop the flow of fentanyl into our communities, hold traffickers accountable and save lives.”

    “Too many families across New Hampshire have experienced the devastating effects of the fentanyl crisis,” said Senator Hassan. “The HALT Fentanyl Act will permanently classify fentanyl analogues at the strongest level allowed under the law, boosting penalties and giving law enforcement more tools to get these deadly illicit drugs off our streets. This bill marks a step forward in combatting fentanyl and I am glad the President has signed it into law.”

    “Illicit fentanyl is the leading driver of overdose deaths in New Hampshire, taking the lives of hundreds of loved ones every year. We can and must do more to combat this epidemic and help save lives,” said Congresswoman Goodlander. “The HALT Fentanyl Act will help stop the flow of these dangerous drugs into our communities and hold illicit distributors accountable. I will continue working to ensure our law enforcement partners have the tools they need to keep New Hampshire communities safe.” 

    Pappas has led efforts to permanently schedule fentanyl-related substances in the House, securing several extensions of the temporary scheduling order while working to ensure the passage of permanent legislation. The HALT Fentanyl Act contains identical key provisions from Pappas’s bipartisan SAFE Act, which he first introduced in the 117th Congress.

    Shaheen has spearheaded crucial legislation and funding to fight the substance use disorder epidemic, including through her leadership on the pivotal U.S. Senate Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, which funds the U.S. Department of Justice. Shaheen recently introduced her bipartisan Keeping Drugs Out of Schools Act to help prevent youth opioid use and overdoses by establishing a new grant program that allows current or former Drug-Free Communities (DFC) coalitions to partner with schools to provide resources educating students about the dangers of synthetic opioids. Shaheen has also led the bipartisan Cooper Davis Act which would crack down on online drug sales through social media and helped enact the FENTANYL Results Act to increase global cooperation in the fight against synthetic drug trafficking.

    Senator Hassan has worked to stop drug trafficking and support communities devastated by the fentanyl crisis. She helped advance the DETECT Fentanyl and Xylazine Act, which was signed into law last year and is supporting law enforcement with enhanced tools to find and eliminate illegal substances such as fentanyl and xylazine. Senators Hassan, Shaheen, and their colleagues also passed into law the FEND Off Fentanyl Act, which targets the illicit fentanyl supply chain and imposes sanctions on traffickers. Senator Hassan also developed the END FENTANYL Act, signed into law last year, which helps Customs and Border Protection crack down on fentanyl trafficking at the border.

    MIL OSI USA News –

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Chinese business group urges fairness in EU tariff measures on EVs

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

    A delegation from the automotive working group of the China Chamber of Commerce to the European Union (CCCEU) has urged EU officials to ensure fair market access for Chinese electric vehicle (EV) manufacturers.

    During discussions with European policymakers on Tuesday and Wednesday, representatives from the CCCEU’s automotive working group voiced concern that external political pressure could exert a “spillover effect” on EU policy decisions, potentially shifting the bloc’s approach from “de-risking” to “decoupling” from China.

    They expressed concerns that Chinese products might be labeled as “engaging in trade diversion,” thus having to face restrictions in the European market, and that escalating EU-U.S. trade tensions could affect the stability of the European market.

    The CCCEU representatives noted that the European Commission’s decision to impose additional tariffs on Chinese-made EVs contradicts the EU’s climate ambitions by restricting access to affordable zero-emission vehicles.

    “Chinese EV companies offer competitive, clean transportation solutions and should be granted fair and equitable market access in Europe,” the group said.

    The group expressed hope that negotiations over EV price caps would lead to a mutually acceptable agreement, bringing greater certainty to bilateral and global trade.

    In addition, the delegation raised concerns about increasing regulatory barriers facing Chinese investors, citing the EU’s foreign subsidies regulation and foreign direct investment screening framework.

    They called for more transparency and impartiality in the development of future legislation, including the upcoming EU automotive industry action plan. 

    MIL OSI China News –

  • MIL-OSI China: China hailed as stabilizing global force

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

    China Daily | July 17, 2025

    China, which is advancing on its unique path to modernization, has consistently acted as a stabilizing force in and major contributor to global growth, through initiatives such as green transformation and technological innovation, said senior international executives.

    Beijing has demonstrated its commitment to sustainable and high-quality development, attracting global investment, said John McLean, chairman of the City of London Branch of the Institute of Directors in the United Kingdom.

    With a commitment to high-quality development, China is accelerating green, digital and smart transformation, which, coupled with the country’s sophisticated industrial ecosystem, provides the best testing ground for the latest outcomes of technological revolution and industrial upgrading.

    Such transformation has not only boosted domestic economic growth, but also strengthened China’s position as a key player in the global economy, McLean said in an exclusive interview with China Daily.

    He said this reflects the consistent perseverance of China’s top leadership to deepen opening-up policies and foster a fair, transparent and predictable business environment for global investors.

    During a meeting with more than 40 representatives of the international business community in Beijing in March, President Xi Jinping pledged to strengthen communication with foreign businesses, provide as much convenience as possible for them to trade and invest in China, and protect the legitimate rights and interests of foreign businesses in accordance with the law.

    From “Made in China” to “new quality productive forces”, China has empowered industrial transformation and upgrading through innovation, and is set to realize higher-quality and more sustainable development, said foreign business leaders.

    For years, China has been attracting global investors with its strong economic growth, adaptability and collaborative potential, McLean said while sharing his perspectives on China’s economic potential, the evolving global trade landscape, and the strengthening of ties between China and the international business community.

    Drawing on over 26 years of experience in China, McLean expressed strong confidence in the nation’s economic management and resilience. He highlighted China’s remarkable achievements over the past two decades, including advancements in technology, clean energy and artificial intelligence, which have positioned it as a global leader in innovation.

    McLean said China’s economic growth target of around 5 percent for this year is a reasonable and attainable goal that will bolster confidence and stability amid increasing global uncertainty.

    “China’s growth has always been under scrutiny — whether it’s 10 percent, 8 percent or 5 percent. But its leadership in global markets has consistently demonstrated the ability to adapt and drive progress,” McLean said, noting that China’s GDP grew 5 percent year-on-year in 2024, ranking among the world’s fastest-growing major economies.

    He said China’s recent opening-up policies, such as visa-free travel measures, are helping to reshape perceptions and attract foreign entrepreneurs to conduct business in the country.

    To further encourage global exchanges, China has expanded the list of unilateral visa-free countries to 47 and transit visa-free countries to 55. McLean described such policies as “a significant step in the right direction”, emphasizing their role in fostering greater mobility and openness.

    These efforts have yielded results. Data from the National Immigration Administration showed that China recorded 163 million passenger trips in the first quarter of 2025, up 15.3 percent year-on-year.

    Meanwhile, the Ministry of Commerce reported that actual use of foreign direct investment in the Chinese mainland climbed 13.2 percent year-on-year in March. In the first quarter of 2025 alone, 12,603 new foreign-invested enterprises were established nationwide, representing a year-on-year rise of 4.3 percent.

    Bernd Einmeier, president of the German-Chinese Association for Economy, Education and Culture, said the stable growth momentum of China’s economy serves as an important global public good, helping to buffer uncertainty across international markets.

    Foreign business operations and investments in China have driven economic growth and employment, boosted technological and managerial progress and facilitated reform and opening-up. In this process, foreign businesses have thrived and generally enjoyed handsome returns, and they also have achieved win-win results and forged profound friendships with the Chinese people, he added.

    During an earlier business trip to China, Jeff Williams, Apple’s chief operating officer, visited Apple supplier Goertek in Shandong province and praised its use of automated manufacturing and artificial intelligence technology on production lines.

    “China is a central part of our critical supply chain, and we’ve been investing here for 30 years,” said Williams. “We will continue to invest in China in a big way.”

    Maximilian Butek, executive director and board member of the German Chamber of Commerce in China-East China, said, “Foreign companies can invest here because they find a good business environment, and those investments are also long-term.”

    “China’s continuous efforts in modernization and its openness to foreign investment have created a dynamic market that benefits both domestic and international stakeholders,” Butek said.

    As China moves forward, its role as a stabilizing force in the global economy will grow stronger, fostering prosperity and deeper collaboration, he added.

    MIL OSI China News –

  • MIL-OSI Australia: Omnicom’s proposed acquisition of Interpublic not opposed

    Source: Australian Ministers for Regional Development

    The ACCC will not oppose the proposed acquisition of The Interpublic Group of Companies Inc by Omnicom Group Inc.

    Omnicom and Interpublic are both large multinational suppliers of advertising, media and communications services, including media buying and marketing services.

    In Australia, Omnicom’s key brands include DDB, TBWA, OMD Worldwide, PHD Media, Clemenger Group and Hearts & Science. Interpublic’s key brands in Australia include IPG Mediabrands, Universal McCann (UM), Initiative, 303 MullenLowe and Octagon.

    The ACCC considers that the proposed acquisition would be unlikely to substantially lessen competition in the supply of media buying services and marketing and communications services.

    “Our investigation found that while the proposed acquisition would result in an increase in the parties’ combined market share, other suppliers of media buying and marketing and communications services would continue to effectively compete with Omnicom after the acquisition,” ACCC Commissioner Dr Philip Williams said. 

    The ACCC found that the remaining advertising, media and communications conglomerates, including WPP, Publicis and Dentsu, will continue to compete with Omnicom after the acquisition, as well as smaller independent providers of these services.

    Further information can be found on the ACCC’s public register: Omnicom Group Inc. – The Interpublic Group of Companies Inc.

    Notes to editors

    In considering the proposed acquisition, the ACCC applies the legal test set out in section 50 of the Competition and Consumer Act.

    In general terms, section 50 prohibits acquisitions that would have the effect, or be likely to have the effect, of substantially lessening competition in any market.

    Universal McCann, a part of the Interpublic Group, is the exclusive provider of media buying services for all Australian Government departments, including the ACCC. The contractual relationship is managed by the Department of Finance.

    Background

    Omnicom Group Inc. and The Interpublic Group of Companies, Inc are both US-based holding companies of advertising, marketing and communication services. Both companies are listed on the NYSE.

    Media buying services involve the planning and purchasing of advertising space from media owners across various media types, including digital platforms and more traditional media advertising, such as television, radio, print, and outdoor platforms (billboards, public transit, etc), on behalf of advertisers.

    Marketing and communications services include the creation of advertising material and determining what and how advertising is communicated. Marketing and communication services include design, consumer insights, consultancy, public relations, direct marketing, event management, brand identity and customer relationship management. Providers may offer the entire range of marketing and communication services, or they may specialise in a specific type of marketing or creative service.

    MIL OSI News –

  • MIL-OSI Australia: Spotlight on… Assistant Commissioner Peta Lonergan

    Source: New places to play in Gungahlin

    How will the ATO be addressing some of the big challenges in 2025–26?

    Prevention is always better than the cure. It’s never been more important for you, as an employer, to stay on top of reporting, lodgment and payment deadlines to avoid extra paperwork, charges and penalties.

    ‘Good payroll governance’ may sound boring, but it’s the foundation of a well-run business, and needs to be appropriate for your entity’s structure, size, complexity and industry.

    Prioritise getting your tax and super obligations right, and you won’t get caught up in costly and time-consuming errors down the track.

    We have a comprehensive data-matching and risk identification process to identify where we think businesses are non-compliant with their obligations. We do try and encourage businesses to meet their obligations, and we see most businesses, after receiving a nudge, act quickly to rectify their mistakes. However, businesses that fail to act after receiving a reminder can face review or audit activity. While we’re here to help, for those employers who don’t get it right – and make deliberate choices to avoid tax and super obligations – we’ll take action.

    What are the biggest changes since you started in this role?

    Over the past 2 years we’ve been heavily investing in understanding the complexity of those businesses who employ staff. With nearly one million employers ranging from small businesses to large corporations, we know a ‘one size fits all’ ATO approach doesn’t work.

    By better understanding what employers need from the ATO, we’ve been able to fine tune our communications and compliance work. Some businesses may just need a nudge to comply, but others need firmer action.

    What should employers do to kick off the new financial year?

    I know how crunched for time people are, and that paying tax and super isn’t one of the fun things about running your own show, but it’s the critical part of your business.

    The overwhelming majority of businesses that end up in our audit program reached that point after falling behind with tax and super payments. Successful businesses invest time and effort in payroll governance and managing their cashflow, so check out our Cash Flow Tips.

