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  • MIL-OSI Security: FLORIDA MAN CHARGED WITH ILLEGAL POSSESSION OF MACHINE GUNS AND ASSAULTING LAW ENFORCEMENT OFFICERS

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    TALLAHASSEE, FLORIDA – John Caleb Allen, 26, of Bristol, Florida, has been charged by federal criminal complaint for assault of a federal law enforcement officer with a deadly weapon, discharging a firearm during a crime of violence, and illegal possession of a machine gun. The charges were announced today by John P. Heekin, United States Attorney for the Northern District of Florida.

    Court documents allege that, on July 24, 2025, agents of the Bureau of Alcohol, Tobacco, Firearms & Explosives with the assistance of the Liberty County Sheriff’s Office, were executing a federal search warrant at the subject’s residence when Allen opened fire on law enforcement. After firing multiple rounds at the agents, Allen was arrested without the agents discharging their weapons. Agents suffered minor, non-critical injuries as a result of the assault.

    Allen is scheduled for arraignment before United States Magistrate Judge Martin A. Fitzpatrick today, at 3:00 pm at the Federal Courthouse in Tallahassee, Florida.

    If convicted, Allen faces up to twenty years’ imprisonment on the assault of a federal law enforcement officer with a deadly weapon count, a minimum of ten years up to life imprisonment on the discharge of a firearm during a crime of violence count, and up to ten years’ imprisonment on the illegal possession of a machinegun count.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives, the Liberty County Sheriff’s Office, and the Florida Department of Law Enforcement are investigating the case. Assistant United States Attorney James McCain is prosecuting the case.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline ) a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    A criminal complaint is merely an allegation by a sworn affiant that a defendant has committed a violation of federal criminal law and is not evidence of guilt. All defendants are presumed innocent and entitled to due process, to include a fair trial, during which it is the government’s burden to prove guilt beyond a reasonable doubt at trial.

    The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General.  To access public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office, Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.

    MIL Security OSI –

  • Why is France recognising Palestinian statehood and who else has?

    Source: Government of India

    Source: Government of India (4)

    French President Emmanuel Macron has announced he will recognise Palestinian statehood, drawing angry rebukes from Israel and the United States and opening the door for other major nations to potentially like Britain and Canada to perhaps follow suit.

    Below are some details about Macron’s announcement, driven by a rising global outcry over starvation and devastation in Gaza amid Israel’s war against Hamas militants, as well as other nations’ position on having Palestinian statehood recognised.

    WHAT DID MACRON SAY?

    Macron published a letter sent to Palestinian Authority President Mahmoud Abbas confirming France’s intention to press ahead with recognition and work to convince other partners to do the same. He said he would make a formal announcement at the United Nations General Assembly next month.

    France is now the first major Western country to shift its diplomatic stance on a Palestinian state, after Spain, Ireland and Norway officially recognised one last year.

    WHY IS THIS SIGNIFICANT?

    The decision to recognise Palestinian statehood is mostly symbolic, with Israel occupying the territories where the Palestinians have long aimed to establish that state in the West Bank and the Gaza Strip with East Jerusalem as its capital.

    But the move by France, which is home to Europe’s largest Jewish and Muslim communities, could fuel a movement so far dominated by smaller nations generally more critical of Israel.

    It also makes Israel appear more isolated on the international stage over the war in Gaza, which is suffering from a wave of hunger that the World Health Organization’s chief said this week amounts to man-made mass starvation.

    Israel says it is committed to allowing aid into Gaza but must control it to prevent it being diverted by militants. It says it has let enough food into Gaza during the war and blames Hamas for the suffering of Gaza’s 2.2 million people.

    WHY DID MACRON DO THIS?

    Macron had been leaning towards the move for months as part of a bid to keep the idea of a two-state solution alive, despite the pressure not to do so. He decided to do it ahead of a U.N. conference co-hosted by France and Saudi Arabia on the matter next week to try to sway other countries considering that step, or those that are wavering.

    WHAT IMPACT COULD IT HAVE ON FRENCH TIES WITH ISRAEL

    Ahead of Macron’s announcement, Israeli officials had spent months lobbying to prevent what some had called “a nuclear bomb” for bilateral relations.

    Sources familiar with the matter say Israel’s warnings to France had ranged from scaling back intelligence-sharing to complicating Paris’ regional initiatives – even hinting at possible annexation of parts of the West Bank.

    WHO COULD BE NEXT?

    France’s decision may put pressure on major countries like Britain, Germany, Australia, Canada and Japan to take the same path. In the immediate term, Malta and Belgium could be the next countries within the European Union to do so.

    A British cabinet minister said on Friday that Britain supports eventual recognition of a Palestinian state, but the immediate priority should be alleviating the suffering in Gaza and securing a ceasefire between Israel and Hamas.

    Germany said on Friday it was not planning to recognise Palestinian statehood in the short term, rather its priority waas to make “long-overdue progress” towards a two-state solution – Israel and a Palestinian state co-existing in peace.

    WHO ELSE HAS RECOGNISED PALESTINIAN STATEHOOD?

    Last year, Ireland, Norway and Spain recognised a Palestinian state with its borders to be demarcated as they were prior to the 1967 Middle East war, when Israel captured the West Bank, Gaza and East Jerusalem.

    However, they also recognised that those borders may change in any eventual talks to reach a final settlement, and that their decisions did not diminish their belief in Israel’s fundamental right to exist in peace and security.

    About 144 of the 193 member states of the United Nations recognise Palestine as a state, including most of the global south as well as Russia, China and India. But only a handful of the 27 European Union members do so, mostly former Communist countries as well as Sweden and Cyprus.

    The U.N. General Assembly approved the de facto recognition of the sovereign state of Palestine in November 2012 by upgrading its observer status at the world body to “non-member state” from “entity.”

    HOW DID THE UNITED STATES, ISRAEL, AND PALESTINIANS REACT?

    Israeli Prime Minister Benjamin Netanyahu condemned the decision by France, one of Israel’s closest allies and a G7 member, saying such a move “rewards terror and risks creating another Iranian proxy”.

    Israeli Defence Minister Israel Katz described it as “a disgrace and a surrender to terrorism”. He added that Israel would not allow the establishment of a “Palestinian entity that would harm our security, endanger our existence”.

    U.S. Secretary of State Marco Rubio said the United States “strongly rejects (Macron’s) plan to recognise a Palestinian state at the U.N. General Assembly.”

    “This reckless decision only serves Hamas propaganda and sets back peace,” Rubio posted on X. “It is a slap in the face to the victims of October 7th” – a reference to Hamas’ 2023 cross-border attack on Israel that set off the Gaza war.

    Thanking France, the Palestinian Authority’s Vice President Hussein Al Sheikh said Macron’s decision reflected “France’s commitment to international law and its support for the Palestinian people’s rights to self-determination and the establishment of our independent state”.

    The Palestine Liberation Organization recognised Israel’s right to exist in peace at the start of the U.S.-backed peace process in 1993 that set up the Palestinian Authority in what Palestinians hoped would be a stepping stone towards statehood.

    But Hamas and other Palestinian Islamist militants who have long dominated Gaza and frequently clash with Israeli forces in the West Bank reject recognition of Israel.

    (Reuters)

  • MIL-OSI Africa: Development Minister sets out new United Kingdom (UK) approach to development at G20 meeting in South Africa

    Source: APO – Report:

    .

    • Development Minister Baroness Chapman will reset the UK’s approach to international development at the G20 Development Meeting in South Africa today (Friday, 25 July).
    • Economic development underpins the UK’s new approach, as the Minister visits a South African food producer supported by the FCDO’s development arm BII.
    • The UK is supporting countries to transition from traditional aid to innovative financing for development, as the Minister visits a centre for survivors of gender-based violence funded by both the UK and the private sector.

    The UK is resetting its relationship with countries in the Global South and helping countries exit the need for aid, as Baroness Chapman attends the G20 Development Ministerial Meeting in South Africa today (Friday 25 July 2025).

    This follows the publication of ODA allocations earlier this week (Tuesday 22 July 2025), which indicate how the UK is going to spend its aid budget for the next year.

    The UK will move from being a donor to a genuine partner and investor, ensuring every pound spent on aid delivers for the UK taxpayer and the people we support.

    Economic development underpins the UK’s new approach, to help countries grow fairer, more resilient economies and ultimately exit the need for aid, in support of the government’s Plan for Change.

    The Minister saw this in action yesterday (Thursday 24 July 2025) as she visited an Agristar farm which produces macadamia nuts in Mbombela, eastern South Africa. British International Investment (BII), the UK’s development finance institution, is supporting Agristar to expand – supporting jobs and growth and helping to stock British supermarket shelves. 

    The Minister also visited a UK supported care centre for survivors of gender-based violence in Mbombela, alongside South African Minister for Women, Youth and Persons with Disability, Sindisiwe Lydia Chikunga. The centre is supported by a multi-donor fund which has seen increased backing from South African and international private investors. The innovative funding approach has supported over 200 community-based organisations in South Africa working to prevent violence in schools and communities and provide response services for survivors of gender-based violence. This demonstrates the UK and South Africa’s shared commitment to gender equality and women’s empowerment.

    By mobilising private finance and empowering partners to take charge of their own development, the UK is moving away from a paternalistic approach to aid.

    Minister for Development, Baroness Chapman said:

    We want to help countries move beyond aid. In South Africa, I’ve seen the impact we can have with genuine partnerships, rather than paternalism. Our work is supporting jobs and generating global economic growth – and bringing high quality South African produce to UK shops. 

    At the G20 in South Africa, I have one simple message: the world has changed and so must we. The UK is taking a new approach to development, responding to the needs of our partners and delivering real impact and value for money for UK taxpayers.

    At the G20, the Minister is due to discuss the UK’s new approach to international development with counterparts from Egypt, India and Germany.

    The Agristar farm in Mbombela, which the Minister visited yesterday, has benefitted from UK investment as part of the Just Energy Transition Partnership (JETP). BII support has enabled the macadamia nut producer to expand its operations across Africa, invest in measures to mitigate climate risks, and support nearly 400 jobs. BII is also supporting Agristar’s expansion into Malawi.

    BII, which aims to make a return on its investments, has so far supported 92 companies in South Africa and over 35,000 jobs.   

    Its success highlights how the UK’s investment in international development is driving green growth and jobs, boosting global prosperity and stability to help create the conditions to deliver the government’s Plan for Change at home.   

    The Minister will also announce today a new £2 million commitment to support local agribusiness projects by partnering with South African investment funds to drive more private finance for the farming sector.

    In G20 talks on tackling illicit financial flows, the Minister will highlight how money and assets siphoned away as part of criminal activity deprive lower-income countries of vital resources which could otherwise support growth and development. The Foreign Secretary is leading a campaign against illicit finance, mobilising the best UK expertise and international partnerships, so dirty money has nowhere to hide. This is also vital to deterring threats to the safety and security of Britain, as part of the government’s Plan for Change.

    – on behalf of United Kingdom Foreign, Commonwealth and Development Office.

    MIL OSI Africa –

  • MIL-OSI Analysis: Deportation tactics from 4 US presidents have done little to reduce the undocumented immigrant population

    Source: The Conversation – USA – By Kevin Johnson, Dean and Professor of Public Interest Law and Chicana/o Studies, University of California, Davis

    Immigration and Customs Enforcement agents escort a detained immigrant into an elevator on June 17, 2025, in New York. AP Photo/Olga Fedorova

    All modern U.S. presidents, both Republican and Democratic, have attempted to reduce the population of millions of undocumented immigrants. But their various strategies have not had significant results, with the population hovering around 11 million from 2005 to 2022.

    President Donald Trump seeks to change that.

    With harsh rhetoric that has sowed fear in immigrant communities, and policies that ignore immigrants’ due process rights, Trump has pursued deportation tactics that differ dramatically from those of any other modern U.S. president.

    As a scholar who examines the history of U.S. immigration law and enforcement, I believe that it remains far from clear whether the Trump White House will significantly reduce the undocumented population. But even if the administration’s efforts fail, the fear and damage to the U.S. immigrant community will remain.

    Presidents Bush and Obama

    To increase deportations, in 2006 President George W. Bush began using workplace raids. Among these sweeps was the then-largest immigration workplace operation in U.S. history at a meat processing plant in Postville, Iowa in 2008.

    U.S. Immigration and Customs Enforcement deployed 900 agents in Postville and arrested 398 employees, 98% of whom were Latino. They were chained together and arraigned in groups of 10 for felony criminal charges of aggravated identity theft, document fraud and use of stolen Social Security numbers. Some 300 were convicted, and 297 of them served jail sentences before being deported.

    Men wait in a holding cell on June 21, 2006, in Nogales, Arizona.
    Spencer Platt/Getty Images

    In 2008, Bush also initiated Secure Communities, a policy that sought to deport noncitizens – both lawful permanent residents as well as undocumented immigrants – who had been arrested for crimes. Some 2 million immigrants were deported during Bush’s two terms in office.

    The Obama administration limited Secure Communities to focus on the removal of noncitizens convicted of felonies. It deported a record 400,000 noncitizens in fiscal year 2013, which led detractors to refer to President Barack Obama as the “Deporter in Chief.”

    Obama also targeted recent entrants and national security threats and pursued criminal prosecutions for illegal reentry to the U.S. Almost all of these policies built on Bush’s, although Obama virtually abandoned workplace raids.

    Despite these enforcement measures, Obama also initiated Deferred Action for Childhood Arrivals, or DACA, in 2012. The policy provided relief from deportation and gave work authorization to more than 500,000 undocumented immigrants who came to the United States as children.

    Obama deported about 3 million noncitizens, but the size of the undocumented population did not decrease dramatically.

    The first Trump administration and Biden

    Trump’s first administration broke new immigration enforcement ground in several ways.

    He began his presidency by issuing what was called a “Muslim ban” to restrict the entry into the U.S. of noncitizens from predominantly Muslim nations.

    Early in Trump’s first administration, federal agents expanded immigration operations to include raids at courthouses, which previously had been off-limits.

    In 2017, Trump tried to rescind DACA, but the Supreme Court rejected Trump’s effort in 2020.

    In 2019, Trump implemented the Remain in Mexico policy that for the first time forced noncitizens who came to the U.S. border seeking asylum to wait in Mexico while their claims were being decided. He also invoked Title 42 in 2020 to close U.S. borders during the COVID-19 pandemic.

    Trump succeeded in reducing legal immigration numbers during his first term. However, there is no evidence that his enforcement policies reduced the size of the overall undocumented population.

    President Joe Biden sought to relax – although not abandon – some immigration enforcement measures implemented during Trump’s first term.

    His administration slowed construction of the border wall championed by Trump. Biden also stopped workplace raids in 2021, and in 2023, he ended Title 42.

    In 2023, Biden sought to respond to migration surges in a measured fashion, by temporarily closing ports of entry and increasing arrests.

    In attempting to enforce the borders, his administration at times pursued tough measures. Biden continued deportation efforts directed at criminal noncitizens. Immigrant rights groups criticized his administration when armed Border Patrol officers on horseback were videotaped chasing Haitian migrants on the U.S.-Mexico border.

    As of 2022, the middle of the Biden’s term, an estimated 11 million undocumented immigrants lived in the U.S.

    Immigration-rights activists stage a rally outside President Barack Obama’s Democratic Congressional Campaign Committee fundraiser in Los Angeles, after the president signed a bill that tightened security at the Mexico border in August 2010.
    Mark Ralston/AFP via Getty Images

    A second chance

    Since his second inauguration, Trump has pursued a mass deportation campaign through executive orders that are unprecedented in their scope.

    In January 2025, he announced an expanded, expedited removal process for any noncitizen apprehended anywhere in the country – not just the border region, as had been U.S. practice since 1996.

    In March, Trump issued a presidential proclamation to deport Venezuelan nationals who were members of the Tren de Aragua gang, designated a foreign terrorist organization by the State Department. In doing so, he invoked the Alien Enemies Act of 1798 – an act used three times in U.S. history during declared wars that empowers presidents to remove foreign nationals from countries at war with the U.S.

    Declaring an “invasion” of migrants into the U.S. in June, Trump deployed the military to assist in immigration enforcement in Los Angeles.

    Trump also sought to dramatically upend birthright citizenship, the Constitutional provision that guarantees citizenship to any person born in the U.S. He issued an executive order in January that would bar citizenship to people born in the U.S. to undocumented parents.

    California National Guard members stand in formation during a protest in Los Angeles on June 14, 2025.
    David Pashaee/Middle East Images/AFP via Getty Images

    The birthright executive order has been challenged in federal court and is mostly likely working its way up to the Supreme Court.

    Under the second Trump administration, immigration arrests are up, but actual deportation numbers are in flux.

    ICE in June arrested the most people in a month in at least five years, roughly 30,000 immigrants. But deportations of noncitizens – roughly 18,000 – lagged behind those during the Obama administration’s record-setting year of 2013 in which more than 400,000 noncitizens were deported.

    The gap between arrests and deportations shows the challenges the Trump administration faces in making good on his promised mass deportation campaign.

    Undocumented immigrants often come to the U.S. to work or seek safety from natural disasters and mass violence.

    These issues have not been seriously addressed by any modern U.S. president. Until it is, we can expect the undocumented population to remain in the millions.

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

    – ref. Deportation tactics from 4 US presidents have done little to reduce the undocumented immigrant population – https://theconversation.com/deportation-tactics-from-4-us-presidents-have-done-little-to-reduce-the-undocumented-immigrant-population-261640

    MIL OSI Analysis –

  • MIL-OSI: Decorated Veteran and Top-Producing Loan Officer Brian Bloete Joins Rate

    Source: GlobeNewswire (MIL-OSI)

    MONTVILLE, N.J., July 25, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, proudly announces the addition of Brian Bloete, a decorated U.S. Marine Corps veteran and top-producing loan officer, to its team in Montville, NJ. Bloete joins Rate as part of the company’s continued commitment to attracting elite originators who prioritize service, integrity, and performance.

    Since joining the mortgage industry in 2016, Bloete has closed more than $250 million in loans, earning recognition as a Scotsman Guide Top 1% Originator every year from 2020 through 2025. Known for delivering tailored financing solutions and guiding clients through complex lending decisions with confidence, Bloete brings a customer-first mindset and proven production to Rate’s expanding Northeast footprint.

    “I moved to Rate to join a winning team, one with cutting-edge technology and product offerings that allow me to better serve every client,” said Bloete. “This platform empowers me to provide personalized mortgage solutions that make a real difference for borrowers.”

    “We’re very excited to welcome Brian, a proud U.S. Marine Corps veteran and top-producing loan officer, to Rate,” said Jeff Nelson, Chief Production Officer, East at Rate. “His success stems from ensuring borrowers receive tailored mortgage options that are specific to their home needs while always prioritizing the customer-first philosophy. Welcome to Rate, Brian!”

    Rate continues to attract elite producers looking to grow their businesses while delivering exceptional borrower outcomes. The addition of Brian Bloete reinforces Rate’s strong presence in the Montville area and its appeal to highly accomplished, service-driven professionals.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

    Media Contact:
    press@rate.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fc943baf-2e5a-4e9a-a769-cbdfb4d4179e

    The MIL Network –

  • MIL-OSI Submissions: The 3 worst things you can say after a pet dies, and what to say instead

    Source: The Conversation – USA (3) – By Brian N. Chin, Assistant Professor of Psychology, Trinity College

    Loss of a pet falls into what researchers call disenfranchised grief in which the pain is often minimized or discounted. Claudia Luna/iStock via Getty Images Plus

    I saw it firsthand after my cat Murphy died earlier this year. She’d been diagnosed with cancer just weeks before.

    She was a small gray tabby with delicate paws who, even during chemotherapy, climbed her favorite dresser perch – Mount Murphy – with steady determination.

    The day after she died, a colleague said with a shrug: “It’s just part of life.”

    That phrase stayed with me – not because it was wrong, but because of how quickly it dismissed something real.

    Murphy wasn’t just a cat. She was my eldest daughter – by bond, if not by blood. My shadow.

    Why pet grief doesn’t count

    More than two-thirds of U.S. households include pets. Americans tend to treat them like family with birthday cakes, shared beds and names on holiday cards.

    But when someone grieves them like family, the cultural script flips. Grief gets minimized. Support gets awkward. And when no one acknowledges your loss, it starts to feel like you weren’t even supposed to love them that much in the first place.

