NewzIntel.com

Category: Economy

  • MIL-Evening Report: Ultrafast fashion brand Princess Polly has been certified as ‘sustainable’. Is that an oxymoron?

    Source: The Conversation (Au and NZ) – By Harriette Richards, Senior Lecturer, School of Fashion and Textiles, RMIT University

    Carol Yepes/Getty Images

    Last week, the ultrafast fashion brand Princess Polly received B Corp certification. This certification is designed to accredit for-profit businesses that provide social impact and environmental benefit.

    Established on the Gold Coast in 2010, a 50% stake in Princess Polly was acquired by United States-based A.K.A. Brands in 2018.

    Since then, it has grown its global reach as a low-cost, high-turnover online retailer.

    So can ultrafast fashion ever be sustainable?

    Who is Princess Polly?

    Princess Polly distinguishes itself from other fast fashion retailers through a mission to “make on-trend, sustainable fashion accessible to everyone”.

    As part of this mission, Princess Polly is a participant of the United Nations Global Compact, which commits them to sustainable procurement. The 2024 Baptist World Aid Ethical Fashion Report placed them in the top 20% of 460 global brands assessed.

    Yet, on the sustainability rating website Good On You, Princess Polly receives a “Not Good Enough” grade, due to their lack of action on reducing plastic and textile waste or protecting biodiversity in their supply chains, and the absence of evidence that they pay their workers a living wage.

    Regardless of how they make their clothes, Princess Polly produces a lot. At the time of writing, the brand has 3,920 different styles available on their website (excluding shoes and accessories).

    Of those, 34% (1,355 styles) are listed as “lower impact,” which means items are made using materials such as organic cotton and linen, recycled polyester and cellulose fabrics. There are also 720 items on the website currently listed as “new”: their daily new arrivals means they are constantly adding fresh items for sale.

    Overproduction, no matter what the garments are made from, is inherently wasteful. Even when clothes are purchased (and 10–40% of the clothing produced each year is not sold), the poor quality of fast fashion items means that they end up in landfill faster and stay there for longer, contributing to the ongoing environmental disaster.

    Sustainability communication

    In Australia, 1,096 companies are accredited with B Corp status, including 152 fashion businesses.

    B Corp assesses the practices of a company as a whole, rather than focusing on one single social or environmental issue. Businesses must score at least 80 out of a possible 250+ points in the B Impact Assessment to achieve accreditation.

    Organisations are assessed in five key areas – community, customers, environment, governance and workers – and must meet high standards of social and environmental performance, transparency and accountability.

    Third-party accreditations such as B Corp, Fairtrade and Global Organic Textile Standard are often used by brands as a marketing tool.

    These certifications can enhance consumer trust without the need for detailed explanations. For fashion brands, accreditation can help them stand out in a crowded market. They can provide legitimacy, attract ethical fashion consumers and reduce consumer scepticism.

    While B Corp aims to provide assurance to consumers, activists have accused it of greenwashing. In 2022, the organisation came under fire for accrediting Nespresso, a brand owned by Nestlé, which has a reputation for poor worker rights and sourcing policies.

    B Corp is now facing renewed condemnation for issuing certification to Princess Polly.

    Who needs certification?

    Other B Corp certified Australian fashion brands such as Clothing the Gaps and Outland Denim have built their reputations on their ethical credentials. For values-driven fashion-based social enterprises such as these, accreditations can provide valuable guarantees regarding ethical processes.

    According to our research, however, there are several barriers fashion-based social enterprises face when pursuing ethical accreditation.

    The cost of accreditation, both financial and in terms of time, skills and resourcing, is a significant challenge. And there is no certification that covers all aspects of environmental sustainability and ethical production. As a result, fashion-based social enterprises often require multiple accreditations to fully communicate the breadth of their ethical commitments.

    Despite the costs involved, if fashion-based social enterprises don’t acquire certain certifications they risk being ineligible for government grants and tenders, such as social procurement contracts.

    Differences between fashion-based social enterprises and fast fashion brands are stark. While Clothing the Gaps, Outland Denim and Princess Polly now all hold B Corp certification, the former score much more highly on the B Impact Assessment.
    The value and credibility of the certification is diminished when it extends to unsustainable ultrafast fashion.

    Is it possible for fast fashion to ever be sustainable?

    The question of whether fast fashion can ever be sustainable has become increasingly heated since the advent of ultrafast fashion, where brands produce on demand and sell directly online.

    Fast fashion took seasonal trends from high fashion runways and made them available to consumers at low costs within weeks. Ultrafast fashion takes trends from social media and reproduces them extremely cheaply for mass consumption within days.

    Both fast and ultrafast fashion’s low-cost, high-volume models encourage consumers to value quantity over quality. Using permanent sales and discounts, these brands incentivise multiple purchases of items that may never actually be worn. Online “micro trends” and “haul” videos further spur this overconsumption.

    The overconsumption of fast fashion means lots of it ends up in landfill.
    Dipanjan Pal/Unsplash

    Princess Polly may be using more sustainable textiles and engaging in more ethical forms of production than some of its ultrafast fashion counterparts. But this is not enough when the business model itself is unsustainable. Accreditations such as B Corp are unable to account for this nuance.

    Princess Polly claims to make sustainable fashion, yet it is also proudly trend driven. As an ultrafast fashion brand, it relies on overproduction and overconsumption. The idea that this can ever be “sustainable” is simply an oxymoron.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Ultrafast fashion brand Princess Polly has been certified as ‘sustainable’. Is that an oxymoron? – https://theconversation.com/ultrafast-fashion-brand-princess-polly-has-been-certified-as-sustainable-is-that-an-oxymoron-261561

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough?

    Source: The Conversation (Au and NZ) – By Alan Renwick, Professor of Agricultural Economics, Lincoln University, New Zealand

    RobynRoper/Getty Images

    The alarming rise of butter prices has become a real source of frustration for New Zealand consumers, as well as a topic of political recrimination. The issue has become so serious that Miles Hurrell, chief executive of dairy co-operative Fonterra, was summoned to meetings with the government and opposition parties this week.

    After meeting Hurrell, Finance Minister Nicola Willis appeared to place some of the blame for the high price of butter on supermarkets rather than on the dairy giant.

    According to Stats NZ, butter prices rose by 46.5% in the year to June and are now 120% higher than a decade ago. The average price for a 500g block is NZ$8.60, with some local brands costing over $10.

    But solving the problem is not a matter of waving a magic economic wand. Several factors influence butter prices, few of which can be altered directly by government policy.

    And the question remains – would we want to? Proposals such as reducing exports to boost domestic supply, or cutting goods and services tax (GST) on dairy products, all carry consequences.

    A key factor driving butter prices in New Zealand is that 95% of the country’s dairy production is exported.

    Limited domestic supply and strong global demand have pushed up prices for a range of commodities – not just milk, but beef as well. These increases are reflected in local retail prices.

    Another contributing factor is rising costs along the supply chain. At the farm level, producers are receiving record prices for dairy. But this comes at a time when input costs have also increased significantly. It is not all profit.

    Weighing the options

    Before changing rules around dairy exports, the government must weigh the broader consequences.

    On the one hand, high milk prices benefit “NZ Inc”. The dairy sector accounts for 25% of exports and employs 55,000 New Zealanders. When farmers do well, the wider rural economy benefits – with flow-on effects for the country as a whole.

    On the other hand, there is the ongoing challenge of domestic food security. Many people cannot afford basic groceries and foodbank use is rising.

    So how can New Zealand maintain a food system that benefits from exports while also supporting struggling domestic consumers?

    One option is to remove GST from food. Other countries exempt dairy products from such taxes in an effort to make staples more affordable.

    This idea has been repeatedly reviewed and rejected – including by the 2018 Tax Working Group. In 2024, it was estimated that removing GST could cost the government between $3.3bn and $3.9bn, with only modest benefits for the average household.

    Fonterra or supermarkets?

    Another route would be to examine Fonterra’s dominance in the supply chain. There are advantages to having a strong global player. And it is not in the national interest for the company to incur losses on domestic sales.

    Still, the structure of the market may warrant scrutiny. For a long time there were just two main suppliers of processed dairy products – Fonterra and Goodman Fielder – and two main retailers – Foodstuffs and Woolworths. This set up reduced the need to compete on prices.

    While there is arguably more competition in manufacturing sector now, supermarkets are still under scrutiny and have long faced criticism for a lack of competition.

    The opaque nature of the profit margins across the supply chain also fuels suspicion. Consumers know what they pay at the checkout and what farmers receive. But the rest is less clear. This lack of transparency invites speculation about who benefits from soaring prices.

    In the end, though, the government may not need to act at all.

    As economists like to say: “Nothing cures high prices like high prices.” While demand for butter is relatively inelastic, there comes a point at which consumers reduce their purchases or seek alternatives. International buyers will also push back – and falling global demand may redirect more supply to domestic markets.

    High prices also act as a signal to producers across the globe to increase production, which could happen relatively quickly if there are favourable climatic and other conditions.

    We only need to look back to 2014, when the price of dairy dropped by 48% over the course of 12 months due to reduced demand and increased supply, to see how quickly the situation can change.

    Alan Renwick does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough? – https://theconversation.com/butter-wars-nothing-cures-high-prices-like-high-prices-but-will-market-forces-be-enough-261750

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it

    Source: The Conversation (Au and NZ) – By Santosh Tadakamadla, Professor and Head of Dentistry and Oral Health, La Trobe University

    Just over one-third of Australians are eligible for public dental services, which provide free or low cost dental treatment.

    Yet demand for these services continues to exceed supply. As a result, many Australian adults face long waits for access, which can be up to three years in some states.

    So what’s going wrong with public dental care in Australia? And how can it be fixed?

    Who funds public dental care?

    Both the federal government and state and territory governments fund public dental services. These are primarily targeted at low-income Australians, including children, and hard-to-reach populations, known as priority groups.

    Individuals and families bear a majority of the costs for dental services. They paid around 81% (A$10.1 billion) of the cost for dental services in 2022–23, either directly through out-of-pocket expenses, or through private health insurance premiums.

    The Commonwealth contributed 11% to the cost of dental care, while the states and territories paid the remaining 8% in 2022–23.

    Who is eligible for public dental care?

    Just under half of Australian children are eligible for the means-tested Child Dental Benefits Schedule. This gives them access to $1,132 of dental benefits over two years.

    While children from low-income families tend to benefit from this scheme, critics have raised concerns about the low uptake. Only one-third use the dental program in any given year.

    Some children access free or low-cost dental care from state and territory based services, such as the Victorian Smile Squad school dental program or the NSW Health Primary School Mobile Dental Program.

    Others use their private health insurance to pay for some of the costs of private dental care.

    What if you’re low-income but aren’t eligible?

    Some Australians aren’t eligible for public dental services but can’t afford private dental care. In 2022–23, around one in six people (18%) delayed or didn’t see a dental professional when they needed to because of the cost.

    Some Australians are accessing their superannuation funds under compassionate grounds for dental treatment. The amount people have accessed has grown eight-fold from 2018–19 to 2023–24, from $66.4 million to $526.4 million.

    However, concerns have been raised about the exploitation of this provision. Some people have accessed their super for dental treatment costing more than $20,000. This more than what would typically be required for urgent dental care, impacting their future financial security.

    Why are the waits so long in the public dental care system?

    The long waits are due to a combination of factors, alongside high levels need:

    • systemic under-funding by Australian governments. This is exacerbated by federal government funding for public dental services remaining fixed rather than being indexed annually

    • workforce shortages in rural and remote areas, with dental practitioners concentrated in wealthy, metro areas

    • poor incentives for the oral health workforce in public dental services

    • too few public clinics, in part because the initial outlay and ongoing equipment costs are so great.

    What is the government planning in the long term?

    The federal government is taking action to improve the affordability of dental services through long-term funding reforms only targeting priority populations to bring some dental services into Medicare.

    An initial focus is for older Australians and First Nations people.

    Cost estimates for a universal dental scheme vary significantly, depending on the population coverage and the number of dental benefits individuals are eligible for, and whether services are capped (as in the case of the Child Dental Benefits Schedule) or uncapped.

    The Grattan Institute estimates a capped scheme would cost $5.6 billion annually.

    The Australian Parliamentary Budget Office estimates it would cost $45 billion over three years.

    When increasing government funding for public dental service, it’s important policymakers ensure the services included are evidence-based and represent value for money.

    What needs to be done in the meantime

    Meaningful long-term funding reform towards a universal dental scheme requires some foundational policy work.

    First, there should be an agreed understanding of what dental services should be government subsidised and provide annual limits for reimbursement to prevent overtreatment. This would avoid some people getting a lot of dental treatment they don’t need, while others could miss out.

    Many dental services are routinely offered without any clinical benefit. This includes six-monthly oral health check-ups and cleans for low-risk patients.

    Second, resource allocation is best done when we focus on prevention and governments fund cost-effective dental services. Priority-setting is best done using economic evaluation tools.

    Third, the federal government should extend its existing decision-making frameworks to include dental services. This would bring dental care in line with medicine and service listings on the Pharmaceutical Benefits Scheme (PBS) and the Medicare Benefits Schedule (MBS), ensuring that safety, effectiveness and cost-effectiveness inform public funding decisions.

    Fourth, the government needs to reform the workforce. This should include funding to support recruitment and training of students from regional, rural and remote areas. These students are more likely to return to their communities to work, balancing the unequal distribution of the workforce.

    We also urgently need to attract and retain more people to work in public dental services.

    Finally, we need a coordinated national approach to oral health policy and funding. The federal government has an opportunity to do this now as consultations continue through 2025 to develop and implement the National Oral Health Plan 2025–2034.

    Santosh Tadakamadla received National Health and Medical Research Council Early Career Fellowship (APP1161659) from 2019-2023. He is Head of Dentistry and Oral Health at La Trobe Rural Health School in Bendigo.

    Tan Nguyen receives funding from National Health and Medical Research Council (Postgraduate Scholarship Scheme APP1189802). He is affiliated with Deakin University, Monash University, Oral Health Victoria, Public Association of Australia, National Oral Health Alliance and Dental Board of Australia.

    – ref. Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it – https://theconversation.com/waiting-too-long-for-public-dental-care-heres-why-the-system-is-struggling-and-how-to-fix-it-261661

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it

    Source: The Conversation (Au and NZ) – By Santosh Tadakamadla, Professor and Head of Dentistry and Oral Health, La Trobe University

    Just over one-third of Australians are eligible for public dental services, which provide free or low cost dental treatment.

    Yet demand for these services continues to exceed supply. As a result, many Australian adults face long waits for access, which can be up to three years in some states.

    So what’s going wrong with public dental care in Australia? And how can it be fixed?

    Who funds public dental care?

    Both the federal government and state and territory governments fund public dental services. These are primarily targeted at low-income Australians, including children, and hard-to-reach populations, known as priority groups.

    Individuals and families bear a majority of the costs for dental services. They paid around 81% (A$10.1 billion) of the cost for dental services in 2022–23, either directly through out-of-pocket expenses, or through private health insurance premiums.

    The Commonwealth contributed 11% to the cost of dental care, while the states and territories paid the remaining 8% in 2022–23.

    Who is eligible for public dental care?

    Just under half of Australian children are eligible for the means-tested Child Dental Benefits Schedule. This gives them access to $1,132 of dental benefits over two years.

    While children from low-income families tend to benefit from this scheme, critics have raised concerns about the low uptake. Only one-third use the dental program in any given year.

    Some children access free or low-cost dental care from state and territory based services, such as the Victorian Smile Squad school dental program or the NSW Health Primary School Mobile Dental Program.

    Others use their private health insurance to pay for some of the costs of private dental care.

    What if you’re low-income but aren’t eligible?

    Some Australians aren’t eligible for public dental services but can’t afford private dental care. In 2022–23, around one in six people (18%) delayed or didn’t see a dental professional when they needed to because of the cost.

    Some Australians are accessing their superannuation funds under compassionate grounds for dental treatment. The amount people have accessed has grown eight-fold from 2018–19 to 2023–24, from $66.4 million to $526.4 million.

    However, concerns have been raised about the exploitation of this provision. Some people have accessed their super for dental treatment costing more than $20,000. This more than what would typically be required for urgent dental care, impacting their future financial security.

    Why are the waits so long in the public dental care system?

    The long waits are due to a combination of factors, alongside high levels need:

    • systemic under-funding by Australian governments. This is exacerbated by federal government funding for public dental services remaining fixed rather than being indexed annually

    • workforce shortages in rural and remote areas, with dental practitioners concentrated in wealthy, metro areas

    • poor incentives for the oral health workforce in public dental services

    • too few public clinics, in part because the initial outlay and ongoing equipment costs are so great.

    What is the government planning in the long term?

    The federal government is taking action to improve the affordability of dental services through long-term funding reforms only targeting priority populations to bring some dental services into Medicare.

    An initial focus is for older Australians and First Nations people.

    Cost estimates for a universal dental scheme vary significantly, depending on the population coverage and the number of dental benefits individuals are eligible for, and whether services are capped (as in the case of the Child Dental Benefits Schedule) or uncapped.

    The Grattan Institute estimates a capped scheme would cost $5.6 billion annually.

    The Australian Parliamentary Budget Office estimates it would cost $45 billion over three years.

    When increasing government funding for public dental service, it’s important policymakers ensure the services included are evidence-based and represent value for money.

    What needs to be done in the meantime

    Meaningful long-term funding reform towards a universal dental scheme requires some foundational policy work.

    First, there should be an agreed understanding of what dental services should be government subsidised and provide annual limits for reimbursement to prevent overtreatment. This would avoid some people getting a lot of dental treatment they don’t need, while others could miss out.

    Many dental services are routinely offered without any clinical benefit. This includes six-monthly oral health check-ups and cleans for low-risk patients.

    Second, resource allocation is best done when we focus on prevention and governments fund cost-effective dental services. Priority-setting is best done using economic evaluation tools.

    Third, the federal government should extend its existing decision-making frameworks to include dental services. This would bring dental care in line with medicine and service listings on the Pharmaceutical Benefits Scheme (PBS) and the Medicare Benefits Schedule (MBS), ensuring that safety, effectiveness and cost-effectiveness inform public funding decisions.

    Fourth, the government needs to reform the workforce. This should include funding to support recruitment and training of students from regional, rural and remote areas. These students are more likely to return to their communities to work, balancing the unequal distribution of the workforce.

    We also urgently need to attract and retain more people to work in public dental services.

    Finally, we need a coordinated national approach to oral health policy and funding. The federal government has an opportunity to do this now as consultations continue through 2025 to develop and implement the National Oral Health Plan 2025–2034.

    Santosh Tadakamadla received National Health and Medical Research Council Early Career Fellowship (APP1161659) from 2019-2023. He is Head of Dentistry and Oral Health at La Trobe Rural Health School in Bendigo.

    Tan Nguyen receives funding from National Health and Medical Research Council (Postgraduate Scholarship Scheme APP1189802). He is affiliated with Deakin University, Monash University, Oral Health Victoria, Public Association of Australia, National Oral Health Alliance and Dental Board of Australia.

    – ref. Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it – https://theconversation.com/waiting-too-long-for-public-dental-care-heres-why-the-system-is-struggling-and-how-to-fix-it-261661

    MIL OSI Analysis – EveningReport.nz –

  • From Trade to Technology: India-Maldives cooperation set to expand

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi concluded a landmark visit to the United Kingdom on Thursday, setting the stage for the next phase of his two-nation tour as he departed for the Maldives. This marks his third visit to the island nation and the first by a head of government during the tenure of Maldivian President Mohamed Muizzu.

    The visit is expected to deepen the growing partnership between India and the Maldives, especially under the framework of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, adopted during President Muizzu’s visit to India in October 2024.

    Expanding Economic Ties
    India’s economic and trade relationship with the Maldives has transformed in recent years into a multi-dimensional partnership encompassing trade, infrastructure, finance, and technology. The foundation of this relationship was laid in 1981 when both countries signed a bilateral trade agreement under which India assured the export of essential commodities to the Maldives.

    In April 2025, India approved the highest-ever quotas for essential goods exports to the Maldives, reaffirming its commitment to the welfare of its maritime neighbour.

    Trade between the two nations has grown substantially-from crossing the USD 300 million mark in 2021 to exceeding USD 500 million in 2022. In 2023, bilateral trade stood at USD 548 million. This surge was driven by the launch of a dedicated cargo vessel service in September 2020 and several Lines of Credit (LoC) projects initiated since 2021. Visa-free access for Indian business travellers, granted in February 2022, further encouraged commercial engagement.

    India primarily exports pharmaceuticals, engineering goods, cement, agricultural products, and construction materials to the Maldives. In return, scrap metals make up a bulk of Indian imports from the Maldives. Notably, duty-free tuna exports from the Maldives to India were introduced in August 2022, aiming to boost the island nation’s seafood sector.

    Strategic Financial Cooperation
    The State Bank of India (SBI), operational in the Maldives since 1974, has played a key role in supporting economic infrastructure by financing resort development and marine exports. In November 2022, India extended a USD 100 million financial support package via SBI Malè by subscribing to Maldivian government domestic T-bonds backed by a sovereign guarantee from India. The support was renewed in 2024 with an interest-free extension under a unique government-to-government arrangement.

    In response to further budgetary needs, India offered an additional USD 400 million currency swap facility in October 2024. This follows a 2022 agreement signed between the Reserve Bank of India and the Maldives Monetary Authority under the SAARC framework, allowing up to USD 200 million in withdrawals.

    Digital and FinTech Partnerships
    In August 2024, India and the Maldives signed an agreement enabling the use of India’s Unified Payments Interface (UPI) in the Maldives. This development, facilitated during the visit of India’s External Affairs Minister to Malè, represents a critical step toward digital and financial integration between the two nations.

    To further enhance economic cooperation, Maldivian Finance Minister Moosa Zameer visited New Delhi in December 2024 to participate in the Global Economic Policy Forum. He held bilateral meetings with India’s Finance Minister Nirmala Sitharaman and engaged with business leaders from the Confederation of Indian Industry (CII) to explore investment opportunities.

  • MIL-OSI USA: Murray, Booker, Schumer, Duckworth, DeLauro Reintroduce Bicameral Legislation to Increase Access to Fertility Treatment

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. –  Today, U.S. Senators Patty Murray (D-WA), Cory Booker (D-NJ), Democratic Leader Chuck Schumer (D-NY), and Tammy Duckworth (D-IL) along with U.S. Representative Rosa DeLauro (D-CT) reintroduced the bicameral Access to Fertility Treatment and Care Act, legislation that would require more health insurers to provide coverage for infertility treatment, as well as fertility preservation services for individuals who undergo medically necessary procedures that may cause infertility, such as chemotherapy.

    “Infertility is a painful struggle for millions of people in America, and the steep cost of infertility treatment like IVF prevents many of them from growing their families—that’s just wrong. The Access to Fertility Treatment and Services Act would require more insurance plans, including TRICARE and the VA coverage our veterans and their families rely on, to cover infertility treatment without raising insurance costs or copays. We should be doing everything we can to support families and make it easier to have and raise children in America, and our legislation is one important step in that direction,” said Senator Murray.

    “Everyone’s path to parenthood is different, and the decision to pursue fertility treatments is deeply personal,” said Senator Booker. “Nobody should have to choose between financial stability and the opportunity to have a family. On top of that, people who find themselves at the daunting intersection of a cancer diagnosis and fertility challenges should have access to affordable fertility services. This legislation would require more insurance plans to cover fertility treatments so that Americans no longer face barriers to care when deciding to start a family.” 

    “While Republicans have tried to brand themselves as the pro-family party, Senate Democrats are putting forward actual solutions to help the millions of Americans grappling with the financial and medical realities of safely growing their families,” said Leader Schumer. “Infertility can – and does – affect so many in our communities, and while Republicans continue their relentless attacks on reproductive rights, I will keep fighting to protect access to affordable health care and am proud to support this legislation which offers hope and opportunity to many with this deeply personal decision.”

    “Millions of Americans depend on IVF to build a family—and yet, this treatment is too often out of reach for so many because of exorbitant, out-of-pocket costs,” said Senator Duckworth. “If Donald Trump really wants to deliver on his campaign promise to ensure IVF is covered for those who rely on it, he’d call on Republicans to support our bill that would expand coverage for so many more Americans. Otherwise, all the pro-IVF talking points are just more empty promises from people who have proven time and again they have no interest in actually taking any meaningful action to protect IVF access.”

    “When people don’t have insurance coverage for fertility care, they are forced to make impossible choices between paying for treatment or affording essentials,” said Congresswoman DeLauro. “The emotional and physical toll of trying to build a family is already heavy. We should not add a crushing financial burden on top of it. This bill ensures that all families have the insurance coverage they deserve. Americans should have the opportunity to grow their families without sacrificing their basic needs.”

    “Every day providers encounter patients who need medical treatments like IVF to build their families, but have to forego, delay, or stop treatment because they cannot afford it,” said Sean Tipton, ASRM Chief Advocacy & Policy Officer. “While ASRM has championed progress on state-level IVF mandates, we firmly believe that access to health care should not depend on your zip code. For this reason, we remain grateful to Sen. Booker and Rep. DeLauro for their tireless leadership on the Access to Infertility Treatment and Care Act. It is well past time for Congress to pass this critical legislation and achieve access to family building care for all Americans.”

    “Every day, millions of Americans face heartbreaking and unnecessary barriers to building their families, simply because they can’t afford the out-of-pocket medical costs. Access to fertility treatment should not depend on your income, your zip code, or your employer. The ‘Access to Fertility Treatment and Care Act’ is a critical step toward ensuring that everyone has the opportunity to pursue their dream of having a family. On behalf of RESOLVE and the family-building community, I thank Senator Cory Booker and Congresswoman Rosa DeLauro for their steadfast leadership in championing equitable access to care,” said Danielle Melfi, President & CEO, RESOLVE: The National Infertility Association.

    Despite the prevalence of infertility – a reported one in six couples have challenges conceiving – coverage for treatment options is limited. In 2024, nearly half of large employers voluntarily offered fertility benefits and 97% of those offering benefits reported no significant increase in costs to their medical plans.

    Specifically, the Access to Fertility Treatment and Care Act would:

    1. Require most private health insurance plans, as well as plans offered by the Federal Employees Health Benefits Program, Medicaid, TRICARE, ERISA, and the VA, to provide coverage for treatment of infertility without raising insurance or copayment costs.
    2. Ensure these plans cover fertility preservation services for individuals who undergo a medically necessary procedure that may cause infertility.

    The bill is endorsed by the following organizations: Alliance for Fertility Preservation, Endocrine Society, Hadassah, The Women’s Zionist Organization of America, North American Society for Pediatric and Adolescent Gynecology, National Women’s Political Caucus, American Society for Reductive Medicine, Resolve, MomsRising, In Our Own Voice: National Black, Women’s Reproductive Justice Agenda, National partnership for Women and Families, Invisible Project, Human Rights Campaign, Families USA, National  LGBTQ Task Force Action Fund, Service Women’s Action Network, Guttmacher, ACOG, and AllPaths Family Building.

    The bill is cosponsored by U.S. Senators Chris Coons (D-DE) and Amy Klobuchar (D-MN).

    The full text of the bill can be found HERE.

    Senators Murray has been leading the charge to protect IVF for the millions of Americans who rely on it nationwide. Last Congress, Murray introduced the Right to IVF Act in the Senate—which would establish a nationwide right to IVF and other assisted reproductive technology (ART) and lower the costs of IVF treatment for middle-class families. The Right to IVF Act also includes Senator Murray’s longtime bill—the Veteran Families Health Services Act—to help veterans and servicemembers, who experience higher rates of infertility and encounter restrictive laws and policies before they can access IVF services.

    Despite many Republicans publicly claiming to support IVF, nearly every Senate Republican voted against the bill in June twice last year. Overall, Republicans blocked legislation that would protect IVF nationwide three separate times last year.

    Senator Murray has been fighting for over a decade to expand access to IVF care for veterans and servicemembers, and  protect servicemembers’ and veterans’ access to the reproductive care they deserve. She has introduced multiple pieces of legislation to address the challenges veterans face when starting a family after their service, and in 2012, Senator Murray secured Senate passage of a provision to end the ban on IVF services at VA.

    MIL OSI USA News –

  • MIL-OSI USA: AARP Endorses Cassidy Bill to Eliminate Waste, Fraud, and Abuse in Medicare Advantage Program

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – The American Association of Retired Persons (AARP) endorsed the No Unreasonable Payments, Coding, or Diagnoses for the Elderly (No UPCODE) Act. The landmark legislation introduced earlier this year by U.S. Senators Bill Cassidy, M.D. (R-LA) and Jeff Merkley (D-OR) improves the way Medicare Advantage plans assess patients’ health risks and reduce overpayments for care. Medicare Advantage is a program that millions of seniors rely on to deliver high-quality care.
    “AARP believes that the No UPCODE Act is a commonsense solution that protects older Americans, strengthens oversight, and helps to ensure the long-term sustainability of Medicare,” said Bill Sweeney, AARP’s senior vice president for government affairs.
    “This bill addresses a problem both Republicans and Democrats have labeled as waste, fraud, and abuse. AARP agrees the No UPCODE Act protects seniors by preserving benefits and eliminating waste,” said Dr. Cassidy. “When companies upcode, taxpayers foot the bill and patients get nothing. That’s wrong.”
    Traditional Medicare plans reimburse providers for the cost of treatments rendered, while Medicare Advantage is paid a standard rate based on the health of an individual patient. Because of this, Medicare Advantage plans have a financial incentive to make beneficiaries appear sicker than they may be to receive a higher Medicare reimbursement. This bill will save $200 billion to $270 billion over 10 years.
    The No UPCODE Act would eliminate those incentives by:

    Developing a risk-adjustment model that uses two years of diagnostic data instead of just one year.
    Limiting the ability to use old or unrelated medical conditions when determining the cost of care. 
    Ensuring Medicare is only charged for treatment related to relevant medical conditions.
    Closing the gap between how a patient is assessed under traditional Medicare and Medicare Advantage.

    Background
    Earlier this year, Cassidy discussed his No UPCODE Act during U.S. Centers for Medicare and Medicaid Services (CMS) Director nominee Mehmet Oz’s confirmation hearing before the U.S. Senate Finance Committee.

    MIL OSI USA News –

  • MIL-OSI United Nations: Deputy Secretary-General, at High-level Political Forum’s Africa Day, Says Investment Crucial for Development in Continent’s ‘Resilient, Determined, Unstoppable’ Nations

    Source: United Nations 4

    Following are UN Deputy Secretary-General Amina Mohammed’s opening remarks, as prepared for delivery, on the occasion of Africa Day at the High-level Political Forum 2025:

    It is a great honour to join you here today.

    As we celebrate Africa Day within this High-Level Political Forum, we gather not only to take stock, but to bear witness to something extraordinary:  a continent that refuses to be defined by its starting point but instead chooses to measure itself by how far it has travelled.

    Make no mistake:  Africa began its sustainable development journey on the back foot.  Colonial legacies that took wealth and left behind fractured institutions.  Climate catastrophes that wash away decades of progress in a single season.  Conflicts that force entire populations to abandon everything they have built.  These are daily realities that test the resolve of every African nation.

    Yet here we stand, with 10 countries presenting their Voluntary National Reviews this year as testaments to resilience.  Angola achieving its strongest economic growth in a decade while building over 12,000 new schools.  Ethiopia sustaining remarkable growth while powering its entire electrical grid from renewable sources.  The Gambia driving robust development across agriculture, tourism and services.

    These efforts are part of a broader continental push to realize the vision of Agenda 2063 and the 2030 Agenda for Sustainable Development.  In the Voluntary National Reviews, we see that vision coming to life. More than 100 other Voluntary National Reviews have been prepared in the last decade since the Sustainable Development Goals (SDGs) were adopted and tell promising stories of progress across the Continent.

    But let us be clear on the full scale of the challenges facing Africa.  When a country like Sudan facing conflict sees the vast majority of its factories destroyed with unemployment soaring to crushing levels, we are reminded that progress is neither linear nor guaranteed.

    When young people across our continent still struggle to find decent work, we know that our most precious resource — our youth — still faces barriers that deny them their rightful place in building tomorrow’s Africa.

    When Africa gets the fundamentals right, like quality education for every child, the path to higher ground becomes clearer.  Digital transformation, climate resilience, economic justice:  these are no longer distant summits, but peaks within reach, and Africa has always been a continent of climbers.

    Consider the women breaking barriers across our continent.  In parliaments from Rwanda to Eswatini to Ghana, women are claiming seats of power once denied to them.  Across Lesotho, widows now possess rights over family property that previous generations could never imagine.  Each a seismic shift in how African societies recognize the power and potential of half their population.

    Our youth, too, are not passive recipients of change — they are its architects. From Nigeria’s digital revolution to technology driven governance in Seychelles to Morocco’s role in advancing AI [artificial intelligence] research, young Africans are coding and designing the future every step of the way.

    That said, we should not romanticize the road ahead.  At this moment, at this rate, the SDGs are beyond reach in Africa.  We have five years to 2030.  Five years to transform systems that took decades to build.  Five years to close gaps, and the widest gap remains finance.

    Finance is the engine of progress.  Without it, schools don’t get built, clinics stay empty, and peace remains out of reach. The global financial system is not working for Africa.  Borrowing costs are too high, debt burdens are too heavy, and the money that could change lives is tied up in systems that are too slow, too narrow, and too risk averse.

    The Sevilla Commitment is a step forward, a promise to get resources flowing faster, fairer and at the scale we need.  The next five years will test not only our ambition, but our ability to deliver on the most basic promises of dignity and justice — especially in the areas where progress remains most elusive.

    Many women still face gender-based violence that steals their safety, their dignity, and their dreams.  We must dismantle the structural barriers that persist like shadows, following women from childhood through their adult lives.  Our young people deserve more than we have given them.  We must invest urgently in skills development, particularly in the digital and green sectors where Africa can lead the world.

    The bigger picture also betrays an all-too-present imbalance:  too often, African countries are absent from the tables where global decisions are made, yet they are first to feel the impact.

    The Pact for the Future is working to change that.  It calls for more inclusive, representative global governance that reflects today’s realities, not a snapshot of yesterday.  It recognizes that sustainable development cannot be built on a foundation of exclusion, and by adopting the Pact, countries committed to ensuring Africa is where it belongs:  at the table, shaping the decisions that shape our world.  And we are taking the necessary steps to ensure that countries have the UN support and capacity needed to do just that.

    The Secretary-General’s UN80 Initiative also builds on the existing reforms and plots an ambitious path forward to ensure that those we serve have the optimal level and type of capacity in country.

    Africa’s journey toward 2030, 2063 and beyond is not a sprint, it’s a relay race, where each nation, each community, each individual, carries the baton forward.

    The Africa Sustainable Development Report that we are launching today represents both the progress, and the challenges, from a continent still writing its greatest chapter.  It is a declaration that future generations will inherit not the limitations we face, but the possibilities we create.  Above all, they speak to a refusal to accept that history determines destiny.

    I want to thank the African Union, the Economic Commission of Africa, the African Development Bank and the United Nations Development Programme (UNDP) for preparing this crucial piece of work.  Let it be our map for the road ahead.  Let us build on the foundation of commitment it represents.

    The relay baton is in our hands.  The finish line is in sight, and from what I have seen, African nations — resilient, determined, unstoppable — are ready to run.