    If you’ve been in business for a while, do a stocktake of how you’re complying with your tax and super obligations:

    • Is your software system up to date?
    • Are you on track with your lodgments and payments?
    • Are you allocating employee transactions correctly in your software?
    • Do you tag employee benefits so you can calculate your fringe benefits?
    • Do you need to check in with your registered agent?
    • We get a large number of voluntary disclosures each year that are the result of a new person coming in and looking at the payroll and finding errors.

    If you’re about to start a new business and will be employing staff, check out the range of information we have on ato.gov. For example, employers on the smaller side of the business world can find useful tips in our Essentials to strengthen your small businessExternal Link to avoid common mistakes across the lifecycle from start-up to winding down. Our information is designed to help employers get it right from the beginning.

    What are you personally looking forward to this financial year?

    I’m really excited about identifying different and innovative ways we can support businesses to stay on track.

    We’re continuing to pilot new strategies and trial treatments, such as contacting businesses earlier to help them understand their obligations or correct common errors early to prevent a minor issue growing into a major headache.

    Another really exciting approach has been to contact tax agents about their employer clients who may not have met their FBT obligations. This two-way engagement supports tax agents to have the information they need to have the right conversations with their clients.

    I often hear about people looking for ways to avoid the ‘tax man’, but it’s important people realise that the tax they pay goes to support the community, schools, hospitals and roads. So, those not paying what they should are negatively impacting the services that make Australia such a great place to live.

    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:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI USA: Senator Markey, Leader Schumer Call on FCC to Stop Partisan Games, Drop Frivolous CBS Investigation in Light of Fox News’ Misleading Editing of Trump’s Epstein Comments

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    The FCC is pursuing an investigation into CBS’ edits of an October 2024 interview with then-Vice President and Presidential Nominee Kamala Harris

    Letter Text (PDF)

    Washington (July 16, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, and Democratic Leader Chuck Schumer (D-N.Y.) today wrote to Federal Communications Commission (FCC) Chair Brendan Carr about a “Fox & Friends” June 2024 interview in which Donald Trump was asked whether he would release the Epstein files if he were elected president. The network aired only a portion of Trump’s answers, potentially misleading viewers about Trump’s intentions regarding those files. This past weekend, Donald Trump discounted the importance of the Epstein Files on Truth Social.

    In the June interview, Trump appeared to have answered the question about whether he would release the Epstein files by saying “Yeah, yeah I would.” But right after those words — in a portion of the interview unaired on “Fox & Friends” — Trump appeared to hedge his answer by saying, “I guess I would. I think that less so because, you don’t know, you don’t want to affect people’s lives if it’s phony stuff in there, because it’s a lot of phony stuff with that whole world. But I think I would.” Asked if it would restore trust, he said, “Yeah. I don’t know about Epstein so much as I do the others. Certainly about the way he died. It’d be interesting to find out what happened there, because that was a weird situation and the cameras didn’t happen to be working, etc., etc. But yeah, I’d go a long way toward that one.”

    In the letter, the lawmakers write, “When the full interview was released on a Fox News radio program, reporters picked up on this selective editing, suggesting that Fox News ‘massaged’ the interview. No wonder, then, many Trump’s supporters were surprised this weekend when Trump said his supporters should ‘not waste Time and Energy on Jeffrey Epstein.’ This selective editing appears to be far more misleading than the run-of-the-mill editorial decision-making in CBS’s interview with Harris last fall. In October 2024, CBS aired excerpts from an interview with Harris on its programs 60 Minutes and Face the Nation. As the transcript of the interview — which you effectively forced CBS to release after months of public pressure — demonstrates, the excerpts aired on CBS were a quintessential example of editorial decision-making. In stark contrast to Fox News’s handling of Trump’s interview, CBS’s edits did not alter the meaning of any of Harris’s answers. Yet, the FCC has opened a docket to accept comments on the Harris interview as a potential violation of the FCC’s little-used news distortion policy, an outrageous abuse of the Commission’s enforcement powers.”

    The lawmakers conclude, “The FCC should stop its partisan investigations into the news media and cease interfering with independent journalism altogether. To be clear, the FCC should not investigate or pressure either CBS or Fox. Editorial discretion lies at the heart of press freedom and should not be subject to government interference. Rather than opening an investigation into Fox, the FCC should close the docket in its investigation over the Harris interview on 60 Minutes and stop wielding its regulatory power as a weapon against the news media.”

    MIL OSI USA News –

  • MIL-OSI China: China’s supply chain expo highlights global push for cooperation, openness

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

    BEIJING, July 16 — As the third China International Supply Chain Expo (CISCE) opened in Beijing on Wednesday, global business executives and officials voiced a collective need to reinforce supply chains through open markets, innovation, and multilateral engagement.

    “This event is much more than an expo. It is a forest of connections between economies, industries, and people,” John Denton, the secretary-general of the International Chamber of Commerce, said in his speech. “We are here together to advance our shared prosperity.”

    Denton’s remarks echoed a widespread consensus among attendees that building trust and deeper integration — spanning AI innovation to global manufacturing collaboration — is essential for effectively navigating the increasing global uncertainties.

    Held from July 16 to 20, the 2025 CISCE gathered more than 650 companies and institutions from 75 countries, regions and international organizations, along with over 500 of their upstream and downstream partners.

    Foreign exhibitors made up 35 percent of the total participation — an indicator of enduring business interest in the face of rising geopolitical and economic headwinds.

    Hosted by the China Council for the Promotion of International Trade (CCPIT), the expo is the world’s first national-level expo dedicated exclusively to supply chains.

    In the lead-up to the event, Wang Yiwei, director of the Institute of International Affairs at Renmin University of China, said that active engagement from multinational firms reflects the “continued momentum and irreversibility of globalization.”

    Wang noted that China, with the world’s most complete and largest industrial system, is playing a growing role in driving global development through digital and green transformation — and is increasingly seen as an innovation lab.

    China’s expanding role in global innovation ecosystems, especially in AI, was underscored by Nvidia CEO Jensen Huang, who delivered a speech during his first CISCE appearance.

    Calling China’s supply chain “a miracle,” Huang highlighted the country’s fast-growing AI technologies and its global reach. “China’s open-source AI is a catalyst for global progress,” he said, as it enables broader access to innovation and supports international cooperation on standards and safeguards.

    In an interview on the sidelines of the expo, Huang reaffirmed Nvidia’s long-term commitment to the Chinese market. “If you want to maintain, you have to invest,” he said. “The market is moving so fast and it’s so competitive — we have to continue to advance ourselves.”

    He added that China’s technology market is growing rapidly and remains a key focus for the company, calling it “a very important market with dynamic, innovative customers.”

    The expo comes on the heels of China’s announcement of a 5.3 percent economic growth for the first half of the year despite rising challenges and external uncertainties.

    “China is entering a new cycle of market opportunity,” said Lin Chunmei, president and general manager of Corning Greater China, in an interview with Xinhua. “With the rise of AI and cloud technologies, the AI infrastructure market is growing faster than ever.”

    She noted that China’s steady and resilient economy, along with its stable and open business environment, continues to support the growth of enterprises. “Over the past few decades, we’ve seen consistent improvements in China’s business climate,” she added.

    At the opening ceremony, the CCPIT and global business representatives issued a joint initiative calling for supply chain stability and security, digital and green transformation, and stronger international cooperation.

    Ren Hongbin, chairman of the CCPIT, said the expo has become a platform for China’s high-standard opening up, urging collective efforts to safeguard multilateralism and build a more interconnected future.

    MIL OSI China News –

  • MIL-OSI China: Eyeing China opportunities, multinational giants seek closer supply chain collaboration with Chinese partners

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

    Eyeing China opportunities, multinational giants seek closer supply chain collaboration with Chinese partners

    BEIJING, July 16 — As the third China International Supply Chain Expo opened Wednesday in Beijing, multinational companies are looking to strengthen supply chain collaborations in a move that will inject more certainty into the world economy.

    The five-day event has attracted 651 companies and institutions from 75 countries and regions. Overseas exhibitors account for 35 percent, a three-percentage-point increase from last year. Among the first-time multinational participants are major players such as Nvidia, Schneider Electric, L’Oreal, Louis Dreyfus and Medtronic.

    The growth in global participation highlights mounting confidence in the Chinese market and supply chain. The participating companies see China as both a stabilizing force and an innovation driver in the global supply chain.

    “The expo is an important gathering for innovation and collaboration, helping to strengthen the sustainable development of global manufacturing and international supply chains,” said Mohamed Kande, global chairman of PwC.

    CLOSER COLLABORATION

    The expo comes on the heels of China’s announcement of a 5.3 percent economic growth for the first half of the year despite rising challenges and external uncertainties.

    China’s steady economic growth, coupled with its robust supply chain and commitment to further opening up, positions it as a key partner for multinational companies.

    Jensen Huang, CEO of U.S. tech giant Nvidia, on Tuesday praised China’s rapid advancements in artificial intelligence (AI) during his visit to Beijing, describing the Chinese market as both “large” and “dynamic.”

    While speaking at the opening ceremony of the expo on Wednesday, Huang lauded China’s supply chain as a “miracle.” China’s open-source AI is a catalyst for global progress, giving every country and industry a chance to join the AI revolution, he said.

    “China is a very important country where the development of AI will continue to be very fast and we hope to be part of that,” Huang told reporters on Wednesday, adding that there’s so much opportunity and confidence in the Chinese market.

    Huang confirmed on Tuesday that Nvidia’s H20 chips will soon be available in the Chinese market again, following the U.S. government’s approval of the company’s filing licenses for shipping H20s to China.

    The expo has become a key venue for global firms to forge and expand supply chain collaborations.

    The expo serves as a platform for expanding McDonald’s supply chain partnerships, Xu Jansen, head of Impact Strategy at M (China) Co., Ltd. The fast food chain attended the expo for a second straight year, teaming up with 11 suppliers this year.

    Xu emphasized the importance of the Chinese market, noting that half of the 2,000 new McDonald’s stores opening each year globally are located here.

    The company has built a network of local suppliers and also helped many of them ship products overseas. China serves as a stabilizer to the global supply chain and global economic growth, Xu said in an interview.

    For French pharmaceutical giant Sanofi, the expo is also an opportunity to showcase its ecosystem and build collaborations.

    “Here, we explore innovative collaborations with our global partners, from R&D to production and patient accessibility enhancement, and share the latest results of localized practices,” said Wayne Shi, president of Sanofi Greater China. Sanofi will continue to support the Healthy China initiative with innovative drugs and vaccines, Shi said.

    RESILIENCE

    Business executives and experts assert that, given the current global economic climate, no single country can fulfill every role in industrial and supply chains. It is essential for countries to work together to achieve win-win results.

    Global firms view China as a pivotal destination for enhancing and diversifying their supply chains, owing to the country’s vast manufacturing capacity, robust industrial ecosystem, and improving business environment.

    Xiao Song, chairman, president and CEO of Siemens China, said that at a time when the global industrial landscape is undergoing rapid restructuring, the expo is becoming an important platform to promote the deep integration of all sections of the industrial chain.

    Siemens aims to help Chinese firms upgrade with digital and low-carbon technologies, helping build a green competitive edge globally as well as a more resilient and sustainable global industrial and supply chains, Xiao said.

    As the world’s first national-level exhibition focusing on supply chains, the expo is an internationally shared public product. First held in 2023, the expo has contributed to building more secure, stable, open and inclusive global industrial and supply chains.

    With over 70 special events and new alliances for exhibitors in each of the six supply chains showcased at the expo, the expo helps enterprises find partners, application scenarios and solutions, according to Ren Hongbin, chairman of the China Council for the Promotion of International Trade, the event’s organizer.

    Ren called on global business leaders to work together to uphold the multilateral trade system with the World Trade Organization at its core.

    Xu Jiabin, a professor at the Business School of Renmin University of China, said that as a manufacturing and trading powerhouse, China has made significant contributions to the stability and resilience of the global supply chain.

    “The expo will help mitigate the negative effects of trade barriers and safeguard the global international economic and trade order,” Xu said.