    I’ve seen this kind of grief up close – in my research and in my own life.
    I am a psychologist who studies attachment, loss and the human-animal bond.

    And I’ve seen firsthand how often grief following pet loss gets brushed aside – treated as less valid, less serious or less worthy of support than human loss. After a pet dies, people often say the wrong thing – usually trying to help, but often doing the opposite.

    Many Americans consider pets family members.
    vesi_127/Moment via Getty Images

    When loss is minimized or discounted

    Psychologists describe this kind of unacknowledged loss as disenfranchised grief: a form of mourning that isn’t fully recognized by social norms or institutions. It happens after miscarriages, breakups, job loss – and especially after the death of a beloved animal companion.

    The pain is real for the person grieving, but what’s missing is the social support to mourn that loss.

    Even well-meaning people struggle to respond in ways that feel supportive.
    And when grief gets dismissed, it doesn’t just hurt – it makes us question whether we’re even allowed to feel it.

    Here are three of the most common responses – and what to do instead:

    ‘Just a pet’

    This is one of the most reflexive responses after a loss like this. It sounds harmless. But under the surface is a cultural belief that grieving an animal is excessive – even unprofessional.

    That belief shows up in everything from workplace leave policies to everyday conversations. Even from people trying to be kind.

    But pet grief isn’t about the species, it’s about the bond. And for many, that bond is irreplaceable.

    Pets often become attachment figures; they’re woven into our routines, our emotional lives and our identities. Recent research shows that the quality of the human-pet bond matters deeply – not just for well-being, but for how we grieve when that connection ends.

    What’s lost isn’t “just an animal.” It’s the steady presence who greeted you every morning. The one who sat beside you through deadlines, small triumphs and quiet nights. A companion who made the world feel a little less lonely.

    But when the world treats that love like it doesn’t count, the loss can cut even deeper.

    It may not come with formal recognition or time off, but it still matters. And love isn’t less real just because it came with fur.

    If someone you care about loses a pet, acknowledge the bond. Even a simple “I’m so sorry” can offer real comfort.

    ‘I know how you feel’

    “I know how you feel” sounds empathetic, but it quietly shifts the focus from the griever to the speaker. It rushes in with your story before theirs has even had a chance to land.

    That instinct comes from a good place. We want to relate, to reassure, to let someone know they’re not alone. But when it comes to grief, that impulse often backfires. Grief doesn’t need to be matched. It needs to be honored and given time, care and space to unfold, whether the loss is of a person or a pet.

    Instead of responding with your own story, try simpler, grounding words:

    You don’t need to understand someone’s grief to make space for it. What helps isn’t comparison – it’s presence.

    Let them name the loss. Let them remember. Let them say what hurts.

    Sometimes, simply staying present – without rushing, problem-solving or shifting the focus away – is the most meaningful thing you can do.

    Pets frequently make a showing in family photos and holiday cards.
    Klaus Vedfelt/DigitalVision via Getty Images

    ‘You can always get another one’

    “You can always get another one” is the kind of thing people offer reflexively when they don’t know what else to say – a clumsy attempt at reassurance.

    Underneath is a desire to soothe, to fix, to make the sadness go away. But that instinct can miss the point: The loss isn’t practical – it’s personal. And grief isn’t a problem to be solved.

    This type of comment often lands more like customer service than comfort. It treats the relationship as replaceable, as if love were something you can swap out like a broken phone.

    But every pet is one of a kind – not just in how they look or sound, but in how they move through your life. The way they wait for you at the door and watch you as you leave. The small rituals that you didn’t know were rituals until they stopped. You build a life around them without realizing it, until they’re no longer in it.

    You wouldn’t tell someone to “just have another child” or “just find a new partner.” And yet, people say the equivalent all the time after pet loss.

    Rushing to replace the relationship instead of honoring what was lost overlooks what made that bond irreplaceable. Love isn’t interchangeable – and neither are the ones we lose.

    So offer care that endures. Grief doesn’t follow a timeline. A check-in weeks or months later, whether it’s a heart emoji, a shared memory or a gentle reminder that they’re not alone, can remind someone that their grief is seen and their love still matters.

    When people say nothing

    People often don’t know what to say after a pet dies, so they say nothing. But silence doesn’t just bury grief, it isolates it. It tells the griever that their love was excessive, their sadness inconvenient, their loss unworthy of acknowledgment.

    And grief that feels invisible can be the hardest kind to carry.

    So if someone you love loses a pet, don’t change the subject. Don’t rush them out of their sadness. Don’t offer solutions.

    Instead, here are a few other ways to offer support gently and meaningfully:

    • Say their pet’s name.

    • Ask what they miss most.

    • Tell them you’re sorry.

    • Let them cry.

    • Let them not cry.

    • Let them remember.

    Because when someone loses a pet, they’re not “just” mourning an animal. They’re grieving for a relationship, a rhythm and a presence that made the world feel kinder. What they need most is someone willing to treat that loss like it matters.

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

    – ref. The 3 worst things you can say after a pet dies, and what to say instead – https://theconversation.com/the-3-worst-things-you-can-say-after-a-pet-dies-and-what-to-say-instead-258531

    MIL OSI –

  • MIL-OSI Submissions: How bachata rose from Dominican Republic’s brothels and shantytowns to become a global sensation

    Source: The Conversation – USA (2) – By Wilfredo José Burgos Matos, Adjunct Assistant Professor of Latin American and Latino Studies, Lehman College, CUNY

    Once viewed by elites with disdain, bachata has become popular worldwide. Erika Santelices/AFP via Getty Images

    What began as songs about heartbreak in the brothels and barrios of the Dominican Republic in the 1960s has become a worldwide sensation.

    Even the Bee Gees have gotten a bachata spin. Prince Royce’s bilingual take on the 1977 hit “How Deep Is Your Love” has topped the Latin music charts this summer and proves bachata is no longer chasing the mainstream but reimagining the pop canon.

    Bachata dance classes, parties and festivals have sprung up across the U.S. in recent years, everywhere from Philadelphia to Los Angeles, and Omaha, Nebraska, to Oklahoma City.

    It’s easy to find abroad as well. Upcoming bachata festivals are happening in cities in Austria, Egypt, Australia and China.

    Instructors teach a bachata class in Warsaw, Poland, in July 2025.
    Neil Milton/SOPA Images/LightRocket via Getty Images

    I’m a scholar of Dominican culture and the senior researcher for the History of Dominican Music in the U.S. project at the City University of New York’s Dominican Studies Institute. I see bachata as a revealing window into modern post-1960s Dominican history – and one that spotlights the emotional truths and everyday experiences of poor and Black Dominicans in particular.

    Music from the margins

    Bachata was born in the Dominican countryside and later developed in the shantytowns of Santo Domingo, the capital. In most Latin American dictionaries, the word “bachata” is loosely defined as “revelry” or “a spree.”

    The distinctive sound is formed from guitars, bongos, bass and the güira – a percussion instrument also used in merengue music – and accompanied by typically romantic or bittersweet lyrics.

    The music was long associated with the lower classes and Black Dominicans.

    The genre’s first recording came in 1962, just over a year after Rafael Leónidas Trujillo, a brutal dictator who ruled the island for 31 years, was assassinated. Trujillo’s death marked the beginning of a new cultural and political era in the Dominican Republic, although democratic hopes were soon shattered by a military coup, civil war and a second U.S. intervention following an earlier one between 1916-1924.

    Urban and middle-class Dominicans looked down on bachata as the music played in brothels and favored by poor, rural people who started to migrate to urban areas in large numbers in the 1960s. It was played almost exclusively on Radio Guarachita, a Santo Domingo station run by Radhamés Aracena, a key promoter of the genre.

    Amid a country reeling from political upheaval, bachata emerged as a soundtrack to working-class survival. The guitar-based rhythms were shaped by Cuban bolero and son and Mexican ranchera music, while the lyrics chronicled daily struggles, grief and marginalization.

    In most Latin American dictionaries, the word ‘bachata’ is loosely defined as ‘revelry’ or ‘a spree.’ This reflects its early development in informal social spaces where friends gathered to sing their hearts out, share drinks and escape daily hardships.
    CUNY Dominican Studies Institute Library, The Deborah Pacini Hernández Bachata Music Collection

    Bachata’s shifting language

    In the 1960s, bachata lyrics centered on heartache and were often directed at a romantic partner.

    “Understand me, you know I love only you. Don’t deny me the hope of kissing you again,” Rafael Encarnación sang in Spanish in his 1964 song “Muero Contigo,” or “I Die With You.”

    By the late 1970s and early 1980s, sexual innuendos were common, adding to the genre’s low standing among Dominican elites.

    “I gave you everything you ever wanted, but it was all useless because you went looking for another man,” Blas Durán sang in 1985. “I was left like the orange vendor – peeling so someone else could suck the fruit.”

    To reclaim respect for bachata, some artists, such as Luis Segura and Leonardo Paniagua, in the mid-1980s began calling their music música de amargue, or “music of romantic bitterness.”

    What began as a genre label gradually transformed into a sensibility. “Amargue” came to name a feeling marked by longing, loss and quiet introspection – akin to “feeling the blues” in the U.S.

    American blues similarly emerged from the hardships faced by Black Americans in the South and expressed themes of sorrow, resilience and reflection.

    By the 1990s, the stigma surrounding bachata began to fade, partly due to the international success of Dominican star Juan Luis Guerra and his album Bachata Rosa. The album sold more than 5 million copies worldwide by 1994, earned Guerra a Grammy Award for best tropical Latin album, and was certified platinum in the U.S.

    As acceptance of the genre grew, traditional bachateros in the Dominican Republic continued releasing bachata albums. However, Dominican pop, rock and other artists also began recording bachatas – such as 1990’s “Yo Quiero Andar” by Sonia Silvestre and 1998’s “Bufeo” by Luis “El Terror” Días.

    Aventura performs for a crowd in Madrid in 2024. It was the group’s first tour since their split in 2011.
    Ricardo Rubio/Europa Press via Getty Images

    Bachata goes mainstream

    Migration to the U.S. is a pivotal chapter in Dominican history after the 1960s. The U.S. Immigration Act of 1965 functioned as a de facto immigration policy and encouraged a large-scale exodus from the Dominican Republic.

    By the mid-1990s, a strong and vibrant Dominican diaspora was firmly established in New York City. The Bronx became the birthplace of Grupo Aventura, a group that revolutionized bachata by blending its traditional rhythms with urban genres such as hip-hop.

    “Obsesión,” released in 2002, was an international hit.

    Their music reflected the bicultural diaspora, often torn between nostalgia for their homeland and everyday challenges of urban American life. Against the backdrop of city life, bachata found a new voice that mirrored the immigrant experience. The genre shifted from a shared feeling of loss and longing to a celebration of cultural community.

    In 2002, the song “Obsesión” by Aventura and featuring Judy Santos topped music charts in France, Germany, Italy, the U.S. and elsewhere. The group Aventura and, later, lead singer Romeo Santos as a solo artist sold out Madison Square Garden and Yankee Stadium, respectively.

    As they rose in fame, Aventura became global ambassadors for Dominican culture and made bachata mainstream.

    Puerto Rican bachatero Toby Love performs during an event held by Democratic presidential candidate Hillary Clinton on April 9, 2016, in New York City.
    Andrew Renneisen via Getty Images

    Global spin on bachata

    Bachata’s popularity has also spread to other countries in Latin America, and especially among working-class and Afro-descendant communities in Central America that see their own realities reflected in the music.

    At the same time, Dominican diasporic communities in countries such as Spain and Italy carried the genre with them, where it continued to evolve.

    In Spain, for example, bachata experienced a creative transformation. By the mid-2000s, bachata sensual had emerged as a dance style influenced by zouk and tango, emphasizing smooth, body-led movements and close partner connection.

    Around the same time, modern bachata also developed between Spain and New York City. This style is a departure from traditional bachata, which focuses on the box step and fast footwork, and incorporates more turns and other elements from salsa.

    In 2019 bachata was added to UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity, which also lists Jamaican reggae and Mexican mariachi.

    Today, bachata’s influence is truly global. International conferences dedicated to the genre attract dancers, musicians and scholars from around the world. Puerto Rican, Colombian and other artists from diverse cultural and racial backgrounds continue to nurture and reinvent bachata.

    At the same time, more women, such as Andre Veloz, Judy Santos and Leslie Grace, are building careers as bachata performers and challenging a traditionally male-dominated genre.

    Natti Natasha performs at an album release party for ‘En Amargue,’ her 2025 album produced by bachata icon and former Aventura singer Romeo Santos.
    John Parra/WireImage via Getty Images

    Bachata holds a place not only on the world stage but in the hearts of Latino, Black, Asian and many other communities in the U.S. that recognize the genre’s power to tell stories of love, loss, migration and resilience.

    Wilfredo José Burgos Matos does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How bachata rose from Dominican Republic’s brothels and shantytowns to become a global sensation – https://theconversation.com/how-bachata-rose-from-dominican-republics-brothels-and-shantytowns-to-become-a-global-sensation-260886

    MIL OSI –

  • MIL-OSI Submissions: Trump’s push for more deportations could boost demand for foreign farmworkers with ‘guest worker’ visas

    Source: The Conversation – USA (2) – By Scott Morgenstern, Professor of Political Science, University of Pittsburgh

    Mexican farmworkers with H-2A visas weed a North Carolina tobacco field in 2016. Andrew Lichtenstein/Corbis via Getty Images

    The U.S. has an important choice to make regarding agriculture.

    It can import more people to pick crops and do other kinds of agricultural labor, it can raise wages enough to lure more U.S. citizens and immigrants with legal status to take these jobs, or it can import more food. All three options contradict key Trump administration priorities: reducing immigration, keeping prices low and importing fewer goods and services.

    The big tax-and-spending bill President Donald Trump signed into law on July 4, 2025, included US$170 billion to fund the detention and deportation of those living in the U.S. without authorization. And about 1 million of them work in agriculture, accounting for more than 40% of all farmworkers.

    As the detention and deportation of undocumented immigrants ramps up, one emerging solution is to replace at least some deported farmworkers with foreigners who are given special visas that allow them to help with the harvest but require them to go home after their visas expire.

    Such “guest worker” programs have existed for decades, leading to today’s H-2A visa program. As of 2023, more than 310,000 foreigners, around 13% of the nation’s 2.4 million farmworkers, were employed through this program. About 90% of the foreign workers with these visas come from Mexico, and nearly all are men. The states where the largest numbers of them go are California, Florida, Georgia and Washington.

    As a professor of Latin American politics and U.S.-Latin American relations, I teach my students to consider the difficult trade-offs that governments face. If the Trump administration removes a significant share of the immigrants living in the U.S. without legal permission from the agricultural labor force to try to meet its deportation goals, farm owners will have few options.

    Few options available

    First, farm owners could raise wages and improve working conditions enough to attract U.S. citizens and immigrants who are legal permanent residents or otherwise in the U.S. with legal status.

    But many agricultural employers say they can’t find enough people to hire who can legally work – at least without higher wages and much-improved job requirements. Without any undocumented immigrant farmworkers, the prices of U.S.-sourced crops and other agricultural products would spike, creating an incentive for more food to be imported.

    Second, farm owners could employ fewer people. That would require either growing different crops that require less labor or becoming more reliant on machinery to plant and harvest. But that would mean the U.S. could have to import more food. And automation for some crops is very expensive. For others, such as for berries, it’s currently impossible.

    It’s also possible that some farm owners could put their land to other uses, ceasing production, but that would also necessitate more imported food.

    Trump administration’s suggested fixes

    U.S. Agriculture Secretary Brooke Rollins has predicted that farm owners will soon find plenty of U.S. citizens to employ.

    She declared on July 8 that the new Medicaid work requirements included in the same legislative package as the immigration enforcement funds would encourage huge numbers of U.S. citizens to start working in the fields instead of losing their health insurance through that government program.

    Farm trade groups say this scenario is far-fetched.

    For one thing, most adults enrolled in the Medicaid program who can work already do. Many others are unable to do so due to disabilities or caregiving obligations.

    Few people enrolled in Medicaid live close enough to a farm to work at one, and even those who do aren’t capable of doing farmwork. When farm owners tried putting people enrolled in a welfare program to work in the fields in the 1990s, it failed. Another experiment in the 1960s, which deployed teenagers, didn’t pan out either because the teens found the work too hard.

    It seems more likely that farm owners will try to hire many more foreign farmworkers to do temporary but legal jobs through the H-2A program.

    Although he has not made it an official policy, Trump seems to be moving toward this same conclusion.

    In June, for example, Trump said his administration was working on “some kind of a temporary pass” for immigrants lacking authorization to be in the U.S. who are working on farms and in hotels.

    Farmworkers with H-2A visas spend time in their employer-provided dormitory on April 28, 2020, in King City, Calif.
    Brent Stirton/Getty Images

    Established in 1952, numbers now rising quickly

    The guest worker system, established in 1952 and revised significantly in 1986, has become a mainstay of U.S. agriculture because it offers important benefits to both the farm owners who need workers and the foreign workers they hire.

    There is no cap on the number of potential workers. The number of H-2A visas issued is based only on how many employers request them. Farm owners may apply for visas after verifying that they are unable to locate enough workers who are U.S. citizens or present in the U.S. with authorization.

    To protect U.S. workers, the government mandates that H-2A workers earn an “adverse effect wage rate.” The Labor Department sets that hourly wage, which ranges from $10.36 in Puerto Rico to about $15 in several southern states, to more than $20 in California, Alaska and Hawaii. These wages are set at relatively high levels to avoid putting downward pressure on what other U.S. workers are paid for the same jobs.

    After certification, farm owners recruit workers in a foreign country who are offered a contract that includes transportation from their home country and a trip back – assuming they complete the contract.

    The program provides farm owners with a short-term labor force. It guarantees the foreign workers who obtain H-2A visas relatively high wages, as well as housing in the U.S. That combination has proven increasingly popular in recent years: The annual number of H-2A visas rose to 310,700 in 2023, a more than fivefold increase since 2010.

    Possible downsides

    Boosting the number of agricultural guest workers would help fill some gaps in the agricultural labor force and reduce the risk of crops going unharvested. But it seems clear to me that a sudden change would pose risks for workers and farm owners alike.

    Workers would be at risk because oversight of the H-2A program has historically been weak. Despite that lax track record, some unscrupulous farmers have been fined or barred from participating in the H-2A program because of unpaid wages and other abuses.

    Relying even more on guest farmworkers than the U.S. does today would also swap workers who have built lives and families north of the border with people who are in the U.S. on a temporary basis. Immigration opponents are unlikely to object to this trade-off, but to immigrant rights groups, this arrangement would be cruel and unfair to workers with years of service behind them.

    What’s more, the workers with guest visas can be at risk of exploitation and abuse. In 2022, the U.S. attorney for the Southern District of Georgia described conditions for H-2A workers at an onion farm the government had investigated as “modern-day slavery.”

    The U.S. Government Accountability Office has researched the H-2A visa program and observed many problems it recommends be fixed.

    For farm owners, the downside of ramping up guest worker programs is that it could increase costs and make production less efficient and more costly. That’s because transporting Mexican farmworkers back and forth each year is complicated and expensive. Farm groups say that compliance with H-2A visa requirements is cumbersome. It can be particularly difficult for small farms to participate in this program.

    Some farm owners have objected to the costs of employing H-2A workers. Rollins has said that the Trump administration believes that the mandatory wages are too high.

    To be sure, these problems aren’t limited to agriculture. Hotels, restaurants and other hospitality businesses, which rely heavily on undocumented workers, can also temporarily employ some foreigners through the H-2B visa program – which is smaller than the H-2A program, limits the number of visas issued and is available only for jobs considered seasonal.

    Home health care providers and many other kinds of employers who rely on people who can’t legally work for them could also struggle. But so far, there is no temporary visa program available to help them fill those gaps.

    If the U.S. does deport millions of workers, the price of tomatoes, elder care, restaurant meals and roof repairs would probably rise substantially. A vast increase in the number of guest workers is a potential but partial solution, but it would multiply problems that are inherent in these temporary visa programs.