    MIL OSI United Nations News –

  • MIL-OSI: Logansport Financial Corp. Reports Net Earnings for the Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., July 24, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCQB, LOGN), parent company of Logansport Savings Bank, reported net earnings for the quarter ended June 30, 2025 of $413,000 or $0.67 per diluted share, compared to earnings in 2024 of $349,000 or $0.57 per diluted share. Year to date the company reported net earnings of $790,000 for 2025 compared to $617,000 for 2024. Diluted earnings per share for the six months ended June 30, 2025 were $1.45 compared to $1.01 for the six months ended June 30, 2024. Total assets at June 30, 2025 were $260.2 million compared to total assets at June 30, 2024 of $249.6 million. Total Deposits at June 30, 2025 were $223.8 million compared to total deposits of $211.7 million at June 30, 2024. The company paid a total of $0.90 per share in dividends in the first half of 2025 compared to $0.90 in 2024.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all, or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of any forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Logansport Financial Corp.  
    Selected Financial Data  
    (Dollars in thousands except for share data)  
                 
               
        6/30/2025
    		 6/30/2024
    		        
                 
    Total Assets   $ 260,221 $ 249,611        
                 
    Loans receivable, net     173,350   170,147        
    Allowance for loan losses     1,872   2,885        
    Cash and cash equivalents     1,445   1,289        
    Interest Bearing Time Deposits in banks     11,581   5,914        
    Securities available for sale     52,550   56,270        
    Federal Home Loan Bank stock     3,150   3,150        
    Deposits     223,764   211,739        
    FHLB borrowings and note payable     15,000   15,000        
    Shareholders’ equity     20,479   20,870        
    Shares Issued and Outstanding     612,953   611,822        
    Nonperforming loans     3,395   392        
    Real Estate Owned     –   –        
                 
                 
        Quarter ended 6/30
    		     Six months ended 6/30
    		  
          2025   2024       2025   2024  
                 
    Interest income   $ 3,421 $ 3,130     $ 6,688 $ 6,042  
    Interest expense     1,680   1,613       3,200   3,087  
    Net interest income     1,741   1,517       3,488   2,955  
    Provision for loan losses     –   (49 )     –   (49 )
    Net interest income after provision     1,741   1,566       3,488   3,004  
    Gain on sale of loans     76   110       129   161  
    Other income     341   468       706   885  
    General, admin. & other expense     1,710   1,786       3,466   3,440  
    Earnings before income taxes     448   358       857   610  
    Income tax expense     35   9       67   (7 )
    Net earnings   $ 413 $ 349     $ 790 $ 617  
    Earnings per share   $ 0.67 $ 0.57     $ 1.45 $ 1.01  
    Weighted avg. shares o/s-diluted     612,953   611,822       612,953   611,822  
                             

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network –

  • MIL-OSI: Ninepoint Partners Announces Estimated July 2025 Cash Distributions for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the estimated July 2025 cash distribution for the ETF Series of Ninepoint Cash Management Fund (the “Fund”). Ninepoint Partners expects to issue a press release on or about July 30, 2025, which will provide the final distribution rate. The record date for the cash distribution is July 31, 2025, payable on August 8, 2025.

    All estimates in this document are based on the accounting data as of July 23, 2025. Due to subscriptions and/or redemptions and/or other factors, the final July 2025 distribution may differ from these estimates and the difference could be material. The information included in this letter is for reference purposes only. Please reconcile all information against your official client statements. This is not intended to be a statement for official tax reporting purposes or any form of tax advice.

    The actual taxable amounts of distributions for 2025, including the tax characteristics of the distributions, will be reported to CDS Clearing and Depository Services Inc. in early 2026. Securityholders can contact their brokerage firm for this information.

    The per-unit estimated July 2025 distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash
    Management Fund    		 NSAV $0.11750 $0.00000 65443X105


    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

  • MIL-OSI: USCB Financial Holdings, Inc. Reports Record Fully Diluted EPS of $0.40 for Q2 2025; ROAA of 1.22% and ROAE of 14.29%

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 24, 2025 (GLOBE NEWSWIRE) — USCB Financial Holdings, Inc. (the “Company”) (NASDAQ: USCB), the holding company for U.S. Century Bank (the “Bank”), reported net income of $8.1 million or $0.40 per fully diluted share for the three months ended June 30, 2025, compared with net income of $6.2 million or $0.31 per fully diluted share for the same period in 2024.

    “We are proud to report another consecutive record quarter, with continued improvement in our profitability ratios reflecting the strength of our core operations,” said Luis de la Aguilera, Chairman, President and CEO. “This quarter, NIM reached 3.28%, driven by healthy loan growth and disciplined deposit pricing. We remain focused on sustaining this momentum while prudently managing risk and capital allocation to deliver long-term value to our shareholders.”

    Unless otherwise stated, all percentage comparisons in the bullet points below are calculated at or for the quarter ended June 30, 2025 compared to at or for the quarter ended June 30, 2024 and annualized where appropriate.

    Profitability

    • Annualized return on average assets for the quarter ended June 30, 2025 was 1.22% compared to 1.01% for the second quarter of 2024.
    • Annualized return on average stockholders’ equity for the quarter ended June 30, 2025 was 14.29% compared to 12.63% for the second quarter of 2024.
    • The efficiency ratio for the quarter ended June 30, 2025 was 51.77% compared to 56.33% for the second quarter of 2024.
    • Net interest margin for the quarter ended June 30, 2025 was 3.28% compared to 2.94% for the second quarter of 2024.
    • Net interest income before provision for credit losses was $21.0 million for the quarter ended June 30, 2025, an increase of $3.7 million or 21.5% compared to $17.3 million for the same period in 2024.

    Balance Sheet

    • Total assets were $2.7 billion at June 30, 2025, representing an increase of $261.2 million or 10.6% from $2.5 billion at June 30, 2024.
    • Total loans held for investment were $2.1 billion at June 30, 2025, representing an increase of $244.1 million or 13.1% from $1.9 billion at June 30, 2024.
    • Total deposits were $2.3 billion at June 30, 2025, representing an increase of $279.0 million or 13.6% from $2.1 billion at June 30, 2024.
    • Total stockholders’ equity was $231.6 million at June 30, 2025, representing an increase of $30.6 million or 15.2% from $201.0 million at June 30, 2024. Total stockholders’ equity included accumulated comprehensive loss of $41.8 million at June 30, 2025 compared to accumulated comprehensive loss of $44.7 million at June 30, 2024.

    Asset Quality

    • The allowance for credit losses (“ACL”) increased by $2.7 million to $24.9 million at June 30, 2025 from $22.2 million at June 30, 2024.
    • The ACL represented 1.18% of total loans at June 30, 2025 and 1.19% at June 30, 2024.
    • The provision for credit loss was $1.0 million for the quarter ended June 30, 2025, an increase of $245 thousand compared to $786 thousand for the same period in 2024.
    • The ratio of non-performing loans to total loans was 0.06% at June 30, 2025 and 0.04% at June 30, 2024. Non-performing loans totaled $1.4 million at June 30, 2025 and $758 thousand at June 30, 2024.

    Non-interest Income and Non-interest Expense

    • Non-interest income was $3.4 million for the three months ended June 30, 2025, an increase of $159 thousand or 5.0% compared to $3.2 million for the same period in 2024.
    • Non-interest expense was $12.6 million for the three months ended June 30, 2025, an increase of $1.1 million or 9.3% compared to $11.6 million for the same period in 2024.

    Capital

    • On July 21, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.10 per share of the Company’s Class A common stock. The dividend will be paid on September 5, 2025 to shareholders of record at the close of business on August 15, 2025.
    • As of June 30, 2025, total risk-based capital ratios for the Company and the Bank were 13.73% and 13.67%, respectively, well in excess of regulatory requirements.
    • Tangible book value per common share (a non-GAAP measure) was $11.53 at June 30, 2025, representing an increase of $0.30 or 10.7% annualized from $11.23 at March 31, 2025. At June 30, 2025, tangible book value per common share was negatively affected by ($2.08) per share due to an accumulated comprehensive loss of $41.8 million mostly due to changes in the market value of the Company’s available for sale securities. At March 31, 2025, tangible book value per common share was negatively affected by ($2.05) per share due to an accumulated comprehensive loss of $41.1 million.

    Conference Call and Webcast

    The Company will host a conference call on Friday, July 25, 2025, at 11:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended June 30, 2025. To access the conference call, dial (833) 816-1416 (U.S. toll-free) and ask to join the USCB Financial Holdings Call.

    Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website at www.uscentury.com. An archived version of the webcast will be available in the same location shortly after the live call has ended.

    About USCB Financial Holdings, Inc.

    USCB Financial Holdings, Inc. is the bank holding company for U.S. Century Bank. Established in 2002, U.S. Century Bank is one of the largest community banks headquartered in Miami, and one of the largest community banks in the State of Florida. U.S. Century Bank is rated 5-Stars by BauerFinancial, the nation’s leading independent bank rating firm. U.S. Century Bank offers customers a wide range of financial products and services and supports numerous community organizations, including the Greater Miami Chamber of Commerce, the South Florida Hispanic Chamber of Commerce, and ChamberSouth. For more information about us or to find a banking center near you, please call (305) 715-5200 or visit www.uscentury.com.

    Forward-Looking Statements

    This earnings release may contain statements that are not historical in nature and are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that are not historical facts. The words “may,” “will,” “anticipate,” “could,” “should,” “would,” “believe,” “contemplate,” “expect,” “aim,” “plan,” “estimate,” “seek,” “continue,” and “intend,”, the negative of these terms, as well as other similar words and expressions of the future, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements related to our projected growth, anticipated future financial performance, and management’s long-term performance goals, as well as statements relating to the anticipated effects on our results of operations and financial condition from expected or potential developments or events, or business and growth strategies, including anticipated internal growth and balance sheet restructuring.

    These forward-looking statements involve significant risks and uncertainties that could cause our actual results to differ materially from those anticipated in such statements. Potential risks and uncertainties include, but are not limited to:

    • the strength of the United States economy in general and the strength of the local economies in which we conduct operations;
    • our ability to successfully manage interest rate risk, credit risk, liquidity risk, and other risks inherent to our industry;
    • the accuracy of our financial statement estimates and assumptions, including the estimates used for our credit loss reserve and deferred tax asset valuation allowance;
    • the efficiency and effectiveness of our internal control procedures and processes;
    • our ability to comply with the extensive laws and regulations to which we are subject, including the laws for each jurisdiction where we operate;
    • adverse changes or conditions in capital and financial markets, including actual or potential stresses in the banking industry;
    • deposit attrition and the level of our uninsured deposits;
    • legislative or regulatory changes and changes in accounting principles, policies, practices or guidelines, including the on-going effects of the Current Expected Credit Losses (“CECL”) standard;
    • the lack of a significantly diversified loan portfolio and our concentration in the South Florida market, including the risks of geographic, depositor, and industry concentrations, including our concentration in loans secured by real estate, in particular, commercial real estate;
    • the effects of climate change;
    • the concentration of ownership of our common stock;
    • fluctuations in the price of our common stock;
    • our ability to fund or access the capital markets at attractive rates and terms and manage our growth, both organic growth as well as growth through other means, such as future acquisitions;
    • inflation, interest rate, unemployment rate, and market and monetary fluctuations;
    • the effects of potential new or increased tariffs and trade restrictions;
    • the impact of international hostilities and geopolitical events;
    • increased competition and its effect on the pricing of our products and services as well as our interest rate spread and net interest margin;
    • the loss of key employees;
    • the effectiveness of our risk management strategies, including operational risks, including, but not limited to, client, employee, or third-party fraud and security breaches; and
    • other risks described in this earnings release and other filings we make with the Securities and Exchange Commission (“SEC”).

    All forward-looking statements are necessarily only estimates of future results, and there can be no assurance  that actual results will not differ materially from expectations. Therefore, you are cautioned not to place undue reliance on any forward-looking statements. Further, forward-looking statements included in this earnings release are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws. You should also review the risk factors described in the reports the Company filed or will file with the SEC.

    Non-GAAP Financial Measures

    This earnings release includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes certain operating performance measures. Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating the Company’s operations and underlying performance trends. Further, management uses these measures in managing and evaluating the Company’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the exhibits to this earnings release.

    All numbers included in this press release are unaudited unless otherwise noted.

    Contacts:

    Investor Relations
    InvestorRelations@uscentury.com 

    Media Relations
    Martha Guerra-Kattou
    MGuerra@uscentury.com 

    USCB FINANCIAL HOLDINGS, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (Dollars in thousands, except per share data)
                           
      Three Months Ended June 30,   Six Months Ended June 30,
      2025   2024   2025   2024
    Interest income:                      
    Loans, including fees $ 31,946   $ 28,017   $ 62,191   $ 54,660
    Investment securities   3,432     3,069     6,456     5,880
    Interest-bearing deposits in financial institutions   776     1,531     1,485     2,964
    Total interest income   36,154     32,617     70,132     63,504
    Interest expense:                      
    Interest-bearing checking deposits   285     391     623     760
    Savings and money market deposits   9,410     10,071     18,745     20,465
    Time deposits   4,343     3,222     8,261     6,516
    FHLB advances and other borrowings   1,082     1,622     2,354     3,294
    Total interest expense   15,120     15,306     29,983     31,035
    Net interest income before provision for credit losses   21,034     17,311     40,149     32,469
    Provision for credit losses   1,031     786     1,712     1,196
    Net interest income after provision for credit losses   20,003     16,525     38,437     31,273
    Non-interest income:                          
    Service fees   2,402     1,977     4,733     3,628
    Gain on sale of securities available for sale, net   –     14     –     14
    Gain on sale of loans held for sale, net   151     417     676     484
    Other non-interest income   817     803     1,677     1,549
    Total non-interest income   3,370     3,211     7,086     5,675
    Non-interest expense:                          
    Salaries and employee benefits   7,954     7,353     15,590     13,663
    Occupancy   1,337     1,266     2,621     2,580
    Regulatory assessments and fees   396     476     817     909
    Consulting and legal fees   263     263     456     855
    Network and information technology services   564     479     1,069     986
    Other operating expense   2,120     1,723     4,133     3,741
    Total non-interest expense   12,634     11,560     24,686     22,734
    Net income before income tax expense   10,739     8,176     20,837     14,214
    Income tax expense   2,599     1,967     5,039     3,393
    Net income $ 8,140   $ 6,209   $ 15,798   $ 10,821
    Per share information:                      
    Net income per common share, basic $ 0.41   $ 0.32   $ 0.79   $ 0.55
    Net income per common share, diluted $ 0.40   $ 0.31   $ 0.78   $ 0.55
    Cash dividends declared $ 0.10   $ 0.05   $ 0.20   $ 0.10
    Weighted average shares outstanding:                      
    Common shares, basic   20,059,264     19,650,681     20,040,205     19,642,006
    Common shares, diluted   20,295,794     19,717,167     20,299,585     19,707,561
                           
     
    USCB FINANCIAL HOLDINGS, INC.
    SELECTED FINANCIAL DATA (UNAUDITED)
    (Dollars in thousands, except per share data)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Income statement data:                            
    Net interest income before provision for credit losses $ 21,034     $ 19,115     $ 19,358     $ 18,109     $ 17,311  
    Provision for credit losses   1,031       681       1,030       931       786  
    Net interest income after provision for credit losses   20,003       18,434       18,328       17,178       16,525  
    Service fees   2,402       2,331       2,667       2,544       1,977  
    Gain on sale of securities available for sale, net   –       –       –       –       14  
    Gain on sale of loans held for sale, net   151       525       154       109       417  
    Other non-interest income   817       860       806       785       803  
    Total non-interest income   3,370       3,716       3,627       3,438       3,211  
    Salaries and employee benefits   7,954       7,636       7,930       7,200       7,353  
    Occupancy   1,337       1,284       1,337       1,341       1,266  
    Regulatory assessments and fees   396       421       405       452       476  
    Consulting and legal fees   263       193       552       161       263  
    Network and information technology services   564       505       494       513       479  
    Other operating expense   2,120       2,013       2,136       1,787       1,723  
    Total non-interest expense   12,634       12,052       12,854       11,454       11,560  
    Net income before income tax expense   10,739       10,098       9,101       9,162       8,176  
    Income tax expense   2,599       2,440       2,197       2,213       1,967  
    Net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,209  
    Per share information:                            
    Net income per common share, basic $ 0.41     $ 0.38     $ 0.35     $ 0.35     $ 0.32  
    Net income per common share, diluted $ 0.40     $ 0.38     $ 0.34     $ 0.35     $ 0.31  
    Cash dividends declared $ 0.10     $ 0.10     $ 0.05     $ 0.05     $ 0.05  
    Balance sheet data (at period-end):                            
    Cash and cash equivalents $ 54,819     $ 97,984     $ 77,035     $ 38,486     $ 77,261  
    Securities available-for-sale $ 285,382     $ 275,139     $ 260,221     $ 259,527     $ 236,444  
    Securities held-to-maturity $ 158,740     $ 161,790     $ 164,694     $ 167,001     $ 169,606  
    Total securities $ 444,122     $ 436,929     $ 424,915     $ 426,528     $ 406,050  
    Loans held for investment (1) $ 2,113,318     $ 2,036,212     $ 1,972,848     $ 1,931,362     $ 1,869,249  
    Allowance for credit losses $ (24,933 )   $ (24,740 )   $ (24,070 )   $ (23,067 )   $ (22,230 )
    Total assets $ 2,719,474     $ 2,677,382     $ 2,581,216     $ 2,503,954     $ 2,458,270  
    Non-interest-bearing demand deposits $ 584,895     $ 605,489     $ 575,159     $ 637,313     $ 579,243  
    Interest-bearing deposits $ 1,750,766     $ 1,704,080     $ 1,598,845     $ 1,489,304     $ 1,477,459  
    Total deposits $ 2,335,661     $ 2,309,569     $ 2,174,004     $ 2,126,617     $ 2,056,702  
    FHLB advances and other borrowings $ 108,000     $ 108,000     $ 163,000     $ 118,000     $ 162,000  
    Total liabilities $ 2,487,891     $ 2,452,294     $ 2,365,828     $ 2,290,038     $ 2,257,250  
    Total stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Capital ratios:(2)                            
    Leverage ratio   9.72 %     9.61 %     9.53 %     9.34 %     9.03 %
    Common equity tier 1 capital   12.52 %     12.48 %     12.28 %     12.01 %     11.93 %
    Tier 1 risk-based capital   12.52 %     12.48 %     12.28 %     12.01 %     11.93 %
    Total risk-based capital   13.73 %     13.72 %     13.51 %     13.22 %     13.12 %
                                 
    (1) Loan amounts include deferred fees/costs.
    (2) Reflects the Company’s regulatory capital ratios which are provided for informational purposes only; as a small bank holding company, the Company is not subject to regulatory capital requirements. The Bank’s total risk-based capital at June 30, 2025 was 13.67%.
     
    USCB FINANCIAL HOLDINGS, INC.
    AVERAGE BALANCES, RATIOS, AND OTHER DATA (UNAUDITED)
    (Dollars in thousands)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Average balance sheet data:                            
    Cash and cash equivalents $ 71,388     $ 82,610     $ 56,937     $ 87,937     $ 107,831  
    Securities available-for-sale $ 281,840     $ 265,154     $ 255,786     $ 244,882     $ 263,345  
    Securities held-to-maturity $ 160,443     $ 163,510     $ 165,831     $ 168,632     $ 171,682  
    Total securities $ 442,283     $ 428,664     $ 421,617     $ 413,514     $ 435,027  
    Loans held for investment(1) $ 2,057,445     $ 1,986,856     $ 1,958,566     $ 1,878,230     $ 1,828,487  
    Total assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    Interest-bearing deposits $ 1,710,568     $ 1,652,147     $ 1,547,789     $ 1,468,067     $ 1,473,513  
    Non-interest-bearing demand deposits $ 580,121     $ 563,040     $ 590,829     $ 609,456     $ 610,370  
    Total deposits $ 2,290,689     $ 2,215,187     $ 2,138,618     $ 2,077,523     $ 2,083,883  
    FHLB advances and other borrowings $ 116,527     $ 138,944     $ 151,804     $ 156,043     $ 162,000  
    Total liabilities $ 2,448,706     $ 2,387,088     $ 2,328,877     $ 2,278,793     $ 2,281,467  
    Total stockholders’ equity $ 228,492     $ 219,505     $ 215,715     $ 206,641     $ 197,755  
    Performance ratios:                            
    Return on average assets (2)   1.22 %     1.19 %     1.08 %     1.11 %     1.01 %
    Return on average equity (2)   14.29 %     14.15 %     12.73 %     13.38 %     12.63 %
    Net interest margin (2)   3.28 %     3.10 %     3.16 %     3.03 %     2.94 %
    Non-interest income to average assets (2)   0.50 %     0.58 %     0.57 %     0.55 %     0.52 %
    Non-interest expense to average assets (2)   1.89 %     1.88 %     2.01 %     1.83 %     1.88 %
    Efficiency ratio (3)   51.77 %     52.79 %     55.92 %     53.16 %     56.33 %
    Loans by type (at period end): (4)                            
    Residential real estate $ 307,020     $ 301,164     $ 289,961     $ 283,477     $ 256,807  
    Commercial real estate $ 1,206,621     $ 1,150,129     $ 1,136,417     $ 1,095,112     $ 1,053,030  
    Commercial and industrial $ 263,966     $ 256,326     $ 258,311     $ 246,539     $ 248,525  
    Correspondent banks $ 110,155     $ 103,026     $ 82,438     $ 103,815     $ 112,510  
    Consumer and other $ 218,426     $ 218,711     $ 198,091     $ 198,604     $ 194,644  
    Asset quality data:                            
    Allowance for credit losses to total loans   1.18 %     1.22 %     1.22 %     1.19 %     1.19 %
    Allowance for credit losses to non-performing loans   1825 %     595 %     889 %     846 %     2,933 %
    Total non-performing loans(5) $ 1,366     $ 4,156     $ 2,707     $ 2,725     $ 758  
    Non-performing loans to total loans   0.06 %     0.20 %     0.14 %     0.14 %     0.04 %
    Non-performing assets to total assets(5)   0.05 %     0.16 %     0.10 %     0.11 %     0.03 %
    Net charge-offs (recoveries of) to average loans (2)   0.14 %     0.00 %     (0.00 )%     (0.00 )%     (0.00 )%
    Net charge-offs (recovery) of credit losses $ 702     $ 2     $ (11 )   $ (6 )   $ (2 )
    Interest rates and yields:(2)                            
    Loans held for investment   6.23 %     6.17 %     6.25 %     6.32 %     6.16 %
    Investment securities   3.06 %     2.81 %     2.63 %     2.61 %     2.80 %
    Total interest-earning assets   5.64 %     5.51 %     5.57 %     5.61 %     5.54 %
    Deposits(6)   2.46 %     2.49 %     2.48 %     2.66 %     2.64 %
    FHLB advances and other borrowings   3.72 %     3.71 %     3.81 %     4.05 %     4.03 %
    Total interest-bearing liabilities   3.32 %     3.37 %     3.47 %     3.79 %     3.76 %
    Other information:                            
    Full-time equivalent employees   203       201       199       198       197  
                                 
    (1) Loan amounts include deferred fees/costs.
    (2) Annualized.
    (3) Efficiency ratio is defined as total non-interest expense divided by sum of net interest income and total non-interest income.
    (4) Loan amounts exclude deferred fees/costs.
    (5) The amounts for total non-performing loans and total non-performing assets are the same at the dates presented since there was no other real estate owned (OREO) recorded at any of the dates presented.
    (6) Reflects effect of non-interest-bearing deposits.
     
    USCB FINANCIAL HOLDINGS, INC.
    NET INTEREST MARGIN (UNAUDITED)
    (Dollars in thousands)
                                   
      Three Months Ended June 30,
      2025   2024
      Average
    Balance    		   Interest   Yield/Rate (1)   Average
    Balance    		   Interest   Yield/Rate (1)
    Assets                              
    Interest-earning assets:                              
    Loans held for investment(2) $ 2,057,445   $ 31,946   6.23 %   $ 1,828,487   $ 28,017   6.16 %
    Investment securities (3)   449,624     3,432   3.06 %     440,559     3,069   2.80 %
    Other interest-earning assets   63,974     776   4.87 %     100,371     1,531   6.13 %
    Total interest-earning assets   2,571,043     36,154   5.64 %     2,369,417     32,617   5.54 %
    Non-interest-earning assets   106,155                 109,805            
    Total assets $ 2,677,198             $ 2,479,222          
    Liabilities and stockholders’ equity                                    
    Interest-bearing liabilities:                              
    Interest-bearing checking deposits $ 46,694     285   2.45 %   $ 56,369     391   2.79 %
    Saving and money market deposits   1,211,513     9,410   3.12 %     1,101,272     10,071   3.68 %
    Time deposits   452,361     4,343   3.85 %     315,872     3,222   4.10 %
    Total interest-bearing deposits   1,710,568     14,038   3.29 %     1,473,513     13,684   3.74 %
    FHLB advances and other borrowings   116,527     1,082   3.72 %     162,000     1,622   4.03 %
    Total interest-bearing liabilities   1,827,095     15,120   3.32 %     1,635,513     15,306   3.76 %
    Non-interest-bearing demand deposits   580,121                 610,370             
    Other non-interest-bearing liabilities   41,490               35,584          
    Total liabilities   2,448,706                 2,281,467            
    Stockholders’ equity   228,492               197,755          
    Total liabilities and stockholders’ equity $ 2,677,198               $ 2,479,222            
    Net interest income       $ 21,034             $ 17,311    
    Net interest spread (4)             2.32 %               1.78 %
    Net interest margin (5)             3.28 %               2.94 %
                                   
    (1) Annualized.
    (2) Average loan balances include non-accrual loans. Interest income on loans includes accretion of deferred loan fees, net of deferred loan costs.
    (3) At fair value except for securities held to maturity. This amount includes FHLB stock.
    (4) Net interest spread is the average yield earned on total interest-earning assets minus the average rate paid on total interest-bearing liabilities.
    (5) Net interest margin is the ratio of net interest income to total interest-earning assets.
     
    USCB FINANCIAL HOLDINGS, INC.
    NON-GAAP FINANCIAL MEASURES (UNAUDITED)
    (Dollars in thousands)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Pre-tax pre-provision (“PTPP”) income:(1)                            
    Net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,209  
    Plus: Provision for income taxes   2,599       2,440       2,197       2,213       1,967  
    Plus: Provision for credit losses   1,031       681       1,030       931       786  
    PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,962  
                                 
    PTPP return on average assets:(1)                                 
    PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,962  
    Average assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    PTPP return on average assets (2)   1.76 %     1.68 %     1.58 %     1.62 %     1.45 %
                                      
    Operating net income:(1)                            
    Net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,209  
    Less: Net gains on sale of securities   –       –       –       –       14  
    Less: Tax effect on sale of securities   –       –       –       –       (4 )
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
                                      
    Operating PTPP income:(1)                            
    PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,962  
    Less: Net gains on sale of securities   –       –       –       –       14  
    Operating PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,948  
                                 
    Operating PTPP return on average assets:(1)                                 
    Operating PTPP income $ 11,770     $ 10,779     $ 10,131     $ 10,093     $ 8,948  
    Average assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    Operating PTPP return on average assets (2)   1.76 %     1.68 %     1.58 %     1.62 %     1.45 %
                                      
    Operating return on average assets:(1)                            
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
    Average assets $ 2,677,198     $ 2,606,593     $ 2,544,592     $ 2,485,434     $ 2,479,222  
    Operating return on average assets (2)   1.22 %     1.19 %     1.08 %     1.11 %     1.01 %
                                 
    Operating return on average equity:(1)                            
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
    Average equity $ 228,492     $ 219,505     $ 215,715     $ 206,641     $ 197,755  
    Operating return on average equity (2)   14.29 %     14.15 %     12.73 %     13.38 %     12.61 %
                                 
    Operating Revenue:(1)                            
    Net interest income $ 21,034     $ 19,115     $ 19,358     $ 18,109     $ 17,311  
    Non-interest income   3,370       3,716       3,627       3,438       3,211  
    Less: Net gains on sale of securities   –       –       –       –       14  
    Operating revenue $ 24,404     $ 22,831     $ 22,985     $ 21,547     $ 20,508  
                                 
    Operating Efficiency Ratio:(1)                            
    Total non-interest expense $ 12,634     $ 12,052     $ 12,854     $ 11,454     $ 11,560  
    Operating revenue $ 24,404     $ 22,831     $ 22,985     $ 21,547     $ 20,508  
    Operating efficiency ratio   51.77 %     52.79 %     55.92 %     53.16 %     56.37 %
                                 
    (1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
    (2) Annualized.
     
    USCB FINANCIAL HOLDINGS, INC.
    NON-GAAP FINANCIAL MEASURES (UNAUDITED)
    (Dollars in thousands, except per share data)
                                 
      As of or For the Three Months Ended
      6/30/2025   3/31/2025   12/31/2024   9/30/2024   6/30/2024
    Tangible book value per common share (at period-end):(1)                            
    Total stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Less: Intangible assets   –       –       –       –       –  
    Tangible stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Total shares issued and outstanding (at period-end):                            
    Total common shares issued and outstanding   20,078,385       20,048,385       19,924,632       19,620,632       19,630,632  
    Tangible book value per common share(2) $ 11.53     $ 11.23     $ 10.81     $ 10.90     $ 10.24  
                                 
    Operating diluted net income per common share:(1)                            
    Operating net income $ 8,140     $ 7,658     $ 6,904     $ 6,949     $ 6,199  
    Total weighted average diluted shares of common stock   20,295,794       20,319,535       20,183,731       19,825,211       19,717,167  
    Operating diluted net income per common share: $ 0.40     $ 0.38     $ 0.34     $ 0.35     $ 0.31  
                                 
    Tangible Common Equity/Tangible Assets(1)                            
    Tangible stockholders’ equity $ 231,583     $ 225,088     $ 215,388     $ 213,916     $ 201,020  
    Tangible total assets(3) $ 2,719,474     $ 2,677,382     $ 2,581,216     $ 2,503,954     $ 2,458,270  
    Tangible Common Equity/Tangible Assets   8.52 %     8.41 %     8.34 %     8.54 %     8.18 %
                                 
    (1) The Company believes these non-GAAP measurements are key indicators of the ongoing earnings power of the Company.
    (2) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.
    (3) Since the Company has no intangible assets, tangible total assets is the same amount as total assets calculated under GAAP.

    The MIL Network –

  • MIL-OSI: Montauk Renewables Schedules Second Quarter 2025 Conference Call for Thursday, August 7, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, July 24, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Thursday, August 7, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2025. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    Second Quarter 2025 Conference Call and Webcast Details

    Date:     Thursday, August 7, 2025
    Time:   8:30 a.m. ET
    Participant Access:   [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through August 7, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network –

  • MIL-OSI: Montauk Renewables Schedules Second Quarter 2025 Conference Call for Thursday, August 7, 2025, at 8:30 a.m. ET

    Source: GlobeNewswire (MIL-OSI)

    PITTSBURGH, July 24, 2025 (GLOBE NEWSWIRE) — Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ: MNTK), a renewable energy company specializing in the management, recovery and conversion of biogas into renewable natural gas (“RNG”), will host a conference call and webcast on Thursday, August 7, 2025, at 8:30 a.m. Eastern time to discuss its financial results for the second quarter ended June 30, 2025. The Company will issue a press release reporting the financial results after the close of regular stock market trading hours on the day prior to the conference call and webcast.

    Second Quarter 2025 Conference Call and Webcast Details

    Date:     Thursday, August 7, 2025
    Time:   8:30 a.m. ET
    Participant Access:   [Link Here]
       

    Please register for the conference call and webcast using the above link in advance of the call start time. The webcast platform will register your name and organization as well as provide dial-in numbers and a unique access pin. Please contact Gateway Group at (949) 574-3860 if you experience technical difficulties.

    The conference call and webcast will have a live Q&A session and be available here and on the Company’s website at https://ir.montaukrenewables.com.

    A replay of the conference call and webcast will be available after 11:30 a.m. Eastern time on the same day through August 7, 2026.

    About Montauk Renewables, Inc.

    Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy company specializing in the management, recovery and conversion of biogas into RNG. The Company captures methane, preventing it from being released into the atmosphere, and converts it into either RNG or electrical power for the electrical grid (“Renewable Electricity”). The Company, headquartered in Pittsburgh, Pennsylvania, has more than 30 years of experience in the development, operation and management of landfill methane-fueled renewable energy projects. The Company has operations at 13 projects and ongoing development projects located in California, Idaho, Ohio, Oklahoma, Pennsylvania, North Carolina, and Texas. The Company sells RNG and Renewable Electricity, taking advantage of Environmental Attribute premiums available under federal and state policies that incentivize their use. For more information, visit https://ir.montaukrenewables.com.

    Company Contact:

    John Ciroli
    Chief Legal Officer (CLO) & Secretary
    investors@montaukenergy.com
    (412) 747-8700

    Investor Relations Contact:

    Georg Venturatos
    Gateway Group
    MNTK@Gateway-grp.com
    (949) 574-3860

    The MIL Network –

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

    • Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
    • Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
    • Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
    • The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
    • Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
    • Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
    • Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
    • The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
    • The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
    • The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

    First Half 2025 Highlights

    • Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
    • Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
    • Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
    • The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
    • Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
    • Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
    • Dividends declared in the first half of 2025 were $0.66 per share.

