Finance – Page 40 – NewzIntel.com

MIL-OSI: ODYSIGHT.AI AND A MULTINATIONAL TECHNOLOGY GROUP SIGN STRATEGIC COLLABORATION AGREEMENT AIMED TO DEPLOY PREDICTIVE MAINTENANCE CAPABILITIES ACROSS MULTIPLE PLATFORMS

Source: GlobeNewswire (MIL-OSI)

OMER, Israel, July 22, 2025 (GLOBE NEWSWIRE) — Odysight.AI Inc. (NASDAQ: ODYS) is proud to announce a commercial collaboration agreement with a multinational technology group to deploy one or more proof-of-concepts using Odysight.AI’s systems. The initial deployment will focus on select heavy vehicles across the fields of defense, mining, agriculture and heavy autonomous vehicle sectors. This collaboration marks a significant milestone, aimed to expand Odysight.AI’s predictive maintenance technology beyond the aviation vertical at scale in the multinational technology group’s line of products.

The collaboration agreement follows successful trials of Odysight.AI’s system on a critical aviation component manufactured by the global partner and tested under extreme conditions. The trials, conducted at advanced facilities worldwide, validated the system’s robust performance under prolonged stress and harsh environments, confirming its unique value in challenging operational contexts.

Following the success of the trials, both parties are already exploring expanded deployments in aviation in addition to heavy vehicles with broader collaborative opportunities across a wide range of customers and use cases. Integration of the Odysight.AI solution is expected to provide real-time monitoring and predictive analytics designed to enhance platform safety, reduce maintenance demands, reduce costs and improve overall operational efficiency across the partner’s product lines.

“As a trusted supplier to leading aerospace and mobility platform manufacturers, our global partner is known for innovation and quality,” said Yehu Ofer, CEO of Odysight.AI. “Their decision to partner with us and lead customer demonstrations is a strong vote of confidence in our technology. This agreement reflects our shared commitment to driving smarter, safer, and more sustainable operations across industries, verticals and target markets at scale.”

Our global partner plays a key role in delivering engineered materials and smart solutions for mobility and energy applications, as well as high-performance industrial technologies, with aerospace among its core technological pillars. Strongly aligned with our strategic focus on safety, operational efficiency, and technological sophistication in defense mobility, we believe this collaboration with our global partner enhances their offering with advanced predictive maintenance capabilities, which can help customers prevent failures and avoid costly downtime.

About Odysight.AI

Odysight.AI is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.AI leverages proven visual technologies and products from the medical industry. Odysight.AI’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.AI’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. For more information, please visit: https://www.Odysight.AI or follow us on Twitter, LinkedIn and YouTube.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the Company’s expectations regarding its collaboration with a multinational technology group. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.AI technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.AI’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact of Israel’s war against Hamas, Hezbollah and Iran. These and other important factors discussed in Odysight.AI’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2025, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.AI undertakes no obligation to publicly update or revise forward-looking information.

Company Contact:

Einav Brenner, CFO
info@Odysight.AI

Investor Relations Contact:
Miri Segal
MS-IR LLC
msegal@ms-ir.com
Tel: +1-917-607-8654

The MIL Network –

July 23, 2025

MIL-OSI: PSB Holdings, Inc. Reports Record Quarterly Earnings of $0.89 Per Diluted Share; Net Interest Margin Improves For Fifth Consecutive Quarter

Source: GlobeNewswire (MIL-OSI)

WAUSAU, Wis., July 22, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported second quarter earnings ending June 30, 2025 up 48% relative to the prior quarter to $0.89 per diluted common share on net income of $3.8 million, compared to $0.60 per diluted common share on net income of $2.6 million during the first quarter ending March 31, 2025, and $0.56 per diluted common share on net income of $2.4 million during the second quarter ending June 30, 2024.

PSB’s second quarter 2025 operating results reflected the following changes from the first quarter of 2025: (1) a stronger net interest margin as asset yields rose; (2) higher non-interest income from higher mortgage banking income; and (3) lower non-interest expenses due to lower salaries and employee benefit expenses.

“We are proud to report record earnings for the second quarter, highlighted by an improving net interest margin and cost controls that have lowered our non-interest expenses and improved our efficiency ratio to 63%. Over the past year, we increased tangible book value per share by 13.1% while paying $0.64 per share in dividends to our shareholders. As loans continue to reprice at higher rates and new loans are originated at higher levels than current yields, we expect our net interest margin to continue to expand from current levels. While non-performing assets have grown, they represent a small number with special circumstances, and we expect favorable resolutions for certain significant non-performing assets by the end of the calendar year,” stated Scott Cattanach, President and CEO.

June 30, 2025, Highlights:

Net interest income increased $470,000 to $10.7 million for the quarter ended June 30, 2025, from $10.3 million for the quarter ended March 31, 2025, due in part to higher yields on loans and one additional day during the quarter.

Noninterest income increased $230,000 to $2.1 million for the quarter ended June 30, 2025, compared to $1.9 million the prior quarter due primarily to higher mortgage banking revenues.

Noninterest expenses decreased $776,000 to $8.2 million during the quarter ended June 30, 2025 from $9.0 million for the quarter ended March 31, 2025, reflecting lower salary and benefit expenses.

Net loans increased $12.9 million, or 1% in the second quarter ended June 30, 2025, to $1.11 billion compared to March 31, 2025, largely due to increased commercial line usage. Allowance for credit losses remained at 1.12% of gross loans.

Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 compared to the previous quarter. One existing non-performing loan relationship increased during the quarter as an additional loan in this relationship was moved to non-performing status. The underlying security of these loans is undergoing a sales process by the owner. Additionally, an unrelated new loan relationship was added to non-performing status.

Total deposits increased $47.5 million to $1.18 billion at June 30, 2025 from $1.13 billion at March 31, 2025, with the increase largely consisting of non-interest bearing demand deposits and time deposits with balances greater than $250,000. Core deposits increased $32.3 million while brokered deposits decreased $13.7 million. A portion of the overall deposit increase relates to an established customer making a large time deposit near the end of the quarter.

Return on average tangible common equity was 13.11% for the quarter ended June 30, 2025, compared to 9.21% the prior quarter and 9.34% in the year ago quarter.

Tangible book value per common share was up 13.1% over the past year to $27.77 at June 30, 2025, compared to $24.55 at June 30, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.

Balance Sheet and Asset Quality Review

Total assets increased $46.8 million during the second quarter to $1.51 billion at June 30, 2025, compared to $1.46 billion at March 31, 2025. Cash and cash equivalents increased $34.9 million to $57.5 million at June 30, 2025 from $22.7 million at March 31, 2025 as new deposits replenished reserves used to fund new loans. Investment securities available for sale increased $1.7 million to $184.3 million at June 30, 2025, from $182.6 million one quarter earlier.

Gross loans receivable increased $10.7 million to $1.15 billion at June 30, 2025, compared to one quarter earlier, due primarily to increased commercial & industrial lending. Commercial & industrial loans increased $11.2 million to $135.3 million at June 30, 2025, and commercial real estate loans increased $3.6 million to $566.5 million at June 30, 2025, compared to three months earlier. Commercial real estate construction and development loans decreased $9.2 million to $77.9 million at June 30, 2025, while residential real estate loans increased $3.3 million from the prior quarter to $337.1 million. Agricultural loans increased $1.6 million to $13.2 million at June 30, 2025 compared to three months earlier. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.1% of gross loans, followed by residential real estate loans at 29.4% of gross loans, commercial non-real estate loans at 14.1% and consumer loans at 0.4%.

The allowance for credit losses remained at 1.12% of gross loans at June 30, 2025 while annualized net charge-offs to average loans were zero for the quarter ended June 30, 2025. Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 up from 0.89% at March 31, 2025. The increase reflects a loan relationship that was non-performing in the prior quarter having an additional loan move to non-performing status in the second quarter and a separate loan relationship within the timber industry where the customer has experienced irregular cashflows. Approximately 80% of the non-performing assets consisted of five loan relationships.

Total deposits increased 4% quarter over quarter, with 23% of the deposit portfolio being uninsured at June 30^th. Overall, core deposits increased $32.3 million during the quarter while brokered deposits decreased $13.7 million.

At June 30, 2025, non-interest bearing demand deposits increased to 23.6% of total deposits from 21.7% the prior quarter, while interest-bearing demand and savings deposits decreased to 27.4% at June 30, 2025 from 29.4% one quarter earlier. The additional deposit inflow helped to decrease FHLB advances during the quarter by $4.3 million and brokered deposits by $13.7 million.

Tangible stockholder equity as a percentage of total tangible assets decreased to 7.95% at June 30, 2025, compared to 8.05% at March 31, 2025, and 7.32% at June 30, 2024.

Tangible net book value per common share increased $3.22 during the quarter to $27.77, at June 30, 2025 compared to $24.55 one year earlier, an increase of 13.1% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.94, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value of the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at June 30, 2025, compared to $16.7 million one quarter earlier.

Operations Review

Net interest income increased to $10.7 million (on a net margin of 3.09%) for the second quarter of 2025, from $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, and increased from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024. The higher net interest income in the current period primarily relates to higher loan yields during the quarter. Earning asset yields increased to 5.40% during the second quarter of 2025 from 5.35% the prior period and cost of funds increased four basis points to 3.06% compared to 3.02% during the first quarter of 2025. Relative to one year earlier, earning asset yields were up 19 basis points while the overall cost of funds was flat.

The increase in earning asset yields was due to higher yields on loan originations, loan renewals and security repricing. Loan yields increased during the second quarter of 2025 to 5.91% from 5.82% for the first quarter of 2025. Taxable security yields on a smaller average balance relative to the prior quarter were 3.24% for the quarter ended June 30, 2025, compared to 3.35% for the quarter ended March 31, 2025, while tax-exempt security yields remained at 3.35% for the quarter ended June 30, 2025.

Total noninterest income increased $230,000 during the second quarter of 2025 to $2.1 million. An increase of $161,000 in mortgage banking income during the quarter accounted for the majority of the change.

Noninterest expenses decreased $776,000 to $8.2 million for the second quarter of 2025, compared to $9.0 million for the first quarter of 2025, and decreased $202,000 from $8.4 million for the second quarter of 2024. On a linked quarter basis, salary and benefits expense decreased $474,000 as the first quarter results reflected an increase in variable commercial sales incentive expense. Occupancy and facilities costs decreased $67,000, data processing and other office operation expenses decreased $12,000, a gain on the sale of foreclosed real estate was $58,000 and various other noninterest expenses decreased $225,000 during the second quarter ended June 30, 2025. Partially offsetting the expense reductions was an increase in advertising and promotion expenses of $60,000.

Income taxes increased $279,000 during the second quarter to $752,000, from $473,000 one quarter earlier on higher income levels. The effective tax rate for the quarter ended June 30, 2025, was 16.6% compared to 15.6% for the first quarter ended March 31, 2025.

About PSB Holdings, Inc.

PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.


PSB Holdings, Inc.
Consolidated Balance Sheets
June 30, and March 31, 2025, September 30, and June 30, 2024, unaudited, December 31, 2024 derived from audited financial statements

	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(dollars in thousands, except per share data)		2025			2025			2024			2024			2024

Assets

Cash and due from banks	$	23,022		$	19,628		$	21,414		$	23,554		$	16,475
Interest-bearing deposits		2,890			702			3,724			5,126			251
Federal funds sold		31,624			2,351			15,360			58,434			69,249

Cash and cash equivalents		57,536			22,681			40,498			87,114			85,975
Securities available for sale (at fair value)		184,320			182,594			189,086			174,911			165,177
Securities held to maturity (fair values of $75,016, $77,375, $79,654, $82,389 and $79,993 respectively)		83,123			85,373			86,748			86,847			86,825
Equity securities		2,885			2,847			2,782			1,752			1,661
Loans held for sale		349			734			217			–			2,268
Loans receivable, net (allowance for credit losses of $12,553, $12,392, $12,342, $12,598 and $12,597 respectively)		1,109,296			1,096,422			1,078,204			1,057,974			1,074,844
Accrued interest receivable		5,006			5,184			5,042			4,837			5,046
Foreclosed assets		–			300			–			–			–
Premises and equipment, net		13,397			13,522			13,805			14,065			14,048
Mortgage servicing rights, net		1,684			1,717			1,742			1,727			1,688
Federal Home Loan Bank stock (at cost)		9,297			8,825			8,825			8,825			8,825
Cash surrender value of bank-owned life insurance		25,067			24,897			24,732			24,565			24,401
Core deposit intangible		330			353			195			212			229
Goodwill		3,495			3,495			2,541			2,541			2,541
Other assets		10,832			10,828			11,539			10,598			12,111

TOTAL ASSETS	$	1,506,617		$	1,459,772		$	1,465,956		$	1,475,968		$	1,485,639

Liabilities

Non-interest-bearing deposits	$	277,239		$	245,672		$	259,515		$	265,078		$	250,435
Interest-bearing deposits		900,303			884,364			887,834			874,035			901,886

Total deposits		1,177,542			1,130,036			1,147,349			1,139,113			1,152,321

Federal Home Loan Bank advances		165,950			170,250			162,250			181,250			184,900
Other borrowings		6,250			6,343			6,872			6,128			5,775
Senior subordinated notes		4,784			4,783			4,781			4,779			4,778
Junior subordinated debentures		13,075			13,049			13,023			12,998			12,972
Allowance for credit losses on unfunded commitments		622			672			672			477			477
Accrued expenses and other liabilities		15,118			13,554			14,723			12,850			13,069

Total liabilities		1,383,341			1,338,687			1,349,670			1,357,595			1,374,292

Stockholders’ equity

Preferred stock – no par value:
Authorized – 30,000 shares; Issued – 7,200 shares
Outstanding – 7,200 shares, respectively		7,200			7,200			7,200			7,200			7,200
Common stock – no par value with a stated value of $1.00 per share:
Authorized – 18,000,000 shares; Issued – 5,490,798 shares
Outstanding – 4,041,573, 4,084,708, 4,092,977, 4,105,594 and 4,128,382 shares, respectively		1,830			1,830			1,830			1,830			1,830
Additional paid-in capital		8,659			8,608			8,610			8,567			8,527
Retained earnings		144,548			142,277			139,838			138,142			135,276
Accumulated other comprehensive income (loss), net of tax		(15,764	)		(16,692	)		(19,314	)		(15,814	)		(20,503	)
Treasury stock, at cost – 1,449,225, 1,406,090, 1,397,821, 1,385,204 and 1,362,416 shares, respectively		(23,197	)		(22,138	)		(21,878	)		(21,552	)		(20,983	)

Total stockholders’ equity		123,276			121,085			116,286			118,373			111,347

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	1,506,617		$	1,459,772		$	1,465,956		$	1,475,968		$	1,485,639

PSB Holdings, Inc.
Consolidated Statements of Income

	Quarter Ended													Six Months Ended
(dollars in thousands,	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,		Jun. 30,		June
except per share data – unaudited)		2025			2025			2024			2024		2024		2025			2024

Interest and dividend income:
Loans, including fees	$	16,510		$	15,782		$	15,646		$	15,634	$	15,433	$	32,292		$	30,542
Securities:
Taxable		1,566			1,641			1,545			1,345		1,295		3,207			2,492
Tax-exempt		506			517			522			522		521		1,023			1,047
Other interest and dividends		332			345			948			699		265		677			608

Total interest and dividend income		18,914			18,285			18,661			18,200		17,514		37,199			34,689

Interest expense:
Deposits		5,934			5,884			6,027			5,905		5,838		11,818			11,920
FHLB advances		1,899			1,792			1,890			2,038		1,860		3,691			3,310
Other borrowings		48			47			57			57		58		95			118
Senior subordinated notes		58			59			59			59		58		117			117
Junior subordinated debentures		250			248			252			252		255		498			506

Total interest expense		8,189			8,030			8,285			8,311		8,069		16,219			15,971

Net interest income		10,725			10,255			10,376			9,889		9,445		20,980			18,718
Provision for credit losses		110			117			–			–		100		227			195

Net interest income after provision for credit losses		10,615			10,138			10,376			9,889		9,345		20,753			18,523

Noninterest income:
Service fees		366			358			362			367		350		724			686
Mortgage banking income		411			250			414			433		433		661			741
Investment and insurance sales commissions		335			326			226			230		222		799			343
Net loss on sale of securities		–			(1	)		(511	)		–		–		661			(495	)
Increase in cash surrender value of life insurance		170			163			166			165		159		(1	)		316
Other noninterest income		814			770			620			648		742		1,584			1,359

Total noninterest income		2,096			1,866			1,277			1,843		1,906		3,962			2,950

Noninterest expense:
Salaries and employee benefits		4,828			5,302			4,691			4,771		5,167		10,130			10,290
Occupancy and facilities		719			786			691			757		733		1,505			1,454
Loss (gain) on foreclosed assets		(58	)		–			–			1		–		(58	)		–
Data processing and other office operations		1,189			1,201			1,111			1,104		1,047		2,390			2,069
Advertising and promotion		189			129			141			164		171		318			300
Core deposit intangible amortization		23			23			17			17		20		46			44
Other noninterest expenses		1,303			1,528			1,351			1,337		1,257		2,831			2,563

Total noninterest expense		8,193			8,969			8,002			8,151		8,395		17,162			16,720

Income before provision for income taxes		4,518			3,035			3,651			3,581		2,856		7,553			4,753
Provision for income taxes		752			473			524			593		410		1,225			579

Net income	$	3,766		$	2,562		$	3,127		$	2,988	$	2,446	$	6,328		$	4,174
Preferred stock dividends declared	$	122		$	122		$	122		$	122	$	122	$	244		$	244

Net income available to common shareholders	$	3,644		$	2,440		$	3,005		$	2,866	$	2,324	$	6,084		$	3,930
Basic earnings per common share	$	0.90		$	0.60		$	0.73		$	0.69	$	0.56	$	1.49		$	0.95
Diluted earnings per common share	$	0.89		$	0.60		$	0.73		$	0.69	$	0.56	$	1.49		$	0.95

PSB Holdings, Inc.
Quarterly Financial Summary

(dollars in thousands, except per share data)	Quarter ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
Earnings and dividends:		2025			2025			2024			2024			2024

Interest income	$	18,914		$	18,285		$	18,661		$	18,200		$	17,514
Interest expense	$	8,189		$	8,030		$	8,285		$	8,311		$	8,069
Net interest income	$	10,725		$	10,255		$	10,376		$	9,889		$	9,445
Provision for credit losses	$	110		$	117		$	–		$	–		$	100
Other noninterest income	$	2,096		$	1,866		$	1,277		$	1,843		$	1,906
Other noninterest expense	$	8,193		$	8,969		$	8,002		$	8,151		$	8,395
Net income available to common shareholders	$	3,644		$	2,440		$	3,005		$	2,866		$	2,324

Basic earnings per common share (3)	$	0.90		$	0.60		$	0.73		$	0.69		$	0.56
Diluted earnings per common share (3)	$	0.89		$	0.60		$	0.73		$	0.69		$	0.56
Dividends declared per common share (3)	$	0.34		$	–		$	0.32		$	–		$	0.32
Tangible net book value per common share (4)	$	27.77		$	26.94		$	25.98		$	26.41		$	24.55

Semi-annual dividend payout ratio		22.58	%	n/a				23.27	%	n/a				33.61	%
Average common shares outstanding		4,070,721			4,088,824			4,094,360			4,132,218			4,139,456


Balance sheet – average balances:
Loans receivable, net of allowances for credit loss	$	1,111,004		$	1,091,533		$	1,064,619		$	1,066,795		$	1,088,013
Assets	$	1,480,851		$	1,462,862		$	1,479,812		$	1,445,613		$	1,433,749
Deposits	$	1,142,279		$	1,140,397		$	1,151,450		$	1,110,854		$	1,111,240
Stockholders’ equity	$	123,077		$	118,576		$	118,396		$	114,458		$	110,726


Performance ratios:
Return on average assets (1)		1.02	%		0.71	%		0.84	%		0.82	%		0.69	%
Return on average common stockholders’ equity (1)		12.61	%		8.88	%		10.75	%		10.63	%		9.03	%
Return on average tangible common stockholders’ equity (1)(4)		13.11	%		9.21	%		11.07	%		10.96	%		9.34	%
Net loan charge-offs to average loans (1)		0.00	%		0.02	%		0.02	%		0.00	%		0.00	%
Nonperforming loans to gross loans		1.39	%		1.15	%		0.95	%		0.97	%		1.15	%
Nonperforming assets to total assets		1.04	%		0.89	%		0.71	%		0.71	%		0.84	%
Allowance for credit losses to gross loans		1.12	%		1.12	%		1.13	%		1.18	%		1.16	%
Nonperforming assets to tangible equity plus the allowance for credit losses (4)		12.64	%		10.71	%		8.85	%		8.71	%		11.09	%
Net interest rate margin (1)(2)		3.09	%		3.03	%		2.96	%		2.90	%		2.84	%
Net interest rate spread (1)(2)		2.34	%		2.33	%		2.23	%		2.16	%		2.15	%
Service fee revenue as a percent of average demand deposits (1)		0.54	%		0.58	%		0.53	%		0.56	%		0.56	%
Noninterest income as a percent of gross revenue		9.98	%		9.26	%		6.40	%		9.20	%		9.81	%
Efficiency ratio (2)		63.00	%		72.88	%		67.59	%		68.43	%		72.52	%
Noninterest expenses to average assets (1)		2.22	%		2.49	%		2.15	%		2.24	%		2.35	%
Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets		9.31	%		9.22	%		9.08	%		9.06	%		9.03	%
Tangible equity to tangible assets (4)		7.95	%		8.05	%		7.76	%		7.85	%		7.32	%

Stock price information:

High	$	25.70		$	26.50		$	27.90		$	25.00		$	21.40
Low	$	23.65		$	25.60		$	25.00		$	20.30		$	19.75
Last trade value at quarter-end	$	23.89		$	25.70		$	26.50		$	25.00		$	20.40

(1) Annualized
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
(3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
(4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.

PSB Holdings, Inc.
Consolidated Statements of Comprehensive Income

	Quarter Ended
	Jun. 30,			Mar. 31,			Dec. 31,			Sep. 30,			Jun. 30,
(dollars in thousands – unaudited)		2025			2025			2024			2024			2024

Net income	$	3,766		$	2,562		$	3,127		$	2,988		$	2,446

Other comprehensive income, net of tax:

Unrealized gain (loss) on securities available for sale		972			2,551			(3,955	)		4,738			184

Reclassification adjustment for security loss included in net income		–			1			404			–			–

Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19		(35	)		–			(76	)		–			–

Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity		91			89			90			90			89

Unrealized gain (loss) on interest rate swap		(87	)		(6	)		65			(101	)		39

Reclassification adjustment of interest rate swap settlements included in earnings		(13	)		(13	)		(27	)		(38	)		(40	)


Other comprehensive income (loss)		928			2,622			(3,499	)		4,689			272

Comprehensive income (loss)	$	4,694		$	5,184		$	(372	)	$	7,677		$	2,718

PSB Holdings, Inc.
Nonperforming Assets as of:

	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
(dollars in thousands)		2025			2025			2024			2024			2024

Nonaccrual loans (excluding restructured loans)	$	15,333		$	12,404		$	10,109		$	10,116		$	12,184
Nonaccrual restructured loans		13			17			18			25			28
Restructured loans not on nonaccrual		295			280			286			292			299
Accruing loans past due 90 days or more		–			–			–			–			–

Total nonperforming loans		15,641			12,701			10,413			10,433			12,511
Other real estate owned		–			300			–			–			–

Total nonperforming assets	$	15,641		$	13,001		$	10,413		$	10,433		$	12,511

Nonperforming loans as a % of gross loans receivable		1.39	%		1.15	%		0.95	%		0.97	%		1.15	%
Total nonperforming assets as a % of total assets		1.04	%		0.89	%		0.71	%		0.71	%		0.84	%
Allowance for credit losses as a % of nonperforming loans		80.26	%		97.57	%		118.52	%		120.75	%		100.69	%

PSB Holdings, Inc.
Nonperforming Assets >= $500,000 net book value before specific reserves
At June 30, 2025

(dollars in thousands)
		Gross			Specific
Collateral Description	Asset Type	Principal			Reserves

Real estate – Recreational facility	Nonaccrual		3,940			145
Real estate – Equipment dealership	Nonaccrual		2,708			560
Real estate – Non owner occupied rental properties	Nonaccrual		4,227			0
Real estate – Wood products	Nonaccrual		1,707			271


Total listed nonperforming assets		$	12,582		$	976
Total bank wide nonperforming assets		$	15,641		$	1,180
Listed assets as a % of total nonperforming assets			80	%		83	%

PSB Holdings, Inc.
Loan Composition by Collateral Type

Quarter-ended (dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024

Commercial:
Commercial and industrial	$	135,313		$	124,074		$	116,864		$	115,234		$	125,508
Agriculture		13,219			11,632			11,568			11,203			11,480
Municipal		12,805			12,878			15,733			12,596			11,190

Total Commercial		161,337			148,584			144,165			139,033			148,178

Commercial Real Estate:
Commercial real estate		566,526			562,901			551,641			541,577			544,171
Construction and development		77,905			87,080			79,377			60,952			70,540

Total Commercial Real Estate		644,431			649,981			631,018			602,529			614,711

Residential real estate:
Residential		266,203			268,490			271,643			269,954			270,944
Construction and development		31,439			26,884			28,959			34,655			36,129
HELOC		39,425			38,364			36,887			36,734			33,838

Total Residential Real Estate		337,067			333,738			337,489			341,343			340,911

Consumer installment		4,886			4,683			5,060			4,770			4,423

Subtotals – Gross loans		1,147,721			1,136,986			1,117,732			1,087,675			1,108,223
Loans in process of disbursement		(26,496	)		(28,752	)		(27,791	)		(17,836	)		(21,484	)

Subtotals – Disbursed loans		1,121,225			1,108,234			1,089,941			1,069,839			1,086,739
Net deferred loan costs		624			580			605			733			702
Allowance for credit losses		(12,553	)		(12,392	)		(12,342	)		(12,598	)		(12,597	)

Total loans receivable	$	1,109,296		$	1,096,422		$	1,078,204		$	1,057,974		$	1,074,844

PSB Holdings, Inc.
Selected Commercial Real Estate Loans by Purpose

	Jun 30,				Mar 31,				Dec 31,				Sept 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024

	Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)		Total Exposure		% of Portfolio (1)
Multi Family	$	145,523	14.0	%	$	143,674	13.9	%	$	140,087	14.0	%	$	140,307	14.7	%	$	146,873	15.2	%
Industrial and Warehousing		105,256	10.2			109,366	10.6			103,794	10.4			96,995	10.2			96,286	9.6
Retail		29,407	2.8			29,285	2.8			23,438	2.3			25,263	2.7			26,154	2.7
Hotels		25,299	2.4			25,719	2.5			25,892	2.6			26,057	2.7			29,035	3.0
Office		7,131	0.7			7,254	0.7			6,234	0.6			6,378	0.7			6,518	0.7

(1) Percentage of commercial and commercial real estate portfolio and commitments.