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

    – ref. Trump’s push for more deportations could boost demand for foreign farmworkers with ‘guest worker’ visas – https://theconversation.com/trumps-push-for-more-deportations-could-boost-demand-for-foreign-farmworkers-with-guest-worker-visas-259868

    MIL OSI –

  • MIL-OSI Banking: Phillips 66 Reports Second-Quarter Results

    Source: Phillips

    Reported second-quarter earnings of $877 million or $2.15 per share; adjusted earnings of $973 million or $2.38 per share; including $239 million of pre-tax accelerated depreciation on Los Angeles Refinery
    Operated at 98% capacity utilization in Refining with 86% clean product yield
    Completed Midstream acquisition of EPIC NGL, now renamed Coastal Bend
    Announced sale of 65% interest in our Germany and Austria retail marketing business
    Generated $845 million of net operating cash flow, $1.9 billion excluding working capital
    Returned $906 million to shareholders through dividends and share repurchases

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced second-quarter earnings.
    “Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy. During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield. Our results were made possible through disciplined execution and investment,” said Mark Lashier, chairman and CEO of Phillips 66.
    “We also continued our strong growth trajectory in Midstream, which generated approximately $1 billion of adjusted EBITDA following the acquisition of Coastal Bend. The Dos Picos II gas processing plant in the Midland Basin recently came online ahead of schedule and on budget. These assets further our stable earnings growth, enhance returns and increase shareholder value as we progress our wellhead-to-market strategy. Looking ahead, we are focused on organic Midstream growth as we advance toward our 2027 targets.”
    Financial Results Summary (in millions of dollars, except as indicated)

     

     

    2Q 2025

    1Q 2025

    Earnings

    $

    877

    487

    Adjusted Earnings (Loss)1

     

    973

    (368)

    Adjusted EBITDA1

     

    2,501

    736

    Earnings (Loss) Per Share

     

     

    Earnings Per Share – Diluted

     

    2.15

    1.18

    Adjusted Earnings (Loss) Per Share – Diluted1

     

    2.38

    (0.90)

    Cash Flow From Operations

     

    845

    187

    Cash Flow From Operations, Excluding Working Capital1

     

    1,920

    259

    Capital Expenditures & Investments

     

    587

    423

    Acquisitions, net of cash acquired

     

    2,220

    —

    Return of Capital to Shareholders

     

    906

    716

    Repurchases of common stock

     

    419

    247

    Dividends paid on common stock

     

    487

    469

    Cash and Cash Equivalents, including cash classified within Assets held for sale2

     

    1,144

    1,489

    Debt

     

    20,935

    18,803

    Debt-to-capital ratio

     

    42%

    40%

    Net debt-to-capital ratio1

     

    41%

    38%

    1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    2 Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

     

    Segment Financial and Operating Highlights (Millions of dollars, except as indicated)

     

     

    2Q 2025

    1Q 2025

    Change

    Earnings (Loss)1

    $

    877

    487

    390

    Midstream

     

    731

    751

    (20)

    Chemicals

     

    20

    113

    (93)

    Refining

     

    359

    (937)

    1,296

    Marketing and Specialties

     

    571

    1,282

    (711)

    Renewable Fuels

     

    (133)

    (185)

    52

    Corporate and Other

     

    (428)

    (376)

    (52)

    Income tax (expense) benefit

     

    (212)

    (122)

    (90)

    Noncontrolling interests

     

    (31)

    (39)

    8

     

     

     

     

    Adjusted Earnings (Loss)1,2

    $

    973

    (368)

    1,341

    Midstream

     

    731

    683

    48

    Chemicals

     

    20

    113

    (93)

    Refining

     

    392

    (937)

    1,329

    Marketing and Specialties

     

    660

    265

    395

    Renewable Fuels

     

    (133)

    (185)

    52

    Corporate and Other

     

    (383)

    (355)

    (28)

    Income tax (expense) benefit

     

    (283)

    78

    (361)

    Noncontrolling interests

     

    (31)

    (30)

    (1)

     

     

     

     

    Adjusted EBITDA2

    $

    2,501

    736

    1,765

    Midstream

     

    972

    885

    87

    Chemicals

     

    148

    244

    (96)

    Refining

     

    867

    (452)

    1,319

    Marketing and Specialties

     

    718

    315

    403

    Renewable Fuels

     

    (110)

    (162)

    52

    Corporate and Other

     

    (94)

    (94)

    —

     

     

     

     

    Operating Highlights

     

     

     

    Pipeline Throughput – Y-Grade to Market (MB/D)3

     

    956

    704

    252

    Chemicals Global O&P Capacity Utilization

     

    92%

    100%

    (8%)

    Refining

     

     

     

    Turnaround Expense4

     

    53

    270

    (217)

    Realized Margin ($/BBL)2

     

    11.25

    6.81

    4.44

    Crude Capacity Utilization

     

    98%

    80%

    18%

    Clean Product Yield

     

    86%

    87%

    (1%)

    Renewable Fuels Produced (MB/D)

     

    40

    44

    (4)

    1 Segment reporting is pre-tax.

     

     

     

    2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66’s direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

    4 Excludes turnaround expense of all equity affiliates.

     

     

     

    Second-Quarter 2025 Financial Results
    Reported earnings were $877 million for the second quarter of 2025 versus $487 million in the first quarter of 2025. Second-quarter earnings included pre-tax special item adjustments of $(89) million in the Marketing and Specialties segment, $(45) million impacting Corporate and Other and $(33) million in the Refining segment. Adjusted earnings for the second quarter were $973 million versus an adjusted loss of $368 million in the first quarter.

    Midstream second-quarter 2025 adjusted pre-tax income increased compared with the first quarter mainly due to higher volumes, largely driven by the acquisition of Coastal Bend, partially offset by seasonal maintenance expense and property taxes.

    Chemicals adjusted pre-tax income decreased mainly due to lower margins driven by lower sales prices.

    Refining adjusted pre-tax results increased mainly due to higher realized margins resulting from improved market crack spreads, as well as higher volumes and lower costs.

    Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins and volumes.

    Renewable Fuels pre-tax results improved primarily due to higher realized margins including inventory impacts, as well as increased credits.

    Corporate and Other adjusted pre-tax loss increased mainly due to higher net interest expense, partially offset by impacts from our investment in NOVONIX.

    As of June 30, 2025, the company had $1.1 billion of cash and cash equivalents and $3.7 billion of committed capacity available under credit facilities.
    Business Highlights and Strategic Priorities Progress

    Advanced NGL wellhead-to-market strategy by acquiring Coastal Bend and nearing completion of a related pipeline expansion project, expected to increase capacity from 175 MBD to 225 MBD

    Expanded natural gas gathering and processing capacity with the startup of Dos Picos II, a 220 MMCF/D plant in the Midland Basin

    Maintained disciplined operations in Refining and achieved $5.46 per barrel in Refining Adjusted Controllable Costs 1, excluding adjusted turnaround expense in the second quarter and $6.17 per barrel year-to-date

    Achieved a record year-to-date clean product yield of 87%, reflecting a 2% increase from the same period in 2024

    On track to cease operations at the Los Angeles Refinery, as well as complete the Germany and Austria transaction by year-end.

    1 Represents a non-GAAP financial measure. Reconciliations of non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    Investor Webcast
    Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s second-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings (loss) per share,” “adjusted controllable cost,” “cash from operations, excluding working capital,” “net debt-to-capital ratio,” and “realized refining margin per barrel.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
    References in the release to earnings refer to net income attributable to Phillips 66.
    Basis of Presentation— Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
    In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
    Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

    Earnings (Loss)

     

     

     

     

     

     

     

    Millions of Dollars

     

    2025

     

    2024

     

    2Q

    1Q

    Jun YTD

     

    2Q

    Jun YTD

    Midstream

    $

    731

     

    751

     

    1,482

     

     

    767

     

    1,321

     

    Chemicals

     

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Refining

     

    359

     

    (937

    )

    (578

    )

     

    302

     

    518

     

    Marketing and Specialties

     

    571

     

    1,282

     

    1,853

     

     

    415

     

    781

     

    Renewable Fuels

     

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Corporate and Other

     

    (428

    )

    (376

    )

    (804

    )

     

    (340

    )

    (662

    )

    Pre-Tax Income (Loss)

     

    1,120

     

    648

     

    1,768

     

     

    1,311

     

    2,275

     

    Less: Income tax expense (benefit)

     

    212

     

    122

     

    334

     

     

    291

     

    494

     

    Less: Noncontrolling interests

     

    31

     

    39

     

    70

     

     

    5

     

    18

     

    Phillips 66

    $

    877

     

    487

     

    1,364

     

     

    1,015

     

    1,763

     

     

     

     

     

     

     

     

    Adjusted Earnings (Loss)

     

     

     

     

     

     

     

    Millions of Dollars

     

    2025

     

    2024

     

    2Q

    1Q

    Jun YTD

     

    2Q

    Jun YTD

    Midstream

    $

    731

     

    683

     

    1,414

     

     

    753

     

    1,366

     

    Chemicals

     

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Refining

     

    392

     

    (937

    )

    (545

    )

     

    302

     

    615

     

    Marketing and Specialties

     

    660

     

    265

     

    925

     

     

    415

     

    722

     

    Renewable Fuels

     

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Corporate and Other

     

    (383

    )

    (355

    )

    (738

    )

     

    (340

    )

    (662

    )

    Pre-Tax Income (Loss)

     

    1,287

     

    (416

    )

    871

     

     

    1,297

     

    2,358

     

    Less: Income tax expense (benefit)

     

    283

     

    (78

    )

    205

     

     

    278

     

    504

     

    Less: Noncontrolling interests

     

    31

     

    30

     

    61

     

     

    35

     

    48

     

    Phillips 66

    $

    973

     

    (368

    )

    605

     

     

    984

     

    1,806

     

     

     

     

     

     

     

     

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2024

     

    2Q

    1Q

    Jun YTD

     

    2Q

    Jun YTD

    Reconciliation of Consolidated Earnings to Adjusted Earnings (Loss)

     

     

     

     

     

     

    Consolidated Earnings

    $

    877

     

    487

     

    1,364

     

     

    1,015

     

    1,763

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    21

     

    21

     

     

    224

     

    387

     

    Net (gain) loss on asset dispositions1

     

    89

     

    (1,085

    )

    (996

    )

     

    (238

    )

    (238

    )

    Legal accrual

     

    33

     

    —

     

    33

     

     

    —

     

    —

     

    Legal settlement

     

    —

     

    —

     

    —

     

     

    —

     

    (66

    )

    Professional advisory fees

     

    45

     

    —

     

    45

     

     

    —

     

    —

     

    Tax impact of adjustments2

     

    (40

    )

    200

     

    160

     

     

    13

     

    (10

    )

    Other tax impacts

     

    (31

    )

    —

     

    (31

    )

     

    —

     

    —

     

    Noncontrolling interests

     

    —

     

    9

     

    9

     

     

    (30

    )

    (30

    )

    Adjusted earnings (loss)

    $

    973

     

    (368

    )

    605

     

     

    984

     

    1,806

     

    Earnings per share of common stock (dollars)

    $

    2.15

     

    1.18

     

    3.32

     

     

    2.38

     

    4.10

     

    Adjusted earnings (loss) per share of common stock (dollars)

    $

    2.38

     

    (0.90

    )

    1.47

     

     

    2.31

     

    4.21

     

    Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands)

     

    407,934

     

    409,182

     

    409,012

     

     

    425,734

     

    429,003

     

     

     

     

     

     

     

     

    Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

     

     

     

     

     

     

    Midstream Pre-Tax Income

    $

    731

     

    751

     

    1,482

     

     

    767

     

    1,321

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    —

     

    —

     

     

    224

     

    283

     

    Net gain on asset dispositions1

     

    —

     

    (68

    )

    (68

    )

     

    (238

    )

    (238

    )

    Adjusted pre-tax income

    $

    731

     

    683

     

    1,414

     

     

    753

     

    1,366

     

    Chemicals Pre-Tax Income

    $

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Pre-tax adjustments:

     

     

     

     

     

     

    None

     

    —

     

    —

     

    —

     

     

    —

     

    —

     

    Adjusted pre-tax income

    $

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Refining Pre-Tax Income (Loss)

    $

    359

     

    (937

    )

    (578

    )

     

    302

     

    518

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    —

     

    —

     

     

    —

     

    104

     

    Legal settlement

     

    —

     

    —

     

    —

     

     

    —

     

    (7

    )

    Legal accrual

     

    33

     

    —

     

    33

     

     

    —

     

    —

     

    Adjusted pre-tax income (loss)

    $

    392

     

    (937

    )

    (545

    )

     

    (302

    )

    (615

    )

    Marketing and Specialties Pre-Tax Income

    $

    571

     

    1,282

     

    1,853

     

     

    415

     

    781

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Net (gain) loss on asset dispositions1

     

    89

     

    (1,017

    )

    (928

    )

     

    —

     

    —

     

    Legal settlement

     

    —

     

    —

     

    —

     

     

    —

     

    (59

    )

    Adjusted pre-tax income

    $

    660

     

    265

     

    925

     

     

    415

     

    722

     

    Renewable Fuels Pre-Tax Loss

    $

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Pre-tax adjustments:

     

     

     

     

     

     

    None

     

    —

     

    —

     

    —

     

     

    —

     

    —

     

    Adjusted pre-tax loss

    $

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Corporate and Other Pre-Tax Loss

    $

    (428

    )

    (376

    )

    (804

    )

     

    (340

    )

    (662

    )

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    21

     

    21

     

     

    —

     

    —

     

    Professional advisory fees

     

    45

     

    —

     

    45

     

     

    —

     

    —

     

    Adjusted pre-tax loss

    $

    (383

    )

    (355

    )

    (738

    )

     

    (340

    )

    (662

    )

     

     

     

     

     

     

     

    1. Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG in 1Q 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 we recognized a before-tax unrealized loss from foreign currency derivatives.

    2. We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2Q

    1Q

    Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66

     

     

    Net Income

    $

    908

     

    526

     

    Plus:

     

     

    Income tax expense

     

    212

     

    122

     

    Net interest expense

     

    230

     

    187

     

    Depreciation and amortization

     

    816

     

    791

     

    Phillips 66 EBITDA

    $

    2,166

     

    1,626

     

    Special Item Adjustments (pre-tax):

     

     

    Impairments

     

    —

     

    21

     

    Net (gain) loss on asset dispositions

     

    89

     

    (1,085

    )

    Legal accrual

     

    33

     

    —

     

    Professional advisory fees

     

    45

     

    —

     

    Total Special Item Adjustments (pre-tax)

     

    167

     

    (1,064

    )

    Change in Fair Value of NOVONIX Investment

     

    2

     

    15

     

    Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

    $

    2,335

     

    577

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    17

     

    18

     

    Proportional share of selected equity affiliates net interest

     

    15

     

    14

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    184

     

    187

     

    Adjusted EBITDA attributable to noncontrolling interests

     

    (50

    )

    (60

    )

    Phillips 66 Adjusted EBITDA

    $

    2,501

     

    736

     

     

     

     

    Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

     

     

    Midstream Income before income taxes

    $

    731

     

    751

     

    Plus:

     

     

    Depreciation and amortization

     

    260

     

    233

     

    Midstream EBITDA

    $

    991

     

    984

     

    Special Item Adjustments (pre-tax):

     

     

    Net gain on asset dispositions

     

    —

     

    (68

    )

    Midstream EBITDA, Adjusted for Special Items

    $

    991

     

    916

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    4

     

    3

     

    Proportional share of selected equity affiliates net interest

     

    3

     

    3

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    24

     

    23

     

    Adjusted EBITDA attributable to noncontrolling interests

     

    (50

    )

    (60

    )

    Midstream Adjusted EBITDA

    $

    972

     

    885

     

    Chemicals Income before income taxes

    $

    20

     

    113

     

    Plus:

     

     

    None

     

    —

     

    —

     

    Chemicals EBITDA

    $

    20

     

    113

     

    Special Item Adjustments (pre-tax):

     

     

    None

    —

     

    —

     

    Chemicals EBITDA, Adjusted for Special Items

    $

    20

     

    113

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    13

     

    13

     

    Proportional share of selected equity affiliates net interest

     

    (1

    )

    (1

    )

    Proportional share of selected equity affiliates depreciation and amortization

     

    116

     

    119

     

    Chemicals Adjusted EBITDA

    $

    148

     

    244

     

    Refining Income (loss) before income taxes

    $

    359

     

    (937

    )

    Plus:

     

     

    Depreciation and amortization

     

    443

     

    456

     

    Refining EBITDA

    $

    802

     

    (481

    )

    Special Item Adjustments (pre-tax):

     

     

    Legal accrual

     

    33

     

    —

     

    Refining EBITDA, Adjusted for Special Items

    $

    835

     

    (481

    )

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    —

     

    —

     

    Proportional share of selected equity affiliates net interest

     

    3

     

    2

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    29

     

    27

     

    Refining Adjusted EBITDA

    $

    867

     

    (452

    )

    Marketing and Specialties Income before income taxes

    $

    571

     

    1,282

     

    Plus:

     

     

    Depreciation and amortization

     

    33

     

    20

     

    Marketing and Specialties EBITDA

    $

    604

     

    1,302

     

    Special Item Adjustments (pre-tax):

     

     

    Net gain on asset disposition

     

    89

     

    (1,017

    )

    Marketing and Specialties EBITDA, Adjusted for Special Items

    $

    693

     

    285

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    —

     

    2

     

    Proportional share of selected equity affiliates net interest

     

    10

     

    10

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    15

     

    18

     

    Marketing and Specialties Adjusted EBITDA

    $

    718

     

    315

     

    Renewable Fuels Loss before income taxes

    $

    (133

    )

    (185

    )

    Plus:

     

     

    Depreciation and amortization

     

    23

     

    23

     

    Renewable Fuels EBITDA

    $

    (110

    )

    (162

    )

    Special Item Adjustments (pre-tax):

     

     

    None

     

    —

     

    —

     

    Renewable Fuels EBITDA, Adjusted for Special Items

    $

    (110

    )

    (162

    )

    Corporate and Other Loss before income taxes

    $

    (428

    )

    (376

    )

    Plus:

     

     

    Net interest expense

     

    230

     

    187

     

    Depreciation and amortization

     

    57

     

    59

     

    Corporate and Other EBITDA

    $

    (141

    )

    (130

    )

    Special Item Adjustments (pre-tax):

     

     

    Impairments

     

    —

     

    21

     

    Professional advisory fees

     

    45

     

    —

     

    Total Special Item Adjustments (pre-tax)

     

    45

     

    21

     

    Change in Fair Value of NOVONIX Investment

     

    2

     

    15

     

    Corporate EBITDA, Adjusted for Special Items and Change in
    Fair Value of NOVONIX Investment

    $

    (94

    )

    (94

    )

     

     

     

     

     

     

     

    Millions of Dollars
    Except as Indicated

     

    June 30, 2025

    March 31, 2025

    Debt-to-Capital Ratio

     

     

    Total Debt

    $

    20,935

     

    18,803

     

    Total Equity

     

    28,626

     

     

    28,353

     

    Debt-to-Capital Ratio

     

    42

    %

     

    40

    %

    Cash and Cash Equivalents, including cash classified within Assets held for sale1

     

    1,144

     

     

    1,489

     

    Net Debt-to-Capital Ratio

     

    41

    %

     

    38

    %

    1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2Q

    1Q

    Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

     

     

    Income (loss) before income taxes

    $

    359

     

    (937

    )

    Plus:

     

     

    Taxes other than income taxes

     

    94

     

    110

     

    Depreciation, amortization and impairments

     

    446

     

    457

     

    Selling, general and administrative expenses

     

    32

     

    46

     

    Operating expenses

     

    848

     

    1,074

     

    Equity in earnings of affiliates

     

    2

     

    105

     

    Other segment expense, net

     

    (47

    )

    (5

    )

    Proportional share of refining gross margins contributed by equity affiliates

     

    234

     

    141

     

    Special items:

     

     

    None

     

    —

     

    —

     

    Realized refining margins

    $

    1,968

     

    991

     

    Total processed inputs (thousands of barrels)

     

    152,005

     

    124,453

     

    Adjusted total processed inputs (thousands of barrels)*

     

    174,772

     

    145,559

     

    Income (loss) before income taxes (dollars per barrel)**

    $

    2.36

     

    (7.53

    )

    Realized refining margins (dollars per barrel)***

    $

    11.25

     