    MIL OSI China News –

  • MIL-OSI USA: Chetak LLC Group Recalls Product Because of Possible Health Risk

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    July 16, 2025
    FDA Publish Date:
    July 16, 2025
    Product Type:
    Food & BeveragesFoodborne Illness
    Reason for Announcement:

    Recall Reason Description
    Sprouted Moong (sprouted mung beans)

    Company Name:
    CHETAK LLC GROUP
    Brand Name:

    Brand Name(s)
    Deep

    Product Description:

    Product Description
    Sprouted Moong (sprouted mung beans)

    Company Announcement
    Chetak New York LLC, Edison, NJ
    Chetak San Francisco LLC, Union City, CA
    Chetak Chicago LLC, Streamwood, IL
    Chetak Orlando LLC, Kissimmee, FL
    Chetak Los Angeles LLC, Pico Rivera, CA
    Zeenat Inc., Sugarland, TX
    Are recalling Frozen ‘Deep Sprouted Mat(Moth) 16 oz. and Deep Sprouted Moong 16oz. because they have the potential to be contaminated with Salmonella, an organism which can cause serious and sometimes fatal infection in young children, frail or elderly people and others with weakened immune system. Healthy persons infected with Salmonella often experience fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting into the bloodstream and producing more severe illness such as arterial infections (i.e. infected aneurysms) endocarditis and arthritis
    The Recalled Sprouted Beans were distributed nationwide in retail stores under following Lot numbers

    Deep Sprouted Mat (Moth) 16 oz.LOT CODE- printed on back side of bag- IN24330, 25072,25108,24353,25171,24297,25058,25078,24291,25107,24354 AND 24292
    Deep Sprouted Moong 16 oz. packetLOT CODE- printed on back side of bag- IN24330, 25072,25108,24353,25171,24297,25058,25078,24291,25107,24354 AND 24292

    No illness have been reported to date in connection with this problem to company
    The potential for contamination was noted after routine testing by FDA
    Production of the product has been suspended while FDA and the company continue their investigation as to the source of the problem.
    Consumers who have purchased 16 oz. packet of “Sprouted Mat (Moth) and Sprouted Moong” are urged to return them to place of purchase for a full refund. Consumers with questions may contact the Company at 908-209-8878

    Company Contact Information

    Consumers:
    908-209-8878

    Product Photos

    Content current as of:
    07/16/2025

    Regulated Product(s)

    Topic(s)

    Follow FDA

    MIL OSI USA News –

  • MIL-OSI USA: Senator Marshall: Powell Has Lost the Confidence of the President & the American People, & Should Resign

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall
    Senator Marshall Joins Fox Business to Talk About Fed Chairman Jerome Powell
    Washington – On Wednesday, U.S. Senator Roger Marshall, M.D. (R-Kansas), joined Elizabeth McDonald on Fox Business’ The Evening Edit to discuss Jerome Powell’s tenure at the Federal Reserve, why interest rates need to come down for the good of the country, and concerns about the overspending on the Federal Reserve HQ renovations.
    Click HERE or on the image above to watch Senator Marshall’s full interview.
    On whether President Trump will fire Jerome Powell:
    “I don’t see the president firing him, but Jay Powell should resign. That’s what he should do. He’s lost the confidence of the President and the American people. There’s a reason the President calls him ‘too late.’ He was too late when we saw Bidenflation just jump through the roof; they told us it would be transient, [but] he was so late that inflation was persistent.
    “Then, a month before the November election, he suddenly, without good reason, he drops the interest rate. And now we just had a quarter of 2.1% inflation numbers, and he refuses to drop them. It just seems to me that Jay Powell has a blind spot. That he’s too much emotionally invested in the situation. Now it probably be best if he resigned. Gave us give us some notice, though, and let America’s economy get on the way here. We need to drop the interest rates.”
    On the ongoing costs of the Federal Reserve HQ Renovations:
    “We certainly need an inspector general, or the Government Accounting Office, to go in there and figure this out. This building costs $2,000 a square foot. It has a theater, it has wellness centers, and I don’t know if it’s gold-plated or not, but it’s way over budget. Did we even need a new one to start with? There’s much better things we could do with this money, and I do expect to see more of this as we go through some type of congressional hearing.”

    MIL OSI USA News –

  • MIL-OSI Australia: Consultation open for guidance about Pillar Two

    Source: New places to play in Gungahlin

    We’ve published a draft Practical Compliance Guideline PCG 2025/D3 Global and domestic minimum tax lodgment obligations – transitional approach and an update to Taxation Ruling TR 2006/11DC Private Rulings for Pillar Two for public consultation until 29 August.

    The draft PCG 2025/D3 covers:

    • Pillar Two lodgment obligations and due dates
    • lodgment deferrals and suspension of lodgment enforcement action
    • our approach to failure to lodge penalties and statement penalties during the transition period (fiscal years beginning on or before 31 December 2026 but not including a fiscal year that ends after 30 June 2028).

    Consistent with Organisation of Economic Cooperation and Development (OECD) guidance, we’ll adopt a soft-landing approach during the transition period, allowing taxpayers to take reasonable measures to meet their obligations.

    Updates to TR 2006/11DC include an:

    • updated reference to the provisions that are relevant to rulings, including the new Pillar Two provisions
    • explanation that the Commissioner may decline to rule on a private ruling application on the Australian income inclusion rule, the undertaxed profits rule, or on domestic minimum tax, if it would be unreasonable to comply with the application, including examples where this might occur.

    We’re inviting comments on these drafts from:

    • multinational enterprise groups in Australia that may be in-scope of Pillar Two
    • tax and legal professionals, advisers and consultants with clients in-scope for Pillar Two.

    The consultation is open until 29 August. If you represent one of the above groups, you can provide comments directly to the contact person listed on the draft PCG and TR.

    We’ll be making:

    • further updates to TR 2006/11DC to address recent case law developments and will release another draft for consultation at that time – we’ll share progress updates through our Advice under development program
    • routine updates to related lodgment and penalties practice statements and taxation rulings to cover Pillar Two – these will be published when available.

    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:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI USA: SBA Offers Relief to Montana Small Businesses and Private Nonprofits Affected by Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in Montana to offset economic losses caused by drought beginning May 1.

    The declaration covers the Montana counties of Beaverhead, Carter, Cascade, Chouteau, Custer, Dawson, Deer Lodge, Fallon, Flathead, Garfield, Granite, Jefferson, Judith Basin, Lake, Lewis and Clark, Madison, McCone, Meagher, Missoula, Powder River, Powell, Prairie, Ravalli, Richland, Roosevelt, Rosebud, Sanders, Silver Bow, Teton and Wibaux as well as Idaho counties of Clark, Fremont, Idaho and Lemhi, North Dakota counties of Bowman, Golden Valley, McKenzie, Slope and Williams, South Dakota counties of Butte and Harding, and the Wyoming county of Crook.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for PNPs with terms up to 30 years. Interest does not accrue and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to SBA no later than March 9, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Offers Relief to Wyoming Small Businesses and Private Nonprofits Affected by Drought

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to small businesses and private nonprofit (PNP) organizations in Wyoming to offset economic losses caused by drought beginning May 1.

    The declaration covers the Wyoming counties of Campbell, Converse, Crook, Fremont, Lincoln, Niobrara, Park, Sublette, Teton and Weston as well as the Idaho counties of Bonneville, Fremont and Teton, the Montana County of Gallatin, and South Dakota counties of Custer, Lawrence and Pennington.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for PNPs with terms up to 30 years. Interest does not accrue and payments are not due until 12 months after the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to SBA no later than March 9, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Visit the Official Recession Profit Secrets Site

    Understanding the Recession Profit Secrets Framework

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

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

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

    What Makes the ‘Recession Remedy’ Concept Unique in 2025

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

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

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

    Analyzing Economic Indicators and Market Trends

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

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

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

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

    Protecting Household Wealth Before a Recession Hits

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

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

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

    How Consumers Are Shifting Financial Behavior in Uncertain Times

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

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

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

    The Educational Design Behind Recession Profit Secrets

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

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

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

    Why ClickBank’s Transparent Delivery Model Matters

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

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

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

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

    Debunking Common Myths About Recession-Proof Investing

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

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

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

    Who May Benefit Most from This Approach in 2025

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

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

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

    Final Thoughts on Building a Financially Resilient Future

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

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

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

    Contact & Transparency Information

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

    Visit the Official Recession Profit Secrets Site

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

    The MIL Network –

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

    US Senate News:

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

    MIL OSI USA News –

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

    US Senate News:

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

    MIL OSI USA News –

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

    US Senate News:

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

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for Texas John Cornyn

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

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

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

     Background:

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

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

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Second Quarter 2025 Key Results:

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

    Selected Financial Data:

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024     2025
        (Dollars in thousands, except per share data)
                           
    Net interest income $ 50,963     $ 46,818     $ 49,334  
    Provision (credit) for credit losses on loans and unfunded commitments   (110 )     (607 )     (348 )
    Non-interest income   8,212       9,833       6,590  
    Non-interest expense   35,005       36,409       34,822  
    Provision for income taxes   4,494       3,861       4,290  
                     
    Net income $ 19,786     $ 16,988     $ 17,160  
                     
    Earnings per diluted common share $ 1.72     $ 1.45     $ 1.47  
                           

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

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

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

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

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

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

    NET INTEREST INCOME

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024   2025
        (Dollars in thousands)
    Interest Income $ 80,975     $ 80,927     $ 80,243  
    Interest Expense   30,012       34,109       30,909  
                           
    Net Interest Income $ 50,963     $ 46,818     $ 49,334  
                     
    Net interest margin   3.68 %     3.43 %     3.57 %
    Average interest-earning assets to average interest-bearing liabilities   126.9 %     126.7 %     125.5 %
                           

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

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

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

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

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

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024   2025
        (In thousands)
    Terminated interest rate swaps $ 2,025     $ 2,025     $ 2,003  
    Active interest rate swaps   (1,757 )     (2,769 )     (1,742 )
                           
    Increase (decrease) to interest income $ 268     $ (744 )   $ 261  
                           

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

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

    NON-INTEREST INCOME

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

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

    NON-INTEREST EXPENSE

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

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

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

    INCOME TAXES

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

    CAPITAL

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

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

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

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

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

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

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

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

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

    LIQUIDITY AND DEPOSITS

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

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

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

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

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

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

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

    LOANS

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

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

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

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

        June 30,
    2025    		     March 31,
    2025    		     December
    31, 2024    		     December
    31, 2023    		     December
    31, 2022    		  
    Closed non-construction loans with unused available lines                              
    Secured by real estate (one- to four-family) $ 211,453   $ 211,119   $ 205,599   $ 203,964   $ 199,182  
    Secured by real estate (not one- to four-family)   —     —     —     —     —  
    Not secured by real estate – commercial business   102,891     106,211     106,621     82,435     104,452  
                                   
    Closed construction loans with unused available lines                              
    Secured by real estate (one-to four-family)   96,935     96,807     94,501     101,545     100,669  
    Secured by real estate (not one-to four-family)   644,427     657,828     703,947     719,039     1,444,450  
                                   
    Loan commitments not closed                              
    Secured by real estate (one-to four-family)   17,148     19,264     14,373     12,347     16,819  
    Secured by real estate (not one-to four-family)   13,002     50,296     53,660     48,153     157,645  
    Not secured by real estate – commercial business   27,003     18,484     22,884     11,763     50,145  
                                   
      $ 1,112,859   $ 1,160,009   $ 1,201,585   $ 1,179,246   $ 2,073,362  
                                   

    PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

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

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

    ASSET QUALITY

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

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

        Beginning
    Balance,
    April 1    		   Additions
    to Non-
    Performing    		   Removed
    from Non-
    Performing    		   Transfers
    to Potential
    Problem
    Loans    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Payments   Ending
    Balance,
    June 30
        (In thousands)
                                     
    One- to four-family construction $ — $ — $ — $ — $ — $ — $ —   $ —
    Subdivision construction   —   —   —   —   —   —   —     —
    Land development   368   —   —   —   —   —   (368 )   —
    Commercial construction   —   —   —   —   —   —   —     —
    One- to four-family residential   3,076   154   —   —   —   —   (1,204 )   2,026
    Other residential (multi-family)   —   —   —   —   —   —   —     —
    Commercial real estate   —   —   —   —   —   —   —     —
    Commercial business   —   —   —   —   —   —   —     —
    Consumer   38   7   —   —   —   —   (27 )   18
    Total non-performing loans $ 3,482 $ 161 $ — $ — $ — $ — $ (1,599 ) $ 2,044
                                     
    • Compared to March 31, 2025, non-performing loans decreased $1.4 million.
    • The non-performing one- to four-family residential category consisted of eight loans at June 30, 2025, one of which was added during the current quarter.
    • The largest relationship in the one- to four-family residential category totaled $614,000 at June 30, 2025. This relationship was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Sarasota, Fla. area.
    • During the quarter ended June 30, 2025, one- to four-family residential loans experienced one loan pay-off totaling $884,000 and another related loan had a principal pay-down totaling $296,000. Additionally, the only loan in the non-performing land development category at the beginning of the quarter paid off.