PSB Holdings, Inc.
Deposit Composition

Insured and Collateralized Deposits	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	225,916	19.2	%	$	206,562	18.3	%	$	204,167	17.8	%	$	210,534	18.5	%	$	202,343	17.5	%
Interest-bearing demand and savings		304,779	25.9	%		314,957	27.9	%		315,900	27.6	%		305,631	26.8	%		304,392	26.5	%
Money market deposits		113,161	9.6	%		118,047	10.4	%		141,024	12.3	%		138,376	12.2	%		137,637	12.0	%
Retail and local time deposits <= $250		165,368	14.0	%		158,066	14.0	%		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%

Total core deposits		809,224	68.7	%		797,632	70.6	%		816,190	71.2	%		810,529	71.2	%		793,670	69.0	%
Retail and local time deposits > $250		28,000	2.4	%		26,750	2.3	%		25,500	2.2	%		23,500	2.1	%		22,500	2.0	%
Broker & national time deposits <= $250		748	0.1	%		1,241	0.1	%		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%
Broker & national time deposits > $250		65,917	5.6	%		79,090	7.0	%		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%

Totals	$	903,889	76.8	%	$	904,713	80.0	%	$	899,095	78.4	%	$	891,434	78.3	%	$	873,988	76.0	%


PSB Holdings, Inc.
Deposit Composition

Uninsured Deposits	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	51,323	4.4	%	$	39,110	3.5	%	$	55,348	4.8	%	$	54,544	4.8	%	$	48,092	4.1	%
Interest-bearing demand and savings		17,983	1.5	%		17,262	1.5	%		20,934	1.8	%		18,317	1.6	%		32,674	2.8	%
Money market deposits		157,998	13.4	%		150,222	13.3	%		153,334	13.4	%		157,489	13.8	%		177,954	15.4	%
Retail and local time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Total core deposits		227,304	19.3	%		206,594	18.3	%		229,616	20.0	%		230,350	20.2	%		258,720	22.3	%
Retail and local time deposits > $250		46,349	3.9	%		18,729	1.7	%		18,638	1.6	%		17,329	1.5	%		19,613	1.7	%
Broker & national time deposits <= $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%
Broker & national time deposits > $250		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%		–	0.0	%

Totals	$	273,653	23.2	%	$	225,323	20.0	%	$	248,254	21.6	%	$	247,679	21.7	%	$	278,333	24.0	%


PSB Holdings, Inc.
Deposit Composition

Total Deposits	June 30,				March 31,				December 31,				September 30,				June 30,
(dollars in thousands)		2025				2025				2024				2024				2024
	$		%		$		%		$		%		$		%		$		%

Non-interest bearing demand	$	277,239	23.6	%	$	245,672	21.7	%	$	259,515	22.6	%	$	265,078	23.3	%	$	250,435	21.6	%
Interest-bearing demand and savings		322,762	27.4	%		332,219	29.4	%		336,834	29.4	%		323,948	28.4	%		337,066	29.3	%
Money market deposits		271,159	23.0	%		268,269	23.7	%		294,358	25.7	%		295,865	26.0	%		315,591	27.4	%
Retail and local time deposits <= $250		165,368	14.0	%		158,066	14.1	%		155,099	13.5	%		155,988	13.7	%		149,298	13.0	%

Total core deposits		1,036,528	88.0	%		1,004,226	88.9	%		1,045,806	91.2	%		1,040,879	91.4	%		1,052,390	91.3	%
Retail and local time deposits > $250		74,349	6.3	%		45,479	4.0	%		44,138	3.8	%		40,829	3.6	%		42,113	3.7	%
Broker & national time deposits <= $250		748	0.1	%		1,241	0.1	%		1,241	0.1	%		1,241	0.1	%		1,490	0.1	%
Broker & national time deposits > $250		65,917	5.6	%		79,090	7.0	%		56,164	4.9	%		56,164	4.9	%		56,328	4.9	%

Totals	$	1,177,542	100.0	%	$	1,130,036	100.0	%	$	1,147,349	100.0	%	$	1,139,113	100.0	%	$	1,152,321	100.0	%

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Quarter ended June 30, 2025							Quarter ended March 31, 2025							Quarter ended June 30, 2024
	Average					Yield /		Average					Yield /		Average					Yield /
	Balance			Interest		Rate		Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,123,460		$	16,558	5.91	%	$	1,103,895		$	15,830	5.82	%	$	1,100,518		$	15,520	5.67	%
Taxable securities		193,926			1,566	3.24	%		198,426			1,641	3.35	%		172,563			1,295	3.02	%
Tax-exempt securities (2)		76,774			641	3.35	%		79,282			654	3.35	%		79,564			659	3.33	%
FHLB stock		9,189			166	7.25	%		8,825			241	11.08	%		7,931			182	9.23	%
Other		14,571			166	4.57	%		8,960			104	4.71	%		8,241			83	4.05	%

Total (2)		1,417,920			19,097	5.40	%		1,399,388			18,470	5.35	%		1,368,817			17,739	5.21	%

Non-interest-earning assets:
Cash and due from banks		15,498							16,292							17,345
Premises and equipment, net		13,527							13,728							13,930
Cash surrender value ins		24,960							24,795							24,297
Other assets		21,402							21,021							21,865
Allowance for credit losses		(12,456	)						(12,362	)						(12,505	)

Total	$	1,480,851						$	1,462,862						$	1,433,749

Liabilities & stockholders’ equity
Interest-bearing liabilities:
Savings and demand deposits	$	315,978		$	1,450	1.84	%	$	339,909		$	1,567	1.87	%	$	331,740		$	1,467	1.78	%
Money market deposits		262,015			1,572	2.41	%		280,396			1,685	2.44	%		271,336			1,835	2.72	%
Time deposits		294,750			2,912	3.96	%		268,821			2,632	3.97	%		257,006			2,536	3.97	%
FHLB borrowings		173,080			1,899	4.40	%		164,968			1,792	4.41	%		174,596			1,860	4.28	%
Other borrowings		8,843			48	2.18	%		6,321			47	3.02	%		6,870			58	3.40	%
Senior sub notes		4,784			58	4.86	%		4,782			59	5.00	%		4,777			58	4.88	%
Junior sub. debentures		13,062			250	7.68	%		13,036			248	7.72	%		12,960			255	7.91	%

Total		1,072,512			8,189	3.06	%		1,078,233			8,030	3.02	%		1,059,285			8,069	3.06	%

Non-interest-bearing liabilities:
Demand deposits		269,536							251,271							251,158
Other liabilities		15,726							14,782							12,580
Stockholders’ equity		123,077							118,576							110,726

Total	$	1,480,851						$	1,462,862						$	1,433,749

Net interest income				$	10,908						$	10,440						$	9,670
Rate spread						2.34	%						2.33	%						2.15	%
Net yield on interest-earning assets						3.09	%						3.03	%						2.84	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

PSB Holdings, Inc.
Average Balances ($000) and Interest Rates
(dollars in thousands)

	Six months ended June 30, 2025							Six months ended June 30, 2024
	Average					Yield/		Average					Yield/
	Balance			Interest		Rate		Balance			Interest		Rate
Assets
Interest-earning assets:
Loans (1)(2)	$	1,113,731		$	32,388	5.86	%	$	1,097,419		$	30,719	5.63	%
Taxable securities		196,162			3,207	3.30	%		172,176			2,492	2.91	%
Tax-exempt securities (2)		78,021			1,295	3.35	%		79,999			1,325	3.33	%
FHLB stock		9,008			407	9.11	%		7,215			347	9.67	%
Other		11,790			270	4.62	%		10,562			261	4.97	%

Total (2)		1,408,712			37,567	5.38	%		1,367,371			35,144	5.17	%

Non-interest-earning assets:
Cash and due from banks		15,893							17,356
Premises and equipment, net		13,627							13,557
Cash surrender value ins		24,878							24,221
Other assets		21,215							21,534
Allowance for credit losses		(12,409	)						(12,445	)

Total	$	1,471,916						$	1,431,594

Liabilities & stockholders’ equity Interest-bearing liabilities:
Savings and demand deposits	$	327,878		$	3,017	1.86	%	$	341,119		$	3,139	1.85	%
Money market deposits		270,785			3,257	2.43	%		272,591			3,732	2.75	%
Time deposits		281,857			5,544	3.97	%		260,832			5,049	3.89	%
FHLB borrowings		169,046			3,691	4.40	%		158,761			3,310	4.19	%
Other borrowings		7,589			95	2.52	%		7,712			118	3.08	%
Senior sub. notes		4,783			117	4.93	%		4,776			117	4.93	%
Junior sub. debentures		13,049			498	7.70	%		12,947			506	7.86	%

Total		1,074,987			16,219	3.04	%		1,058,738			15,971	3.03	%

Non-interest-bearing liabilities:
Demand deposits		260,522							249,909
Other liabilities		15,492							12,881
Stockholders’ equity		120,915							110,066

Total	$	1,471,916						$	1,431,594

Net interest income				$	21,348						$	19,173
Rate spread						2.34	%						2.14	%
Net yield on interest-earning assets						3.06	%						2.82	%

(1) Nonaccrual loans are included in the daily average loan balances outstanding.
(2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

Investor Relations Contact
PSB Holdings, Inc.
1905 Stewart Avenue
Wausau, WI 54401
888.929.9902
InvestorRelations@bankpeoples.com

The MIL Network –

July 23, 2025

MIL-OSI: HomeTrust Bancshares, Inc. Announces Financial Results for the Second Quarter of the Year Ending December 31, 2025 and Declaration of a Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

ASHEVILLE, N.C., July 22, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NYSE: HTB) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the second quarter of the year ending December 31, 2025 and approval of its quarterly cash dividend.

For the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025:

net income was $17.2 million compared to $14.5 million;
diluted earnings per share (“EPS”) were $1.00 compared to $0.84;
annualized return on assets (“ROA”) was 1.58% compared to 1.33%;
annualized return on equity (“ROE”) was 11.97% compared to 10.52%;
net interest margin was 4.32% compared to 4.18%;
provision for credit losses was $1.3 million compared to $1.5 million;
gain on the sale of our two Knoxville, Tennessee branches was $1.4 million compared to $0;
quarterly cash dividends continued at $0.12 per share totaling $2.1 million for both periods; and
78,412 shares of Company common stock were repurchased during the current quarter at an average price of $35.74 compared to 14,800 shares repurchased at an average price of $33.64 in the prior quarter.

For the six months ended June 30, 2025 compared to the six months ended June 30, 2024:

net income was $31.7 million compared to $27.5 million;
diluted EPS were $1.84 compared to $1.61;
annualized ROA was 1.46% compared to 1.25%;
annualized ROE was 11.26% compared to 10.73%;
net interest margin was 4.25% compared to 4.08%;
provision for credit losses was $2.8 million compared to $5.4 million;
tax-free death benefit proceeds from life insurance were $0 compared to $1.1 million;
cash dividends of $0.24 per share totaling $4.1 million compared to $0.22 per share totaling $3.7 million; and
93,212 shares of Company common stock were repurchased during the six months at an average price of $35.41 compared to 23,483 shares repurchased at an average price of $27.48 in the same period last year.

The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on August 28, 2025 to shareholders of record as of the close of business on August 14, 2025.

“Given the current economic uncertainty, we are pleased to report another quarter of strong financial results,” said C. Hunter Westbrook, President and Chief Executive Officer. “These results reflect HTB’s commitment to remain nimble and be prudent balance sheet managers. Our earnings story over recent quarters has primarily been driven by our top quartile net interest margin, which expanded to 4.32% this quarter, and our ability to limit growth in our expense base.

“HTB previously set a goal to be a consistently high-performing regional community bank that is a regionally and nationally recognized ‘Best Place to Work.’ As a result of this strong financial performance, for the second year in a row, the Company was named one of Forbes’ America’s Best Banks for 2025 and recognized as a Top 50 Community Bank in the 2024 S&P Global Market Intelligence annual rankings, awards based on the overall financial performance and strength of financial institutions. The Company was also recently included in the coveted 2025 KBW Bank Honor Roll, a distinction granted to only 5% of eligible banks based on their best-in-class earnings growth over the past ten years. Over the last year, HTB has been recognized as a best place to work in all five states we serve as well as nationally by Newsweek and American Banker.

“Lastly, during the quarter we completed the previously announced sale of our two Knoxville, Tennessee branches. This transaction reflects our efforts to tighten our geographic footprint, improve our branch efficiencies, and allow us to better allocate capital to support long-term growth in other core markets.”

WEBSITE: WWW.HTB.COM

Comparison of Results of Operations for the Three Months Ended June 30, 2025 and March 31, 2025
Net Income. Net income totaled $17.2 million, or $1.00 per diluted share, for the three months ended June 30, 2025 compared to $14.5 million, or $0.84 per diluted share, for the three months ended March 31, 2025, an increase of $2.7 million, or 18.4%. Results for the three months ended June 30, 2025 benefited from a $1.3 million increase in net interest income and a $2.1 million increase in noninterest income due to a $1.4 million gain on the sale of two branch locations. Details of the changes in the various components of net income are further discussed below.

Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

	Three Months Ended
	June 30, 2025							March 31, 2025
(Dollars in thousands)	Average Balance Outstanding			Interest Earned / Paid		Yield / Rate		Average Balance Outstanding			Interest Earned / Paid		Yield / Rate
Assets
Interest-earning assets
Loans receivable⁽¹⁾	$	3,804,502		$	60,440	6.37	%	$	3,802,003		$	58,613	6.25	%
Debt securities available for sale		149,611			1,658	4.45			152,659			1,787	4.75
Other interest-earning assets⁽²⁾		149,175			1,543	4.15			206,242			3,235	6.36
Total interest-earning assets		4,103,288			63,641	6.22			4,160,904			63,635	6.20
Other assets		263,603							266,141
Total assets	$	4,366,891						$	4,427,045
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts	$	563,817		$	1,251	0.89	%	$	573,316		$	1,324	0.94	%
Money market accounts		1,329,973			9,004	2.72			1,345,575			9,177	2.77
Savings accounts		182,340			37	0.08			183,354			38	0.08
Certificate accounts		868,321			8,564	3.96			951,715			9,824	4.19
Total interest-bearing deposits		2,944,451			18,856	2.57			3,053,960			20,363	2.70
Junior subordinated debt		10,154			206	8.14			10,129			205	8.21
Borrowings		31,154			350	4.51			12,301			160	5.28
Total interest-bearing liabilities		2,985,759			19,412	2.61			3,076,390			20,728	2.73
Noninterest-bearing deposits		744,585							719,522
Other liabilities		59,973							70,821
Total liabilities		3,790,317							3,866,733
Stockholders’ equity		576,574							560,312
Total liabilities and stockholders’ equity	$	4,366,891						$	4,427,045
Net earning assets	$	1,117,529						$	1,084,514
Average interest-earning assets to average interest-bearing liabilities		137.43	%						135.25	%
Non-tax-equivalent
Net interest income				$	44,229						$	42,907
Interest rate spread						3.61	%						3.47	%
Net interest margin⁽³⁾						4.32	%						4.18	%
Tax-equivalent⁽⁴⁾
Net interest income				$	44,660						$	43,325
Interest rate spread						3.65	%						3.51	%
Net interest margin⁽³⁾						4.37	%						4.22	%

^{(1)  Average loans receivable balances include loans held for sale and nonaccruing loans.}
^{(2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.}
^{(3)  Net interest income divided by average interest-earning assets.}
^{(4)  Tax-equivalent results include adjustments to interest income of $431 and $418 for the three months ended June 30, 2025 and March 31, 2025, respectively, calculated based on a combined federal and state tax rate of 24%.}

Total interest and dividend income for the three months ended June 30, 2025 did not vary significantly when compared to the three months ended March 31, 2025. Regarding the components of this income, loan interest income increased $1.8 million, or 3.1%, primarily due to an increase in yield on loans and an additional day in the current quarter, which was offset by a $1.7 million, or 52.3%, decrease in other investments and interest-bearing deposits income, mainly due to a $1.0 million, or 78.9%, decrease in SBIC investment income where significant investment appreciation was recognized in the prior quarter. Accretion income on acquired loans of $1.0 million and $322,000 was recognized during the same periods, respectively, and was included in interest income on loans.

Total interest expense for the three months ended June 30, 2025 decreased $1.3 million, or 6.3%, compared to the three months ended March 31, 2025. The decrease was primarily the result of a decline in the average balance of certificate accounts, specifically brokered deposits, and a decline in the average cost of funds across funding categories.

The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

	Increase / (Decrease) Due to						Total Increase / (Decrease)
(Dollars in thousands)	Volume			Rate			Total Increase / (Decrease)
Interest-earning assets
Loans receivable	$	703		$	1,124		$	1,827
Debt securities available for sale		(17	)		(112	)		(129	)
Other interest-earning assets		(878	)		(814	)		(1,692	)
Total interest-earning assets		(192	)		198			6
Interest-bearing liabilities
Interest-bearing checking accounts		(8	)		(65	)		(73	)
Money market accounts		(7	)		(166	)		(173	)
Savings accounts		—			(1	)		(1	)
Certificate accounts		(767	)		(493	)		(1,260	)
Junior subordinated debt		3			(2	)		1
Borrowings		249			(59	)		190
Total interest-bearing liabilities		(530	)		(786	)		(1,316	)
Increase in net interest income							$	1,322

Provision for Credit Losses. The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

The following table presents a breakdown of the components of the provision for credit losses:

	Three Months Ended
(Dollars in thousands)	June 30, 2025			March 31, 2025		$ Change			% Change
Provision for credit losses
Loans	$	1,385		$	800	$	585		73	%
Off-balance-sheet credit exposure		(82	)		740		(822	)	(111	)
Total provision for credit losses	$	1,303		$	1,540	$	(237	)	(15	)%

For the quarter ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.0 million during the quarter:

$0.3 million benefit driven by changes in the loan mix.
$1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
$1.3 million increase in specific reserves on individually evaluated loans.

For the quarter ended March 31, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $1.3 million during the quarter:

$0.6 million benefit driven by changes in the loan mix.
A slight improvement in the projected economic forecast, specifically the national unemployment rate, was offset by changes in qualitative adjustments.
$0.1 million increase in specific reserves on individually evaluated loans.

For the quarter ended June 30, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments offset by changes in the projected economic forecast and qualitative allocation as outlined above. For the quarter ended March 31, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments and changes in the loan mix and projected economic forecast as outlined above.

Noninterest Income. Noninterest income for the three months ended June 30, 2025 increased $2.1 million, or 26.5%, when compared to the quarter ended March 31, 2025. Changes in the components of noninterest income are discussed below:

	Three Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Noninterest income
Service charges and fees on deposit accounts	$	2,502	$	2,244	$	258		11	%
Loan income and fees		548		721		(173	)	(24	)
Gain on sale of loans held for sale		2,109		1,908		201		11
Bank owned life insurance (“BOLI”) income		852		842		10		1
Operating lease income		1,876		1,379		497		36
Gain on sale of branches		1,448		—		1,448		100
Gain on sale of premises and equipment		28		—		28		100
Other		794		933		(139	)	(15	)
Total noninterest income	$	10,157	$	8,027	$	2,130		27	%

Gain on sale of loans held for sale: The increase was primarily driven by sales of the guaranteed portion of SBA commercial loans during the period. There were $7.3 million in sales of the guaranteed portion of SBA commercial loans with gains of $570,000 for the current quarter compared to $4.6 million sold and gains of $366,000 for the prior quarter. There were $108.8 million of HELOCs originated for sale which were sold during the current quarter with gains of $954,000 compared to $89.4 million sold with gains of $1.1 million in the prior quarter. There were $30.3 million of residential mortgage loans sold for gains of $558,000 during the current quarter compared to $18.8 million sold with gains of $473,000 in the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $27,000 for the current quarter compared to a net gain of $13,000 for the prior quarter.
Operating lease income: The increase was primarily the result of a reduction in losses recognized on the sale of previously leased equipment. We recognized net losses of $358,000 and $745,000 during the three months ended June 30, 2025 and March 31, 2025, respectively.
Gain on sale of branches: On May 23, 2025, we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million. The gain was primarily the result of a premium received on the deposits assumed by the purchasing institution, partially offset by expenses associated with the transaction.

Noninterest Expense. Noninterest expense for the three months ended June 30, 2025 increased $294,000, or 0.9%, when compared to the three months ended March 31, 2025. Changes in the components of noninterest expense are discussed below:

	Three Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		$ Change			% Change
Noninterest expense
Salaries and employee benefits	$	18,208	$	17,699	$	509		3	%
Occupancy expense, net		2,375		2,511		(136	)	(5	)
Computer services		2,488		2,805		(317	)	(11	)
Operating lease depreciation expense		1,789		1,868		(79	)	(4	)
Telephone, postage and supplies		561		546		15		3
Marketing and advertising		442		452		(10	)	(2	)
Deposit insurance premiums		473		511		(38	)	(7	)
Core deposit intangible amortization		411		515		(104	)	(20	)
Other		4,508		4,054		454		11
Total noninterest expense	$	31,255	$	30,961	$	294		1	%

Computer services: At the end of the prior calendar year, we finalized the multiyear renewal of our largest core processing contract. The decrease in expense quarter-over-quarter is a reflection of the improved vendor pricing negotiated through this effort.
Other: The change was driven by an increase in loan workout expenses in addition to smaller increases across several other expense categories.

Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended June 30, 2025 and March 31, 2025 were 21.2% and 21.1%, respectively.

Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024
Net Income. Net income totaled $31.7 million, or $1.84 per diluted share, for the six months ended June 30, 2025 compared to $27.5 million, or $1.61 per diluted share, for the six months ended June 30, 2024, an increase of $4.3 million, or 15.5%. The results for the six months ended June 30, 2025 were positively impacted by a $3.2 million increase in net interest income, a decrease of $2.6 million in the provision for credit losses, a $1.3 million increase in noninterest income, partially offset by a $1.6 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.

Net Interest Income. The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

	Six Months Ended
	June 30, 2025							June 30, 2024
(Dollars in thousands)	Average Balance Outstanding			Interest Earned / Paid		Yield / Rate		Average Balance Outstanding			Interest Earned / Paid		Yield / Rate
Assets
Interest-earning assets
Loans receivable⁽¹⁾	$	3,803,259		$	119,053	6.31	%	$	3,874,740		$	122,113	6.34	%
Debt securities available for sale		151,127			3,445	4.60			130,510			2,808	4.33
Other interest-earning assets⁽²⁾		177,551			4,778	5.43			135,936			3,848	5.69
Total interest-earning assets		4,131,937			127,276	6.21			4,141,186			128,769	6.25
Other assets		264,865							282,550
Total assets	$	4,396,802						$	4,423,736
Liabilities and equity
Interest-bearing liabilities
Interest-bearing checking accounts	$	568,540		$	2,575	0.91	%	$	588,567		$	2,870	0.98	%
Money market accounts		1,337,731			18,180	2.74			1,289,758			19,340	3.02
Savings accounts		182,844			75	0.08			189,887			84	0.09
Certificate accounts		909,787			18,389	4.08			895,242			19,162	4.30
Total interest-bearing deposits		2,998,902			39,219	2.64			2,963,454			41,456	2.81
Junior subordinated debt		10,142			411	8.17			10,042			470	9.41
Borrowings		21,780			510	4.72			95,235			2,902	6.13
Total interest-bearing liabilities		3,030,824			40,140	2.67			3,068,731			44,828	2.94
Noninterest-bearing deposits		732,123							789,565
Other liabilities		65,367							50,224
Total liabilities		3,828,314							3,908,520
Stockholders’ equity		568,488							515,216
Total liabilities and stockholders’ equity	$	4,396,802						$	4,423,736
Net earning assets	$	1,101,113						$	1,072,455
Average interest-earning assets to average interest-bearing liabilities		136.33	%						134.95	%
Non-tax-equivalent
Net interest income				$	87,136						$	83,941
Interest rate spread						3.54	%						3.31	%
Net interest margin⁽³⁾						4.25	%						4.08	%
Tax-equivalent⁽⁴⁾
Net interest income				$	87,985						$	84,645
Interest rate spread						3.58	%						3.35	%
Net interest margin⁽³⁾						4.29	%						4.11	%

^{(1)  Average loans receivable balances include loans held for sale and nonaccruing loans.}
^{(2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.}
^{(3)  Net interest income divided by average interest-earning assets.}
^{(4)  Tax-equivalent results include adjustments to interest income of $849 and $704 for the six months ended June 30, 2025 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.}

Total interest and dividend income for the six months ended June 30, 2025 decreased $1.5 million, or 1.2%, compared to the six months ended June 30, 2024, which was driven by a $3.1 million, or 2.5%, decrease in interest income on loans, partially offset by a combined $1.6 million, or 23.5%, increase in interest income on debt securities available for sale and other interest-bearing assets. Accretion income on acquired loans of $1.3 million and $1.4 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall decrease in average yield on interest-earning assets was mainly the result of a decline in average balances, specifically for the loan portfolio where we continue to be focused on prudent loan growth.

Total interest expense for the six months ended June 30, 2025 decreased $4.7 million, or 10.5%, compared to the six months ended June 30, 2024. The change was primarily the result of a decrease in the average balance of borrowings in addition to the cost of funds across all funding sources.

The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

	Increase / (Decrease) Due to						Total Increase / (Decrease)
(Dollars in thousands)	Volume			Rate			Total Increase / (Decrease)
Interest-earning assets
Loans receivable	$	(2,583	)	$	(477	)	$	(3,060	)
Debt securities available for sale		434			203			637
Other interest-earning assets		1,165			(235	)		930
Total interest-earning assets		(984	)		(509	)		(1,493	)
Interest-bearing liabilities
Interest-bearing checking accounts		(105	)		(190	)		(295	)
Money market accounts		669			(1,829	)		(1,160	)
Savings accounts		(3	)		(6	)		(9	)
Certificate accounts		260			(1,033	)		(773	)
Junior subordinated debt		4			(63	)		(59	)
Borrowings		(2,240	)		(152	)		(2,392	)
Total interest-bearing liabilities		(1,415	)		(3,273	)		(4,688	)
Increase in net interest income							$	3,195

Provision for Credit Losses. The following table presents a breakdown of the components of the provision for credit losses:

	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024			$ Change			% Change
Provision for credit losses
Loans	$	2,185	$	5,445		$	(3,260	)	(60	)%
Off-balance-sheet credit exposure		658		(20	)		678		3,390
Total provision for credit losses	$	2,843	$	5,425		$	(2,582	)	(48	)%

For the six months ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $3.3 million during the period.

$0.9 million benefit driven by changes in the loan mix.
$1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
$1.4 million increase in specific reserves on individually evaluated loans.

For the six months ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $4.9 million during the period:

$1.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
$1.8 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.1 million to $16.3 million during the six month period, concentrated in the equipment finance and SBA portfolios.

For the six months ended June 30, 2025 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

Noninterest Income. Noninterest income for the six months ended June 30, 2025 increased $1.3 million, or 7.4%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024			$ Change			% Change
Noninterest income
Service charges and fees on deposit accounts	$	4,746	$	4,503		$	243		5	%
Loan income and fees		1,269		1,325			(56	)	(4	)
Gain on sale of loans held for sale		4,017		3,285			732		22
BOLI income		1,694		2,642			(948	)	(36	)
Operating lease income		3,255		3,450			(195	)	(6	)
Gain on sale of branches		1,448		—			1,448		100
Gain (loss) on sale of premises and equipment		28		(9	)		37		411
Other		1,727		1,728			(1	)	—
Total noninterest income	$	18,184	$	16,924		$	1,260		7	%

Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by HELOCs and residential mortgage loans sold during the period. During the six months ended June 30, 2025, there were $198.2 million of HELOCs sold during the current period for gains of $2.0 million compared to $40.7 million sold and gains of $473,000 for the corresponding period in the prior year. There were $49.1 million of residential mortgage loans originated for sale which were sold with gains of $1.0 million compared to $36.6 million sold with gains of $667,000 for the corresponding period in the prior year. There were $11.9 million of sales of the guaranteed portion of SBA commercial loans with gains of $936,000 compared to $25.6 million sold and gains of $2.1 million for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $40,000 for the six months ended June 30, 2025 versus a net loss of $3,000 for the six months ended June 30, 2024.
BOLI income: The decrease was due to $1.1 million in tax-free gains on death benefit proceeds in excess of the cash surrender value of the policies recognized in the prior period, partially offset by higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
Gain on sale of branches: As discussed earlier, during the current period we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million in the current period.

Noninterest Expense. Noninterest expense for the six months ended June 30, 2025 increased $2.1 million, or 3.6%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

	Six Months Ended
(Dollars in thousands)	June 30, 2025		June 30, 2024		$ Change			% Change
Noninterest expense
Salaries and employee benefits	$	35,907	$	33,584	$	2,323		7	%
Occupancy expense, net		4,886		4,856		30		1
Computer services		5,293		6,204		(911	)	(15	)
Operating lease depreciation expense		3,657		3,565		92		3
Telephone, postage and supplies		1,107		1,165		(58	)	(5	)
Marketing and advertising		894		1,251		(357	)	(29	)
Deposit insurance premiums		984		1,085		(101	)	(9	)
Core deposit intangible amortization		926		1,329		(403	)	(30	)
Other		8,562		7,580		982		13
Total noninterest expense	$	62,216	$	60,619	$	1,597		3	%

Salaries and employee benefits: The increase was primarily the result of increases in both pay and incentive compensation.
Computer services: As discussed earlier, the decrease in expense year-over-year is a reflection of the improved vendor pricing associated with the multiyear renewal of our largest core processing contract.
Marketing and advertising: The decrease was the result of a reduction in spending in the six months ended June 30, 2025 when compared to the same period of the prior year, as we re-evaluated our marketing strategy for future periods.
Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
Other: The increase period-over-period was driven by increases of $274,000 in losses on the sale repossessed equipment, $234,000 in community association banking deposit line of business referral fees, and $224,000 in consulting fees.

Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate was 21.1% for both the six months ended June 30, 2025 and June 30, 2024.

Balance Sheet Review
Total assets decreased by $17.4 million to $4.6 billion and total liabilities decreased by $44.9 million to $4.0 billion, respectively, at June 30, 2025 as compared to December 31, 2024. These changes can be traced to the use of the proceeds of both loan sales and the maturities of debt securities and certificates of deposit to fund loan growth. Total deposits declined by $113.0 million over the same period. The decrease was mainly the result of a reduction in brokered deposits of $96.5 million and $34.3 million of deposits which were assumed by the purchaser of our two Knoxville, Tennessee branches. Borrowings increased by $77.0 million to provide additional liquidity.

Stockholders’ equity increased $27.5 million to $579.3 million at June 30, 2025 as compared to December 31, 2024. Activity within stockholders’ equity included $31.8 million in net income and $2.2 million in stock-based compensation and stock option exercises, partially offset by $4.1 million in cash dividends declared and $3.3 million in stock repurchases. In addition, accumulated other comprehensive income improved by $1.4 million due to a reduction in the unrealized loss on available for sale securities due to changes in market interest rates.

As of June 30, 2025, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

Asset Quality
The ACL on loans was $44.1 million, or 1.20% of total loans, at June 30, 2025 compared to $45.3 million, or 1.24% of total loans, at December 31, 2024. The drivers of this change are discussed in the “Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024 – Provision for Credit Losses” section above.

Net loan charge-offs totaled $3.3 million for the six months ended June 30, 2025 compared to $4.9 million for the same period last year. Annualized net charge-offs as a percentage of average loans were 0.18% for the six months ended June 30, 2025 as compared to 0.25% for the six months ended June 30, 2024.

Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $2.5 million, or 8.9%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.0 million, or 0.61% of total assets, at March 31, 2025. Owner occupied commercial real estate (“CRE”) made up the largest portion of nonperforming assets at $8.9 million and $8.6 million, respectively, at these same dates. One relationship made up $5.0 million of the totals at both dates but no loss is anticipated. In addition, equipment finance loans made up $6.0 million and $5.1 million, respectively, at these same dates, concentrated in the transportation sector. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.74% at March 31, 2025.

Nonperforming assets increased by $1.7 million, or 6.1%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.8 million, or 0.63% of total assets, at December 31, 2024, with the composition of nonperforming assets remaining consistent between periods. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.76% at December 31, 2024.

Classified assets increased by $8.2 million, or 20.0%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $40.7 million, or 0.89% of total assets, at March 31, 2025. The drivers of the change were increases of $3.2 million in Equipment Finance loans, $2.3 million in commercial and industrial loans, and $1.6 million in owner-occupied CRE loans. Classified assets increased by $69,000, or 0.14%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $48.8 million, or 1.06% of total assets, at December 31, 2024. The largest portfolios of classified assets at June 30, 2025 included $14.5 million of owner-occupied CRE loans, $8.6 million of equipment finance loans, $6.5 million of both 1-4 family residential real estate and commercial and industrial loans, $5.4 million of HELOCs, and $4.7 million of non-owner occupied CRE loans.

Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, at the end of the prior calendar year we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals declined from $136.0 million at December 31, 2024 to $18.9 million at June 30, 2025. As stated earlier, after reassessing the remaining exposure and the sufficiency of the ACL in place, in the current quarter we released the $2.2 million qualitative allocation previously established for the storm upon our loan portfolio which had been established in the quarter ended September 30, 2024. To date, $27,000 in charge-offs have been recognized which were directly related to Hurricane Helene.

About HomeTrust Bancshares, Inc.
HomeTrust Bancshares, Inc. (NYSE: HTB), headquartered in Asheville, North Carolina, is the holding company for HomeTrust Bank, a state-chartered community bank operating over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia. With total assets of $4.6 billion as of June 30, 2025, the Company’s goal is to continue to be recognized as a high-performing, regional community bank, while our strategy to reach that goal is to be a best place to work. As a reflection of these efforts, the Company has been named one of Bank Director’s “Best U.S. Banks,” one of Forbes’ “America’s Best Banks”, one of S&P Global’s “Top 50 Community Banks”, and named to the 2025 KBW Honor Roll. In addition, the Company has been recognized as one of American Banker’s “Best Banks to Work For”, received a “Most Loved Workplace” certification by Best Practices Institute, named as one of Best Companies Group’s “America’s Best Workplaces”, as well as being named a “Best Place to Work” in all five states in which the Company operates.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, natural disasters, including the lingering effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Consolidated Balance Sheets (Unaudited)

(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024⁽¹⁾			September 30, 2024			June 30, 2024
Assets
Cash	$	16,662		$	14,303		$	18,778		$	18,980		$	18,382
Interest-bearing deposits		280,547			285,522			260,441			274,497			275,808
Cash and cash equivalents		297,209			299,825			279,219			293,477			294,190
Certificates of deposit in other banks		23,319			25,806			28,538			29,290			32,131
Debt securities available for sale, at fair value		143,942			150,577			152,011			140,552			134,135
FHLB and FRB stock		15,263			13,602			13,630			18,384			19,637
SBIC investments, at cost		17,720			17,746			15,117			15,489			15,462
Loans held for sale, at fair value		1,106			2,175			4,144			2,968			1,614
Loans held for sale, at the lower of cost or fair value		169,835			151,164			202,018			189,722			224,976
Total loans, net of deferred loan fees and costs		3,671,951			3,648,609			3,648,299			3,698,892			3,701,454
Allowance for credit losses – loans		(44,139	)		(44,742	)		(45,285	)		(48,131	)		(49,223	)
Loans, net		3,627,812			3,603,867			3,603,014			3,650,761			3,652,231
Premises and equipment held for sale, at the lower of cost or fair value		616			8,240			616			616			616
Premises and equipment, net		62,706			62,347			69,872			69,603			69,880
Accrued interest receivable		16,554			18,269			18,336			17,523			18,412
Deferred income taxes, net		9,968			9,288			10,735			10,100			10,512
BOLI		92,576			91,715			90,868			90,021			89,176
Goodwill		34,111			34,111			34,111			34,111			34,111
Core deposit intangibles, net		5,670			6,080			6,595			7,162			7,730
Other assets		59,646			63,248			66,606			67,514			66,051
Total assets	$	4,578,053		$	4,558,060		$	4,595,430		$	4,637,293		$	4,670,864
Liabilities and stockholders’ equity
Liabilities
Deposits	$	3,666,178		$	3,736,360		$	3,779,203		$	3,761,588		$	3,707,779
Junior subordinated debt		10,170			10,145			10,120			10,096			10,070
Borrowings		265,000			177,000			188,000			260,013			364,513
Other liabilities		57,431			69,106			66,349			65,592			64,874
Total liabilities		3,998,779			3,992,611			4,043,672			4,097,289			4,147,236
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding		—			—			—			—			—
Common stock, $0.01 par value, 60,000,000 shares authorized⁽²⁾		175			176			175			175			175
Additional paid in capital		174,900			176,682			176,693			175,495			172,907
Retained earnings		408,178			393,026			380,541			368,383			357,147
Unearned Employee Stock Ownership Plan (“ESOP”) shares		(3,703	)		(3,835	)		(3,966	)		(4,099	)		(4,232	)
Accumulated other comprehensive income (loss)		(276	)		(600	)		(1,685	)		50			(2,369	)
Total stockholders’ equity		579,274			565,449			551,758			540,004			523,628
Total liabilities and stockholders’ equity	$	4,578,053		$	4,558,060		$	4,595,430		$	4,637,293		$	4,670,864

^{(1) Derived from audited financial statements.}
^{(2) Shares of common stock issued and outstanding were 17,492,143 at June 30, 2025; 17,552,626 at March 31, 2025; 17,527,709 at December 31, 2024; 17,514,922 at September 30, 2024; and 17,437,326 at June 30, 2024.}

Consolidated Statements of Income (Unaudited)

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Interest and dividend income
Loans	$	60,440	$	58,613	$	119,053	$	122,113
Debt securities available for sale		1,658		1,787		3,445		2,808
Other investments and interest-bearing deposits		1,543		3,235		4,778		3,848
Total interest and dividend income		63,641		63,635		127,276		128,769
Interest expense
Deposits		18,856		20,363		39,219		41,456
Junior subordinated debt		206		205		411		470
Borrowings		350		160		510		2,902
Total interest expense		19,412		20,728		40,140		44,828
Net interest income		44,229		42,907		87,136		83,941
Provision for credit losses		1,303		1,540		2,843		5,425
Net interest income after provision for credit losses		42,926		41,367		84,293		78,516
Noninterest income
Service charges and fees on deposit accounts		2,502		2,244		4,746		4,503
Loan income and fees		548		721		1,269		1,325
Gain on sale of loans held for sale		2,109		1,908		4,017		3,285
BOLI income		852		842		1,694		2,642
Operating lease income		1,876		1,379		3,255		3,450
Gain on sale of branches		1,448		—		1,448		—
Gain (loss) on sale of premises and equipment		28		—		28		(9	)
Other		794		933		1,727		1,728
Total noninterest income		10,157		8,027		18,184		16,924
Noninterest expense
Salaries and employee benefits		18,208		17,699		35,907		33,584
Occupancy expense, net		2,375		2,511		4,886		4,856
Computer services		2,488		2,805		5,293		6,204
Operating lease depreciation expense		1,789		1,868		3,657		3,565
Telephone, postage and supplies		561		546		1,107		1,165
Marketing and advertising		442		452		894		1,251
Deposit insurance premiums		473		511		984		1,085
Core deposit intangible amortization		411		515		926		1,329
Other		4,508		4,054		8,562		7,580
Total noninterest expense		31,255		30,961		62,216		60,619
Income before income taxes		21,828		18,433		40,261		34,821
Income tax expense		4,618		3,894		8,512		7,336
Net income	$	17,210	$	14,539	$	31,749	$	27,485

Per Share Data

	Three Months Ended				Six Months Ended
	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Net income per common share⁽¹⁾
Basic	$	1.01	$	0.84	$	1.85	$	1.61
Diluted	$	1.00	$	0.84	$	1.84	$	1.61
Average shares outstanding
Basic		17,006,141		17,011,359		17,008,699		16,871,383
Diluted		17,106,448		17,113,424		17,109,842		16,888,550
Book value per share at end of period	$	33.12	$	32.21	$	33.12	$	30.03
Tangible book value per share at end of period⁽²⁾	$	30.92	$	30.00	$	30.92	$	27.73
Cash dividends declared per common share	$	0.12	$	0.12	$	0.24	$	0.22
Total shares outstanding at end of period		17,492,143		17,552,626		17,492,143		17,437,326

^{(1) Basic and diluted net income per common share have been prepared in accordance with the two-class method.}
^{(2) See Non-GAAP reconciliations below for adjustments.}

Selected Financial Ratios and Other Data

	Three Months Ended				Six Months Ended
	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Performance ratios⁽¹⁾
Return on assets (ratio of net income to average total assets)	1.58	%	1.33	%	1.46	%	1.25	%
Return on equity (ratio of net income to average equity)	11.97		10.52		11.26		10.73
Yield on earning assets	6.22		6.20		6.21		6.25
Rate paid on interest-bearing liabilities	2.61		2.73		2.67		2.94
Average interest rate spread	3.61		3.47		3.54		3.31
Net interest margin⁽²⁾	4.32		4.18		4.25		4.08
Average interest-earning assets to average interest-bearing liabilities	137.43		135.25		136.33		134.95
Noninterest expense to average total assets	2.87		2.84		2.85		2.76
Efficiency ratio	57.47		60.79		59.07		60.10
Efficiency ratio – adjusted⁽³⁾	58.59		60.29		59.43		60.36

^{(1)  Ratios are annualized where appropriate.}
^{(2)  Net interest income divided by average interest-earning assets.}
^{(3)  See Non-GAAP reconciliations below for adjustments.}

	At or For the Three Months Ended
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Asset quality ratios
Nonperforming assets to total assets⁽¹⁾	0.67	%	0.61	%	0.63	%	0.64	%	0.54	%
Nonperforming loans to total loans⁽¹⁾	0.81		0.74		0.76		0.78		0.68
Total classified assets to total assets	1.07		0.85		1.06		0.99		0.91
Allowance for credit losses to nonperforming loans⁽¹⁾	147.98		165.96		163.68		166.51		194.80
Allowance for credit losses to total loans	1.20		1.23		1.24		1.30		1.33
Net charge-offs to average loans (annualized)	0.21		0.14		0.19		0.42		0.27
Capital ratios
Equity to total assets at end of period	12.65	%	12.41	%	12.01	%	11.64	%	11.21	%
Tangible equity to total tangible assets⁽²⁾	11.91		11.65		11.25		10.88		10.44
Average equity to average assets	13.20		12.66		12.28		12.02		11.78

^{(1) Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At June 30, 2025, $6.1 million, or 20.4%, of nonaccruing loans were current on their loan payments as of that date.}
^{(2) See Non-GAAP reconciliations below for adjustments.}

Loans

(Dollars in thousands)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Commercial real estate
Construction and land development	$	267,494		$	247,539		$	274,356		$	300,905		$	316,050
Commercial real estate – owner occupied		561,623			570,150			545,490			544,689			545,631
Commercial real estate – non-owner occupied		877,440			867,711			866,094			881,340			892,653
Multifamily		113,416			118,094			120,425			114,155			92,292
Total commercial real estate		1,819,973			1,803,494			1,806,365			1,841,089			1,846,626
Commercial
Commercial and industrial		367,359			349,085			316,159			286,809			266,136
Equipment finance		360,499			380,166			406,400			443,033			461,010
Municipal leases		168,623			163,554			165,984			158,560			152,509
Total commercial		896,481			892,805			888,543			888,402			879,655
Residential real estate
Construction and land development		53,020			56,858			53,683			63,016			70,679
One-to-four family		640,287			631,537			630,391			627,845			621,196
HELOCs		205,918			199,747			195,288			194,909			188,465
Total residential real estate		899,225			888,142			879,362			885,770			880,340
Consumer		56,272			64,168			74,029			83,631			94,833
Total loans, net of deferred loan fees and costs		3,671,951			3,648,609			3,648,299			3,698,892			3,701,454
Allowance for credit losses – loans		(44,139	)		(44,742	)		(45,285	)		(48,131	)		(49,223	)
Loans, net	$	3,627,812		$	3,603,867		$	3,603,014		$	3,650,761		$	3,652,231

Deposits

(Dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Core deposits
Noninterest-bearing accounts	$	698,843	$	721,814	$	680,926	$	684,501	$	683,346
NOW accounts		561,524		573,745		575,238		534,517		561,789
Money market accounts		1,323,762		1,357,961		1,341,995		1,345,289		1,311,940
Savings accounts		179,980		184,396		181,317		179,762		185,499
Total core deposits		2,764,109		2,837,916		2,779,476		2,744,069		2,742,574
Certificates of deposit		902,069		898,444		999,727		1,017,519		965,205
Total	$	3,666,178	$	3,736,360	$	3,779,203	$	3,761,588	$	3,707,779

Non-GAAP Reconciliations
In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

	Three Months Ended				Six Months Ended
(Dollars in thousands)	June 30, 2025		March 31, 2025		June 30, 2025		June 30, 2024
Noninterest expense	$	31,255	$	30,961	$	62,216	$	60,619

Net interest income	$	44,229	$	42,907	$	87,136	$	83,941
Plus: tax-equivalent adjustment		431		418		849		704
Plus: noninterest income		10,157		8,027		18,184		16,924
Less: BOLI death benefit proceeds in excess of cash surrender value		—		—		—		1,143
Less: gain on sale of branches		1,448		—		1,448		—
Less: gain (loss) on sale of premises and equipment		28		—		28		(9	)
Net interest income plus noninterest income – adjusted	$	53,341	$	51,352	$	104,693	$	100,435

Efficiency ratio		57.47	%		60.79	%		59.07	%		60.10	%
Efficiency ratio – adjusted		58.59	%		60.29	%		59.43	%		60.36	%

Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

	As of
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Total stockholders’ equity	$	579,274	$	565,449	$	551,758	$	540,004	$	523,628
Less: goodwill, core deposit intangibles, net of taxes		38,477		38,793		39,189		39,626		40,063
Tangible book value	$	540,797	$	526,656	$	512,569	$	500,378	$	483,565
Common shares outstanding		17,492,143		17,552,626		17,527,709		17,514,922		17,437,326
Book value per share	$	33.12	$	32.21	$	31.48	$	30.83	$	30.03
Tangible book value per share	$	30.92	$	30.00	$	29.24	$	28.57	$	27.73

Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

	As of
(Dollars in thousands)	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
Tangible equity⁽¹⁾	$	540,797	$	526,656	$	512,569	$	500,378	$	483,565
Total assets		4,578,053		4,558,060		4,595,430		4,637,293		4,670,864
Less: goodwill, core deposit intangibles, net of taxes		38,477		38,793		39,189		39,626		40,063
Total tangible assets	$	4,539,576	$	4,519,267	$	4,556,241	$	4,597,667	$	4,630,801

Tangible equity to tangible assets

11.91

%

11.65

%

11.25

%

10.88

%

10.44

%

^{(1) Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.}

The MIL Network –

July 23, 2025

MIL-OSI: Snail, Inc. Advances Stablecoin Initiative by Establishing a New Wholly Owned Subsidiary, Snail Coins LLC

Source: GlobeNewswire (MIL-OSI)

CULVER CITY, Calif., July 22, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today provided an update on its recently announced stablecoin initiative, establishing Snail Coins LLC, a wholly owned subsidiary of the Company, to serve as the dedicated entity responsible for the issuance, management, and operations of its proprietary USD-backed stablecoin project and other broader digital asset management initiatives.

This move marks a milestone in the Company’s broader stablecoin initiative and broader digital asset management strategy, underscoring the Company’s plans to build a secure, scalable, and transparent digital asset ecosystem.

The stablecoin project is aimed at delivering a secure, regulated, and scalable solution that addresses current market gaps in digital payments and on-chain financial infrastructure. The recent signing of the GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act into law — which establishes a federal regulatory framework for USD-backed stablecoins — creates a more uniform regulatory structure for stablecoin and has added momentum to the Company’s exploration of a proprietary stablecoin initiative. The Company believes this new regulatory development will enhance market trust, attract institutional interest, and accelerate the broader adoption of compliant digital financial solutions.

“With the GENIUS Act signed into law, we believe the regulatory landscape is beginning to align with the pace of innovation in digital finance,” said Snail, Inc. co-CEO Hai Shi. “The timing of this development couldn’t be more aligned with our own efforts, as we now establish a dedicated subsidiary for our stablecoin and our broader digital asset management initiatives. We view the formation of Snail Coins LLC as more than a corporate structuring move – it’s the beginning of a strategic commitment to the integrity, success, and vision of the project.”

About Snail, Inc.
Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.

Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and in our public filings with the SEC and include, but are not limited to, statements regarding (i) the evaluation and feasibility for introduction of Snail’s own proprietary stablecoin and any future implementation, which will depend on multiple factors, including regulatory considerations, technical readiness, risk assessments and strategic alignment with Snail’s core business, and (ii) Snail’s belief that the GENIUS Act will enhance market trust, attract institutional interest, and accelerate the broader adoption of compliant digital financial solutions. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Disclaimer:
This press release does not constitute an offer, sale or solicitation of an offer to buy any digital asset or security. The Company has not committed to a specific launch timeline or use case deployment. Any future implementation will depend on multiple factors, including regulatory considerations, technical readiness, risk assessments and strategic alignment with Snail’s core business. Snail may determine at any time to abandon its current intent to explore the issuance of a proprietary US dollar-backed stablecoin.

Investor Contact:
John Yi and Steven Shinmachi
Gateway Group, Inc.
949-574-3860
SNAL@gateway-grp.com

The MIL Network –

July 23, 2025

MIL-OSI: Brag House Files First Quarterly Report as Public Company Highlighting Strengthened Balance Sheet, Strategic Partnership with Learfield, and Platform Readiness for Fall Expansion

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”), the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, today announced the filing of its Form 10-Q for the quarter ended March 31, 2025. This is the Company’s first quarterly report since becoming a publicly listed company in March.

The filing reflects significant balance sheet improvements following the Company’s initial public offering, as well as strategic positioning ahead of key growth initiatives scheduled for later this year.

Key Highlights from the Q1 2025 Filing:

Strengthened Capital Position: As of March 31, 2025, the Company held $3.5 million in cash, bolstered by net proceeds from its IPO.
Convertible Debt Eliminated: All $6.6 million of convertible debt including accrued interest was eliminated through equity conversion, significantly strengthening the Company’s financial foundation.
Balance Sheet Turnaround: Brag House moved from a $8.5 million deficit to a $1.6 million surplus in stockholders’ equity during the quarter, reflecting strong investor confidence as evidenced by the Company’s IPO and the full exercise of the Overallotment option.

“This quarter validates the strategy we set in motion leading up to our IPO,” said Lavell Juan Malloy II, CEO and Co-Founder of Brag House. “We’ve entered the public markets with a strong balance sheet and a clear plan for scaling revenue, data capabilities, and brand partnerships.”

Strategic Partnership with Learfield Fuels Fall Activation

In Q1, the Company secured a strategic partnership with Learfield Communications, the media and technology powerhouse in college athletics. Through this agreement, Brag House gains access to more than 200 NCAA collegiate properties, including premier football programs and student communities.

Following several successful beta activations, including the inaugural Brag Gators Gauntlet at the University of Florida on May 17, 2025, Brag House is now preparing to launch the Brag Gators series this fall, aligned with the college football season.

This partnership underpins the Company’s multi-layered revenue model and supports its evolution into a data-driven platform that delivers anonymized Gen Z behavioral insights to brand partners seeking to lower customer acquisition costs and optimize campaign engagement.

Zacks Valuation Signals Upside Potential

On July 9, 2025, Zacks Small-Cap Research initiated coverage on Brag House with a $4.40 valuation target — more than [6x] the Company’s current share price based on the closing price as of July 21, 2025. The report underscores Brag House’s differentiated Gen Z-first model and scalable growth potential.

“We are honored to be recognized by Zacks for the strategic and structural foundation we’ve built,” added Malloy. “Like Zacks, we believe Brag House is uniquely positioned to scale into a $6.7 billion Total Addressable Market focused on Gen Z.”

About Brag House

Brag House is a leading media technology platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By merging gaming, social interaction, and collegiate culture, Brag House enables brands to authentically connect with the influential Gen Z demographic through gamified experiences, live-streaming content, and scalable data insights. For more information, visit www.braghouse.com.

Media Contact
Fatema Bhabrawala
Director of Media Relations
fbhabrawala@allianceadvisors.com

Investor Relations Contact
Adele Carey
VP, Investor Relations
ir@thebraghouse.com

The MIL Network –

July 23, 2025

MIL-OSI: Liberty Gold to Present at the Metals & Mining Virtual Investor Conference July 23, 2025

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF), (“Liberty Gold” or the “Company”), based in Vancouver, B.C. and focused on developing open pit oxide deposits in the Great Basin of the United States, today announced that Jon Gilligan, President and CEO, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

DATE: July 23, 2025
TIME: 11:30AM ET
LINK: REGISTER HERE
Available for 1×1 meetings: July 23 and 24, 2025

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

ABOUT LIBERTY GOLD
Liberty Gold is focused on developing open pit oxide gold deposits in the Great Basin of the United States, home to large-scale gold projects that are ideally suited for open-pit mining and heap leach processing. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho, Utah and Arizona. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style oxide gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to acquire, discover and develop significant gold deposits that can be mined profitably through open-pit heap leaching scenarios and in an environmentally responsible manner.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
Susie Bell, Manager Investor Relations
Liberty Gold Corp.
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
For more information, visit libertygold.ca

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

July 23, 2025

MIL-OSI: Liberty Gold to Present at the Metals & Mining Virtual Investor Conference July 23, 2025

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, July 22, 2025 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF), (“Liberty Gold” or the “Company”), based in Vancouver, B.C. and focused on developing open pit oxide deposits in the Great Basin of the United States, today announced that Jon Gilligan, President and CEO, will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com on July 23, 2025.

DATE: July 23, 2025
TIME: 11:30AM ET
LINK: REGISTER HERE
Available for 1×1 meetings: July 23 and 24, 2025

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

ABOUT LIBERTY GOLD
Liberty Gold is focused on developing open pit oxide gold deposits in the Great Basin of the United States, home to large-scale gold projects that are ideally suited for open-pit mining and heap leach processing. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho, Utah and Arizona. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style oxide gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to acquire, discover and develop significant gold deposits that can be mined profitably through open-pit heap leaching scenarios and in an environmentally responsible manner.

About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

CONTACTS:
Susie Bell, Manager Investor Relations
Liberty Gold Corp.
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
For more information, visit libertygold.ca

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

July 23, 2025

MIL-OSI: Metals & Mining Virtual Investor Conference Agenda Announced for July 23rd and 24th

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the Metals & Mining Virtual Investor Conference to be held July 23^rd and 24^th.

Individual investors, institutional investors, advisors, and analysts are invited to attend.

REGISTER HERE

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1×1 meetings with management.

“We’re pleased to bring together a diverse lineup of resource companies for this new edition of the Metals & Mining Virtual Investor Conference,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “From explorers to producers, these companies reflect the depth and global reach of today’s metals and mining sector. This two-day event continues to be an effective platform for companies—whether OTCQX, OTCQB, OTCID, or exchange listed—to connect with investors and share their strategic vision in real time.”

July 23^rd

July 24^th

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

July 23, 2025

MIL-OSI: Metals & Mining Virtual Investor Conference Agenda Announced for July 23rd and 24th

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series announced the agenda for the Metals & Mining Virtual Investor Conference to be held July 23^rd and 24^th.

Individual investors, institutional investors, advisors, and analysts are invited to attend.

REGISTER HERE

It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates. There is no cost to log-in, attend live presentations, or schedule 1×1 meetings with management.

“We’re pleased to bring together a diverse lineup of resource companies for this new edition of the Metals & Mining Virtual Investor Conference,” said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. “From explorers to producers, these companies reflect the depth and global reach of today’s metals and mining sector. This two-day event continues to be an effective platform for companies—whether OTCQX, OTCQB, OTCID, or exchange listed—to connect with investors and share their strategic vision in real time.”

July 23^rd

July 24^th

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Media Contact:
OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

Virtual Investor Conferences Contact:
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

The MIL Network –

July 23, 2025

MIL-OSI: LPL Financial Welcomes Gallagher Wealth Management

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, July 22, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that Kevin Gallagher, AIF^®, of Gallagher Wealth Management has joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. He reported serving approximately $180 million in advisory, brokerage and retirement plan assets* and joins LPL from Lincoln Investment.

Located north of Washington D.C. in Brookeville, Md., Gallagher started in the wealth management industry as a floor trader in 1997 following a career in the U.S. Marines. Now, with nearly two decades of financial industry experience, Gallagher has established a reputation as an advisor who takes an individualized approach to wealth management, offering clients — who are mostly former or current federal employees or members of the military — a personalized and collaborative experience.

“We believe that an advisor’s role is to provide sage advice to their clients,” Gallagher said. “At our practice, we take a collective approach to fostering a deep understanding of our clients’ unique circumstances, motivations and fiscal goals and then educating them on the most appropriate strategies to help them work towards their long- and short-term goals.”

Looking for more autonomy, flexibility and a more robust technology platform, the Gallagher Wealth Management team, which includes fellow advisors U.S. Army veteran James Horris, AIF^®, CEPA^®, Brandon Hsia, Leslie Weigand and their support staff, turned to LPL.

“LPL’s culture, industry reputation and integrated and streamlined technology were exactly what we were looking for in our pursuit to provide an elevated client experience and take our business to the next level,” Gallagher said. “Everything LPL offers — including the fact that they are self-clearing — will make it easier for us to run our business more efficiently and spend more time with our clients.”

Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Kevin and the rest of the Gallagher Wealth Management team to LPL and congratulate them on this next phase of their business. As a leading wealth management firm, LPL is committed to delivering innovative technology and comprehensive business solutions that help advisors differentiate their practices and increase value for their clients. We look forward to supporting Gallagher Wealth Management for years to come.”

Related

Advisors, learn how LPL Financial can help take your business to the next level.

About LPL Financial

LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.8 trillion in brokerage and advisory assets on behalf of approximately 7 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial. Gallagher Wealth Management and LPL Financial are separate entities.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

*Value approximated based on asset and holding details provided to LPL from end of year, 2024.

Media Contact:
Media.relations@LPLFinancial.com

Tracking #771615

The MIL Network –

July 23, 2025

MIL-OSI: Grasping Solana’s bull market target of $6,000, GoldenMining launches cloud staking contracts

Source: GlobeNewswire (MIL-OSI)

London, England, July 22, 2025 (GLOBE NEWSWIRE) — As the volatility of the crypto market intensifies, many investors are hesitant about their positions: should they clear their positions or reduce their positions? Or look for a more stable investment method. GoldenMining launches Solana cloud staking contracts to help investors easily realize asset appreciation.

Solana’s technology and ecology are constantly improving, and the market is generally optimistic about its future growth potential, with a target price of around $6,000. The network activity and total locked value have grown steadily, showing strong momentum.

Solana uses a staking mechanism to support network security, and coin holders receive rewards through staking. After users purchase GoldenMining contracts, the platform manages the staking on their behalf, and the income is settled daily, without user operation, safe and stable.

Mining Solana: Popular Contract Recommendations

contract	Investment Amount	Contract Rewards	Total income
VOLCMINER D1 Lite	$15	$0.6	$15.6
Elphapex DG1+	$100	$3	$106
Bitmain S23 Hyd	$500	$32.5	$532.5
AntminerL916GH	$1000	$135	$1135
L917GH	$3000	$621	$3621
ElphaPex DG Hydro1	$5000	$1400	$6400
Elphapex DG2 – 25-Day	$8000	$2900	$10900
Elphapex DG2+ – 30-Day	$15000	$6750	$21750

A brief introduction: What is Solana staking contract

In actual operation, Solana’s staking is different from traditional “mining”. It is to participate in network consensus and obtain rewards by entrusting the SOL held to the verification node. In order to lower the technical threshold, GoldenMining has contracted this process and launched the Solana cloud staking contract. Users do not need to build nodes or configure wallets. After purchasing the contract, the platform will complete the staking on their behalf. The income is distributed daily and the process is transparent

How to participate in the Solana cloud staking contract

Visit the GoldenMining official website, complete the registration and activate the account. The system will automatically issue a $15 trial fund. You can try the SOL contract directly without recharging, and experience the income and platform operation first.

Flexible and convenient multi-currency recharge: The platform supports the recharge and withdrawal of multiple mainstream cryptocurrencies such as Solana (SOL), Bitcoin (BTC), Ethereum (ETH), XRP, Dogecoin (DOGE), etc., with simple operation and fast arrival, meeting the usage habits and capital needs of different users.

Choose a contract

According to the funds and needs, choose a suitable Solana staking contract, you can start the cloud miner, and the platform will automatically convert the funds and stake Solana on your behalf. After the contract is signed, the system will automatically settle the income into the account every day, and the income can be generated within 24 hours without manual operation by the user.

Daily income

After the contract is activated, the user will receive stable income every day, without manual operation, and support withdrawal or reinvestment at any time.

The user’s funds are safely stored in a first-tier bank, and all users’ personal information is protected by SSL encryption. The platform provides insurance for each investment, which is underwritten by AIG Insurance Company to ensure the safety of users’ funds

Looking forward to the future, win-win cooperation

With the continuous maturity of blockchain technology and Solana ecology, staking has become an important means of asset appreciation. GoldenMining keeps pace with the development of the industry and is committed to providing investors with safe and convenient staking services. Through professional management and continuous optimization, the platform helps users to obtain stable income and effectively reduce the risks brought by market fluctuations. In the future, GoldenMining will continue to pay attention to market trends, improve the service system, and help investors seize Solana’s growth opportunities and achieve steady wealth improvement.

For more information, please visit the official website: www.Goldenmining.com
For business cooperation, please contact the official email: info@Goldenmining.com

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

The MIL Network –

July 23, 2025

MIL-OSI: Micron Launches Space-Qualified Portfolio to Power Mission-Critical Data for Aerospace Innovation

Source: GlobeNewswire (MIL-OSI)

BOISE, Idaho, July 22, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU), the only-U.S. based memory manufacturer, announced today that it is launching the industry’s highest-density, radiation-tolerant single-layer cell (SLC) NAND product. With a die capacity of 256 gigabits (Gb), this product is the first in a portfolio that will include space-qualified NAND, NOR and DRAM solutions. The product is available now and represents the first in its class to be offered by any major memory manufacturer.

The space economy is skyrocketing, fueled by rapid growth in commercial and government missions. As computing and AI evolve, demand is rising for high-performance technology capable of processing data directly in orbit. AI-enabled edge computing is transforming space operations: allowing spacecraft to analyze sensor data, detect anomalies and make decisions autonomously, reducing reliance on Earth-based systems and preserving bandwidth.

“Micron’s radiation-tolerant memory is essential for storing and processing data as we push the boundaries of computing in space,” said Kris Baxter, corporate vice president and general manager of Micron’s Automotive and Embedded Business Unit. “As AI expands in space operations — from autonomous navigation to real-time analysis — Micron is increasing our focus on delivering solutions that enable the resilience and intelligence needed for next-gen aerospace missions.”

A Media Snippet accompanying this announcement is available by clicking on this link.

Micron SLC NAND: Tested for space’s extreme environment and ready for launch

Spaceborne technologies must withstand harsh environmental conditions to deliver successful mission results. These challenges include extreme temperatures, shock and vibration, vacuum pressure, and radiation exposure from solar energetic particles and galactic cosmic rays.

To verify its radiation-tolerant NAND can meet customers’ requirements, Micron arranges:

Extended quality and performance testing, aligned with NASA’s PEM-INST-001 Level 2 flow, which subjects components to a yearlong screening, including extreme temperature cycling, defect inspections and 590 hours of dynamic burn-in to enable spaceflight reliability.
Radiation characterization for total ionizing dose (TID) testing, aligned with U.S. military standard MIL-STD-883 TM1019 condition D, which measures the cumulative amount of gamma radiation that a product can absorb in a standard operating environment in orbit and remain functional, a measurement that is critical in determining mission life cycle.
Radiation characterization for single event effects (SEE) testing, aligned with the American Society for Testing Materials flow ASTM F1192 and the Joint Electronic Device Engineering Council (JEDEC) standard JESD57. SEE testing evaluates the impact of high-energy particles on semiconductors and verifies that components can operate safely and reliably in harsh radiation environments, reducing the risk of mission failure. This profiling information enables space engineers and architects to design in a way that mitigates the risk and disruption to the mission.

Micron in action: Powering Earth science research for NASA’s Jet Propulsion Laboratory

With its DNA in the industrial and automotive markets, Micron has deep expertise in ruggedizing embedded memory and storage for operations at the edge — from factory automation to intelligent vehicles.

While this is its first officially space-qualified product, Micron’s NAND flash is already flying on missions through collaborations and customer testing.

One key partner, Mercury Systems, uses Micron memory in its solid-state data recorders (SSDRs) — equipment that captures and stores vast amounts of scientific and engineering data critical for missions. These SSDRs are currently aboard NASA’s Earth Surface Mineral Dust Source Investigation (EMIT), an imaging spectrometer built by NASA’s Jet Propulsion Laboratory and launched to the International Space Station in 2022. The spectrometer’s original mission was to gather data on the world’s arid regions, mapping the composition of mineral dust to better understand the effects on Earth and human populations. EMIT’s spectroscopic data has also proven useful for studying such varied topics as water resources, rare earth elements and agriculture.

“Modern space systems are capturing higher volumes of more complex data, demanding solutions that provide vastly more capacity in compact packages — all while operating reliably in space’s high-radiation environment for many years,” said Vincent Pribble, principal product manager at Mercury Systems. “At the heart of Mercury’s data recorders, Micron’s flash memory has proven to be highly reliable in orbit — helping us enable groundbreaking missions and scientific research that is expanding our understanding of our planet and beyond.”

With EMIT capturing 100,000 spectra per second, Micron’s high-density, radiation-tolerant memory provides reliable, long-term data storage and processing vital for mission success.

Micron’s strategy: Expanding aerospace industry support with end-to-end supply chain

As the only U.S.-based memory manufacturer, Micron provides the end-to-end supply chain control paramount for aerospace and government sectors, providing quality, longevity, security, traceability and supply continuity. This advantage is bolstered by recently announced plans to strengthen Micron’s U.S.-based manufacturing. These plans include modernizing the company’s Manassas, Virginia, facility and expanding its portfolio of NOR, SLC NAND and DDR3, with longevity supply of DDR4 and LPDDR4 for critical applications such as aerospace.

Leveraging Micron’s decades of experience in customer engineering labs that enable collaboration, the company is extending its capabilities to support the rapidly growing aerospace industry by building specialized regional customer labs and technical support and architecture teams. Micron is also optimizing a manufacturing process for aerospace solutions, enabling quality — from precision engineering to raw wafer selection to compliance — and addressing critical challenges faced by space platform developers.

Building on its newly launched aerospace portfolio, Micron plans to introduce additional space-qualified memory and storage solutions in the coming year and beyond to address the evolving demands of next-generation space missions.

Additional resources:

About Micron Technology, Inc.
Micron Technology, Inc. is an industry leader in innovative memory and storage solutions, transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron^® and Crucial^® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

© 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

Micron Product and Technology Communications Contact:
Mengxi Liu Evensen
+1 (408) 444-2276
productandtechnology@micron.com

Micron Investor Relations Contact
Satya Kumar
+1 (408) 450-6199
satyakumar@micron.com

The MIL Network –

July 23, 2025

MIL-OSI: Ambiq Launches Two New Edge AI Runtime Solutions

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 22, 2025 (GLOBE NEWSWIRE) — Ambiq Micro, Inc. (“Ambiq”), a technology leader in ultra-low-power semiconductor solutions for edge AI, today unveils HeliosRT (Runtime) and HeliosAOT (Ahead-of-Time), two new edge AI runtime solutions optimized for the Ambiq Apollo Systems-on-Chip (SoCs) family. These developer tools are designed to significantly enhance the performance and energy efficiency of AI models for the unique demands of edge computing environments.

Addressing Critical Edge AI Challenges

As AI workloads increasingly migrate to edge devices, developers face growing pressure to deliver high performance within strict power budgets. Traditional AI frameworks often struggle in ultra-low-power scenarios, making it difficult to deploy sophisticated AI models in battery-powered devices, such as wearables, hearables, IoT sensors, and industrial monitors.

Ambiq’s new runtime solutions expand its growing portfolio of developer-centric tools, designed to help engineers unlock the full potential of Apollo SoCs. HeliosRT and HeliosAOT offer flexible, high-performance deployment options for edge AI across a wide range of applications, from digital health and smart homes to industrial automation and beyond.

HeliosRT: Power-Optimized LiteRT

HeliosRT is a performance-enhanced implementation of LiteRT (formerly TensorFlow Lite for Microcontrollers) that is tailored for energy-constrained environments. Fully compatible with existing TensorFlow workflows, HeliosRT introduces key improvements:

Custom AI kernels optimized for Apollo510’s vector acceleration hardware
Improved numeric support for audio and speech processing models
Up to 3x gains in inference speed and power efficiency over standard LiteRT implementations

HeliosAOT: Compiling LiteRT to Optimized C Code

HeliosAOT introduces a ground-up, ahead-of-time compiler that transforms TensorFlow Lite models directly into embedded C code for edge AI deployment. This innovative approach offers runtime-level, or better, performance with additional benefits:

15–50% reduction in memory footprint versus traditional runtime-based deployments
Granular memory control, enabling per-layer weight distribution across Apollo’s memory hierarchy
Streamlined deployment, with direct integration of generated C code into embedded applications
Greater flexibility for resource-constrained systems

“The intersection of developer experience and power efficiency is our north star,” said Carlos Morales, VP of AI at Ambiq. “HeliosRT and HeliosAOT are designed to integrate seamlessly with existing AI development pipelines while delivering the performance and efficiency gains that edge applications demand. We believe this is a major step forward in making sophisticated AI truly ubiquitous.”

Powered by SPOT® and Real-World Success

Both Helios solutions are built on Ambiq’s patented Sub-threshold Power Optimized Technology (SPOT), which is the foundation behind over 270 million devices deployed worldwide. Leveraging years of hardware-software co-design, these tools deliver measurable performance gains and streamlined deployment for developers targeting the edge.

Availability

HeliosRT is available now in beta via the neuralSPOT SDK, with general release expected in Q3 2025
HeliosAOT is currently available as a technical preview for select partners, with wider availability planned for Q4 2025

Both solutions are supported with robust documentation, ready-to-use examples, and dedicated engineering assistance for Ambiq customers.

About Ambiq

Ambiq’s mission is to enable intelligence (artificial intelligence (AI) and beyond) everywhere by delivering the lowest power semiconductor solutions. Ambiq enables its customers to deliver AI compute at the edge where power consumption challenges are the most profound. Ambiq’s technology innovations, built on the patented and proprietary sub-threshold power optimized technology (SPOT), fundamentally deliver a multi-fold improvement in power consumption over traditional semiconductor designs. Ambiq has powered over 270 million devices to date. For more information, visit www.ambiq.com.

Contact
Charlene Wan
VP of Corporate Marketing and Investor Relations
cwan@ambiq.com
+1.512.879.2850

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5265c973-0202-4e66-b9df-47fff71759ea

The MIL Network –

July 23, 2025

MIL-OSI: Leo Berwick Secures $75 Million Financing Facility from Stone Point Credit to Accelerate Strategic Growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Leo Berwick, a premier global tax and financial advisory firm, serving preeminent infrastructure, private equity, and pension funds and their portfolio companies, announced today that it has executed a credit facility for up to $75 million from Stone Point Credit (“Stone Point”), a leading private credit investment firm, subject to the agreed upon conditions between the parties.

Since its founding in 2021, Leo Berwick has rapidly become a leader in infrastructure and energy tax and financial advice. The firm continues to grow and launch new practice areas related to valuation, cost segregation, modeling, and financial due diligence across multiple sectors and remains active in looking for opportunities to further expand its premium service offerings to its global clients.

“We are thrilled to partner with Stone Point as we enter our next phase of growth,” said Nick Kato, Managing Partner of Leo Berwick. “This financing will allow us to accelerate our strategic initiatives, expand our capabilities, and continue delivering exceptional value and service to our clients.”

The facility earmarks a portion of proceeds for strategic M&A and other growth initiatives, which are core parts of Leo Berwick’s strategic roadmap.

“Our aspiration,” continued Kato, “is to offer clients a better alternative to the Big 4, including greater technology enablement, global capabilities, and unmatched sector expertise, while cultivating an agile, commercial, and solution-focused culture to create meaningful value for our clients.”

Scott Bronner, Head of Credit at Stone Point, added, “We are very excited to support the Leo Berwick team as they look to build out their M&A strategy to complement their strong history of organic growth.”

Perella Weinberg served as financial advisor and Polsinelli served as legal advisor to Leo Berwick. Cahill Gordon & Reindel LLP served as legal advisor to Stone Point.

ABOUT LEO BERWICK

Leo Berwick is a commercially focused tax and financial advisory firm supporting the needs of the world’s largest infrastructure funds, infrastructure and energy developers, pension funds, sovereign wealth funds, private equity firms and their portfolio companies, publicly-listed corporations and private strategic investors across all sectors, with deep expertise in infrastructure and energy. The team is made up of over 100 M&A advisory leaders and specialists from the Big 4 and Big Law. Leo Berwick is known for maximizing value and minimizing risk by fostering successful long-term partnerships with clients. For more information, please visit https://www.leoberwick.com.

ABOUT STONE POINT CREDIT

Stone Point Credit is the credit-investing platform established by Stone Point Capital, with more than $10 billion of assets under management. Stone Point Credit manages a range of private and liquid credit strategies, with a focus on investments in the financial services, business services, software and technology, and healthcare services sectors. For more information, please visit www.stonepoint.com/credit.

LEO BERWICK MEDIA CONTACT

Heather Godsmark, Chief Clients and Markets Officer
info@leoberwick.com

STONE POINT MEDIA CONTACT

Stone Point Credit Investor Relations
spcreditir@stonepoint.com

The MIL Network –

July 23, 2025

MIL-OSI: Rapid7 Launches Active Patching, Powered by Automox, to Proactively Mitigate Risk on Vulnerable Assets Across the Entire Attack Surface

Source: GlobeNewswire (MIL-OSI)

BOSTON, July 22, 2025 (GLOBE NEWSWIRE) — Today, Rapid7, Inc. (NASDAQ: RPD), a leader in threat detection and exposure management, announced the release of Active Patching, a fully automated patching and remediation solution integrated into Rapid7’s Exposure Command solution. Powered by Automox, Active Patching empowers security and IT teams to proactively mitigate risk across vulnerable assets.

The pace at which attackers exploit zero-day vulnerabilities and misconfigurations continues to accelerate. At the same time, traditional patching methods often leave critical gaps due to delays, complexity, and limited coverage. Active Patching within Exposure Command addresses this challenge by automating risk remediation and providing continuous, real-time visibility into which systems require patches and which have no available fixes.

Powered by Automox’s Autonomous Endpoint Management platform, this new solution provides security and IT teams with another powerful way to prioritize effectively and accelerate response times with Exposure Command. The result is a proactive and compliant security posture that addresses vulnerabilities head-on.

“The visibility and context Exposure Command delivers is unmatched. It’s not just about seeing where you’re vulnerable, it’s about knowing exactly what to do next,” said Craig Adams, chief product officer at Rapid7. “We’ve built a platform that doesn’t just highlight risk, it contextualizes it. Active Patching is another way that Rapid7’s Command Platform turns insights into action, enabling teams to automatically remediate vulnerabilities or apply compensating controls in real time, even when a patch doesn’t exist. That’s the difference between reactively managing vulnerabilities and proactively eliminating exposures.”

Active Patching augments Exposure Command’s complete attack surface visibility, native and third-party vulnerability management, and enriched threat intelligence with automated patching and remediation capabilities from Automox, providing organizations the following:

Impact-driven, scalable mitigation: Efficiently reduce risk and eliminate manual process by automating remediation actions across multiple assets at once.
Threat intelligence embedded into every finding: Remediate risks automatically and with confidence by knowing which vulnerabilities impact mission-critical assets by combining contextual insights, dynamic risk scores, and actionable threat intelligence from Rapid7 Labs.
Actionable risk acceptance: Protect assets without known fixes via an expansive array of pre-built virtual patching templates that can help automatically configure endpoints and prevent attacks targeting unpatched systems.
Automated remediation workflows: Leverage hundreds of out-of-box actions to automate risk remediation, drive compliance, and respond to vulnerabilities faster.
Closed-loop vulnerability management: Continuously view the status of all deployed patches to establish trust that vulnerabilities have been properly mitigated.
Unmatched patching and configuration coverage: Automate fixes across almost any device, including Linux, MacOS, and Windows operating systems and their third-party software.

“Modern security demands more than just knowing where you’re exposed—it requires the ability to take action, fast. Our partnership with Rapid7 brings that capability to life,” said Jason Kikta, CISO and senior vice president of product at Automox. “By embedding our patch and configuration automation technology into Exposure Command, we’re enabling customers to go from identification to remediation in a matter of minutes, dramatically reducing risk while eliminating manual overhead.”

To learn more about Rapid7’s Command Platform or to request a demo, visit https://www.rapid7.com/products/command/request-demo/.

About Rapid7
Rapid7, Inc. (NASDAQ: RPD) is on a mission to create a safer digital world by making cybersecurity simpler and more accessible. We empower security professionals to manage a modern attack surface through our best-in-class technology, leading-edge research, and broad, strategic expertise. Rapid7’s comprehensive security solutions help more than 11,000 global customers unite cloud risk management with threat detection and response to reduce attack surfaces and eliminate threats with speed and precision. For more information, visit our website, check out our blog, or follow us on LinkedIn or X.

Rapid7 Media Relations
Alice Randall
Director, Global Communications
press@rapid7.com
(857) 216-7804

Rapid7 Investor Contact
Elizabeth Chwalk
Vice President, Investor Relations
investors@rapid7.com
(617) 865-4277

About Automox
Automox is the autonomous endpoint management platform for small to medium enterprises. Policy-driven, human-controlled automation empowers IT and security professionals to prove vulnerabilities are fixed, slash cost and complexity, win back hours in their days, and delight end users. Automox’s cloud-native, automation-first platform helps IT and security leaders reduce risk and improve efficiency by delivering 65% faster patching and 44% more efficient security teams with automated configuration management across Windows, macOS, and Linux devices and servers worldwide.

Learn more at www.automox.com, connect with the Automox Community, or connect with us on X, Threads, LinkedIn, Facebook, Reddit, or Instagram.

Press Contact
Landon Miles
press@automox.com
(405) 819-0604

The MIL Network –

July 23, 2025

MIL-OSI: Varonis Heads to Black Hat USA 2025, DEF CON, and BSides

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 22, 2025 (GLOBE NEWSWIRE) — Varonis Systems, Inc. (Nasdaq: VRNS) is heading to Las Vegas this August for the cybersecurity world’s summer camp — Black Hat USA 2025, DEF CON, and BSides. Varonis will be on the ground sharing insights from our elite Varonis Threat Labs team, showcasing how to secure data from threats across multi-cloud environments, and connecting with the community that’s shaping the future of cyber defense.

Varonis Highlights at Black Hat USA 2025:

Meet Varonis at booth #2751. Varonis proudly returns to Black Hat USA 2025 as a Platinum Plus Sponsor and Sustaining Partner. Learn how Varonis’ cloud-native Data Security Platform enables organizations to reduce risk to data in the age of AI. Hear how Varonis identifies and mitigates threats across IaaS and SaaS, safeguards sensitive data, and supports customers with Managed Data Detection and Response, the industry’s only service dedicated to preventing attacks on data.

Play the first Snowflake GOAT. Can you trace the attacker’s steps and stop a breach from becoming a data avalanche? Check out our capture-the-flag challenge online and at our booth for your chance to top the leaderboard and pick up the coolest swag at Black Hat!

Play today: https://www.varonis.com/frostbyte

Expert Session — Navigating the Identity Crisis: Why Authentication Keeps Failing. Join Varonis’ Mark Vaitsman to explore how attackers continue to compromise authentication and steal identities. Learn how to recognize the signs of post-authentication compromise, identify detection and response gaps, and harden security beyond MFA.

Date: Wednesday, August 6 at 10:50 a.m.
Location: Business Hall Theater D

Varonis Highlights at BSides Las Vegas:

Expert Session — Rusty Pearls: Postgres RCE on Cloud Databases. Join Varonis Threat Labs experts as they unpack a critical Remote Code Execution vulnerability affecting cloud-hosted databases. Learn how they discovered this flaw and transformed it into a powerful exploit. They’ll share detection strategies, defense techniques, and more.

Date: Tuesday, August 5 at 10:30 a.m.
Location: Florentine A

Varonis Highlights at DEF CON Las Vegas:

Workshop — SnowGoat: Exposing Hidden Security Risks and Leaking Data Like a Threat Actor. Join senior security researchers Lior Adar and Chen Levy Ben Aroy for an interactive workshop on identifying hidden configuration risks in Snowflake. This intermediate session offers hands-on experience with vulnerable and misconfigured environments.

Date: Friday, August 8 at 9:00 a.m.
Location: Las Vegas Convention Center – L2 – Workshops

Expert Session — Rusty Pearls: Postgres RCE on Cloud Databases. Join Varonis Threat Labs experts as they unpack a critical Remote Code Execution vulnerability affecting cloud-hosted databases. Learn how they discovered this flaw and transformed it into a powerful exploit. They’ll share detection strategies, defense techniques, and more.

Date: Friday, August 8 at 5:30 p.m.
Location: Las Vegas Convention Center – L1 – EHW3 – Track 1

Additional Resources

About Varonis
Varonis (Nasdaq: VRNS) is a leader in data security, fighting a different battle than conventional cybersecurity companies. Our cloud-native Data Security Platform continuously discovers and classifies critical data, removes exposures, and detects advanced threats with AI-powered automation.

Thousands of organizations worldwide trust Varonis to defend their data wherever it lives — across SaaS, IaaS, and hybrid cloud environments. Customers use Varonis to automate a wide range of security outcomes, including data security posture management (DSPM), data classification, data access governance (DAG), data detection and response (DDR), data loss prevention (DLP), AI security, identity protection, and insider risk management.

Varonis protects data first, not last. Learn more at www.varonis.com.

Investor Relations Contact:
Tim Perz
Varonis Systems, Inc.
646-640-2112
investors@varonis.com

News Media Contact:
Rachel Hunt
Varonis Systems, Inc.
877-292-8767 (ext. 1598)
pr@varonis.com

The MIL Network –

July 23, 2025

MIL-OSI: Ready Capital Secures Ownership of The Ritz-Carlton Portland Project

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (NYSE: RC) (with its affiliates, “Ready Capital” or the “Company”), a multi-strategy real estate finance company that originates, acquires, finances, and services investor and owner-occupied commercial real estate loans, today announced that it has secured ownership of Block 216 Tower, a mixed-use Project (the “Project”) located in downtown Portland, Oregon.

Ready Capital acquired the construction loan on the Project through its 2022 merger with Mosaic Real Estate Investors. The prior owner agreed to a consensual deed-in-lieu arrangement in which Ready Capital assumed ownership and control. All components of the Project will continue to operate business as usual.

The completed Project is comprised of a 251-key Ritz-Carlton hotel, a 132-unit Ritz-Carlton Residences, 159,000 square-feet of Class-A office space, and 11,000 square-feet of retail space including the Flock food hall.

“Ready Capital understands the importance of such a Project to Portland’s downtown,” stated Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Our ownership bolsters the prospects for future office leasing and sales of Ritz-Carlton Residences by strengthening the Project’s financial and operational resources.”

In addition to Ready Capital’s institutional capabilities, Ready Capital will manage the Project in partnership with Lincoln Property Company (“Lincoln”). Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 562 million square feet of commercial space. Lincoln has a strong Portland presence with an existing 25-person property management team throughout the local market. Marriott International will continue to manage the hotel and residences under The Ritz-Carlton brand without disruption to their operations.

“Block 216 represents the most impressive mixed-use experience in the city and is ideally located in the West End, with immediate access to the city’s best amenities,” stated Travis Drilling, Lincoln’s Executive Vice President of the Pacific Northwest. “We are pleased to partner with Ready Capital to manage and help stabilize this terrific asset, which we believe will contribute meaningfully to the resurgence of Portland, a city we are deeply involved in.”

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

Contact
Investor Relations
212-257-4666
InvestorRelations@readycapital.com

Media Relations
PR@readycapital.com

The MIL Network –

July 22, 2025

MIL-OSI: S8 Global Fintech & Regtech Fund (Luxembourg), Strategic Fintech Investor, Reports More Than 10% Ownership Position in RYVYL

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, CA, July 22, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions, that recently announced pivoting into strategies that may include crypto-currency custodial services, today announced that S8 Global Fintech & Regtech Fund (Luxembourg) (“S8”) recently reported to the SEC an ownership position of approximately 3.6 million shares of RYVYL common stock, or more than 10% of RYVYL’s outstanding shares of common stock, as of July 21, 2025, making it the Company’s largest stockholder.

S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier), makes strategic investments in businesses that operate in the Fintech, Regtech, Insurtech and Data Technology industries. RYVYL announced its enhanced business plan including, among other things, crypto-currency custodial services, in a press release on June 16, 2025.

S8’s portfolio includes companies with established operations in the UK and EU as well as payment processing tools for direct digital asset payments. RYVYL has existing operations in North America and is pursuing strategic opportunities, including plans to initiate a digital asset acquisition strategy. The Company and S8 have had initial discussions and are exploring ways to work together.