    6.81

     

    *Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

    **Income (loss) before income taxes divided by total processed inputs.

    ***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2Q

    1Q

    June YTD

    Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

     

     

     

    Turnaround expenses

    $

    53

     

    270

    323

     

    Other operating expenses

     

    795

     

    804

    1,599

     

    Total operating expenses

     

    848

     

    1,074

    1,922

     

    Selling, general and administrative expenses

     

    32

     

    46

    78

     

    Refining Controllable Costs

     

    880

     

    1,120

    2,000

     

    Plus:

     

     

     

    Proportional share of equity affiliate turnaround expenses1

     

    24

     

    27

    51

     

    Proportional share of equity affiliate other operating and SG&A expenses1

     

    161

     

    173

    334

     

    Total proportional share of equity affiliate operating and SG&A expenses1

     

    185

     

    200

    385

     

    Special item adjustments (pre-tax):

     

     

     

    Legal accrual

     

    (33

    )

    —

    (33

    )

    Refining Adjusted Controllable Costs

     

    1,032

     

    1,320

    2,352

     

     

     

     

     

    Total processed inputs (MB)

     

    152,005

     

    124,453

    276,458

     

    Adjusted total processed inputs (MB)2

     

    174,772

     

    145,559

    320,331

     

     

     

     

     

    Refining turnaround expense ($/BBL)3

     

    0.35

     

    2.17

    1.17

     

    Refining controllable costs, excluding turnaround expense ($/BBL)3

     

    5.44

     

    6.83

    6.07

     

    Refining Controllable Costs per Barrel ($/BBL)3

     

    5.79

     

    9.00

    7.24

     

     

     

     

     

    Refining adjusted turnaround expense ($/BBL)4

     

    0.44

     

    2.04

    1.17

     

    Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

     

    5.46

     

    7.03

    6.17

     

    Refining Adjusted Controllable Costs ($/BBL)4

     

    5.90

     

    9.07

    7.34

     

     

     

     

     

    1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

    2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

    3. Denominator is total processed inputs.

    4. Denominator is adjusted total processed inputs.

     

    Millions of Dollars

     

    Except as Indicated

     

    2024

    2023

    2022

    2021

    Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

     

     

     

     

    Turnaround expenses

    $

    484

     

    538

     

    772

     

    497

     

    Other operating expenses

     

    3,243

     

    3,707

     

    3,958

     

    3,663

     

    Total operating expenses

     

    3,727

     

    4,245

     

    4,730

     

    4,160

     

    Selling, general and administrative expenses

     

    209

     

    169

     

    152

     

    131

     

    Refining Controllable Costs

     

    3,936

     

    4,414

     

    4,882

     

    4,291

     

    Plus:

     

     

     

     

    Proportional share of equity affiliate turnaround expenses1

     

    68

     

    93

     

    118

     

    118

     

    Proportional share of equity affiliate other operating and SG&A expenses1

     

    626

     

    641

     

    721

     

    619

     

    Total proportional share of equity affiliate operating and SG&A expenses1

     

    694

     

    734

     

    839

     

    737

     

    Special item adjustments (pre-tax):

     

     

     

     

    Hurricane-related (costs) recovery

     

    —

     

    —

     

    21

     

    (40

    )

    Winter-storm-related costs

     

    —

     

    —

     

    —

     

    (17

    )

    Alliance shutdown-related costs

     

    —

     

    —

     

    (20

    )

    (32

    )

    Legal accrual

     

    (22

    )

    (30

    )

    —

     

    —

     

    Los Angeles Refinery cessation costs

     

    (44

    )

    —

     

    —

     

    —

     

    Refining Adjusted Controllable Costs

     

    4,564

     

    5,118

     

    5,722

     

    4,939

     

     

     

     

     

     

    Total processed inputs (MB)

     

    588,316

     

    607,958

     

    612,741

     

    638,145

     

    Adjusted total processed inputs (MB)2

     

    680,043

     

    685,435

     

    691,855

     

    715,780

     

     

     

     

     

     

    Refining turnaround expense ($/BBL)3

     

    0.82

     

    0.88

     

    1.26

     

    0.78

     

    Refining controllable costs, excluding turnaround expense ($/BBL)3

     

    5.87

     

    6.38

     

    6.71

     

    5.95

     

    Refining Controllable Costs per Barrel ($/BBL)3

     

    6.69

     

    7.26

     

    7.97

     

    6.72

     

     

     

     

     

     

    Refining adjusted turnaround expense ($/BBL)4

     

    0.81

     

    0.92

     

    1.29

     

    0.86

     

    Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

     

    5.90

     

    6.55

     

    6.98

     

    6.04

     

    Refining Adjusted Controllable Costs ($/BBL)4

     

    6.71

     

    7.47

     

    8.27

     

    6.90

     

     

     

     

     

     

    1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

    2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

    3. Denominator is total processed inputs.

    4. Denominator is adjusted total processed inputs.

    Source: Phillips 66

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Student with rare disorder graduates after nine years

    Source: Anglia Ruskin University

    Theo Hanson on the day of his ARU graduation ceremony

    Theo Hanson, an Anglia Ruskin University (ARU) student who suffers from a rare genetic disorder, is celebrating his graduation after first beginning his degree in 2016.

    Theo, 28, has lived with hereditary sensory neuropathy (HSN) all his life, leaving him unable to feel pain or touch. This lack of feeling in his body puts him at risk of accidental injury or infections.

    Despite the risks associated with his condition, his parents encouraged him to try and live independently, and he joined ARU in 2016 through Clearing.

    Theo, who lives in Cambridge, initially found that living away from home threw up challenges he had not anticipated. In 2018, his tutors encouraged him to take a year out and he flourished on rejoining ARU.

    He became a course representative and even took on a “parental” role to students during the Covid pandemic, helping students who were struggling with the restrictions.

    There were further personal and health challenges to overcome. The death of someone who helped look after him when he was young impacted Theo’s studies, and he needed to have his toes amputated due to a severe bone infection.

    However, Theo has now finally crossed the stage to formally receive his BA (Hons) degree in Computer Games Design – and he did so on the very same day his younger brother graduated from his degree in History at ARU.

    “Most people with HSN don’t even get to enter higher education, let alone to complete it. The main reason for that is that, by my age, they are usually too injured or impaired. Luckily, my version of the condition has manifested itself in a way that my brain function and level of injury is not as impaired or as severe as some others that have the condition.

    “There are two ways of dealing with someone like me, you either coddle them completely or, as my parents did, treat me like the rest of my brothers and I was encouraged to live independently. University seemed a natural step.

    “Finally finishing my degree feels incredible – I didn’t think I would ever get here. I have seen friends go on to become lecturers and I have had other friends come back to do a Masters.

    “Socially I have learned a lot. I lived in student accommodation and so I met new people every year, and the course was amazing. The lecturers were really helpful and always on hand to provide advice, and all the support staff too who helped me with submissions were lovely.”

    ARU Computer Games Design graduate Theo Hanson

    Theo has already had some of his work highlighted in PC Gamer magazine and following graduation, he’s keen to pursue work to improve accessibility in gaming.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Students win physics, maths medals

    Source: Hong Kong Information Services

    Two teams of Hong Kong students achieved outstanding results in the 55th International Physics Olympiad (IPhO 2025) and the 66th International Mathematical Olympiad (IMO 2025) by winning six gold medals, four silver and one bronze.

     

    The IPhO 2025, hosted by France, was held from July 18 to 24, with 415 students from 89 countries or regions taking part.

     

    The four gold medallists were Bill Fu from Inno Secondary School (Kowloon Tong), Edison Fu from Queen’s College, Lincoln Liu from Sha Tin College and Qiao Lok-hei from St Paul’s Co-educational College, while Garfield Leung from Evangel College took home silver.

     

    Meanwhile, the IMO 2025 was held in Australia from July 10 to 20. Among the 630 participating students from 110 countries or regions, the Hong Kong team won two gold medals, three silver medals and one bronze medal.

     

    Kwan Yung-ho from Diocesan Boys’ School and Lincoln Liu from Sha Tin College clinched the gold medal.

     

    The silver medal went to Chan Kwan-yu and Sze Long from St Paul’s Co-educational College and Jerry Xu from Victoria Shanghai Academy, while Chong Tsz-sing from Diocesan Boys’ School bagged a bronze medal.

     

    Secretary for Education Choi Yuk-lin congratulated the Hong Kong teams on their outstanding performance.

     

    Ms Choi said: “The impressive results achieved by the Hong Kong teams bear testament to the concerted efforts of the Government and various stakeholders in promoting STEAM (science, technology, engineering, the arts, and mathematics) and gifted education.”

     

    The Education Bureau will continue to strengthen the promotion of STEAM and gifted education in primary and secondary schools, and encourage the effective use of the school-based student talent pool to identify and nurture more students with talent, she added.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: The United Nations World Food Programme (WFP) concludes El Nino Emergency Drought Relief Response through the global humanitarian fund in Namibia

    Source: APO – Report:

    .

    The United Nations World Food Programme (WFP) in collaboration with partner organisations, has successfully wrapped up a critical a nine-month emergency response in support of the Government of Namibia’s Emergency Drought Response Plan to the El Niño-induced drought.

    With a contribution of US$3 million from the UN Central Emergency Response Fund (UN-CERF), WFP supported the government in delivering life-saving food and nutrition assistance to over 63,000 vulnerable people across Kavango East, Kavango West, and Omaheke regions between October 2024 and June 2025.

    In addition to food assistance, the project served as a platform for integrated service delivery. At food distribution sites, UNICEF provided outreach and basic health screenings for more than 83,500 people and facilitated referrals for malnourished children. UNFPA reached more than 22,400 people with Sexual and Reproductive Health (SRH) and Gender-Based Violence (GBV) services through daily mobile outreach in schools and communities. A community feedback mechanism system was also established, enabling affected populations to share their needs, concerns and suggestions to help shape and improve the response. 

    “This emergency response was about more than just delivering food, it was about restoring dignity and hope to communities hit hardest by the drought,” said Naouar Labidi, WFP Country Representative in Namibia. “Thanks to the generous support from UN-CERF and our collaboration with the Office of the Prime Minister and UN partners, namely the United Nations Children’s Fund (UNICEF) and the United Nations Population Fund (UNFPA), we reached tens of thousands of people with vital humanitarian assistance. But we also used this moment to invest in local capacity, strengthen partnerships, and helping communities build the resilience they need to face climate shocks.”

    The contribution from CERF allowed over 41,000 people (nearly 7000 households) to receive three rounds of food vouchers, enabling them to purchase essential items such as maize meal, canned fish and cooking oil from 25 participating retailers. This not only supported immediate needs, but also helped boost the local economy, laying the groundwork for longer-term resilience by supporting local businesses, creating employment opportunities, and strengthening local supply chains. At the same time, 22,000 children received hot and nutritious meals from 155 conveniently located soup kitchens.

    WFP remains committed to working closely with the Government of Namibia, UN agencies and partners to strengthen food systems, build community resilience and enhance emergency preparedness to future climate shocks.

    – on behalf of World Food Programme (WFP).

    MIL OSI Africa –

  • MIL-OSI Africa: Sahel Region: African Union Appoints Special Envoy

    Source: APO – Report:

    .

    The African Union’s (AU) appointment of Burundi’s president as its special envoy for the Sahel region strengthens the AU’s capacity to address the most pressing human rights challenges facing Mali, Burkina Faso and Niger, Human Rights Watch said today in a letter to President Evariste Ndayishimiye. 

    The appointment of Ndayishimiye on July 17, 2025, comes at a critical juncture in the Sahel, marked by increased threats to civilians caught in armed conflict, emboldened authoritarianism of the military juntas, and growing marginalization of independent institutions, including the AU and the Economic Community of West African States (ECOWAS). These dynamics have eroded the rule of law, widened impunity for serious human rights abuses, and left civilians increasingly vulnerable.

    “Despite Burundi’s very troubling human rights record, President Ndayishimiye has an opportunity to promote human rights and rights-based governance in the Sahel,” said Allan Ngari, Africa advocacy director at Human Rights Watch. “A failure to do so would signal a dangerous tolerance for authoritarianism under the guise of diplomacy.” 

    Ndayishimiye should make respect for human rights and the rule of law prominent in the AU’s approach to the Sahel and address the following major concerns:

    Islamist armed groups and government security forces continue to commit serious violations of international humanitarian law, including war crimes and possible crimes against humanity. As of mid-2025, the armed conflicts in the Sahel had killed at least tens of thousands of civilians, resulting in one of the world’s most acute humanitarian crises, forcing over three million people from their homes. 

    Since 2020, Mali, Burkina Faso and Niger have experienced military coups. The ruling military juntas have shown intolerance for political opposition and dissent. Civic and political space has shrunk as a crackdown on journalists, civil society activists, and opposition party members has increased, through arbitrary detention, enforced disappearances, and unlawful conscription. The military leaders of the three countries have solidified their power without elections, delaying the return to democratic civilian rule. 

    The authorities in Mali, Burkina Faso and Niger have ignored calls for accountability and failed to uphold their international legal obligations to investigate serious rights violations by their security forces, and hold those responsible accountable, allowing impunity to fester and emboldening the abusers. In 2025, the three countries officially left ECOWAS, depriving their citizens of the opportunity to seek justice for human rights violations through the ECOWAS Court of Justice.

    “The AU special envoy should open a meaningful dialogue with the authorities of Mali, Burkina Faso and Niger on their governments’ obligations to protect human rights,” Ngari said. “He should ensure that the AU’s strategy on the Sahel prioritizes the protection of civilians at risk, the need to respect civil and political rights, and the promotion of justice and accountability.”

    – on behalf of Human Rights Watch (HRW).

    MIL OSI Africa –

  • MIL-OSI Africa: Committee on Human Settlements Successfully Started Its Two-Day Oversight Visit in Garden Route District Municipality

    Source: APO – Report:

    .

    The Portfolio Committee on Human Settlements kick -started its two-day oversight visit to the municipalities in the Garden Route District Municipality in Knysna yesterday where it received briefings on the implementation of the Human Settlements Development Grant (HSDG), Informal Settlements and Upgrading Partnership Grant (ISUPG).

    The committee expressed its displeasure with the absence of the MEC for Human Settlements and the Head of the department who failed to communicate their apologies in advance.

    The committee also received briefings from the Western Cape Provincial Department of Human Settlements, Knysna Local Municipality, George Local Municipality, and Mossel Bay Local Municipality on the implementation of the human settlements’ strategic plans, projects and programmes.

    The committee expressed its disappointment to learn that a total budget of about R300 million, which was allocated to the municipalities during the 2024/25 financial year, had to be given to other provinces due to poor performance of the municipalities and R100 million of that amount was initially budgeted for HSDG.

    The Deputy Director-General of the National Department of Human Settlements, Dr Nana Mhlongo told the committee that the allocation of the budget to other provinces was due to the department’s due diligence in terms of monitoring performance within the province.

    The HSDG is a key funding mechanism for human settlements development, while ISUPG focuses on upgrading of informal settlements. These programmes are being implemented by the Garden Route District Municipality, and they include the development of new housing units, infrastructure upgrades, and the formalisation of informal settlements.

    Also, part of these programmes is the Integrated Human Settlements Strategic Plan that has been
    developed by the Garden Route District Municipality which incorporates George, Mossel Bay, and Knysna local municipalities. This plan aims to guide the coordinated development of human settlements, and to ensure alignment with national, provincial strategic goals and performance plans.

    Outlining the purpose of the visit, the Chairperson of the Portfolio Committee on Human Settlements, Mr Mammoga Seabi, highlighted the committee’s role regarding oversight over any executive organ of state that falls within its portfolio. He said: “This is in line with the mandate of the committee to undertake provincial oversight visits to evaluate progress made in the service delivery and to identify challenges.”

    The Chairperson said the committee undertook this oversight due to the need for the improvement of institutional capacity at the local municipal level and the lack of strong instruments for implementation in the district municipality. “These issues hinder service delivery, economic development, and overall community well-being,” he said.

    The committee heard that the Garden Route District Municipality faces challenges that include limited funding and implementation of non-human settlements related mandate in informal settlements upgrading, bulk infrastructure capacity constraints prevalence in most municipalities, municipal capacity challenges, lengthy statutory approval processes, lack of clear and coherent understanding, and response from stakeholders involved in upgrading process.

    The committee conducted site visits to the Knysna Bungalos, temporal relocation site and the houses built for the Knysna Bungalo beneficiaries. The committee was unhappy with the appalling state of the temporary structures and requested the municipality, provincial and national departments of human settlements to review the project and provide a report to the committee in 30 days.

    The committee will today conduct site visit in Mossel Bay as follows:

    • Site visits in Mossel Bay from 09:00 to 13:00 to Sinethemba Project, Breaking New Ground Project (New Rest), Mountain View First Home Finance Project, and Izinyoka Informal Settlements.
    • Site visits in George from 14:00 to 16:00 to projects: Moeggehuur Informal Settlements (Houtkapperjie), Syferfornein Project (ERF 325), Rosedale Informal Settlements, Metro Grounds and George Collapsed Building.

    – on behalf of Republic of South Africa: The Parliament.

    MIL OSI Africa –

  • MIL-OSI Africa: Urgent support needed as over 1.3 million war-displaced Sudanese begin to return home

    Source: APO – Report:

    .

    While conflict persists across much of Sudan, pockets of relative safety have emerged, and to date over 1 million internally displaced Sudanese have made their way home. A further 320,000 people have crossed back into Sudan since last year, mainly from Egypt and South Sudan, some to assess the current situation in the country before deciding to return.

    People are mainly going back to Khartoum, Sennar and Al Jazirah States, where the impact of more than two years of war is immense.

    Regional Directors from UNHCR and IOM recently visited Khartoum and witnessed widespread devastation and a chronic lack of services for its remaining inhabitants. These include thousands of internally displaced Sudanese, as well as refugees and asylum-seekers hosted in Sudan, many of whom had been completely cut off from assistance since the war began. The visits followed an earlier mission to Sudan in February by the UNDP Regional Director aimed at developing long-term solutions for internally displaced people and refugees to secure livelihoods and basic services.

    With humanitarian operations massively underfunded both inside Sudan and across neighbouring countries hosting those who fled, an urgent increase in financial support is needed. Humanitarian partners stress that recovery efforts must begin in areas that are becoming accessible and relatively safer. At the same time, funds are desperately needed to improve conditions for refugees in host countries.

    “More than evidence of people’s desire to return to their homeland, these returns are a desperate call for an end to the war so that people can come back and rebuild their lives,” said Mamadou Dian Balde, Regional Refugee Coordinator for the Sudan crisis, who has just returned from Khartoum and Wadi Halfa at the border with Egypt. “Not only do they mark a hopeful but fragile shift, they also indicate already stretched host countries under increasing strain. We urge stronger international solidarity with the Sudanese people uprooted by this horrifying war and with the countries that have opened their doors to them.”

    While fighting has subsided in the areas to which people are returning, conditions remain perilous. Public infrastructure – power supply lines, roads and drainage systems – have been completely destroyed. Schools and hospitals have been ruined or turned into collective shelters hosting displaced families. Lost or destroyed civil documents and the inability to replace them means people cannot access existing services. In addition to the dangers posed by unexploded ordnances, sexual violence and child rights violations are widespread.

    Speaking from Port Sudan immediately after his visit to Khartoum, IOM Regional Director Othman Belbeisi underlined the need to support returnees in their voluntary choice to return:

    “Those heading home are not passive survivors, they are vital to Sudan’s recovery. Yes, the humanitarian situation is dire, but with the right support, returnees can revive local economies, restore community life, and foster hope where it’s needed most. But they cannot do it alone. We must work alongside local partners to ensure that people return not to shattered systems, but to the foundations of peace, dignity, and opportunity. The thousands of people seeking to return home are driven by hope, resilience, and an enduring connection to their country. However, it is essential to emphasize that return must remain a voluntary, informed, and dignified choice.”

    “Anyone who’s been forced from home knows the overwhelming urge to return,” said UNDP Director of the Regional Bureau for Arab States, Abdallah Al Dardari. “But without urgent action, people will be coming back to cities that are in ruins. We are in a race against time to clear the rubble and provide water, power, and health care. We also need to offer longer-term support for jobs and businesses and to address the unseen damage of war, including with counselling and legal aid for women victims of violence.”