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

        Beginning
    Balance,
    April 1    		   Additions to
    Potential
    Problem    		   Removed
    from
    Potential
    Problem    		   Transfers
    to Non-
    Performing    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Loan Advances (Payments)   Ending
    Balance,
    June 30    		  
        (In thousands)
                                       
    One- to four-family construction $ — $ — $ —   $ — $ —   $ —   $ —   $ —  
    Subdivision construction   —   —   —     —   —     —     —     —  
    Land development   —   —   —     —   —     —     —     —  
    Commercial construction   —   —   —     —   —     —     —     —  
    One- to four-family residential   2,128   34   (307 )   —   —     —     (16 )   1,839  
    Other residential (multi-family)   —   —   —     —   —     —     —     —  
    Commercial real estate   4,313   —   —     —   —     —     (16 )   4,297  
    Commercial business   —   33   —     —   —     —     —     33  
    Consumer   1,011   50   —     —   (2 )   (11 )   (11 )   1,037  
    Total potential problem loans $ 7,452 $ 117 $ (307 ) $ — $ (2 ) $ (11 ) $ (43 ) $ 7,206  
                                       
    • Compared to March 31, 2025, potential problem loans decreased $246,000.
    • At June 30, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
    • The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in available labor and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
    • At June 30, 2025, the one- to four-family residential category consisted of ten loans, one of which was added to potential problem loans during the current quarter.
    • The largest relationship in the one- to four-family category, which was reclassified from the consumer category during the first quarter of 2025, totaled $963,000 and is collateralized by multiple single-family residential properties in Indiana and Florida.
    • At June 30, 2025, the consumer category of potential problem loans consisted of 14 loans, two of which were added during the current quarter.
    • The largest loan in the consumer category is a home equity loan totaling $784,000 related to the nursing care facility relationship, noted above.

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

        Beginning
    Balance,
    April 1    		   Additions   ORE and
    Repossession
    Sales    		   Capitalized
    Costs    		   ORE and
    Repossession
    Write-Downs    		   Ending
    Balance,
    June 30
        (In thousands)
                             
    One-to four-family construction $ — $ — $ —   $ — $ — $ —
    Subdivision construction   —   —   —     —   —   —
    Land development   —   —   —     —   —   —
    Commercial construction   —   —   —     —   —   —
    One- to four-family residential   —   —   —     —   —   —
    Other residential (multi-family)   —   —   —     —   —   —
    Commercial real estate   6,036   —   —     —   —   6,036
    Commercial business   —   —   —     —   —   —
    Consumer   —   6   (2 )   —   —   4
    Total foreclosed assets and repossessions $ 6,036 $ 6 $ (2 ) $ — $ — $ 6,040
                             
    • Compared to March 31, 2025, foreclosed assets increased $4,000.
    • The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the first quarter of 2025.
    • The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

    BUSINESS INITIATIVES

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

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

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

    Earnings Conference Call

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

    About Great Southern Bancorp, Inc.

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

    www.GreatSouthernBank.com

    Forward-Looking Statements

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

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

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

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

        June 30,
    		     December 31,
        2025
    		     2024
    Selected Financial Condition Data:   (In thousands)
                   
    Total assets $ 5,854,672     $ 5,981,628  
    Loans receivable, gross   4,604,943       4,761,848  
    Allowance for credit losses   64,815       64,760  
    Other real estate owned, net   6,040       5,993  
    Available-for-sale securities, at fair value   527,543       533,373  
    Held-to-maturity securities, at amortized cost   183,100       187,433  
    Deposits   4,684,126       4,605,549  
    Total borrowings   450,483       679,341  
    Total stockholders’ equity   622,368       599,568  
    Non-performing assets   8,084       9,566  
                   
        Three Months Ended     Six Months Ended     Three Months
    Ended
        June 30,     June 30,     March 31,
        2025     2024     2025     2024
    		     2025
        (In thousands)
    Selected Operating Data:                              
    Interest income $ 80,975     $ 80,927     $ 161,218     $ 158,317     $ 80,243  
    Interest expense   30,012       34,109       60,921       66,683       30,909  
    Net interest income   50,963       46,818       100,297       91,634       49,334  
    Provision (credit) for credit losses on loans and unfunded commitments   (110 )     (607 )     (458 )     23       (348 )
    Non-interest income   8,212       9,833       14,802       16,639       6,590  
    Non-interest expense   35,005       36,409       69,827       70,831       34,822  
    Provision for income taxes   4,494       3,861       8,784       7,024       4,290  
    Net income $ 19,786     $ 16,988     $ 36,946     $ 30,395     $ 17,160  
                                   
      At or For the Three
    Months Ended    		   At or For the Six
    Months Ended    		   At or For the Three
    Months Ended
      June 30,   June 30,   March 31,
      2025   2024   2025   2024   2025
      (Dollars in thousands, except per share data)
    Per Common Share:              
    Net income (fully diluted) $ 1.72     $ 1.45     $ 3.18     $ 2.58     $ 1.47  
    Book value $ 54.61     $ 49.11     $ 54.61     $ 49.11     $ 53.03  
                   
    Earnings Performance Ratios:              
    Annualized return on average assets   1.34 %     1.17 %     1.24 %     1.05 %     1.15 %
    Annualized return on average common stockholders’ equity   12.81 %     12.03 %     12.06 %     10.69 %     11.30 %
    Net interest margin   3.68 %     3.43 %     3.63 %     3.38 %     3.57 %
    Average interest rate spread   3.09 %     2.77 %     3.05 %     2.71 %     3.00 %
    Efficiency ratio   59.16 %     64.27 %     60.67 %     65.42 %     62.27 %
    Non-interest expense to average total assets   2.37 %     2.50 %     2.35 %     2.44 %     2.34 %
                   
    Asset Quality Ratios:              
    Allowance for credit losses to period-end loans   1.41 %     1.39 %     1.41 %     1.39 %     1.36 %
    Non-performing assets to period-end assets   0.14 %     0.34 %     0.14 %     0.34 %     0.16 %
    Non-performing loans to period-end loans   0.04 %     0.23 %     0.04 %     0.23 %     0.07 %
    Annualized net charge-offs (recoveries) to average loans   (0.01 )%     (0.01 )%     0.00 %     0.00 %     0.00 %
                   
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Financial Condition
    (In thousands, except number of shares)
                 
        June 30,
    2025    		   December 31,
    2024    		   March 31,
    2025
                 
    Assets            
    Cash $ 110,007   $ 109,366   $ 106,336  
    Interest-bearing deposits in other financial institutions   135,906     86,390     110,845  
    Cash and cash equivalents   245,913     195,756     217,181  
                 
    Available-for-sale securities   527,543     533,373     535,914  
    Held-to-maturity securities   183,100     187,433     185,853  
    Mortgage loans held for sale   5,616     6,937     6,857  
    Loans receivable, net of allowance for credit losses of $64,815 – June 2025; $64,760 – December 2024; $64,704 – March 2025   4,534,287     4,690,393     4,690,636  
    Interest receivable   20,644     20,430     21,504  
    Prepaid expenses and other assets   133,614     136,594     132,930  
    Other real estate owned and repossessions, net   6,040     5,993     6,036  
    Premises and equipment, net   134,337     132,466     132,165  
    Goodwill and other intangible assets   9,877     10,094     9,985  
    Federal Home Loan Bank stock and other interest-earning assets   23,714     28,392     25,813  
    Current and deferred income taxes   29,987     33,767     28,968  
                 
    Total Assets $ 5,854,672   $ 5,981,628   $ 5,993,842  
                 
    Liabilities and Stockholders’ Equity            
    Liabilities            
    Deposits $ 4,684,126   $ 4,605,549   $ 4,758,046  
    Securities sold under reverse repurchase agreements with customers   54,802     64,444     75,322  
    Short-term borrowings   369,907     514,247     359,907  
    Subordinated debentures issued to capital trust   25,774     25,774     25,774  
    Subordinated notes   —     74,876     74,950  
    Accrued interest payable   4,065     12,761     5,416  
    Advances from borrowers for taxes and insurance   8,822     5,272     7,451  
    Accounts payable and accrued expenses   76,763     70,634     65,528  
    Liability for unfunded commitments   8,045     8,503     8,155  
    Total Liabilities   5,232,304     5,382,060     5,380,549  
                 
    Stockholders’ Equity            
    Capital stock            
    Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2025, December 2024 and March 2025 -0- shares   —     —     —  
    Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2025 – 11,396,533 shares; December 2024 – 11,723,548 shares; March 2025 – 11,565,211 shares   114     117     116  
    Additional paid-in capital   51,646     50,336     51,076  
    Retained earnings   611,921     603,477     606,239  
    Accumulated other comprehensive loss   (41,313 )   (54,362 )   (44,138 )
    Total Stockholders’ Equity   622,368     599,568     613,293  
                 
    Total Liabilities and Stockholders’ Equity $ 5,854,672   $ 5,981,628   $ 5,993,842  
                       
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Income
    (In thousands, except per share data)
                   
        Three Months Ended     Six Months Ended   Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024     2025     2024     2025
    Interest Income                            
    Loans $ 73,830     $ 74,295     $ 146,901     $ 145,371     $ 73,071  
    Investment securities and other   7,145       6,632       14,317       12,946       7,172  
        80,975       80,927       161,218       158,317       80,243  
    Interest Expense                            
    Deposits   24,368       27,783       48,968       55,420       24,600  
    Securities sold under reverse repurchase agreements   372       394       743       727       371  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities   3,974       4,373       8,424       7,417       4,450  
    Subordinated debentures issued to capital trust   389       454       771       908       382  
    Subordinated notes   909       1,105       2,015       2,211       1,106  
        30,012       34,109       60,921       66,683       30,909  
                                 
    Net Interest Income   50,963       46,818       100,297       91,634       49,334  
    Provision for Credit Losses on Loans   —       —       —       500       —  
    Provision (Credit) for Unfunded Commitments   (110 )     (607 )     (458 )     (477 )     (348 )
    Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments   51,073       47,425       100,755       91,611       49,682  
                                 
    Non-interest Income                            
    Commissions   411       269       673       650       262  
    Overdraft and Insufficient funds fees   1,266       1,230       2,481       2,519       1,215  
    POS and ATM fee income and service charges   3,444       3,588       6,678       6,771       3,234  
    Net gains on loan sales   893       1,127       1,494       1,804       601  
    Late charges and fees on loans   340       136       583       303       243  
    Gain (loss) on derivative interest rate products   (28 )     (7 )     (52 )     (20 )     (24 )
    Other income   1,886       3,490       2,945       4,612       1,059  
        8,212       9,833       14,802       16,639       6,590  
                                 
    Non-interest Expense                            
    Salaries and employee benefits   20,005       19,886       40,134       39,542       20,129  
    Net occupancy and equipment expense   8,435       7,841       16,968       15,680       8,533  
    Postage   825       777       1,756       1,584       931  
    Insurance   1,095       1,263       2,260       2,407       1,165  
    Advertising   705       891       995       1,241       290  
    Office supplies and printing   238       236       504       503       266  
    Telephone   705       685       1,411       1,406       706  
    Legal, audit and other professional fees   929       1,864       1,967       3,589       1,038  
    Expense (income) on other real estate and repossessions   (168 )     285       (238 )     346       (70 )
    Acquired intangible asset amortization   108       109       216       217       108  
    Other operating expenses   2,128       2,572       3,854       4,316       1,726  
        35,005       36,409       69,827       70,831       34,822  
                                 
    Income Before Income Taxes   24,280       20,849       45,730       37,419       21,450  
    Provision for Income Taxes   4,494       3,861       8,784       7,024       4,290  
                                 
    Net Income $ 19,786     $ 16,988     $ 36,946     $ 30,395     $ 17,160  
                                 
    Earnings Per Common Share                            
    Basic $ 1.73     $ 1.46     $ 3.20     $ 2.60     $ 1.47  
    Diluted $ 1.72     $ 1.45     $ 3.18     $ 2.58     $ 1.47  
                                 