    Financial Summary

      At or for the Three Months ended   At or for the Six Months ended
    (Dollars in thousands, except per share and market data) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Operating results                  
    Net income $ 52,781     54,568     44,708     107,349     77,335  
    Basic earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Diluted earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Dividends declared per share $ 0.33     0.33     0.33     0.66     0.66  
    Market value per share                  
    Closing $ 43.08     44.22     37.32     43.08     37.32  
    High $ 44.70     52.81     40.18     52.81     42.75  
    Low $ 36.76     43.18     34.35     36.76     34.35  
    Selected ratios and other data                  
    Number of common stock shares outstanding   118,550,475     113,517,944     113,394,092     118,550,475     113,394,092  
    Average outstanding shares – basic   116,890,776     113,451,199     113,390,539     115,180,489     112,941,341  
    Average outstanding shares – diluted   116,918,290     113,546,365     113,405,491     115,244,550     112,981,531  
    Return on average assets (annualized)   0.74 %   0.80 %   0.66 %   0.77 %   0.56 %
    Return on average equity (annualized)   6.13 %   6.77 %   5.77 %   6.44 %   5.01 %
    Efficiency ratio   62.08 %   65.49 %   67.97 %   63.72 %   71.17 %
    Loan to deposit ratio   85.91 %   83.64 %   84.03 %   85.91 %   84.03 %
    Number of full time equivalent employees   3,665     3,457     3,399     3,665     3,399  
    Number of locations   247     227     231     247     231  
    Number of ATMs   300     286     286     300     286  
                                   

    KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

    On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
    The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

      BOID
    (Dollars in thousands) April 30,
    2025
    Total assets $ 1,369,764
    Cash and cash equivalents   26,127
    Debt securities   139,974
    Loans receivable   1,075,232
    Non-interest bearing deposits   271,385
    Interest bearing deposits   806,992
    Borrowings and subordinated debt   71,932
    Core deposit intangible   19,758
    Goodwill   75,207
         

    On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

    Asset Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Cash and cash equivalents $ 915,507     981,485     848,408     800,779     (65,978 )   67,099     114,728  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541     (147,332 )   (220,225 )   (474,561 )
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403     (55,442 )   (88,714 )   (194,270 )
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944     (202,774 )   (308,939 )   (668,831 )
    Loans receivable                          
    Residential real estate   1,931,554     1,850,079     1,858,929     1,771,528     81,475     72,625     160,026  
    Commercial real estate   11,935,109     10,952,809     10,963,713     10,713,964     982,300     971,396     1,221,145  
    Other commercial   3,303,889     3,121,477     3,119,535     3,066,028     182,412     184,354     237,861  
    Home equity   975,429     920,132     930,994     905,884     55,297     44,435     69,545  
    Other consumer   386,759     374,021     388,678     394,587     12,738     (1,919 )   (7,828 )
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991     1,314,222     1,270,891     1,680,749  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )   (16,399 )   (20,758 )   (25,844 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036     1,297,823     1,250,133     1,654,905  
    Other assets   2,557,546     2,435,389     2,458,719     2,453,581     122,157     98,827     103,965  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340     1,151,228     1,107,120     1,204,767  
     

    The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

    The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

    Credit Quality Summary

      At or for the Six Months ended   At or for the Three Months ended   At or for the Year ended   At or for the Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Allowance for credit losses              
    Balance at beginning of period $ 206,041     206,041     192,757     192,757  
    Acquisitions   35     —     3     3  
    Provision for credit losses   24,163     6,154     27,179     14,157  
    Charge-offs   (7,236 )   (3,897 )   (18,626 )   (8,430 )
    Recoveries   3,796     2,102     4,728     2,468  
    Balance at end of period $ 226,799     210,400     206,041     200,955  
    Provision for credit losses              
    Loan portfolio $ 24,163     6,154     27,179     14,157  
    Unfunded loan commitments   3,918     1,660     1,127     (2,390 )
    Total provision for credit losses $ 28,081     7,814     28,306     11,767  
    Other real estate owned $ 1,737     1,085     1,085     432  
    Other foreclosed assets   142     68     79     198  
    Accruing loans 90 days or more past due   11,371     5,289     6,177     4,692  
    Non-accrual loans   35,356     32,896     20,445     12,686  
    Total non-performing assets $ 48,606     39,338     27,786     18,008  
    Non-performing assets as a percentage of subsidiary assets   0.17 %   0.14 %   0.10 %   0.06 %
    Allowance for credit losses as a percentage of non-performing loans   485 %   551 %   774 %   1,116 %
    Allowance for credit losses as a percentage of total loans   1.22 %   1.22 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.02 %   0.01 %   0.08 %   0.04 %
    Accruing loans 30-89 days past due $ 54,403     46,458     32,228     49,678  
    U.S. government guarantees included in non-performing assets $ 2,651     685     748     1,228  
     

    Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

    The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

    The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACL
    as a Percent
    of Loans    		   Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		   Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Second quarter 2025 $ 18,009   $ 1,645   1.22 %   0.29 %   0.17 %
    First quarter 2025   6,154     1,795   1.22 %   0.27 %   0.14 %
    Fourth quarter 2024   6,041     5,170   1.19 %   0.19 %   0.10 %
    Third quarter 2024   6,981     2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
     

    Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Deposits                          
    Non-interest bearing deposits $ 6,593,728   6,100,548   6,136,709   6,093,430   493,180     457,019     500,298  
    NOW and DDA accounts   5,747,388   5,676,177   5,543,512   5,219,838   71,211     203,876     527,550  
    Savings accounts   2,956,387   2,896,378   2,845,124   2,862,034   60,009     111,263     94,353  
    Money market deposit accounts   3,089,115   2,816,874   2,878,213   2,858,850   272,241     210,902     230,265  
    Certificate accounts   3,238,576   3,140,333   3,139,821   3,064,613   98,243     98,755     173,963  
    Core deposits, total   21,625,194   20,630,310   20,543,379   20,098,765   994,884     1,081,815     1,526,429  
    Wholesale deposits   3,308   3,740   3,615   2,994   (432 )   (307 )   314  
    Deposits, total   21,628,502   20,634,050   20,546,994   20,101,759   994,452     1,081,508     1,526,743  
    Repurchase agreements   1,976,228   1,849,070   1,777,475   1,629,504   127,158     198,753     346,724  
    Deposits and repurchase agreements, total   23,604,730   22,483,120   22,324,469   21,731,263   1,121,610     1,280,261     1,873,467  
    Federal Home Loan Bank advances   1,255,088   1,520,000   1,800,000   2,350,000   (264,912 )   (544,912 )   (1,094,912 )
    Other borrowed funds   81,771   82,443   83,341   88,149   (672 )   (1,570 )   (6,378 )
    Subordinated debentures   157,127   133,145   133,105   133,024   23,982     24,022     24,103  
    Other liabilities   374,003   352,563   338,218   365,459   21,440     35,785     8,544  
    Total liabilities $ 25,472,719   24,571,271   24,679,133   24,667,895   901,448     793,586     804,824  
     

    Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

    Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Common equity $ 3,776,043     3,550,719     3,533,150     3,492,096     225,324     242,893     283,947  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )   24,456     70,641     115,996  
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445     249,780     313,534     399,943  
    Goodwill and intangibles, net   (1,191,474 )   (1,099,229 )   (1,102,500 )   (1,066,790 )   (92,245 )   (88,974 )   (124,684 )
    Tangible stockholders’ equity $ 2,345,914     2,188,379     2,121,354     2,070,655     157,535     224,560     275,259  
    Stockholders’ equity to total assets   12.19 %   11.80 %   11.55 %   11.28 %                  
    Tangible stockholders’ equity to total tangible assets   8.43 %   8.18 %   7.92 %   7.74 %                  
    Book value per common share $ 29.84     28.96     28.43     27.67     0.88     1.41     2.17  
    Tangible book value per common share $ 19.79     19.28     18.71     18.26     0.51     1.08     1.53  
                                               

    Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

    Cash Dividends
    On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended June 30, 2025 
    Compared to March 31, 2025, and June 30, 2024
     

    Income Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Net interest income                  
    Interest income $ 308,115     289,925     273,834     18,190     34,281  
    Interest expense   100,499     99,946     107,356     553     (6,857 )
    Total net interest income   207,616     189,979     166,478     17,637     41,138  
    Non-interest income                  
    Service charges and other fees   20,405     18,818     19,422     1,587     983  
    Miscellaneous loan fees and charges   5,067     4,664     4,821     403     246  
    Gain on sale of loans   4,273     4,311     4,669     (38 )   (396 )
    Loss on sale of securities   —     —     (12 )   —     12  
    Other income   3,199     4,849     3,304     (1,650 )   (105 )
    Total non-interest income   32,944     32,642     32,204     302     740  
    Total income $ 240,560     222,621     198,682     17,939     41,878  
    Net interest margin (tax-equivalent)   3.21 %   3.04 %   2.68 %        
     

    Net Interest Income
    Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

    The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

    Non-interest Income
    Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Compensation and employee benefits $ 94,355   91,443   84,434   2,912     9,921  
    Occupancy and equipment   12,558   12,294   11,594   264     964  
    Advertising and promotions   4,394   4,144   4,362   250     32  
    Data processing   9,883   9,138   9,387   745     496  
    Other real estate owned and foreclosed assets   26   63   149   (37 )   (123 )
    Regulatory assessments and insurance   5,847   5,534   5,393   313     454  
    Intangibles amortization   3,624   3,270   3,017   354     607  
    Other expenses   24,432   25,432   22,616   (1,000 )   1,816  
    Total non-interest expense $ 155,119   151,318   140,952   3,801     14,167  
     

    Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

    Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

    Federal and State Income Tax Expense
    Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

    Efficiency Ratio
    The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

    Operating Results for Six Months Ended June 30, 2025
    Compared to June 30, 2024
     

    Income Summary

      Six Months ended    
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Net interest income              
    Interest income $ 598,040     $ 553,236     $ 44,804     8 %
    Interest expense   200,445       220,278       (19,833 )   (9) %
    Total net interest income   397,595       332,958       64,637     19 %
    Non-interest income              
    Service charges and other fees   39,223       37,985       1,238     3 %
    Miscellaneous loan fees and charges   9,731       9,183       548     6 %
    Gain on sale of loans   8,584       8,031       553     7 %
    Gain on sale of securities   —       4       (4 )   (100) %
    Other income   8,048       6,990       1,058     15 %
    Total non-interest income   65,586       62,193       3,393     5 %
    Total Income $ 463,181     $ 395,151     $ 68,030     17 %
    Net interest margin (tax-equivalent)   3.12 %     2.64 %        
     

    Net Interest Income
    Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

    Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

    Non-interest Income
    Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

    Non-interest Expense Summary

      Six Months ended        
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Compensation and employee benefits $ 185,798   $ 170,223   $ 15,575     9 %
    Occupancy and equipment   24,852     23,477     1,375     6 %
    Advertising and promotions   8,538     8,345     193     2 %
    Data processing   19,021     18,546     475     3 %
    Other real estate owned and foreclosed assets   89     174     (85 )   (49) %
    Regulatory assessments and insurance   11,381     13,154     (1,773 )   (13) %
    Core deposit intangibles amortization   6,894     5,777     1,117     19 %
    Other expenses   49,864     53,099     (3,235 )   (6) %
    Total non-interest expense $ 306,437   $ 292,795   $ 13,642     5 %
     

    Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

    Provision for Credit Losses
    The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

    Federal and State Income Tax Expense
    Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
    • risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    4 Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
    5 Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Three Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   14,884,885     216,385   5.83 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,290,587     21,589   6.73 %
    Total loans 2   18,161,429     265,536   5.86 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     7,042,885     29,461   1.67 %
    Total earning assets   26,401,636     311,580   4.73 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,153,466             1,068,250        
    Non-earning assets   918,007             754,491        
    Total assets $ 28,473,109           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,221,883     15,728   1.21 %
    Savings accounts   2,904,389     5,402   0.75 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,037,638     31,593   4.18 %
    Total core deposits   21,047,529     65,503   1.25 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   5,618     66   4.67 %     3,726     50   5.50 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,597,887     13,566   3.41 %
    FHLB advances   1,494,781     17,806   4.71 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     224,778     1,759   3.15 %
    Total funding liabilities   24,678,671     100,499   1.63 %     23,939,344     107,356   1.80 %
    Other liabilities   338,289             344,105        
    Total liabilities   25,016,960             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,117,275        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 211,081           $ 170,498    
    Net interest spread (tax-equivalent)         3.10 %           2.57 %
    Net interest margin (tax-equivalent)         3.21 %           2.68 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Six Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,913,157   $ 49,636   5.19 %   $ 1,771,985   $ 42,518   4.80 %
    Commercial loans 1   14,490,240     415,306   5.78 %     13,626,941     372,984   5.50 %
    Consumer and other loans   1,319,451     46,406   7.09 %     1,286,988     42,537   6.65 %
    Total loans 2   17,722,848     511,348   5.82 %     16,685,914     458,039   5.52 %
    Tax-exempt debt securities 3   1,599,845     27,935   3.49 %     1,713,819     30,268   3.53 %
    Taxable debt securities 4, 5   6,795,105     65,643   1.93 %     7,609,930     72,938   1.92 %
    Total earning assets   26,117,798     604,926   4.67 %     26,009,663     561,245   4.34 %
    Goodwill and intangibles   1,127,279             1,060,102        
    Non-earning assets   883,125             683,020        
    Total assets $ 28,128,202           $ 27,752,785        
    Liabilities                      
    Non-interest bearing deposits $ 6,123,604   $ —   — %   $ 5,996,627   $ —   — %
    NOW and DDA accounts   5,600,895     31,110   1.12 %     5,248,793     31,646   1.21 %
    Savings accounts   2,883,150     10,561   0.74 %     2,907,594     11,669   0.81 %
    Money market deposit accounts   2,925,396     28,915   1.99 %     2,926,366     28,860   1.98 %
    Certificate accounts   3,181,971     57,742   3.66 %     3,019,176     62,768   4.18 %
    Total core deposits   20,715,016     128,328   1.25 %     20,098,556     134,943   1.35 %
    Wholesale deposits 6   4,615     106   4.62 %     3,846     105   5.50 %
    Repurchase agreements   1,870,962     27,842   3.00 %     1,555,642     26,164   3.38 %
    FHLB advances   1,618,702     38,525   4.73 %     1,179,251     28,428   4.77 %
    FRB Bank Term Funding   —     —   — %     1,241,538     27,097   4.39 %
    Subordinated debentures and other borrowed funds   224,031     5,644   5.08 %     221,525     3,541   3.21 %
    Total funding liabilities   24,433,326     200,445   1.65 %     24,300,358     220,278   1.82 %
    Other liabilities   332,558             350,329        
    Total liabilities   24,765,884             24,650,687        
    Stockholders’ Equity                      
    Stockholders’ equity   3,362,318             3,102,098        
    Total liabilities and stockholders’ equity $ 28,128,202           $ 27,752,785        
    Net interest income (tax-equivalent)     $ 404,481           $ 340,967    
    Net interest spread (tax-equivalent)         3.02 %           2.52 %
    Net interest margin (tax-equivalent)         3.12 %           2.64 %

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025
    Pre-sold and spec construction $ 50     —     (4 )   (4 )   51   1
    Land development   (341 )   (341 )   1,095     (1 )   —   341
    Consumer land or lots   (3 )   (3 )   (22 )   (22 )   —   3
    Unimproved land   —     —     1,338     5     —   —
    Commercial lots   —     —     319     319     —   —
    Total land, lot and other construction   (344 )   (344 )   2,730     301     —   344
    Owner occupied   (1 )   (1 )   (73 )   (73 )   —   1
    Non-owner occupied   (8 )   (6 )   2     (2 )   —   8
    Total commercial real estate   (9 )   (7 )   (71 )   (75 )   —   9
    Commercial and industrial   26     92     1,422     644     827   801
    Agriculture   (109 )   (1 )   64     68     —   109
    First lien   (79 )   (69 )   32     (22 )   1   80
    Junior lien   (137 )   (5 )   (65 )   (55 )   —   137
    Total 1-4 family   (216 )   (74 )   (33 )   (77 )   1   217
    Home equity lines of credit   (20 )   (20 )   69     1     10   30
    Other consumer   656     276     1,078     493     789   133
    Total consumer   636     256     1,147     494     799   163
    Other   3,406     1,873     8,643     4,611     5,558   2,152
    Total $ 3,440     1,795     13,898     5,962     7,236   3,796
     

    Visit our website at www.glacierbancorp.com

    The MIL Network –

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

    • Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
    • Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
    • Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
    • The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
    • Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
    • Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
    • Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
    • The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
    • The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
    • The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

    First Half 2025 Highlights

    • Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
    • Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
    • Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
    • The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
    • Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
    • Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
    • Dividends declared in the first half of 2025 were $0.66 per share.

    Financial Summary

      At or for the Three Months ended   At or for the Six Months ended
    (Dollars in thousands, except per share and market data) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Operating results                  
    Net income $ 52,781     54,568     44,708     107,349     77,335  
    Basic earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Diluted earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Dividends declared per share $ 0.33     0.33     0.33     0.66     0.66  
    Market value per share                  
    Closing $ 43.08     44.22     37.32     43.08     37.32  
    High $ 44.70     52.81     40.18     52.81     42.75  
    Low $ 36.76     43.18     34.35     36.76     34.35  
    Selected ratios and other data                  
    Number of common stock shares outstanding   118,550,475     113,517,944     113,394,092     118,550,475     113,394,092  
    Average outstanding shares – basic   116,890,776     113,451,199     113,390,539     115,180,489     112,941,341  
    Average outstanding shares – diluted   116,918,290     113,546,365     113,405,491     115,244,550     112,981,531  
    Return on average assets (annualized)   0.74 %   0.80 %   0.66 %   0.77 %   0.56 %
    Return on average equity (annualized)   6.13 %   6.77 %   5.77 %   6.44 %   5.01 %
    Efficiency ratio   62.08 %   65.49 %   67.97 %   63.72 %   71.17 %
    Loan to deposit ratio   85.91 %   83.64 %   84.03 %   85.91 %   84.03 %
    Number of full time equivalent employees   3,665     3,457     3,399     3,665     3,399  
    Number of locations   247     227     231     247     231  
    Number of ATMs   300     286     286     300     286  
                                   

    KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

    On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
    The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

      BOID
    (Dollars in thousands) April 30,
    2025
    Total assets $ 1,369,764
    Cash and cash equivalents   26,127
    Debt securities   139,974
    Loans receivable   1,075,232
    Non-interest bearing deposits   271,385
    Interest bearing deposits   806,992
    Borrowings and subordinated debt   71,932
    Core deposit intangible   19,758
    Goodwill   75,207
         

    On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

    Asset Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Cash and cash equivalents $ 915,507     981,485     848,408     800,779     (65,978 )   67,099     114,728  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541     (147,332 )   (220,225 )   (474,561 )
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403     (55,442 )   (88,714 )   (194,270 )
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944     (202,774 )   (308,939 )   (668,831 )
    Loans receivable                          
    Residential real estate   1,931,554     1,850,079     1,858,929     1,771,528     81,475     72,625     160,026  
    Commercial real estate   11,935,109     10,952,809     10,963,713     10,713,964     982,300     971,396     1,221,145  
    Other commercial   3,303,889     3,121,477     3,119,535     3,066,028     182,412     184,354     237,861  
    Home equity   975,429     920,132     930,994     905,884     55,297     44,435     69,545  
    Other consumer   386,759     374,021     388,678     394,587     12,738     (1,919 )   (7,828 )
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991     1,314,222     1,270,891     1,680,749  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )   (16,399 )   (20,758 )   (25,844 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036     1,297,823     1,250,133     1,654,905  
    Other assets   2,557,546     2,435,389     2,458,719     2,453,581     122,157     98,827     103,965  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340     1,151,228     1,107,120     1,204,767  
     

    The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

    The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

    Credit Quality Summary

      At or for the Six Months ended   At or for the Three Months ended   At or for the Year ended   At or for the Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Allowance for credit losses              
    Balance at beginning of period $ 206,041     206,041     192,757     192,757  
    Acquisitions   35     —     3     3  
    Provision for credit losses   24,163     6,154     27,179     14,157  
    Charge-offs   (7,236 )   (3,897 )   (18,626 )   (8,430 )
    Recoveries   3,796     2,102     4,728     2,468  
    Balance at end of period $ 226,799     210,400     206,041     200,955  
    Provision for credit losses              
    Loan portfolio $ 24,163     6,154     27,179     14,157  
    Unfunded loan commitments   3,918     1,660     1,127     (2,390 )
    Total provision for credit losses $ 28,081     7,814     28,306     11,767  
    Other real estate owned $ 1,737     1,085     1,085     432  
    Other foreclosed assets   142     68     79     198  
    Accruing loans 90 days or more past due   11,371     5,289     6,177     4,692  
    Non-accrual loans   35,356     32,896     20,445     12,686  
    Total non-performing assets $ 48,606     39,338     27,786     18,008  
    Non-performing assets as a percentage of subsidiary assets   0.17 %   0.14 %   0.10 %   0.06 %
    Allowance for credit losses as a percentage of non-performing loans   485 %   551 %   774 %   1,116 %
    Allowance for credit losses as a percentage of total loans   1.22 %   1.22 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.02 %   0.01 %   0.08 %   0.04 %
    Accruing loans 30-89 days past due $ 54,403     46,458     32,228     49,678  
    U.S. government guarantees included in non-performing assets $ 2,651     685     748     1,228  
     

    Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

    The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

    The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACL
    as a Percent
    of Loans    		   Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		   Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Second quarter 2025 $ 18,009   $ 1,645   1.22 %   0.29 %   0.17 %
    First quarter 2025   6,154     1,795   1.22 %   0.27 %   0.14 %
    Fourth quarter 2024   6,041     5,170   1.19 %   0.19 %   0.10 %
    Third quarter 2024   6,981     2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
     

    Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Deposits                          
    Non-interest bearing deposits $ 6,593,728   6,100,548   6,136,709   6,093,430   493,180     457,019     500,298  
    NOW and DDA accounts   5,747,388   5,676,177   5,543,512   5,219,838   71,211     203,876     527,550  
    Savings accounts   2,956,387   2,896,378   2,845,124   2,862,034   60,009     111,263     94,353  
    Money market deposit accounts   3,089,115   2,816,874   2,878,213   2,858,850   272,241     210,902     230,265  
    Certificate accounts   3,238,576   3,140,333   3,139,821   3,064,613   98,243     98,755     173,963  
    Core deposits, total   21,625,194   20,630,310   20,543,379   20,098,765   994,884     1,081,815     1,526,429  
    Wholesale deposits   3,308   3,740   3,615   2,994   (432 )   (307 )   314  
    Deposits, total   21,628,502   20,634,050   20,546,994   20,101,759   994,452     1,081,508     1,526,743  
    Repurchase agreements   1,976,228   1,849,070   1,777,475   1,629,504   127,158     198,753     346,724  
    Deposits and repurchase agreements, total   23,604,730   22,483,120   22,324,469   21,731,263   1,121,610     1,280,261     1,873,467  
    Federal Home Loan Bank advances   1,255,088   1,520,000   1,800,000   2,350,000   (264,912 )   (544,912 )   (1,094,912 )
    Other borrowed funds   81,771   82,443   83,341   88,149   (672 )   (1,570 )   (6,378 )
    Subordinated debentures   157,127   133,145   133,105   133,024   23,982     24,022     24,103  
    Other liabilities   374,003   352,563   338,218   365,459   21,440     35,785     8,544  
    Total liabilities $ 25,472,719   24,571,271   24,679,133   24,667,895   901,448     793,586     804,824  
     

    Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

    Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Common equity $ 3,776,043     3,550,719     3,533,150     3,492,096     225,324     242,893     283,947  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )   24,456     70,641     115,996  
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445     249,780     313,534     399,943  
    Goodwill and intangibles, net   (1,191,474 )   (1,099,229 )   (1,102,500 )   (1,066,790 )   (92,245 )   (88,974 )   (124,684 )
    Tangible stockholders’ equity $ 2,345,914     2,188,379     2,121,354     2,070,655     157,535     224,560     275,259  
    Stockholders’ equity to total assets   12.19 %   11.80 %   11.55 %   11.28 %                  
    Tangible stockholders’ equity to total tangible assets   8.43 %   8.18 %   7.92 %   7.74 %                  
    Book value per common share $ 29.84     28.96     28.43     27.67     0.88     1.41     2.17  
    Tangible book value per common share $ 19.79     19.28     18.71     18.26     0.51     1.08     1.53  
                                               

    Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

    Cash Dividends
    On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended June 30, 2025 
    Compared to March 31, 2025, and June 30, 2024
     

    Income Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Net interest income                  
    Interest income $ 308,115     289,925     273,834     18,190     34,281  
    Interest expense   100,499     99,946     107,356     553     (6,857 )
    Total net interest income   207,616     189,979     166,478     17,637     41,138  
    Non-interest income                  
    Service charges and other fees   20,405     18,818     19,422     1,587     983  
    Miscellaneous loan fees and charges   5,067     4,664     4,821     403     246  
    Gain on sale of loans   4,273     4,311     4,669     (38 )   (396 )
    Loss on sale of securities   —     —     (12 )   —     12  
    Other income   3,199     4,849     3,304     (1,650 )   (105 )
    Total non-interest income   32,944     32,642     32,204     302     740  
    Total income $ 240,560     222,621     198,682     17,939     41,878  
    Net interest margin (tax-equivalent)   3.21 %   3.04 %   2.68 %        
     

    Net Interest Income
    Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

    The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

    Non-interest Income
    Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Compensation and employee benefits $ 94,355   91,443   84,434   2,912     9,921  
    Occupancy and equipment   12,558   12,294   11,594   264     964  
    Advertising and promotions   4,394   4,144   4,362   250     32  
    Data processing   9,883   9,138   9,387   745     496  
    Other real estate owned and foreclosed assets   26   63   149   (37 )   (123 )
    Regulatory assessments and insurance   5,847   5,534   5,393   313     454  
    Intangibles amortization   3,624   3,270   3,017   354     607  
    Other expenses   24,432   25,432   22,616   (1,000 )   1,816  
    Total non-interest expense $ 155,119   151,318   140,952   3,801     14,167  
     

    Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

    Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

    Federal and State Income Tax Expense
    Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

    Efficiency Ratio
    The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

    Operating Results for Six Months Ended June 30, 2025
    Compared to June 30, 2024
     

    Income Summary

      Six Months ended    
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Net interest income              
    Interest income $ 598,040     $ 553,236     $ 44,804     8 %
    Interest expense   200,445       220,278       (19,833 )   (9) %
    Total net interest income   397,595       332,958       64,637     19 %
    Non-interest income              
    Service charges and other fees   39,223       37,985       1,238     3 %
    Miscellaneous loan fees and charges   9,731       9,183       548     6 %
    Gain on sale of loans   8,584       8,031       553     7 %
    Gain on sale of securities   —       4       (4 )   (100) %
    Other income   8,048       6,990       1,058     15 %
    Total non-interest income   65,586       62,193       3,393     5 %
    Total Income $ 463,181     $ 395,151     $ 68,030     17 %
    Net interest margin (tax-equivalent)   3.12 %     2.64 %        
     

    Net Interest Income
    Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

    Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

    Non-interest Income
    Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

    Non-interest Expense Summary

      Six Months ended        
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Compensation and employee benefits $ 185,798   $ 170,223   $ 15,575     9 %
    Occupancy and equipment   24,852     23,477     1,375     6 %
    Advertising and promotions   8,538     8,345     193     2 %
    Data processing   19,021     18,546     475     3 %
    Other real estate owned and foreclosed assets   89     174     (85 )   (49) %
    Regulatory assessments and insurance   11,381     13,154     (1,773 )   (13) %
    Core deposit intangibles amortization   6,894     5,777     1,117     19 %
    Other expenses   49,864     53,099     (3,235 )   (6) %
    Total non-interest expense $ 306,437   $ 292,795   $ 13,642     5 %
     

    Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

    Provision for Credit Losses
    The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

    Federal and State Income Tax Expense
    Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
    • risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    4 Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
    5 Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Three Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   14,884,885     216,385   5.83 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,290,587     21,589   6.73 %
    Total loans 2   18,161,429     265,536   5.86 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     7,042,885     29,461   1.67 %
    Total earning assets   26,401,636     311,580   4.73 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,153,466             1,068,250        
    Non-earning assets   918,007             754,491        
    Total assets $ 28,473,109           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,221,883     15,728   1.21 %
    Savings accounts   2,904,389     5,402   0.75 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,037,638     31,593   4.18 %
    Total core deposits   21,047,529     65,503   1.25 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   5,618     66   4.67 %     3,726     50   5.50 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,597,887     13,566   3.41 %
    FHLB advances   1,494,781     17,806   4.71 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     224,778     1,759   3.15 %
    Total funding liabilities   24,678,671     100,499   1.63 %     23,939,344     107,356   1.80 %
    Other liabilities   338,289             344,105        
    Total liabilities   25,016,960             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,117,275        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 211,081           $ 170,498    
    Net interest spread (tax-equivalent)         3.10 %           2.57 %
    Net interest margin (tax-equivalent)         3.21 %           2.68 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Six Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,913,157   $ 49,636   5.19 %   $ 1,771,985   $ 42,518   4.80 %
    Commercial loans 1   14,490,240     415,306   5.78 %     13,626,941     372,984   5.50 %
    Consumer and other loans   1,319,451     46,406   7.09 %     1,286,988     42,537   6.65 %
    Total loans 2   17,722,848     511,348   5.82 %     16,685,914     458,039   5.52 %
    Tax-exempt debt securities 3   1,599,845     27,935   3.49 %     1,713,819     30,268   3.53 %
    Taxable debt securities 4, 5   6,795,105     65,643   1.93 %     7,609,930     72,938   1.92 %
    Total earning assets   26,117,798     604,926   4.67 %     26,009,663     561,245   4.34 %
    Goodwill and intangibles   1,127,279             1,060,102        
    Non-earning assets   883,125             683,020        
    Total assets $ 28,128,202           $ 27,752,785        
    Liabilities                      
    Non-interest bearing deposits $ 6,123,604   $ —   — %   $ 5,996,627   $ —   — %
    NOW and DDA accounts   5,600,895     31,110   1.12 %     5,248,793     31,646   1.21 %
    Savings accounts   2,883,150     10,561   0.74 %     2,907,594     11,669   0.81 %
    Money market deposit accounts   2,925,396     28,915   1.99 %     2,926,366     28,860   1.98 %
    Certificate accounts   3,181,971     57,742   3.66 %     3,019,176     62,768   4.18 %
    Total core deposits   20,715,016     128,328   1.25 %     20,098,556     134,943   1.35 %
    Wholesale deposits 6   4,615     106   4.62 %     3,846     105   5.50 %
    Repurchase agreements   1,870,962     27,842   3.00 %     1,555,642     26,164   3.38 %
    FHLB advances   1,618,702     38,525   4.73 %     1,179,251     28,428   4.77 %
    FRB Bank Term Funding   —     —   — %     1,241,538     27,097   4.39 %
    Subordinated debentures and other borrowed funds   224,031     5,644   5.08 %     221,525     3,541   3.21 %
    Total funding liabilities   24,433,326     200,445   1.65 %     24,300,358     220,278   1.82 %
    Other liabilities   332,558             350,329        
    Total liabilities   24,765,884             24,650,687        
    Stockholders’ Equity                      
    Stockholders’ equity   3,362,318             3,102,098        
    Total liabilities and stockholders’ equity $ 28,128,202           $ 27,752,785        
    Net interest income (tax-equivalent)     $ 404,481           $ 340,967    
    Net interest spread (tax-equivalent)         3.02 %           2.52 %
    Net interest margin (tax-equivalent)         3.12 %           2.64 %

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025
    Pre-sold and spec construction $ 50     —     (4 )   (4 )   51   1
    Land development   (341 )   (341 )   1,095     (1 )   —   341
    Consumer land or lots   (3 )   (3 )   (22 )   (22 )   —   3
    Unimproved land   —     —     1,338     5     —   —
    Commercial lots   —     —     319     319     —   —
    Total land, lot and other construction   (344 )   (344 )   2,730     301     —   344
    Owner occupied   (1 )   (1 )   (73 )   (73 )   —   1
    Non-owner occupied   (8 )   (6 )   2     (2 )   —   8
    Total commercial real estate   (9 )   (7 )   (71 )   (75 )   —   9
    Commercial and industrial   26     92     1,422     644     827   801
    Agriculture   (109 )   (1 )   64     68     —   109
    First lien   (79 )   (69 )   32     (22 )   1   80
    Junior lien   (137 )   (5 )   (65 )   (55 )   —   137
    Total 1-4 family   (216 )   (74 )   (33 )   (77 )   1   217
    Home equity lines of credit   (20 )   (20 )   69     1     10   30
    Other consumer   656     276     1,078     493     789   133
    Total consumer   636     256     1,147     494     799   163
    Other   3,406     1,873     8,643     4,611     5,558   2,152
    Total $ 3,440     1,795     13,898     5,962     7,236   3,796
     

    Visit our website at www.glacierbancorp.com

    The MIL Network –

  • MIL-OSI: First Western Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Summary

    • Total loans increased $115 million, or 4.7%, from $2.43 billion as of Q1 2025 to $2.54 billion as of Q2 2025
    • Net interest margin increased 6 basis points from 2.61% in Q1 2025 to 2.67% in Q2 2025
    • Net interest income increased $0.4 million from $17.5 million in Q1 2025 to $17.9 million in Q2 2025
    • Non-interest expense decreased $0.3 million from $19.4 million in Q1 2025 to $19.1 million in Q2 2025
    • Net income available to common shareholders of $2.5 million, or $0.26 per diluted share, in Q2 2025

    DENVER, July 24, 2025 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the second quarter ended June 30, 2025.

    Net income available to common shareholders was $2.5 million, or $0.26 per diluted share, for the second quarter of 2025. This compares to net income of $4.2 million, or $0.43 per diluted share, for the first quarter of 2025, and net income of $1.1 million, or $0.11 per diluted share, for the second quarter of 2024.

    Scott C. Wylie, CEO of First Western, commented, “We executed well in the second quarter and saw positive trends in many areas including loan and deposit growth, an expansion in our net interest margin, well managed expenses, and stable asset quality. We were able to redeploy the cash from the sale of our two largest OREO properties into loan production and securities purchases, which positively impacted our net interest margin. While maintaining our disciplined underwriting and pricing criteria, we had a very strong quarter of loan production, which was well diversified across our markets and loan portfolios. Our strong loan production reflects the healthy economic conditions we continue to see across our markets, as well as the contribution of banking talent we have added over the past few years.

    “Our loan and deposit pipelines remain healthy and we expect to see solid balance sheet growth over the second half of the year, along with continued expansion in our net interest margin while we continue to maintain tight expense control. We believe this will continue to result in solid financial performance for our shareholders as we move through the year,” said Mr. Wylie.

      For the Three Months Ended
      June 30,   March 31,   June 30,
    (Dollars in thousands, except per share data)   2025       2025       2024  
    Earnings Summary          
    Net interest income $ 17,884     $ 17,453     $ 15,778  
    Provision for credit losses   1,773       80       2,334  
    Total non-interest income   6,305       7,345       6,972  
    Total non-interest expense   19,099       19,361       19,001  
    Income before income taxes   3,317       5,357       1,415  
    Income tax expense   814       1,172       339  
    Net income available to common shareholders   2,503       4,185       1,076  
    Basic earnings per common share   0.26       0.43       0.11  
    Diluted earnings per common share   0.26       0.43       0.11  
               
    Return on average assets (annualized)   0.36 %     0.59 %     0.15 %
    Return on average shareholders’ equity (annualized)   3.90       6.63       1.73  
    Return on tangible common equity (annualized)(1)   4.40       7.44       2.00  
    Net interest margin   2.67       2.61       2.35  
    Efficiency ratio(1)   78.83       79.16       82.25  

    ____________________

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Operating Results for the Second Quarter 2025

    Revenue

    Total income before non-interest expense was $22.4 million for the second quarter of 2025, a decrease of 9.3% from $24.7 million for the first quarter of 2025. Gross revenue(1) was $24.2 million for the second quarter of 2025, a decrease of 1.6% from $24.6 million for the first quarter of 2025. Relative to the first quarter of 2025, the decrease in total income before non-interest expense was primarily driven by an increase in the Provision for credit losses and decreases in Net gain on loans held for sale and Net gain on other real estate owned, partially offset by an increase in Net interest income. Relative to the second quarter of 2024, total income before non-interest expense increased 9.8% from $20.4 million and Gross revenue increased 4.8% from $23.1 million. Relative to the second quarter of 2024, the increase in total income before non-interest expense was primarily driven by an increase in Net interest income and decrease in the Provision for credit losses, partially offset by a decrease in Net gain on mortgage loans.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 increased 6 basis points to 2.67% from 2.61% reported in the first quarter of 2025, primarily due to a decrease in cost of deposits and increase in interest-earning assets yield. The decrease in cost of deposits was primarily due to lower rates on time deposits and the increase in interest-earning assets yield was primarily due to an improved mix in average interest-earning asset balances.

    The yield on interest-earning assets increased 4 basis points to 5.61% from 5.57% reported in the first quarter of 2025 and the cost of interest-bearing liabilities decreased 2 basis points to 3.63% from 3.65% reported in the first quarter of 2025.

    Relative to the second quarter of 2024, net interest margin increased 32 basis points from 2.35%, primarily due to a 42 basis point decrease in total cost of funds as a result of the lower interest rate environment.

    Net Interest Income

    Net interest income for the second quarter of 2025 was $17.9 million, an increase of 2.3% from $17.5 million for the first quarter of 2025. The increase quarter over quarter was primarily driven by a 6 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets. Relative to the second quarter of 2024, net interest income increased 13.3% from $15.8 million. The increase compared to the second quarter of 2024 was primarily driven by a 32 basis point increase in net interest margin, offset partially by a decline in average interest-earnings assets.

    Non-interest Income

    Non-interest income for the second quarter of 2025 was $6.3 million, a decrease of 13.7% from $7.3 million in the first quarter of 2025. The decrease was driven primarily by decreases in Net gain on other real estate owned, Net gain on loans held for sale, and Risk management and insurance fees, partially offset by an increase in Net gain on mortgage loans due to an increase in origination volume. The first quarter of 2025 included a Net gain on other real estate of $0.5 million due to the sale of our two largest OREO properties as well as a Net gain on loans held for sale of $0.2 million due to the reversal of a previous quarter’s write-down on a non-performing loan.

    Relative to the second quarter of 2024, non-interest income decreased $0.7 million, driven primarily by a decrease in Net gain on mortgage loans due to a decrease in origination volume.