    Despite these returns, hundreds continue to flee both within Sudan and across its borders daily, due to ongoing conflict particularly in the Darfur and Kordofan regions. More than two years in, the people of Sudan have suffered enough and deserve an end to the fighting. A political solution to the crisis in Sudan must be found for a lasting peace that will allow people to fully return and rebuild their lives.

    – on behalf of United Nations High Commissioner for Refugees (UNHCR).

    MIL OSI Africa –

  • MIL-OSI Banking: Euro area economic and financial developments by institutional sector: first quarter of 2025

    Source: European Central Bank

    25 July 2025

    • Euro area net saving decreased to €799 billion in four quarters to first quarter of 2025, compared with €813 billion one quarter earlier
    • Household debt-to-income ratio decreased to 81.7% in first quarter of 2025 from 83.8% one year earlier
    • Non-financial corporations’ debt-to-GDP ratio (consolidated measure) decreased to 67.2% in first quarter of 2025 from 68.4% one year earlier
    • Share of net wealth held by wealthiest 10% of households stood at 57.3% in 2024, largely unchanged from previous years.

    Total euro area economy

    Euro area net saving decreased to €799 billion (6.5% of euro area net disposable income) in the four quarters to the first quarter of 2025 compared with €813 billion in the four quarters to the previous quarter. Euro area net non-financial investment was broadly unchanged at €441 billion (3.6% of net disposable income), due to broadly unchanged net investment of all sectors (see Chart 1 and Table 1 in the Annex).

    Euro area net lending to the rest of the world decreased to €388 billion (from €401 billion previously) reflecting the decreased net saving and broadly unchanged net non-financial investment. Non-financial corporations’ net lending decreased to €130 billion (1.1% of net disposable income) from €156 billion, while that of households increased to €598 billion (4.9% of net disposable income) from €588 billion. Financial corporations’ net lending (€123 billion, 1.0% of net disposable income) and general government net borrowing were broadly unchanged, the latter contributing negatively to euro area net lending (-€463 billion, -3.8% of net disposable income).

    Chart 1

    Euro area saving, investment and net lending to the rest of the world

    (EUR billions, four-quarter sums)

    Sources: ECB and Eurostat.

    * Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

    Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

    Households

    Household financial investment increased at a broadly unchanged annual rate of 2.5% in the first quarter of 2025. Among its components, investment in currency and deposits grew at an unchanged rate of 3.0%. Investment in debt securities increased at a lower rate (3.0%, after 8.2%), while investment in shares and other equity grew at a higher rate (2.3%, after 1.8%) – the latter mainly due to investment fund shares.

    Households purchased, in net terms, mainly debt securities issued by the rest of the world, general government, and other financial institutions (see Table 1 below and Table 2.2. in the Annex). Households were overall net sellers of listed shares, selling predominantly listed shares of MFIs, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area non-money market investment fund shares, and continued to purchase money market fund shares, while purchases of investment fund shares issued by the rest of the world decelerated.

    The household debt-to-income ratio[1] decreased, to 81.7% in the first quarter of 2025 from 83.8% in the first quarter of 2024. The household debt-to-GDP ratio decreased, to 51.2% in the first quarter of 2025 from 52.3% in the first quarter of 2024 (see Chart 2).

    Table 1

    Financial investment and financing of households, main items

    (annual growth rates)

    Financial transactions

    2024 Q1

    2024 Q2

    2024 Q3

    2024 Q4

    2025 Q1

    Financial investment*

    2.0

    2.3

    2.4

    2.4

    2.5

    Currency and deposits

    1.5

    2.3

    2.5

    3.0

    3.0

    Debt securities

    41.4

    29.8

    17.1

    8.2

    3.0

    Shares and other equity**

    0.2

    0.4

    0.9

    1.8

    2.3

    Life insurance

    0.0

    0.4

    1.3

    1.6

    1.7

    Pension schemes

    2.0

    1.8

    1.9

    1.8

    2.1

    Financing***

    0.9

    1.2

    1.2

    1.6

    1.8

    Loans

    0.6

    0.6

    0.9

    1.3

    1.7

    Source: ECB.

    * Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

    ** Includes investment fund shares.

    *** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

    Data for financial investment and financing of households (Table 1)

    Chart 2

    Debt ratios of households and NFCs

    (percentages of GDP)

    Sources: ECB and Eurostat.

    * Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
    ** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
    *** Outstanding amount of loan liabilities.

    Data for debt ratios of households and non-financial corporations (Chart 2)

    Developments in household wealth distribution in 2024

    The Distributional Wealth Accounts show that household net wealth continued to increase in 2024, while wealth inequality, as measured by the Gini coefficient of net wealth, has remained broadly unchanged in recent years (see Chart 3). The share of household net wealth held by the wealthiest 10% of households stood at 57.3% at the end of 2024, largely unchanged from previous years.

    Chart 3

    Household net wealth distribution and wealth inequality

    (left-hand scale: EUR trillions; right-hand scale: percentages)

    Sources: ECB.

    The growth in net wealth across the various household wealth groups was primarily driven by valuation effects of both financial and non-financial assets, while contribution of net saving was stable but lower. Since the fourth quarter of 2019, net wealth has risen substantially across all wealth groups, with increases of 32% for the bottom 50% of the wealth distribution, 24% for the next 40%, and 26% for the top 10%. The developments varied between different asset classes, resulting in distinct portfolio dynamics across household wealth groups (see Chart 4). A significant portion of overall net wealth growth – more than half in each wealth group – was driven by increases in housing wealth. For the bottom 50% of households, deposits were the second-largest contributor (+9 percentage points), with smaller contributions from other wealth components. Among the next 40% of households, deposits also made a positive contribution (+4 percentage points) to net wealth growth, though this was largely offset by the negative effect of increasing mortgages (-3 percentage points). For the wealthiest 10% of households, the growth in net wealth was also supported by significant increases in business wealth (+6 percentage points) and investment fund shares (+3 percentage points).

    Chart 4

    Contributions to growth of household net wealth between Q1 2019 and Q4 2024

    (percentage points, percentage change)

    Sources: ECB.

    Note: The left-hand scale measures the percentage growth of net wealth and the percentage point contributions to net wealth growth of all other legend items.

    Non-financial corporations

    Financial transactions

    2024 Q1

    2024 Q2

    2024 Q3

    2024 Q4

    2025 Q1

    Financing*

    0.8

    0.9

    1.0

    0.9

    1.3

    Debt securities

    2.0

    2.9

    2.5

    1.5

    1.6

    Loans

    1.6

    1.4

    1.4

    1.3

    2.0

    Shares and other equity

    0.3

    0.6

    0.6

    0.4

    0.5

    Trade credits and advances

    1.0

    2.0

    2.5

    3.6

    4.1

    Financial investment**

    1.7

    1.8

    2.0

    1.8

    2.0

    Currency and deposits

    0.2

    2.6

    1.7

    2.4

    2.1

    Debt securities

    10.9

    8.1

    3.9

    2.1

    4.1

    Loans

    3.9

    3.7

    3.2

    2.6

    2.8

    Shares and other equity

    1.1

    0.9

    1.2

    0.7

    0.4

    MIL OSI Global Banks –

  • MIL-OSI Banking: Monetary developments in the euro area: June 2025

    Source: European Central Bank

    25 July 2025

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 decreased to 3.3% in June 2025 from 3.9% in May, averaging 3.7% in the three months up to June. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, decreased to 4.6% in June from 5.1% in May. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) was -1.1% in June, compared with -0.1% in May. The annual growth rate of marketable instruments (M3-M2) decreased to 10.4% in June from 11.5% in May.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 2.9 percentage points (down from 3.2 percentage points in May), short-term deposits other than overnight deposits (M2-M1) contributed -0.3 percentage points (down from 0.0 percentage points) and marketable instruments (M3-M2) contributed 0.7 percentage points (down from 0.8 percentage points).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households decreased to 3.3% in June from 3.5% in May, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.5% in June from 2.7% in May. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 13.1% in June from 15.4% in May.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in June 2025, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: claims on the private sector contributed 2.6 percentage points (up from 2.4 percentage points in May), net external assets contributed 2.4 percentage points (down from 2.5 percentage points), claims on general government contributed 0.0 percentage points (down from 0.2 percentage points), longer-term liabilities contributed -1.1 percentage points (as in the previous month), and the remaining counterparts of M3 contributed -0.6 percentage points (down from -0.1 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 2.0% in June 2025, compared with 1.9% in the previous month. The annual growth rate of claims on general government decreased to 0.1% in June from 0.6% in May, while the annual growth rate of claims on the private sector increased to 2.7% in June from 2.5% in May.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 3.0% in June from 2.8% in May. Among the borrowing sectors, the annual growth rate of adjusted loans to households increased to 2.2% in June from 2.0% in May, while the annual growth rate of adjusted loans to non-financial corporations increased to 2.7% in June from 2.5% in May.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Global Banks –

  • MIL-OSI Russia: Launch from Vostochny: Russian scientists receive a new tool for studying the ionosphere

    Translation. Region: Russian Federal

    Source: Peter the Great St. Petersburg Polytechnic University –

    An important disclaimer is at the bottom of this article.

    On July 25, at 08:54 Moscow time, the Soyuz-2.1b launch vehicle with the Fregat upper stage was launched from the Vostochny Cosmodrome, which delivered two heliogeophysical spacecraft Ionosfera-M No. 3 and No. 4, as well as a group of 18 small space satellites, to their calculated orbits.

    The launch of the Ionosfera-M series satellites completed the formation of a group of four devices of the Ionozond space complex, which will monitor the geophysical environment to conduct fundamental scientific research and solve applied problems.

    The complex was created in the interests of the Russian Academy of Sciences and the Federal Service of Russia for Hydrometeorology and Environmental Monitoring. The Ionosfera-M satellites are designed for a comprehensive study of the upper layers of the Earth’s atmosphere. They will observe various physical processes in the ionosphere, including natural and man-made impacts, changes in electromagnetic fields, atmospheric composition, and ozone distribution. The data obtained will be used by Roshydromet in combination with ground-based observations. The Russian Academy of Sciences plans to conduct ground-space experiments to study the ionosphere’s response to natural phenomena such as hurricanes and volcanic eruptions.

    Also, 18 small satellites have been launched into orbit. Nine of them were created by Geoscan and will be engaged in photographing the Earth, tracking the movement of ships and aircraft, exploring near space and much more. Some of the devices are intended for educational purposes.

    Ivan Bortnik, Advisor to the General Director of the Foundation for Assistance to Innovations, highly appreciated the significance of today’s launch: “This is a great achievement for Roscosmos – the completion of the formation of the Ionosfera-M satellite group for research by our scientists, representatives of fundamental science. Also in this launch are many devices from private satellite-building companies. One of the devices from the Geoscan company is included inSpace Pi project, this is important for the Innovation Promotion Fund and for the Polytechnic University as the founder and leader of the project. This is the first of a series of satellites with which schoolchildren will be able to hunt for supernovae. We, as the Innovation Promotion Fund, held a competition and determined the winners who will begin to manufacture such devices; I hope that they will fly next year.”

    According to Ivan Bortnik, the nanosatellite “239Alferov” of the Presidential Physics and Mathematics Lyceum No. 239 and the Lyceum “Physics and Technology School named after Zh. I. Alferov” will open a new direction of the Space Pi project – the launch of target devices. This is the first of a series of satellites equipped with X-ray sensors that will hunt for supernovae. This will be possible thanks to the network of ground stations created by the company “Geoscan”, covering almost the entire territory of Russia.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI USA: California advances Bay-Delta Plan Update to restore ecosystem health and improve water supply reliability

    Source: US State of California 2

    Jul 24, 2025

    Governor Newsom praises the State Water Board for incorporating the Healthy Rivers and Landscapes Program into the Bay-Delta Plan

    What you need to know: The Newsom Administration’s innovative Healthy Rivers and Landscapes Program, which improves environmental conditions and provides more water supply certainty for California’s communities, farms, and businesses, is moving forward for consideration in the Bay-Delta Plan. This comes alongside a recent legislative proposal to streamline the adoption of water quality plans through new CEQA exemptions.

    SACRAMENTO – Today, the State Water Resources Control Board (State Water Board) proposed an update to its Bay-Delta Water Quality Control Plan that will help protect the Sacramento River, the Delta and associated tributaries (Sacramento/Delta) for generations to come and safeguard water supplies for millions of Californians. The new plan update will help maintain a strong balance between protecting precious ecosystems and ensuring the state can meet the needs of Californians. If adopted, the plan will update environmental science, restore tens of thousands of acres of habitat, and incorporate a groundbreaking program developed by the Newsom administration, creating voluntary agreements with water users, including municipal water agencies, agriculture, and other water rights holders. Advancing California’s Abundance Agenda, the Governor is also introducing a legislative proposal through a separate trailer bill to create new CEQA exemptions for water quality plans. 

    “I am proud to see the Healthy Rivers and Landscapes Program represented in this plan update — it’s a testament to California’s commitment to a collaborative, science-driven approach to managing our water for the benefit of our communities, economy, and fish and wildlife. However, our work is not yet done — I have proposed legislation to create a CEQA exemption for all Water Quality Control Plans that would accelerate the time it takes to get these critical plans done by removing unnecessary and redundant process requirements. We’re done with barriers and obstacles to our state’s success. We must work together to protect our natural resources for the benefit of the habitats and people of our state.”

    Governor Gavin Newsom

    The Newsom Administration, along with state, federal, and local leaders, developed the Healthy Rivers and Landscapes (HRL) Program as an innovative alternate approach to traditional regulatory requirements to improve environmental conditions while providing more water supply certainty to communities, farms, and businesses throughout California. Now, the program has advanced to the State Water Board for consideration as an implementation pathway in the Bay-Delta Plan.

    “The State Water Board’s draft plan update marks a crucial step toward safeguarding the Bay Delta’s water quality,” said California Environmental Protection Agency Secretary Yana Garcia. “By embracing collaborative, science-driven solutions, the board is actively ensuring a more sustainable water future for communities, ecosystems, and generations to come.” 

    The Bay-Delta Plan update now includes two regulatory pathways for water users:

    • A comprehensive Healthy Rivers and Landscapes Program, which would produce ecosystem benefits through a combination of flow and habitat projects.
    • A flow-only approach for those who are not parties to the HRL program. 

    Following a public comment period, the plan will advance before the State Water Board for final consideration.  The plan, developed with extensive public input, including public water agencies, environmental nonprofits, tribal partners, and local governments, is a win for all Californians.

    Streamlining Government to Work Better 

    The Bay-Delta Plan for the Sacramento/Delta has not been meaningfully updated since 1995. Continuing to operate under a plan that does not reflect the most current science, a growing population, or a changing climate is a disservice to California’s communities and ecosystems. In 2022, Governor Newsom brought together local, state, and federal partners to submit an actionable framework for the Voluntary Agreements, later named the Healthy Rivers and Landscapes Program, to the State Water Board.

    If adopted by the State Water Board, the HRL program would dedicate a large quantity of water to the environment and restore more than 45,000 acres of aquatic habitat for fish and other animals. In addition, Governor Newsom secured funding commitments totalling $2.9 billion to implement the HRL program over the next 8 years.

    “This program will improve the health of our rivers by both restoring river flows and revitalizing habitat,” said California Natural Resources Secretary Wade Crowfoot. “After all, fish and wildlife need both to thrive. It also improves coordination and collaboration among public agencies charged with improving river conditions and will enable real-time, science-based decision making that we desperately need to better manage our river systems.”

    “The Healthy Rivers and Landscapes Program will allow for a more collaborative and scientifically sound way to balance conflicting demands for water in an extremely complex watershed. We’re grateful to the State Water Board for embracing this approach as a potential pathway within their regulatory framework,” said California Department of Water Resources Director Karla Nemeth. “Working together, we will find new solutions to the old problem of balancing the needs of ecosystems and economies.”

    “The inclusion of voluntary agreements in the development of this plan will be a big win for California, and will help provide more opportunities for our partners across the state to support California’s irreplaceable fish populations and habitats,” said California Department Fish and Wildlife Director Charlton H. Bonham. “By focusing on the science of restoration, and prioritizing additional flows to support healthy habitats, we can ensure the best possible outcomes for California’s precious natural resources, now and in years to come.”

    Furthering the administration’s agenda to reduce barriers to progress and move projects that Californians need forward, Governor Newsom has also introduced trailer bill language to streamline the adoption of water quality control plans and create new exemptions for water projects under the California Environmental Quality Act (CEQA). This would expedite the potential adoption of the Bay-Delta Plan and the ecosystem benefits it would provide, while still allowing for vital public process and input.

    More information about the proposed Bay-Delta Plan update is available on the State Water Board’s website. 

    Press releases, Recent news

    Recent news

    Jul 24, 2025

    News Sacramento, California – Governor Gavin Newsom issued the following statement today on a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit striking down California’s ammunition background check law, which was passed by voters in 2016: Strong…

    Jul 23, 2025

    News What you need to know: Through Governor Newsom’s support of local government efforts and state investments, California is reversing decades of inaction on homelessness. Last year’s 2024 point-in-time count showed California had outperformed the nation by slowing…

    Jul 23, 2025

    News SACRAMENTO – Governor Gavin Newsom today approved the predeployment of firefighting resources in Nevada, Sierra, and Plumas counties in response to critical fire weather conditions forecasted to impact Northern California starting Wednesday, July 23, through…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom statement on the Ninth Circuit striking down one of California’s pivotal voter-approved gun safety laws

    Source: US State of California 2

    Jul 24, 2025

    Sacramento, California – Governor Gavin Newsom issued the following statement today on a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit striking down California’s ammunition background check law, which was passed by voters in 2016:

    Strong gun laws save lives – and today’s decision is a slap in the face to the progress California has made in recent years to keep its communities safer from gun violence. Californians voted to require background checks on ammunition and their voices should matter.

    Governor Gavin Newsom

    Most major polls show overwhelming bipartisan support for universal background checks and other gun safety measures, with support typically ranging from 85% to 90%. A 2023 Fox News poll found that 87% of American voters back criminal background checks for all gun buyers. In California, voters approved background checks for ammunition purchases in 2016 by a 63% to 36% margin.

    Recent news

    Jul 23, 2025

    News What you need to know: Through Governor Newsom’s support of local government efforts and state investments, California is reversing decades of inaction on homelessness. Last year’s 2024 point-in-time count showed California had outperformed the nation by slowing…

    Jul 23, 2025

    News SACRAMENTO – Governor Gavin Newsom today approved the predeployment of firefighting resources in Nevada, Sierra, and Plumas counties in response to critical fire weather conditions forecasted to impact Northern California starting Wednesday, July 23, through…

    Jul 23, 2025

    News What you need to know: The number of reported stolen vehicles in California has dropped by 13% – the first year-over-year decrease since before the pandemic. Sacramento, California – California continues to lead the way out of the COVID-induced crime surge, as…

    MIL OSI USA News –

  • MIL-OSI Africa: Northern Cape green energy potential could be ‘heartbeat’ of SA’s economy

    Source: Government of South Africa

    With its immense potential for renewable energy and green hydrogen production and export, the Northern Cape could become a key driver of South Africa’s energy transition and economic growth.

    This is according to President Cyril Ramaphosa who delivered remarks at the opening session of a Presidential engagement between the National Executive and the Provincial Executive of the Northern Cape.

    “I have said on a number of occasions that the Northern Cape is an economic pioneer and a frontier of innovation. Last year, there was a report published…that characterised the province as South Africa’s emerging powerhouse – quite literally.

    “The Northern Cape is at the forefront of the clean energy revolution and is experiencing a significant surge in power projects, notably solar and green hydrogen,” the President said.

    According to the African Green Hydrogen Alliance (AGHA) – which is made up of 10 African states, including South Africa – the green hydrogen industry has the potential to add between $66 billion and $126 billion to the Gross Domestic Product of the member countries over the next 25 years.

    Government is already working on capitalising on this with the Boegoebaai Port and Rail Development named as one of the top seven infrastructure priorities for 2025/26.

    “The province’s Green Hydrogen Masterplan is ambitious in both scope and potential – not just for the Northern Cape but for the national economy as well. It is also, a potential that can have an impact on SADC and even for our continent.