    Dividends Declared Per Common Share $ 0.40     $ 0.40     $ 0.80     $ 0.80     $ 0.40  
                                 
     
    Average Balances, Interest Rates and Yields
     

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

      June 30, 2025       Three Months Ended
    June 30, 2025    		   Three Months Ended
    June 30, 2024    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.24 %   $ 822,283   $ 8,750   4.27 %   $ 877,957   $ 8,769   4.02 %
    Other residential 6.91       1,565,447     27,281   6.99       1,072,168     19,633   7.36  
    Commercial real estate 6.19       1,489,015     23,082   6.22       1,499,893     23,296   6.25  
    Construction 7.07       480,254     8,617   7.20       803,478     15,525   7.77  
    Commercial business 5.93       208,119     3,517   6.78       266,187     4,375   6.61  
    Other loans 6.39       167,548     2,583   6.18       170,467     2,697   6.36  
                                             
    Total loans receivable 6.16       4,732,666     73,830   6.26       4,690,150     74,295   6.37  
                                             
    Investment securities 3.17       727,336     6,099   3.36       696,239     5,347   3.09  
    Other interest-earning assets 4.37       97,463     1,046   4.30       97,340     1,285   5.31  
                                             
    Total interest-earning assets 5.74       5,557,465     80,975   5.84       5,483,729     80,927   5.94  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,289                 94,669            
    Other non-earning assets         256,923                 250,244            
    Total assets       $ 5,914,677               $ 5,828,642            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.41     $ 2,225,933     7,791   1.40     $ 2,234,824     9,794   1.76  
    Time deposits 3.42       757,608     6,521   3.45       894,475     9,073   4.08  
    Brokered deposits 4.44       895,340     10,056   4.50       683,337     8,916   5.25  
    Total deposits 2.47       3,878,881     24,368   2.52       3,812,636     27,783   2.93  
    Securities sold under reverse repurchase agreements 2.33       65,607     372   2.27       76,969     394   2.06  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.55       347,303     3,974   4.59       339,270     4,373   5.18  
    Subordinated debentures issued to capital trust 6.14       25,774     389   6.05       25,774     454   7.08  
    Subordinated notes —       62,631     909   5.82       74,699     1,105   5.95  
                                             
    Total interest-bearing liabilities 2.66       4,380,196     30,012   2.75       4,329,348     34,109   3.17  
    Non-interest-bearing liabilities:                                        
    Demand deposits         849,862                 853,555            
    Other liabilities         66,585                 80,905            
    Total liabilities         5,296,643                 5,263,808            
    Stockholders’ equity         618,034                 564,834            
    Total liabilities and stockholders’ equity       $ 5,914,677               $ 5,828,642            
                                             
    Net interest income:             $ 50,963               $ 46,818      
    Interest rate spread 3.08 %               3.09 %               2.77 %
    Net interest margin*                   3.68 %               3.43 %
    Average interest-earning assets to average interest-bearing liabilities         126.9 %               126.7 %          
                                             

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

      June 30, 2025       Six Months Ended
    June 30, 2025    		   Six Months Ended
    June 30, 2024    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.24 %   $ 826,426   $ 17,318   4.23 %   $ 883,963   $ 17,466   3.97 %
    Other residential 6.91       1,555,881     53,731   6.96       1,016,071     36,491   7.22  
    Commercial real estate 6.19       1,499,665     46,096   6.20       1,499,767     46,064   6.18  
    Construction 7.07       485,392     17,270   7.17       830,025     31,368   7.60  
    Commercial business 5.93       209,944     7,339   7.05       276,131     8,984   6.54  
    Other loans 6.39       166,989     5,147   6.22       172,051     4,998   5.84  
                                             
    Total loans receivable 6.16       4,744,297     146,901   6.24       4,678,008     145,371   6.25  
                                             
    Investment securities 3.17       732,699     12,173   3.35       682,960     10,357   3.05  
    Other interest-earning assets 4.37       101,238     2,144   4.27       98,922     2,589   5.26  
                                             
    Total interest-earning assets 5.74       5,578,234     161,218   5.83       5,459,890     158,317   5.83  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,537                 92,572            
    Other non-earning assets         259,692                 243,029            
    Total assets       $ 5,938,463               $ 5,795,491            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.41     $ 2,223,716     15,588   1.41     $ 2,229,302     19,276   1.74  
    Time deposits 3.42       764,791     13,235   3.49       916,098     18,238   4.00  
    Brokered deposits 4.44       893,983     20,145   4.54       686,079     17,906   5.25  
    Total deposits 2.47       3,882,490     48,968   2.54       3,831,479     55,420   2.91  
    Securities sold under reverse repurchase agreements 2.33       73,957     743   2.03       75,718     727   1.93  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.55       369,849     8,424   4.59       290,431     7,417   5.14  
    Subordinated debentures issued to capital trust 6.14       25,774     771   6.03       25,774     908   7.08  
    Subordinated notes —       68,741     2,015   5.91       74,659     2,211   5.96  
                                             
    Total interest-bearing liabilities 2.66       4,420,811     60,921   2.78       4,298,061     66,683   3.12  
    Non-interest-bearing liabilities:                                        
    Demand deposits         835,888                 854,202            
    Other liabilities         68,961                 74,391            
    Total liabilities         5,325,660                 5,226,654            
    Stockholders’ equity         612,803                 568,837            
    Total liabilities and stockholders’ equity       $ 5,938,463               $ 5,795,491            
                                             
    Net interest income:             $ 100,297               $ 91,634      
    Interest rate spread 3.08 %               3.05 %               2.71 %
    Net interest margin*                   3.63 %               3.38 %
    Average interest-earning assets to average interest-bearing liabilities         126.2 %               127.0 %          
                                             

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

    NON-GAAP FINANCIAL MEASURES

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

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

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

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

        June 30,       December 31,  
        2025       2024  
        (Dollars in thousands)  
           
    Common equity at period end $ 622,368     $ 599,568  
    Less: Intangible assets at period end   9,877       10,094  
    Tangible common equity at period end (a) $ 612,491     $ 589,474  
                   
    Total assets at period end $ 5,854,672     $ 5,981,628  
    Less: Intangible assets at period end   9,877       10,094  
    Tangible assets at period end (b) $ 5,844,795     $ 5,971,534  
                   
    Tangible common equity to tangible assets (a) / (b)   10.48 %     9.87 %
                   

    CONTACT:

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

    The MIL Network –

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

    Source: Invest Moldova Agency

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

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

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

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

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

    This edition will place special emphasis on four strategic pillars:

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

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

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

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

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

    Recent data reinforces this message:

    In 2024, 1.3% of all cars produced globally included components made in Moldova.
     
    Moldova ranks among the top 20 global producers and exporters of apples, apricots, plums, and wine.
     
    IT exports have increased more than fivefold between 2018 and 2024.
     
    The British company William Russell named Moldova the most promising real estate investment destination in Europe for 2025.
     
    International rating agencies Fitch and Moody’s have reaffirmed Moldova’s sovereign ratings with a stable outlook, reflecting investor confidence and economic resilience.

    MIL OSI – Submitted News –

  • MIL-OSI USA: De La Cruz Honors McAllen Police Officer Ismael Garcia, Dr. James C. Lee

    Source: United States House of Representatives – Monica De La Cruz (TX-15)

    De La Cruz Honors McAllen Police Officer Ismael Garcia, Dr. James C. Lee

    WASHINGTON, July 16, 2025

    Today, Congresswoman Monica De La Cruz (TX-15) honored McAllen Police Officer Ismael Garcia and the life of Dr. James C. Lee of Seguin on the House floor. 

    Officer Ismael Garcia was injured during the attack on the Border Patrol annex facility in McAllen. Remarks as prepared are below, or watch the full speech here.

    “I rise today to honor the brave service of McAllen Police Officer Ismael Garcia during the horrific attack on the McAllen Border Patrol facility last week.

    When an active shooter opened fire, Officer Garcia did not hesitate to jump into action. He willingly put himself in harm’s way, to protect his brothers and sisters in blue and green.

    In the face of danger, he displayed valor, sacrifice, and selflessness.

    When I visited him in recovery, he expressed pride in taking the bullet to protect others.

    Officer Garcia served our nation for four years in the Marine Corps, earning the Combat Action Ribbon for his bravery. For nearly a decade since, he has continued to answer the call of duty as a McAllen Police Department officer.

    We wish him a speedy recovery. May God bless Officer Garcia, our law enforcement, first responders, and border patrol.”

    Additionally, De La Cruz honored the life and legacy of Dr. James C. Lee of Seguin. Remarks as prepared are below, or watch the full speech here.

    “I rise today to recognize Dr. James C. Lee of Seguin for his lifetime of service and dedication to the well-being of his fellow Texans.

    Originally born in Houston, Dr. Lee made Seguin his home in the late 70s. For nearly three decades, he cared for patients of all ages and served as a founding member, treasurer, and finance chair of the Guadalupe Regional Medical Foundation. He served on the medical center’s governing board as Chairman and on the MHMR board, helping those with disabilities and mental health needs access support.

    Beloved by both patients and staff, Dr. Lee’s presence will be dearly missed, but his work to help community members access their health care will live on. Outside of his work in the medical field, he was a devout Catholic, President of the Seguin Area Chamber of Commerce, a 50-year member of the Knights of Columbus, and 30-year member of the Rotary Club of Seguin.

    Dr. Lee’s legacy is remembered by his wife, Janice, his four daughters, Crystal, Cynthia, Catherine, Carol, and 10 grandchildren.

    Thank you and I yield back.”

    MIL OSI USA News –

  • MIL-OSI Security: Hudson County Man Indicted for Investment Fraud and Money Laundering Scheme Involving Elderly Victims

    Source: US FBI

    NEWARK, NJ. – A New Jersey man was arraigned on wire fraud and money laundering charges for a scheme to defraud elderly and other victims by misappropriating funds that the victims were told would be invested on their behalf or otherwise used for their benefit, U.S. Attorney Alina Habba announced.

    Antonio Petrosino, a/k/a Anthony Petrosino, 60, of Union City, New Jersey, was arraigned on July 9, 2025, before Senior U.S. District Judge Stanley R. Chesler.  Petrosino was indicted by a federal grand jury on June 18, 2025, with five counts of wire fraud (Counts One through Five) and one count of engaging in monetary transactions in property derived from specified unlawful activity (Count Six).  Petrosino was previously charged by complaint in January 2025 with one count of wire fraud and one count of engaging in monetary transactions in property derived from specified unlawful activity.

    According to documents filed in the case and statements made in court:

    From in or around January 2016 through in or around November 2024, Petrosino fraudulently induced the victims to transfer investment funds, mortgage payments, and other money to Petrosino.  As part of the scheme to defraud, Petrosino held himself out to be a financial services professional to his victims and falsely led them to believe that he would invest the victims’ money in brokerage accounts and other investment products or otherwise use it for their benefit.  To perpetuate his fraud, Petrosino provided one elderly victim with falsified investment statements that purported to show that she had hundreds of thousands of dollars deposited in various investment accounts in her name.  Petrosino also made various statements to victims assuring them that their money had been invested or used as promised.

    In reality, Petrosino failed to invest the victims’ funds or otherwise use victim monies for the victims’ benefit as promised.  Instead, Petrosino misappropriated the money to pay for his personal expenses, including gambling, credit card payments, and rent on his luxury apartment unit.  When confronted by victims about the status of the money they sent to Petrosino, Petrosino provided the victims and their family members false reassurances about the status of the victims’ funds to cover up his fraud.  In total, Petrosino stole more than approximately $1 million from the victims. 

    The wire fraud charges each carry a maximum penalty of 20 years in prison.  The money laundering charge carries a maximum penalty of 10 years in prison.  All counts carry a $250,000 fine, or twice the gross amount of gain or loss from the offense, whichever is greatest.

    U.S. Attorney Habba credited special agents of the FBI, under the direction of Special Agent in Charge Stefanie Roddy in Newark; special agents of the Board of Governors of the Federal Reserve System – Consumer Financial Protection Bureau, Office of Inspector General, under the direction of Special Agent in Charge Brian Tucker; and the Wyckoff Police Department, under the direction of Chief David V. Murphy, with the investigation leading to Petrosino’s indictment. 