About S8 Global Fintech & Regtech Fund (Luxembourg)

S8 Global Fintech & Regtech Fund (Luxembourg), with full ownership of UK and EU regulated payment institutions, including My EU Pay Ltd., Cublox Ltd., and ValorPay, UAB, focuses on innovative sectors where technology transforms financial services and operations. This includes Fintech, which leverages technology to improve or automate financial services; Regtech, which applies modern tech to address regulatory and compliance challenges; Insuretech, which modernizes the creation, delivery, and management of insurance products; and Data Technology, which encompasses software tools designed to analyze, process, and extract insights from data. More information can be found here: S8 Fund

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

IR Contact:
David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

The MIL Network –

July 22, 2025

MIL-OSI: S8 Global Fintech & Regtech Fund (Luxembourg), Strategic Fintech Investor, Reports More Than 10% Ownership Position in RYVYL

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, CA, July 22, 2025 (GLOBE NEWSWIRE) — RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions, that recently announced pivoting into strategies that may include crypto-currency custodial services, today announced that S8 Global Fintech & Regtech Fund (Luxembourg) (“S8”) recently reported to the SEC an ownership position of approximately 3.6 million shares of RYVYL common stock, or more than 10% of RYVYL’s outstanding shares of common stock, as of July 21, 2025, making it the Company’s largest stockholder.

S8 Global Fintech & Regtech Fund, a Luxembourg-based alternative investment fund (AIF) that is registered with the CSSF (Commission de Surveillance du Secteur Financier), makes strategic investments in businesses that operate in the Fintech, Regtech, Insurtech and Data Technology industries. RYVYL announced its enhanced business plan including, among other things, crypto-currency custodial services, in a press release on June 16, 2025.

S8’s portfolio includes companies with established operations in the UK and EU as well as payment processing tools for direct digital asset payments. RYVYL has existing operations in North America and is pursuing strategic opportunities, including plans to initiate a digital asset acquisition strategy. The Company and S8 have had initial discussions and are exploring ways to work together.

About S8 Global Fintech & Regtech Fund (Luxembourg)

S8 Global Fintech & Regtech Fund (Luxembourg), with full ownership of UK and EU regulated payment institutions, including My EU Pay Ltd., Cublox Ltd., and ValorPay, UAB, focuses on innovative sectors where technology transforms financial services and operations. This includes Fintech, which leverages technology to improve or automate financial services; Regtech, which applies modern tech to address regulatory and compliance challenges; Insuretech, which modernizes the creation, delivery, and management of insurance products; and Data Technology, which encompasses software tools designed to analyze, process, and extract insights from data. More information can be found here: S8 Fund

About RYVYL

RYVYL Inc. (NASDAQ: RVYL) was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging electronic payment technology for diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants, and consumers around the globe. www.ryvyl.com

Cautionary Note Regarding Forward-Looking Statements

This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company’s current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements that are characterized by future or conditional words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.

By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements. Risk factors affecting the Company are discussed in detail in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.

IR Contact:
David Barnard, Alliance Advisors Investor Relations, 415-433-3777, ryvylinvestor@allianceadvisors.com

The MIL Network –

July 22, 2025

MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

QUARTER HIGHLIGHTS (2^ndQuarter 2025 versus 1^stQuarter 2025)

Income Statement

Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
- Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

Balance Sheet

Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
- Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

“Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.

Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense. Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

Income Taxes

We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

Allowance for Credit Losses

At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

Deposits

Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024. Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

Liquidity

We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

Capital

Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402.8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024	Jun 30, 2024
Shareowners’ Equity (GAAP)		$	526,423	$	512,575	$	495,317	476,499	$	460,999
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Shareowners’ Equity (non-GAAP)	A		433,730		419,842		402,544	383,686		368,146
Total Assets (GAAP)			4,391,753		4,461,233		4,324,932	4,225,316		4,225,695
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Assets (non-GAAP)	B	$	4,299,060	$	4,368,500	$	4,232,159	4,132,503	$	4,132,842
Tangible Common Equity Ratio (non-GAAP)	A/B		10.09%		9.61%		9.51%	9.28%		8.91%
Actual Diluted Shares Outstanding (GAAP)	C		17,097,986		17,072,330		17,018,122	16,980,686		16,970,228
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	25.37	$	24.59	$	23.65	22.60	$	21.69

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	15,044	$	16,858	$	14,150	$	31,902	$	26,707
Diluted Net Income Per Share	$	0.88	$	0.99	$	0.83	$	1.87	$	1.57
PERFORMANCE
Return on Average Assets (annualized)		1.38	%	1.58	%	1.33	%	1.48	%	1.27	%
Return on Average Equity (annualized)		11.44		13.32		12.23		12.36		11.66
Net Interest Margin		4.30		4.22		4.02		4.26		4.01
Noninterest Income as % of Operating Revenue		31.67		32.39		33.30		32.03		32.69
Efficiency Ratio		67.26	%	62.93	%	68.61	%	65.13	%	69.81	%
CAPITAL ADEQUACY
Tier 1 Capital		18.38	%	18.01	%	16.31	%	18.38	%	16.31	%
Total Capital		19.60		19.20		17.50		19.60		17.50
Leverage		11.14		11.17		10.51		11.14		10.51
Common Equity Tier 1		16.81		16.08		14.44		16.81		14.44
Tangible Common Equity⁽¹⁾		10.09		9.61		8.91		10.09		8.91
Equity to Assets		11.99	%	11.49	%	10.91	%	11.99	%	10.91	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		463.01	%	692.10	%	529.79	%	463.01	%	529.79	%
Allowance as a % of Loans HFI		1.13		1.12		1.09		1.13		1.09
Net Charge-Offs as % of Average Loans HFI		0.09		0.09		0.18		0.09		0.20
Nonperforming Assets as % of Loans HFI and OREO		0.25		0.17		0.23		0.25		0.23
Nonperforming Assets as % of Total Assets		0.15	%	0.10	%	0.15	%	0.15	%	0.15	%
STOCK PERFORMANCE
High	$	39.82	$	38.27	$	28.58	$	39.82	$	31.34
Low		32.38		33.00		25.45		32.38		25.45
Close	$	39.35	$	35.96	$	28.44	$	39.35	$	28.44
Average Daily Trading Volume		27,397		24,486		29,861		25,988		30,433

⁽¹⁾Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025							2024
(Dollars in thousands)	Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter
ASSETS
Cash and Due From Banks	$	78,485		$	78,521		$	70,543		$	83,431		$	75,304
Funds Sold and Interest Bearing Deposits		394,917			446,042			321,311			261,779			272,675
Total Cash and Cash Equivalents		473,402			524,563			391,854			345,210			347,979

Investment Securities Available for Sale		533,457			461,224			403,345			336,187			310,941
Investment Securities Held to Maturity		462,599			517,176			567,155			561,480			582,984
Other Equity Securities		3,242			2,315			2,399			6,976			2,537
Total Investment Securities		999,298			980,715			972,899			904,643			896,462

Loans Held for Sale (“HFS”):		19,181			21,441			28,672			31,251			24,022

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		180,008			184,393			189,208			194,625			204,990
Real Estate – Construction		174,115			192,282			219,994			218,899			200,754
Real Estate – Commercial		802,504			806,942			779,095			819,955			823,122
Real Estate – Residential		1,046,368			1,040,594			1,028,498			1,023,485			1,012,541
Real Estate – Home Equity		228,201			225,987			220,064			210,988			211,126
Consumer		197,483			206,191			199,479			213,305			234,212
Other Loans		1,552			3,227			14,006			461			2,286
Overdrafts		1,259			1,154			1,206			1,378			1,192
Total Loans Held for Investment		2,631,490			2,660,770			2,651,550			2,683,096			2,690,223
Allowance for Credit Losses		(29,862	)		(29,734	)		(29,251	)		(29,836	)		(29,219	)
Loans Held for Investment, Net		2,601,628			2,631,036			2,622,299			2,653,260			2,661,004

Premises and Equipment, Net		79,906			80,043			81,952			81,876			81,414
Goodwill and Other Intangibles		92,693			92,733			92,773			92,813			92,853
Other Real Estate Owned		132			132			367			650			650
Other Assets		125,513			130,570			134,116			115,613			121,311
Total Other Assets		298,244			303,478			309,208			290,952			296,228
Total Assets	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,332,080		$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606
NOW Accounts		1,284,137			1,292,654			1,285,281			1,174,585			1,177,180
Money Market Accounts		408,666			445,999			404,396			401,272			413,594
Savings Accounts		504,331			511,265			506,766			507,604			514,560
Certificates of Deposit		175,639			170,233			169,280			164,901			159,624
Total Deposits		3,704,853			3,783,890			3,671,977			3,579,077			3,608,564

Repurchase Agreements		21,800			22,799			26,240			29,339			22,463
Other Short-Term Borrowings		12,741			14,401			2,064			7,929			3,307
Subordinated Notes Payable		42,582			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		680			794			794			794			1,009
Other Liabilities		82,674			73,887			75,653			71,974			69,987
Total Liabilities		3,865,330			3,948,658			3,829,615			3,742,000			3,758,217

Temporary Equity		–			–			–			6,817			6,479
SHAREOWNERS’ EQUITY
Common Stock		171			171			170			169			169
Additional Paid-In Capital		39,527			38,576			37,684			36,070			35,547
Retained Earnings		487,665			476,715			463,949			454,342			445,959
Accumulated Other Comprehensive Loss, Net of Tax		(940	)		(2,887	)		(6,486	)		(14,082	)		(20,676	)
Total Shareowners’ Equity		526,423			512,575			495,317			476,499			460,999
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
OTHER BALANCE SHEET DATA
Earning Assets	$	4,044,886		$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382
Interest Bearing Liabilities		2,450,576			2,511,032			2,447,708			2,339,311			2,344,624
Book Value Per Diluted Share	$	30.79		$	30.02		$	29.11		$	28.06		$	27.17
Tangible Book Value Per Diluted Share⁽¹⁾		25.37			24.59			23.65			22.60			21.69
Actual Basic Shares Outstanding		17,066			17,055			16,975			16,944			16,942
Actual Diluted Shares Outstanding		17,098			17,072			17,018			16,981			16,970
⁽¹⁾Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025				2024							Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		2025		2024
INTEREST INCOME
Loans, including Fees	$	40,872	$	40,478	$	41,453		$	41,659	$	41,138	$	81,350	$	81,821
Investment Securities		6,678		5,808		4,694			4,155		4,004		12,486		8,248
Federal Funds Sold and Interest Bearing Deposits		3,909		3,496		3,596			3,514		3,624		7,405		5,517
Total Interest Income		51,459		49,782		49,743			49,328		48,766		101,241		95,586
INTEREST EXPENSE
Deposits		7,405		7,383		7,766			8,223		8,579		14,788		16,173
Repurchase Agreements		156		164		199			221		217		320		418
Other Short-Term Borrowings		179		117		83			52		68		296		107
Subordinated Notes Payable		530		560		581			610		630		1,090		1,258
Other Long-Term Borrowings		5		11		11			11		3		16		6
Total Interest Expense		8,275		8,235		8,640			9,117		9,497		16,510		17,962
Net Interest Income		43,184		41,547		41,103			40,211		39,269		84,731		77,624
Provision for Credit Losses		620		768		701			1,206		1,204		1,388		2,124
Net Interest Income after Provision for Credit Losses		42,564		40,779		40,402			39,005		38,065		83,343		75,500
NONINTEREST INCOME
Deposit Fees		5,320		5,061		5,207			5,512		5,377		10,381		10,627
Bank Card Fees		3,774		3,514		3,697			3,624		3,766		7,288		7,386
Wealth Management Fees		5,206		5,763		5,222			4,770		4,439		10,969		9,121
Mortgage Banking Revenues		4,190		3,820		3,118			3,966		4,381		8,010		7,259
Other		1,524		1,749		1,516			1,641		1,643		3,273		3,310
Total Noninterest Income		20,014		19,907		18,760			19,513		19,606		39,921		37,703
NONINTEREST EXPENSE
Compensation		26,490		26,248		26,108			25,800		24,406		52,738		48,813
Occupancy, Net		7,071		6,793		6,893			7,098		6,997		13,864		13,991
Other		8,977		5,660		8,781			10,023		9,038		14,637		17,808
Total Noninterest Expense		42,538		38,701		41,782			42,921		40,441		81,239		80,612
OPERATING PROFIT		20,040		21,985		17,380			15,597		17,230		42,025		32,591
Income Tax Expense		4,996		5,127		4,219			2,980		3,189		10,123		6,725
Net Income		15,044		16,858		13,161			12,617		14,041		31,902		25,866
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		–		(71	)		501		109		–		841
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	15,044	$	16,858	$	13,090		$	13,118	$	14,150	$	31,902	$	26,707
PER COMMON SHARE
Basic Net Income	$	0.88	$	0.99	$	0.77		$	0.77	$	0.84	$	1.87	$	1.58
Diluted Net Income		0.88		0.99		0.77			0.77		0.83		1.87		1.57
Cash Dividend	$	0.24	$	0.24	$	0.23		$	0.23	$	0.21	$	0.48	$	0.42
AVERAGE SHARES
Basic		17,056		17,027		16,946			16,943		16,931		17,042		16,941
Diluted		17,088		17,044		16,990			16,979		16,960		17,067		16,964

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025						2024									Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2025			2024
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329		$	29,251		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			–			–			(50	)
Provision for Credit Losses		718			1,083			1,085			1,879			1,129			1,801			2,061
Net Charge-Offs (Recoveries)		590			600			1,670			1,262			1,239			1,190			2,733
Balance at End of Period	$	29,862		$	29,734		$	29,251		$	29,836		$	29,219		$	29,862		$	29,219
As a % of Loans HFI		1.13	%		1.12	%		1.10	%		1.11	%		1.09	%		1.13	%		1.09	%
As a % of Nonperforming Loans		463.01	%		692.10	%		464.14	%		452.64	%		529.79	%		463.01	%		529.79	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		1,832		$	2,155		$	2,522		$	3,139		$	3,121		$	2,155		$	3,191
Provision for Credit Losses		(94	)		(323	)		(367	)		(617	)		18			(417	)		(52	)
Balance at End of Period⁽¹⁾		1,738			1,832			2,155			2,522			3,139			1,738			3,139
ACL – DEBT SECURITIES
Provision for Credit Losses	$	(4	)	$	8		$	(17	)	$	(56	)	$	57		$	4		$	115
CHARGE-OFFS
Commercial, Financial and Agricultural	$	74		$	168		$	499		$	331		$	400		$	242		$	682
Real Estate – Construction		–			–			47			–			–			–			–
Real Estate – Commercial		–			–			–			3			–			–			–
Real Estate – Residential		49			8			44			–			–			57			17
Real Estate – Home Equity		24			–			33			23			–			24			76
Consumer		914			865			1,307			1,315			1,061			1,779			2,611
Overdrafts		437			570			574			611			571			1,007			1,209
Total Charge-Offs	$	1,498		$	1,611		$	2,504		$	2,283		$	2,032		$	3,109		$	4,595
RECOVERIES
Commercial, Financial and Agricultural	$	117		$	75		$	103		$	176		$	59		$	192		$	100
Real Estate – Construction		–			–			3			–			–			–			–
Real Estate – Commercial		6			3			33			5			19			9			223
Real Estate – Residential		65			119			28			88			23			184			60
Real Estate – Home Equity		42			9			17			59			37			51			61
Consumer		456			481			352			405			313			937			723
Overdrafts		222			324			298			288			342			546			695
Total Recoveries	$	908		$	1,011		$	834		$	1,021		$	793		$	1,919		$	1,862
NET CHARGE-OFFS (RECOVERIES)	$	590		$	600		$	1,670		$	1,262		$	1,239		$	1,190		$	2,733
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.09	%		0.25	%		0.19	%		0.18	%		0.09	%		0.20	%
CREDIT QUALITY
Nonaccruing Loans	$	6,449		$	4,296		$	6,302		$	6,592		$	5,515
Other Real Estate Owned		132			132			367			650			650
Total Nonperforming Assets (“NPAs”)	$	6,581		$	4,428		$	6,669		$	7,242		$	6,165

Past Due Loans 30-89 Days	$	4,523		$	3,735		$	4,311		$	9,388		$	5,672
Classified Loans		28,623			19,194			19,896			25,501			25,566

Nonperforming Loans as a % of Loans HFI		0.25	%		0.16	%		0.24	%		0.25	%		0.21	%
NPAs as a % of Loans HFI and Other Real Estate		0.25	%		0.17	%		0.25	%		0.27	%		0.23	%
NPAs as a % of Total Assets		0.15	%		0.10	%		0.15	%		0.17	%		0.15	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		Second Quarter 2025							First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							June 2025 YTD							June 2024 YTD
(Dollars in thousands)		Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate
ASSETS:
Loans Held for Sale	$	22,668		$	475	8.40	%	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570			720	7.49	%	$	26,281		$	517	5.26	%	$	23,692		$	965	8.21	%	$	26,797		$	1,080	5.62	%
Loans Held for Investment⁽¹⁾		2,652,572			40,436	6.11			2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,659,204			80,465	6.10			2,727,688			80,879	5.99

Investment Securities
Taxable Investment Securities		1,006,514			6,666	2.65			981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			994,068			12,468	2.52			935,658			8,237	1.76
Tax-Exempt Investment Securities⁽¹⁾		1,467			17	4.50			845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			1,158			26	4.43			850			18	4.35

Total Investment Securities		1,007,981			6,683	2.65			982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			995,226			12,494	2.52			936,508			8,255	1.76

Federal Funds Sold and Interest Bearing Deposits		348,787			3,909	4.49			320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			334,944			7,405	4.46			201,454			5,517	5.51

Total Earning Assets		4,032,008		$	51,503	5.12	%		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		4,013,066		$	101,329	5.09	%		3,892,447		$	95,731	4.94	%

Cash and Due From Banks		65,761							73,467							73,992							70,994							74,803							69,593							75,283
Allowance for Credit Losses		(30,492	)						(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,251	)						(29,797	)
Other Assets		302,984							297,660							293,884							291,359							291,669							300,336							293,473

Total Assets	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

LIABILITIES:
Noninterest Bearing Deposits	$	1,342,304						$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,329,933						$	1,345,367
NOW Accounts		1,225,697		$	3,750	1.23	%		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,237,759		$	7,604	1.24	%		1,204,337		$	8,922	1.49	%
Money Market Accounts		431,774			2,340	2.17			420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			425,949			4,527	2.14			380,489			4,737	2.50
Savings Accounts		507,950			174	0.14			507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			507,813			350	0.14			529,374			364	0.14
Time Deposits		172,982			1,141	2.65			170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			171,682			2,307	2.71			149,203			2,150	2.90
Total Interest Bearing Deposits		2,338,403			7,405	1.27			2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,343,203			14,788	1.27			2,263,403			16,173	1.44
Total Deposits		3,680,707			7,405	0.81			3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,673,136			14,788	0.81			3,608,770			16,173	0.90
Repurchase Agreements		22,557			156	2.78			29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			26,169			320	2.47			26,362			418	3.19
Other Short-Term Borrowings		10,503			179	6.82			7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			8,978			296	6.64			5,176			107	4.16
Subordinated Notes Payable		51,981			530	4.03			52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,432			1,090	4.13			52,887			1,258	4.70
Other Long-Term Borrowings		792			5	2.41			794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			793			16	4.04			270			6	4.56
Total Interest Bearing Liabilities		2,424,236		$	8,275	1.37	%		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,431,575		$	16,510	1.37	%		2,348,098		$	17,962	1.54	%

Other Liabilities		76,138							65,211							73,130							73,767							72,634							70,705							70,464

Total Liabilities		3,842,678							3,821,632							3,761,763							3,729,282							3,800,398							3,832,213							3,763,929
Temporary Equity		–							–							6,763							6,443							6,493							–							6,821

SHAREOWNERS’ EQUITY:		527,583							513,401							491,143							480,137							465,297							520,531							460,656

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

Interest Rate Spread				$	43,228	3.75	%				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	84,819	3.72	%				$	77,769	3.40	%

Interest Income and Rate Earned⁽¹⁾					51,503	5.12						49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						101,329	5.09						95,731	4.94
Interest Expense and Rate Paid⁽²⁾					8,275	0.82						8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						16,510	0.83						17,962	0.93

Net Interest Margin				$	43,228	4.30	%				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	84,819	4.26	%				$	77,769	4.01	%

⁽¹⁾Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
⁽²⁾Rate calculated based on average earning assets.

The MIL Network –

July 22, 2025

MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

QUARTER HIGHLIGHTS (2^ndQuarter 2025 versus 1^stQuarter 2025)

Income Statement

Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
- Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

Balance Sheet

Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
- Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

“Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”

Discussion of Operating Results

Net Interest Income/Net Interest Margin

Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

Provision for Credit Losses

We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

Noninterest Income and Noninterest Expense

Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.

Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense. Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

Income Taxes

We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

Discussion of Financial Condition

Earning Assets

Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

Allowance for Credit Losses

At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

Credit Quality

Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

Deposits

Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024. Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

Liquidity

We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

Capital

Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

About Capital City Bank Group, Inc.

Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

FORWARD-LOOKING STATEMENTS

Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

For Information Contact:
Jep Larkin
Executive Vice President and Chief Financial Officer
850.402.8450

USE OF NON-GAAP FINANCIAL MEASURES
Unaudited

We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

The GAAP to non-GAAP reconciliations are provided below.

(Dollars in Thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024	Jun 30, 2024
Shareowners’ Equity (GAAP)		$	526,423	$	512,575	$	495,317	476,499	$	460,999
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Shareowners’ Equity (non-GAAP)	A		433,730		419,842		402,544	383,686		368,146
Total Assets (GAAP)			4,391,753		4,461,233		4,324,932	4,225,316		4,225,695
Less: Goodwill and Other Intangibles (GAAP)			92,693		92,733		92,773	92,813		92,853
Tangible Assets (non-GAAP)	B	$	4,299,060	$	4,368,500	$	4,232,159	4,132,503	$	4,132,842
Tangible Common Equity Ratio (non-GAAP)	A/B		10.09%		9.61%		9.51%	9.28%		8.91%
Actual Diluted Shares Outstanding (GAAP)	C		17,097,986		17,072,330		17,018,122	16,980,686		16,970,228
Tangible Book Value per Diluted Share (non-GAAP)	A/C	$	25.37	$	24.59	$	23.65	22.60	$	21.69

CAPITAL CITY BANK GROUP, INC.
EARNINGS HIGHLIGHTS
*Unaudited*

		Three Months Ended						Six Months Ended
(Dollars in thousands, except per share data)		Jun 30, 2025		Mar 31, 2025		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
EARNINGS
Net Income Attributable to Common Shareowners	$	15,044	$	16,858	$	14,150	$	31,902	$	26,707
Diluted Net Income Per Share	$	0.88	$	0.99	$	0.83	$	1.87	$	1.57
PERFORMANCE
Return on Average Assets (annualized)		1.38	%	1.58	%	1.33	%	1.48	%	1.27	%
Return on Average Equity (annualized)		11.44		13.32		12.23		12.36		11.66
Net Interest Margin		4.30		4.22		4.02		4.26		4.01
Noninterest Income as % of Operating Revenue		31.67		32.39		33.30		32.03		32.69
Efficiency Ratio		67.26	%	62.93	%	68.61	%	65.13	%	69.81	%
CAPITAL ADEQUACY
Tier 1 Capital		18.38	%	18.01	%	16.31	%	18.38	%	16.31	%
Total Capital		19.60		19.20		17.50		19.60		17.50
Leverage		11.14		11.17		10.51		11.14		10.51
Common Equity Tier 1		16.81		16.08		14.44		16.81		14.44
Tangible Common Equity⁽¹⁾		10.09		9.61		8.91		10.09		8.91
Equity to Assets		11.99	%	11.49	%	10.91	%	11.99	%	10.91	%
ASSET QUALITY
Allowance as % of Non-Performing Loans		463.01	%	692.10	%	529.79	%	463.01	%	529.79	%
Allowance as a % of Loans HFI		1.13		1.12		1.09		1.13		1.09
Net Charge-Offs as % of Average Loans HFI		0.09		0.09		0.18		0.09		0.20
Nonperforming Assets as % of Loans HFI and OREO		0.25		0.17		0.23		0.25		0.23
Nonperforming Assets as % of Total Assets		0.15	%	0.10	%	0.15	%	0.15	%	0.15	%
STOCK PERFORMANCE
High	$	39.82	$	38.27	$	28.58	$	39.82	$	31.34
Low		32.38		33.00		25.45		32.38		25.45
Close	$	39.35	$	35.96	$	28.44	$	39.35	$	28.44
Average Daily Trading Volume		27,397		24,486		29,861		25,988		30,433

⁽¹⁾Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
*Unaudited*

	2025							2024
(Dollars in thousands)	Second Quarter				First Quarter			Fourth Quarter			Third Quarter			Second Quarter
ASSETS
Cash and Due From Banks	$	78,485		$	78,521		$	70,543		$	83,431		$	75,304
Funds Sold and Interest Bearing Deposits		394,917			446,042			321,311			261,779			272,675
Total Cash and Cash Equivalents		473,402			524,563			391,854			345,210			347,979

Investment Securities Available for Sale		533,457			461,224			403,345			336,187			310,941
Investment Securities Held to Maturity		462,599			517,176			567,155			561,480			582,984
Other Equity Securities		3,242			2,315			2,399			6,976			2,537
Total Investment Securities		999,298			980,715			972,899			904,643			896,462

Loans Held for Sale (“HFS”):		19,181			21,441			28,672			31,251			24,022

Loans Held for Investment (“HFI”):
Commercial, Financial, & Agricultural		180,008			184,393			189,208			194,625			204,990
Real Estate – Construction		174,115			192,282			219,994			218,899			200,754
Real Estate – Commercial		802,504			806,942			779,095			819,955			823,122
Real Estate – Residential		1,046,368			1,040,594			1,028,498			1,023,485			1,012,541
Real Estate – Home Equity		228,201			225,987			220,064			210,988			211,126
Consumer		197,483			206,191			199,479			213,305			234,212
Other Loans		1,552			3,227			14,006			461			2,286
Overdrafts		1,259			1,154			1,206			1,378			1,192
Total Loans Held for Investment		2,631,490			2,660,770			2,651,550			2,683,096			2,690,223
Allowance for Credit Losses		(29,862	)		(29,734	)		(29,251	)		(29,836	)		(29,219	)
Loans Held for Investment, Net		2,601,628			2,631,036			2,622,299			2,653,260			2,661,004

Premises and Equipment, Net		79,906			80,043			81,952			81,876			81,414
Goodwill and Other Intangibles		92,693			92,733			92,773			92,813			92,853
Other Real Estate Owned		132			132			367			650			650
Other Assets		125,513			130,570			134,116			115,613			121,311
Total Other Assets		298,244			303,478			309,208			290,952			296,228
Total Assets	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
LIABILITIES
Deposits:
Noninterest Bearing Deposits	$	1,332,080		$	1,363,739		$	1,306,254		$	1,330,715		$	1,343,606
NOW Accounts		1,284,137			1,292,654			1,285,281			1,174,585			1,177,180
Money Market Accounts		408,666			445,999			404,396			401,272			413,594
Savings Accounts		504,331			511,265			506,766			507,604			514,560
Certificates of Deposit		175,639			170,233			169,280			164,901			159,624
Total Deposits		3,704,853			3,783,890			3,671,977			3,579,077			3,608,564

Repurchase Agreements		21,800			22,799			26,240			29,339			22,463
Other Short-Term Borrowings		12,741			14,401			2,064			7,929			3,307
Subordinated Notes Payable		42,582			52,887			52,887			52,887			52,887
Other Long-Term Borrowings		680			794			794			794			1,009
Other Liabilities		82,674			73,887			75,653			71,974			69,987
Total Liabilities		3,865,330			3,948,658			3,829,615			3,742,000			3,758,217

Temporary Equity		–			–			–			6,817			6,479
SHAREOWNERS’ EQUITY
Common Stock		171			171			170			169			169
Additional Paid-In Capital		39,527			38,576			37,684			36,070			35,547
Retained Earnings		487,665			476,715			463,949			454,342			445,959
Accumulated Other Comprehensive Loss, Net of Tax		(940	)		(2,887	)		(6,486	)		(14,082	)		(20,676	)
Total Shareowners’ Equity		526,423			512,575			495,317			476,499			460,999
Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,391,753		$	4,461,233		$	4,324,932		$	4,225,316		$	4,225,695
OTHER BALANCE SHEET DATA
Earning Assets	$	4,044,886		$	4,108,969		$	3,974,431		$	3,880,769		$	3,883,382
Interest Bearing Liabilities		2,450,576			2,511,032			2,447,708			2,339,311			2,344,624
Book Value Per Diluted Share	$	30.79		$	30.02		$	29.11		$	28.06		$	27.17
Tangible Book Value Per Diluted Share⁽¹⁾		25.37			24.59			23.65			22.60			21.69
Actual Basic Shares Outstanding		17,066			17,055			16,975			16,944			16,942
Actual Diluted Shares Outstanding		17,098			17,072			17,018			16,981			16,970
⁽¹⁾Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.