    “In recent months I, together with a number of members of the National Executive, …have participated in multilateral discussions and business forums where we have been articulating our vision of South Africa being a leader in the renewable energy revolution.

    “And to quote the [Pulitzer Centre] report, once the energy transition unfolds as envisaged, the Northern Cape could be the new heartbeat of the economy,” he said.

    The President noted the strides made in the province becoming an industrial hub.

    “This is supported by traditional industries like mining, but is being expanded through special economic zone development, industrial park development and major infrastructure developments, notably in port and rail,” he said.

    Resolving challenges

    President Ramaphosa acknowledged that while the province’s economy has been growing and creating jobs, “persistent challenges” remain.

    “National Treasury’s 2024 provincial socio-economic review points to an increase in the percentage of people living in poverty and…a drop in the number of households with access to basic services like water. Unemployment, especially youth unemployment, remains high.

    “Fiscal constraints are holding back a number of projects particularly at a municipal level, including for disaster response, asbestos eradication, land restitution, rural electrification and public housing.

    “Much as we look at the potential and the progress that is being made, these challenges are still casting a shadow on our way to much better development,” he said.

    To resolve some of these challenges, the President said government will have to find ways to “support high impact projects” in the vein of the Northern Cape Industrial Corridor, the province’s R1 billion housing programme and the Kimberley Big Hole precinct.

    “We will also need to find creative funding mechanisms for major projects…for instance the Boegoebaai Harbour project. That is a project that will turn the fortunes of our province around. 

    “We need an urgent relook at the current delivery model to enable regulatory approval and investment activation,” he said.

    The President emphasised that integrated planning between all three spheres of government “must involve State-owned enterprises as important stakeholders with significant capabilities”.

    This integration must also align with the Medium-Term Development Plan. 

    “We are keen to discuss how the province is addressing the issue of climate change and its state of readiness to respond to natural disasters.

    “Another challenge that we need to address is at the local government level…how we are able to improve our local government sphere and find ways of ensuring that this province is able to move up to a high level in terms of tourism.

    “There is latent potential in this province where we can actually exploit the number of endowments that the Northern Cape has,” President Ramaphosa said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

    The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

    “We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

    Quarterly Financial Performance

    Second Quarter 2025 versus Second Quarter 2024 highlights:

    • Return on average equity of 15.52%, compared to 14.19%
    • Return on average assets of 1.57%, compared to 1.37%
    • Tangible book value per share grew by $2.14, or 8%, to $27.48
    • Average loans grew by $194.8 million, or 4%, to $5.23 billion
    • Core deposits grew by $423.9 million, or 8%, to $6.03 billion
    • Net interest margin improved 25 basis points to 3.42% versus 3.17%
    • Net interest income increased by $6.6 million, or 14%
    • Provision expense of $3.0 million, compared to $8.5 million
    • Watch list loans as a percentage of total loans improved to 3.67% from 5.31%
    • Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million
    • Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%
    • Total risk-based capital ratio improved to 15.86%, compared to 15.53%
    • Tangible capital ratio improved to 10.15%, compared to 9.91%
    • Average equity increased by $58.0 million, or 9%

    Second Quarter 2025 versus First Quarter 2025 highlights:

    • Return on average equity of 15.52%, compared to 11.70%
    • Return on average assets of 1.57%, compared to 1.20%
    • Average loans grew by $43.7 million, or 1%, to $5.23 billion
    • Core deposits grew by $191.6 million, or 3%, to $6.03 billion
    • Net interest margin improved 2 basis points to 3.42% versus 3.40%
    • Net interest income increased by $2.0 million, or 4%
    • Pretax, pre-provision earnings increased $4.9 million, or 16%
    • Provision expense of $3.0 million, compared to $6.8 million
    • Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million
    • Watch list loans as a percentage of total loans improved to 3.67% from 4.13%
    • Common equity tier 1 capital ratio of 14.73%, compared to 14.51%
    • Total risk-based capital ratio of 15.86%, compared to 15.77%
    • Tangible capital ratio of 10.15%, compared to 10.09%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

    As announced on July 8, 2025, the board of directors approved a cash dividend for the second quarter of $0.50 per share, payable on August 5, 2025, to shareholders of record as of July 25, 2025. The second quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the second quarter of 2024.

    The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

    “Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

    Loan Portfolio

    Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

    Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

    Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

    “We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year-over-year basis and on a linked quarter basis.

    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024
    Retail $ 1,755,750   28.4 %   $ 1,787,992   30.0 %   $ 1,724,777   29.9 %
    Commercial   2,256,620   36.6       2,336,910   39.2       2,150,127   37.3  
    Public funds   2,014,047   32.6       1,709,883   28.7       1,727,593   30.0  
    Core deposits   6,026,417   97.6       5,834,785   97.9       5,602,497   97.2  
    Brokered deposits   150,416   2.4       125,409   2.1       161,040   2.8  
    Total $ 6,176,833   100.0 %   $ 5,960,194   100.0 %   $ 5,763,537   100.0 %
     

    Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

    The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

    On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

    Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

    On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

    Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

    “Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

    Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

    The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

    O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

    Asset Quality

    The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

    The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

    Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

    Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

    “We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

    Investment Portfolio Overview

    Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

    Noninterest Income

    The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

    Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

    “The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

    Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

    Noninterest Expense

    Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

    On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

    Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

    The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

    The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

    Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

     

    LAKELAND FINANCIAL CORPORATION
    SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
     
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30,
    END OF PERIOD BALANCES   2025       2025       2024       2025       2024  
    Assets $ 6,964,301     $ 6,851,178     $ 6,568,807     $ 6,964,301     $ 6,568,807  
    Investments   1,129,346       1,132,854       1,123,803       1,129,346       1,123,803  
    Loans   5,226,827       5,223,221       5,052,341       5,226,827       5,052,341  
    Allowance for Credit Losses   66,552       92,433       80,711       66,552       80,711  
    Deposits   6,176,833       5,960,194       5,763,537       6,176,833       5,763,537  
    Brokered Deposits   150,416       125,409       161,040       150,416       161,040  
    Core Deposits (1)   6,026,417       5,834,785       5,602,497       6,026,417       5,602,497  
    Total Equity   709,987       694,509       654,590       709,987       654,590  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   706,184       690,706       650,787       706,184       650,787  
    Adjusted Tangible Common
    Equity (2)    		   866,758       854,585       820,534       866,758       820,534  
    AVERAGE BALANCES                  
    Total Assets $ 6,904,681     $ 6,762,970     $ 6,642,954     $ 6,834,217     $ 6,598,711  
    Earning Assets   6,570,607       6,430,804       6,295,281       6,501,092       6,256,105  
    Investments   1,125,597       1,136,404       1,118,776       1,130,970       1,138,639  
    Loans   5,229,646       5,185,918       5,034,851       5,207,903       5,002,935  
    Total Deposits   6,096,504       5,874,725       5,819,962       5,986,227       5,725,196  
    Interest Bearing Deposits   4,852,446       4,616,381       4,589,059       4,735,066       4,472,693  
    Interest Bearing Liabilities   4,886,943       4,716,465       4,666,136       4,802,175       4,599,136  
    Total Equity   696,976       696,053       638,999       696,517       642,003  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 54,876     $ 52,875     $ 48,296     $ 107,751     $ 95,712  
    Net Interest Income-Fully Tax Equivalent   55,986       53,983       49,493       109,970       98,176  
    Provision for Credit Losses   3,000       6,800       8,480       9,800       10,000  
    Noninterest Income   11,486       10,928       20,439       22,414       33,051  
    Noninterest Expense   30,432       32,763       33,333       63,195       64,038  
    Net Income   26,966       20,085       22,549       47,051       45,950  
    Pretax Pre-Provision Earnings (2)   35,930       31,040       35,402       66,970       64,725  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 1.05     $ 0.78     $ 0.88     $ 1.83     $ 1.79  
    Diluted Net Income Per
    Common Share    		   1.04       0.78       0.87       1.82       1.78  
    Cash Dividends Declared Per Common Share   0.50       0.50       0.48       1.00       0.96  
    Dividend Payout   48.08 %     64.10 %     55.17 %     54.95 %     53.93 %
    Book Value Per Common Share (equity per share issued) $ 27.63     $ 26.99     $ 25.49     $ 27.63     $ 25.49  
    Tangible Book Value Per Common Share (2)   27.48       26.85       25.34       27.48       25.34  
    Market Value – High $ 62.39     $ 71.77     $ 66.62     $ 71.77     $ 73.22  
    Market Value – Low   50.00       58.24       57.59       50.00       57.59  
                       
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30,
    KEY RATIOS   2025       2025       2024       2025       2024  
    Basic Weighted Average Common Shares Outstanding   25,707,233       25,714,818       25,678,231       25,711,004       25,667,647  
    Diluted Weighted Average Common Shares Outstanding   25,776,205       25,802,865       25,742,871       25,782,817       25,746,773  
    Return on Average Assets   1.57 %     1.20 %     1.37 %     1.39 %     1.40 %
    Return on Average Total Equity   15.52       11.70       14.19       13.62       14.39  
    Average Equity to Average Assets   10.09       10.29       9.62       10.19       9.73  
    Net Interest Margin   3.42       3.40       3.17       3.41       3.16  
    Efficiency (Noninterest Expense/Net Interest Income
    plus Noninterest Income)    		   45.86       51.35       48.49       48.55       49.73  
    Loans to Deposits   84.62       87.64       87.66       84.62       87.66  
    Investment Securities to Total Assets   16.22       16.54       17.11       16.22       17.11  
    Tier 1 Leverage (3)   12.21       12.30       11.98       12.21       11.98  
    Tier 1 Risk-Based Capital (3)   14.73       14.51       14.28       14.73       14.28  
    Common Equity Tier 1 (CET1) (3)   14.73       14.51       14.28       14.73       14.28  
    Total Capital (3)   15.86       15.77       15.53       15.86       15.53  
    Tangible Capital (2)   10.15       10.09       9.91       10.15       9.91  
    Adjusted Tangible Capital (2)   12.17       12.19       12.18       12.17       12.18  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 1,648     $ 4,288     $ 1,615     $ 1,648     $ 1,615  
    Loans Past Due 90 Days or More   7       7       26       7       26  
    Nonaccrual Loans   30,627       57,392       57,124       30,627       57,124  
    Nonperforming Loans   30,634       57,399       57,150       30,634       57,150  
    Other Real Estate Owned   284       284       384       284       384  
    Other Nonperforming Assets   183       193       90       183       90  
    Total Nonperforming Assets   31,101       57,876       57,624       31,101       57,624  
    Individually Analyzed Loans   52,069       81,346       78,533       52,069       78,533  
    Non-Individually Analyzed Watch List Loans   139,548       134,218       189,726       139,548       189,726  
    Total Individually Analyzed and Watch List Loans   191,617       215,564       268,259       191,617       268,259  
    Gross Charge Offs   29,111       508       1,076       29,619       1,580  
    Recoveries   230       181       127       411       319  
    Net Charge Offs/(Recoveries)   28,881       327       949       29,208       1,261  
    Net Charge Offs/(Recoveries) to Average Loans   2.22 %     0.03 %     0.08 %     1.13 %     0.05 %
    Credit Loss Reserve to Loans   1.27       1.77       1.60       1.27       1.60  
    Credit Loss Reserve to Nonperforming Loans   217.25       161.04       141.23       217.25       141.23  
    Nonperforming Loans to Loans   0.59       1.10       1.13       0.59       1.13  
    Nonperforming Assets to Assets   0.45       0.84       0.88       0.45       0.88  
    Total Individually Analyzed and Watch List Loans to Total Loans   3.67 %     4.13 %     5.31 %     3.67 %     5.31 %
                       
                       
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30
    KEY RATIOS   2025       2025       2024       2025       2024,  
    OTHER DATA                  
    Full Time Equivalent Employees   675       647       653       675       653  
    Offices   54       54       53       54       53  
    (1 ) Core deposits equals deposits less brokered deposits.
    (2 ) Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3 ) Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.
       
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    ​ June 30,
    2025    		   December 31,
    2024
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 97,413     $ 71,733  
    Short-term investments   212,767       96,472  
    Total cash and cash equivalents   310,180       168,205  
    Securities available-for-sale, at fair value   996,957       991,426  
    Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)   132,389       131,568  
    Real estate mortgage loans held-for-sale   1,637       1,700  
    Loans, net of allowance for credit losses of $66,552 and $85,960   5,160,275       5,031,988  
    Land, premises and equipment, net   61,449       60,489  
    Bank owned life insurance   127,399       113,320  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   29,109       28,446  
    Goodwill   4,970       4,970  
    Other assets   118,516       124,842  
    Total assets $ 6,964,301     $ 6,678,374  
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,261,740     $ 1,297,456  
    Interest bearing deposits   4,915,093       4,603,510  
    Total deposits   6,176,833       5,900,966  
           
    Borrowings      
    Federal Home Loan Bank advance   1,200       0  
    Other borrowings   5,000     0  
    Total borrowings   6,200       0  
           
    Accrued interest payable   9,996       15,117  
    Other liabilities   61,285       78,380  
    Total liabilities   6,254,314       5,994,463  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024   130,664       129,664  
    Retained earnings   757,739       736,412  
    Accumulated other comprehensive income (loss)   (161,121 )     (166,500 )
    Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)   (17,384 )     (15,754 )
    Total stockholders’ equity   709,898       683,822  
    Noncontrolling interest   89       89  
    Total equity   709,987       683,911  
    Total liabilities and equity $ 6,964,301     $ 6,678,374  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
    ​ Three Months Ended June 30,   Six Months Ended June 30,  
    ​   2025     2024     2025     2024    
    NET INTEREST INCOME                
    Interest and fees on loans                
    Taxable $ 84,418   $ 84,226   $ 166,158   $ 166,268    
    Tax exempt   291     632     583     1,532    
    Interest and dividends on securities                
    Taxable   3,457     3,104     6,846     6,143    
    Tax exempt   3,917     3,932     7,827     7,879    
    Other interest income   2,302     1,842     3,426     2,948    
    Total interest income   94,385     93,736     184,840     184,770    
    ​ ​   ​   ​   ​  
    Interest on deposits   39,111     44,363     75,569     85,527    
    Interest on short-term borrowings   398     1,077     1,520     3,531    
    Total interest expense   39,509     45,440     77,089     89,058    
    ​ ​   ​   ​   ​  
    NET INTEREST INCOME   54,876     48,296     107,751     95,712    
    ​ ​   ​   ​   ​  
    Provision for credit losses   3,000     8,480     9,800     10,000    
    ​ ​   ​   ​   ​  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   51,876     39,816     97,951     85,712    
    ​ ​   ​   ​   ​  
    NONINTEREST INCOME                
    Wealth advisory fees   2,667     2,597     5,534     5,052    
    Investment brokerage fees   550     478     1,002     1,000    
    Service charges on deposit accounts   2,827     2,806     5,601     5,497    
    Loan and service fees   3,006     3,048     5,890     5,900    
    Merchant and interchange fee income   854     892     1,676     1,755    
    Bank owned life insurance income   1,040     890     1,362     1,926    
    Interest rate swap fee income   20     0     20     0    
    Mortgage banking income (loss)   124     23     73     75    
    Net securities gains (losses)   0     0     0     (46 )  
    Net gain on Visa shares   0     9,011     0     9,011    
    Other income   398     694     1,256     2,881    
    Total noninterest income   11,486     20,439     22,414     33,051    
    ​ ​   ​   ​   ​  
    NONINTEREST EXPENSE                
    Salaries and employee benefits   17,096     16,158     34,998     32,991    
    Net occupancy expense   1,747     1,698     3,727     3,438    
    Equipment costs   1,437     1,343     2,819     2,755    
    Data processing fees and supplies   4,152     3,812     8,417     7,651    
    Corporate and business development   1,160     1,265     2,566     2,646    
    FDIC insurance and other regulatory fees   839     816     1,639     1,605    
    Professional fees   1,706     2,123     4,086     4,586    
    Other expense   2,295     6,118     4,943     8,366    
    Total noninterest expense   30,432     33,333     63,195     64,038    
    ​ ​   ​   ​   ​  
    INCOME BEFORE INCOME TAX EXPENSE   32,930     26,922     57,170     54,725    
    Income tax expense   5,964     4,373     10,119     8,775    
    NET INCOME $ 26,966   $ 22,549   $ 47,051   $ 45,950    
    ​ ​   ​   ​   ​  
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,707,233     25,678,231     25,711,004     25,667,647    
    ​ ​   ​   ​   ​  
    BASIC EARNINGS PER COMMON SHARE $ 1.05   $ 0.88   $ 1.83   $ 1.79    
    ​                
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,776,205     25,742,871     25,782,817     25,746,773    
    ​                
    DILUTED EARNINGS PER COMMON SHARE $ 1.04   $ 0.87   $ 1.82   $ 1.78    
     

     

    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 717,484     13.7 %   $ 716,522     13.7 %   $ 697,754     13.8 %
    Non-working capital loans   776,278     14.9       807,048     15.5       828,523     16.4  
    Total commercial and industrial loans   1,493,762     28.6       1,523,570     29.2       1,526,277     30.2  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   552,998     10.6       623,905     12.0       658,345     13.0  
    Owner occupied loans   780,285     14.9       804,933     15.4       830,018     16.4  
    Nonowner occupied loans   869,196     16.6       852,033     16.3       762,365     15.1  
    Multifamily loans   477,910     9.1       339,946     6.5       252,652     5.0  
    Total commercial real estate and multi-family residential loans   2,680,389     51.2       2,620,817     50.2       2,503,380     49.5  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   150,934     2.9       156,112     3.0       161,410     3.2  
    Loans for agricultural production   188,501     3.6       227,659     4.3       199,654     4.0  
    Total agri-business and agricultural loans   339,435     6.5       383,771     7.3       361,064     7.2  
              ​            
    Other commercial loans   95,442     1.8       94,927     1.8       96,703     1.9  
    Total commercial loans   4,609,028     88.1       4,623,085     88.5       4,487,424     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   273,287     5.2       265,855     5.1       259,094     5.1  
    Open end and junior lien loans   226,114     4.4       217,981     4.2       197,861     3.9  
    Residential construction and land development loans   16,667     0.3       16,359     0.3       12,952     0.3  
    Total consumer 1-4 family mortgage loans   516,068     9.9       500,195     9.6       469,907     9.3  
      ​       ​            
    Other consumer loans   103,880     2.0       102,254     1.9       97,895     1.9  
    Total consumer loans   619,948     11.9       602,449     11.5       567,802     11.2  
    Subtotal   5,228,976     100.0 %     5,225,534     100.0 %     5,055,226     100.0 %
    Less:  Allowance for credit losses   (66,552 )         (92,433 )   ​     (80,711 )   ​
    Net deferred loan fees   (2,149 )         (2,313 )   ​     (2,885 )   ​
    Loans, net $ 5,160,275         $ 5,130,788     ​   $ 4,971,630     ​
     

     

    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Noninterest bearing demand deposits $ 1,261,740   $ 1,296,907   $ 1,212,989
    Savings and transaction accounts:          
    Savings deposits   283,976     293,768     283,809
    Interest bearing demand deposits   3,841,703     3,554,310     3,274,179
    Time deposits:          
    Deposits of $100,000 or more   584,165     602,577     776,314
    Other time deposits   205,249     212,632     216,246
    Total deposits $ 6,176,833   $ 5,960,194   $ 5,763,537
    FHLB advances and other borrowings   6,200     108,200     55,000
    Total funding sources $ 6,183,033   $ 6,068,394   $ 5,818,537
     

     

    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended June 30, 2025   Three Months Ended March 31, 2025   Three Months Ended June 30, 2024
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,204,006     $ 84,418   6.51 %   $ 5,160,031     $ 81,740   6.42 %   $ 4,993,270     $ 84,226   6.78 %
    Tax exempt (1)     25,640       359   5.62       25,887       361   5.66       41,581       783   7.57  
    Investments: (1)                                    
    Securities     1,125,597       8,416   3.00       1,136,404       8,338   2.98       1,118,776       8,082   2.91  
    Short-term investments     2,832       28   3.97       2,964       28   3.83       2,836       35   4.96  
    Interest bearing deposits     212,532       2,274   4.29       105,518       1,096   4.21       138,818       1,807   5.24  
    Total earning assets   $ 6,570,607     $ 95,495   5.83 %   $ 6,430,804     $ 91,563   5.77 %   $ 6,295,281     $ 94,933   6.07 %
    Less:  Allowance for credit losses     (93,644 )             (87,477 )             (74,166 )        
    Nonearning Assets                                    
    Cash and due from banks     66,713               71,004               64,518          
    Premises and equipment     61,280               60,523               58,702          
    Other nonearning assets     299,725               288,116               298,619          
    Total assets   $ 6,904,681             $ 6,762,970             $ 6,642,954          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 285,944     $ 43   0.06 %   $ 283,888     $ 42   0.06 %   $ 289,107     $ 48   0.07 %
    Interest bearing checking accounts     3,767,903       31,499   3.35       3,486,447       28,075   3.27       3,275,502       33,323   4.09  
    Time deposits:                                    
    In denominations under $100,000     208,770       1,745   3.35       212,934       1,832   3.49       217,146       1,871   3.47  
    In denominations over $100,000     589,829       5,824   3.96       633,112       6,509   4.17       807,304       9,121   4.54  
    Other short-term borrowings     33,297       398   4.79       99,830       1,122   4.56       77,077       1,077   5.62  
    Long-term borrowings     1,200       0   0.00       254       0   0.00       0       0   0.00  
    Total interest bearing liabilities   $ 4,886,943     $ 39,509   3.24 %   $ 4,716,465     $ 37,580   3.23 %   $ 4,666,136     $ 45,440   3.92 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,244,058               1,258,344               1,230,903          
    Other liabilities     76,704               92,108               106,916          
    Stockholders’ Equity     696,976               696,053               638,999          
    Total liabilities and stockholders’ equity   $ 6,904,681             $ 6,762,970             $ 6,642,954          
    Interest Margin Recap                                    
    Interest income/average earning assets         95,495   5.83 %         91,563   5.77 %         94,933   6.07 %
    Interest expense/average earning assets         39,509   2.41           37,580   2.37           45,440   2.90  
    Net interest income and margin       $ 55,986   3.42 %       $ 53,983   3.40 %       $ 49,493   3.17 %
    (1 ) Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
    (2 ) Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
    (3 ) Nonaccrual loans are included in the average balance of taxable loans.
       