    The government is represented by Assistant U.S. Attorney Jennifer Kozar of the U.S. Attorney’s Office Economic Crimes Unit in Newark.

    The charges and allegations contained in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

                                                                                               ###

    Defense Counsel: Michael Thomas, Esq.

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Quarterly Highlights
    Metric Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net income $118.4 million $115.2 million $100.6 million $100.0 million $101.5 million
    Net income, as adjusted (non-GAAP)(1) $114.6 million $111.9 million $99.8 million $99.0 million $103.9 million
    Total revenue (net) $271.0 million $260.1 million $258.4 million $258.0 million $254.6 million
    Income before income taxes $152.0 million $147.2 million $129.5 million $129.1 million $133.4 million
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $155.0 million $147.2 million $146.2 million $148.0 million $141.4 million
    PPNR, as adjusted (non-GAAP)(1) $150.4 million $142.8 million $145.2 million $146.6 million $141.9 million
    Pre-tax net income to total revenue (net) 56.08% 56.58% 50.11% 50.03% 52.40%
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 54.39% 54.91% 49.74% 49.49% 52.59%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 57.19% 56.58% 56.57% 57.35% 55.54%
    P5NR, as adjusted (non-GAAP)(1) 55.49% 54.91% 56.20% 56.81% 55.73%
    ROA 2.08% 2.07% 1.77% 1.74% 1.79%
    ROA, as adjusted (non-GAAP)(1) 2.02% 2.01% 1.76% 1.72% 1.83%
    NIM 4.44% 4.44% 4.39% 4.28% 4.27%
    Purchase accounting accretion $1.2 million $1.4 million $1.6 million $1.9 million $1.9 million
    ROE 11.77% 11.75% 10.13% 10.23% 10.73%
    ROE, as adjusted (non-GAAP)(1) 11.39% 11.41% 10.05% 10.12% 10.98%
    ROTCE (non-GAAP)(1) 18.26% 18.39% 15.94% 16.26% 17.29%
    ROTCE, as adjusted (non-GAAP)(1) 17.68% 17.87% 15.82% 16.09% 17.69%
    Diluted earnings per share $0.60 $0.58 $0.51 $0.50 $0.51
    Diluted earnings per share, as adjusted (non-GAAP)(1) $0.58 $0.56 $0.50 $0.50 $0.52
    Non-performing assets to total assets 0.60% 0.56% 0.63% 0.63% 0.56%
    Common equity tier 1 capital 15.6% 15.4% 15.1% 14.7% 14.4%
    Leverage 13.4% 13.3% 13.0% 12.5% 12.3%
    Tier 1 capital 15.6% 15.4% 15.1% 14.7% 14.4%
    Total risk-based capital 19.3% 19.1% 18.7% 18.3% 18.0%
    Allowance for credit losses to total loans 1.86% 1.87% 1.87% 2.11% 2.00%
    Book value per share $20.71 $20.40 $19.92 $19.91 $19.30
    Tangible book value per share (non-GAAP)(1) $13.44 $13.15 $12.68 $12.67 $12.08
    Dividends per share $0.20 $0.195 $0.195 $0.195 $0.18
    Shareholder buyback yield(2) 0.49% 0.53% 0.05% 0.56% 0.67%

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

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

    Stock Repurchases and Dividends

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

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

    Operating Highlights

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

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

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

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

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

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

    Financial Condition

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

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

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

    For the Three Months Ended June 30, 2025
    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Charge-offs   $ 2,588     $ 462     $ 181   $ 582     $ 245     $ 13     $ 4,071  
    Recoveries     (2,172 )     (223 )     —     (22 )     (577 )     (2 )     (2,996 )
    Net charge-offs (recoveries)   $ 416     $ 239     $ 181   $ 560     $ (332 )   $ 11     $ 1,075  
    For the Three Months Ended March 31, 2025
    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Charge-offs   $ 444     $ 474     $ —     $ 53     $ 2,479     $ 8     $ 3,458  
    Recoveries     (6,514 )     (228 )     (658 )     (3 )     (117 )     (2 )     (7,522 )
    Net (recoveries) charge-offs   $ (6,070 )   $ 246     $ (658 )   $ 50     $ 2,362     $ 6     $ (4,064 )

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

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

    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Non-accrual loans   22,487   16,276   787   11,716   37,833   162   89,261
    Loans 90+ days past due   3,557   2,341   —   —   1,133   —   7,031
    Total non-performing loans   26,044   18,617   787   11,716   38,966   162   96,292
                                 
    Foreclosed assets held for sale   17,259   863   22,842   —   565   —   41,529
    Other non-performing assets   —   —   —   —   —   —   —
    Total other non-performing assets   17,259   863   22,842   —   565   —   41,529
    Total non-performing assets   43,303   19,480   23,629   11,716   39,531   162   137,821

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

    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Non-accrual loans   23,694   15,214   2,766   5,444   39,108   157   86,383
    Loans 90+ days past due   3,264   —   —   —   —   —   3,264
    Total non-performing loans   26,958   15,214   2,766   5,444   39,108   157   89,647
                                 
    Foreclosed assets held for sale   15,357   1,052   22,820   —   451   —   39,680
    Other non-performing assets   63   —   —   —   —   —   63
    Total other non-performing assets   15,420   1,052   22,820   —   451   —   39,743
    Total non-performing assets   42,378   16,266   25,586   5,444   39,559   157   129,390

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

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

    Branches

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

    Conference Call

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

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

    About Home BancShares

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

    Non-GAAP Financial Measures

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

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

    General

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

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

     Home BancShares, Inc.
     Consolidated End of Period Balance Sheets
     (Unaudited)
                         
     (In thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024
    ASSETS                    
                         
    Cash and due from banks   $ 291,344     $ 319,747     $ 281,063     $ 265,408     $ 229,209  
    Interest-bearing deposits with other banks     809,729       975,983       629,284       752,269       829,507  
    Cash and cash equivalents     1,101,073       1,295,730       910,347       1,017,677       1,058,716  
    Federal funds sold     2,600       6,275       3,725       6,425       —  
    Investment securities – available-for-sale, net of allowance for credit losses     2,899,968       3,003,320       3,072,639       3,270,620       3,344,539  
    Investment securities – held-to-maturity, net of allowance for credit losses     1,265,292       1,269,896       1,275,204       1,277,090       1,278,853  
    Total investment securities     4,165,260       4,273,216       4,347,843       4,547,710       4,623,392  
    Loans receivable     15,180,624       14,952,116       14,764,500       14,823,979       14,781,457  
    Allowance for credit losses     (281,869 )     (279,944 )     (275,880 )     (312,574 )     (295,856 )
    Loans receivable, net     14,898,755       14,672,172       14,488,620       14,511,405       14,485,601  
    Bank premises and equipment, net     379,729       384,843       386,322       388,776       383,691  
    Foreclosed assets held for sale     41,529       39,680       43,407       43,040       41,347  
    Cash value of life insurance     218,113       221,621       219,786       219,353       218,198  
    Accrued interest receivable     107,732       115,983       120,129       118,871       120,984  
    Deferred tax asset, net     174,323       170,120       186,697       176,629       195,041  
    Goodwill     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit intangible     36,255       38,280       40,327       42,395       44,490  
    Other assets     383,400       376,030       345,292       352,583       350,192  
    Total assets   $ 22,907,022     $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
    Liabilities                    
    Deposits:                    
    Demand and non-interest-bearing   $ 4,024,574     $ 4,079,289     $ 4,006,115     $ 3,937,168     $ 4,068,302  
    Savings and interest-bearing transaction accounts     11,571,949       11,586,106       11,347,850       10,966,426       11,150,516  
    Time deposits     1,891,909       1,876,096       1,792,332       1,802,116       1,736,985  
    Total deposits     17,488,432       17,541,491       17,146,297       16,705,710       16,955,803  
    Securities sold under agreements to repurchase     140,813       161,401       162,350       179,416       137,996  
    FHLB and other borrowed funds     550,500       600,500       600,750       1,300,750       1,301,050  
    Accrued interest payable and other liabilities     203,004       207,154       181,080       238,058       230,011  
    Subordinated debentures     438,957       439,102       439,246       439,394       439,542  
    Total liabilities     18,821,706       18,949,648       18,529,723       18,863,328       19,064,402  
                         
    Stockholders’ equity                    
    Common stock     1,972       1,982       1,989       1,989       1,997  
    Capital surplus     2,221,576       2,246,312       2,272,794       2,272,100       2,295,893  
    Retained earnings     2,097,712       2,018,801       1,942,350       1,880,562       1,819,412  
    Accumulated other comprehensive loss     (235,944 )     (224,540 )     (256,108 )     (194,862 )     (261,799 )
    Total stockholders’ equity     4,085,316       4,042,555       3,961,025       3,959,789       3,855,503  
    Total liabilities and stockholders’ equity   $ 22,907,022     $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905  
                         
     Home BancShares, Inc.
     Consolidated Statements of Income
     (Unaudited)
                                 
         Quarter Ended   Six Months Ended
    (In thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
     Interest income:                            
    Loans   $ 276,041     $ 270,784     $ 278,409     $ 281,977     $ 274,324     $ 546,825     $ 539,618  
    Investment securities                            
    Taxable     26,444       27,433       28,943       31,006       32,587       53,877       65,816  
    Tax-exempt     7,626       7,650       7,704       7,704       7,769       15,276       15,572  
    Deposits – other banks     8,951       6,620       7,585       12,096       12,564       15,571       23,092  
    Federal funds sold     53       55       73       62       59       108       120  
    Total interest income     319,115       312,542       322,714       332,845       327,303       631,657       644,218  
     Interest expense:                            
    Interest on deposits     88,489       86,786       90,564       97,785       95,741       175,275       188,289  
    Federal funds purchased     —       —       —       1       —       —       —  
    FHLB and other borrowed funds     5,539       5,902       9,541       14,383       14,255       11,441       28,531  
    Securities sold under agreements to repurchase     1,012       1,074       1,346       1,335       1,363       2,086       2,767  
    Subordinated debentures     4,123       4,124       4,121       4,121       4,122       8,247       8,219  
    Total interest expense     99,163       97,886       105,572       117,625       115,481       197,049       227,806  
     Net interest income     219,952       214,656       217,142       215,220       211,822       434,608       416,412  
    Provision for credit losses on loans     3,000       —       16,700       18,200       8,000       3,000       13,500  
    Provision for (recovery of) credit losses on unfunded commitments     —       —       —       1,000       —       —       (1,000 )
    Recovery of credit losses on investment securities     —       —       —       (330 )     —       —       —  
    Total credit loss expense     3,000       —       16,700       18,870       8,000       3,000       12,500  
     Net interest income after credit loss expense     216,952       214,656       200,442       196,350       203,822       431,608       403,912  
     Non-interest income:                            
    Service charges on deposit accounts     9,552       9,650       9,935       9,888       9,714       19,202       19,400  
    Other service charges and fees     12,643       10,689       11,651       10,490       10,679       23,332       20,868  
    Trust fees     5,234       4,760       4,526       4,403       4,722       9,994       9,788  
    Mortgage lending income     4,780       3,599       3,518       4,437       4,276       8,379       7,834  
    Insurance commissions     589       535       483       595       565       1,124       1,073  
    Increase in cash value of life insurance     1,415       1,842       1,215       1,161       1,279       3,257       2,474  
    Dividends from FHLB, FRB, FNBB & other     2,657       2,718       2,820       2,637       2,998       5,375       6,005  
    Gain on SBA loans     —       288       218       145       56       288       254  
    Gain (loss) on branches, equipment and other assets, net     972       (163 )     26       32       2,052       809       2,044  
    Gain (loss) on OREO, net     13       (376 )     (2,423 )     85       49       (363 )     66  
    Fair value adjustment for marketable securities     (238 )     442       850       1,392       (274 )     204       729  
    Other income     13,462       11,442       8,403       7,514       6,658       24,904       14,038  
    Total non-interest income     51,079       45,426       41,222       42,779       42,774       96,505       84,573  
     Non-interest expense:                            
    Salaries and employee benefits     64,318       61,855       60,824       58,861       60,427       126,173       121,337  
    Occupancy and equipment     14,023       14,425       14,526       14,546       14,408       28,448       28,959  
    Data processing expense     8,364       8,558       9,324       9,088       8,935       16,922       18,082  
    Other operating expenses     29,335       28,090       27,536       27,550       29,415       57,425       56,303  
    Total non-interest expense     116,040       112,928       112,210       110,045       113,185       228,968       224,681  
     Income before income taxes     151,991       147,154       129,454       129,084       133,411       299,145       263,804  
    Income tax expense     33,588       31,945       28,890       29,046       31,881       65,533       62,165  
    Net income   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
                                 