CAPITAL CITY BANK GROUP, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
*Unaudited*

		2025				2024							Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter		First Quarter		Fourth Quarter			Third Quarter		Second Quarter		2025		2024
INTEREST INCOME
Loans, including Fees	$	40,872	$	40,478	$	41,453		$	41,659	$	41,138	$	81,350	$	81,821
Investment Securities		6,678		5,808		4,694			4,155		4,004		12,486		8,248
Federal Funds Sold and Interest Bearing Deposits		3,909		3,496		3,596			3,514		3,624		7,405		5,517
Total Interest Income		51,459		49,782		49,743			49,328		48,766		101,241		95,586
INTEREST EXPENSE
Deposits		7,405		7,383		7,766			8,223		8,579		14,788		16,173
Repurchase Agreements		156		164		199			221		217		320		418
Other Short-Term Borrowings		179		117		83			52		68		296		107
Subordinated Notes Payable		530		560		581			610		630		1,090		1,258
Other Long-Term Borrowings		5		11		11			11		3		16		6
Total Interest Expense		8,275		8,235		8,640			9,117		9,497		16,510		17,962
Net Interest Income		43,184		41,547		41,103			40,211		39,269		84,731		77,624
Provision for Credit Losses		620		768		701			1,206		1,204		1,388		2,124
Net Interest Income after Provision for Credit Losses		42,564		40,779		40,402			39,005		38,065		83,343		75,500
NONINTEREST INCOME
Deposit Fees		5,320		5,061		5,207			5,512		5,377		10,381		10,627
Bank Card Fees		3,774		3,514		3,697			3,624		3,766		7,288		7,386
Wealth Management Fees		5,206		5,763		5,222			4,770		4,439		10,969		9,121
Mortgage Banking Revenues		4,190		3,820		3,118			3,966		4,381		8,010		7,259
Other		1,524		1,749		1,516			1,641		1,643		3,273		3,310
Total Noninterest Income		20,014		19,907		18,760			19,513		19,606		39,921		37,703
NONINTEREST EXPENSE
Compensation		26,490		26,248		26,108			25,800		24,406		52,738		48,813
Occupancy, Net		7,071		6,793		6,893			7,098		6,997		13,864		13,991
Other		8,977		5,660		8,781			10,023		9,038		14,637		17,808
Total Noninterest Expense		42,538		38,701		41,782			42,921		40,441		81,239		80,612
OPERATING PROFIT		20,040		21,985		17,380			15,597		17,230		42,025		32,591
Income Tax Expense		4,996		5,127		4,219			2,980		3,189		10,123		6,725
Net Income		15,044		16,858		13,161			12,617		14,041		31,902		25,866
Pre-Tax (Income) Loss Attributable to Noncontrolling Interest		–		–		(71	)		501		109		–		841
NET INCOME ATTRIBUTABLE TO COMMON SHAREOWNERS	$	15,044	$	16,858	$	13,090		$	13,118	$	14,150	$	31,902	$	26,707
PER COMMON SHARE
Basic Net Income	$	0.88	$	0.99	$	0.77		$	0.77	$	0.84	$	1.87	$	1.58
Diluted Net Income		0.88		0.99		0.77			0.77		0.83		1.87		1.57
Cash Dividend	$	0.24	$	0.24	$	0.23		$	0.23	$	0.21	$	0.48	$	0.42
AVERAGE SHARES
Basic		17,056		17,027		16,946			16,943		16,931		17,042		16,941
Diluted		17,088		17,044		16,990			16,979		16,960		17,067		16,964

CAPITAL CITY BANK GROUP, INC.
ALLOWANCE FOR CREDIT LOSSES (“ACL”)
AND CREDIT QUALITY
*Unaudited*

		2025						2024									Six Months Ended June 30,
(Dollars in thousands, except per share data)		Second Quarter			First Quarter			Fourth Quarter			Third Quarter			Second Quarter			2025			2024
ACL – HELD FOR INVESTMENT LOANS
Balance at Beginning of Period	$	29,734		$	29,251		$	29,836		$	29,219		$	29,329		$	29,251		$	29,941
Transfer from Other (Assets) Liabilities		–			–			–			–			–			–			(50	)
Provision for Credit Losses		718			1,083			1,085			1,879			1,129			1,801			2,061
Net Charge-Offs (Recoveries)		590			600			1,670			1,262			1,239			1,190			2,733
Balance at End of Period	$	29,862		$	29,734		$	29,251		$	29,836		$	29,219		$	29,862		$	29,219
As a % of Loans HFI		1.13	%		1.12	%		1.10	%		1.11	%		1.09	%		1.13	%		1.09	%
As a % of Nonperforming Loans		463.01	%		692.10	%		464.14	%		452.64	%		529.79	%		463.01	%		529.79	%
ACL – UNFUNDED COMMITMENTS
Balance at Beginning of Period		1,832		$	2,155		$	2,522		$	3,139		$	3,121		$	2,155		$	3,191
Provision for Credit Losses		(94	)		(323	)		(367	)		(617	)		18			(417	)		(52	)
Balance at End of Period⁽¹⁾		1,738			1,832			2,155			2,522			3,139			1,738			3,139
ACL – DEBT SECURITIES
Provision for Credit Losses	$	(4	)	$	8		$	(17	)	$	(56	)	$	57		$	4		$	115
CHARGE-OFFS
Commercial, Financial and Agricultural	$	74		$	168		$	499		$	331		$	400		$	242		$	682
Real Estate – Construction		–			–			47			–			–			–			–
Real Estate – Commercial		–			–			–			3			–			–			–
Real Estate – Residential		49			8			44			–			–			57			17
Real Estate – Home Equity		24			–			33			23			–			24			76
Consumer		914			865			1,307			1,315			1,061			1,779			2,611
Overdrafts		437			570			574			611			571			1,007			1,209
Total Charge-Offs	$	1,498		$	1,611		$	2,504		$	2,283		$	2,032		$	3,109		$	4,595
RECOVERIES
Commercial, Financial and Agricultural	$	117		$	75		$	103		$	176		$	59		$	192		$	100
Real Estate – Construction		–			–			3			–			–			–			–
Real Estate – Commercial		6			3			33			5			19			9			223
Real Estate – Residential		65			119			28			88			23			184			60
Real Estate – Home Equity		42			9			17			59			37			51			61
Consumer		456			481			352			405			313			937			723
Overdrafts		222			324			298			288			342			546			695
Total Recoveries	$	908		$	1,011		$	834		$	1,021		$	793		$	1,919		$	1,862
NET CHARGE-OFFS (RECOVERIES)	$	590		$	600		$	1,670		$	1,262		$	1,239		$	1,190		$	2,733
Net Charge-Offs as a % of Average Loans HFI⁽²⁾		0.09	%		0.09	%		0.25	%		0.19	%		0.18	%		0.09	%		0.20	%
CREDIT QUALITY
Nonaccruing Loans	$	6,449		$	4,296		$	6,302		$	6,592		$	5,515
Other Real Estate Owned		132			132			367			650			650
Total Nonperforming Assets (“NPAs”)	$	6,581		$	4,428		$	6,669		$	7,242		$	6,165

Past Due Loans 30-89 Days	$	4,523		$	3,735		$	4,311		$	9,388		$	5,672
Classified Loans		28,623			19,194			19,896			25,501			25,566

Nonperforming Loans as a % of Loans HFI		0.25	%		0.16	%		0.24	%		0.25	%		0.21	%
NPAs as a % of Loans HFI and Other Real Estate		0.25	%		0.17	%		0.25	%		0.27	%		0.23	%
NPAs as a % of Total Assets		0.15	%		0.10	%		0.15	%		0.17	%		0.15	%

⁽¹⁾Recorded in other liabilities
⁽²⁾Annualized

CAPITAL CITY BANK GROUP, INC.
AVERAGE BALANCE AND INTEREST RATES
*Unaudited*

		Second Quarter 2025							First Quarter 2025							Fourth Quarter 2024							Third Quarter 2024							Second Quarter 2024							June 2025 YTD							June 2024 YTD
(Dollars in thousands)		Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate			Average Balance			Interest	Average Rate
ASSETS:
Loans Held for Sale	$	22,668		$	475	8.40	%	$	24,726		$	490	8.04	%	$	31,047		$	976	7.89	%	$	24,570			720	7.49	%	$	26,281		$	517	5.26	%	$	23,692		$	965	8.21	%	$	26,797		$	1,080	5.62	%
Loans Held for Investment⁽¹⁾		2,652,572			40,436	6.11			2,665,910			40,029	6.09			2,677,396			40,521	6.07			2,693,533			40,985	6.09			2,726,748			40,683	6.03			2,659,204			80,465	6.10			2,727,688			80,879	5.99

Investment Securities
Taxable Investment Securities		1,006,514			6,666	2.65			981,485			5,802	2.38			914,353			4,688	2.04			907,610			4,148	1.82			918,989			3,998	1.74			994,068			12,468	2.52			935,658			8,237	1.76
Tax-Exempt Investment Securities⁽¹⁾		1,467			17	4.50			845			9	4.32			849			9	4.31			846			10	4.33			843			9	4.36			1,158			26	4.43			850			18	4.35

Total Investment Securities		1,007,981			6,683	2.65			982,330			5,811	2.38			915,202			4,697	2.04			908,456			4,158	1.82			919,832			4,007	1.74			995,226			12,494	2.52			936,508			8,255	1.76

Federal Funds Sold and Interest Bearing Deposits		348,787			3,909	4.49			320,948			3,496	4.42			298,255			3,596	4.80			256,855			3,514	5.44			262,419			3,624	5.56			334,944			7,405	4.46			201,454			5,517	5.51

Total Earning Assets		4,032,008		$	51,503	5.12	%		3,993,914		$	49,826	5.06	%		3,921,900		$	49,790	5.05	%		3,883,414		$	49,377	5.06	%		3,935,280		$	48,831	4.99	%		4,013,066		$	101,329	5.09	%		3,892,447		$	95,731	4.94	%

Cash and Due From Banks		65,761							73,467							73,992							70,994							74,803							69,593							75,283
Allowance for Credit Losses		(30,492	)						(30,008	)						(30,107	)						(29,905	)						(29,564	)						(30,251	)						(29,797	)
Other Assets		302,984							297,660							293,884							291,359							291,669							300,336							293,473

Total Assets	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

LIABILITIES:
Noninterest Bearing Deposits	$	1,342,304						$	1,317,425						$	1,323,556						$	1,332,305						$	1,346,546						$	1,329,933						$	1,345,367
NOW Accounts		1,225,697		$	3,750	1.23	%		1,249,955		$	3,854	1.25	%		1,182,073		$	3,826	1.29	%		1,145,544		$	4,087	1.42	%		1,207,643		$	4,425	1.47	%		1,237,759		$	7,604	1.24	%		1,204,337		$	8,922	1.49	%
Money Market Accounts		431,774			2,340	2.17			420,059			2,187	2.11			422,615			2,526	2.38			418,625			2,694	2.56			407,387			2,752	2.72			425,949			4,527	2.14			380,489			4,737	2.50
Savings Accounts		507,950			174	0.14			507,676			176	0.14			504,859			179	0.14			512,098			180	0.14			519,374			176	0.14			507,813			350	0.14			529,374			364	0.14
Time Deposits		172,982			1,141	2.65			170,367			1,166	2.78			167,321			1,235	2.94			163,462			1,262	3.07			160,078			1,226	3.08			171,682			2,307	2.71			149,203			2,150	2.90
Total Interest Bearing Deposits		2,338,403			7,405	1.27			2,348,057			7,383	1.28			2,276,868			7,766	1.36			2,239,729			8,223	1.46			2,294,482			8,579	1.50			2,343,203			14,788	1.27			2,263,403			16,173	1.44
Total Deposits		3,680,707			7,405	0.81			3,665,482			7,383	0.82			3,600,424			7,766	0.86			3,572,034			8,223	0.92			3,641,028			8,579	0.95			3,673,136			14,788	0.81			3,608,770			16,173	0.90
Repurchase Agreements		22,557			156	2.78			29,821			164	2.23			28,018			199	2.82			27,126			221	3.24			26,999			217	3.24			26,169			320	2.47			26,362			418	3.19
Other Short-Term Borrowings		10,503			179	6.82			7,437			117	6.39			6,510			83	5.06			2,673			52	7.63			6,592			68	4.16			8,978			296	6.64			5,176			107	4.16
Subordinated Notes Payable		51,981			530	4.03			52,887			560	4.23			52,887			581	4.30			52,887			610	4.52			52,887			630	4.71			52,432			1,090	4.13			52,887			1,258	4.70
Other Long-Term Borrowings		792			5	2.41			794			11	5.68			794			11	5.57			795			11	5.55			258			3	4.31			793			16	4.04			270			6	4.56
Total Interest Bearing Liabilities		2,424,236		$	8,275	1.37	%		2,438,996		$	8,235	1.37	%		2,365,077		$	8,640	1.45	%		2,323,210		$	9,117	1.56	%		2,381,218		$	9,497	1.60	%		2,431,575		$	16,510	1.37	%		2,348,098		$	17,962	1.54	%

Other Liabilities		76,138							65,211							73,130							73,767							72,634							70,705							70,464

Total Liabilities		3,842,678							3,821,632							3,761,763							3,729,282							3,800,398							3,832,213							3,763,929
Temporary Equity		–							–							6,763							6,443							6,493							–							6,821

SHAREOWNERS’ EQUITY:		527,583							513,401							491,143							480,137							465,297							520,531							460,656

Total Liabilities, Temporary Equity and Shareowners’ Equity	$	4,370,261						$	4,335,033						$	4,259,669						$	4,215,862						$	4,272,188						$	4,352,744						$	4,231,406

Interest Rate Spread				$	43,228	3.75	%				$	41,591	3.69	%				$	41,150	3.59	%				$	40,260	3.49	%				$	39,334	3.38	%				$	84,819	3.72	%				$	77,769	3.40	%

Interest Income and Rate Earned⁽¹⁾					51,503	5.12						49,826	5.06						49,790	5.05						49,377	5.06						48,831	4.99						101,329	5.09						95,731	4.94
Interest Expense and Rate Paid⁽²⁾					8,275	0.82						8,235	0.84						8,640	0.88						9,117	0.93						9,497	0.97						16,510	0.83						17,962	0.93

Net Interest Margin				$	43,228	4.30	%				$	41,591	4.22	%				$	41,150	4.17	%				$	40,260	4.12	%				$	39,334	4.02	%				$	84,819	4.26	%				$	77,769	4.01	%

⁽¹⁾Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
⁽²⁾Rate calculated based on average earning assets.

The MIL Network –

July 22, 2025

MIL-OSI: Bitfarms Announces Corporate Share Buyback Program

Source: GlobeNewswire (MIL-OSI)

This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario, July 22, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global energy and compute infrastructure company, today announced that the Board of Directors has approved effective immediately the commencement of a corporate share buyback program. Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to establish a normal course issuer bid program (the “Program”).

Under the Program, the Company is authorized to purchase up to 49,943,031 of its common shares (out of the 557,548,857 common shares outstanding as at July 14, 2025) representing up to 10% of the Company’s public float of 499,430,313 common shares, during the period starting on July 28, 2025 and ending on July 27, 2026.

CEO Ben Gagnon stated, “We believe that Bitfarms’ shares are currently undervalued because our Bitcoin business is underappreciated by the market, with little to no value being associated with our HPC potential. This Program demonstrates our confidence in Bitfarms’ business, our management team, and most importantly our high-performance computing data center growth strategy. We strongly believe our unique and highly desirable energy portfolio in Pennsylvania will drive long-term, sustainable growth that is financeable and enables management to leverage its balance sheet strength to drive shareholder value with this buyback program while simultaneously pursuing growth opportunities in HPC/AI to best capitalize on our substantial US energy pipeline.”

The timing, price and volume of repurchases will depend on a variety of factors including corporate liquidity requirements and priorities, as well as general market conditions, the share price, regulatory requirements and limitations, and other factors.

Bitfarms may purchase shares, from time to time, through the facilities of the TSX and/or the Nasdaq Stock Market (the “Nasdaq”), or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law. Daily repurchases on the TSX will be limited to a maximum of 494,918 common shares, representing 25% of the average daily trading volume for the six months ended June 30, 2025 (being 1,979,673 common shares), except where purchases are made in accordance with the “block purchase exception” of the TSX rules. Purchases of common shares through the Nasdaq will be made in the normal course and will not, during the twelve-month period ending July 27, 2026 exceed, in the aggregate, 5% of the outstanding common shares as at the commencement of the Program. All shares purchased by the Company under the Program will be cancelled.

Purchases will be made by the Company in accordance with the requirements of the TSX and/or the Nasdaq and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX and/or the Nasdaq.

In connection with the Program, the Company has entered into an automatic repurchase arrangement with its designated broker to allow for purchases of its common shares during certain pre-determined blackout periods, based on Company instructions provided when not in blackout. Outside of these pre-determined blackout periods, any repurchases of common shares will be in accordance with management’s discretion, subject to applicable law. Although the Company has a present intention to acquire its common shares pursuant to the Program, the Company will not be obligated to make any purchases under said Program.

About Bitfarms Ltd.
Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
http://x.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Forward-Looking Statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding potential purchases under the Program, growth opportunities and prospects for the Company, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:
Laine Yonker
lyonker@bitfarms.com

Media Contact:
Caroline Brady Baker
cbaker@bitfarms.com

The MIL Network –

July 22, 2025

MIL-OSI: Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO

Source: GlobeNewswire (MIL-OSI)

EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) —

Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted¹basis, respectively.

CEO COMMENTARY:

“Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses,” said Chairman and CEO Jim Ryan. “Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.”

“We are thrilled to welcome Tim Burke as Old National’s President and Chief Operating Officer,” said Chairman and CEO Jim Ryan. “Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve.”

SECOND QUARTER HIGHLIGHTS²:

Net Income	Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares¹ of $190.9 million
Net Income	Earnings per diluted common share (“EPS”) of $0.34; adjusted EPS¹ of $0.53

Net Interest Income/NIM	Net interest income on a fully taxable equivalent basis¹ of $521.9 million
Net Interest Income/NIM	Net interest margin on a fully taxable equivalent basis¹ (“NIM”) of 3.53%, up 26 basis points (“bps”)

Operating Performance	Pre-provision net revenue¹ (“PPNR”) of $269.6 million; adjusted PPNR¹ of $289.9 million
	Noninterest expense of $384.8 million; adjusted noninterest expense¹ of $343.6 million
	Efficiency ratio¹ of 55.8%; adjusted efficiency ratio¹ of 50.2%

Deposits and Funding	Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation (“Bremer”)
Deposits and Funding	Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps

Loans and Credit Quality	End-of-period total loans³ of $48.0 billion, up $11.5 billion End-of-period loans³ up 3.7% annualized excluding loans acquired from Bremer
	Provision for credit losses⁴ (“provision”) of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss (“CECL”) Day 1 non-purchased credit deteriorated (“non-PCD”) provision expense⁵
	Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
	30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans

Return Profile & Capital	Return on average tangible common equity¹ (“ROATCE”) of 12.0%; adjusted ROATCE¹ of 18.1% Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps

Notable Items	Closing of Bremer partnership on May 1, 2025 $75.6 million of pre-tax CECL Day 1 non-PCD provision expense⁵ $41.2 million of pre-tax merger-related charges $21.0 million of pre-tax pension plan gain⁶

¹Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release ²Comparisons are on a linked-quarter basis, unless otherwise noted ³Includes loans held-for-sale ⁴Includes the provision for unfunded commitments ⁵Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses ⁶Includes a gain associated with freezing benefits of the Bremer pension plan

TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
Timothy M. Burke, Jr. will join Old National Bancorp (“Old National”) on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.

Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.

“I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”

As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.

RESULTS OF OPERATIONS²
Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.

Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income¹ was $190.9 million, or $0.53 per diluted common share.

DEPOSITS AND FUNDING
Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.

Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
- Period-end core deposits up 0.8% annualized excluding Bremer.
On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.

LOANS
Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.

Period-end total loans³ were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
- Excluding loans³ acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
Commercial loans, excluding Bremer, grew 4.6% annualized
- Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.

CREDIT QUALITY
Resilient credit quality continues to be a hallmark of Old National.

Provision⁴ expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense⁵ related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
- Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense⁵ related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

NET INTEREST INCOME AND MARGIN
Higher reflective of larger balance sheet and higher asset yields.

Net interest income on a fully taxable equivalent basis¹ increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
Net interest margin on a fully taxable equivalent basis¹ increased 26 bps to 3.53%.
Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.

NONINTEREST INCOME
Increase driven by Bremer and organic growth of fee-based businesses.

Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

NONINTEREST EXPENSE
Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.

Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
Excluding merger-related charges, adjusted noninterest expense¹ was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
The efficiency ratio¹ was 55.8%, while the adjusted efficiency ratio¹ was 50.2% compared to 53.7% and 51.8%, respectively.

INCOME TAXES

Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.6% compared to 22.5%.
- The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.

CAPITAL
Capital ratios remain strong.

Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
Tangible common equity to tangible assets was 7.26%, down 6.4%.

CONFERENCE CALL AND WEBCAST
Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.

ABOUT OLD NATIONAL
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

USE OF NON-GAAP FINANCIAL MEASURES
The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

FORWARD-LOOKING STATEMENTS
This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

CONTACTS:
Media: Rick Jillson		Investors: Lynell Durchholz
(812) 465-7267		(812) 464-1366
Rick.Jillson@oldnational.com		Lynell.Durchholz@oldnational.com


Financial Highlights (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
Income Statement
Net interest income	$	514,790		$	387,643		$	394,180		$	391,724		$	388,421		$	902,433		$	744,879
FTE adjustment^1,3		7,063			5,360			5,777			6,144			6,340			12,423			12,593
Net interest income – tax equivalent basis³		521,853			393,003			399,957			397,868			394,761			914,856			757,472
Provision for credit losses		106,835			31,403			27,017			28,497			36,214			138,238			55,105
Noninterest income		132,517			93,794			95,766			94,138			87,271			226,311			164,793
Noninterest expense		384,766			268,471			276,824			272,283			282,999			653,237			545,316
Net income available to common shareholders	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196		$	262,000		$	233,446
Per Common Share Data
Weighted average diluted shares		361,436			321,016			318,803			317,331			316,461			340,250			304,207
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37		$	0.77		$	0.77
Cash dividends		0.14			0.14			0.14			0.14			0.14			0.28			0.28
Dividend payout ratio²		41	%		32	%		30	%		32	%		38	%		36	%		36	%
Book value	$	20.12		$	19.71		$	19.11		$	19.20		$	18.28		$	20.12		$	18.28
Stock price		21.34			21.19			21.71			18.66			17.19			21.34			17.19
Tangible book value³		12.60			12.54			11.91			11.97			11.05			12.60			11.05
Performance Ratios
ROAA		0.77	%		1.08	%		1.14	%		1.08	%		0.92	%		0.91	%		0.95	%
ROAE		6.7	%		9.1	%		9.8	%		9.4	%		8.2	%		7.8	%		8.4	%
ROATCE³		12.0	%		15.0	%		16.4	%		16.0	%		14.1	%		13.4	%		14.5	%
NIM (FTE)³		3.53	%		3.27	%		3.30	%		3.32	%		3.33	%		3.41	%		3.31	%
Efficiency ratio³		55.8	%		53.7	%		54.4	%		53.8	%		57.2	%		54.9	%		57.7	%
NCOs to average loans		0.24	%		0.24	%		0.21	%		0.19	%		0.16	%		0.24	%		0.15	%
ACL on loans to EOP loans		1.18	%		1.10	%		1.08	%		1.05	%		1.01	%		1.18	%		1.01	%
ACL⁴ to EOP loans		1.24	%		1.16	%		1.14	%		1.12	%		1.08	%		1.24	%		1.08	%
NPLs to EOP loans		1.24	%		1.29	%		1.23	%		1.22	%		0.94	%		1.24	%		0.94	%
Balance Sheet (EOP)
Total loans	$	47,902,819		$	36,413,944		$	36,285,887		$	36,400,643		$	36,150,513		$	47,902,819		$	36,150,513
Total assets		70,979,805			53,877,944			53,552,272			53,602,293			53,119,645			70,979,805			53,119,645
Total deposits		54,357,683			41,034,572			40,823,560			40,845,746			39,999,228			54,357,683			39,999,228
Total borrowed funds		7,346,098			5,447,054			5,411,537			5,449,096			6,085,204			7,346,098			6,085,204
Total shareholders’ equity		8,126,387			6,534,654			6,340,350			6,367,298			6,075,072			8,126,387			6,075,072
Capital Ratios³
Risk-based capital ratios (EOP):
Tier 1 common equity		10.74	%		11.62	%		11.38	%		11.00	%		10.73	%		10.74	%		10.73	%
Tier 1 capital		11.20	%		12.23	%		11.98	%		11.60	%		11.33	%		11.20	%		11.33	%
Total capital		12.59	%		13.68	%		13.37	%		12.94	%		12.71	%		12.59	%		12.71	%
Leverage ratio (average assets)		9.26	%		9.44	%		9.21	%		9.05	%		8.90	%		9.26	%		8.90	%
Equity to assets (averages)		11.38	%		12.01	%		11.78	%		11.60	%		11.31	%		11.66	%		11.31	%
TCE to TA		7.26	%		7.76	%		7.41	%		7.44	%		6.94	%		7.26	%		6.94	%
Nonfinancial Data
Full-time equivalent employees		5,313			4,028			4,066			4,105			4,267			5,313			4,267
Banking centers		351			280			280			280			280			351			280
¹ Calculated using the federal statutory tax rate in effect of 21% for all periods.
² Cash dividends per common share divided by net income per common share (basic).
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures. June 30, 2025 capital ratios are preliminary.
⁴ Includes the allowance for credit losses on loans and unfunded loan commitments.

FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets


Income Statement (unaudited)
($ and shares in thousands, except per share data)
	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
Interest income	$	824,961		$	630,399		$	662,082		$	679,925		$	663,663		$	1,455,360		$	1,259,644
Less: interest expense		310,171			242,756			267,902			288,201			275,242			552,927			514,765
Net interest income		514,790			387,643			394,180			391,724			388,421			902,433			744,879
Provision for credit losses		106,835			31,403			27,017			28,497			36,214			138,238			55,105
Net interest income after provision for credit losses		407,955			356,240			367,163			363,227			352,207			764,195			689,774
Wealth and investment services fees		35,817			29,648			30,012			29,117			29,358			65,465			57,662
Service charges on deposit accounts		23,878			21,156			20,577			20,350			19,350			45,034			37,248
Debit card and ATM fees		12,922			9,991			10,991			11,362			10,993			22,913			21,047
Mortgage banking revenue		10,032			6,879			7,026			7,669			7,064			16,911			11,542
Capital markets income		7,114			4,506			5,244			7,426			4,729			11,620			7,629
Company-owned life insurance		6,625			5,381			6,499			5,315			5,739			12,006			9,173
Other income		36,170			16,309			15,539			12,975			10,036			52,479			20,506
Debt securities gains (losses), net		(41	)		(76	)		(122	)		(76	)		2			(117	)		(14	)
Total noninterest income		132,517			93,794			95,766			94,138			87,271			226,311			164,793
Salaries and employee benefits		202,112			148,305			146,605			147,494			159,193			350,417			308,996
Occupancy		30,432			29,053			29,733			27,130			26,547			59,485			53,566
Equipment		12,566			8,901			9,325			9,888			8,704			21,467			17,375
Marketing		13,759			11,940			12,653			11,036			11,284			25,699			21,918
Technology		31,452			22,020			21,429			23,343			24,002			53,472			44,025
Communication		5,014			4,134			4,176			4,681			4,480			9,148			8,480
Professional fees		21,931			7,919			11,055			7,278			10,552			29,850			16,958
FDIC assessment		13,409			9,700			11,970			11,722			9,676			23,109			20,989
Amortization of intangibles		19,630			6,830			7,237			7,411			7,425			26,460			12,880
Amortization of tax credit investments		5,815			3,424			4,556			3,277			2,747			9,239			5,496
Other expense		28,646			16,245			18,085			19,023			18,389			44,891			34,633
Total noninterest expense		384,766			268,471			276,824			272,283			282,999			653,237			545,316
Income before income taxes		155,706			181,563			186,105			185,082			156,479			337,269			309,251
Income tax expense		30,298			36,904			32,232			41,280			35,250			67,202			67,738
Net income	$	125,408		$	144,659		$	153,873		$	143,802		$	121,229		$	270,067		$	241,513
Preferred dividends		(4,033	)		(4,034	)		(4,034	)		(4,034	)		(4,033	)		(8,067	)		(8,067	)
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196		$	262,000		$	233,446

EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37		$	0.77		$	0.77
Weighted Average Common Shares Outstanding
Basic		360,155			315,925			315,673			315,622			315,585			338,162			303,283
Diluted		361,436			321,016			318,803			317,331			316,461			340,250			304,207
(EOP)		391,818			319,236			318,980			318,955			318,969			391,818			318,969


End of Period Balance Sheet (unaudited)
($ in thousands)
	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Assets
Cash and due from banks	$	637,556		$	486,061		$	394,450		$	498,120		$	428,665
Money market and other interest-earning investments		1,171,015			753,719			833,518			693,450			804,381
Investments:
Treasury and government-sponsored agencies		2,445,733			2,364,170			2,289,903			2,335,716			2,207,004
Mortgage-backed securities		9,632,206			6,458,023			6,175,103			6,085,826			5,890,371
States and political subdivisions		1,590,272			1,589,555			1,637,379			1,665,128			1,678,597
Other securities		852,687			755,348			781,656			783,079			775,623
Total investments		14,520,898			11,167,096			10,884,041			10,869,749			10,551,595
Loans held-for-sale, at fair value		77,618			40,424			34,483			62,376			66,126
Loans:
Commercial		14,662,916			10,650,615			10,288,560			10,408,095			10,332,631
Commercial and agriculture real estate		21,879,785			16,135,327			16,307,486			16,356,216			16,016,958
Residential real estate		8,212,242			6,771,694			6,797,586			6,757,896			6,894,957
Consumer		3,147,876			2,856,308			2,892,255			2,878,436			2,905,967
Total loans		47,902,819			36,413,944			36,285,887			36,400,643			36,150,513
Allowance for credit losses on loans		(565,109	)		(401,932	)		(392,522	)		(380,840	)		(366,335	)
Premises and equipment, net		682,539			584,664			588,970			599,528			601,945
Goodwill and other intangible assets		2,944,372			2,289,268			2,296,098			2,305,084			2,306,204
Company-owned life insurance		1,046,693			859,211			859,851			863,723			862,032
Accrued interest receivable and other assets		2,561,404			1,685,489			1,767,496			1,690,460			1,714,519
Total assets	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645

Liabilities and Equity
Noninterest-bearing demand deposits	$	12,652,556		$	9,186,314		$	9,399,019		$	9,429,285		$	9,336,042
Interest-bearing:
Checking and NOW accounts		9,194,738			7,736,014			7,538,987			7,314,245			7,680,865
Savings accounts		5,058,819			4,715,329			4,753,279			4,781,447			4,983,811
Money market accounts		16,564,125			11,638,653			11,807,228			11,601,461			10,485,491
Other time deposits		7,613,377			6,212,898			5,819,970			6,010,070			5,688,432
Total core deposits		51,083,615			39,489,208			39,318,483			39,136,508			38,174,641
Brokered deposits		3,274,068			1,545,364			1,505,077			1,709,238			1,824,587
Total deposits		54,357,683			41,034,572			40,823,560			40,845,746			39,999,228

Federal funds purchased and interbank borrowings		340,246			170			385			135,263			250,154
Securities sold under agreements to repurchase		297,637			290,256			268,975			244,626			240,713
Federal Home Loan Bank advances		5,835,918			4,514,354			4,452,559			4,471,153			4,744,560
Other borrowings		872,297			642,274			689,618			598,054			849,777
Total borrowed funds		7,346,098			5,447,054			5,411,537			5,449,096			6,085,204
Accrued expenses and other liabilities		1,149,637			861,664			976,825			940,153			960,141
Total liabilities		62,853,418			47,343,290			47,211,922			47,234,995			47,044,573
Preferred stock, common stock, surplus, and retained earnings		8,725,995			7,183,163			7,086,393			6,971,054			6,866,480
Accumulated other comprehensive income (loss), net of tax		(599,608	)		(648,509	)		(746,043	)		(603,756	)		(791,408	)
Total shareholders’ equity		8,126,387			6,534,654			6,340,350			6,367,298			6,075,072
Total liabilities and shareholders’ equity	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Three Months Ended							Three Months Ended							Three Months Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	1,424,700		$	14,791	4.16	%	$	791,067		$	8,815	4.52	%	$	814,944		$	11,311	5.58	%
Investments:
Treasury and government-sponsored agencies		2,396,691			20,820	3.47	%		2,318,869			20,019	3.45	%		2,208,935			21,531	3.90	%
Mortgage-backed securities		8,567,318			87,734	4.10	%		6,287,825			54,523	3.47	%		5,828,225			47,904	3.29	%
States and political subdivisions		1,596,899			13,402	3.36	%		1,610,819			13,242	3.29	%		1,686,994			14,290	3.39	%
Other securities		970,581			15,770	6.50	%		770,839			10,512	5.45	%		788,571			12,583	6.38	%
Total investments		13,531,489			137,726	4.07	%		10,988,352			98,296	3.58	%		10,512,725			96,308	3.66	%
Loans:²
Commercial		13,240,876			219,446	6.63	%		10,397,991			165,595	6.37	%		10,345,098			183,425	7.09	%
Commercial and agriculture real estate		20,022,403			316,422	6.32	%		16,213,606			245,935	6.07	%		15,870,809			260,407	6.56	%
Residential real estate loans		7,792,440			88,852	4.56	%		6,815,091			67,648	3.97	%		6,952,942			67,683	3.89	%
Consumer		3,049,341			54,787	7.21	%		2,871,213			49,470	6.99	%		2,910,331			50,869	7.03	%
Total loans		44,105,060			679,507	6.16	%		36,297,901			528,648	5.83	%		36,079,180			562,384	6.24	%

Total earning assets	$	59,061,249		$	832,024	5.64	%	$	48,077,320		$	635,759	5.30	%	$	47,406,849		$	670,003	5.66	%

Less: Allowance for credit losses on loans		(404,871	)						(398,765	)						(331,043	)

Non-earning Assets:
Cash and due from banks	$	426,513						$	372,428						$	430,256
Other assets		6,403,239							5,394,600							5,341,022

Total assets	$	65,486,130						$	53,445,583						$	52,847,084

Interest-Bearing Liabilities:
Checking and NOW accounts	$	8,594,591		$	29,291	1.37	%	$	7,526,294		$	23,850	1.29	%	$	8,189,454		$	34,398	1.69	%
Savings accounts		4,968,232			3,777	0.30	%		4,692,239			3,608	0.31	%		5,044,800			5,254	0.42	%
Money market accounts		15,055,735			110,933	2.96	%		11,664,650			88,381	3.07	%		10,728,156			102,560	3.84	%
Other time deposits		7,092,124			67,204	3.80	%		5,996,108			56,485	3.82	%		5,358,103			56,586	4.25	%
Total interest-bearing core deposits		35,710,682			211,205	2.37	%		29,879,291			172,324	2.34	%		29,320,513			198,798	2.73	%
Brokered deposits		2,530,726			28,883	4.58	%		1,546,756			18,171	4.76	%		1,244,237			17,008	5.50	%
Total interest-bearing deposits		38,241,408			240,088	2.52	%		31,426,047			190,495	2.46	%		30,564,750			215,806	2.84	%

Federal funds purchased and interbank borrowings		88,603			953	4.31	%		148,130			1,625	4.45	%		148,835			1,986	5.37	%
Securities sold under agreements to repurchase		295,948			636	0.86	%		272,961			551	0.82	%		249,939			639	1.03	%
Federal Home Loan Bank advances		6,037,462			59,042	3.92	%		4,464,590			41,896	3.81	%		4,473,978			44,643	4.01	%
Other borrowings		828,214			9,452	4.58	%		675,759			8,189	4.91	%		891,609			12,168	5.49	%
Total borrowed funds		7,250,227			70,083	3.88	%		5,561,440			52,261	3.81	%		5,764,361			59,436	4.15	%

Total interest-bearing liabilities	$	45,491,635		$	310,171	2.73	%	$	36,987,487		$	242,756	2.66	%	$	36,329,111		$	275,242	3.05	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	11,568,854						$	9,096,676						$	9,558,675
Other liabilities		973,525							944,935							980,322
Shareholders’ equity		7,452,116							6,416,485							5,978,976

Total liabilities and shareholders’ equity	$	65,486,130						$	53,445,583						$	52,847,084

Net interest rate spread						2.91	%						2.64	%						2.61	%

Net interest margin (GAAP)						3.49	%						3.23	%						3.28	%

Net interest margin (FTE)³						3.53	%						3.27	%						3.33	%

FTE adjustment				$	7,063						$	5,360						$	6,340

¹ Interest income is reflected on a FTE basis.
² Includes loans held-for-sale.
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Average Balance Sheet and Interest Rates (unaudited)
($ in thousands)


	Six Months Ended							Six Months Ended
	June 30, 2025							June 30, 2024
	Average			Income¹/		Yield/		Average			Income¹/		Yield/
Earning Assets:	Balance			Expense		Rate		Balance			Expense		Rate
Money market and other interest-earning investments	$	1,109,634		$	23,606	4.29	%	$	786,094		$	21,296	5.45	%
Investments:
Treasury and government-sponsored agencies		2,357,995			40,839	3.46	%		2,285,706			44,797	3.92	%
Mortgage-backed securities		7,433,868			142,257	3.83	%		5,592,655			86,792	3.10	%
States and political subdivisions		1,603,821			26,644	3.32	%		1,683,585			28,266	3.36	%
Other securities		871,262			26,282	6.03	%		779,504			24,756	6.35	%
Total investments	$	12,266,946		$	236,022	3.85	%	$	10,341,450		$	184,611	3.57	%
Loans:²
Commercial		11,827,287			385,041	6.51	%		9,942,741			350,688	7.05	%
Commercial and agriculture real estate		18,128,526			562,357	6.20	%		15,119,590			490,493	6.49	%
Residential real estate loans		7,306,465			156,500	4.28	%		6,823,378			130,686	3.83	%
Consumer		2,960,769			104,257	7.10	%		2,777,711			94,463	6.84	%
Total loans		40,223,047			1,208,155	6.01	%		34,663,420			1,066,330	6.16	%

Total earning assets	$	53,599,627		$	1,467,783	5.48	%	$	45,790,964		$	1,272,237	5.56	%

Less: Allowance for credit losses on loans		(401,835	)						(322,256	)

Non-earning Assets:
Cash and due from banks	$	399,620						$	396,466
Other assets		5,901,705							5,151,308

Total assets	$	59,499,117						$	51,016,482

Interest-Bearing Liabilities:
Checking and NOW accounts	$	8,063,393		$	53,141	1.33	%	$	7,665,327		$	59,650	1.56	%
Savings accounts		4,830,998			7,385	0.31	%		5,035,100			10,271	0.41	%
Money market accounts		13,369,560			199,314	3.01	%		10,322,808			196,773	3.83	%
Other time deposits		6,547,143			123,689	3.81	%		5,023,620			104,018	4.16	%
Total interest-bearing core deposits		32,811,094			383,529	2.36	%		28,046,855			370,712	2.66	%
Brokered deposits		2,041,459			47,054	4.65	%		1,145,744			30,533	5.36	%
Total interest-bearing deposits		34,852,553			430,583	2.49	%		29,192,599			401,245	2.76	%

Federal funds purchased and interbank borrowings		118,202			2,578	4.40	%		108,962			2,947	5.44	%
Securities sold under agreements to repurchase		284,518			1,187	0.84	%		273,088			1,556	1.15	%
Federal Home Loan Bank advances		5,255,372			100,938	3.87	%		4,430,236			85,810	3.90	%
Other borrowings		752,408			17,641	4.73	%		858,727			23,207	5.43	%
Total borrowed funds		6,410,500			122,344	3.85	%		5,671,013			113,520	4.03	%

Total interest-bearing liabilities		41,263,053			552,927	2.70	%		34,863,612			514,765	2.97	%

Noninterest-Bearing Liabilities and Shareholders’ Equity
Demand deposits	$	10,339,594						$	9,408,406
Other liabilities		959,309							972,205
Shareholders’ equity		6,937,161							5,772,259

Total liabilities and shareholders’ equity	$	59,499,117						$	51,016,482

Net interest rate spread						2.78	%						2.59	%

Net interest margin (GAAP)						3.37	%						3.25	%

Net interest margin (FTE)³						3.41	%						3.31	%

FTE adjustment				$	12,423						$	12,593

¹ Interest income is reflected on a FTE.
² Includes loans held-for-sale.
³ Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.


Asset Quality (EOP) (unaudited)
($ in thousands)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
Allowance for credit losses:
Beginning allowance for credit losses on loans	$	401,932		$	392,522		$	380,840		$	366,335		$	319,713		$	392,522		$	307,610
Allowance established for acquired PCD loans		90,442			—			—			2,803			23,922			90,442			23,922
Provision for credit losses on loans		99,263			31,026			30,417			29,176			36,745			130,289			60,598
Gross charge-offs		(29,954	)		(24,540	)		(21,278	)		(18,965	)		(17,041	)		(54,494	)		(31,061	)
Gross recoveries		3,426			2,924			2,543			1,491			2,996			6,350			5,266
NCOs		(26,528	)		(21,616	)		(18,735	)		(17,474	)		(14,045	)		(48,144	)		(25,795	)
Ending allowance for credit losses on loans	$	565,109		$	401,932		$	392,522		$	380,840		$	366,335		$	565,109		$	366,335
Beginning allowance for credit losses on unfunded commitments	$	22,031		$	21,654		$	25,054		$	25,733		$	26,264		$	21,654		$	31,226
Provision (release) for credit losses on unfunded commitments		7,572			377			(3,400	)		(679	)		(531	)		7,949			(5,493	)
Ending allowance for credit losses on unfunded commitments	$	29,603		$	22,031		$	21,654		$	25,054		$	25,733		$	29,603		$	25,733
Allowance for credit losses	$	594,712		$	423,963		$	414,176		$	405,894		$	392,068		$	594,712		$	392,068
Provision for credit losses on loans	$	99,263		$	31,026		$	30,417		$	29,176		$	36,745		$	130,289		$	60,598
Provision (release) for credit losses on unfunded commitments		7,572			377			(3,400	)		(679	)		(531	)		7,949			(5,493	)
Provision for credit losses	$	106,835		$	31,403		$	27,017		$	28,497		$	36,214		$	138,238		$	55,105
NCOs / average loans¹		0.24	%		0.24	%		0.21	%		0.19	%		0.16	%		0.24	%		0.15	%
Average loans¹	$	44,075,472		$	36,284,059		$	36,410,414		$	36,299,544		$	36,053,845		$	40,201,289		$	34,648,292
EOP loans¹		47,902,819			36,413,944			36,285,887			36,400,643			36,150,513			47,902,819			36,150,513
ACL on loans / EOP loans¹		1.18	%		1.10	%		1.08	%		1.05	%		1.01	%		1.18	%		1.01	%
ACL / EOP loans¹		1.24	%		1.16	%		1.14	%		1.12	%		1.08	%		1.24	%		1.08	%
Underperforming Assets:
Loans 90 days and over (still accruing)	$	16,893		$	6,757		$	4,060		$	1,177		$	5,251		$	16,893		$	5,251
Nonaccrual loans		594,709			469,211			447,979			443,597			340,181			594,709			340,181
Foreclosed assets		7,986			6,301			4,294			4,077			8,290			7,986			8,290
Total underperforming assets	$	619,588		$	482,269		$	456,333		$	448,851		$	353,722		$	619,588		$	353,722
Classified and Criticized Assets:
Nonaccrual loans	$	594,709		$	469,211		$	447,979		$	443,597		$	340,181		$	594,709		$	340,181
Substandard loans (still accruing)		1,969,260			1,479,630			1,073,413			1,074,243			841,087			1,969,260			841,087
Loans 90 days and over (still accruing)		16,893			6,757			4,060			1,177			5,251			16,893			5,251
Total classified loans – “problem loans”		2,580,862			1,955,598			1,525,452			1,519,017			1,186,519			2,580,862			1,186,519
Other classified assets		43,495			53,239			58,954			59,485			60,772			43,495			60,772
Special Mention		1,008,716			828,314			908,630			837,543			967,655			1,008,716			967,655
Total classified and criticized assets	$	3,633,073		$	2,837,151		$	2,493,036		$	2,416,045		$	2,214,946		$	3,633,073		$	2,214,946
Loans 30-89 days past due (still accruing)	$	128,771		$	72,517		$	93,141		$	91,750		$	51,712		$	128,771		$	51,712
Nonaccrual loans / EOP loans¹		1.24	%		1.29	%		1.23	%		1.22	%		0.94	%		1.24	%		0.94	%
ACL / nonaccrual loans		100	%		90	%		92	%		92	%		115	%		100	%		115	%
Under-performing assets/EOP loans¹		1.29	%		1.32	%		1.26	%		1.23	%		0.98	%		1.29	%		0.98	%
Under-performing assets/EOP assets		0.87	%		0.90	%		0.85	%		0.84	%		0.67	%		0.87	%		0.67	%
30+ day delinquencies/EOP loans¹		0.30	%		0.22	%		0.27	%		0.26	%		0.16	%		0.30	%		0.16	%

¹ Excludes loans held-for-sale.


Non-GAAP Measures (unaudited)
($ and shares in thousands, except per share data)

	Three Months Ended																Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,				June 30,			June 30,
		2025			2025			2024			2024			2024				2025			2024
Earnings Per Share:
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196			$	262,000		$	233,446
Adjustments:
CECL Day 1 non-PCD provision expense		75,604			—			—			—			15,312				75,604			15,312
Tax effect¹		(20,802	)		—			—			—			(3,476	)			(20,802	)		(3,476	)
CECL Day 1 non-PCD provision expense, net		54,802			—			—			—			11,836				54,802			11,836
Merger-related charges		41,206			5,856			8,117			6,860			19,440				47,062			22,348
Tax effect¹		(11,337	)		(1,089	)		(2,058	)		(1,528	)		(4,413	)			(12,426	)		(5,123	)
Merger-related charges, net		29,869			4,767			6,059			5,332			15,027				34,636			17,225
Pension plan gain		(21,001	)		—			—			—			—				(21,001	)		—
Tax effect¹		5,778			—			—			—			—				5,778			—
Pension plan gain, net		(15,223	)		—			—			—			—				(15,223	)		—
Debt securities (gains) losses		41			76			122			76			(2	)			117			14
Tax effect¹		(11	)		(14	)		(31	)		(17	)		1				(25	)		(3	)
Debt securities (gains) losses, net		30			62			91			59			(1	)			92			11
Separation expense		—			—			—			2,646			—				—			—
Tax effect¹		—			—			—			(589	)		—				—			—
Separation expense, net		—			—			—			2,057			—				—			—
Distribution of excess pension assets		—			—			—			—			—		—		—			13,318
Tax effect¹		—			—			—			—			—		—		—			(3,250	)
Distribution excess pension assets, net		—			—			—			—			—				—			10,068
FDIC special assessment		—			—			—			—			—				—			2,994
Tax effect¹		—			—			—			—			—				—			(731	)
FDIC special assessment, net		—			—			—			—			—				—			2,263
Total adjustments, net		69,478			4,829			6,150			7,448			26,862				74,307			41,403
Net income applicable to common shares, adjusted	$	190,853		$	145,454		$	155,989		$	147,216		$	144,058			$	336,307		$	274,849
Weighted average diluted common shares outstanding		361,436			321,016			318,803			317,331			316,461				340,250			304,207
EPS, diluted	$	0.34		$	0.44		$	0.47		$	0.44		$	0.37			$	0.77		$	0.77
Adjusted EPS, diluted	$	0.53		$	0.45		$	0.49		$	0.46		$	0.46			$	0.99		$	0.90
NIM:
Net interest income	$	514,790		$	387,643		$	394,180		$	391,724		$	388,421			$	902,433		$	744,879
Add: FTE adjustment²		7,063			5,360			5,777			6,144			6,340				12,423			12,593
Net interest income (FTE)	$	521,853		$	393,003		$	399,957		$	397,868		$	394,761			$	914,856		$	757,472
Average earning assets	$	59,061,249		$	48,077,320		$	48,411,803		$	47,905,463		$	47,406,849			$	53,599,627		$	45,790,964
NIM (GAAP)		3.49	%		3.23	%		3.26	%		3.27	%		3.28	%			3.37	%		3.25	%
NIM (FTE)		3.53	%		3.27	%		3.30	%		3.32	%		3.33	%			3.41	%		3.31	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
PPNR:
Net interest income (FTE)²	$	521,853		$	393,003		$	399,957		$	397,868		$	394,761		$	914,856		$	757,472
Add: Noninterest income		132,517			93,794			95,766			94,138			87,271			226,311			164,793
Total revenue (FTE)		654,370			486,797			495,723			492,006			482,032			1,141,167			922,265
Less: Noninterest expense		(384,766	)		(268,471	)		(276,824	)		(272,283	)		(282,999	)		(653,237	)		(545,316	)
PPNR	$	269,604		$	218,326		$	218,899		$	219,723		$	199,033		$	487,930		$	376,949
Adjustments:
Pension plan termination gain	$	(21,001	)	$	—		$	—		$	—		$	—		$	(21,001	)	$	—
Debt securities (gains) losses	$	41		$	76		$	122		$	76		$	(2	)	$	117		$	14
Noninterest income adjustments		(20,960	)		76			122			76			(2	)		(20,884	)		14
Adjusted noninterest income		111,557			93,870			95,888			94,214			87,269			205,427			164,807
Adjusted revenue	$	633,410		$	486,873		$	495,845		$	492,082		$	482,030		$	1,120,283		$	922,279
Adjustments:
Merger-related charges	$	41,206		$	5,856		$	8,117		$	6,860		$	19,440		$	47,062		$	22,348
Separation expense		—			—			—			2,646			—			—			—
Distribution of excess pension assets		—			—			—			—			—			—			13,318
FDIC Special Assessment		—			—			—			—			—			—			2,994
Noninterest expense adjustments		41,206			5,856			8,117			9,506			19,440			47,062			38,660
Adjusted total noninterest expense		(343,560	)		(262,615	)		(268,707	)		(262,777	)		(263,559	)		(606,175	)		(506,656	)
Adjusted PPNR	$	289,850		$	224,258		$	227,138		$	229,305		$	218,471		$	514,108		$	415,623
Efficiency Ratio:
Noninterest expense	$	384,766		$	268,471		$	276,824		$	272,283		$	282,999		$	653,237		$	545,316
Less: Amortization of intangibles		(19,630	)		(6,830	)		(7,237	)		(7,411	)		(7,425	)		(26,460	)		(12,880	)
Noninterest expense, excl. amortization of intangibles		365,136			261,641			269,587			264,872			275,574			626,777			532,436
Less: Amortization of tax credit investments		(5,815	)		(3,424	)		(4,556	)		(3,277	)		(2,747	)		(9,239	)		(5,496	)
Less: Noninterest expense adjustments		(41,206	)		(5,856	)		(8,117	)		(9,506	)		(19,440	)		(47,062	)		(38,660	)
Adjusted noninterest expense, excluding amortization	$	318,115		$	252,361		$	256,914		$	252,089		$	253,387		$	570,476		$	488,280
Total revenue (FTE)²	$	654,370		$	486,797		$	495,723		$	492,006		$	482,032		$	1,141,167		$	922,265
Less: Debt securities (gains) losses		41			76			122			76			(2	)		117			14
Less: Pension plan gain		(21,001	)		—			—			—			—			(21,001	)		—
Total adjusted revenue	$	633,410		$	486,873		$	495,845		$	492,082		$	482,030		$	1,120,283		$	922,279
Efficiency Ratio		55.8	%		53.7	%		54.4	%		53.8	%		57.2	%		54.9	%		57.7	%
Adjusted Efficiency Ratio		50.2	%		51.8	%		51.8	%		51.2	%		52.6	%		50.9	%		52.9	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	Three Months Ended															Six Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2025			2025			2024			2024			2024			2025			2024
ROAE and ROATCE:
Net income applicable to common shares	$	121,375		$	140,625		$	149,839		$	139,768		$	117,196		$	262,000		$	233,446
Amortization of intangibles		19,630			6,830			7,237			7,411			7,425			26,460			12,880
Tax effect¹		(4,908	)		(1,708	)		(1,809	)		(1,853	)		(1,856	)		(6,615	)		(3,220	)
Amortization of intangibles, net		14,722			5,122			5,428			5,558			5,569			19,845			9,660
Net income applicable to common shares, excluding intangibles amortization		136,097			145,747			155,267			145,326			122,765			281,845			243,106
Total adjustments, net (see pg.12)		69,478			4,829			6,150			7,448			26,862			74,307			41,403
Adjusted net income applicable to common shares, excluding intangibles amortization	$	205,575		$	150,576		$	161,417		$	152,774		$	149,627		$	356,152		$	284,509
Average shareholders’ equity	$	7,452,116		$	6,416,485		$	6,338,953		$	6,190,071		$	5,978,976		$	6,937,161		$	5,772,259
Less: Average preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Average shareholders’ common equity	$	7,208,397		$	6,172,766		$	6,095,234		$	5,946,352		$	5,735,257		$	6,693,442		$	5,528,540
Average goodwill and other intangible assets		(2,670,710	)		(2,292,526	)		(2,301,177	)		(2,304,597	)		(2,245,405	)		(2,482,663	)		(2,171,872	)
Average tangible shareholder’s common equity	$	4,537,687		$	3,880,240		$	3,794,057		$	3,641,755		$	3,489,852		$	4,210,779		$	3,356,668
ROAE		6.7	%		9.1	%		9.8	%		9.4	%		8.2	%		7.8	%		8.4	%
ROAE, adjusted		10.6	%		9.4	%		10.2	%		9.9	%		10.0	%		10.0	%		9.9	%
ROATCE		12.0	%		15.0	%		16.4	%		16.0	%		14.1	%		13.4	%		14.5	%
ROATCE, adjusted		18.1	%		15.5	%		17.0	%		16.8	%		17.1	%		16.9	%		17.0	%

Refer to last page of Non-GAAP reconciliations for footnotes.