    Non-interest Expense

    Non-interest expense for the second quarter of 2025 was $19.1 million, a decrease of 1.5% from $19.4 million in the first quarter of 2025. The decrease was primarily driven by a decrease in Salaries and employee benefits due to the seasonality of payroll taxes, partially offset by an increase in Professional services.

    Relative to the second quarter of 2024, non-interest expense increased 0.5% from $19.0 million, driven primarily by an increase in Occupancy and equipment expenses, partially offset by a decrease in Salaries and employee benefits.

    The Company’s efficiency ratio(1) was 78.8% in the second quarter of 2025, compared with 79.2% in the first quarter of 2025 and 82.3% in the second quarter of 2024.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Income Taxes

    The Company recorded Income tax expense of $0.8 million for the second quarter of 2025, compared to $1.2 million for the first quarter of 2025, and $0.3 million for the second quarter of 2024.

    Loans

    Total loans held for investment were $2.54 billion as of June 30, 2025, an increase of $115 million or 4.7% compared to March 31, 2025. Changes in the quarter included net growth in the Cash, securities, and other and 1-4 family residential portfolios, partially offset by a net decrease in the Construction and development portfolio. Relative to the second quarter of 2024, total loans held for investment increased from $2.46 billion as of June 30, 2024, primarily driven by net growth in the 1-4 family residential and Non-owner occupied commercial real estate portfolios, partially offset by net decreases in the Construction and development and Commercial and industrial portfolios.

    Deposits

    Total deposits were $2.53 billion as of June 30, 2025, an increase of 0.4% from $2.52 billion as of March 31, 2025. Relative to the second quarter of 2024, total deposits increased from $2.41 billion as of June 30, 2024, driven primarily by an increase in Interest-bearing deposits.

    Borrowings

    Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $163.4 million as of June 30, 2025, an increase of $111.8 million from $51.6 million as of March 31, 2025. The change when compared to March 31, 2025 was primarily driven by net draws on the Company’s FHLB line of credit as a result of interest-earning asset growth during the quarter. Relative to the second quarter of 2024, borrowings decreased $28.1 million from $191.5 million as of June 30, 2024. The decrease in borrowings from June 30, 2024 was primarily driven by Bank Term Funding Program (“BTFP”) payoffs and net pay downs on the Company’s FHLB line of credit as a result of deposit growth.

    Subordinated notes were $44.7 million as of June 30, 2025, compared to $44.6 million as of March 31, 2025. Subordinated notes decreased $7.8 million from $52.5 million as of June 30, 2024. Relative to the second quarter of 2024, the decrease was primarily due to the redemption of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025.

    Assets Under Management

    Assets Under Management (“AUM”) was $7.50 billion as of June 30, 2025, an increase of $320 million, or 4.5%, from $7.18 billion as of March 31, 2025. The increase in AUM during the quarter was primarily attributable to improving market conditions. Compared to June 30, 2024, total AUM increased 6.9% from $7.01 billion.

    Credit Quality

    Non-performing assets totaled $18.8 million, or 0.62% of Total assets, as of June 30, 2025, compared to $17.1 million, or 0.59% of total assets, as of March 31, 2025. The increase in non-performing assets during the quarter was due to additions to non-performing loans. As of June 30, 2024, non-performing assets totaled $49.3 million, or 1.68% of total assets. Relative to the second quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, partially offset by additions to non-performing loans. OREO totaled $4.4 million as of June 30, 2025 and March 31, 2025, a decrease of $7.0 million from $11.4 million as of June 30, 2024.

    Non-performing loans totaled $14.4 million as of June 30, 2025, an increase of $1.6 million from $12.8 million as of March 31, 2025. The increase was due to the addition of one credit relationship that is in active workout. This relationship is secured by a residential real estate asset, business assets, and a personal guarantee. As of June 30, 2024, non-performing loans totaled $37.9 million. The decrease when compared to June 30, 2024 was driven by the migration of one loan relationship out of non-performing loans and into OREO, partially offset by additions to non-performing loans.

    During the second quarter of 2025, the Company recorded provision expense of $1.8 million, compared to $0.1 million in the first quarter of 2025 and $2.3 million in the second quarter of 2024. The increase in provision expense recorded in the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by loan growth and charge-offs.

    Capital

    As of June 30, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of June 30, 2025, the Bank was classified as “well capitalized,” as summarized in the following table:

      June 30,
      2025
    Consolidated Capital  
    Tier 1 capital to risk-weighted assets 9.96 %
    Common Equity Tier 1 (“CET1”) to risk-weighted assets 9.96  
    Total capital to risk-weighted assets 12.67  
    Tier 1 capital to average assets 8.31  
       
    Bank Capital  
    Tier 1 capital to risk-weighted assets 11.36 %
    CET1 to risk-weighted assets 11.36  
    Total capital to risk-weighted assets 12.13  
    Tier 1 capital to average assets 9.49  

    Book value per common share increased 0.8% from $26.44 as of March 31, 2025 to $26.64 as of June 30, 2025. Book value per common share increased 4.3% from $25.55 as of June 30, 2024.

    Tangible book value per common share(1) increased 0.9% from $23.18 as of March 31, 2025, to $23.39 as of June 30, 2025. Tangible book value per common share increased 5.0% from $22.27 as of June 30, 2024.

    During the three months ended June 30, 2025, the Company repurchased 26,287 shares for $0.5 million.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Conference Call, Webcast and Slide Presentation

    The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, July 25, 2025. Telephone access: https://register-conf.media-server.com/register/BI4e9784b7b6ee4a528ae8f3affe52d2ee. 

    A slide presentation relating to the second quarter 2025 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com. 

    About First Western

    First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com. 

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of changes in interest rates could reduce our net interest margins and net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2025 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    Contacts:
    Financial Profiles, Inc.
    Tony Rossi
    310-622-8221
    MYFW@finprofiles.com 
    IR@myfw.com 

    First Western Financial, Inc.
    Condensed Consolidated Statements of Income (unaudited)
     
      Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands, except per share amounts)   2025     2025     2024  
    Interest and dividend income:          
    Loans, including fees $ 35,085   $ 34,068   $ 35,275  
    Loans accounted for under the fair value option   85     111     168  
    Investment securities   819     681     651  
    Interest-bearing deposits in other financial institutions   1,356     2,221     1,855  
    Dividends, restricted stock   155     128     105  
    Total interest and dividend income   37,500     37,209     38,054  
               
    Interest expense:          
    Deposits   18,208     18,516     20,848  
    Other borrowed funds   1,408     1,240     1,428  
    Total interest expense   19,616     19,756     22,276  
    Net interest income   17,884     17,453     15,778  
    Less: Provision for credit losses   1,773     80     2,334  
    Net interest income, after provision for credit losses   16,111     17,373     13,444  
               
    Non-interest income:          
    Trust and investment management fees   4,512     4,677     4,875  
    Net gain on mortgage loans   1,187     1,067     1,820  
    Net gain on loans held for sale   —     222     —  
    Bank fees   293     422     327  
    Risk management and insurance fees   47     259     109  
    Income on company-owned life insurance   112     110     106  
    Net gain (loss) on loans accounted for under the fair value option   26     6     (315 )
    Net gain on other real estate owned   —     459     —  
    Unrealized gain (loss) recognized on equity securities   3     11     (2 )
    Other   125     112     52  
    Total non-interest income   6,305     7,345     6,972  
    Total income before non-interest expense   22,416     24,718     20,416  
               
    Non-interest expense:          
    Salaries and employee benefits   11,019     11,480     11,097  
    Occupancy and equipment   2,224     2,210     2,080  
    Professional services   1,855     1,704     1,826  
    Technology and information systems   1,030     1,078     1,042  
    Data processing   1,166     1,122     1,101  
    Marketing   267     216     243  
    Amortization of other intangible assets   52     51     56  
    Other   1,486     1,500     1,556  
    Total non-interest expense   19,099     19,361     19,001  
    Income before income taxes   3,317     5,357     1,415  
    Income tax expense   814     1,172     339  
    Net income available to common shareholders $ 2,503   $ 4,185   $ 1,076  
    Earnings per common share:          
    Basic $ 0.26   $ 0.43   $ 0.11  
    Diluted   0.26     0.43     0.11  
    First Western Financial, Inc.
    Condensed Consolidated Balance Sheets (unaudited)
               
      June 30,   March 31,   June 30,
    (dollars in thousands)   2025       2025       2024  
    Assets          
    Cash and cash equivalents:          
    Cash and due from banks $ 12,353     $ 15,924     $ 6,374  
    Interest-bearing deposits in other financial institutions   219,961       255,658       239,425  
    Total cash and cash equivalents   232,314       271,582       245,799  
               
    Held-to-maturity debt securities (fair value of $93,979, $67,479 and $71,067, respectively), net of allowance for credit losses of $71   99,825       73,775       78,927  
    Correspondent bank stock, at cost   11,254       5,968       10,804  
    Mortgage loans held for sale, at fair value   24,151       10,557       26,856  
    Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)   2,540,096       2,425,367       2,456,063  
    Allowance for credit losses   (18,994 )     (17,956 )     (27,319 )
    Loans, net   2,521,102       2,407,411       2,428,744  
    Premises and equipment, net   24,488       24,554       24,657  
    Accrued interest receivable   10,783       10,623       11,339  
    Accounts receivable   4,435       4,505       5,118  
    Other receivables   4,915       4,608       4,875  
    Other real estate owned, net   4,385       4,385       11,421  
    Goodwill and other intangible assets, net   31,524       31,576       31,741  
    Deferred tax assets, net   2,809       2,856       6,123  
    Company-owned life insurance   17,184       17,071       16,741  
    Other assets   37,628       36,829       34,410  
    Total assets $ 3,026,797     $ 2,906,300     $ 2,937,555  
               
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 361,656     $ 409,696     $ 396,702  
    Interest-bearing   2,167,473       2,105,701       2,014,190  
    Total deposits   2,529,129       2,515,397       2,410,892  
    Borrowings:          
    Federal Home Loan Bank and Federal Reserve borrowings   163,416       51,612       191,505  
    Subordinated notes   44,673       44,621       52,451  
    Accrued interest payable   1,406       2,371       2,243  
    Other liabilities   29,326       35,744       33,589  
    Total liabilities   2,767,950       2,649,745       2,690,680  
               
    Shareholders’ Equity          
    Total shareholders’ equity   258,847       256,555       246,875  
    Total liabilities and shareholders’ equity $ 3,026,797     $ 2,906,300     $ 2,937,555  
                           
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited)
               
      June 30,   March 31,   June 30,
    (dollars in thousands)   2025       2025       2024  
    Loan Portfolio          
    Cash, Securities, and Other $ 161,725     $ 101,078     $ 143,720  
    Consumer and Other   15,778       16,688       15,645  
    Construction and Development   255,870       291,133       309,146  
    1-4 Family Residential   1,012,662       971,179       904,569  
    Non-Owner Occupied CRE   655,954       636,820       609,790  
    Owner Occupied CRE   196,692       182,417       189,353  
    Commercial and Industrial   239,278       223,197       277,973  
    Total   2,537,959       2,422,512       2,450,196  
    Loans accounted for under the fair value option   5,235       6,280       10,494  
    Total loans held for investment   2,543,194       2,428,792       2,460,690  
    Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net(1)   (3,098 )     (3,425 )     (4,627 )
    Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively) $ 2,540,096     $ 2,425,367     $ 2,456,063  
    Mortgage loans held for sale   24,151       10,557       26,856  
               
    Deposit Portfolio          
    Money market deposit accounts $ 1,632,997     $ 1,566,737     $ 1,342,753  
    Time deposits   397,006       379,533       519,597  
    Interest checking accounts   123,967       144,980       135,759  
    Savings accounts   13,503       14,451       16,081  
    Total interest-bearing deposits   2,167,473       2,105,701       2,014,190  
    Noninterest-bearing accounts   361,656       409,696       396,702  
    Total deposits $ 2,529,129     $ 2,515,397     $ 2,410,892  

    ____________________
    (1) Includes fair value adjustments on loans held for investment accounted for under the fair value option.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
     
      As of or for the Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands)   2025       2025       2024  
    Average Balance Sheets          
    Assets          
    Interest-earning assets:          
    Interest-bearing deposits in other financial institutions $ 121,950     $ 198,294     $ 141,600  
    Debt securities   85,739       75,592       75,461  
    Correspondent bank stock   7,199       5,806       4,801  
    Gross loans   2,443,758       2,407,482       2,443,937  
    Mortgage loans held for sale   18,803       13,593       20,254  
    Loans held at fair value   5,690       6,846       11,314  
    Total interest-earning assets   2,683,139       2,707,613       2,697,367  
    Noninterest-earning assets   126,397       145,479       119,247  
    Total assets $ 2,809,536     $ 2,853,092     $ 2,816,614  
               
    Liabilities and Shareholders’ Equity          
    Interest-bearing liabilities:          
    Interest-bearing deposits $ 2,047,570     $ 2,090,505     $ 2,001,691  
    FHLB and Federal Reserve borrowings   75,362       51,885       67,196  
    Subordinated notes   44,639       52,495       52,414  
    Total interest-bearing liabilities   2,167,571       2,194,885       2,121,301  
    Noninterest-bearing liabilities:          
    Noninterest-bearing deposits   352,391       363,922       412,741  
    Other liabilities   32,794       41,656       34,051  
    Total noninterest-bearing liabilities   385,185       405,578       446,792  
    Total shareholders’ equity   256,780       252,629       248,521  
    Total liabilities and shareholders’ equity $ 2,809,536     $ 2,853,092     $ 2,816,614  
               
    Yields/Cost of funds (annualized)          
    Interest-bearing deposits in other financial institutions   4.46 %     4.54 %     5.27 %
    Debt securities   3.83       3.65       3.47  
    Correspondent bank stock   8.64       8.94       8.80  
    Loans   5.71       5.71       5.75  
    Loan held at fair value   5.99       6.58       5.97  
    Mortgage loans held for sale   6.61       5.46       6.83  
    Total interest-earning assets   5.61       5.57       5.67  
    Interest-bearing deposits   3.57       3.59       4.19  
    Total deposits   3.04       3.06       3.47  
    FHLB and Federal Reserve borrowings   4.14       3.92       4.14  
    Subordinated notes   5.66       5.70       5.66  
    Total interest-bearing liabilities   3.63       3.65       4.22  
    Net interest margin   2.67       2.61       2.35  
    Net interest rate spread   1.98       1.92       1.45  
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
       
      As of or for the Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands, except share and per share amounts)   2025       2025       2024  
    Asset Quality          
    Non-performing loans $ 14,394     $ 12,758     $ 37,909  
    Non-performing assets   18,779       17,143       49,330  
    Net charge-offs (recoveries)   657       566       (9 )
    Non-performing loans to total loans   0.57 %     0.53 %     1.54 %
    Non-performing assets to total assets   0.62       0.59       1.68  
    Allowance for credit losses to non-performing loans   131.96       140.74       72.06  
    Allowance for credit losses to total loans   0.75       0.74       1.11  
    Net charge-offs to average loans   0.03       0.02     *
               
    Assets Under Management $ 7,497,361     $ 7,176,624     $ 7,011,796  
               
    Market Data          
    Book value per share at period end $ 26.64     $ 26.44     $ 25.55  
    Tangible book value per common share(1)   23.39       23.18       22.27  
    Weighted average outstanding shares, basic   9,707,924       9,704,419       9,647,345  
    Weighted average outstanding shares, diluted   9,809,321       9,798,591       9,750,667  
    Shares outstanding at period end   9,717,922       9,704,320       9,660,549  
               
    Consolidated Capital          
    Tier 1 capital to risk-weighted assets   9.96 %     10.35 %     9.92 %
    CET1 to risk-weighted assets   9.96       10.35       9.92  
    Total capital to risk-weighted assets   12.67       13.15       13.44  
    Tier 1 capital to average assets   8.31       8.12       7.91  
               
    Bank Capital          
    Tier 1 capital to risk-weighted assets   11.36 %     11.76 %     11.22 %
    CET1 to risk-weighted assets   11.36       11.76       11.22  
    Total capital to risk-weighted assets   12.13       12.52       12.35  
    Tier 1 capital to average assets   9.49       9.24       8.95  

    ____________________
    (1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)

    Reconciliations of Non-GAAP Financial Measures

      As of or for the Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands, except share and per share amounts)   2025       2025       2024  
    Tangible Common          
    Total shareholders’ equity $ 258,847     $ 256,555     $ 246,875  
    Less: goodwill and other intangibles, net   31,524       31,576       31,741  
    Tangible common equity $ 227,323     $ 224,979     $ 215,134  
               
    Common shares outstanding, end of period   9,717,922       9,704,320       9,660,549  
    Tangible common book value per share $ 23.39     $ 23.18     $ 22.27  
    Net income available to common shareholders   2,503       4,185       1,076  
    Return on tangible common equity (annualized)   4.40 %     7.44 %     2.00 %
               
    Efficiency          
    Non-interest expense $ 19,099     $ 19,361     $ 19,001  
    Less: OREO expenses and write-downs   53       (80 )     29  
    Adjusted non-interest expense $ 19,046     $ 19,441     $ 18,972  
               
    Total income before non-interest expense $ 22,416     $ 24,718     $ 20,416  
    Less: unrealized gain (loss) recognized on equity securities   3       11       (2 )
    Less: net gain (loss) on loans accounted for under the fair value option   26       6       (315 )
    Less: net gain on loans held for sale   —       222       —  
    Plus: provision for credit losses   1,773       80       2,334  
    Gross revenue $ 24,160     $ 24,559     $ 23,067  
    Efficiency ratio   78.83 %     79.16 %     82.25 %

    The MIL Network –

  • MIL-OSI: First Western Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Summary

    • Total loans increased $115 million, or 4.7%, from $2.43 billion as of Q1 2025 to $2.54 billion as of Q2 2025
    • Net interest margin increased 6 basis points from 2.61% in Q1 2025 to 2.67% in Q2 2025
    • Net interest income increased $0.4 million from $17.5 million in Q1 2025 to $17.9 million in Q2 2025
    • Non-interest expense decreased $0.3 million from $19.4 million in Q1 2025 to $19.1 million in Q2 2025
    • Net income available to common shareholders of $2.5 million, or $0.26 per diluted share, in Q2 2025

    DENVER, July 24, 2025 (GLOBE NEWSWIRE) — First Western Financial, Inc. (“First Western” or the “Company”) (NASDAQ: MYFW), today reported financial results for the second quarter ended June 30, 2025.

    Net income available to common shareholders was $2.5 million, or $0.26 per diluted share, for the second quarter of 2025. This compares to net income of $4.2 million, or $0.43 per diluted share, for the first quarter of 2025, and net income of $1.1 million, or $0.11 per diluted share, for the second quarter of 2024.

    Scott C. Wylie, CEO of First Western, commented, “We executed well in the second quarter and saw positive trends in many areas including loan and deposit growth, an expansion in our net interest margin, well managed expenses, and stable asset quality. We were able to redeploy the cash from the sale of our two largest OREO properties into loan production and securities purchases, which positively impacted our net interest margin. While maintaining our disciplined underwriting and pricing criteria, we had a very strong quarter of loan production, which was well diversified across our markets and loan portfolios. Our strong loan production reflects the healthy economic conditions we continue to see across our markets, as well as the contribution of banking talent we have added over the past few years.

    “Our loan and deposit pipelines remain healthy and we expect to see solid balance sheet growth over the second half of the year, along with continued expansion in our net interest margin while we continue to maintain tight expense control. We believe this will continue to result in solid financial performance for our shareholders as we move through the year,” said Mr. Wylie.

      For the Three Months Ended
      June 30,   March 31,   June 30,
    (Dollars in thousands, except per share data)   2025       2025       2024  
    Earnings Summary          
    Net interest income $ 17,884     $ 17,453     $ 15,778  
    Provision for credit losses   1,773       80       2,334  
    Total non-interest income   6,305       7,345       6,972  
    Total non-interest expense   19,099       19,361       19,001  
    Income before income taxes   3,317       5,357       1,415  
    Income tax expense   814       1,172       339  
    Net income available to common shareholders   2,503       4,185       1,076  
    Basic earnings per common share   0.26       0.43       0.11  
    Diluted earnings per common share   0.26       0.43       0.11  
               
    Return on average assets (annualized)   0.36 %     0.59 %     0.15 %
    Return on average shareholders’ equity (annualized)   3.90       6.63       1.73  
    Return on tangible common equity (annualized)(1)   4.40       7.44       2.00  
    Net interest margin   2.67       2.61       2.35  
    Efficiency ratio(1)   78.83       79.16       82.25  

    ____________________

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Operating Results for the Second Quarter 2025

    Revenue

    Total income before non-interest expense was $22.4 million for the second quarter of 2025, a decrease of 9.3% from $24.7 million for the first quarter of 2025. Gross revenue(1) was $24.2 million for the second quarter of 2025, a decrease of 1.6% from $24.6 million for the first quarter of 2025. Relative to the first quarter of 2025, the decrease in total income before non-interest expense was primarily driven by an increase in the Provision for credit losses and decreases in Net gain on loans held for sale and Net gain on other real estate owned, partially offset by an increase in Net interest income. Relative to the second quarter of 2024, total income before non-interest expense increased 9.8% from $20.4 million and Gross revenue increased 4.8% from $23.1 million. Relative to the second quarter of 2024, the increase in total income before non-interest expense was primarily driven by an increase in Net interest income and decrease in the Provision for credit losses, partially offset by a decrease in Net gain on mortgage loans.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 increased 6 basis points to 2.67% from 2.61% reported in the first quarter of 2025, primarily due to a decrease in cost of deposits and increase in interest-earning assets yield. The decrease in cost of deposits was primarily due to lower rates on time deposits and the increase in interest-earning assets yield was primarily due to an improved mix in average interest-earning asset balances.

    The yield on interest-earning assets increased 4 basis points to 5.61% from 5.57% reported in the first quarter of 2025 and the cost of interest-bearing liabilities decreased 2 basis points to 3.63% from 3.65% reported in the first quarter of 2025.

    Relative to the second quarter of 2024, net interest margin increased 32 basis points from 2.35%, primarily due to a 42 basis point decrease in total cost of funds as a result of the lower interest rate environment.

    Net Interest Income

    Net interest income for the second quarter of 2025 was $17.9 million, an increase of 2.3% from $17.5 million for the first quarter of 2025. The increase quarter over quarter was primarily driven by a 6 basis point increase in net interest margin, offset partially by a decline in average interest-earning assets. Relative to the second quarter of 2024, net interest income increased 13.3% from $15.8 million. The increase compared to the second quarter of 2024 was primarily driven by a 32 basis point increase in net interest margin, offset partially by a decline in average interest-earnings assets.

    Non-interest Income

    Non-interest income for the second quarter of 2025 was $6.3 million, a decrease of 13.7% from $7.3 million in the first quarter of 2025. The decrease was driven primarily by decreases in Net gain on other real estate owned, Net gain on loans held for sale, and Risk management and insurance fees, partially offset by an increase in Net gain on mortgage loans due to an increase in origination volume. The first quarter of 2025 included a Net gain on other real estate of $0.5 million due to the sale of our two largest OREO properties as well as a Net gain on loans held for sale of $0.2 million due to the reversal of a previous quarter’s write-down on a non-performing loan.

    Relative to the second quarter of 2024, non-interest income decreased $0.7 million, driven primarily by a decrease in Net gain on mortgage loans due to a decrease in origination volume.

    Non-interest Expense

    Non-interest expense for the second quarter of 2025 was $19.1 million, a decrease of 1.5% from $19.4 million in the first quarter of 2025. The decrease was primarily driven by a decrease in Salaries and employee benefits due to the seasonality of payroll taxes, partially offset by an increase in Professional services.

    Relative to the second quarter of 2024, non-interest expense increased 0.5% from $19.0 million, driven primarily by an increase in Occupancy and equipment expenses, partially offset by a decrease in Salaries and employee benefits.

    The Company’s efficiency ratio(1) was 78.8% in the second quarter of 2025, compared with 79.2% in the first quarter of 2025 and 82.3% in the second quarter of 2024.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Income Taxes

    The Company recorded Income tax expense of $0.8 million for the second quarter of 2025, compared to $1.2 million for the first quarter of 2025, and $0.3 million for the second quarter of 2024.

    Loans

    Total loans held for investment were $2.54 billion as of June 30, 2025, an increase of $115 million or 4.7% compared to March 31, 2025. Changes in the quarter included net growth in the Cash, securities, and other and 1-4 family residential portfolios, partially offset by a net decrease in the Construction and development portfolio. Relative to the second quarter of 2024, total loans held for investment increased from $2.46 billion as of June 30, 2024, primarily driven by net growth in the 1-4 family residential and Non-owner occupied commercial real estate portfolios, partially offset by net decreases in the Construction and development and Commercial and industrial portfolios.

    Deposits

    Total deposits were $2.53 billion as of June 30, 2025, an increase of 0.4% from $2.52 billion as of March 31, 2025. Relative to the second quarter of 2024, total deposits increased from $2.41 billion as of June 30, 2024, driven primarily by an increase in Interest-bearing deposits.

    Borrowings

    Federal Home Loan Bank (“FHLB”) and Federal Reserve borrowings were a combined $163.4 million as of June 30, 2025, an increase of $111.8 million from $51.6 million as of March 31, 2025. The change when compared to March 31, 2025 was primarily driven by net draws on the Company’s FHLB line of credit as a result of interest-earning asset growth during the quarter. Relative to the second quarter of 2024, borrowings decreased $28.1 million from $191.5 million as of June 30, 2024. The decrease in borrowings from June 30, 2024 was primarily driven by Bank Term Funding Program (“BTFP”) payoffs and net pay downs on the Company’s FHLB line of credit as a result of deposit growth.

    Subordinated notes were $44.7 million as of June 30, 2025, compared to $44.6 million as of March 31, 2025. Subordinated notes decreased $7.8 million from $52.5 million as of June 30, 2024. Relative to the second quarter of 2024, the decrease was primarily due to the redemption of $8.0 million of subordinated notes that became eligible to call in the first quarter of 2025.

    Assets Under Management

    Assets Under Management (“AUM”) was $7.50 billion as of June 30, 2025, an increase of $320 million, or 4.5%, from $7.18 billion as of March 31, 2025. The increase in AUM during the quarter was primarily attributable to improving market conditions. Compared to June 30, 2024, total AUM increased 6.9% from $7.01 billion.

    Credit Quality

    Non-performing assets totaled $18.8 million, or 0.62% of Total assets, as of June 30, 2025, compared to $17.1 million, or 0.59% of total assets, as of March 31, 2025. The increase in non-performing assets during the quarter was due to additions to non-performing loans. As of June 30, 2024, non-performing assets totaled $49.3 million, or 1.68% of total assets. Relative to the second quarter of 2024, the decrease in non-performing assets was primarily driven by the sale of two OREO properties, partially offset by additions to non-performing loans. OREO totaled $4.4 million as of June 30, 2025 and March 31, 2025, a decrease of $7.0 million from $11.4 million as of June 30, 2024.

    Non-performing loans totaled $14.4 million as of June 30, 2025, an increase of $1.6 million from $12.8 million as of March 31, 2025. The increase was due to the addition of one credit relationship that is in active workout. This relationship is secured by a residential real estate asset, business assets, and a personal guarantee. As of June 30, 2024, non-performing loans totaled $37.9 million. The decrease when compared to June 30, 2024 was driven by the migration of one loan relationship out of non-performing loans and into OREO, partially offset by additions to non-performing loans.

    During the second quarter of 2025, the Company recorded provision expense of $1.8 million, compared to $0.1 million in the first quarter of 2025 and $2.3 million in the second quarter of 2024. The increase in provision expense recorded in the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by loan growth and charge-offs.

    Capital

    As of June 30, 2025, First Western (“Consolidated”) and First Western Trust Bank (“Bank”) exceeded the minimum capital levels required by their respective regulators. As of June 30, 2025, the Bank was classified as “well capitalized,” as summarized in the following table:

      June 30,
      2025
    Consolidated Capital  
    Tier 1 capital to risk-weighted assets 9.96 %
    Common Equity Tier 1 (“CET1”) to risk-weighted assets 9.96  
    Total capital to risk-weighted assets 12.67  
    Tier 1 capital to average assets 8.31  
       
    Bank Capital  
    Tier 1 capital to risk-weighted assets 11.36 %
    CET1 to risk-weighted assets 11.36  
    Total capital to risk-weighted assets 12.13  
    Tier 1 capital to average assets 9.49  

    Book value per common share increased 0.8% from $26.44 as of March 31, 2025 to $26.64 as of June 30, 2025. Book value per common share increased 4.3% from $25.55 as of June 30, 2024.

    Tangible book value per common share(1) increased 0.9% from $23.18 as of March 31, 2025, to $23.39 as of June 30, 2025. Tangible book value per common share increased 5.0% from $22.27 as of June 30, 2024.

    During the three months ended June 30, 2025, the Company repurchased 26,287 shares for $0.5 million.

    (1) Represents a Non-GAAP financial measure. See “Reconciliations of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    Conference Call, Webcast and Slide Presentation

    The Company will host a conference call and webcast at 10:00 a.m. MT/ 12:00 p.m. ET on Friday, July 25, 2025. Telephone access: https://register-conf.media-server.com/register/BI4e9784b7b6ee4a528ae8f3affe52d2ee. 

    A slide presentation relating to the second quarter 2025 results will be accessible prior to the scheduled conference call. The slide presentation and webcast of the conference call can be accessed on the Events and Presentations page of the Company’s investor relations website at https://myfw.gcs-web.com. 

    About First Western

    First Western is a financial services holding company headquartered in Denver, Colorado, with operations in Colorado, Arizona, Wyoming, California, and Montana. First Western and its subsidiaries provide a fully integrated suite of wealth management services on a private trust bank platform, which includes a comprehensive selection of deposit, loan, trust, wealth planning and investment management products and services. First Western’s common stock is traded on the Nasdaq Global Select Market under the symbol “MYFW.” For more information, please visit www.myfw.com. 

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include “Tangible Common Equity,” “Tangible Common Book Value per Share,” “Return on Tangible Common Equity,” “Efficiency Ratio,” and “Gross Revenue”. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies. Reconciliation of non-GAAP financial measures to GAAP financial measures are provided at the end of this press release.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business and markets are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “position,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “opportunity,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Those risks and uncertainties include, without limitation, the risk of geographic concentration in Colorado, Arizona, Wyoming, California, and Montana; the risk of changes in the economy affecting real estate values and liquidity; the risk in our ability to continue to originate residential real estate loans and sell such loans; risks specific to commercial loans and borrowers; the risk of claims and litigation pertaining to our fiduciary responsibilities; the risk of changes in interest rates could reduce our net interest margins and net interest income; increased credit risk, including as a result of deterioration in economic conditions, could require us to increase our allowance for credit losses and could have a material adverse effect on our results of operations and financial condition; the risk in our ability to maintain a strong core deposit base or other low-cost funding sources. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 7, 2025 (“Form 10-K”), and other documents we file with the SEC from time to time. We urge readers of this news release to review the “Risk Factors” section our Form 10-K and any updates to those risk factors set forth in our subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and our other filings with the SEC. Also, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of today’s date, or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

    Contacts:
    Financial Profiles, Inc.
    Tony Rossi
    310-622-8221
    MYFW@finprofiles.com 
    IR@myfw.com 

    First Western Financial, Inc.
    Condensed Consolidated Statements of Income (unaudited)
     
      Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands, except per share amounts)   2025     2025     2024  
    Interest and dividend income:          
    Loans, including fees $ 35,085   $ 34,068   $ 35,275  
    Loans accounted for under the fair value option   85     111     168  
    Investment securities   819     681     651  
    Interest-bearing deposits in other financial institutions   1,356     2,221     1,855  
    Dividends, restricted stock   155     128     105  
    Total interest and dividend income   37,500     37,209     38,054  
               
    Interest expense:          
    Deposits   18,208     18,516     20,848  
    Other borrowed funds   1,408     1,240     1,428  
    Total interest expense   19,616     19,756     22,276  
    Net interest income   17,884     17,453     15,778  
    Less: Provision for credit losses   1,773     80     2,334  
    Net interest income, after provision for credit losses   16,111     17,373     13,444  
               
    Non-interest income:          
    Trust and investment management fees   4,512     4,677     4,875  
    Net gain on mortgage loans   1,187     1,067     1,820  
    Net gain on loans held for sale   —     222     —  
    Bank fees   293     422     327  
    Risk management and insurance fees   47     259     109  
    Income on company-owned life insurance   112     110     106  
    Net gain (loss) on loans accounted for under the fair value option   26     6     (315 )
    Net gain on other real estate owned   —     459     —  
    Unrealized gain (loss) recognized on equity securities   3     11     (2 )
    Other   125     112     52  
    Total non-interest income   6,305     7,345     6,972  
    Total income before non-interest expense   22,416     24,718     20,416  
               
    Non-interest expense:          
    Salaries and employee benefits   11,019     11,480     11,097  
    Occupancy and equipment   2,224     2,210     2,080  
    Professional services   1,855     1,704     1,826  
    Technology and information systems   1,030     1,078     1,042  
    Data processing   1,166     1,122     1,101  
    Marketing   267     216     243  
    Amortization of other intangible assets   52     51     56  
    Other   1,486     1,500     1,556  
    Total non-interest expense   19,099     19,361     19,001  
    Income before income taxes   3,317     5,357     1,415  
    Income tax expense   814     1,172     339  
    Net income available to common shareholders $ 2,503   $ 4,185   $ 1,076  
    Earnings per common share:          
    Basic $ 0.26   $ 0.43   $ 0.11  
    Diluted   0.26     0.43     0.11  
    First Western Financial, Inc.
    Condensed Consolidated Balance Sheets (unaudited)
               
      June 30,   March 31,   June 30,
    (dollars in thousands)   2025       2025       2024  
    Assets          
    Cash and cash equivalents:          
    Cash and due from banks $ 12,353     $ 15,924     $ 6,374  
    Interest-bearing deposits in other financial institutions   219,961       255,658       239,425  
    Total cash and cash equivalents   232,314       271,582       245,799  
               
    Held-to-maturity debt securities (fair value of $93,979, $67,479 and $71,067, respectively), net of allowance for credit losses of $71   99,825       73,775       78,927  
    Correspondent bank stock, at cost   11,254       5,968       10,804  
    Mortgage loans held for sale, at fair value   24,151       10,557       26,856  
    Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)   2,540,096       2,425,367       2,456,063  
    Allowance for credit losses   (18,994 )     (17,956 )     (27,319 )
    Loans, net   2,521,102       2,407,411       2,428,744  
    Premises and equipment, net   24,488       24,554       24,657  
    Accrued interest receivable   10,783       10,623       11,339  
    Accounts receivable   4,435       4,505       5,118  
    Other receivables   4,915       4,608       4,875  
    Other real estate owned, net   4,385       4,385       11,421  
    Goodwill and other intangible assets, net   31,524       31,576       31,741  
    Deferred tax assets, net   2,809       2,856       6,123  
    Company-owned life insurance   17,184       17,071       16,741  
    Other assets   37,628       36,829       34,410  
    Total assets $ 3,026,797     $ 2,906,300     $ 2,937,555  
               
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 361,656     $ 409,696     $ 396,702  
    Interest-bearing   2,167,473       2,105,701       2,014,190  
    Total deposits   2,529,129       2,515,397       2,410,892  
    Borrowings:          
    Federal Home Loan Bank and Federal Reserve borrowings   163,416       51,612       191,505  
    Subordinated notes   44,673       44,621       52,451  
    Accrued interest payable   1,406       2,371       2,243  
    Other liabilities   29,326       35,744       33,589  
    Total liabilities   2,767,950       2,649,745       2,690,680  
               
    Shareholders’ Equity          
    Total shareholders’ equity   258,847       256,555       246,875  
    Total liabilities and shareholders’ equity $ 3,026,797     $ 2,906,300     $ 2,937,555  
                           