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars and shares in thousands, except per share data)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    PER SHARE DATA                            
    Diluted earnings per common share   $ 0.60     $ 0.58     $ 0.51     $ 0.50     $ 0.51     $ 1.18     $ 1.00  
    Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.58       0.56       0.50       0.50       0.52       1.14       1.01  
    Basic earnings per common share     0.60       0.58       0.51       0.50       0.51       1.18       1.00  
    Dividends per share – common     0.20       0.195       0.195       0.195       0.18       0.395       0.36  
    Shareholder buyback yield(2)     0.49 %     0.53 %     0.05 %     0.56 %     0.67 %     1.02 %     1.12 %
    Book value per common share   $ 20.71     $ 20.40     $ 19.92     $ 19.91     $ 19.30     $ 20.71     $ 19.30  
    Tangible book value per common share (non-GAAP)(1)     13.44       13.15       12.68       12.67       12.08       13.44       12.08  
                                 
    STOCK INFORMATION                            
    Average common shares outstanding     197,532       198,657       198,863       199,380       200,319       198,091       200,765  
    Average diluted shares outstanding     197,765       198,852       198,973       199,461       200,465       198,289       200,909  
    End of period common shares outstanding     197,239       198,206       198,882       198,879       199,746       197,239       199,746  
                                 
    ANNUALIZED PERFORMANCE METRICS                            
                                 
    Return on average assets (ROA)     2.08 %     2.07 %     1.77 %     1.74 %     1.79 %     2.08 %     1.78 %
    Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     2.02 %     2.01 %     1.76 %     1.72 %     1.83 %     2.02 %     1.79 %
    Return on average assets excluding intangible amortization (non-GAAP)(1)     2.25 %     2.24 %     1.92 %     1.88 %     1.94 %     2.25 %     1.93 %
    Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     2.18 %     2.18 %     1.91 %     1.86 %     1.98 %     2.18 %     1.94 %
    Return on average common equity (ROE)     11.77 %     11.75 %     10.13 %     10.23 %     10.73 %     11.76 %     10.69 %
    Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     11.39 %     11.41 %     10.05 %     10.12 %     10.98 %     11.40 %     10.76 %
    Return on average tangible common equity (ROTCE) (non-GAAP)(1)     18.26 %     18.39 %     15.94 %     16.26 %     17.29 %     18.33 %     17.26 %
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     17.68 %     17.87 %     15.82 %     16.09 %     17.69 %     17.77 %     17.38 %
    Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     18.50 %     18.64 %     16.18 %     16.51 %     17.56 %     18.57 %     17.53 %
    Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     17.92 %     18.12 %     16.07 %     16.34 %     17.97 %     18.02 %     17.66 %
                                 
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    (2) Calculation of this metric is included in the schedules accompanying this release.
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Efficiency ratio     41.68 %     42.22 %     42.24 %     41.42 %     43.17 %     41.94 %     43.69 %
    Efficiency ratio, as adjusted (non-GAAP)(1)     42.01 %     42.84 %     42.00 %     41.66 %     42.59 %     42.42 %     43.50 %
    Net interest margin – FTE (NIM)     4.44 %     4.44 %     4.39 %     4.28 %     4.27 %     4.44 %     4.20 %
    Fully taxable equivalent adjustment   $ 2,526     $ 2,534     $ 2,398     $ 2,616     $ 2,628     $ 5,060     $ 3,520  
    Total revenue (net)     271,031       260,082       258,364       257,999       254,596       531,113       500,985  
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     154,991       147,154       146,154       147,954       141,411       302,145       276,304  
    PPNR, as adjusted (non-GAAP)(1)     150,404       142,821       145,209       146,562       141,886       293,225       275,614  
    Pre-tax net income to total revenue (net)     56.08 %     56.58 %     50.11 %     50.03 %     52.40 %     56.32 %     52.66 %
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     54.39 %     54.91 %     49.74 %     49.49 %     52.59 %     54.64 %     52.52 %
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     57.19 %     56.58 %     56.57 %     57.35 %     55.54 %     56.89 %     55.15 %
    P5NR, as adjusted (non-GAAP)(1)     55.49 %     54.91 %     56.20 %     56.81 %     55.73 %     55.21 %     55.01 %
    Total purchase accounting accretion   $ 1,233     $ 1,378     $ 1,610     $ 1,878     $ 1,873     $ 2,611     $ 4,645  
    Average purchase accounting loan discounts     16,219       17,493       19,090       20,832       22,788       16,873       23,813  
                                 
    OTHER OPERATING EXPENSES                            
    Advertising   $ 2,054     $ 1,928     $ 1,941     $ 1,810     $ 1,692     $ 3,982     $ 3,346  
    Amortization of intangibles     2,025       2,047       2,068       2,095       2,140       4,072       4,280  
    Electronic banking expense     3,172       3,055       3,307       3,569       3,412       6,227       6,568  
    Directors’ fees     431       452       356       362       423       883       921  
    Due from bank service charges     283       281       271       302       282       564       558  
    FDIC and state assessment     1,636       3,387       3,216       3,360       5,494       5,023       8,812  
    Insurance     1,049       999       900       926       905       2,048       1,808  
    Legal and accounting     2,360       3,641       2,361       1,902       2,617       6,001       4,698  
    Other professional fees     2,211       1,947       1,736       2,062       2,108       4,158       4,344  
    Operating supplies     711       711       711       673       613       1,422       1,296  
    Postage     488       503       518       522       497       991       1,020  
    Telephone     419       436       438       455       444       855       914  
    Other expense     12,496       8,703       9,713       9,512       8,788       21,199       17,738  
    Total other operating expenses   $ 29,335     $ 28,090     $ 27,536     $ 27,550     $ 29,415     $ 57,425     $ 56,303  
                                 
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                         
    (Dollars in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024
    BALANCE SHEET RATIOS                    
    Total loans to total deposits     86.80 %     85.24 %     86.11 %     88.74 %     87.18 %
    Common equity to assets     17.83 %     17.58 %     17.61 %     17.35 %     16.82 %
    Tangible common equity to tangible assets (non-GAAP)(1)     12.35 %     12.09 %     11.98 %     11.78 %     11.23 %
                    .    
    LOANS RECEIVABLE                    
    Real estate                    
    Commercial real estate loans                    
    Non-farm/non-residential   $ 5,553,182     $ 5,588,681     $ 5,426,780     $ 5,496,536     $ 5,599,925  
    Construction/land development     2,695,561       2,735,760       2,736,214       2,741,419       2,511,817  
    Agricultural     315,926       335,437       336,993       335,965       345,461  
    Residential real estate loans                    
    Residential 1-4 family     2,138,990       1,947,872       1,956,489       1,932,352       1,910,143  
    Multifamily residential     620,439       576,089       496,484       482,648       509,091  
    Total real estate     11,324,098       11,183,839       10,952,960       10,988,920       10,876,437  
    Consumer     1,218,834       1,227,745       1,234,361       1,219,197       1,189,386  
    Commercial and industrial     2,107,326       2,045,036       2,022,775       2,084,667       2,242,072  
    Agricultural     323,457       314,323       367,251       352,963       314,600  
    Other     206,909       181,173       187,153       178,232       158,962  
    Loans receivable   $ 15,180,624     $ 14,952,116     $ 14,764,500     $ 14,823,979     $ 14,781,457  
                         
    ALLOWANCE FOR CREDIT LOSSES                    
    Balance, beginning of period   $ 279,944     $ 275,880     $ 312,574     $ 295,856     $ 290,294  
    Loans charged off     4,071       3,458       53,959       2,001       3,098  
    Recoveries of loans previously charged off     2,996       7,522       565       519       660  
    Net loans charged off (recovered)     1,075       (4,064 )     53,394       1,482       2,438  
    Provision for credit losses – loans     3,000       —       16,700       18,200       8,000  
    Balance, end of period   $ 281,869     $ 279,944     $ 275,880     $ 312,574     $ 295,856  
                         
    Net charge-offs (recoveries) to average total loans     0.03 %     (0.11 )%     1.44 %     0.04 %     0.07 %
    Allowance for credit losses to total loans     1.86 %     1.87 %     1.87 %     2.11 %     2.00 %
                         
    NON-PERFORMING ASSETS                    
    Non-performing loans                    
    Non-accrual loans   $ 89,261     $ 86,383     $ 93,853     $ 95,747     $ 78,090  
    Loans past due 90 days or more     7,031       3,264       5,034       5,356       8,251  
    Total non-performing loans     96,292       89,647       98,887       101,103       86,341  
    Other non-performing assets                    
    Foreclosed assets held for sale, net     41,529       39,680       43,407       43,040       41,347  
    Other non-performing assets     —       63       63       63       63  
    Total other non-performing assets     41,529       39,743       43,470       43,103       41,410  
    Total non-performing assets   $ 137,821     $ 129,390     $ 142,357     $ 144,206     $ 127,751  
                         
    Allowance for credit losses for loans to non-performing loans     292.72 %     312.27 %     278.99 %     309.16 %     342.66 %
    Non-performing loans to total loans     0.63 %     0.60 %     0.67 %     0.68 %     0.58 %
    Non-performing assets to total assets     0.60 %     0.56 %     0.63 %     0.63 %     0.56 %
                         
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                             
        Three Months Ended
        June 30, 2025   March 31, 2025
    (Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
    ASSETS                        
    Earning assets                        
    Interest-bearing balances due from banks   $ 813,833   $ 8,951   4.41 %   $ 611,962   $ 6,620   4.39 %
    Federal funds sold     4,878     53   4.36 %     5,091     55   4.38 %
    Investment securities – taxable     3,095,764     26,444   3.43 %     3,179,290     27,433   3.50 %
    Investment securities – non-taxable – FTE     1,113,044     10,033   3.62 %     1,135,783     10,061   3.59 %
    Loans receivable – FTE     15,055,414     276,160   7.36 %     14,893,912     270,907   7.38 %
    Total interest-earning assets     20,082,933     321,641   6.42 %     19,826,038     315,076   6.45 %
    Non-earning assets     2,714,805             2,722,797        
    Total assets   $ 22,797,738           $ 22,548,835        
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Liabilities                        
    Interest-bearing liabilities                        
    Savings and interest-bearing transaction accounts   $ 11,541,641   $ 71,042   2.47 %   $ 11,402,688   $ 69,672   2.48 %
    Time deposits     1,886,147     17,447   3.71 %     1,801,503     17,114   3.85 %
    Total interest-bearing deposits     13,427,788     88,489   2.64 %     13,204,191     86,786   2.67 %
    Federal funds purchased     46     —   — %     —     —   — %
    Securities sold under agreement to repurchase   143,752     1,012   2.82 %     155,861     1,074   2.79 %
    FHLB and other borrowed funds     566,984     5,539   3.92 %     600,681     5,902   3.98 %
    Subordinated debentures     439,027     4,123   3.77 %     439,173     4,124   3.81 %
    Total interest-bearing liabilities     14,577,597     99,163   2.73 %     14,399,906     97,886   2.76 %
    Non-interest bearing liabilities                        
    Non-interest bearing deposits     3,981,901             3,980,944        
    Other liabilities     202,085             190,314        
    Total liabilities     18,761,583             18,571,164        
    Shareholders’ equity     4,036,155             3,977,671        
    Total liabilities and shareholders’ equity   $ 22,797,738           $ 22,548,835        
    Net interest spread           3.69 %           3.69 %
    Net interest income and margin – FTE       $ 222,478   4.44 %       $ 217,190   4.44 %
                             