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Six Months Ended
      Jun. 30, 2025   Mar. 31, 2025   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Total Equity $ 709,987     $ 694,509     $ 654,590     $ 709,987     $ 654,590  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   706,184       690,706       650,787       706,184       650,787  
    Market Value Adjustment in AOCI   160,574       163,879       169,747       160,574       169,747  
    Adjusted Tangible Common Equity   866,758       854,585       820,534       866,758       820,534  
                       
    Assets $ 6,964,301     $ 6,851,178     $ 6,568,807     $ 6,964,301     $ 6,568,807  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,960,498       6,847,375       6,565,004       6,960,498       6,565,004  
    Market Value Adjustment in AOCI   160,574       163,879       169,747       160,574       169,747  
    Adjusted Tangible Assets   7,121,072       7,011,254       6,734,751       7,121,072       6,734,751  
                       
    Ending Common Shares Issued   25,697,093       25,727,393       25,679,066       25,697,093       25,679,066  
                       
    Tangible Book Value Per Common Share $ 27.48     $ 26.85     $ 25.34     $ 27.48     $ 25.34  
                       
    Tangible Common Equity/Tangible Assets   10.15 %     10.09 %     9.91 %     10.15 %     9.91 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.17 %     12.19 %     12.18 %     12.17 %     12.18 %
                       
    Net Interest Income $ 54,876     $ 52,875     $ 48,296     $ 107,751     $ 95,712  
    Plus:  Noninterest Income   11,486       10,928       20,439       22,414       33,051  
    Minus:  Noninterest Expense   (30,432 )     (32,763 )     (33,333 )     (63,195 )     (64,038 )
    Pretax Pre-Provision Earnings $ 35,930     $ 31,040     $ 35,402     $ 66,970     $ 64,725  
     

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual and 2023 wire fraud loss insurance recoveries for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Six Months Ended
      Jun. 30, 2025   Mar. 31, 2025   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Noninterest Income $ 11,486     $ 10,928     $ 20,439     $ 22,414     $ 33,051  
    Less: Net Gain on Visa Shares   0       0       (9,011 )     0       (9,011 )
    Less: Insurance Recovery   0       0       0       0       (1,000 )
    Adjusted Core Noninterest Income $ 11,486     $ 10,928     $ 11,428     $ 22,414     $ 23,040  
                       
    Noninterest Expense $ 30,432     $ 32,763     $ 33,333     $ 63,195     $ 64,038  
    Less: Legal Accrual   0       0       (4,537 )     0       (4,537 )
    Adjusted Core Noninterest Expense $ 30,432     $ 32,763     $ 28,796     $ 63,195     $ 59,501  
                       
    Earnings Before Income Taxes $ 32,930     $ 24,240     $ 26,922     $ 57,170     $ 54,725  
    Adjusted Core Impact:                  
    Noninterest Income   0       0       (9,011 )     0       (10,011 )
    Noninterest Expense   0       0       4,537       0       4,537  
    Total Adjusted Core Impact   0       0       (4,474 )     0       (5,474 )
    Adjusted Earnings Before Income Taxes   32,930       24,240       22,448       57,170       49,251  
    Tax Effect   (5,964 )     (4,155 )     (3,261 )     (10,119 )     (7,414 )
    Core Operational Profitability (1) $ 26,966     $ 20,085     $ 19,187     $ 47,051     $ 41,837  
                       
    Diluted Earnings Per Common Share $ 1.04     $ 0.78     $ 0.87     $ 1.82     $ 1.78  
    Impact of Adjusted Core Items   0.00       0.00       (0.13 )     0.00       (0.16 )
    Core Operational Diluted Earnings Per Common Share $ 1.04     $ 0.78     $ 0.74     $ 1.82     $ 1.62  
                       
    Adjusted Core Efficiency Ratio   45.86 %     51.35 %     48.22 %     48.55 %     50.11 %
    (1 ) Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.
       


    Contact     Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI United Kingdom: Scotland gets £66 million transport boost as part of record Spending Review settlement

    Source: United Kingdom – Government Statements

    Press release

    Scotland gets £66 million transport boost as part of record Spending Review settlement

    Today (25 July) the Chancellor will visit Paisley to announce £66 million of investment in Scottish transport.

    • Chancellor Rachel Reeves announces millions for West of Scotland transport links and extra funding to explore upgrades to the A75.
    • Investment follows the Industrial Strategy which boosted Advanced Manufacturing clusters and the Spending Review which delivered a record settlement for Scottish public services.
    • Funding is part of Government’s plan to invest in the economy right across the UK.

    The investment will help workers access jobs in high growth sectors supercharged by the government’s modern Industrial Strategy and Spending Review.

    The UK Government is boosting investment across Scotland through two investment zones and multiple industrial sites from the North East of Scotland Investment Zone to the Prestwick Aerospace Cluster.

    This £66 million will work alongside these investments to fund three Scottish transport schemes and create direct links between towns and economic hubs in the West of Scotland.  

    Renfrewshire Council will get £38.7 million to link Paisley town centre with Advanced Manufacturing Innovation District Scotland (AMIDS) and Glasgow Airport. New walking, cycling, bus and car links will be built so local people can benefit from the growth of high value manufacturing in Renfrewshire. 

    Another £23.7 million will be given to North Ayrshire Council to upgrade the B714. This upgrade will see a much faster route between the Three Towns of Ardrossan, Saltcoats and Stevenston to Glasgow, and cut traffic in Kilwinning. The Chancellor prioritised finding this cash during last month’s Spending Review, which also saw billions invested in Scotland’s growth sectors.

    Chancellor of the Exchequer, Rachel Reeves said:

    We’re pledging billions to back Scottish jobs, industry and renewal – that’s why we’re investing in the major transport projects, including exploring upgrades to the A75, that local communities have been calling for.

    Whilst previous governments oversaw over a decade of decline of our transport infrastructure, we’re investing in Britain’s renewal. This £66 million investment is exactly what our Plan for Change is about, investing in what matters to you in the places that you live.

    Meanwhile, the Scottish Government will be given an extra £3.45 million to suggest upgrades to the A75 in Dumfries and Galloway.  The key road, which links the Cairnryan port serving Northern Ireland with the rest of the UK, is vital to UK connectivity and growing the economy. This new money comes on top of the up-to-£5 million announced at the Chancellor’s Autumn Budget 2024. 

    As part of a wider investment strategy in Scotland the Spending Review saw around £200 million committed to the Acorn Carbon Capture, Usage and Storage project, subject to business cases, and £8.3 billion confirmed for Great British Energy, strengthening Scotland’s position as the home of the UK’s clean energy revolution. 

    A multi-decade, multi-billion project to secure jobs at HM Naval Base Clyde was also kickstarted with an initial £250 million investment.

    Whilst in Scotland the Chancellor will also visit the Edinburgh Supercomputer, which will receive up to £750 million in UK Government funding, later on Friday. The funding, announced during the Chancellor’s Spending Review will ensure that Scotland becomes home to the UK’s most powerful Supercomputer, supporting Scottish research and development, and industry.

    The Spending Review delivered a record settlement for Scottish public services, with the Scottish Government’s largest settlement, in real terms, since devolution in 1998. Scottish Government’s settlement is growing in real terms between 2024-25 and 2028-29. This translates into an average of £50.9 billion per year between 2026-27 and 2028-29.

    Scotland Secretary, Ian Murray, said:

    This £66 million investment in Scotland’s roads demonstrates the UK Government’s commitment to improving infrastructure and driving economic growth in all parts of the UK as part of our Plan for Change. This investment will make a real difference to people’s daily lives and to the local economies of the South of Scotland, Ayrshire and Renfrewshire.

    New road links will connect Paisley town centre with Glasgow Airport and the new advanced manufacturing innovation district, to boost high value manufacturing in Renfrewshire. The upgrade to the B714 will speed up journeys between Glasgow and the three towns of Ardrossan, Saltcoats and Stevenston, as well as cutting traffic in Kilwinning. And the A75 is strategically important just not within but beyond Scotland. Its upgrading is long overdue. I am pleased that the UK Government has stepped up to fund the delivery of the A75 feasibility study in full.

    This investment is yet another example of how the UK Government is building the foundations for a stronger, more prosperous future that benefits communities right across Scotland.

    More information

    • As strategic roads in Scotland are the Scottish Government’s responsibility, any future upgrades to the A75 will be funded from the Scottish Government’s block grant. 
    • The Ayrshire and Renfrewshire projects are part of a £378m UK-wide Levelling Up Fund cash boost, upgrading transport links across Britain, which will also be announced today.
    • Building work on the LUF projects will be able to start as final business cases are given the green light by the Department for Transport.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK Space Commander speech on defence in the space domain

    Source: United Kingdom – Executive Government & Departments

    Speech

    UK Space Commander speech on defence in the space domain

    Transcript of the UK Space Commander’s address on defence in the space domain at the Royal United Services Institute.

    My thanks to RUSI and particularly Matt Savill for arranging today’s event.

    I am often told that the UK suffers a little ‘space blindness’ and that the understanding of the importance of space to our economy, prosperity, national security and defence is not well understood.

    Therefore, I am delighted, that on the back of a clear articulation of the importance of space, and associated risks and threats in recently published UK strategies, we have an opportunity today to delve deeper.    

    From geopolitics to technology and the evolving nature of warfare, the world is changing more rapidly than at any time for decades.

    Ladies and gentlemen, as we stand on the brink of a new space age, the importance of outer space in global affairs has never been more evident. No longer just a frontier for scientific exploration, space is now a domain of strategic, economic, and political competition. 

    The global space economy is on track to surpass $1 trillion by 2035.

    18%, or £450 billion – that’s about a fifth – of the UK’s economy is underpinned by space-based services. 

    The UK employs fifty thousand space professionals and generates about £19 billion in growth. 

    Conversely, loss of GPS would cost the economy about £7 billion a week.

    Given these facts the UK has designated space a Critical National Infrastructure sector. 

    Closer to home in Defence, we can no longer assume superiority in space. The increasing counterspace threat now means that gaining control of the Space Domain, at a time and place of our choosing, is a necessary first step to protecting the force from adversary space and delivering vital space effects, such as positioning, navigation and timing (PNT), satellite communications (SATCOM), and intelligence, surveillance and reconnaissance (ISR) to our own forces. 

    Put simply, the integrated force can’t understand, move, communicate, or fight without assured space delivered effects.

    Space literally fuels our way of life and underpins our way of war. 

    This national dependency on space is increasingly being held at risk by space risks and threats.

    Risks include space weather and, of course, congestion:

    The dramatic reduction in launch costs have seen the democratisation of space. There are now over 80 space faring nations. 

    To bring the challenge to life for you: UK Space Command tracks about 45,000 objects in orbit, including about 9000 satellites. We have seen about 150 launches so far this year and 3 satellite or rocket bodies deorbit and re-enter the earth’s atmosphere daily.  

    The threat is also growing — in scale, in sophistication, and in speed.

    Over the past year, China has conducted close-proximity operations, deployed dual-use inspector satellites, and integrated kinetic, directed-energy, AI, and cyber tools into a formidable counterspace arsenal.

    There are now 20 counterspace systems in geostationary equatorial orbit (GEO), and over 200 in low earth orbit (LEO) — ready, rehearsed, and operational.

    This is not an emerging threat — it is here, now, and active.

    So what must be done?

    Well, I’d posit that the UK must now be more assertive in defending our national interests and our freedom of action in space.

    Access is no longer enough. We must be able to control space, defend our assets, and — if required — deny its use to hostile actors.

    Passive resilience is insufficient. We require persistent domain awareness and credible counterspace capabilities if we are to deter, endure a first strike, and, if necessary, fight through and win.

    No one wants a war in space, and it is certainly not inevitable.

    But we must be clear eyed about these challenges to our vital national interests.

    Equally though, we must be optimistic and excited by the strategic opportunity that space affords the UK.

    I’m pleased to say we are making progress…

    We have been working across Government as ‘One Space’ to align on priorities and re-establish effective governance.  The Cabinet Office has led efforts to cohere a One Space enterprise, set national objectives and prioritise capability investment choices to maximise finite resources, and, dare I say it, prevent sideways energy.

    Over the last year, UK Space Command has launched the UK’s first military satellite in 13 years, we’ve opened a state-of-the-art National Space Operations Centre, we’ve invested over £300 million in satellites and software and accelerated operational integration – we have seen a 300% rise in space outputs from all our units.   

    Moreover, the recently published Strategic Defence Review, National Space Strategy and Industrial Strategy have elevated space to the heart of national strategy. 

    They collectively recognise that we urgently need to build a modern, agile, and resilient infrastructure for both the defence and civil space enterprise. One capable of meeting the threats, mitigating the risks, preparing for the challenges and seizing the opportunities.

    Chapter 7.5 of the Strategic Defence Review marks a turning point. It elevates space to parity with the traditional domains — recognising it as the keystone of modern, multi-domain operations.

    It issues a clear strategic imperative: to build a resilient, hybrid, and integrated UK space enterprise — one able to deter threats, assure critical services, and deliver strategic advantage in an increasingly hostile domain.

    It sets out three priorities:

    Firstly, space control:

    We will invest in Space Domain Awareness capabilities, Command and Control at levels of classification and counterspace systems, both on-orbit and on Earth.

    Secondly, Decision Advantage.

    SATCOM and data relays are fundamental to understanding the battlespace and communicating decisions effectively.

    Finally, Sense to enable ‘Understand’ and ‘Strike’ functions. Space-based ISR to globally see and target with precision.

    And as has been trailed, all of this will be enabled by a Digital Targeting Web.

    We are not going to do this alone. Space is the ultimate team sport. So, being clear on what needs to be nationally separable capabilities – to assure effects and provide us strategic autonomy – and what we can collaborate on with allies, and access through commercial, is seminal to our force design.  

    We recognise that to keep pace with the threats and technology we need to move much faster and exploit commercial industry.

    To achieve the right hybrid architecture, the Strategic Defence Review also recommends that the National Armaments Director prioritises a Space Portfolio to help us:    

    • Innovate at scale;
    • Better embrace commercial practices;
    • Learn from models like Taskforce Kindred;
    • Pick winners – spreading bets is for those that haven’t done the work to prioritise.
    • And focus on volume and velocity, not process.

    UK investment in space will not only provide the military with the capability we need to support the integrated force, become a space leader in NATO and support our allies, but it will also enable us to protect and defend our vital national interests, and, critically, it will drive growth into our economy. 

    So let me try and bring all that together.

    As our dependency increases and space becomes increasingly contested and congested, and as we deepen our understanding of the myriad hazards on orbit, the UK remains committed to ensuring we retain the freedom to operate in, through and from space.

    This is critical to our economy and prosperity, and our ability, as individuals as much as a nation, to understand, communicate, navigate, and, in Defence’s case, fight. 

    Defence is contributing to a wholesale transformation of Britain’s space approach.

    And events like today will be critical to success, to improve national space IQ and bring to life the risks, threats and to seize the opportunities.  

    We must treat the UK’s space blindness.

    Defence must be more assertive in defending our national interests and our freedom of action in space.

    Access is no longer enough. We must be able to control space, defend our assets and — if required — deny its use to hostile actors.

    Passive resilience is insufficient. We require persistent domain awareness and credible counterspace capabilities if we are to deter, endure a first mover strike, and, only if necessary, fight through and win.

    The Strategic Defence Review, the National Security Strategy, and the Industrial Strategy provide the ends of UK space ambition.

    Now we must define — and deliver — the ways and means.

    We know what the right-hand side of the slide looks like, we now need to chart a coherent and resourced course from where we are to where we want to be by 2035.  

    As one space enterprise, across civil, military, and commercial domains.

    The direction is clear. The time is now. The cost of inaction is rising.

    To secure the UK’s future as a competitive space power by 2035 – our ambition must be matched by boldness, urgency, investment, and, above all else, leadership.     

    Thank you.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: US-led coalition forces raid northern Syria

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    DAMASCUS, July 25 (Xinhua) — U.S.-led coalition forces carried out a helicopter-backed raid in northern Syria early Thursday and captured a senior Islamic State (IS) commander along with several others, local media reported.

    Three coalition helicopters were circling low over the town of al-Bab, in eastern Aleppo province, while special forces surrounded a neighborhood and stormed a residential building, private television channel Syria TV reported.

    The identity of the detained ISIS commander has not yet been revealed. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Analysis: Beijing’s ‘plausible deniability’ on arms supply is quickly becoming implausible – and could soon extend to Iran

    Source: The Conversation – Global Perspectives – By Linggong Kong, Ph.D. Candidate in Political Science, Auburn University

    Could longtime allies have a closer relationship than meets the eye? Thomas Peter/Pool Photo via AP

    China has long maintained that it does not supply arms to any party at war – a central tenet of its “noninterference” foreign policy. But in recent years, Beijing has repeatedly faced accusations of doing the opposite: providing direct military assistance to nations engaged in conflict, while publicly denying doing so and even adopting a position of diplomatic neutrality.

    That has seemingly been the case for two of China’s closest allies: Russia in its war against Ukraine and Pakistan during its recent armed standoff with India in May.

    Now, Beijing is facing scrutiny over alleged military links to Iran – a country engaged in a long-running shadow conflict with Israel that recently tipped into a short-lived hot war.

    After the ceasefire that followed the 12-day war in the Middle East, China reportedly supplied batteries for surface-to-air missiles to Iran in exchange for oil. Such parts are a critical military need for Tehran after its air defense network was severely damaged by Israeli missiles.

    The Chinese Embassy in Israel denied the reports, stating that China firmly opposes the proliferation of weapons of mass destruction and does not export arms to countries at war. But China’s Ministry of Foreign Affairs has yet to issue an official statement on the alleged transfer.

    As an expert specializing in China’s grand strategy, I think it is highly possible that China would offer Iran military support while denying it publicly. Such plausible deniability would allow Beijing to assert military influence and showcase some of its hardware, while deflecting international criticism and preserving diplomatic flexibility.

    But the tactic works only so far. As indirect evidence accumulates, as many suggest it is, such covert action may gradually develop into an open secret – leading to what scholars term “implausible deniability,” where denial is no longer credible even if it is still officially maintained.