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited)
               
      June 30,   March 31,   June 30,
    (dollars in thousands)   2025       2025       2024  
    Loan Portfolio          
    Cash, Securities, and Other $ 161,725     $ 101,078     $ 143,720  
    Consumer and Other   15,778       16,688       15,645  
    Construction and Development   255,870       291,133       309,146  
    1-4 Family Residential   1,012,662       971,179       904,569  
    Non-Owner Occupied CRE   655,954       636,820       609,790  
    Owner Occupied CRE   196,692       182,417       189,353  
    Commercial and Industrial   239,278       223,197       277,973  
    Total   2,537,959       2,422,512       2,450,196  
    Loans accounted for under the fair value option   5,235       6,280       10,494  
    Total loans held for investment   2,543,194       2,428,792       2,460,690  
    Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net(1)   (3,098 )     (3,425 )     (4,627 )
    Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively) $ 2,540,096     $ 2,425,367     $ 2,456,063  
    Mortgage loans held for sale   24,151       10,557       26,856  
               
    Deposit Portfolio          
    Money market deposit accounts $ 1,632,997     $ 1,566,737     $ 1,342,753  
    Time deposits   397,006       379,533       519,597  
    Interest checking accounts   123,967       144,980       135,759  
    Savings accounts   13,503       14,451       16,081  
    Total interest-bearing deposits   2,167,473       2,105,701       2,014,190  
    Noninterest-bearing accounts   361,656       409,696       396,702  
    Total deposits $ 2,529,129     $ 2,515,397     $ 2,410,892  

    ____________________
    (1) Includes fair value adjustments on loans held for investment accounted for under the fair value option.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
     
      As of or for the Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands)   2025       2025       2024  
    Average Balance Sheets          
    Assets          
    Interest-earning assets:          
    Interest-bearing deposits in other financial institutions $ 121,950     $ 198,294     $ 141,600  
    Debt securities   85,739       75,592       75,461  
    Correspondent bank stock   7,199       5,806       4,801  
    Gross loans   2,443,758       2,407,482       2,443,937  
    Mortgage loans held for sale   18,803       13,593       20,254  
    Loans held at fair value   5,690       6,846       11,314  
    Total interest-earning assets   2,683,139       2,707,613       2,697,367  
    Noninterest-earning assets   126,397       145,479       119,247  
    Total assets $ 2,809,536     $ 2,853,092     $ 2,816,614  
               
    Liabilities and Shareholders’ Equity          
    Interest-bearing liabilities:          
    Interest-bearing deposits $ 2,047,570     $ 2,090,505     $ 2,001,691  
    FHLB and Federal Reserve borrowings   75,362       51,885       67,196  
    Subordinated notes   44,639       52,495       52,414  
    Total interest-bearing liabilities   2,167,571       2,194,885       2,121,301  
    Noninterest-bearing liabilities:          
    Noninterest-bearing deposits   352,391       363,922       412,741  
    Other liabilities   32,794       41,656       34,051  
    Total noninterest-bearing liabilities   385,185       405,578       446,792  
    Total shareholders’ equity   256,780       252,629       248,521  
    Total liabilities and shareholders’ equity $ 2,809,536     $ 2,853,092     $ 2,816,614  
               
    Yields/Cost of funds (annualized)          
    Interest-bearing deposits in other financial institutions   4.46 %     4.54 %     5.27 %
    Debt securities   3.83       3.65       3.47  
    Correspondent bank stock   8.64       8.94       8.80  
    Loans   5.71       5.71       5.75  
    Loan held at fair value   5.99       6.58       5.97  
    Mortgage loans held for sale   6.61       5.46       6.83  
    Total interest-earning assets   5.61       5.57       5.67  
    Interest-bearing deposits   3.57       3.59       4.19  
    Total deposits   3.04       3.06       3.47  
    FHLB and Federal Reserve borrowings   4.14       3.92       4.14  
    Subordinated notes   5.66       5.70       5.66  
    Total interest-bearing liabilities   3.63       3.65       4.22  
    Net interest margin   2.67       2.61       2.35  
    Net interest rate spread   1.98       1.92       1.45  
    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)
       
      As of or for the Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands, except share and per share amounts)   2025       2025       2024  
    Asset Quality          
    Non-performing loans $ 14,394     $ 12,758     $ 37,909  
    Non-performing assets   18,779       17,143       49,330  
    Net charge-offs (recoveries)   657       566       (9 )
    Non-performing loans to total loans   0.57 %     0.53 %     1.54 %
    Non-performing assets to total assets   0.62       0.59       1.68  
    Allowance for credit losses to non-performing loans   131.96       140.74       72.06  
    Allowance for credit losses to total loans   0.75       0.74       1.11  
    Net charge-offs to average loans   0.03       0.02     *
               
    Assets Under Management $ 7,497,361     $ 7,176,624     $ 7,011,796  
               
    Market Data          
    Book value per share at period end $ 26.64     $ 26.44     $ 25.55  
    Tangible book value per common share(1)   23.39       23.18       22.27  
    Weighted average outstanding shares, basic   9,707,924       9,704,419       9,647,345  
    Weighted average outstanding shares, diluted   9,809,321       9,798,591       9,750,667  
    Shares outstanding at period end   9,717,922       9,704,320       9,660,549  
               
    Consolidated Capital          
    Tier 1 capital to risk-weighted assets   9.96 %     10.35 %     9.92 %
    CET1 to risk-weighted assets   9.96       10.35       9.92  
    Total capital to risk-weighted assets   12.67       13.15       13.44  
    Tier 1 capital to average assets   8.31       8.12       7.91  
               
    Bank Capital          
    Tier 1 capital to risk-weighted assets   11.36 %     11.76 %     11.22 %
    CET1 to risk-weighted assets   11.36       11.76       11.22  
    Total capital to risk-weighted assets   12.13       12.52       12.35  
    Tier 1 capital to average assets   9.49       9.24       8.95  

    ____________________
    (1) Represents a Non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of our Non-GAAP measures to the most directly comparable GAAP financial measure.

    First Western Financial, Inc.
    Consolidated Financial Summary (unaudited) (continued)

    Reconciliations of Non-GAAP Financial Measures

      As of or for the Three Months Ended
      June 30,   March 31,   June 30,
    (dollars in thousands, except share and per share amounts)   2025       2025       2024  
    Tangible Common          
    Total shareholders’ equity $ 258,847     $ 256,555     $ 246,875  
    Less: goodwill and other intangibles, net   31,524       31,576       31,741  
    Tangible common equity $ 227,323     $ 224,979     $ 215,134  
               
    Common shares outstanding, end of period   9,717,922       9,704,320       9,660,549  
    Tangible common book value per share $ 23.39     $ 23.18     $ 22.27  
    Net income available to common shareholders   2,503       4,185       1,076  
    Return on tangible common equity (annualized)   4.40 %     7.44 %     2.00 %
               
    Efficiency          
    Non-interest expense $ 19,099     $ 19,361     $ 19,001  
    Less: OREO expenses and write-downs   53       (80 )     29  
    Adjusted non-interest expense $ 19,046     $ 19,441     $ 18,972  
               
    Total income before non-interest expense $ 22,416     $ 24,718     $ 20,416  
    Less: unrealized gain (loss) recognized on equity securities   3       11       (2 )
    Less: net gain (loss) on loans accounted for under the fair value option   26       6       (315 )
    Less: net gain on loans held for sale   —       222       —  
    Plus: provision for credit losses   1,773       80       2,334  
    Gross revenue $ 24,160     $ 24,559     $ 23,067  
    Efficiency ratio   78.83 %     79.16 %     82.25 %

    The MIL Network –

  • MIL-OSI: STMicroelectronics to strengthen position in sensors with acquisition of NXP’s MEMS sensors business

    Source: GlobeNewswire (MIL-OSI)

    PR N°C3350C

    STMicroelectronics to strengthen position in sensors
    with acquisition of NXP’s MEMS sensors business

    • ST enters into agreement for acquisition of NXP’s MEMS sensor business for a purchase price of up to US$950 million in cash, including US$900 million upfront and US$50 million subject to the achievement of technical milestones
    • The MEMS businesses of ST and NXP are strongly complementary in terms of technology and product portfolio, with the combined product offering to be well balanced across automotive, industrial and consumer end markets
    • NXP’s MEMS Business generated revenue of about US$300 million in calendar year 2024 with gross and operating margins significantly accretive for ST
    • All-cash transaction to be financed from existing liquidity and expected to be accretive to ST Earnings Per Share from completion

    Geneva, Switzerland, July 24, 2025 — STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, is strengthening its global sensors capabilities with the planned acquisition of NXP Semiconductors’ (NASDAQ: NXPI) MEMS sensors business, focused on automotive safety products as well as sensors for industrial applications. The transaction will complement and expand ST’s leading MEMS sensors technology and product portfolio, unlocking new opportunities for development across automotive, industrial and consumer applications.

    “The planned acquisition is a great strategic fit for ST,” says Marco Cassis, President, Analog, Power & Discrete, MEMS and Sensors Group of STMicroelectronics. “Together with ST’s existing MEMS portfolio, these highly complementary technologies and customer relationships, focused on automotive safety and industrial technologies, will strengthen our position in sensors across key segments in automotive, industrial and consumer applications. By leveraging our IDM model, with technology R&D, product design and advanced manufacturing, we will better serve all our customers worldwide.”

    “NXP is a leading supplier of automotive MEMS based motion and pressure sensors, with a long history of strong customer adoption,” said Jens Hinrichsen, Executive Vice President and General Manager, Analog and Automotive Embedded Systems of NXP. “However, after careful portfolio review the company has decided the business does not fit into its long-term strategic direction. We have agreed with STMicroelectronics that the product line will fit ideally into ST’s portfolio, manufacturing footprint and strategic roadmap. We are gratified that the MEMS sensor team will have an excellent home and long-term future at ST.”

    The MEMS sensors portfolio to be acquired by ST primarily targets automotive safety sensors, both passive (airbags) and active (vehicle dynamics), as well as monitoring sensors (TPMS1, engine management, convenience, and security). It also includes pressure sensors and accelerometers for industrial applications. ST is well-positioned to leverage strong, established customer relationships with automotive Tier1s with its innovation roadmap in a rapidly expanding MEMS automotive market. MEMS technologies increasingly enable advanced functionalities for safety, electrification, automation, and connected vehicles, paving the way for future revenue growth.

    MEMS inertial sensors in Automotive are expected to grow at a faster pace than the broader MEMS market. The business to be acquired generated about 300m$ revenues in 2024 with gross and operating margin both significantly accretive for ST. It is also expected to be accretive to ST Earnings Per Share from completion.

    The planned acquisition will enhance ST’s MEMS technology, product R&D capabilities and roadmap, with leading IP, technology and products for automotive safety applications and highly skilled R&D teams. The expanded business will take advantage of ST’s Integrated Device Manufacturer model for MEMS, which involves every stage of MEMS development, from design and manufacturing to testing and packaging, enabling faster innovation cycles and greater flexibility for customization.

    STMicroelectronics and NXP have entered into a definitive transaction agreement for a purchase price of up to US$950 million in cash, including US$900 million upfront and US$50 million subject to the achievement of technical milestones. The transaction which will be financed with existing liquidity is subject to customary closing conditions, including regulatory approvals, and is expected to close in H1 2026.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics
    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41.22.929.59.20
    jerome.ramel@st.com

    MEDIA RELATIONS
    Alexis Breton
    Group VP Corporate External Communications
    Tel: +33.6.59.16.79.08
    alexis.breton@st.com

    1 Tire Pressure Monitoring Systems.

    Attachment

    The MIL Network –

  • MIL-OSI: Cenovus to hold second-quarter 2025 conference call and webcast on July 31

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 24, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its second-quarter 2025 results on Thursday, July 31, 2025. The news release will provide consolidated second-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

    Second-quarter 2025 conference call: 9 a.m. MT (11 a.m. ET)

    For analysts wanting to join the call, please register in advance.

    To participate, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    To listen to the conference call online, a live audio webcast will also be available and archived for approximately 30 days.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

    Cenovus contacts:

    Investors Media
    Investor Relations general line
    403-766-7711    		 Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., July 24, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.

    This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.

    2025 Second Quarter Results

    • Net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025
    • Adjusted earnings of $9.8 million, or $0.44 per diluted share, compared to $10.8 million, or $0.49 per diluted share, in prior quarter
    • Pre-provision net revenue of $32.2 million, or $1.48 per diluted share, for the second quarter of 2025 compared to $27.0 million, or $1.24 per diluted share, for the first quarter of 2025
    • Net interest margin of 3.56%, compared to 3.49% in prior quarter
    • Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
    • Total capital to risk-weighted assets of 14.50% and common equity tier 1 capital of 9.02%

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.

    During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.

    Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”

    Key Points for Second Quarter and Outlook

    Acceleration of Credit Clean-up; Tightened Underwriting Standards

    • Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $29.9 million for the quarter, including:
      • $13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
      • $4.7 million of fully reimbursed charge-offs related to our third party lending programs
      • $3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
    • Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.

        As of and for the Three Months Ended
    (dollars in thousands)   June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Asset Quality                    
    Loans 30-89 days past due   $ 40,959     $ 48,221     $ 43,681     $ 55,329     $ 54,045  
    Nonperforming loans     109,512       145,690       150,907       114,556       112,124  
    Nonperforming assets     111,174       151,264       157,409       126,771       123,774  
    Substandard accruing loans     58,478       77,620       84,058       167,549       135,555  
    Net charge-offs     29,854       16,878       112,776       22,302       13,883  
    Loans 30-89 days past due to total loans     0.81 %     0.96 %     0.85 %     0.97 %     0.93 %
    Nonperforming loans to total loans     2.16 %     2.90 %     2.92 %     2.00 %     1.92 %
    Nonperforming assets to total assets     1.56 %     2.08 %     2.10 %     1.65 %     1.61 %
    Allowance for credit losses to total loans     1.83 %     2.10 %     2.15 %     2.64 %     2.67 %
    Allowance for credit losses to nonperforming loans     84.64 %     72.19 %     73.69 %     131.87 %     138.63 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
                                             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.
      • Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
      • Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
      • Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
      • Noninterest-bearing deposits decreased $16.5 million in the quarter.
      • Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
      • Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
      • Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
    • Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
    Interest-earning assets   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate
    Cash and cash equivalents   $ 67,326   $ 716   4.27 %   $ 68,671   $ 718   4.24 %   $ 65,250   $ 875   5.40 %
    Investment securities(1)     1,367,180     17,164   5.04       1,311,887     15,517   4.80       1,098,452     12,805   4.69  
    Loans(1)(2)     5,123,558     79,240   6.20       5,057,394     78,118   6.26       5,915,523     92,581   6.29  
    Loans held for sale     44,642     377   3.39       326,348     4,563   5.67       4,910     84   6.84  
    Nonmarketable equity securities     38,803     694   7.17       35,614     647   7.37       44,216     963   8.76  
    Total interest-earning assets     6,641,509     98,191   5.93       6,799,914     99,563   5.94       7,128,351     107,308   6.05  
    Noninterest-earning assets     513,801             667,940             669,370        
    Total assets   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Interest-Bearing Liabilities                                    
    Interest-bearing deposits   $ 4,845,609   $ 32,290   2.67 %   $ 5,074,007   $ 34,615   2.77 %   $ 5,101,365   $ 39,476   3.11 %
    Short-term borrowings     60,117     573   3.82       73,767     700   3.85       30,449     308   4.07  
    FHLB advances & other borrowings     363,505     3,766   4.16       299,578     3,163   4.28       500,758     5,836   4.69  
    Subordinated debt     77,757     1,394   7.19       77,752     1,387   7.23       93,090     1,265   5.47  
    Trust preferred debentures     51,439     1,206   9.40       51,283     1,200   9.49       50,921     1,358   10.73  
    Total interest-bearing liabilities     5,398,427     39,229   2.91       5,576,387     41,065   2.99       5,776,583     48,243   3.36  
    Noninterest-bearing deposits     1,075,945             1,052,181             1,132,451        
    Other noninterest-bearing liabilities     108,819             123,613             104,841        
    Shareholders’ equity     572,119             715,673             783,846        
    Total liabilities and shareholder’s equity   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Net Interest Margin       $ 58,962   3.56 %       $ 58,498   3.49 %       $ 59,065   3.33 %
                                         
    Cost of Deposits           2.19 %           2.29 %           2.55 %

    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.


    Trends in Noninterest Income and Expense

    • Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
    • Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.

    Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
          2025       2025       2024       2024       2024  
    Return on average assets     0.67 %     (7.66 )%     (1.59 )%     1.05 %     1.33 %
    Pre-provision net revenue to average assets(1)     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    Net interest margin     3.56 %     3.49 %     3.34 %     3.34 %     3.33 %
    Efficiency ratio (1)     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Noninterest expense to average assets     2.80 %     11.02 %     3.04 %     2.56 %     2.62 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
    Tangible book value per share at period end (1)   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  
    Diluted earnings (loss) per common share   $ 0.44     $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Common shares outstanding at period end     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
    Trust assets under administration   $ 4,181,180     $ 4,101,414     $ 4,153,080     $ 4,268,539     $ 3,996,175  

    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.


    Capital

    At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of June 30, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory
    Requirements     (2)
    Total capital to risk-weighted assets 13.74%   14.50%   10.50%
    Tier 1 capital to risk-weighted assets 12.49%   12.07%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 12.49%   9.02%   7.00%
    Tier 1 leverage ratio 9.93%   9.59%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.27%   N/A

    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.


    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

     
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Assets                    
    Cash and cash equivalents   $ 176,587     $ 102,006     $ 114,766     $ 121,873     $ 124,646  
    Investment securities     1,354,652       1,368,405       1,212,366       1,216,795       1,099,654  
    Loans     5,064,695       5,018,053       5,167,574       5,728,237       5,829,057  
    Allowance for credit losses on loans     (92,690 )     (105,176 )     (111,204 )     (151,067 )     (155,443 )
    Total loans, net     4,972,005       4,912,877       5,056,370       5,577,170       5,673,614  
    Loans held for sale     7,899       287,821       344,947       8,001       5,555  
    Premises and equipment, net     86,240       86,719       85,710       84,672       83,040  
    Other real estate owned     393       4,183       4,941       8,646       8,304  
    Loan servicing rights, at lower of cost or fair value     16,720       17,278       17,842       18,400       18,902  
    Goodwill     7,927       7,927       161,904       161,904       161,904  
    Other intangible assets, net     10,362       11,189       12,100       13,052       14,003  
    Company-owned life insurance     214,392       212,336       211,168       209,193       207,211  
    Credit enhancement asset     5,800       5,615       16,804       20,633       18,202  
    Other assets     254,901       268,448       267,891       263,850       293,039  
    Total assets   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
                         
    Liabilities and Shareholders’ Equity                    
    Noninterest-bearing demand deposits   $ 1,074,212     $ 1,090,707     $ 1,055,564     $ 1,050,617     $ 1,108,521  
    Interest-bearing deposits     4,872,707       4,845,727       5,141,679       5,206,219       5,009,502  
    Total deposits     5,946,919       5,936,434       6,197,243       6,256,836       6,118,023  
    Short-term borrowings     8,654       40,224       87,499       13,849       7,208  
    FHLB advances and other borrowings     345,000       498,000       258,000       425,000       600,000  
    Subordinated debt     77,759       77,754       77,749       82,744       91,656  
    Trust preferred debentures     51,518       51,358       51,205       51,058       50,921  
    Other liabilities     104,323       109,597       124,266       103,481       103,487  
    Total liabilities     6,534,173       6,713,367       6,795,962       6,932,968       6,971,295  
    Total shareholders’ equity     573,705       571,437       710,847       771,221       736,779  
    Total liabilities and shareholders’ equity   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)    2025     2025       2024       2024       2024  
    Net interest income:                    
    Interest income   $ 97,924   $ 99,355     $ 104,470     $ 108,994     $ 107,138  
    Interest expense     39,229     41,065       45,900       49,884       48,243  
    Net interest income     58,695     58,290       58,570       59,110       58,895  
    Provision for credit losses:                    
    Provision for credit losses on loans     17,369     10,850       74,183       17,925       8,482  
    Recapture of credit losses on unfunded commitments     —     —       —       —       (200 )
    Total provision for credit losses     17,369     10,850       74,183       17,925       8,282  
    Net interest income after provision for credit losses     41,326     47,440       (15,613 )     41,185       50,613  
    Noninterest income:                    
    Wealth management revenue     7,379     7,350       7,660       7,104       6,801  
    Service charges on deposit accounts     3,351     3,305       3,506       3,411       3,121  
    Interchange revenue     3,463     3,151       3,528       3,506       3,563  
    Residential mortgage banking revenue     756     676       637       697       557  
    Income on company-owned life insurance     2,068     2,334       1,975       1,981       1,925  
    Loss on sales of investment securities, net     —     —       (34 )     (44 )     (152 )
    Credit enhancement income (loss)     3,848     (578 )     15,810       14,206       14,328  
    Other income     2,669     1,525       2,289       2,684       1,841  
    Total noninterest income     23,534     17,763       35,371       33,545       31,984  
    Noninterest expense:                    
    Salaries and employee benefits     25,685     26,416       22,283       24,382       22,872  
    Occupancy and equipment     4,166     4,498       4,286       4,393       3,964  
    Data processing     7,035     6,919       7,278       6,955       7,205  
    Professional services     2,792     2,741       1,580       1,744       2,243  
    Impairment on goodwill     —     153,977       —       —       —  
    Amortization of intangible assets     827     911       952       951       1,016  
    Impairment on leased assets and surrendered assets     —     —       7,601       —       —  
    FDIC insurance     1,422     1,463       1,383       1,402       1,219  
    Other expense     8,065     6,080       13,336       9,937       12,265  
    Total noninterest expense     49,992     203,005       58,699       49,764       50,784  
    Income (loss) before income taxes     14,868     (137,802 )     (38,941 )     24,966       31,813  
    Income tax expense (benefit)     2,844     3,172       (8,172 )     4,535       6,094  
    Net income (loss)     12,024     (140,974 )     (30,769 )     20,431       25,719  
    Preferred stock dividends     2,228     2,228       2,228       2,229       2,228  
    Net income (loss) available to common shareholders   $ 9,796   $ (143,202 )   $ (32,997 )   $ 18,202     $ 23,491  
                         
    Basic earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Diluted earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Weighted average common shares outstanding     21,820,190     21,795,570       21,748,428       21,675,818       21,731,195  
    Weighted average diluted common shares outstanding     21,820,190     21,795,570       21,753,711       21,678,242       21,734,849  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)    2025    2025    2024    2024    2024
    Loan Portfolio Mix                    
    Commercial loans   $ 1,178,792   $ 879,286   $ 934,847   $ 879,590   $ 955,667
    Equipment finance loans     364,526     390,276     416,970     442,552     461,409
    Equipment finance leases     347,155     373,168     391,390     417,531     428,659
    Commercial FHA warehouse lines     1,068     —     8,004     50,198     —
    Total commercial loans and leases     1,891,541     1,642,730     1,751,211     1,789,871     1,845,735
    Commercial real estate     2,412,761     2,592,325     2,591,664     2,510,472     2,421,505
    Construction and land development     258,729     264,966     299,842     422,253     476,528
    Residential real estate     361,261     373,095     380,557     378,658     378,393
    Consumer     140,403     144,937     144,300     626,983     706,896
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Loan Portfolio Segment                    
    Regions                    
    Eastern   $ 901,848   $ 897,792   $ 899,611   $ 902,993   $ 884,343
    Northern     753,590     747,028     714,562     730,752     724,782
    Southern     778,124     711,787     720,188     694,810     699,893
    St. Louis     884,685     902,743     868,190     850,327     825,291
    Total Community Bank     3,318,247     3,259,350     3,202,551     3,178,882     3,134,309
    Specialty finance     701,244     874,567     1,038,238     1,018,961     1,107,508
    Equipment finance     711,681     763,444     808,359     860,083     890,068
    Non-core loan program and other(1)     333,523     120,692     118,426     670,311     697,172
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Deposit Portfolio Mix                    
    Noninterest-bearing demand   $ 1,074,212   $ 1,090,707   $ 1,055,564   $ 1,050,617   $ 1,108,521
    Interest-bearing:                    
    Checking     2,180,717     2,161,282     2,378,256     2,389,970     2,343,533
    Money market     1,216,357     1,154,403     1,173,630     1,187,139     1,143,668
    Savings     511,470     522,663     507,305     510,260     538,462
    Time     818,813     818,732     822,981     849,413     852,415
    Brokered time     145,350     188,647     259,507     269,437     131,424
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023
                         
    Deposit Portfolio by Channel                    
    Retail   $ 2,811,838   $ 2,846,494   $ 2,749,650   $ 2,695,077   $ 2,742,494
    Commercial     1,145,369     1,074,837     1,209,815     1,218,657     1,217,068
    Public Funds     618,172     490,374     505,912     574,704     568,889
    Wealth & Trust     304,626     301,251     340,615     332,242     298,659
    Servicing     785,659     842,567     896,436     958,662     931,892
    Brokered Deposits     248,707     358,063     473,451     390,558     238,708
    Other     32,548     22,848     21,364     86,936     120,313
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023

    (1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.

     
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Adjusted Earnings Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, expect per share data)     2025       2025       2024       2024       2024  
    Income (loss) before income tax (benefit) expense – GAAP   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Adjustments to noninterest income:                    
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Total adjustments to noninterest income     —       —       47       (33 )     (15 )
    Adjustments to noninterest expense:                    
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Total adjustments to noninterest expense     —       (153,977 )     —       —       —  
    Adjusted earnings (loss) pre tax – non-GAAP     14,868       16,175       (38,894 )     24,933       31,798  
    Adjusted earnings (loss) tax (benefit) expense     2,844       3,172       (8,159 )     4,526       6,090  
    Adjusted earnings (loss) – non-GAAP     12,024       13,003       (30,735 )     20,407       25,708  
    Preferred stock dividends     2,228       2,228       2,228       2,229       2,228  
    Adjusted earnings (loss) available to common shareholders   $ 9,796     $ 10,775     $ (32,963 )   $ 18,178     $ 23,480  
    Adjusted diluted earnings (loss) per common share   $ 0.44     $ 0.49     $ (1.52 )   $ 0.82     $ 1.06  
                         
    Pre-Provision Net Revenue Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Income (loss) before income taxes   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Provision for credit losses     17,369       10,850       74,183       17,925       8,282  
    Impairment on goodwill     —       153,977       —       —       —  
    Pre-provision net revenue   $ 32,237     $ 27,025     $ 35,242     $ 42,891     $ 40,095  
    Pre-provision net revenue per diluted share   $ 1.48     $ 1.24     $ 1.62     $ 1.98     $ 1.84  
    Pre-provision net revenue to average assets     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Efficiency Ratio Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Noninterest expense – GAAP   $ 49,992     $ 203,005     $ 58,699     $ 49,764     $ 50,784  
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Adjusted noninterest expense   $ 49,992     $ 49,028     $ 58,699     $ 49,764     $ 50,784  
                         
    Net interest income – GAAP   $ 58,695     $ 58,290     $ 58,570     $ 59,110     $ 58,895  
    Effect of tax-exempt income     267       208       220       205       170  
    Adjusted net interest income     58,962       58,498       58,790       59,315       59,065  
                         
    Noninterest income – GAAP     23,534       17,763       35,371       33,545       31,984  
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Adjusted noninterest income     23,534       17,763       35,418       33,512       31,969  
                         
    Adjusted total revenue   $ 82,496     $ 76,261     $ 94,208     $ 92,827     $ 91,034  
                         
    Efficiency ratio     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Shareholders’ Equity to Tangible Common Equity                        
    Total shareholders’ equity—GAAP   $ 573,705     $ 571,437     $ 710,847     $ 771,221     $ 736,779  
    Adjustments:                    
    Preferred Stock     (110,548 )     (110,548 )     (110,548 )     (110,548 )     (110,548 )
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible common equity     444,868       441,773       426,295       485,717       450,324  
                         
    Total Assets to Tangible Assets:                    
    Total assets—GAAP   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    Adjustments:                    
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible assets   $ 7,089,589     $ 7,265,688     $ 7,332,805     $ 7,529,233     $ 7,532,167  
                         
    Common Shares Outstanding     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
                         
    Tangible Common Equity to Tangible Assets     6.27 %     6.08 %     5.81 %     6.45 %     5.98 %
    Tangible Book Value Per Share   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., July 24, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.

    This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.

    2025 Second Quarter Results

    • Net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025
    • Adjusted earnings of $9.8 million, or $0.44 per diluted share, compared to $10.8 million, or $0.49 per diluted share, in prior quarter
    • Pre-provision net revenue of $32.2 million, or $1.48 per diluted share, for the second quarter of 2025 compared to $27.0 million, or $1.24 per diluted share, for the first quarter of 2025
    • Net interest margin of 3.56%, compared to 3.49% in prior quarter
    • Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
    • Total capital to risk-weighted assets of 14.50% and common equity tier 1 capital of 9.02%

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.

    During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.

    Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”

    Key Points for Second Quarter and Outlook

    Acceleration of Credit Clean-up; Tightened Underwriting Standards

    • Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $29.9 million for the quarter, including:
      • $13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
      • $4.7 million of fully reimbursed charge-offs related to our third party lending programs
      • $3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
    • Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.

        As of and for the Three Months Ended
    (dollars in thousands)   June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Asset Quality                    
    Loans 30-89 days past due   $ 40,959     $ 48,221     $ 43,681     $ 55,329     $ 54,045  
    Nonperforming loans     109,512       145,690       150,907       114,556       112,124  
    Nonperforming assets     111,174       151,264       157,409       126,771       123,774  
    Substandard accruing loans     58,478       77,620       84,058       167,549       135,555  
    Net charge-offs     29,854       16,878       112,776       22,302       13,883  
    Loans 30-89 days past due to total loans     0.81 %     0.96 %     0.85 %     0.97 %     0.93 %
    Nonperforming loans to total loans     2.16 %     2.90 %     2.92 %     2.00 %     1.92 %
    Nonperforming assets to total assets     1.56 %     2.08 %     2.10 %     1.65 %     1.61 %
    Allowance for credit losses to total loans     1.83 %     2.10 %     2.15 %     2.64 %     2.67 %
    Allowance for credit losses to nonperforming loans     84.64 %     72.19 %     73.69 %     131.87 %     138.63 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
                                             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.
      • Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
      • Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
      • Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
      • Noninterest-bearing deposits decreased $16.5 million in the quarter.
      • Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
      • Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
      • Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
    • Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
    Interest-earning assets   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate
    Cash and cash equivalents   $ 67,326   $ 716   4.27 %   $ 68,671   $ 718   4.24 %   $ 65,250   $ 875   5.40 %
    Investment securities(1)     1,367,180     17,164   5.04       1,311,887     15,517   4.80       1,098,452     12,805   4.69  
    Loans(1)(2)     5,123,558     79,240   6.20       5,057,394     78,118   6.26       5,915,523     92,581   6.29  
    Loans held for sale     44,642     377   3.39       326,348     4,563   5.67       4,910     84   6.84  
    Nonmarketable equity securities     38,803     694   7.17       35,614     647   7.37       44,216     963   8.76  
    Total interest-earning assets     6,641,509     98,191   5.93       6,799,914     99,563   5.94       7,128,351     107,308   6.05  
    Noninterest-earning assets     513,801             667,940             669,370        
    Total assets   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Interest-Bearing Liabilities                                    
    Interest-bearing deposits   $ 4,845,609   $ 32,290   2.67 %   $ 5,074,007   $ 34,615   2.77 %   $ 5,101,365   $ 39,476   3.11 %
    Short-term borrowings     60,117     573   3.82       73,767     700   3.85       30,449     308   4.07  
    FHLB advances & other borrowings     363,505     3,766   4.16       299,578     3,163   4.28       500,758     5,836   4.69  
    Subordinated debt     77,757     1,394   7.19       77,752     1,387   7.23       93,090     1,265   5.47  
    Trust preferred debentures     51,439     1,206   9.40       51,283     1,200   9.49       50,921     1,358   10.73  
    Total interest-bearing liabilities     5,398,427     39,229   2.91       5,576,387     41,065   2.99       5,776,583     48,243   3.36  
    Noninterest-bearing deposits     1,075,945             1,052,181             1,132,451        
    Other noninterest-bearing liabilities     108,819             123,613             104,841        
    Shareholders’ equity     572,119             715,673             783,846        
    Total liabilities and shareholder’s equity   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Net Interest Margin       $ 58,962   3.56 %       $ 58,498   3.49 %       $ 59,065   3.33 %
                                         
    Cost of Deposits           2.19 %           2.29 %           2.55 %

    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.


    Trends in Noninterest Income and Expense

    • Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
    • Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.

    Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
          2025       2025       2024       2024       2024  
    Return on average assets     0.67 %     (7.66 )%     (1.59 )%     1.05 %     1.33 %
    Pre-provision net revenue to average assets(1)     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    Net interest margin     3.56 %     3.49 %     3.34 %     3.34 %     3.33 %
    Efficiency ratio (1)     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Noninterest expense to average assets     2.80 %     11.02 %     3.04 %     2.56 %     2.62 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
    Tangible book value per share at period end (1)   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  
    Diluted earnings (loss) per common share   $ 0.44     $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Common shares outstanding at period end     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
    Trust assets under administration   $ 4,181,180     $ 4,101,414     $ 4,153,080     $ 4,268,539     $ 3,996,175  

    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.


    Capital

    At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of June 30, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory
    Requirements     (2)
    Total capital to risk-weighted assets 13.74%   14.50%   10.50%
    Tier 1 capital to risk-weighted assets 12.49%   12.07%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 12.49%   9.02%   7.00%
    Tier 1 leverage ratio 9.93%   9.59%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.27%   N/A

    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.