    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                             
        Six Months Ended
        June 30, 2025   June 30, 2024
    (Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
    ASSETS                        
    Earning assets                        
    Interest-bearing balances due from banks   $ 713,455   $ 15,571   4.40 %   $ 865,686   $ 23,092   5.36 %
    Federal funds sold     4,984     108   4.37 %     4,718     120   5.11 %
    Investment securities – taxable     3,137,296     53,877   3.46 %     3,459,639     65,816   3.83 %
    Investment securities – non-taxable – FTE     1,124,351     20,094   3.60 %     1,221,431     18,896   3.11 %
    Loans receivable – FTE     14,975,109     547,067   7.37 %     14,568,029     539,814   7.45 %
    Total interest-earning assets     19,955,195     636,717   6.43 %     20,119,503     647,738   6.47 %
    Non-earning assets     2,718,779             2,660,101        
    Total assets   $ 22,673,974           $ 22,779,604        
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Liabilities                        
    Interest-bearing liabilities                        
    Savings and interest-bearing transaction accounts   $ 11,472,548   $ 140,713   2.47 %   $ 11,078,749   $ 153,525   2.79 %
    Time deposits     1,844,059     34,562   3.78 %     1,708,902     34,764   4.09 %
    Total interest-bearing deposits     13,316,607     175,275   2.65 %     12,787,651     188,289   2.96 %
    Federal funds purchased     23     —   — %     17     —   — %
    Securities sold under agreement to repurchase   149,773     2,086   2.81 %     165,962     2,767   3.35 %
    FHLB and other borrowed funds     583,739     11,441   3.95 %     1,301,071     28,531   4.41 %
    Subordinated debentures     439,100     8,247   3.79 %     439,686     8,219   3.76 %
    Total interest-bearing liabilities     14,489,242     197,049   2.74 %     14,694,387     227,806   3.12 %
    Non-interest bearing liabilities                        
    Non-interest bearing deposits     3,981,425             4,050,787        
    Other liabilities     196,232             239,704        
    Total liabilities     18,666,899             18,984,878        
    Shareholders’ equity     4,007,075             3,794,726        
    Total liabilities and shareholders’ equity   $ 22,673,974           $ 22,779,604        
    Net interest spread           3.69 %           3.35 %
    Net interest income and margin – FTE       $ 439,668   4.44 %       $ 419,932   4.20 %
    Home BancShares, Inc.
    Non-GAAP Reconciliations
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars and shares in thousands, except per share data)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    EARNINGS, AS ADJUSTED                            
    GAAP net income available to common shareholders (A)   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
    Pre-tax adjustments                            
    FDIC special assessment     (1,516 )     —       —       —       2,260       (1,516 )     2,260  
    BOLI death benefits     (1,243 )     —       (95 )     —       —       (1,243 )     (162 )
    Gain on sale of premises and equipment     (983 )     —       —       —       (2,059 )     (983 )     (2,059 )
    Fair value adjustment for marketable securities     238       (442 )     (850 )     (1,392 )     274       (204 )     (729 )
    Special income from equity investment     (3,498 )     (3,891 )     —       —       —       (7,389 )     —  
    Legal fee reimbursement     (885 )     —       —       —       —       (885 )     —  
    Legal claims expense     3,300       —       —       —       —       3,300       —  
    Total pre-tax adjustments     (4,587 )     (4,333 )     (945 )     (1,392 )     475       (8,920 )     (690 )
    Tax-effect of adjustments     (817 )     (1,059 )     (208 )     (348 )     119       (1,876 )     (132 )
    Deferred tax asset write-down     —       —       —       —       2,030       —       2,030  
    Total adjustments after-tax (B)     (3,770 )     (3,274 )     (737 )     (1,044 )     2,386       (7,044 )     1,472  
    Earnings, as adjusted (C)   $ 114,633     $ 111,935     $ 99,827     $ 98,994     $ 103,916     $ 226,568     $ 203,111  
                                 
    Average diluted shares outstanding (D)     197,765       198,852       198,973       199,461       200,465       198,289       200,909  
                                 
    GAAP diluted earnings per share: (A/D)   $ 0.60     $ 0.58     $ 0.51     $ 0.50     $ 0.51     $ 1.18     $ 1.00  
    Adjustments after-tax: (B/D)     (0.02 )     (0.02 )     (0.01 )     0.00       0.01       (0.04 )     0.01  
    Diluted earnings per common share, as adjusted: (C/D)   $ 0.58     $ 0.56     $ 0.50     $ 0.50     $ 0.52     $ 1.14     $ 1.01  
                                 
    ANNUALIZED RETURN ON AVERAGE ASSETS                            
    Return on average assets: (A/E)     2.08 %     2.07 %     1.77 %     1.74 %     1.79 %     2.08 %     1.78 %
    Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     2.02 %     2.01 %     1.76 %     1.72 %     1.83 %     2.02 %     1.79 %
    Return on average assets excluding intangible amortization: ((A+C)/(E-F))     2.25 %     2.24 %     1.92 %     1.88 %     1.94 %     2.25 %     1.93 %
    Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     2.18 %     2.18 %     1.91 %     1.86 %     1.98 %     2.18 %     1.94 %
                                 
    GAAP net income available to common shareholders (A)   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
    Amortization of intangibles (B)     2,025       2,047       2,068       2,095       2,140       4,072       4,280  
    Amortization of intangibles after-tax (C)     1,530       1,547       1,563       1,572       1,605       3,077       3,210  
    Adjustments after-tax (D)     (3,770 )     (3,274 )     (737 )     (1,044 )     2,386       (7,044 )     1,472  
    Average assets (E)     22,797,738       22,548,835       22,565,077       22,893,784       22,875,949       22,673,974       22,779,604  
    Average goodwill & core deposit intangible (F)     1,435,480       1,437,515       1,439,566       1,441,654       1,443,778       1,436,492       1,444,840  
     Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
    Return on average common equity: (A/D)     11.77 %     11.75 %     10.13 %     10.23 %     10.73 %     11.76 %     10.69 %
    Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     11.39 %     11.41 %     10.05 %     10.12 %     10.98 %     11.40 %     10.76 %
    Return on average tangible common equity: (ROTCE) (A/(D-E))     18.26 %     18.39 %     15.94 %     16.26 %     17.29 %     18.33 %     17.26 %
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     17.68 %     17.87 %     15.82 %     16.09 %     17.69 %     17.77 %     17.38 %
    Return on average tangible common equity excluding intangible amortization: (B/(D-E))     18.50 %     18.64 %     16.18 %     16.51 %     17.56 %     18.57 %     17.53 %
    Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     17.92 %     18.12 %     16.07 %     16.34 %     17.97 %     18.02 %     17.66 %
                                 
    GAAP net income available to common shareholders (A)   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
    Earnings excluding intangible amortization (B)     119,933       116,756       102,127       101,610       103,135       236,689       204,849  
    Adjustments after-tax (C)     (3,770 )     (3,274 )     (737 )     (1,044 )     2,386       (7,044 )     1,472  
    Average common equity (D)     4,036,155       3,977,671       3,950,176       3,889,712       3,805,800       4,007,075       3,794,726  
    Average goodwill & core deposits intangible (E)     1,435,480       1,437,515       1,439,566       1,441,654       1,443,778       1,436,492       1,444,840  
                                 
    EFFICIENCY RATIO & P5NR                            
    Efficiency ratio: ((D-G)/(B+C+E))     41.68 %     42.22 %     42.24 %     41.42 %     43.17 %     41.94 %     43.69 %
    Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))     42.01 %     42.84 %     42.00 %     41.66 %     42.59 %     42.42 %     43.50 %
    Pre-tax net income to total revenue (net) (A/(B+C))     56.08 %     56.58 %     50.11 %     50.03 %     52.40 %     56.32 %     52.66 %
    Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     54.39 %     54.91 %     49.74 %     49.49 %     52.59 %     54.64 %     52.52 %
    Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 154,991     $ 147,154     $ 146,154     $ 147,954     $ 141,411     $ 302,145     $ 276,304  
    Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)   $ 150,404     $ 142,821     $ 145,209     $ 146,562     $ 141,886     $ 293,225     $ 275,614  
    P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     57.19 %     56.58 %     56.57 %     57.35 %     55.54 %     56.89 %     55.15 %
    P5NR, as adjusted (B+C-D+F)/(B+C)     55.49 %     54.91 %     56.20 %     56.81 %     55.73 %     55.21 %     55.01 %
                                 
    Pre-tax net income (A)   $ 151,991     $ 147,154     $ 129,454     $ 129,084     $ 133,411     $ 299,145     $ 263,804  
    Net interest income (B)     219,952       214,656       217,142       215,220       211,822       434,608       416,412  
    Non-interest income (C)     51,079       45,426       41,222       42,779       42,774       96,505       84,573  
    Non-interest expense (D)     116,040       112,928       112,210       110,045       113,185       228,968       224,681  
    Fully taxable equivalent adjustment (E)     2,526       2,534       2,398       2,616       2,628       5,060       3,520  
    Total pre-tax adjustments (F)     (4,587 )     (4,333 )     (945 )     (1,392 )     475       (8,920 )     (690 )
    Amortization of intangibles (G)     2,025       2,047       2,068       2,095       2,140       4,072       4,280  
                                 
    Adjustments:                            
    Non-interest income:                            
    Fair value adjustment for marketable securities   $ (238 )   $ 442     $ 850     $ 1,392     $ (274 )   $ 204     $ 729  
    Gain (loss) on OREO     13       (376 )     (2,423 )     85       49       (363 )     66  
    Gain (loss) on branches, equipment and other assets, net     972       (163 )     26       32       2,052       809       2,044  
    Special income from equity investment     3,498       3,891       —       —       —       7,389       —  
    BOLI death benefits     1,243       —       95       —       —       1,243       162  
    Legal expense reimbursement     885       —       —       —       —       885       —  
    Total non-interest income adjustments (H)   $ 6,373     $ 3,794     $ (1,452 )   $ 1,509     $ 1,827     $ 10,167     $ 3,001  
                                 
    Non-interest expense:                            
    FDIC special assessment     (1,516 )     —       —       —       2,260       (1,516 )     2,260  
    Legal claims expense     3,300       —       —       —       —       3,300       —  
    Total non-interest expense adjustments (I)   $ 1,784     $ —     $ —     $ —     $ 2,260     $ 1,784     $ 2,260  
                                 
    Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                         
        Quarter Ended
        Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024
    TANGIBLE BOOK VALUE PER COMMON SHARE                    
    Book value per common share: (A/B)   $ 20.71     $ 20.40     $ 19.92     $ 19.91     $ 19.30  
    Tangible book value per common share: ((A-C-D)/B)     13.44       13.15       12.68       12.67       12.08  
                         
    Total stockholders’ equity (A)   $ 4,085,316     $ 4,042,555     $ 3,961,025     $ 3,959,789     $ 3,855,503  
    End of period common shares outstanding (B)     197,239       198,206       198,882       198,879       199,746  
    Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit and other intangibles (D)     36,255       38,280       40,327       42,395       44,490  
                         
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
    Equity to assets: (B/A)     17.83 %     17.58 %     17.61 %     17.35 %     16.82 %
    Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     12.35 %     12.09 %     11.98 %     11.78 %     11.23 %
                         
    Total assets (A)   $ 22,907,022     $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905  
    Total stockholders’ equity (B)     4,085,316       4,042,555       3,961,025       3,959,789       3,855,503  
    Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit and other intangibles (D)     36,255       38,280       40,327       42,395       44,490  
                         
    Home BancShares, Inc.
    Shareholder Buyback Yield
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars and shares in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    SHAREHOLDER BUYBACK YIELD                            
    Shareholder buyback yield: (A/B)     0.49 %     0.53 %     0.05 %     0.56 %     0.67 %     1.02 %     1.12 %
                                 
    Shares repurchased     1,000       1,000       96       1,000       1,400       2,000       2,426  
    Average price per share   $ 26.99     $ 29.67     $ 26.38     $ 26.90     $ 23.26     $ 28.33     $ 23.31  
    Principal cost     26,989       29,668       2,526       26,902       32,562       56,657       56,549  
    Excise tax     459       117       (72 )     63       285       576       421  
    Total share repurchase cost (A)   $ 27,448     $ 29,785     $ 2,454     $ 26,965     $ 32,847     $ 57,233     $ 56,970  
                                 
    Shares outstanding beginning of period     198,206       198,882       198,879       199,746       200,797       198,882       201,526  
    Price per share beginning of period   $ 28.27     $ 28.30     $ 27.09     $ 23.96     $ 24.57     $ 28.30     $ 25.33  
    Market capitalization beginning of period (B)   $ 5,603,284     $ 5,628,361     $ 5,387,632     $ 4,785,914     $ 4,933,582     $ 5,628,361     $ 5,104,654  
                                 

    The MIL Network –