Non-GAAP Measures (unaudited)
($ in thousands)

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Tangible Common Equity:
Shareholders’ equity	$	8,126,387		$	6,534,654		$	6,340,350		$	6,367,298		$	6,075,072
Less: Preferred equity		(243,719	)		(243,719	)		(243,719	)		(243,719	)		(243,719	)
Shareholders’ common equity	$	7,882,668		$	6,290,935		$	6,096,631		$	6,123,579		$	5,831,353
Less: Goodwill and other intangible assets		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)
Tangible shareholders’ common equity	$	4,938,296		$	4,001,667		$	3,800,533		$	3,818,495		$	3,525,149

Total assets	$	70,979,805		$	53,877,944		$	53,552,272		$	53,602,293		$	53,119,645
Less: Goodwill and other intangible assets		(2,944,372	)		(2,289,268	)		(2,296,098	)		(2,305,084	)		(2,306,204	)
Tangible assets	$	68,035,433		$	51,588,676		$	51,256,174		$	51,297,209		$	50,813,441

Risk-weighted assets³	$	52,517,871		$	40,266,670		$	40,314,805		$	40,584,608		$	40,627,117

Tangible common equity to tangible assets		7.26	%		7.76	%		7.41	%		7.44	%		6.94	%
Tangible common equity to risk-weighted assets³		9.40	%		9.94	%		9.43	%		9.41	%		8.68	%
Tangible Common Book Value:
Common shares outstanding		391,818			319,236			318,980			318,955			318,969
Tangible common book value	$	12.60		$	12.54		$	11.91		$	11.97		$	11.05

¹ Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
² Calculated using the federal statutory tax rate in effect of 21% for all periods.
³ June 30, 2025 figures are preliminary.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e11c9d1-b9ea-4a5c-a250-cb6dc83091a5

The MIL Network –

July 22, 2025

MIL-OSI: Manhattan Bridge Capital, Inc. Reports Second Quarter Results for 2025

Source: GlobeNewswire (MIL-OSI)

GREAT NECK, N.Y., July 22, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2025 were approximately $2,355,000, compared to approximately $2,443,000 for the three months ended June 30, 2024, a decrease of $88,000, or 3.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, partially offset by an increase of origination fees. For the three months ended June 30, 2025 and 2024, approximately $1,899,000 and $2,033,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $456,000 and $411,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

Net income for the three months ended June 30, 2025 was approximately $1,413,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the three months ended June 30, 2024, an increase of $4,000.

Total revenues for the six months ended June 30, 2025 were approximately $4,629,000, compared to approximately $5,016,000 for the six months ended June 30, 2024, a decrease of $387,000, or 7.7%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period. For the six months ended June 30, 2025 and 2024, revenues of approximately $3,733,000 and $4,175,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $896,000 and $841,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

Net income for the six months ended June 30, 2025 was approximately $2,786,000, or $0.24 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the six months ended June 30, 2024, a decrease of $99,000, or 3.4%. This decrease is primarily attributable to the decrease in interest income from loans, partially offset by a decrease in interest expense.

As of June 30, 2025, total shareholders’ equity was approximately $43,427,000.

Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “Interest rates are still weighing on the real estate markets; therefore, we’re experiencing a slower pace of loan closings versus our typical pace, and longer loan terms, reflected by a higher amount of extended loans over the initial ultra short term of one year. Yet, we managed to deliver another quarter with net earnings of $0.12.”

About Manhattan Bridge Capital, Inc.

Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

Forward Looking Statements

This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses the impact of interest rates on the real estate markets, including on pace of closings and terms of loans, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS

Assets	June 30, 2025 (unaudited)		December 31, 2024 (audited)
Loans receivable, net of deferred origination and other fees	$	65,217,737	$	65,405,731
Interest and other fees receivable on loans		1,877,218		1,521,033
Cash		208,767		178,012
Cash – restricted		875		23,750
Other assets		153,112		62,080
Right-of-use asset – operating lease, net		127,633		154,039
Deferred financing costs, net		9,240		16,171
Total assets	$	67,594,582	$	67,360,816

Liabilities and Stockholders’ Equity

Liabilities:
Line of credit	$	16,523,205		$	16,427,874
Senior secured notes (net of deferred financing costs of $59,443 and $96,985, respectively)		5,940,557			5,903,015
Accounts payable and accrued expenses		198,622			232,236
Operating lease liability		139,882			167,119
Loan holdback		50,000			50,000
Dividends payable		1,315,445			1,315,445
Total liabilities		24,167,711			24,095,689
Commitments and contingencies

Stockholders’ equity:
Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding		—			—
Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding		11,757			11,757
Additional paid-in capital		45,568,473			45,561,941
Less: Treasury stock, at cost – 318,407 shares		(1,070,406	)		(1,070,406	)
Accumulated deficit		(1,082,953	)		(1,238,165	)
Total stockholders’ equity		43,426,871			43,265,127
Total liabilities and stockholders’ equity	$	67,594,582		$	67,360,816

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue:
Interest income from loans	$	1,899,403		$	2,032,687		$	3,733,317		$	4,175,174
Origination fees		455,833			410,528			895,632			841,119
Total revenue		2,355,236			2,443,215			4,628,949			5,016,293

Operating costs and expenses:
Interest and amortization of deferred financing costs		506,250			603,230			957,615			1,293,819
Referral fees		1,523			500			1,667			1,000
General and administrative expenses		437,785			434,282			891,355			844,560
Total operating costs and expenses		945,558			1,038,012			1,850,637			2,139,379
Income from operations		1,409,678			1,405,203			2,778,312			2,876,914
Other income		4,500			4,500			9,000			9,000
Income before income tax expense		1,414,178			1,409,703			2,787,312			2,885,914
Income tax expense		(1,210	)		(650	)		(1,210	)		(650	)
Net income	$	1,412,968		$	1,409,053		$	2,786,102		$	2,885,264

Basic and diluted net income per common share outstanding:
–Basic	$	0.12		$	0.12		$	0.24		$	0.25
–Diluted	$	0.12		$	0.12		$	0.24		$	0.25

Weighted average number of common shares outstanding:
–Basic		11,438,651			11,438,651			11,438,651			11,438,662
–Diluted		11,438,651			11,438,651			11,438,651			11,438,662

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(unaudited)

FOR THE THREE MONTHS ENDED JUNE 30, 2025

	Common Shares		Additional Paid in Capital	Treasury Stock		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, April 1, 2025	11,757,058	$11,757	$45,565,207	318,407	$(1,070,406)	$(1,180,476)	$43,326,082
Non-cash compensation			3,266				3,266
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	.	.	.	.	.	1,412,968	1,412,968
Balance, June 30, 2025	11,757,058	$11,757	$45,568,473	318,407	$(1,070,406)	$(1,082,953)	$43,426,871

FOR THE THREE MONTHS ENDED JUNE 30, 2024

	Common Shares		Additional Paid in Capital	Treasury Stock		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, April 1, 2024	11,757,058	$11,757	$45,552,142	318,407	$(1,070,406)	$(1,406,555)	$43,086,938
Non-cash compensation			3,266				3,266
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	.	.	.	.	.	1,409,053	1,409,053
Balance, June 30, 2024	11,757,058	$11,757	$45,555,408	318,407	$(1,070,406)	$(1,312,947)	$43,183,812

FOR THE SIX MONTHS ENDED JUNE 30, 2025

	Common Shares		Additional Paid in Capital	Treasury Stock		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, January 1, 2025	11,757,058	$11,757	$45,561,941	318,407	$(1,070,406)	$(1,238,165)	$ 43,265,127
Non-cash compensation			6,532				6,532
Dividends paid						(1,315,445)	(1,315,445)
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	.	.	.	.	.	2,786,102	2,786,102
Balance, June 30, 2025	11,757,058	$11,757	$45,568,473	318,407	$(1,070,406)	$(1,082,953)	$43,426,871

FOR THE SIX MONTHS ENDED JUNE 30, 2024

	Common Shares		Additional Paid in Capital	Treasury Stock		Accumulated Deficit	Totals
	Shares	Amount		Shares	Cost
Balance, January 1, 2024	11,757,058	$11,757	$45,548,876	316,407	$(1,060,606)	$(1,567,321)	$42,932,706
Purchase of treasury shares				2,000	(9,800)		(9,800)
Non-cash compensation			6,532				6,532
Dividends paid						(1,315,445)	(1,315,445)
Dividends declared and payable						(1,315,445)	(1,315,445)
Net income	.	.	.	.	.	2,885,264	2,885,264
Balance, June 30, 2024	11,757,058	$11,757	$45,555,408	318,407	$(1,070,406)	$(1,312,947)	$43,183,812

MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

	Six Months Ended June 30,
		2025			2024
Cash flows from operating activities:
Net income	$	2,786,102		$	2,885,264
Adjustments to reconcile net income to net cash provided by operating activities –
Amortization of deferred financing costs		44,473			44,191
Adjustment to right-of-use asset – operating lease and liability		(831	)		190
Depreciation		2,790			2,209
Non-cash compensation expense		6,532			6,532
Changes in operating assets and liabilities:
Interest and other fees receivable on loans		(369,307	)		(315,399	)
Other assets		(93,403	)		(71,703	)
Accounts payable and accrued expenses		(33,614	)		(53,044	)
Deferred origination and other fees		64,338			(72,992	)
Net cash provided by operating activities		2,407,080			2,425,248

Cash flows from investing activities:
Issuance of short-term loans		(23,482,540	)		(19,455,000	)
Collections received from loans		23,619,317			25,866,190
Purchase of fixed assets		(418	)		(1,191	)
Net cash provided by investing activities		136,359			6,409,999

Cash flows from financing activities:
Repayment of line of credit		(26,365,153	)		(27,543,007	)
Proceeds from line of credit		26,460,484			19,736,179
Dividends paid		(2,630,890	)		(2,602,518	)
Purchase of treasury shares		—			(9,800	)
Deferred financing costs incurred		—			(2,167	)
Net cash used in financing activities		(2,535,559	)		(10,421,313	)

Net increase (decrease) in cash		7,880			(1,586,066	)
Cash and restricted cash, beginning of period⁽¹⁾		201,762			1,691,995
Cash and restricted cash, end of period⁽²⁾	$	209,642		$	105,929

Supplemental Disclosure of Cash Flow Information:
Cash paid during the period for taxes	$	1,210		$	650
Cash paid during the period for interest	$	903,251		$	1,297,587
Cash paid during the period for operating leases	$	31,982		$	32,208
Supplemental Schedule of Noncash Financing Activities:
Dividend declared and payable	$	1,315,445		$	1,315,445

Supplemental Schedule of Noncash Operating and Investing Activities:
Reduction in interest receivable in connection with the increase in loans receivable	$	13,122		$	222,520

⁽¹⁾ At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
⁽²⁾ At June 30, 2025, cash and restricted cash included $875 of restricted cash.

SOURCE: Manhattan Bridge Capital, Inc.

The MIL Network –

July 22, 2025

MIL-OSI: PAXMINING has launched a compliant and secure cloud mining platform, supporting daily ETH/XRP payouts, AI-optimized hash power, and global device access anytime.

Source: GlobeNewswire (MIL-OSI)

London, UK, July 22, 2025 (GLOBE NEWSWIRE) — In the rapidly evolving world of cryptocurrency, PAXMINING has emerged as a global leader in cloud mining, providing a secure, compliant, and user-friendly platform that enables users to earn daily yields in Ethereum (ETH) and Ripple (XRP). PAXMINING is committed to providing convenience, sustainability, and cutting-edge technology to make cryptocurrency mining accessible to everyone, without the need for expensive hardware or technical expertise. With AI-optimized hashrate, global device access, and a focus on renewable energy, PAXMINING is redefining the future of passive income in cryptocurrency.

Platform Benefits

AI-Optimized Hashrate: Proprietary algorithms dynamically allocate hashrate to the highest-yielding cryptocurrencies, maximizing yields in real time. This AI-driven approach ensures users benefit from market fluctuations without human intervention.

Global Device Access: Whether it’s a smartphone, tablet, or desktop computer, PAXMINING’s intuitive platform is accessible worldwide through its web interface or mobile app (available for iOS and Android). Users can monitor earnings and manage contracts anytime, anywhere.

Sustainable Mining: PAXMINING operates more than 70 mining farms that use 100% renewable energy (wind, solar and hydroelectric power), combining profitability with environmental responsibility to support global carbon neutrality goals.

No hardware or technical knowledge required: PAXMINING removes the barriers of traditional mining by handling all back-end operations, including equipment maintenance, cooling systems and power supply. Users only need to select a contract to start making money.

Multi-currency support: The platform supports mining and withdrawal of multiple cryptocurrencies, including ETH, XRP, BTC, USDT, USDC, SOL, DOGE, LTC and BCH, providing flexibility for diversified portfolios.

Low barriers and registration bonus: New users can receive a welcome bonus of $15, allowing everyone to participate in mining without any initial investment.

Transparent pricing: PAXMINING offers clear contracts without any hidden fees, ensuring that users clearly understand the fees they pay and the benefits they receive.

Mining Contracts and Daily Returns

PAXMINING offers a range of flexible mining contracts that can be tailored to different budgets and investment goals, with daily payouts in ETH or XRP. Each contract is designed to achieve predictable returns and return the principal in full upon contract expiration. The following is a detailed analysis of PAXMINING’s contract options based on available information:

Contract Project	Investment Amount	The term	Total revenue
WhatsMiner M50S+	$100	2days	$100+$6
Canaan Avalon miner A14	$500	7days	$500+$43.40
WhatsMiner M60S+	$1,300	15days	$1,300+$253.5
ALPH Miner AL1	$3,500	30days	$3,500+$948‬
Bitcoin Miner S21 XP Imm	$8,000	35days	$8,000+$4424
Bitcoin Miner S21 XP Hyd	$12,800	40 days	$12,800+$8,601

Observação: Os lucros estão disponíveis no dia seguinte à compra do contrato e podem ser sacados para sua carteira ou usados para comprar outros contratos. (A plataforma oferece vários contratos de retorno estável; visite o site da PAXMINING para mais detalhes.)

How it works

Choose a contract: Select a mining plan that fits your budget and goals, ranging from short-term (1 day) to long-term (54 days).

Start earning: Track your daily profits in real time and withdraw your earnings in ETH, XRP or other supported cryptocurrencies.

Why PAXMINING?

PAXMINING’s blend of AI-driven optimization, global accessibility, and sustainable practices make it an excellent choice for cloud mining. The platform is committed to transparency, security, and ease of use, ensuring that users can confidently participate in the crypto economy without the complexities of traditional mining. With over 8 million users from over 190 countries and a proven track record since 2017, PAXMINING is your reliable partner for generating passive income with ETH and XRP.

For more information or to get started with your mining contract, visit:

https://paxmining.com or (click to download the mobile app)

For direct inquiries, contact: info@paxmining.com

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

The MIL Network –

July 22, 2025

MIL-OSI: Hut 8 Advances Capital Strategy with DIFC License

Source: GlobeNewswire (MIL-OSI)

MIAMI, July 22, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced that its subsidiary, Hut 8 Investment Ltd, has secured a Commercial License in the Dubai International Financial Centre (“DIFC”). The license authorizes proprietary investments and certain non-financial commercial activity under the DIFC’s legal and regulatory framework, which is based on international standards and principles of common law.

The DIFC license represents a structural expansion of Hut 8’s capital strategy, enhancing the Company’s ability to deploy Bitcoin held in reserve into structured derivatives strategies. The license is expected to broaden access to institutional counterparties, reduce trading friction, and lower transaction costs. In fiscal year 2024, Hut 8 generated more than $20 million in net proceeds from covered call options premiums on Bitcoin held in reserve. Through its presence in the DIFC, Hut 8 expects to unlock multiple advantages that support continued expansion of its active treasury management program, including:

Direct access to global derivatives markets: Enables Hut 8 to trade directly on institutional exchanges, reducing reliance on OTC intermediaries that historically introduced cost friction relative to spot pricing
Broader access to institutional-grade products and counterparties: Unlocks a wider set of global liquidity providers and instruments, enhancing strategic optionality
Greater flexibility in structured strategy design and execution: Allows Hut 8 to construct and manage advanced yield strategies that would more difficult to execute without a DIFC license
Supportive regulatory environment within a common law framework: Dubai offers an established legal and regulatory foundation for institutional digital asset activity, supporting enhanced enforceability, compliance certainty, and jurisdictional alignment

“We believe that securing a DIFC license enhances our ability to drive outsized shareholder returns through our integrated capital strategy,” said Asher Genoot, CEO of Hut 8. “It allows us to execute directly on global derivatives markets, reduce trading costs, and access a broader range of institutional products. Within a regulatory environment that supports structured digital asset strategies, we believe we can manage Bitcoin held in reserve more efficiently, manage risk with greater precision, and optimize yield through disciplined, proactive management.”

About Hut 8

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres and a leading financial hub for the Middle East, Africa, and South Asia (MEASA). With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework. The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. For further information, please visit our website: difc.ae or follow us on LinkedIn and X at @DIFC.

Cautionary Note Regarding Forward–Looking Information

This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s use of its DIFC license to expand its capital strategy, enhance the Company’s ability to deploy Bitcoin held in reserve, broaden access to institutional counterparties, reduce trading friction, lower transaction costs, and unlock other advantages to support the expansion of the Company’s active treasury management program; the impact of the DIFC’s regulatory framework; the ability of the Company to drive outsized shareholder returns; and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

Hut 8 Corp. Investor Relations
Sue Ennis
ir@hut8.com

Hut 8 Corp. Public Relations
Gautier Lemyze-Young
media@hut8.com

The MIL Network –

July 22, 2025

MIL-OSI: Landlord Sentiment Shifts in 2025: Fewer Acquisitions, More Spending on Existing Properties

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — New survey results from RentRedi, the fastest-growing rental management software, including joint data from BiggerPockets, show a measurable shift in landlord priorities for 2025. Compared to late 2024, fewer landlords plan to expand their portfolios, while more are investing in property improvements and optimizing operations. RentRedi’s rental market survey examines notable shifts in trends relating to investment strategies, renovation spending, and business priorities over time.

As a follow-up to a survey that was conducted in November 2024, the same questions were posed to U.S. landlords between June 3-26, 2025, and responses were analyzed by region and landlord size. Over the past six months, the share of landlords planning to buy new properties dropped from 67% in November 2024 to 53% in June 2025—a 14-point decline. During the same period, the portion of landlords with no plans to change their portfolio rose by 11% from 32% to over 43%. Fewer than 1 in 25 landlords say they plan to sell a rental property this year.

Regionally, the West experienced the biggest shift in sentiment, with the number of landlords saying they have no plans to make portfolio changes rising from 39% to 53%, a 14-point increase. In contrast, the Northeast was the most acquisition-oriented region, with 57% of investors still planning to buy property in 2025, outpacing the national average.

Differences by landlord size also emerged. While all portfolio sizes saw a decline in buying plans, landlords with 20 or more units remain more active than their smaller counterparts. A little over 1 in 5 large landlords plan to both buy and sell property this year, compared to just 5% of small landlords. Nearly half of small landlords say they have no plans to change their portfolio, compared to 38% of large landlords.

Another major shift is visible in home improvement plans. As of June, 35% of landlords expect to spend more than $20,000 on property upgrades this year, up from 27% in November. Nearly 2 in 3 respondents anticipate spending over $5,000 in total. Landlords with large portfolios are leading the charge: nearly two-thirds expect to spend more than $20,000, up from 36% in November. Small landlords remained more conservative, with nearly half still budgeting under $5,000.

Regionally, the Midwest and West saw the most dramatic increases in high-dollar spending. In both regions, the share of landlords expecting to invest more than $20,000 rose by 10 points or more. At the same time, a June joint survey with BiggerPockets found that exactly half of landlords have paused some or all home improvement projects planned for 2025, suggesting a range of financial strategies and priorities depending on portfolio structure and resources.

A separate July survey from RentRedi and BiggerPockets explored the reasons behind declining acquisition plans. More than half of landlords cited property prices as the biggest barrier to buying, while nearly a quarter pointed to interest rates. Others said slow revenue growth or time commitment were their main challenges.

When asked what they hoped to achieve by using tools or resources in their rental business, more than one-third said increasing revenue was most important. Another one-third prioritized saving time and effort, followed by reducing costs and increasing property value.

“With tools like RentRedi, landlords are managing their properties more efficiently, even as they face evolving challenges,” said RentRedi Co-founder and CEO Ryan Barone. “From automation to mobile access to financial reporting, we’re focused on giving landlords the control and visibility they need to make smarter decisions—whether they’re expanding, renovating, or holding steady.”

Landlord motivations remained consistent across the board. Income generation continues to be the top reason for managing rental properties, selected by over 40% of respondents, followed by long-term investment and financial freedom. Larger landlords are more focused on income—more than half selected it as their primary goal, compared to about one-third who emphasized long-term investment and 16% who cited financial freedom, which is slightly below the 18% national average.

Diversification appears to be a low priority in 2025. About 40% of landlords said they do not plan to diversify their portfolios by property type or location, and another quarter are unsure. Slightly more than 1 in 3 landlords say they plan to diversify in any way this year.

This report is part of RentRedi’s ongoing initiative to surface real-world insights from landlords and property managers through data, direct surveys, and collaborations with trusted communities like BiggerPockets. For more data insight and survey result reports, visit RentRedi’s Rental Market Insights.

Survey Methodology

RentRedi landlords were surveyed between June 3-26, 2025. There were 1,623 respondents in total. Landlords were classified into U.S. regions by their primary business location as follows: Northeast (CT, MA, ME, NH, NJ, NY, PA, RI); Midwest (IA, IL, IN, KS, MI, MN, MO, ND, NE, OH, SD, WI, VT); South (AL, AR, DC, DE, FL, GA, KY, LA, MD, MS, NC, OK, SC, TN, TX, VA, WV); and West (AK, AZ, CA, CO, HI, ID, MT, NM, NV, OR, UT, WA, WY). Landlords were also classified by real estate portfolio size as follows: small landlords (1-4 rental units); medium landlords (5-19 rental units); and large landlords (20+ rental units). Percentages have been rounded to the nearest whole number, and therefore the values in each barchart may not equal 100%. Separately, BiggerPockets conducted its own surveys via YouTube in June and July 2025. The full survey results can be found here.

About RentRedi

RentRedi offers an award-winning, comprehensive rental property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. Investors can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app for rent collection, market listings, tenant screening, lease signing, maintenance coordination, and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.

Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 13 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, as well as HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using its platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/1e1f54bc-0e48-44d2-ac3d-91e5bc17b910

https://www.globenewswire.com/NewsRoom/AttachmentNg/caf18e40-7b6f-4476-813a-0e363f878e93

https://www.globenewswire.com/NewsRoom/AttachmentNg/8172cf42-500a-4823-9640-3a5dbf32fa91

The MIL Network –

July 22, 2025

MIL-OSI Africa: Bogus lawyer sentenced to prison

Source: Government of South Africa

Tuesday, July 22, 2025

A bogus lawyer has been sentenced to six years of direct imprisonment after his conviction on multiple charges, including three counts of fraud, one count of theft, two counts of forgery, and two counts of uttering.

According to the National Prosecuting Authority (NPA), Johannes Tebogo Motse posed as a legal practitioner – “unlawfully representing unsuspecting clients in various courts during 2022”.

“He forged critical legal documents, including a right of appearance certificate, a fidelity fund certificate and an admission certificate to deceive his victims.

“One of the complainants paid Motse R15 000 to prosecute an appeal. After receiving no legal service, the client reported the matter to the police. Investigations revealed that Motse was not registered with the Legal Practice Council of South Africa,” the NPA said.

He pleaded guilty to all charges and was sentenced in the Specialised Commercial Crime Court sitting in Rustenburg.
“In aggravation of sentence, State Advocate Matshidiso Ramakgaphola highlighted the prevalence of such crimes in the court’s jurisdiction and emphasised that the offences were premeditated and meticulously executed.

“The charges of fraud, forgery, and uttering were taken together for sentencing, and he received six years of direct imprisonment. On the charge of theft, he was sentenced to two years’ imprisonment, wholly suspended for five years on condition that he repays the complainant R15 000 by 31 August 2025.

“He was also declared unfit to possess a firearm under Section 103 of the Firearms Control Act 60 of 2000,” the NPA said.

Director of Public Prosecutions in the North West, Dr Rachel Makhari, said: “These sentences underscore the NPA’s commitment to combating bogus legal practitioners and protecting the integrity of the legal profession and the public”. – SAnews.gov.za

MIL OSI Africa –

July 22, 2025

MIL-OSI Africa: Nearly 22 000 W Cape matrics attend ’Back on Track’ classes over school holidays

Source: Government of South Africa

The Western Cape Education MEC, David Maynier, has announced that a total of 21 700 matric learners attended the “Back on Track” programme during the winter school holidays across the eight educational districts in the province.

The classes covered a variety of subjects depending on the venue.

Last week, Maynier visited one of the province’s winter school venues, Protea Heights Academy in Brackenfell, where learners were being tutored in mathematics and physical science.

“Learners indicated that the extra lessons have made a big difference, as content is covered in more depth.

“They also highlighted that attending lessons in a different environment, with learners from several other schools, had kept them interested and helped them to focus on the work more effectively,” the MEC said.

As learners head back to school today, Maynier said matrics will continue with extra classes during the term, starting from this coming weekend.

However, extra classes for Grade 4 and 7 learners will take place on selected weekends later in the term.

According to the MEC, the province also held intensive “Back on Track” mathematics training for Grade 10 and 11 teachers during the holidays, with 95 teachers attending across the two grades.

Maynier believes that this training will help to improve their teaching skills and prepare for the term ahead.

“A big thank you to all the learners, teachers and tutors who participated in the programme during the holidays. While they have had to sacrifice part of their holidays to do so, they will reap the rewards when exam time comes and help to improve learning outcomes in the Western Cape.”

Meanwhile, the Western Cape Infrastructure MEC, Tertuis Simmers, donated computers, laptops and stationery to three schools in Cape Town.

The handover took place at Fairview Primary School in Grassy Park, Bramble Way Primary School in Bonteheuwel, and Sinethemba High School in Philippi.

What started as 67 Minutes of giving back to local communities as part of a Mandela Day event in 2024 has grown into a year-long department’s Corporate Social Investment (CSI) outreach across the province.

Other CSI events have taken place over the past year in the Central Karoo, Cape Winelands, Garden Route, West Coast and City of Cape Town districts.

The computers that were donated have been refurbished, while the stationery was donated by some of the department’s private sector partners. – SAnews.gov.za

MIL OSI Africa –

July 22, 2025

MIL-OSI Africa: South Africa’s Industrial Development Corporation (IDC) to Spotlight Energy, Mining Finance Solutions at African Mining Week (AMW) 2025

Source: APO – Report:

.

Thabiso Sekano, Head of Mining and Metals at the Industrial Development Corporation (IDC) of South Africa, will join African Mining Week (AMW) as a featured speaker on the high-level panel, The Investor Perspective – Financing Africa’s Mineral Industrialization. He is expected to share insights into innovative financing mechanisms that are accelerating project development across Africa’s mining and energy value chains.

Sekano will highlight the IDC’s instrumental role in advancing South Africa’s mining sector, particularly its platinum group metals (PGMs), which represent over 70% of global reserves. Among the IDC’s recent investments, in June 2025, the agency approved R622 million in funding to Canadian firm Theta Gold Mines to develop multiple sites under the TGME Project in Mpumalanga Province. This seven-year facility is expected to extract 1.24 million ounces of gold, creating jobs and contributing to national revenue growth.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

In April 2025, the IDC approved a further R1.6 billion facility to support the operational stability of ArcelorMittal South Africa, helping preserve jobs and strengthen South Africa’s position as a top global steel producer. Beyond South Africa, Sekano will spotlight the IDC’s growing regional footprint. The corporation is considering a $16 million loan to Giyani Metals to advance the K.Hill manganese project in Botswana – an important development aimed at boosting supply chains for lithium-ion batteries and electric vehicles.

As African governments increasingly focus on formalizing small-scale mining and empowering junior miners, AMW will also offer a platform for Sekano to discuss the IDC’s initiatives targeting these groups. In 2024, the IDC launched a R400 million Junior Mining Exploration Fund in collaboration with South Africa’s Department of Mineral and Petroleum Resources and the Council for Geoscience, aimed at addressing funding constraints that limit entry and scale-up of junior mining companies.

In addition, the IDC is driving synergies between the mining and energy sectors to foster energy resilience and decarbonization. In June 2025, it announced that four utility-scale energy projects it financed are now delivering a combined 219 MW to the national grid – powering mining operations and creating 442 annualized jobs. The agency also signed a EUR 17 million agreement with Germany’s KfW to support green hydrogen projects in South Africa, further enhancing the role of PGMs in electrolyzer technology. In March 2025, the IDC raised R2 billion through a sustainable bond issuance to scale up investments across both mining and energy.

At AMW 2025, Sekano will unpack these developments and more, reinforcing the IDC’s commitment to sustainable, inclusive growth in Africa’s extractive and energy sectors.

– on behalf of Energy Capital & Power.

MIL OSI Africa –

July 22, 2025

Category: Finance