    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

     
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Assets                    
    Cash and cash equivalents   $ 176,587     $ 102,006     $ 114,766     $ 121,873     $ 124,646  
    Investment securities     1,354,652       1,368,405       1,212,366       1,216,795       1,099,654  
    Loans     5,064,695       5,018,053       5,167,574       5,728,237       5,829,057  
    Allowance for credit losses on loans     (92,690 )     (105,176 )     (111,204 )     (151,067 )     (155,443 )
    Total loans, net     4,972,005       4,912,877       5,056,370       5,577,170       5,673,614  
    Loans held for sale     7,899       287,821       344,947       8,001       5,555  
    Premises and equipment, net     86,240       86,719       85,710       84,672       83,040  
    Other real estate owned     393       4,183       4,941       8,646       8,304  
    Loan servicing rights, at lower of cost or fair value     16,720       17,278       17,842       18,400       18,902  
    Goodwill     7,927       7,927       161,904       161,904       161,904  
    Other intangible assets, net     10,362       11,189       12,100       13,052       14,003  
    Company-owned life insurance     214,392       212,336       211,168       209,193       207,211  
    Credit enhancement asset     5,800       5,615       16,804       20,633       18,202  
    Other assets     254,901       268,448       267,891       263,850       293,039  
    Total assets   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
                         
    Liabilities and Shareholders’ Equity                    
    Noninterest-bearing demand deposits   $ 1,074,212     $ 1,090,707     $ 1,055,564     $ 1,050,617     $ 1,108,521  
    Interest-bearing deposits     4,872,707       4,845,727       5,141,679       5,206,219       5,009,502  
    Total deposits     5,946,919       5,936,434       6,197,243       6,256,836       6,118,023  
    Short-term borrowings     8,654       40,224       87,499       13,849       7,208  
    FHLB advances and other borrowings     345,000       498,000       258,000       425,000       600,000  
    Subordinated debt     77,759       77,754       77,749       82,744       91,656  
    Trust preferred debentures     51,518       51,358       51,205       51,058       50,921  
    Other liabilities     104,323       109,597       124,266       103,481       103,487  
    Total liabilities     6,534,173       6,713,367       6,795,962       6,932,968       6,971,295  
    Total shareholders’ equity     573,705       571,437       710,847       771,221       736,779  
    Total liabilities and shareholders’ equity   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)    2025     2025       2024       2024       2024  
    Net interest income:                    
    Interest income   $ 97,924   $ 99,355     $ 104,470     $ 108,994     $ 107,138  
    Interest expense     39,229     41,065       45,900       49,884       48,243  
    Net interest income     58,695     58,290       58,570       59,110       58,895  
    Provision for credit losses:                    
    Provision for credit losses on loans     17,369     10,850       74,183       17,925       8,482  
    Recapture of credit losses on unfunded commitments     —     —       —       —       (200 )
    Total provision for credit losses     17,369     10,850       74,183       17,925       8,282  
    Net interest income after provision for credit losses     41,326     47,440       (15,613 )     41,185       50,613  
    Noninterest income:                    
    Wealth management revenue     7,379     7,350       7,660       7,104       6,801  
    Service charges on deposit accounts     3,351     3,305       3,506       3,411       3,121  
    Interchange revenue     3,463     3,151       3,528       3,506       3,563  
    Residential mortgage banking revenue     756     676       637       697       557  
    Income on company-owned life insurance     2,068     2,334       1,975       1,981       1,925  
    Loss on sales of investment securities, net     —     —       (34 )     (44 )     (152 )
    Credit enhancement income (loss)     3,848     (578 )     15,810       14,206       14,328  
    Other income     2,669     1,525       2,289       2,684       1,841  
    Total noninterest income     23,534     17,763       35,371       33,545       31,984  
    Noninterest expense:                    
    Salaries and employee benefits     25,685     26,416       22,283       24,382       22,872  
    Occupancy and equipment     4,166     4,498       4,286       4,393       3,964  
    Data processing     7,035     6,919       7,278       6,955       7,205  
    Professional services     2,792     2,741       1,580       1,744       2,243  
    Impairment on goodwill     —     153,977       —       —       —  
    Amortization of intangible assets     827     911       952       951       1,016  
    Impairment on leased assets and surrendered assets     —     —       7,601       —       —  
    FDIC insurance     1,422     1,463       1,383       1,402       1,219  
    Other expense     8,065     6,080       13,336       9,937       12,265  
    Total noninterest expense     49,992     203,005       58,699       49,764       50,784  
    Income (loss) before income taxes     14,868     (137,802 )     (38,941 )     24,966       31,813  
    Income tax expense (benefit)     2,844     3,172       (8,172 )     4,535       6,094  
    Net income (loss)     12,024     (140,974 )     (30,769 )     20,431       25,719  
    Preferred stock dividends     2,228     2,228       2,228       2,229       2,228  
    Net income (loss) available to common shareholders   $ 9,796   $ (143,202 )   $ (32,997 )   $ 18,202     $ 23,491  
                         
    Basic earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Diluted earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Weighted average common shares outstanding     21,820,190     21,795,570       21,748,428       21,675,818       21,731,195  
    Weighted average diluted common shares outstanding     21,820,190     21,795,570       21,753,711       21,678,242       21,734,849  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)    2025    2025    2024    2024    2024
    Loan Portfolio Mix                    
    Commercial loans   $ 1,178,792   $ 879,286   $ 934,847   $ 879,590   $ 955,667
    Equipment finance loans     364,526     390,276     416,970     442,552     461,409
    Equipment finance leases     347,155     373,168     391,390     417,531     428,659
    Commercial FHA warehouse lines     1,068     —     8,004     50,198     —
    Total commercial loans and leases     1,891,541     1,642,730     1,751,211     1,789,871     1,845,735
    Commercial real estate     2,412,761     2,592,325     2,591,664     2,510,472     2,421,505
    Construction and land development     258,729     264,966     299,842     422,253     476,528
    Residential real estate     361,261     373,095     380,557     378,658     378,393
    Consumer     140,403     144,937     144,300     626,983     706,896
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Loan Portfolio Segment                    
    Regions                    
    Eastern   $ 901,848   $ 897,792   $ 899,611   $ 902,993   $ 884,343
    Northern     753,590     747,028     714,562     730,752     724,782
    Southern     778,124     711,787     720,188     694,810     699,893
    St. Louis     884,685     902,743     868,190     850,327     825,291
    Total Community Bank     3,318,247     3,259,350     3,202,551     3,178,882     3,134,309
    Specialty finance     701,244     874,567     1,038,238     1,018,961     1,107,508
    Equipment finance     711,681     763,444     808,359     860,083     890,068
    Non-core loan program and other(1)     333,523     120,692     118,426     670,311     697,172
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Deposit Portfolio Mix                    
    Noninterest-bearing demand   $ 1,074,212   $ 1,090,707   $ 1,055,564   $ 1,050,617   $ 1,108,521
    Interest-bearing:                    
    Checking     2,180,717     2,161,282     2,378,256     2,389,970     2,343,533
    Money market     1,216,357     1,154,403     1,173,630     1,187,139     1,143,668
    Savings     511,470     522,663     507,305     510,260     538,462
    Time     818,813     818,732     822,981     849,413     852,415
    Brokered time     145,350     188,647     259,507     269,437     131,424
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023
                         
    Deposit Portfolio by Channel                    
    Retail   $ 2,811,838   $ 2,846,494   $ 2,749,650   $ 2,695,077   $ 2,742,494
    Commercial     1,145,369     1,074,837     1,209,815     1,218,657     1,217,068
    Public Funds     618,172     490,374     505,912     574,704     568,889
    Wealth & Trust     304,626     301,251     340,615     332,242     298,659
    Servicing     785,659     842,567     896,436     958,662     931,892
    Brokered Deposits     248,707     358,063     473,451     390,558     238,708
    Other     32,548     22,848     21,364     86,936     120,313
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023

    (1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.

     
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Adjusted Earnings Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, expect per share data)     2025       2025       2024       2024       2024  
    Income (loss) before income tax (benefit) expense – GAAP   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Adjustments to noninterest income:                    
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Total adjustments to noninterest income     —       —       47       (33 )     (15 )
    Adjustments to noninterest expense:                    
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Total adjustments to noninterest expense     —       (153,977 )     —       —       —  
    Adjusted earnings (loss) pre tax – non-GAAP     14,868       16,175       (38,894 )     24,933       31,798  
    Adjusted earnings (loss) tax (benefit) expense     2,844       3,172       (8,159 )     4,526       6,090  
    Adjusted earnings (loss) – non-GAAP     12,024       13,003       (30,735 )     20,407       25,708  
    Preferred stock dividends     2,228       2,228       2,228       2,229       2,228  
    Adjusted earnings (loss) available to common shareholders   $ 9,796     $ 10,775     $ (32,963 )   $ 18,178     $ 23,480  
    Adjusted diluted earnings (loss) per common share   $ 0.44     $ 0.49     $ (1.52 )   $ 0.82     $ 1.06  
                         
    Pre-Provision Net Revenue Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Income (loss) before income taxes   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Provision for credit losses     17,369       10,850       74,183       17,925       8,282  
    Impairment on goodwill     —       153,977       —       —       —  
    Pre-provision net revenue   $ 32,237     $ 27,025     $ 35,242     $ 42,891     $ 40,095  
    Pre-provision net revenue per diluted share   $ 1.48     $ 1.24     $ 1.62     $ 1.98     $ 1.84  
    Pre-provision net revenue to average assets     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Efficiency Ratio Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Noninterest expense – GAAP   $ 49,992     $ 203,005     $ 58,699     $ 49,764     $ 50,784  
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Adjusted noninterest expense   $ 49,992     $ 49,028     $ 58,699     $ 49,764     $ 50,784  
                         
    Net interest income – GAAP   $ 58,695     $ 58,290     $ 58,570     $ 59,110     $ 58,895  
    Effect of tax-exempt income     267       208       220       205       170  
    Adjusted net interest income     58,962       58,498       58,790       59,315       59,065  
                         
    Noninterest income – GAAP     23,534       17,763       35,371       33,545       31,984  
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Adjusted noninterest income     23,534       17,763       35,418       33,512       31,969  
                         
    Adjusted total revenue   $ 82,496     $ 76,261     $ 94,208     $ 92,827     $ 91,034  
                         
    Efficiency ratio     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Shareholders’ Equity to Tangible Common Equity                        
    Total shareholders’ equity—GAAP   $ 573,705     $ 571,437     $ 710,847     $ 771,221     $ 736,779  
    Adjustments:                    
    Preferred Stock     (110,548 )     (110,548 )     (110,548 )     (110,548 )     (110,548 )
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible common equity     444,868       441,773       426,295       485,717       450,324  
                         
    Total Assets to Tangible Assets:                    
    Total assets—GAAP   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    Adjustments:                    
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible assets   $ 7,089,589     $ 7,265,688     $ 7,332,805     $ 7,529,233     $ 7,532,167  
                         
    Common Shares Outstanding     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
                         
    Tangible Common Equity to Tangible Assets     6.27 %     6.08 %     5.81 %     6.45 %     5.98 %
    Tangible Book Value Per Share   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  

    The MIL Network –

  • MIL-OSI: Main Street Financial Services Corp. Announces Earnings for Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • Core net income (non-GAAP) for the second quarter of 2025 totaled $4.1 million, or $0.52 per common share
    • Deposit growth of $52.9 million, or 17.9% annualized, for the quarter ended June 30, 2025
    • Loan growth of $29.8 million, or 10.5% annualized, for the quarter ended June 30, 2025
    • Continued reduction of wholesale funding by $15 million during the second quarter of 2025. The wholesale funding balance decreased to $54 million, or 3.7% of assets, as of June 30, 2025.
    • Received regulatory approval to open retail branch office in St. Clairsville, Ohio, with an expected opening in Q3 2025
    • Declared cash dividend of $0.14 per share on July 11, 2025

    WOOSTER, Ohio, July 24, 2025 (GLOBE NEWSWIRE) — Main Street Financial Services Corp. (OTCQX: MSWV), (the “Company”), the holding company parent of Main Street Bank Corp. reported a net income of $3.7 million, or $0.47 per common share, for the three months ended June 30, 2025. Core net income, which excludes nonrecurring items and represents the Company’s earnings from ongoing operations, was $4.1 million, or $0.52 per common share for the three months ended June 30, 2025. Core return on average equity and core return on average assets for the second quarter of 2025 were 14.94% and 1.14%, compared to 9.56% and 0.77%, for the second quarter of 2024.

    The Company announced a merger of equals transaction with Wayne Savings Bancshares, Inc. (“Legacy Wayne”) on February 23, 2023. On May 31, 2024 (the “Merger Date”), the Company completed the transaction, forming a financial holding company with assets of $1.4 billion. On the Merger Date, Legacy Wayne merged with and into Main Street, with Main Street surviving the merger (the “Merger”). Immediately following the Merger, Main Street’s wholly owned bank subsidiary, Main Street Bank Corp., merged with and into Wayne Savings Community Bank, with Wayne Savings Community Bank surviving the merger. Upon completion of the Merger, Wayne Savings Community Bank was renamed Main Street Bank Corp.

    The Merger was accounted for as a reverse merger using the acquisition method of accounting, therefore, Legacy Wayne was deemed the acquirer for financial reporting purposes, even though Main Street was the legal acquirer. Accordingly, Legacy Wayne’s historical financial statements are the historical financial statements of the combined company for all periods before the Merger Date. Our consolidated statements of income for the quarters ended June 30, 2024 and forward, include the results from Main Street on and after May 31, 2024. Results for periods before May 31, 2024, reflect only those of Legacy Wayne and do not include the consolidated statements of income of Main Street. Accordingly, comparisons of our results for the quarter ended June 30, 2025, with those of prior periods may not be meaningful. The number of shares issued and outstanding, earnings per share, dividends paid and all references to share quantities of Main Street have been retrospectively adjusted to reflect the equivalent number of shares issued in the Merger.

    Mark Witmer, Chairman, President and CEO commented “Our core earnings this quarter highlight the strength of our banking franchise and the continued confidence of our customers. We remain focused on relationship-driven banking, disciplined risk management, and delivering long-term value to our shareholders.”

    Second Quarter 2025 Financial Results

    Net interest income was $12.5 million for the quarter ended June 30, 2025, an increase of 95% from $6.4 million for the quarter ended June 30, 2024. The net interest margin of 3.68% for the second quarter of 2025 increased 99 basis points from 2.69% for the second quarter of 2024. Loan yields were 6.48% for the quarter ended June 30, 2025, an increase of 70 basis points when compared to 5.78% for the quarter ended June 30, 2024. During the second quarter of 2025, $51.6 million of the existing loan portfolio repriced and the bank funded $78.1 million in term loans and lines of credit at current market rates. Investment yields increased 176 basis points to 4.02% as of June 30, 2025, compared to the quarter ended June 30, 2024. The cost of funds for the second quarter of 2025 was 2.53%, a decrease of 16 basis points when compared to the second quarter of 2024. The cost of funds is impacted by the acquisition of new deposit accounts in the local market at rates lower than wholesale funding, such as FHLB advances. The cost of deposits was 2.37% for the quarter ended June 30, 2025, a 13 basis point increase when compared to 2.24% for the quarter ended June 30, 2024. The cost of borrowings for the quarter ended June 30, 2025 totaled 4.84%, a decrease of 109 basis points when compared to the quarter ended June 30, 2024.

    A provision for credit losses and unfunded commitments of $374,000 was recorded for the quarter ended June 30, 2025. During the quarter, the Company recognized $148,000 in charge-offs and $114,000 in recoveries, reflecting relatively stable asset quality.

    Noninterest income totaled $0.9 million for the quarter ended June 30, 2025, an increase of $190,000, or 26.5%, when compared to the quarter ended June 30, 2024. The increase in noninterest income is primarily attributed to interchange fees and service charges generated from the acquired deposit accounts.

    Noninterest expense totaled $8.3 million for the quarter ended June 30, 2025, an increase of $1.6 million when compared to the quarter ended June 30, 2024. The increase reflects a full quarter of combined expenses after the merger. The Company incurred approximately $0.5 million in one-time termination expenses. These costs are nonrecurring in nature and are not indicative of ongoing operational trends. No further expenses related to this matter are anticipated.

    Provision for income taxes for the quarter ended June 30, 2025, was $1.0 million, reflecting an effective tax rate of 21%.

    June 30, 2025 Financial Condition

    At June 30, 2025, the Company had total assets of $1.45 billion with net loan balances totaling $1.16 billion. Loan balances grew by $29.8 million, or 17.9% annualized, during the second quarter of 2025. The increase is primarily attributed to $33.6 million growth in the commercial loan portfolio.

    The allowance for credit losses was $12.4 million at June 30, 2025, compared to $11.8 million at December 31, 2024. The allowance for credit losses as a percent of total loans was 1.06% for June 30, 2025 and 1.05% for December 31, 2024. The allowance for credit losses and the related provision for credit losses is based on management’s judgment and evaluation of the loan portfolio. Management believes the current allowance for credit losses is adequate, however, changing economic and other conditions may require future adjustments to the allowance for credit losses.

    Total nonperforming loans (NPLs) was $4.7 million at June 30, 2025, a decrease from $6.1 million at December 31, 2024. The NPL to net loan receivable ratio was 0.41% as of June 30, 2025. Past due loan balances of 30 days and more decreased from $13.8 million at December 31, 2024, to $5.9 million, or 0.51% of net loans outstanding, at June 30, 2025.

    Improvement in Asset Quality Since Merger Announcement: The combined level of classified loans for Legacy Wayne and Main Street was $24.4 million as of December 31, 2022. Since the merger announcement on February 23, 2023, the management teams of both Main Street and Wayne invested a great deal of time ensuring our combined organization utilizes strong underwriting standards and proactively monitors credit quality. Main Street sold approximately $15.2 million of loans in August 2023 and April 2024, of which approximately $12.7 million were classified loans. As of June 30, 2025, the resultant Company has $11.3 million of classified loans.

    Total liabilities was $1.33 billion at June 30, 2025 with deposits totaling $1.24 billion and wholesale funding totaling $54.0 million. Deposits grew by $52.9 million, or 17.9% annualized, during the second quarter of 2025, mainly attributed to growth from Maximize Money Market accounts and the Short-Term Relationship Certificates of Deposits. The Company primarily utilizes FHLB advances as the primary source of wholesale funding due to their accessibility and alignment with prevailing market rates. During the second quarter of 2025, the Company reduced the reliance on FHLB advances by $10 million.

    Total stockholders’ equity was $116.6 million at June 30, 2025, an increase of $5.9 million when compared to the December 31, 2024 balance. Total stockholders’ equity increased during the second quarter of 2025 primarily from net income of $3.7 million, partially offset by dividends of $1.1 million and a decrease in accumulated other comprehensive income of $1.0 million.

    Main Street Financial Services Corp. is a holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp. operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. Additional information about Main Street Bank Corp. is available at www.mymainstreetbank.bank.

    Non-GAAP Disclosure
    This press release includes disclosures of the Company’s return on average equity, return on average assets, net income, and efficiency ratios which exclude amounts the Company views as unrelated to its normalized operations, including securities gains/losses, acquisition costs, restructuring costs, legal settlements, and system conversion costs. The financial measures are not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flow that excludes or includes amounts that are required to be disclosed by GAAP. The Company believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and the Company’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP.

    Forward-Looking–Statements
    This release contains forward-looking statements that are not historical facts and that are intended to be “forward-looking statements” as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained in this release that are not historical facts and pertain to the Company’s future operating results. When used in this release, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward-looking statements. Actual results may differ materially from the results discussed in these forward-looking statements, because such statements are inherently subject to significant assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control. These include but are not limited to: the possibility of adverse economic developments that may, among other things, increase default and delinquency risks in the Company’s loan portfolios; shifts in interest rates; shifts in the rate of inflation; shifts in the demand for the Company’s loan and other products; unforeseen increases in costs and expenses; lower-than-expected revenue or cost savings in connection with acquisitions; changes in accounting policies; changes in the monetary and fiscal policies of the federal government; and changes in laws, regulations and the competitive environment. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact Information:
    Matthew Hartzler
    Executive Vice President, Chief Financial Officer
    (330) 264-5767

       
    MAIN STREET FINANCIAL SERVICES CORP.  
    Condensed Consolidated Balance Sheets  
    (Dollars in thousands, except share data – unaudited)  
      June 30, 2025   December 31, 2024  
    ASSETS        
             
    Cash and cash equivalents $ 52,381   $ 54,422  
    Securities, net (1) 158,189   163,819  
    Loans held for sale 168   –  
    Loans receivable, net 1,161,450   1,113,900  
    Federal Home Loan Bank stock 4,567   5,924  
    Premises & equipment, net 7,884   8,013  
    Bank-owned life insurance 22,036   22,155  
    Other assets 42,096   41,368  
    TOTAL ASSETS $ 1,448,771   $ 1,409,601  
             
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
             
    Deposit accounts $ 1,237,600   $ 1,156,327  
    Other borrowings 28,238   28,399  
    Federal Home Loan Bank advances 54,000   100,000  
    Accrued interest payable and other liabilities 12,371   14,239  
    TOTAL LIABILITIES 1,332,209   1,298,965  
             
             
    Common stock (7,829,127 shares of $1.00 par value issued) 7,829   7,801  
    Additional paid-in capital 56,656   56,387  
    Retained earnings 62,479   57,356  
    Accumulated other comprehensive loss (10,402)   (10,908)  
    TOTAL STOCKHOLDERS’ EQUITY 116,562   110,636  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,448,771   $ 1,409,601  
             
    (1) Includes available-for-sale and held-to-maturity classifications.  
    Note: The December 31, 2024 Condensed Consolidated Balance Sheet has been derived from the audited Consolidated Balance Sheet as of that date.  
             
     
    MAIN STREET FINANCIAL SERVICES CORP.
    Condensed Consolidated Statements of Income
    (Dollars in thousands, except share data – unaudited)
                   
                   
      Three Months Ended   Six Months Ended
      June 30,   June 30,
        2025     2024       2025     2024  
                   
    Interest income $ 20,698   $ 12,572     $ 40,096   $ 22,266  
    Interest expense   8,241     6,185       16,114     10,826  
    Net interest income   12,457     6,387       23,982     11,440  
    Provision for credit losses   374     4,720       619     4,595  
    Net interest income after provision for credit losses   12,083     1,666       23,363     6,845  
    Non-interest income   906     716       1,725     1,394  
    Non-interest expense              
    Salaries and employee benefits   4,361     2,889       8,077     4,889  
    Net occupancy and equipment expense   1,405     823       2,880     1,505  
    Federal deposit insurance premiums   207     179       378     322  
    Franchise taxes   105     180       210     307  
    Advertising and marketing   190     150       360     218  
    Legal   164     180       247     313  
    Professional fees   365     1,163       724     1,293  
    ATM network   132     266       212     395  
    Auditing and accounting   132     121       308     193  
    Other   1,247     772       2,426     1,222  
    Total non-interest expense   8,308     6,723       15,822     10,657  
    Income (loss) before federal income taxes   4,681     (4,341 )     9,266     (2,418 )
    Provision (benefit) for federal income taxes   1,002     (873 )     1,958     (489 )
    Net income (loss) $ 3,679   $ (3,468 )   $ 7,308   $ (1,929 )
                   
    Earnings (net loss) per share              
    Basic $ 0.47   $ (0.68 )   $ 0.94   $ (0.28 )
    Diluted $ 0.47   $ (0.67 )   $ 0.93   $ (0.27 )
                   
     
    MAIN STREET FINANCIAL SERVICES CORP.
    Selected Condensed Consolidated Financial Data
    (Dollars in thousands, except share data – unaudited)
                     
        Three Months Ended
        June   March   December   September
          2025       2025       2024       2024  
                     
    Interest and dividend income   $ 20,699     $ 19,397     $ 19,138     $ 18,930  
    Interest expense     8,241       7,872       8,531       8,308  
    Net interest income     12,457       11,525       10,607       10,622  
    Provision for credit losses     374       245       79       109  
    Net interest income after                
    provision for credit losses     12,083       11,280       10,528       10,513  
    Non-interest income     906       819       1,165       1,600  
    Non-interest expense     8,308       7,514       7,950       7,863  
    Income before federal income taxes     4,681       4,585       3,744       4,251  
    Provision for federal income taxes     1,002       956       558       804  
    Net income   $ 3,679     $ 3,629     $ 3,186     $ 3,446  
                     
    Earnings per share – basic   $ 0.47     $ 0.47     $ 0.41     $ 0.44  
    Earnings per share – diluted   $ 0.47     $ 0.47     $ 0.41     $ 0.44  
    Dividends per share   $ 0.14     $ 0.14     $ 0.14     $ 0.14  
    Return on average assets     1.03 %     1.03 %     0.90 %     1.00 %
    Return on average equity     13.42 %     13.27 %     11.69 %     12.58 %
    Shares outstanding at quarter end     7,829,137       7,801,011       7,801,011       7,801,011  
    Book value per share   $ 14.89     $ 14.73     $ 14.18     $ 14.27  
    Tangible equity per share   $ 12.97     $ 12.73     $ 12.13     $ 12.15  
    Return on common tangible equity     14.49 %     14.62 %     13.46 %     14.54 %
                     
        Three Months Ended
        June   March   December   September
          2024       2024       2023       2023  
                     
    Interest and dividend income   $ 12,572     $ 9,694     $ 9,545     $ 9,078  
    Interest expense     6,185       4,641       4,330       3,673  
    Net interest income     6,387       5,053       5,215       5,405  
    Provision (benefit) for credit losses     4,720       (126 )     4       138  
    Net interest income after                
    provision for credit losses     1,666       5,179       5,211       5,267  
    Non-interest income     716       678       1,017       691  
    Non-interest expense     6,723       3,934       3,748       3,733  
    Income (loss) before federal income taxes     (4,341 )     1,923       2,480       2,225  
    Provision (benefit) for federal income taxes     (873 )     384       443       452  
    Net income (loss)   $ (3,468 )   $ 1,539     $ 2,037     $ 1,773  
                     
    Earnings (loss) per share – basic   $ (0.68 )   $ 0.40     $ 0.53     $ 0.46  
    Earnings (loss) per share – diluted   $ (0.67 )   $ 0.40     $ 0.53     $ 0.46  
    Dividends per share   $ 0.13     $ 0.13     $ 0.13     $ 0.13  
    Return on average assets     (1.38 %)     0.76 %     1.02 %     0.91 %
    Return on average equity     (17.16 %)     11.63 %     16.90 %     14.41 %
    Shares outstanding at quarter end     7,787,055       3,840,575       3,839,702       3,837,609  
    Book value per share   $ 13.60     $ 13.81     $ 13.80     $ 12.40  
    Tangible equity per share   $ 11.49     $ 13.36     $ 13.35     $ 11.95  
    Return on common tangible equity     (15.51 %)     12.00 %     15.90 %     15.46 %
                     
     
    MAIN STREET FINANCIAL SERVICES CORP.
    Non-GAAP reconciliation
    (Dollars in thousands, except per share data – unaudited)
         
      For three months ended   For the six months ended
      June,   June,
          2025       2024       2025       2024  
                   
    Net Income as reported – GAAP   $ 3,679     $ (3,468 )   $ 7,308     $ (1,929 )
    Effect of merger related expenses (net of tax benefit)     –       5,399       –       5,573  
    Effect of termination expenses (net of tax benefit)     416       –       416       –  
    Net Income non-GAAP   $ 4,095     $ 1,931     $ 7,724     $ 3,645  
                     
    Earnings per share – GAAP   $ 0.47     $ (0.68 )   $ 0.94     $ (0.43 )
    Effect of merger related expenses     –       1.05       –       1.24  
    Effect of termination expenses     0.05       –       0.05       –  
    Earnings per share non-GAAP   $ 0.52     $ 0.38     $ 0.99     $ 0.81  
                     
    Return on average assets – GAAP     1.03 %     -1.38 %     1.03 %     -0.43 %
    Effect of merger related expenses     –       2.15 %     –       1.24 %
    Effect of termination expenses     0.12 %     –       0.06 %     –  
    Return on average assets non-GAAP     1.14 %     0.77 %     1.09 %     0.81 %
                     
    Return on average equity – GAAP     13.42 %     -17.16 %     13.34 %     -6.24 %
    Effect of merger related expenses     –       26.72 %     –       18.02 %
    Effect of termination expenses     1.52 %     –       0.76 %     –  
    Return on average equity non-GAAP     14.94 %     9.56 %     14.10 %     11.78 %
                     
    Efficiency Ratio – GAAP     62.17 %     94.65 %     61.55 %     83.04 %
    Effect of merger related expenses     –       -29.42 %     –       -18.00 %
    Effect of termination expenses     -3.11 %     –       -1.62 %     –  
    Efficiency Ratio non-GAAP     59.06 %     65.23 %     59.93 %     65.04 %
                     

    The MIL Network –

  • MIL-Evening Report: Columbia’s $200M deal with Trump administration sets a precedent for other universities to bend to the government’s will

    Source: The Conversation (Au and NZ) – By Brendan Cantwell, Associate Professor of Higher, Adult, and Lifelong Education, Michigan State University

    Students at Columbia University in New York City on April 14, 2025. Charly Triballeau/AFP via Getty Images

    Columbia University agreed on July 23, 2025, to pay a US$200 million fine to the federal government and to settle allegations that it did not create a safe environment for Jewish students during Palestinian rights protests in 2024.

    The deal will restore the vast majority of the $400 million in federal grants and contracts that Columbia was previously awarded, before the administration withdrew the funding in March 2025.

    It marks the first financial and political agreement a university has reached with the Trump administration in its push for more control over higher education – and stands to have significant ripple effects for how other universities and colleges carry out their basic operations.

    Amy Lieberman, the education editor at The Conversation U.S., spoke with Brendan Cantwell, a scholar of higher education at Michigan State University, to understand what’s exactly in this agreement – and the lasting precedent it may set on government intervention in higher education.

    Palestinian rights demonstrators march through Columbia University on Oct. 7, 2024, marking one year of the war between Hamas and Israel.
    Kena Betancur/AFP via Getty Images

    What’s in the deal Columbia made with the Trump administration?

    The agreement requires Columbia to make a $200 million payment to the federal government. Columbia will also pay $21 million to settle investigations brought by the U.S. Equal Employment Opportunity Commission.

    Columbia will need to keep detailed statistics about student applicants – including their race and ethnicity, grades and SAT scores – as well as information about faculty and staff hiring decisions. Columbia will then have to share this data with the federal government.

    In exchange, the federal government will release most of the $400 million in frozen grant money previously awarded to Columbia and allow faculty at the university to compete for future federal grants.

    How does this deal address antisemitism?

    The Trump administration has cited antisemitism against students and faculty on campuses to justify its broad incursion into the business of universities around the country.

    Antisemitism is a real and legitimate concern in U.S. society and higher education, including at Columbia.

    But the federal complaint the administration made against Columbia was not actually about antisemitism. The administration made a formal accusation of antisemitism at Columbia in May of this year but suspended grants to the university in March. The federal government had initially acknowledged that cutting federal research grants did nothing to address the climate for Jewish students on campus, for example.

    When the federal government investigates civil rights violations, it usually conducts site visits and does very thorough investigations. We never saw such a government report about antisemitism at Columbia or other universities.

    The settlement that Columbia has entered into with the administration also doesn’t do much about antisemitism.

    The agreement includes Columbia redefining antisemitism with a broader definition that is also used by the International Holocaust Remembrance Alliance. The definition now includes “a certain perception of Jews, which may be expressed as hatred toward Jews” – a description that is also used by the U.S. State Department and several European governments but some critics say conflates antisemitism with anti-Zionism.

    Instead, the agreement primarily has to do with faculty hiring and admissions decisions. The federal government alleges that Columbia is discriminating against white and Asian applicants, and that this will allow the government to ensure that everybody who is admitted is considered only on the basis of merit.

    The administration could argue that changing hiring practices to get faculty who are less hostile to Jewish students could change the campus climate, but the agreement doesn’t really identify ways in which the university contributed to or ignored antisemitic conduct.

    Is this a new issue?

    There has been a long-running issue that conservatives and members of the Trump administration – dating back to his first term – have with higher education. The Trump administration and other conservatives have said for years that higher education is too liberal.

    The protests were the flash point that put Columbia in the administration’s crosshairs, as well as claims that Columbia was creating a hostile environment for Jewish students.

    The administration’s complaints aren’t limited to Columbia. Harvard is in a protracted conflict with the administration, and the administration has launched investigations into dozens of other schools around the country. These universities are butting heads with the administration over the same grievance that higher education is too liberal. There are also specific claims about antisemitism on university campuses and the privileges given to nonwhite students in admissions or campus life.

    While the administration has a common set of complaints about a range of universities, there is a mix of schools that the administration is taking issue with. Some of them, such as Harvard, are very high profile. The Department of Justice forced out the president at the University of Virginia in January 2025 on the grounds that he had not done enough to root out diversity, equity and inclusion programs at the public university. The University of Virginia may have been a target for the administration because a Republican governor appointed most members of its governance board and agreed with Trump’s complaints.

    How could this change the makeup of Columbia’s student population?

    The Supreme Court ruled in 2023 that Harvard’s affirmative action program, which considered race in admissions, violated the Equal Protection Clause of the 14th Amendment. This effectively ended race-based affirmative action for all U.S. colleges and universities.

    Now, with the Columbia deal, the government could say that it would expect to see a proportion of students who are white increase and students who are Black and Latino to decrease at Columbia. That’s a legal approach that America First Legal, a conservative legal advocacy group founded by Stephen Miller, a Trump administration official, has already tried.

    Back in February 2025, America First Legal alleged in a federal lawsuit that the University of California, Los Angeles, was using illegal admissions criteria, because of the number of Black and Latino students that were admitted by the school. That lawsuit is ongoing.

    Claire Shipman, Columbia University’s acting president, speaks during the school’s May 2025 commencement ceremony.
    Jeenah Moon/Pool/AFP via Getty Images

    What does this agreement mean for US higher education as a whole?

    It is an enormous, unprecedented shift in how the federal government works with higher education. Since the McCarthy era in the 1940s and ’50s, when professors were blacklisted and fired because of their alleged communism, Americans have not seen the federal government interrogate education.

    The federal government does have a role in securing people’s civil rights, including in the context of higher education, but this is very, very different from how the federal government has done civil rights investigations and entered into agreements with universities in the past.

    This agreement is very broad and gives the federal government oversight of things that have long been under universities’ control, such as whom they hire to teach and which students they admit.

    The federal government is now saying it has the right to look over universities’ shoulders and guide them in this work that has long been considered independent. And the government is willing to be extremely coercive to get universities to comply.

    What signal does this agreement send to other universities?

    This agreement sets a precedent for the government to direct colleges and universities to comply with its political agenda. This violates the long tradition of academic independence that had helped to make the U.S. higher education system the envy of the world.

    Columbia can afford paying $200 million to the federal government. Most universities can’t afford to pay $200 million.

    And most campuses cannot survive without federal resources, whether that comes in the form of student financial aid or research grants. This agreement sets a standard for other universities that, if they don’t immediately do what the federal government wants them to do, the government could impose penalties that are so high it could end their ability to operate.

    Brendan Cantwell is a Professor in the Department of Educational Administration at Michigan State University.

    – ref. Columbia’s $200M deal with Trump administration sets a precedent for other universities to bend to the government’s will – https://theconversation.com/columbias-200m-deal-with-trump-administration-sets-a-precedent-for-other-universities-to-bend-to-the-governments-will-261902

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Will Host its Q2 2025 Quarterly Webinar on August 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (NYSE: MCN) (the “Fund”) today announced that it plans to host the Fund’s Quarterly Webinar on August 7, 2025 at 11:00 am (Eastern Time). Jared Hagen, Vice President at XA Investments (“XAI”) will moderate the Q&A style webinar with Kimberly Flynn, President at XAI, and Ray Di Bernardo, Portfolio Manager at Madison Investments.

    TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

    TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

    Dial: (312)-626-6799 or (646)-558-8656 or (267)-831-0333 or (720)-928-9299 or (213)-338-8477
    Webinar ID: 818 2684 2773

    REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com.

    The Fund’s primary investment objective is to provide a high level of current income and gains, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing in a portfolio consisting primarily of high quality, large and mid-capitalization stocks that are, in the view of the Fund’s Investment sub-adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The Fund will, on an ongoing and consistent basis, sell covered call options on its portfolio stocks to seek to generate current earnings from option premiums. There can be no assurance that the Fund will achieve its investment objectives. The Fund’s common shares are traded on the New York Stock Exchange under the symbol MCN.

    About XA Investments

    XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust, the XAI Madison Equity Premium Income Fund, and the Octagon XAI CLO Income Fund. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners

    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments

    Madison Investments (Madison) is an independent investment management firm based in Madison, Wisconsin. The firm was founded in 1974, has approximately $28 billion in assets under management as of March 31, 2025, and is recognized as one of the nation’s top investment firms. The firm has managed covered call strategies for over 20 years through various market cycles. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance, and credit union investment management strategies. For more information, please visit www.madisonfunds.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE
             
        Paralel Distributors, LLC – Distributor    
             

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 312-374-6931
    Email: kflynn@xainvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: MidWestOne Financial Group, Inc. Reports Financial Results for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    IOWA CITY, Iowa, July 24, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we,” “our,” or the “Company”) today reported results for the second quarter of 2025.

    Second Quarter 2025 Summary1

    • Pre-tax, pre-provision net revenue increased 15% to $24.5 million2.
      • Net interest margin (tax equivalent) was 3.57%2; core net interest margin expanded 13 basis points (“bps”) to 3.49%.2
      • Noninterest income was $10.2 million.
      • Noninterest expense was $35.8 million.
      • Efficiency ratio improved to 56.20%2 from 59.38%2.
    • Net income of $10.0 million, or $0.48 per diluted common share, reflected credit loss expense of $11.9 million stemming primarily from a single commercial real estate (“CRE”) office credit.
    • Criticized loans ratio improved 32 bps to 5.15%.
    • Allowance for credit losses ratio increased to 1.50%, due primarily to the single CRE office credit.
    • Annualized loan growth of 7.4%.
    • Tangible book value per share of $23.92,2 an increase of 2.4%.
    • Common equity tier 1 (“CET1”) capital ratio improved 5 bps to 11.02%.
    • Provided notice of redemption for all $65.0 million aggregate principal of the Company’s 5.75% fixed-to-floating rate subordinated notes due 2030 set to reprice on July 30th.

    CEO Commentary

    Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, “Due to the expertise of our MidWestOne team, we continued to execute well on our 2025 strategic initiatives. Strong loan growth and back book loan re-pricing led to tax equivalent net interest margin expansion of 13 basis points, to 3.57%2, and to 5% linked quarter net interest income growth. Investments in our relationship fee income businesses continue to bear fruit with wealth management, Small Business Administration (“SBA”), and residential mortgage revenues up quarter over quarter.

    We maintained our expense discipline even as we added significant customer facing talent in Denver and the Twin Cities, as well as invested in our platforms to drive internal efficiencies and improve the customer experience.

    Earnings and certain asset quality measures were unfavorably impacted by a single $24 million suburban Twin Cities CRE office credit. The loan was originated in June 2022 and previously classified, but moved to nonaccrual in the second quarter. A receiver is in place, resolution efforts have begun, and a specific reserve was established, which led to an increase in our allowance for credit losses ratio to 1.50%.

    Our balance sheet, capital, and underlying earnings strength position us well for the second half of 2025 as we continue to make significant progress in building a high-performing, relationship-driven community bank.”

    __________________
    1Second Quarter Summary compares to the first quarter of 2025 (the “linked quarter”) unless noted.
    2Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    (Dollars in thousands, except per share amounts and as noted)   As of or for the quarter ended   Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
        2025       2025       2024       2025       2024  
    Financial Results                    
    Revenue   $ 60,231     $ 57,575     $ 57,901     $ 117,806     $ 102,382  
    Credit loss expense     11,889       1,687       1,267       13,576       5,956  
    Noninterest expense     35,767       36,293       35,761       72,060       71,326  
    Net income     9,980       15,138       15,819       25,118       19,088  
    Pre-tax pre-provision net revenue(3)     24,464       21,282       22,140       45,746       31,056  
    Adjusted earnings(3)     10,176       15,301       8,132       25,479       12,621  
    Per Common Share                    
    Diluted earnings per share   $ 0.48     $ 0.73     $ 1.00     $ 1.20     $ 1.21  
    Adjusted earnings per share(3)     0.49       0.73       0.52       1.22       0.80  
    Book value     28.36       27.85       34.44       28.36       34.44  
    Tangible book value(3)     23.92       23.36       28.27       23.92       28.27  
    Balance Sheet & Credit Quality                    
    Loans In millions   $ 4,381.2     $ 4,304.2     $ 4,287.2     $ 4,381.2     $ 4,287.2  
    Investment securities In millions     1,235.0       1,305.5       1,824.1       1,235.0       1,824.1  
    Deposits In millions     5,388.1       5,489.1       5,412.4       5,388.1       5,412.4  
    Net loan charge-offs In millions     0.2       3.1       0.5       3.3       0.7  
    Allowance for credit losses ratio     1.50 %     1.25 %     1.26 %     1.50 %     1.26 %
    Selected Ratios                    
    Return on average assets     0.65 %     1.00 %     0.95 %     0.82 %     0.58 %
    Net interest margin, tax equivalent(3)     3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Return on average equity     6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(3)     8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
    Efficiency ratio(3)     56.20 %     59.38 %     56.29 %     57.75 %     62.83 %


    REVENUE REVIEW

    Revenue               Change   Change
                  2Q25 vs   2Q25 vs
    (Dollars in thousands)   2Q25   1Q25   2Q24   1Q25   2Q24
    Net interest income   $ 49,982   $ 47,439   $ 36,347   5 %   38 %
    Noninterest income     10,249     10,136     21,554   1 %   (52)%
    Total revenue, net of interest expense   $ 60,231   $ 57,575   $ 57,901   5 %   4 %

    Total revenue for the second quarter of 2025 increased $2.7 million from the first quarter of 2025 due to higher net interest income and noninterest income during the quarter. When compared to the second quarter of 2024, total revenue increased $2.3 million due to higher net interest income partially offset by lower noninterest income.

    Net interest income of $50.0 million for the second quarter of 2025 increased $2.5 million from the first quarter of 2025 due to higher earning asset volumes and yields and lower funding costs, partially offset by higher funding volumes. When compared to the second quarter of 2024, net interest income increased $13.6 million due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

    The Company’s tax equivalent net interest margin was 3.57%3 in the second quarter of 2025, compared to 3.44%3 in the first quarter of 2025, driven by higher earning asset yields and lower interest bearing liability costs. Total earning asset yield increased 12 bps from the first quarter of 2025, primarily due to an increase of 10 bps in loan yield. Interest bearing liability costs during the second quarter of 2025 decreased 2 bps to 2.39%, primarily due to reductions in long-term debt costs and interest bearing deposits of 13 bps and 2 bps, to 6.28% and 2.29%, respectively, from the first quarter of 2025.

    The Company’s tax equivalent net interest margin was 3.57%3 in the second quarter of 2025, compared to 2.41%3 in the second quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning assets yield increased 75 bps from the second quarter of 2024, primarily due to increases of 189 bps and 12 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 46 bps to 2.39%, due to long-term debt costs of 6.28% and interest bearing deposit costs of 2.29%, which decreased 67 bps, and 25 bps, respectively, from the second quarter of 2024.

    __________________
    3Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    Noninterest Income             Change   Change
                2Q25 vs   2Q25 vs
    (Dollars in thousands) 2Q25   1Q25   2Q24   1Q25   2Q24
    Investment services and trust activities $ 3,705     $ 3,544     $ 3,504   5 %   6 %
    Service charges and fees   2,190       2,131       2,156   3 %   2 %
    Card revenue   1,934       1,744       1,907   11 %   1 %
    Loan revenue   1,417       1,194       1,525   19 %   (7)%
    Bank-owned life insurance   677       1,057       668   (36)%   1 %
    Investment securities gains, net   —       33       33   (100)%   (100)%
    Other   326       433       11,761   (25)%   (97)%
    Total noninterest income $ 10,249     $ 10,136     $ 21,554   1 %   (52)%
                       
    MSR adjustment (included above in Loan revenue) $ (264 )   $ (213 )   $ 129   24 %   (305)%

    Noninterest income for the second quarter of 2025 increased $0.1 million from the linked quarter, primarily due to increases of $0.2 million each in loan revenue, card revenue, and investment services and trust activities revenue. The increase in loan revenue was due primarily to a $0.2 million increase in mortgage origination fee revenue, coupled with an increase of $0.2 million in SBA gain on sale revenue. The increase in card revenue was driven primarily by higher interchange fee income. The increase in investment services and trust activities revenue was driven by higher assets under administration. Partially offsetting these increases was a decline of $0.4 million in bank-owned life insurance revenue stemming from the death benefit recognized in the first quarter of 2025.

    Noninterest income for the second quarter of 2025 decreased $11.3 million from the second quarter of 2024 primarily due to the decline in other revenue stemming from the $11.1 million gain realized in connection with the sale of our Florida banking operations in the second quarter of 2024. Also contributing to the decline in noninterest income was a $0.4 million unfavorable change in the fair value of our mortgage servicing rights, which is included in loan revenue, and a decline of $0.4 million in swap origination fee income, which is recorded in other revenue. Partially offsetting these declines was an increase of $0.2 million in investment services and trust activities revenue, driven by higher assets under administration.

    EXPENSE REVIEW

    Noninterest Expense             Change   Change
                2Q25 vs   2Q25 vs
    (Dollars in thousands) 2Q25   1Q25   2Q24   1Q25   2Q24
    Compensation and employee benefits $ 21,011   $ 21,212   $ 20,985   (1)%   — %
    Occupancy expense of premises, net   2,540     2,588     2,435   (2)%   4 %
    Equipment   2,550     2,426     2,530   5 %   1 %
    Legal and professional   2,153     2,226     2,253   (3)%   (4)%
    Data processing   1,486     1,698     1,645   (12)%   (10)%
    Marketing   762     552     636   38 %   20 %
    Amortization of intangibles   1,252     1,408     1,593   (11)%   (21)%
    FDIC insurance   851     917     1,051   (7)%   (19)%
    Communications   161     159     191   1 %   (16)%
    Foreclosed assets, net   83     74     138   12 %   (40)%
    Other   2,918     3,033     2,304   (4)%   27 %
    Total noninterest expense $ 35,767   $ 36,293   $ 35,761   (1)%   — %
    Merger-related Expenses          
             
    (Dollars in thousands) 2Q25   1Q25   2Q24
    Compensation and employee benefits $ —   $ —   $ 73
    Equipment   —     —     28
    Legal and professional   —     40     462
    Data processing   —     —     251
    Communications   —     —     8
    Other   —     —     32
    Total merger-related expenses $ —   $ 40   $ 854

    Noninterest expense for the second quarter of 2025 decreased $0.5 million from the linked quarter, primarily due to decreases of $0.2 million each in data processing, compensation and employee benefits, and amortization of intangibles. The decrease in data processing was primarily driven by a decrease in core banking system costs. The decrease in compensation and employee benefits reflected the receipt of $1.1 million from Employee Retention Credit claims, which was partially offset by higher wage, equity compensation and employee benefits expense.

    Noninterest expense for the second quarter of 2025 compared to the prior year was stable at $35.8 million. The $0.6 million increase in other noninterest expense stemmed primarily from customer deposits costs. Further, excluding merger-related expenses, legal and professional costs increased $0.4 million due primarily to higher litigation-related legal expenses. Those increases were partially offset by lower intangible amortization and FDIC insurance costs, which decreased $0.3 million and $0.2 million, respectively.

    The Company’s effective tax rate was 20.6% in the second quarter of 2025, compared to 22.7% in the linked quarter. The effective income tax rate for the full year 2025 is expected to be 22-23%.

    BALANCE SHEET REVIEW

    Total assets were $6.16 billion at June 30, 2025, compared to $6.25 billion at March 31, 2025 and $6.58 billion at June 30, 2024. The decrease from March 31, 2025 was primarily due to lower cash and security volumes, partially offset by higher loan volumes. Compared to June 30, 2024, the decrease was primarily driven by lower security volumes, partially offset by higher loan volumes.

    Loans Held for Investment

    (Dollars in thousands)

    		 June 30, 2025   March 31, 2025   June 30, 2024  
    Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Commercial and industrial $ 1,226,265   28.0 % $ 1,140,138   26.5 % $ 1,120,983   26.1 %
    Agricultural   128,717   2.9     131,409   3.1     107,983   2.5  
    Commercial real estate                        
    Construction and development   280,918   6.4     293,280   6.8     351,646   8.2  
    Farmland   186,494   4.3     180,633   4.2     183,641   4.3  
    Multifamily   438,193   10.0     421,204   9.8     430,054   10.0  
    Other   1,407,469   32.1     1,425,062   33.0     1,348,515   31.5  
    Total commercial real estate   2,313,074   52.8     2,320,179   53.8     2,313,856   54.0  
    Residential real estate                        
    One-to-four family first liens   467,970   10.7     471,688   11.0     492,541   11.5  
    One-to-four family junior liens   188,671   4.3     182,346   4.2     176,105   4.1  
    Total residential real estate   656,641   15.0     654,034   15.2     668,646   15.6  
    Consumer   56,491   1.3     58,424   1.4     75,764   1.8  
    Loans held for investment, net of unearned income $ 4,381,188   100.0 % $ 4,304,184   100.0 % $ 4,287,232   100.0 %
                             
    Total commitments to extend credit $ 1,074,935       $ 1,080,300       $ 1,200,605      

    Loans held for investment, net of unearned income at June 30, 2025 were $4.38 billion, increasing $77.0 million, or 1.8%, from $4.30 billion at March 31, 2025 and increasing $94.0 million, or 2.2%, from $4.29 billion at June 30, 2024. The increases across both periods were primarily driven by organic loan growth and higher line of credit usage.

    Investment Securities(Dollars in thousands) June 30, 2025   March 31, 2025   June 30, 2024  
    Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Available for sale $ 1,235,045   100.0 % $ 1,305,530   100.0 % $ 771,034   42.3 %
    Held to maturity   —   — %   —   — %   1,053,080   57.7 %
    Total investment securities $ 1,235,045       $ 1,305,530       $ 1,824,114      

    Investment securities at June 30, 2025 were $1.24 billion, decreasing $70.5 million from March 31, 2025 and decreasing $589.1 million from June 30, 2024. The decrease from the first quarter of 2025 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the second quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning, as well as principal cash flows received from scheduled payments, calls, and maturities.

    Deposits June 30, 2025   March 31, 2025   June 30, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Noninterest bearing deposits $ 910,693   16.9 % $ 903,714   16.5 % $ 882,472   16.3 %
    Interest checking deposits   1,206,096   22.5     1,283,328   23.3     1,284,243   23.7  
    Money market deposits   971,048   18.0     1,002,066   18.3     1,043,376   19.3  
    Savings deposits   851,636   15.8     877,348   16.0     745,639   13.8  
    Time deposits of $250 and under   837,302   15.5     818,012   14.9     803,301   14.8  
    Total core deposits   4,776,775   88.7     4,884,468   89.0     4,759,031   87.9  
    Brokered time deposits   200,000   3.7     200,000   3.6     196,000   3.6  
    Time deposits over $250   411,323   7.6     404,674   7.4     457,388   8.5  
    Total deposits $ 5,388,098   100.0 % $ 5,489,142   100.0 % $ 5,412,419   100.0 %

    Total deposits at June 30, 2025 were $5.39 billion, decreasing $101.0 million, or 1.8%, from $5.49 billion at March 31, 2025, and decreasing $24.3 million, or 0.4%, from $5.41 billion at June 30, 2024. Noninterest bearing deposits at June 30, 2025 were $910.7 million, an increase of $7.0 million from March 31, 2025 and an increase of $28.2 million from June 30, 2024.

    Borrowed Funds June 30, 2025   March 31, 2025   June 30, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Short-term borrowings $ —   — % $ 1,482   1.3 % $ 414,684   78.3 %
    Long-term debt   112,320   100.0 %   111,398   98.7 %   114,839   21.7 %
    Total borrowed funds $ 112,320       $ 112,880       $ 529,523      

    Borrowed funds were $112.3 million at June 30, 2025, a decrease of $0.6 million from March 31, 2025 and a decrease of $417.2 million from June 30, 2024. The decrease compared to the linked quarter was due primarily to lower securities sold under agreements to repurchase. The decrease compared to June 30, 2024 was primarily due to the pay-off of $405.0 million of BTFP borrowings and scheduled payments on long-term debt.

    In June 2025, the Company provided notice to the trustee of its intent to redeem all $65.0 million aggregate principal of its 5.75% fixed-to-floating rate subordinated notes due 2030. To complete the redemption, the Company expects to utilize a combination of cash on hand and proceeds from a $50.0 million senior term note. The senior term note is expected to be structured as a 5-year maturity, 7-year amortization facility, and bear interest at a floating rate of 1-month term SOFR plus 1.75%. The financing pursuant to the senior note is expected to close on July 29, 2025, and the redemption is expected to occur on July 30, 2025.

    Capital June 30,   March 31,   June 30,
    (Dollars in thousands) 2025 (1)     2025       2024  
    Total shareholders’ equity $ 589,040     $ 579,625     $ 543,286  
    Accumulated other comprehensive loss   (57,557 )     (63,098 )     (58,135 )
    MidWestOne Financial Group, Inc. Consolidated          
    Tier 1 leverage to average assets ratio   9.62 %     9.50 %     8.29 %
    Common equity tier 1 capital to risk-weighted assets ratio   11.02 %     10.97 %     9.56 %
    Tier 1 capital to risk-weighted assets ratio   11.88 %     11.84 %     10.35 %
    Total capital to risk-weighted assets ratio   14.44 %     14.34 %     12.62 %
    MidWestOne Bank          
    Tier 1 leverage to average assets ratio   10.43 %     10.42 %     9.24 %
    Common equity tier 1 capital to risk-weighted assets ratio   12.95 %     13.02 %     11.55 %
    Tier 1 capital to risk-weighted assets ratio   12.95 %     13.02 %     11.55 %
    Total capital to risk-weighted assets ratio   14.20 %     14.21 %     12.61 %
    (1) Regulatory capital ratios for June 30, 2025 are preliminary          

    Total shareholders’ equity at June 30, 2025 increased $9.4 million from March 31, 2025, driven primarily by a decrease in accumulated other comprehensive loss and an increase in retained earnings, partially offset by an increase in treasury stock. Total shareholders’ equity at June 30, 2025 increased $45.8 million from June 30, 2024, primarily due to increases in common stock and additional paid-in-capital stemming from the common equity capital raise in the third quarter of 2024, and partially offset by a decrease in retained earnings.

    On July 22, 2025, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable September 16, 2025, to shareholders of record at the close of business on September 2, 2025.

    The current share repurchase program allows for the repurchase of up to $15.0 million of the Company’s common shares. Under such program, the Company repurchased 63,402 shares of its common stock at an average price of $27.65 per share and a total cost of $1.8 million during the period March 31, 2025 through June 30, 2025. No shares were repurchased during the subsequent period through July 24, 2025. As of June 30, 2025, $13.2 million remained available under this program.

    CREDIT QUALITY REVIEW

    Credit Quality As of or For the Three Months Ended
    June 30,   March 31,   June 30,
    (Dollars in thousands)   2025       2025       2024  
    Credit loss expense related to loans $ 12,089     $ 1,787     $ 467  
    Net charge-offs   189       3,087       524  
    Allowance for credit losses   65,800       53,900       53,900  
    Pass $ 4,155,385     $ 4,068,707     $ 3,991,692  
    Special Mention   98,998       121,494       146,253  
    Classified   126,805       113,983       149,287  
    Criticized   225,803       235,477       295,540  
    Loans greater than 30 days past due and accruing $ 12,161     $ 6,119     $ 9,358  
    Nonperforming loans $ 37,192     $ 17,470     $ 25,128  
    Nonperforming assets   40,606       20,889       31,181  
    Net charge-off ratio(1)   0.02 %     0.29 %     0.05 %
    Classified loans ratio(2)   2.89 %     2.65 %     3.48 %
    Criticized loans ratio(3)   5.15 %     5.47 %     6.89 %
    Nonperforming loans ratio(4)   0.85 %     0.41 %     0.59 %
    Nonperforming assets ratio(5)   0.66 %     0.33 %     0.47 %
    Allowance for credit losses ratio(6)   1.50 %     1.25 %     1.26 %
    Allowance for credit losses to nonaccrual loans ratio(7)   179.19 %     309.47 %     218.26 %
    (1) Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
    (2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
    (3) Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.
    (4) Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
    (5) Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
    (6) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
    (7) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

    Compared to the linked quarter, both nonperforming loans and nonperforming assets increased $19.7 million, primarily due to a single $24.0 million CRE office credit, partially offset by the sale of a $3.9 million CRE office credit. Special mention loan balances decreased $22.5 million, or 19%, while classified loan balances increased $12.8 million, or 11%. Compared to the prior year period, nonperforming loans and nonperforming assets increased $12.1 million and $9.4 million, respectively. Special mention loan balances decreased $47.3 million, or 32%, while classified loan balances decreased $22.5 million, or 15%. The net charge-off ratio declined 27 bps from the linked quarter and 3 bps from the same period in the prior year.

    As of June 30, 2025, the allowance for credit losses was $65.8 million and the allowance for credit losses ratio was 1.50%, compared with $53.9 million and 1.25%, respectively, at March 31, 2025. Credit loss expense of $11.9 million in the second quarter of 2025 primarily reflected the specific reserve established in connection with the single CRE office credit previously discussed.

    Nonperforming Loans Roll Forward
    (Dollars in thousands)
    		 Nonaccrual   90+ Days Past Due & Still Accruing   Total
    Balance at March 31, 2025 $ 17,417     $ 53     $ 17,470  
    Loans placed on nonaccrual or 90+ days past due & still accruing   25,279       569       25,848  
    Proceeds related to repayment or sale   (4,973 )     —       (4,973 )
    Loans returned to accrual status or no longer past due   (632 )     —       (632 )
    Charge-offs   (187 )     (151 )     (338 )
    Transfers to foreclosed assets   (183 )     —       (183 )
    Balance at June 30, 2025 $ 36,721     $ 471     $ 37,192  


    CONFERENCE CALL DETAILS

    The Company will host a conference call for investors at 11:00 a.m. CT on Friday, July 25, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=a6070726&confId=80381. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 293794 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until October 23, 2025 by calling 1-866-813-9403 and using the replay access code of 763204. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

    ABOUT MIDWESTONE FINANCIAL GROUP, INC.

    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Cautionary Note Regarding Forward-Looking Statements

    This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

    Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, DEI and ESG initiative trends, changes in consumer protection policies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED BALANCE SHEETS

      June 30,   March 31,   December 31,   September 30,   June 30,
    (Dollars in thousands)   2025       2025       2024       2024       2024  
    ASSETS                  
    Cash and due from banks $ 78,696     $ 68,545     $ 71,803     $ 72,173     $ 66,228  
    Interest earning deposits in banks   90,749       182,360       133,092       129,695       35,340  
    Total cash and cash equivalents   169,445       250,905       204,895       201,868       101,568  
    Debt securities available for sale at fair value   1,235,045       1,305,530       1,328,433       1,623,104       771,034  
    Held to maturity securities at amortized cost   —       —       —       —       1,053,080  
    Total securities   1,235,045       1,305,530       1,328,433       1,623,104       1,824,114  
    Loans held for sale   16,812       13,836       749       3,283       2,850  
    Gross loans held for investment   4,391,426       4,315,546       4,328,413       4,344,559       4,304,619  
    Unearned income, net   (10,238 )     (11,362 )     (12,786 )     (15,803 )     (17,387 )
    Loans held for investment, net of unearned income   4,381,188       4,304,184       4,315,627       4,328,756       4,287,232  
    Allowance for credit losses   (65,800 )     (53,900 )     (55,200 )     (54,000 )     (53,900 )
    Total loans held for investment, net   4,315,388       4,250,284       4,260,427       4,274,756       4,233,332  
    Premises and equipment, net   89,910       90,031       90,851       90,750       91,793  
    Goodwill   69,788       69,788       69,788       69,788       69,388  
    Other intangible assets, net   22,359       23,611       25,019       26,469       27,939  
    Foreclosed assets, net   3,414       3,419       3,337       3,583       6,053  
    Other assets   238,612       246,990       252,830       258,881       224,621  
    Total assets $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  
    LIABILITIES                   
    Noninterest bearing deposits $ 910,693     $ 903,714     $ 951,423     $ 917,715     $ 882,472  
    Interest bearing deposits   4,477,405       4,585,428       4,526,559       4,451,012       4,529,947  
    Total deposits   5,388,098       5,489,142       5,477,982       5,368,727       5,412,419  
    Short-term borrowings   —       1,482       3,186       410,630       414,684  
    Long-term debt   112,320       111,398       113,376       115,051       114,839  
    Other liabilities   71,315       72,747       82,089       95,836       96,430  
    Total liabilities   5,571,733       5,674,769       5,676,633       5,990,244       6,038,372  
    SHAREHOLDERS’ EQUITY                   
    Common stock   21,580       21,580       21,580       21,580       16,581  
    Additional paid-in capital   414,485       414,258       414,987       414,965       300,831  
    Retained earnings   232,718       227,790       217,776       206,490       306,030  
    Treasury stock   (22,186 )     (20,905 )     (21,885 )     (21,955 )     (22,021 )
    Accumulated other comprehensive loss   (57,557 )     (63,098 )     (72,762 )     (58,842 )     (58,135 )
    Total shareholders’ equity   589,040       579,625       559,696       562,238       543,286  
    Total liabilities and shareholders’ equity $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended   Six Months Ended
    (Dollars in thousands, except per share data) June 30,   March 31,   December 31,   September 30,   June 30,   June 30,   June 30,
      2025     2025     2024     2024       2024     2025     2024
    Interest income                          
    Loans, including fees $ 62,276   $ 59,462   $ 62,458   $ 62,521     $ 61,643   $ 121,738   $ 119,590
    Taxable investment securities   12,928     13,327     11,320     8,779       9,228     26,255     18,688
    Tax-exempt investment securities   699     703     728     1,611       1,663     1,402     3,373
    Other   1,517     1,247     3,761     785       242     2,764     660
    Total interest income   77,420     74,739     78,267     73,696       72,776     152,159     142,311
    Interest expense                          
    Deposits   25,665     25,484     27,324     29,117       28,942     51,149     56,668
    Short-term borrowings   19     25     115     5,043       5,409     44     10,384
    Long-term debt   1,754     1,791     1,890     2,015       2,078     3,545     4,181
    Total interest expense   27,438     27,300     29,329     36,175       36,429     54,738     71,233
    Net interest income   49,982     47,439     48,938     37,521       36,347     97,421     71,078
    Credit loss expense   11,889     1,687     1,291     1,535       1,267     13,576     5,956
    Net interest income after credit loss expense   38,093     45,752     47,647     35,986       35,080     83,845     65,122
    Noninterest income                          
    Investment services and trust activities   3,705     3,544     3,779     3,410       3,504     7,249     7,007
    Service charges and fees   2,190     2,131     2,159     2,170       2,156     4,321     4,300
    Card revenue   1,934     1,744     1,833     1,935       1,907     3,678     3,850
    Loan revenue   1,417     1,194     1,841     760       1,525     2,611     2,381
    Bank-owned life insurance   677     1,057     719     879       668     1,734     1,328
    Investment securities gains (losses), net   —     33     161     (140,182 )     33     33     69
    Other   326     433     345     640       11,761     759     12,369
    Total noninterest income (loss)   10,249     10,136     10,837     (130,388 )     21,554     20,385     31,304
    Noninterest expense                          
    Compensation and employee benefits   21,011     21,212     20,684     19,943       20,985     42,223     41,915
    Occupancy expense of premises, net   2,540     2,588     2,772     2,443       2,435     5,128     5,248
    Equipment   2,550     2,426     2,688     2,486       2,530     4,976     5,130
    Legal and professional   2,153     2,226     2,534     2,261       2,253     4,379     4,312
    Data processing   1,486     1,698     1,719     1,580       1,645     3,184     3,005
    Marketing   762     552     793     619       636     1,314     1,234
    Amortization of intangibles   1,252     1,408     1,449     1,470       1,593     2,660     3,230
    FDIC insurance   851     917     980     923       1,051     1,768     1,993
    Communications   161     159     154     159       191     320     387
    Foreclosed assets, net   83     74     56     330       138     157     496
    Other   2,918     3,033     3,543     3,584       2,304     5,951     4,376
    Total noninterest expense   35,767     36,293     37,372     35,798       35,761     72,060     71,326
    Income (loss) before income tax expense (benefit)   12,575     19,595     21,112     (130,200 )     20,873     32,170     25,100
    Income tax expense (benefit)   2,595     4,457     4,782     (34,493 )     5,054     7,052     6,012
    Net income (loss) $ 9,980   $ 15,138   $ 16,330   $ (95,707 )   $ 15,819   $ 25,118   $ 19,088
                               
    Earnings (loss) per common share                          
    Basic $ 0.48   $ 0.73   $ 0.79   $ (6.05 )   $ 1.00   $ 1.21   $ 1.21
    Diluted $ 0.48   $ 0.73   $ 0.78   $ (6.05 )   $ 1.00   $ 1.20   $ 1.21
    Weighted average basic common shares outstanding   20,816     20,797     20,776     15,829       15,763     20,807     15,743
    Weighted average diluted common shares outstanding   20,843     20,849     20,851     15,829       15,781     20,846     15,775
    Dividends paid per common share $ 0.2425   $ 0.2425   $ 0.2425   $ 0.2425     $ 0.2425   $ 0.4850   $ 0.4850


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FINANCIAL STATISTICS

      As of or for the Three Months Ended   As of or for the Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands, except per share amounts)   2025       2025       2024       2025       2024  
    Earnings:                  
    Net interest income $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Noninterest income   10,249       10,136       21,554       20,385       31,304  
    Total revenue, net of interest expense   60,231       57,575       57,901       117,806       102,382  
    Credit loss expense   11,889       1,687       1,267       13,576       5,956  
    Noninterest expense   35,767       36,293       35,761       72,060       71,326  
    Income before income tax expense   12,575       19,595       20,873       32,170       25,100  
    Income tax expense   2,595       4,457       5,054       7,052       6,012  
    Net income $ 9,980     $ 15,138     $ 15,819     $ 25,118     $ 19,088  
    Pre-tax pre-provision net revenue(1) $ 24,464     $ 21,282     $ 22,140     $ 45,746     $ 31,056  
    Adjusted earnings(1)   10,176       15,301       8,132       25,479       12,621  
    Per Share Data:                  
    Diluted earnings $ 0.48     $ 0.73     $ 1.00     $ 1.20     $ 1.21  
    Adjusted earnings(1)   0.49       0.73       0.52       1.22       0.80  
    Book value   28.36       27.85       34.44       28.36       34.44  
    Tangible book value(1)   23.92       23.36       28.27       23.92       28.27  
    Ending Balance Sheet:                  
    Total assets $ 6,160,773     $ 6,254,394     $ 6,581,658     $ 6,160,773     $ 6,581,658  
    Loans held for investment, net of unearned income   4,381,188       4,304,184       4,287,232       4,381,188       4,287,232  
    Total securities   1,235,045       1,305,530       1,824,114       1,235,045       1,824,114  
    Total deposits   5,388,098       5,489,142       5,412,419       5,388,098       5,412,419  
    Short-term borrowings   —       1,482       414,684       —       414,684  
    Long-term debt   112,320       111,398       114,839       112,320       114,839  
    Total shareholders’ equity   589,040       579,625       543,286       589,040       543,286  
    Average Balance Sheet:                  
    Average total assets $ 6,172,649     $ 6,168,546     $ 6,713,573     $ 6,170,609     $ 6,674,476  
    Average total loans   4,370,196       4,290,710       4,419,697       4,330,659       4,358,957  
    Average total deposits   5,398,916       5,398,819       5,514,924       5,398,868       5,498,020  
    Financial Ratios:                  
    Return on average assets   0.65 %     1.00 %     0.95 %     0.82 %     0.58 %
    Return on average equity   6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(1)   8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
    Efficiency ratio(1)   56.20 %     59.38 %     56.29 %     57.75 %     62.83 %
    Net interest margin, tax equivalent(1)   3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Loans to deposits ratio   81.31 %     78.41 %     79.21 %     81.31 %     79.21 %
    CET1 Ratio   11.02 %     10.97 %     9.56 %     11.02 %     9.56 %
    Common equity ratio   9.56 %     9.27 %     8.25 %     9.56 %     8.25 %
    Tangible common equity ratio(1)   8.19 %     7.89 %     6.88 %     8.19 %     6.88 %
    Credit Risk Profile:                  
    Total nonperforming loans $ 37,192     $ 17,470     $ 25,128     $ 37,192     $ 25,128  
    Nonperforming loans ratio   0.85 %     0.41 %     0.59 %     0.85 %     0.59 %
    Total nonperforming assets $ 40,606     $ 20,889     $ 31,181     $ 40,606     $ 31,181  
    Nonperforming assets ratio   0.66 %     0.33 %     0.47 %     0.66 %     0.47 %
    Net charge-offs $ 189     $ 3,087     $ 524     $ 3,276     $ 713  
    Net charge-off ratio   0.02 %     0.29 %     0.05 %     0.15 %     0.03 %
    Allowance for credit losses $ 65,800     $ 53,900     $ 53,900     $ 65,800     $ 53,900  
    Allowance for credit losses ratio   1.50 %     1.25 %     1.26 %     1.50 %     1.26 %
    Allowance for credit losses to nonaccrual ratio   179.19 %     309.47 %     218.26 %     179.19 %     218.26 %
                       
    (1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
     

    MIDWESTONE FINANCIAL GROUP, INC.
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

      Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average Balance   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost
    ASSETS                                  
    Loans, including fees (1)(2)(3) $ 4,370,196   $ 63,298   5.81 %   $ 4,290,710   $ 60,443   5.71 %   $ 4,419,697   $ 62,581   5.69 %
    Taxable investment securities   1,168,048     12,928   4.44 %     1,207,844     13,327   4.47 %     1,520,253     9,228   2.44 %
    Tax-exempt investment securities (2)(4)   102,792     859   3.35 %     105,563     865   3.32 %     322,092     2,040   2.55 %
    Total securities held for investment(2)   1,270,840     13,787   4.35 %     1,313,407     14,192   4.38 %     1,842,345     11,268   2.46 %
    Other   104,628     1,517   5.82 %     124,133     1,247   4.07 %     20,452     242   4.76 %
    Total interest earning assets(2) $ 5,745,664   $ 78,602   5.49 %   $ 5,728,250   $ 75,882   5.37 %   $ 6,282,494   $ 74,091   4.74 %
    Other assets   426,985             440,296             431,079        
    Total assets $ 6,172,649           $ 6,168,546           $ 6,713,573        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                  
    Interest checking deposits $ 1,221,266   $ 2,101   0.69 %   $ 1,240,586   $ 2,127   0.70 %   $ 1,297,356   $ 3,145   0.97 %
    Money market deposits   986,029     6,057   2.46 %     1,002,743     6,333   2.56 %     1,072,688     7,821   2.93 %
    Savings deposits   843,223     3,161   1.50 %     835,731     3,057   1.48 %     738,773     2,673   1.46 %
    Time deposits   1,436,301     14,346   4.01 %     1,397,595     13,967   4.05 %     1,470,956     15,303   4.18 %
    Total interest bearing deposits   4,486,819     25,665   2.29 %     4,476,655     25,484   2.31 %     4,579,773     28,942   2.54 %
    Securities sold under agreements to repurchase   896     1   0.45 %     2,705     5   0.75 %     5,300     10   0.76 %
    Other short-term borrowings   —     18   — %     —     20   — %     442,546     5,399   4.91 %
    Total short-term borrowings   896     19   8.51 %     2,705     25   3.75 %     447,846     5,409   4.86 %
    Long-term debt   112,035     1,754   6.28 %     113,364     1,791   6.41 %     120,256     2,078   6.95 %
    Total borrowed funds   112,931     1,773   6.30 %     116,069     1,816   6.35 %     568,102     7,487   5.30 %
    Total interest bearing liabilities $ 4,599,750   $ 27,438   2.39 %   $ 4,592,724   $ 27,300   2.41 %   $ 5,147,875   $ 36,429   2.85 %
    Noninterest bearing deposits   912,097             922,164             935,151        
    Other liabilities   73,094             82,280             96,553        
    Shareholders’ equity   587,708             571,378             533,994        
    Total liabilities and shareholders’ equity $ 6,172,649           $ 6,168,546           $ 6,713,573        
    Net interest income(2)     $ 51,164           $ 48,582           $ 37,662    
    Net interest spread(2)         3.10 %           2.96 %           1.89 %
    Net interest margin(2)         3.57 %           3.44 %           2.41 %
                                       
    Total deposits(5) $ 5,398,916   $ 25,665   1.91 %   $ 5,398,819   $ 25,484   1.91 %   $ 5,514,924   $ 28,942   2.11 %
    Cost of funds(6)         2.00 %           2.01 %           2.41 %
                                             
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $272 thousand, $256 thousand, and $337 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Loan purchase discount accretion was $1.1 million, $1.2 million, and $1.3 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Tax equivalent adjustments were $1.0 million, $981 thousand, and $938 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $160 thousand, $162 thousand, and $377 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.    		      


    MIDWEST    ONE FINANCIAL GROUP, INC.
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

      Six Months Ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost
    ASSETS                      
    Loans, including fees (1)(2)(3) $ 4,330,659   $ 123,741   5.76 %   $ 4,358,957   $ 121,448   5.60 %
    Taxable investment securities   1,187,836     26,255   4.46 %     1,538,928     18,688   2.44 %
    Tax-exempt investment securities (2)(4)   104,170     1,724   3.34 %     325,414     4,137   2.56 %
    Total securities held for investment(2)   1,292,006     27,979   4.37 %     1,864,342     22,825   2.46 %
    Other   114,327     2,764   4.88 %     25,529     660   5.20 %
    Total interest earning assets(2) $ 5,736,992   $ 154,484   5.43 %   $ 6,248,828   $ 144,933   4.66 %
    Other assets   433,617             425,648        
    Total assets $ 6,170,609           $ 6,674,476        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest checking deposits $ 1,230,873   $ 4,228   0.69 %   $ 1,299,413   $ 6,035   0.93 %
    Money market deposits   994,340     12,390   2.51 %     1,087,616     15,886   2.94 %
    Savings deposits   839,498     6,218   1.49 %     716,458     4,720   1.32 %
    Time deposits   1,417,054     28,313   4.03 %     1,458,969     30,027   4.14 %
    Total interest bearing deposits   4,481,765     51,149   2.30 %     4,562,456     56,668   2.50 %
    Securities sold under agreements to repurchase   1,795     6   0.67 %     5,315     21   0.79 %
    Other short-term borrowings   —     38   — %     426,036     10,363   4.89 %
    Total short-term borrowings   1,795     44   4.94 %     431,351     10,384   4.84 %
    Long-term debt   112,696     3,545   6.34 %     121,761     4,181   6.91 %
    Total borrowed funds   114,491     3,589   6.32 %     553,112     14,565   5.30 %
    Total interest bearing liabilities $ 4,596,256   $ 54,738   2.40 %   $ 5,115,568   $ 71,233   2.80 %
    Noninterest bearing deposits   917,103             935,564        
    Other liabilities   77,662             92,581        
    Shareholders’ equity   579,588             530,763        
    Total liabilities and shareholders’ equity $ 6,170,609           $ 6,674,476        
    Net interest income(2)     $ 99,746           $ 73,700    
    Net interest spread(2)         3.03 %           1.86 %
    Net interest margin(2)         3.51 %           2.37 %
                           
    Total deposits(5) $ 5,398,868   $ 51,149   1.91 %   $ 5,498,020   $ 56,668   2.07 %
    Cost of funds(6)         2.00 %           2.37 %
                               
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $528 thousand and $574 thousand for the six months ended June 30, 2025 and June 30, 2024, respectively. Loan purchase discount accretion was $2.3 million and $2.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Tax equivalent adjustments were $2.0 million and $1.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $0.3 million and $0.8 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.    		  


    Non-GAAP Measures

    This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share, and pre-tax pre-provision net revenue. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.

    Tangible Common Equity/Tangible Book Value                    
    per Share/Tangible Common Equity Ratio   June 30,   March 31,   December 31,   September 30,   June 30,
    (Dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Total shareholders’ equity   $ 589,040     $ 579,625     $ 559,696     $ 562,238     $ 543,286  
    Intangible assets, net     (92,147 )     (93,399 )     (94,807 )     (96,257 )     (97,327 )
    Tangible common equity   $ 496,893     $ 486,226     $ 464,889     $ 465,981     $ 445,959  
                         
    Total assets   $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  
    Intangible assets, net     (92,147 )     (93,399 )     (94,807 )     (96,257 )     (97,327 )
    Tangible assets   $ 6,068,626     $ 6,160,995     $ 6,141,522     $ 6,456,225     $ 6,484,331  
                         
    Book value per share   $ 28.36     $ 27.85     $ 26.94     $ 27.06     $ 34.44  
    Tangible book value per share(1)   $ 23.92     $ 23.36     $ 22.37     $ 22.43     $ 28.27  
    Shares outstanding     20,769,577       20,815,715       20,777,485       20,774,919       15,773,468  
                         
    Common equity ratio     9.56 %     9.27 %     8.97 %     8.58 %     8.25 %
    Tangible common equity ratio(2)     8.19 %     7.89 %     7.57 %     7.22 %     6.88 %
       
    (1) Tangible common equity divided by shares outstanding.
    (2) Tangible common equity divided by tangible assets.    		  
       
        Three Months Ended   Six Months Ended
    Return on Average Tangible Equity   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Net income   $ 9,980     $ 15,138     $ 15,819     $ 25,118     $ 19,088  
    Intangible amortization, net of tax(1)     931       1,047       1,195       1,978       2,423  
    Tangible net income   $ 10,911     $ 16,185     $ 17,014     $ 27,096     $ 21,511  
                         
    Average shareholders’ equity   $ 587,708     $ 571,378     $ 533,994     $ 579,588     $ 530,763  
    Average intangible assets, net     (92,733 )     (94,169 )     (99,309 )     (93,447 )     (97,302 )
    Average tangible equity   $ 494,975     $ 477,209     $ 434,685     $ 486,141     $ 433,461  
                         
    Return on average equity     6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(2)     8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
       
    (1) The income tax rate utilized was the blended marginal tax rate.
    (2) Annualized tangible net income divided by average tangible equity.    		  
    Net Interest Margin, Tax Equivalent/
    Core Net Interest Margin    		   Three Months Ended   Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Net interest income   $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Tax equivalent adjustments:                    
    Loans(1)     1,022       981       938       2,003       1,858  
    Securities(1)     160       162       377       322       764  
    Net interest income, tax equivalent   $ 51,164     $ 48,582     $ 37,662     $ 99,746     $ 73,700  
    Loan purchase discount accretion     (1,142 )     (1,166 )     (1,261 )     (2,308 )     (2,413 )
    Core net interest income   $ 50,022     $ 47,416     $ 36,401     $ 97,438     $ 71,287  
                         
    Net interest margin     3.49 %     3.36 %     2.33 %     3.42 %     2.29 %
    Net interest margin, tax equivalent(2)     3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Core net interest margin(3)     3.49 %     3.36 %     2.33 %     3.42 %     2.29 %
    Average interest earning assets   $ 5,745,664     $ 5,728,250     $ 6,282,494     $ 5,736,992     $ 6,248,828  
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent net interest income divided by average interest earning assets.
    (3) Annualized core net interest income divided by average interest earning assets.         		  
          Three Months Ended   Six Months Ended
    Loan Yield, Tax Equivalent / Core Yield on Loans   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Loan interest income, including fees     $ 62,276     $ 59,462     $ 61,643     $ 121,738     $ 119,590  
    Tax equivalent adjustment(1)       1,022       981       938       2,003       1,858  
    Tax equivalent loan interest income     $ 63,298     $ 60,443     $ 62,581     $ 123,741     $ 121,448  
    Loan purchase discount accretion       (1,142 )     (1,166 )     (1,261 )     (2,308 )     (2,413 )
    Core loan interest income     $ 62,156     $ 59,277     $ 61,320     $ 121,433     $ 119,035  
                           
    Yield on loans       5.72 %     5.62 %     5.61 %     5.67 %     5.52 %
    Yield on loans, tax equivalent(2)       5.81 %     5.71 %     5.69 %     5.76 %     5.60 %
    Core yield on loans(3)       5.70 %     5.60 %     5.58 %     5.65 %     5.49 %
    Average loans     $ 4,370,196     $ 4,290,710     $ 4,419,697     $ 4,330,659     $ 4,358,957  
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent loan interest income divided by average loans.
    (3) Annualized core loan interest income divided by average loans.    		  
          Three Months Ended   Six Months Ended
    Efficiency Ratio   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Total noninterest expense     $ 35,767     $ 36,293     $ 35,761     $ 72,060     $ 71,326  
    Amortization of intangibles       (1,252 )     (1,408 )     (1,593 )     (2,660 )     (3,230 )
    Merger-related expenses       —       (40 )     (854 )     (40 )     (2,168 )
    Noninterest expense used for efficiency ratio     $ 34,515     $ 34,845     $ 33,314     $ 69,360     $ 65,928  
                           
    Net interest income, tax equivalent(1)     $ 51,164     $ 48,582     $ 37,662     $ 99,746     $ 73,700  
    Plus: Noninterest income       10,249       10,136       21,554       20,385       31,304  
    Less: Investment securities gains, net       —       33       33       33       69  
    Net revenues used for efficiency ratio     $ 61,413     $ 58,685     $ 59,183     $ 120,098     $ 104,935  
                           
    Efficiency ratio (2)       56.20 %     59.38 %     56.29 %     57.75 %     62.83 %
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.    		  
        Three Months Ended   Six Months Ended
    Adjusted Earnings   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands, except per share data)     2025       2025       2024     2025       2024  
    Net income   $ 9,980     $ 15,138     $ 15,819   $ 25,118     $ 19,088  
    Less: Investment securities gains, net of tax(1)     —       25       24     24       51  
    Less: Mortgage servicing rights (loss) gain, net of tax(1)     (196 )     (158 )     96     (355 )     (177 )
    Plus: Merger-related expenses, net of tax(1)     —       30       634     30       1,608  
    Less: Gain on branch sale, net of tax(1)     —       —       8,201     —       8,201  
    Adjusted earnings   $ 10,176     $ 15,301     $ 8,132   $ 25,479     $ 12,621  
                         
    Weighted average diluted common shares outstanding     20,843       20,849       15,781     20,846       15,775  
                         
    Earnings per common share – diluted   $ 0.48     $ 0.73     $ 1.00   $ 1.20     $ 1.21  
    Adjusted earnings per common share(2)   $ 0.49     $ 0.73     $ 0.52   $ 1.22     $ 0.80  
       
    (1) The income tax rate utilized was the blended marginal tax rate.
    (2) Adjusted earnings divided by weighted average diluted common shares outstanding.    		  
        For the Three Months Ended   Year Ended
    Pre-tax Pre-provision Net Revenue   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)   2025       2025       2024       2025       2024  
    Net interest income   $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Noninterest income     10,249       10,136       21,554       20,385       31,304  
    Noninterest expense     (35,767 )     (36,293 )     (35,761 )     (72,060 )     (71,326 )
    Pre-tax Pre-provision Net Revenue   $ 24,464     $ 21,282     $ 22,140     $ 45,746     $ 31,056  

    Category: Earnings
    This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contacts:  
    Charles N. Reeves   Barry S. Ray
    Chief Executive Officer  Chief Financial Officer
    319.356.5800  319.356.5800

    The MIL Network –

  • MIL-OSI: Bel Reports Second Quarter and First Half 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., July 24, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter and first half of 2025.

    Second Quarter 2025 Highlights

    • Net sales of $168.3 million compared to $133.2 million in Q2-24. Up 26.3% from Q2-24
    • Gross profit margin of 38.7%, compared to 40.1% in Q2-24
    • GAAP net earnings attributable to Bel shareholders of $26.9 million versus GAAP net earnings attributable to Bel shareholders of $18.8 million in Q2-24
    • Adjusted EBITDA of $35.2 million (20.9% of sales) as compared to $27.7 million (20.8% of sales) in Q2-24
    • Gain of $4.1 million on Sale of Glen Rock, PA building

    “We are pleased with our second quarter results, which exceeded expectations due to improved on-time shipments and enhanced intraquarter turns, reinforcing our thesis of growth for the year,” said Farouq Tuweiq, President and CEO. “Gross margins aligned with guidance, reflecting operational stability. Strength was evident in defense and commercial aerospace applications, alongside a rebound in networking and distribution sales in certain segments, signaling recovery after nearly two years of inventory destocking.

    “Tariffs minimally impacted performance, resulting in only $2.2 million of low-margin sales during the second quarter. We believe our ability to achieve solid results in uncertain times validates our strategic approach. For Q3, based on information available today, we anticipate net sales of $165-$180 million and gross margins of 37%-39%, driven by strong Q2 bookings and sequential growth expected in the second half.”

    “We remain optimistic about delivering value to our customers and shareholders as we navigate the evolving market dynamics,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Friday, July 25, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13754675 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Lynn Hutkin
    Chief Financial Officer
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the third quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, volumes, gross margin, products, product groups, customers, geographies and end markets; statements about uncertainty of the evolving tariff landscape, associated difficulties in forecasting, the Company’s estimates concerning Bel’s global sales and recently imposed tariffs, and the Company’s intention to continue to monitor the tariff landscape and assess potential alternatives; statements about anticipated continued strength in certain end markets, and views on the effects on the Company’s overall future performance; and statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel’s November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel’s products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel’s customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including Bel’s substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition or modification of new or increased tariffs either by the U.S. government on foreign foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy and the associated impacts of those changes; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel’s business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
                                     
    Net sales   $ 168,299     $ 133,205     $ 320,537     $ 261,295  
    Cost of sales     103,216       79,809       196,635       159,821  
    Gross profit     65,083       53,396       123,902       101,474  
    As a % of net sales     38.7 %     40.1 %     38.7 %     38.8 %
                                     
    Research and development costs     8,104       5,994       15,326       11,209  
    Selling, general and administrative expenses     30,914       24,141       60,421       49,085  
    As a % of net sales     18.4 %     18.1 %     18.8 %     18.8 %
    Restructuring charges     280       638       (2,653 )     703  
    Gain on sale of property     (4,075 )     –       (4,075 )     –  
    Income from operations     29,860       22,623       54,883       40,477  
    As a % of net sales     17.7 %     17.0 %     17.1 %     15.5 %
                                     
    Interest expense     (3,993 )     (415 )     (8,145 )     (849 )
    Interest income     264       1,146       539       2,261  
    Other income (expense), net     7,568       (471 )     10,207       1,346  
    Earnings before income taxes     33,699       22,883       57,484       43,235  
                                     
    Provision for income taxes     6,906       4,077       12,369       8,555  
    Effective tax rate     20.5 %     17.8 %     21.5 %     19.8 %
    Net earnings   $ 26,793     $ 18,806     $ 45,115     $ 34,680  
    As a % of net sales     15.9 %     14.1 %     14.1 %     13.3 %
                                     
    Less: Net earnings attributable to noncontrolling interest     822       –       1,660       –  
    Redemption value adjustment attributable to noncontrolling interest     (890 )     –       (1,280 )     –  
    Net earnings attributable to Bel Fuse Shareholders   $ 26,861     $ 18,806     $ 44,735     $ 34,680  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,124       2,115       2,131  
    Class B common shares – basic and diluted     10,551       10,492       10,504       10,551  
                                     
    Net earnings per common share:                                
    Class A common shares – basic and diluted   $ 2.03     $ 1.43     $ 3.39     $ 2.61  
    Class B common shares – basic and diluted   $ 2.14     $ 1.50     $ 3.58     $ 2.76  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
     
        June 30, 2025     December 31, 2024  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 59,284     $ 68,253  
    Held to maturity U.S. Treasury securities     –       950  
    Accounts receivable, net     121,241       111,376  
    Inventories     164,648       161,370  
    Other current assets     33,442       31,581  
    Total current assets     378,615       373,530  
    Property, plant and equipment, net     48,704       47,879  
    Right-of-use assets     23,930       25,125  
    Related-party note receivable     3,715       2,937  
    Equity method investment     10,284       9,265  
    Goodwill and other intangible assets, net     436,292       439,984  
    Other assets     49,040       51,069  
    Total assets   $ 950,580     $ 949,789  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 53,685     $ 49,182  
    Operating lease liability, current     8,688       7,954  
    Other current liabilities     61,709       70,933  
    Total current liabilities     124,082       128,069  
    Long-term debt     250,000       287,500  
    Operating lease liability, long-term     16,387       17,763  
    Other liabilities     74,402       75,295  
    Total liabilities     464,871       508,627  
    Redeemable noncontrolling interests     80,966       80,586  
    Stockholders’ equity     404,743       360,576  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 950,580     $ 949,789  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
     
        Six Months Ended  
        June 30,  
        2025     2024  
                     
    Cash flows from operating activities:                
    Net earnings   $ 45,115     $ 34,680  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     13,284       7,123  
    Stock-based compensation     2,900       1,775  
    Amortization of deferred financing costs     692       27  
    Deferred income taxes     (861 )     (2,930 )
    Net unrealized gains on foreign currency revaluation     (12,913 )     (355 )
    Gain on sale of property     (4,075 )     –  
    Other, net     1,595       652  
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (8,203 )     2,805  
    Unbilled receivables     (1,400 )     6,887  
    Inventories     (122 )     7,972  
    Accounts payable     3,511       (4,026 )
    Accrued expenses     (8,641 )     (14,147 )
    Accrued restructuring costs     (5,075 )     (1,553 )
    Income taxes payable     2,143       4,517  
    Other operating assets/liabilities, net     914       (5,083 )
    Net cash provided by operating activities     28,864       38,344  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (6,718 )     (4,278 )
    Purchases of held to maturity U.S. Treasury securities     –       (122,345 )
    Proceeds from held to maturity securities     950       101,071  
    Investment in related party notes receivable     (778 )     (633 )
    Proceeds from sale of property, plant and equipment     4,867       229  
    Net cash used in investing activities     (1,679 )     (25,956 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (1,660 )     (1,674 )
    Deferred financing costs     (681 )     –  
    Repayments of long-term debt     (42,500 )     –  
    Proceeds of long-term debt     5,000       –  
    Purchases of common stock     –       (14,175 )
    Net cash used in financing activities     (39,841 )     (15,849 )
                     
    Effect of exchange rate changes on cash and cash equivalents     3,687       (934 )
                     
    Net decrease in cash and cash equivalents     (8,969 )     (4,395 )
    Cash and cash equivalents – beginning of period     68,253       89,371  
    Cash and cash equivalents – end of period   $ 59,284     $ 84,976  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 11,422     $ 8,277  
    Interest payments   $ 8,188     $ 1,985  
    ROU assets obtained in exchange for lease obligations   $ 1,502     $ 4,239  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
     
        Sales     Gross Margin  
        Q2-25     Q2-24     % Change     Q2-25     Q2-24     Basis Point Change  
    Power Solutions and Protection   $ 86,799     $ 58,551       48.2 %     41.9 %     45.7 %     (380 )
    Connectivity Solutions     59,202       57,822       2.4 %     39.2 %     38.9 %     30  
    Magnetic Solutions     22,298       16,832       32.5 %     28.7 %     26.4 %     230  
    Total   $ 168,299     $ 133,205       26.3 %     38.7 %     40.1 %     (140 )
        Sales     Gross Margin  
        YTD June 2025     YTD June 2024     % Change     YTD June 2025     YTD June 2024     Basis Point Change  
    Power Solutions and Protection   $ 169,853       118,798       43.0 %     42.2 %     44.8 %     (260 )
    Connectivity Solutions     109,932       112,107       -1.9 %     38.6 %     37.6 %     100  
    Magnetic Solutions     40,752       30,390       34.1 %     26.9 %     21.8 %     510  
    Total   $ 320,537     $ 261,295       22.7 %     38.7 %     38.8 %     (10 )
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
                                     
    GAAP Net earnings   $ 26,793     $ 18,806     $ 45,115     $ 34,680  
    Provision for income taxes     6,906       4,077       12,369       8,555  
    Other income/expense, net     (7,568 )     471       (10,207 )     (1,346 )
    Interest income     (264 )     (1,146 )     (539 )     (2,261 )
    Interest expense     3,993       415       8,145       849  
    GAAP Operating Income   $ 29,860     $ 22,623     $ 54,883     $ 40,477  
    Restructuring charges     280       638       (2,653 )     703  
    Amortization of inventory step-up     799       –       1,757       –  
    Gain on sale of property     (4,075 )     –       (4,075 )     –  
    Stock-based compensation     1,721       971       2,900       1,775  
    Non-GAAP Operating Income   $ 28,585     $ 24,232     $ 52,812     $ 42,955  
    Depreciation and amortization     6,600       3,439       13,284       7,123  
    Adjusted EBITDA   $ 35,185     $ 27,671     $ 66,096     $ 50,078  
    % of net sales     20.9 %     20.8 %     20.6 %     19.2 %
                                     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
     
        Three Months Ended June 30, 2025     Three Months Ended June 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 33,699     $ 6,906     $ 26,861     $ 2.03     $ 2.14     $ 22,883     $ 4,077     $ 18,806     $ 1.43     $ 1.50  
    Restructuring charges     280       48       232       0.02       0.02       638       153       485       0.04       0.04  
    Redemption value adjustment on redeemable NCI     –       –       (890 )     (0.07 )     (0.07 )     –       –       –       –       –  
    Amortization of inventory step-up     799       184       615       0.05       0.05       –       –       –       –       –  
    Gain on sale of property     (4,075 )     (937 )     (3,138 )     (0.24 )     (0.25 )     –       –       –       –       –  
    Stock-based compensation     1,721       354       1,367       0.10       0.11       972       200       772       0.06       0.06  
    Amortization of intangibles     3,697       647       3,050       0.23       0.24       1,148       239       909       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     (9,250 )     (2,127 )     (7,123 )     (0.54 )     (0.57 )     370       80       290       0.02       0.02  
    Non-GAAP measures   $ 26,871     $ 5,075     $ 20,974     $ 1.58     $ 1.67     $ 26,011     $ 4,749     $ 21,262     $ 1.61     $ 1.70  
        Six Months Ended June 30, 2025     Six Months Ended June 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 57,484     $ 12,369     $ 44,735     $ 3.39     $ 3.58     $ 43,235     $ 8,555     $ 34,680     $ 2.61     $ 2.76  
    Restructuring charges     (2,653 )     (323 )     (2,330 )     (0.18 )     (0.19 )     703       163       540       0.04       0.04  
    Redemption value adjustment on redeemable NCI     –       –       (1,280 )     (0.10 )     (0.10 )     –       –       –       –       –  
    Amortization of inventory step-up     1,757       404       1,353       0.10       0.11       –       –       –       –       –  
    Gain on sale of property     (4,075 )     (937 )     (3,138 )     (0.24 )     (0.25 )     –       –       –       –       –  
    Stock-based compensation     2,900       597       2,303       0.18       0.18       1,776       366       1,410       0.11       0.11  
    Amortization of intangibles     7,383       1,295       6,088       0.46       0.49       2,542       503       2,039       0.15       0.16  
    Unrealized foreign currency exchange (gains) losses     (12,913 )     (2,995 )     (9,918 )     (0.75 )     (0.79 )     (529 )     (127 )     (402 )     (0.03 )     (0.03 )
    Non-GAAP measures   $ 49,883     $ 10,410     $ 37,813     $ 2.86     $ 3.02     $ 47,727     $ 9,460     $ 38,267     $ 2.89     $ 3.04  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
    (4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

    The MIL Network –

  • MIL-OSI: Meriwest Credit Union Launches Zelle® for Fast, Secure, and Convenient Money Transfers

    Source: GlobeNewswire (MIL-OSI)

    SILICON VALLEY, Calif., July 24, 2025 (GLOBE NEWSWIRE) — Meriwest Credit Union is excited to announce the addition of Zelle® to its suite of digital banking services, enabling members to send and receive money quickly and securely. Zelle is now available through Meriwest’s mobile banking app, allowing members to transfer funds to friends, family, or trusted contacts in minutes, directly from their Meriwest accounts to almost any U.S. bank account.

    Zelle offers a seamless way to split bills, pay rent, or send gifts, with no fees for standard transactions. Members can enroll using their email address or U.S. mobile phone number and start sending money to anyone with a U.S. bank account enrolled with Zelle. The service is designed for convenience, with most transactions completed within minutes when both parties are enrolled, and is backed by strong security measures to protect members’ financial information.

    “Listening to our members’ needs is at the heart of what we do,” said Lisa Pesta, President and CEO of Meriwest Credit Union. “The introduction of Zelle reflects our commitment to providing innovative, member-focused solutions that make managing money easier and more convenient. We’re excited to offer this fast and secure way to move money, enhancing the banking experience for our community.”

    To use Zelle, members can log into Meriwest’s mobile app, navigate to the “Send Money with Zelle®” option, and enroll with their preferred email address or U.S. mobile number. Members are encouraged to only send money to trusted individuals, as Zelle transactions are instant and typically irreversible. For detailed instructions or to learn more, visit www.meriwest.com/zelle or contact Meriwest’s member service team at (877) MERIWEST (637-4937).

    Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license. To send or receive money with Zelle®, both parties must have an eligible checking or savings account.

    About Meriwest Credit Union
    Founded in San Jose, California in 1961, Meriwest Credit Union, ($2.1B in assets) is one of Silicon Valley’s most established financial institutions. Dedicated to delivering advice-based, personal, convenient, and innovative financial services to over 80,000 families and businesses throughout the San Francisco Bay Area and Pima County, Arizona, Meriwest offers a wide array of personal banking, business services, and wealth advisory services. Meriwest has been voted one of the ‘Best Credit Unions in Silicon Valley’ in the Mercury News’ Annual ‘Readers’ Choice Awards’ and a “Best Place to Work” by the Silicon Valley Business Journal 2020 through 2024. More information can be found at www.meriwest.com.

    About Zelle®
    Zelle® is transforming how money moves, with more than five billion digital payments sent since its launch in 2017. The Zelle® network connects over 2,200 banks and credit unions of all sizes, enabling consumers and businesses to send digital payments to people and businesses they know and trust with an eligible bank account in the U.S. Money is available directly in bank accounts generally within minutes when the recipient is already enrolled with Zelle®. To learn more about Zelle® and participating financial institutions in the Zelle® network, visit www.zellepay.com.

    Media Contact:
    Jeffrey Zane
    Meriwest Credit Union
    Public Relations
    408-612-1484
    jzane@meriwest.com

    The MIL Network –

  • MIL-OSI USA: ICYMI—Hagerty Joins The Bottom Line on Fox Business to Discuss Trump’s Policy Agenda, Nominee Confirmations, Market Structure Legislation

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty
    WASHINGTON—Yesterday, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations and Banking Committees and former U.S. Ambassador to Japan, joined The Bottom Line on Fox Businessto discuss the Senate’s work on President Donald Trump’s legislative priorities, efforts to confirm key nominees, and the next phase of cryptocurrency market structure legislation following the passage of the GENIUS Act.
    *Click the photo above or here to watch*Partial Transcript
    Hagerty on the August recess and public support for the Big Beautiful Bill: “I’m certainly here ready to work through the weekends, ready to work into the recess that we have scheduled. We do have a communication challenge ahead because the Democrats and their liberal media partisan allies have been out telling a story that’s not true about this bill. The elements of this bill are very popular with the United States of America– extending the tax cuts, no tax on tips, and no tax on overtime. If you think about beefing up the military and securing our border, these are all things that the American public not only wants, but they voted for. There’s a lot of good to talk about, and we need to get back to talk about it. But I appreciate the opportunity to do that here. And right now, the American public is already seeing the benefit. The stock market is at an all-time high. We’re seeing great concessions being made by countries all over the world to do more business with America, more investments taking place in America, and blue-collar wages are back on the rise again. On a real and inflation-adjusted basis, blue-collar wages are up again, like they were back when President Trump was in office before. That certainly was not the case when Joe Biden was in office. We have a lot of good news to sell.”
    Hagerty on staying in Washington to work on nominee confirmations: “I think we’re going to stay here and work. That’s what the President wants us to do. This would not be necessary— and I want to be clear about this— were it not for the maximum resistance campaign that the Democrats have put in place. This is unprecedented in terms of the number of procedural hoops they have forced us to step through, because their overarching objective is to keep President Trump from seeding his cabinet, from putting his team on the ground. Despite all of their efforts, President Trump keeps winning time and time again. Our border is secure, our economy is moving in the right direction, trade deals are coming in— we’re still winning. It would be even better if we could get our team on the ground. The Democrats are trying to stop us, and we’re just going to have to keep plowing right through. So I’m here to work, through the weekends, whatever it takes to get the team on the field.”
    Hagerty on his market structure bill: “I take a great deal of pride in my legislation, the GENIUS Act. The stablecoin bill will actually open the market for digital currencies here in the United States. It puts us and our payment system into the 21st century. It brings dollar dominance into the digital arena, so that the dollar will dominate. That’s what we have to do to make certain that we stay ahead as a nation. That opens the door then for market structure, which broadens the web and allows us to reach into this innovative market. Innovation needs to take place here in the United States, and additional market structure legislation is necessary. We put a discussion draft out this week that gives a broad outline of how we want to approach it, how we’re going to define the various types of cryptocurrencies, and whether securities and or commodities should be regulated by banks, the SEC [Securities and Exchange Commission], or the CFTC [Commodity Futures Trading Commission].”
    Hagerty on efficiency and market benefits of blockchain: “We’re requesting more input from the industry, and I expect to get a tremendous amount of input here. We’re looking to move this along as quickly as possible. I’m looking at the end of September as a target deadline to get this done. This creates the opportunity to drive down costs and improve efficiency. When thinking about the speed of transactions on the blockchain, the efficiency here is enormous. It takes out counterparty risk, reduces float in the system, removes friction, and delivers great economies of scale as it unfolds.”

    MIL OSI USA News –

  • MIL-OSI USA: Booker Hosts Virtual Town Hall with African American Chamber of Commerce of New Jersey Members, Discusses Trump’s Disastrous Effects on Local Businesses

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    Washington, D.C.– This afternoon, Senator Cory Booker (D-NJ) hosted a virtual town hall event with members of the African American Chamber of Commerce of New Jersey (AACCNJ). Among the top concerns from business leaders were the Trump administration and congressional Republicans’ damaging effects on local and Black businesses.
    “Seeking to placate the Trump administration at every turn, congressional Republicans–even those in our own delegation–have undermined New Jersey’s local businesses. That’s especially true for Black small business owners across the state,” said Senator Booker. “Throughout this afternoon’s town hall with AACCNJ members, it was made clear that the economic environment under Trump is one of great uncertainty for our state’s Black business community. It’s stifling innovation, hindering opportunities for our entrepreneurs and workers, and constricting local economies up and down New Jersey. I will continue to fight alongside AACCNJ to ensure New Jersey remains a place where Black businesses can flourish.”
    Under President Trump, local businesses have struggled to navigate the severe and unpredictable nature of the administration’s trade policy. These challenges are particularly acute for small businesses which largely rely on imports, leaving them especially vulnerable to Trump’s tariff disputes. At the same time, President Trump has completely undermined the Small Business Administration and the federal government’s efforts to foster more diverse and equitable practices, including in its contract and service procurement processes.
    “The African American Chamber of Commerce of New Jersey (AACCNJ) thanks Senator Booker for the opportunity to discuss the current landscape of Black businesses in New Jersey and the broader U.S. economy. We believe this conversation to be particularly timely given the recent policy changes and the upcoming gubernatorial election in New Jersey,” said Dr. John E. Harmon, Sr., Founder, President & CEO, AACCNJ.
    During the town hall, AACCNJ members asked the Senator about federal initiatives and legislation to support state and local businesses and outlined the issues specifically affecting Black businesses.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Ricketts Preserves the Good Life

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – Yesterday, during his weekly press call with Nebraska media, U.S. Senator Pete Ricketts (R-NE) discussed the One Big Beautiful Bill and his work to deliver results that matter for Nebraska families.
    Watch the video here.
    “Nebraska is what America is supposed to be,” said Ricketts.  “We believe in hard work.  We provide for our families and take care of our communities.  We defend our freedom.  The One Big Beautiful Bill reflects those values and delivers results where they matter most.”
    TRANSCRIPT:
    Senator Ricketts: “Nebraska is what America is supposed to be. 
    “We believe in hard work. 
    “We provide for our families and take care of our communities. 
    “We defend our freedom. 
    “The One Big Beautiful Bill reflects those values and delivers results where they matter most.  
    “Nebraska workers were under pressure after years of inflation, overregulation, and rising costs as a result of the Biden administration. 
    “This bill fights back with historic tax relief and educational opportunities. 
    “It helps Nebraskans keep more of what they earn and protects Nebraska values.   
    “President Trump and Congressional Republicans are determined to put money back into Americans’ pockets. 
    “The most essential relief helps workers making less than $50,000 a year. 
    “The One Big Beautiful Bill eliminates federal tax on tips up to $25,000 per year. 
    “The no tax on overtime provision provides a deduction of up to $12,500. 
    “Just last week, I was flying out from Nebraska to D.C. when a TSA officer stopped me and thanked me for no tax on overtime.
    “In fact, he even asked if we could make that permanent. 
    “But the no tax on overtime isn’t just for the TSA—it’s for nurses, factory workers, police officers, and servers. 
    “It’s for all of the jobs that keep Nebraska and this country safe and running.   
    “This tax cut is for all jobs that sometimes require workers to give a little more and work a little harder.  
    “We are rewarding their sacrifice. 
    “Without this bill, the average Nebraska family would have seen a hike of $2,400 in taxes.
    “That’s $2,400 that Nebraskans can continue to spend on groceries, utilities, or saving toward a family vacation. 
    “The Biden administration punished hard-working Americans with inflation and wasted taxpayer dollars. 
    “The One Big Beautiful Bill helps Americans save taxes and lays the groundwork for decades of economic growth. 
    “It preserves the good life.  
    “The bill is a win for Nebraska families. 
    “The Child Tax Credit was increased to $2,200. 
    “The child and dependent care tax credit increases the maximum credit rate from 35% to 50%.
    “It’s combined with enhancement of the dependent care assistance program, which excludes up to $7,500 of dependent care assistance expenses from income each year.   
    “That is up from a previous limit of $5,000. 
    “Finding affordable and reliable childcare can be a challenge all across our state for working parents. 
    “With this bill, employers can now offer families more support without raising their workers’ costs. 
    “The employer-provided childcare credit was expanded from $150,000 to $500,000 and a new $600,000 childcare credit was created for small businesses. 
    “This will encourage more businesses to invest in childcare for their workers. 
    “The One Big Beautiful Bill gives families educational freedom and fixes how students are paying for higher education. 
    “American families now have the opportunity to choose the education that fits their children best. 
    “The bill creates a new tax credit of up to $1,700 for donations to scholarship-granting organizations that help K through 12 students access better educational opportunities. 
    “One of my priorities in this bill is the extension of Pell Grant eligibility to short-term, high-quality job training programs. 
    “This is a proven Nebraska solution I led when I was Governor. 
    “When I was Governor, we supported programs like the Nebraska Youth Registered Apprenticeship Program. 
    “We encouraged students to join the Registered Apprenticeship program and increased participation. 
    “We also started the Developing Youth Talent Initiative to connect young Nebraskans with learning opportunities in their schools about what careers they may want to choose in the future.
    “These give young people the opportunity to combine academic and technical experience with work experience.  
    “This gave Nebraska youth the foundation to choose from several pathways—to enroll in college, begin full-time employment, or combine work with training.   
    “Now, a young Nebraskan in Scottsbluff interested in welding or mechanics can qualify for federal financial aid and go to work, for example, at Aulick Industries. 
    “The bill also provides exemptions for agriculture-related assets, like farmland and combines, from FAFSA calculations. 
    “This means that farm families across the state, from Dawson to Dawes counties, aren’t going to be penalized when seeking financial aid for higher education. 
    “The bill simplifies repayment plans and caps runaway borrowing. 
    “It holds colleges accountable for leaving students with burdensome debt. 
    “Federal loans can no longer fund programs where graduates are earning less than someone with a high school diploma. 
    “Now that is common sense education policy.    
    “The One Big Beautiful Bill defends Nebraska’s values. 
    “It supports families. 
    “It encourages hard work and smart education. 
    “These are wins we promised and wins we delivered. 
    “This is how we fight for Nebraska. 
    “This is how we preserve the good life.” 

    MIL OSI USA News –