    An air-to-air missile on display at the 15th China International Aviation and Aerospace Exhibition in November 2024.
    Shen Ling/VCG via Getty Images

    China’s support for Russia’s war

    Although Beijing has consistently said it is neutral in the Russia-Ukraine war that broke out in 2022, China has, in practice, quietly supported Russia. In part, that is because China shares the same strategic goal of challenging the Western-led international order.

    Recently, Chinese Foreign Minister Wang Yi reportedly told European Union foreign policy chief Kaja Kallas that Beijing cannot afford to see Russia lose the war in Ukraine. He was said to have warned that a Russian defeat would likely bring the full force of U.S. strategic pressure to bear on China.

    From Beijing’s perspective, Moscow plays a vital role in keeping the West preoccupied, offering China valuable strategic breathing room by diverting American attention and resources away from the Asia-Pacific region.

    Beyond deepening trade relations that have become a lifeline for Moscow’s economy under Western sanctions, China has reportedly supplied Russia with large quantities of dual-use goods – goods that can be used for civilian and military purposes – to enhance both Moscow’s offensive and defensive capabilities, as well as to boost China’s military-industrial production. Beijing has also allegedly provided satellite imagery to assist Russia on the battlefield.

    While the U.S. and Europe have repeatedly tried to call out China for aiding Russia militarily, Beijing has consistently denied such claims.

    Most recently, on April 18, 2025, Ukraine formally accused China of directly supporting Russia and slapped sanctions on three Chinese-based firms that Kyiv said was involved in weapons production for the Russian war effort.

    In what has become a common refrain, China’s Foreign Ministry rejected the Ukrainian accusation, reaffirming that China has never provided lethal weapons to any party in the conflict and reiterating its official stance of promoting a ceasefire and peace negotiations.

    A Chinese Foreign Ministry spokesperson gestures for questions during a daily briefing in Beijing in 2020.
    AP Photo/Ng Han Guan

    China’s quiet backing of Pakistan

    Beijing has long presented itself as a neutral party in the India-Pakistan conflict, too, and has called for restraint on both sides and urged peaceful dialogue.

    But in practice, China is allied with Pakistan. And the direct military support it has provided to Lahore appears driven by China’s desire to curb India’s regional influence, counterbalance the growing U.S.–India strategic partnership and protect the China–Pakistan Economic Corridor, a massive bilateral infrastructure project.

    In the latest flare-up between India and Pakistan in May, Pakistan deployed Chinese-made J-10C fighter jets in combat for the first time, reportedly downing five Indian aircraft.

    Pakistan’s air defense relied heavily on Chinese equipment during the short conflict, deploying Chinese-made surface-to-air missile systems, air-to-air missiles, advanced radar systems and drones for reconnaissance and strike operations. Overall, more than 80% of Pakistan’s military imports have come from China in the past five years.

    In what would be a far more stark example of military support if proven true, the deputy chief of India’s army alleged that China had provided Pakistan with real-time intelligence on Indian troop movements during the conflict.

    When asked to respond, a spokesperson for China’s Ministry of Foreign Affairs said they had no knowledge of the matter. They reaffirmed that China’s ties with Pakistan are not directed against any third party and reiterated Beijing’s long-standing position in favor of a peaceful resolution to any India–Pakistan dispute.

    Extending ‘deniability’ to Iran?

    Like with Russia and Pakistan, Iran has increasingly been seen as a partner to China.

    In 2021, China and Iran signed a 25-year, US$400 billion comprehensive cooperation agreement that covered trade, energy and security, signaling the depth of their strategic relationship.

    The accord was indicative of the strategic value Beijing places on Iran. From Beijing’s perspective, Tehran presents a counterbalance to the influence of the U.S. and its allies – especially Israel and Saudi Arabia – in the region and helps divert Western resources and attention away from China.

    But recently, Tehran’s position in the region has become far weaker. Not only has its air defense infrastructure suffered badly in the confrontations with Israel, but its regional proxies and allies – Hamas, Hezbollah and the Assad regime in Syria – have either been devastated by Israel or collapsed altogether.

    Smoke rises over Tehran, Iran, following an Israeli strike on June 23, 2025.
    Nikan/Middle East Images/AFP via Getty Images

    Under these circumstances, it is strategically compelling for Beijing to provide support to Tehran in order to maintain regime stability.

    Indeed, Beijing has frequently circumvented sanctions on Iranian energy, with an estimated 90% of Iran’s oil exports still going to China.

    Although Beijing did not extend any substantive support to Iran during the 12-day war, reports have abounded since that Iran is looking to China as an alternative supplier of its defense needs. The thinking here is that Russia, Tehran’s traditional military partner, is no longer able to provide sufficient, quality defense equipment to Iran. Some influential social media posters in China have gone as far as advocating for direct military sales by Beijing.

    If China does do this, I believe it is likely to follow the same playbook it has used elsewhere by denying involvement publicly while covertly providing assistance.

    Doing so allows China to maintain diplomatic ties with Iran’s regional rivals, such as Israel and Saudi Arabia, while simultaneously benefiting from a turbulent Middle East that distracts Washington and grants Beijing strategic breathing room.

    China’s use of plausible deniability reflects a broader strategic ambition. Namely, it wants to assert influence in key regional conflicts without triggering open backlash. By quietly supporting partners while maintaining a facade of neutrality, Beijing aims to undermine Western dominance, stretch U.S. strategic focus and secure its own interests – and all while avoiding the risks and responsibilities of open military alignment.

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

    – ref. Beijing’s ‘plausible deniability’ on arms supply is quickly becoming implausible – and could soon extend to Iran – https://theconversation.com/beijings-plausible-deniability-on-arms-supply-is-quickly-becoming-implausible-and-could-soon-extend-to-iran-261148

    MIL OSI Analysis –

  • MIL-OSI Asia-Pac: Home and Youth Affairs Bureau announces second-term service arrangements for District Services and Community Care Teams

    Source: Hong Kong Government special administrative region – 4

    As the first-term service agreements for the District Services and Community Care Teams are coming to an end between late September and mid-October 2025, after reviewing the Care Teams’ service outcomes and resource utilisation, the Home and Youth Affairs Bureau (HYAB) today (July 25) announced the arrangements for the services in the second term of the Care Teams.

    Since the full launch in the third quarter of 2023, Care Teams have been providing caring services to residents in various sub-districts in accordance with their service agreements. As a key component of the Government’s efforts to enhance district governance, Care Teams, together with the District Councils and the “three district committees”, form a well-defined and synergistic “troika” governance structure. By consolidating community resources, Care Teams deliver diversified caring and support services to enhance people’s sense of well-being and fulfilment, while continuously strengthening the collaboration mechanism with the District Councils and the “three district committees” to comprehensively enhance service effectiveness through co-ordinated efforts.

    The Secretary for Home and Youth Affairs (SHYA), Miss Alice Mak, said, “Care Teams in all sub-districts have nearly completed their services in accordance with the key performance indicators (KPIs). Some teams have even exceeded the requirements. In terms of resource utilisation, Care Teams adhere to the principle of making optimal use of community and government resources, consolidating community efforts to promote diverse caring services and activities. We are confident that all 452 Care Teams will meet or even surpass the KPIs by the end of the first-term service period.”

    Miss Mak added, “Care Teams have established a solid service foundation in the community. The second-term services will be optimised in three key directions: seamless continuity, tailored to district needs, and deeper and broader services. To ensure uninterrupted services and leverage the established service networks from the first term, the Government will invite the current operating organisations to consider continuing their services in the sub-districts.”

    Miss Mak continued, “The HYAB has assessed the service coverage and demographic changes in each sub-district and will make appropriate refinements to the service boundaries. Sha Ta (North District), due to its extensive coverage, will be split into two sub-districts to enhance service efficiency. Meanwhile, Sheung Shui Rural (North District) and Hang Hau West (Sai Kung District) will each add a new team in response to continued population growth. In addition, the boundaries of six sub-district clusters will be fine-tuned to better align services with local needs. With these adjustments, the total number of Care Teams will increase from 452 to 455.”

    Miss Mak noted, “The Government expects Care Teams to fully utilise the additional resources to deepen and broaden their services. The Home Affairs Department will work closely with relevant government departments to provide training for Care Team members and volunteers, covering practical skills such as emergency response, communication skills and health support, enabling them to better equip themselves to serve and care for the community.”

    District Offices will first invite existing operating organisations to submit proposed project plans for the second term. For the three new sub-districts and any individual teams unable to continue their services for various reasons, District Offices will invite the previously shortlisted organisations to submit proposals. All proposed project plans and related forms must reach the respective District Offices by August 15, 2025 (Friday).

    The proposed project plans will be reviewed by the District Assessment and Coordinating Panels on Care Teams led by the District Officers. The results will then be submitted to the Territory-wide Assessment and Steering Group on Care Teams chaired by the SHYA for final approval.
    ​
    As announced by the Chief Executive in the 2024 Policy Address, the Government will regularise Care Teams and increase funding by 50 per cent in the next term of service in support of their work. By the end of the second quarter of 2025, Care Teams have visited about 530 000 elderly households and other households in need, provided about 76 000 times of basic home or other support services, and organised about 38 000 district-level activities. The performance of Care Teams has been witnessed by the community. During emergencies and incidents (including the fire at New Lucky House in Jordan, the massive power cut in Wong Tai Sin, and the emergency water outage in Tung Chung), Care Teams have swiftly mobilised members and volunteers to attend to the needs of affected individuals and provide them with appropriate assistance. Care Teams have also achieved remarkable results in assisting in policy promotion, including collaboration with the Police to promote anti-fraud messages and supporting the Department of Health in disseminating messages about disease prevention.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Scheme of Smart and Green Mass Transit System in Kai Tak gazetted

    Source: Hong Kong Government special administrative region – 4

         The Government published in the Gazette today (July 25) the scheme for the Smart and Green Mass Transit System in Kai Tak (SGMTS-KT) in accordance with the Railways Ordinance (Cap. 519).
     
         The SGMTS-KT is about 3.5 kilometres long with six stations. The termini will be connected to the Kai Tak Cruise Terminal and MTR Kai Tak Station respectively, with intermediate stations at Shing King Street, Kai Tak Sky Garden, Shing Fung Road Park and Kai Tak Sports Park, serving a population and visitors of around 50 000 residing and working in the area.
     
         A Government spokesman said, “The SGMTS-KT will connect the former runway area of Kai Tak to the existing MTR Kai Tak Station, strengthening the connectivity among residential and commercial developments as well as tourism, cultural and recreational, sports and community facilities within the area, while connecting with the existing railway network. To be operated in elevated mode and separated from at-grade traffic, the system will not be affected by road traffic conditions. Depending on the system to be adopted eventually, the estimated journey time from the Kai Tak Cruise Terminal to MTR Kai Tak Station will be about 10 minutes.”
     
         The Government has collected public views on the SGMTS-KT earlier through multiple channels, including consultations with the Kowloon City District Council and the Task Force on Kai Tak Harbourfront Development of the Harbourfront Commission, and exchanging views with relevant Legislative Council Members and stakeholders. It is targeted to award the contract in 2026 with a view to commissioning the system in 2031.
     
         Under the Railways Ordinance, members of the public may object to the scheme in relation to the SGMTS-KT from today until September 23, 2025. Additionally, any person who has a compensable interest can claim compensation under the provisions of the Ordinance.
     
         The scheme and relevant plans are viewable on the Civil Engineering and Development Department (CEDD) website (www.cedd.gov.hk/eng/our-projects/major-projects/index.html). They are also available for public inspection during office hours at the Central & Western Home Affairs Enquiry Centre; the Kowloon City Home Affairs Enquiry Centre; and the District Lands Office, Kowloon East. A copy of the scheme and the plans may be purchased from the CEDD. For details, please call the CEDD at 3842 7116.

    MIL OSI Asia Pacific News –

  • MIL-OSI: No Credit Check Loans “Guaranteed Approval” Searches Surge: RadCred Launches Bad‑Credit Loan Soft‑Pull for Borrowers with Poor Credit Scores

    Source: GlobeNewswire (MIL-OSI)

    Glendale, California, July 25, 2025 (GLOBE NEWSWIRE) — RadCred, an online loan marketplace (not a lender), today announced an expanded soft‑pull pre‑qualification flow for Americans aggressively searching “no credit check loans guaranteed approval.” The upgraded experience connects applicants only to state‑ or tribal‑licensed direct lenders, shows APR, fees, total repayment, and estimated funding speed up front, and can enable same‑day loans when verification and bank cut‑offs permit. Final approval, APRs, loan amounts, and timing vary by lender, income, and state law.

    Google Trends indicates sustained growth in intent phrases including no credit check loans, online loans no credit check, payday loan online no credit check, 1 hour payday loans no credit check, and online payday loans for bad credit all signals that borrowers with poor or sub‑580 credit scores are seeking faster, softer‑impact paths to funding. RadCred’s marketplace reframes those risky search terms into licensed, transparent, soft‑pull comparisons that reduce confusion and help consumers avoid unlicensed or predatory operators.

    Why No Credit Check Loans” Searches are Spiking

    Rising living costs, volatile gig‑economy income, and tighter bank underwriting have squeezed household budgets. The Federal Reserve’s most recent Survey of Household Economics and Decisionmaking (SHED) again shows many adults would struggle to cover a $400 emergency without borrowing, selling assets, or leaning on credit cards. In that gap, searches for payday loans online, online loans for bad credit, payday loans online same day, same‑day payday loans, $255 payday loans online same day, and small payday loans online no credit check continue to climb.

    Unfortunately, many of the pages ranking for those phrases over‑promise with “instant” or “guaranteed” language that licensed lenders simply cannot make.

    Why $500 Loans Dominate Financial Searches in 2025

    In 2025, $500 loans sit at the sweet spot between urgent need and realistic repayment. Inflation has pushed routine surprises car repairs, utility reconnections, insurance deductibles, last‑minute travel squarely into the $300–$700 band, and many households still report they’d struggle to cover even a $400 bill without borrowing. Add gig‑economy income volatility, tighter bank underwriting, and thin or sub‑580 credit files, and it’s clear why consumers are typing queries like “no credit check loans,” “payday loans online same day,” and “$255 payday loans online same day.”

    A $500 principal is small enough to be approved quickly (often via a soft‑pull pre‑qualification) yet large enough to bridge the month without stacking multiple advances. Marketplaces like RadCred translate those high‑intent searches into licensed, transparent offers whether a short‑term payday advance or a multi‑payment installment plan so borrowers can compare APR, total repay, and funding speed before committing, rather than accepting opaque, rollover‑heavy terms at a storefront.

    What is No Credit Check Loans and What  does it really Means 

    In everyday advertising, “no credit check loans” (often phrased as “online loans no credit check” or “payday loans online no credit check guaranteed approval”) suggests you can borrow money without anyone looking at your credit  and that approval is automatic. In regulated lending, that’s not accurate.

    Here’s what it actually means when you see the term used responsibly:

    • Soft credit inquiry first. Legitimate marketplaces like RadCred let you pre‑qualify with a soft pull, so you can view potential rates and terms without an immediate impact on your FICO score.
    • Verification still happens. Before funding, licensed direct lenders typically run a hard inquiry, verify your identity, review income/bank deposits, and assess ability to repay.
    • No true “guaranteed approval.” At best, it indicates a high preliminary match rate for eligible applicants, not a universal yes.
    • State law controls what’s offered. Some states cap APRs or restrict payday‑style products; compliant platforms filter out unlicensed or prohibited offers automatically.

    How RadCred’s No Credit Check Loans Marketplace Works

    RadCred is an online loan marketplace not a lender. It turns that no credit check loans into a compliant, transparent process that starts with a soft credit inquiry (so viewing offers won’t immediately affect your score) and ends with licensed, clearly priced options from direct lenders only. Here’s the flow:

    1. Soft‑pull pre‑qualification
      You complete a short, mobile‑friendly form. RadCred runs a soft inquiry to let you preview rates, terms, and amounts (e.g., small emergency loans such as $255) without an immediate FICO impact.
    2. ZIP‑code licensing filter
      The platform automatically filters out unlicensed or prohibited products, showing only state‑ or tribal‑licensed lenders that can legally serve your location.
    3. Income‑first matching
      Lenders assess real cash flow (pay stubs, benefits, bank deposits) and alternative datahelpful for online loans for bad credit or thin credit files.
    4. Transparent offer cards
      Each matched offer discloses APR, fees, total repayment, term length, and estimated funding speed including same day funding when verification and bank cut‑offs allow.
    5. E‑sign, verify, and fund
      If you accept an offer, the lender may conduct a hard credit pull and request documents before issuing funds via ACH.
    6. Secure handling & compliance
      RadCred employs encryption and vetting standards, while lenders set all final approval, APR, amount, and timing in line with federal, state, or tribal law.

    Step‑by‑step Guide to Apply for Bad credit loans Instant Approval without Hurting Credit Score

    1. Check your credit reports for errors before applying—especially if you’re considering payday loans online, online loans for bad credit, or small payday loans online no credit check.
    2. Pre‑qualify on RadCred with a soft credit check (often marketed as online loans no credit check) to preview direct lenders only offers for same day loans, online payday loans for bad credit, or installment options without an immediate FICO impact.
    3. Compare APRs, fees, and total repay—not just the monthly payment across payday loans online same day, bad credit payday loan options, and multi‑payment installment plans.
    4. Upload verification documents (pay stubs, bank‑deposit screenshots) if you accept an offer most licensed lenders require this before funding, even when ads say “1 hour payday loans no credit check.”
    5. E‑sign all disclosures (Truth‑in‑Lending, state notices) so you fully understand costs, terms, and any state limits tied to no credit check loans search results.
    6. Receive funds—often the same day when verification clears early and bank cut‑offs permit; popular amounts include $255 payday loans online same day and other small online loans.
    7. Repay on schedule (many lenders allow early payoff with no penalty), which can help you avoid rollovers and, when reported, may support rebuilding credit after using payday loans or other emergency products.

    What U.S. Borrowers Are Really Using Quick Loans For in 2025 — RadCred Research

    RadCred’s 2025 research shows most quick‑loan requests are small, urgent stopgaps not long‑term financing.

    • Rent or mortgage gaps
    • Utility shut‑off notices
    • Car repairs to stay working
    • Medical/dental bills & prescriptions
    • Covering bank overdrafts/fees
    • Emergency travel for family needs
    • Childcare or school expenses
    • Insurance deductibles after accidents

    What U.S. Borrowers Want Before Applying for “No Credit Check” Loans—and How RadCred Solves It

    What people want

    • No hit to their credit score just to see offers (soft check first, not a hard pull)
    • Clear costs up front — APR, fees, total they’ll pay back, and due dates
    • Real speed — honest timelines for same‑day funding (no empty “instant” promises)
    • Licensed, legit lenders only (legal in their state)
    • Small, emergency amounts (often $255–$500) and longer installment options when needed
    • Easy, secure online process with strong data protection
    •  Straight talk on what “no credit check” and “guaranteed approval” really mean

    How RadCred solves it

    • Uses a soft credit check so you can compare offers without hurting your score
    • Shows only state‑ or tribal‑licensed direct lenders that can legally lend to you
    • Puts APR, fees, total repayment, term, and funding speed on every offer car
    • Matches based on income and bank deposits, helping people with bad credit or thin files
    • Can fund the same day when verification clears and bank cut‑offs allow
    • Protects your info with bank‑grade encryption and vetted partners
    • Explains that a hard pull may happen only if you accept an offer—no “guaranteed approval” hype
    •  Points to safer alternatives (credit‑union PALs, credit‑builder loans) when they make more sense

    How Does Instant No Credit Check Loans Process Works

    It starts with a quick, mobile‑first application. You enter basic details income source, active checking account, employment or benefits status, and contact info on the RadCred marketplace. Instead of triggering a hard inquiry, RadCred begins with a no credit check loan, which is what most people mean when they search “no credit check loans” or “payday loans online same day.”

    After you submit, RadCred’s engine instantly routes your request only to state‑ or tribal‑licensed direct lenders that operate legally in your ZIP code. Within minutes, you may see multiple online loans for bad credit offers including small payday loans online no credit check amounts such as $255 payday loans online same day presented side by side with APR, fees, total repay, term length, and estimated funding speed.

    If you choose an offer, you finish directly with the lender. At that point, the lender may run a hard inquiry and request verification documents (pay stubs, bank‑deposit screenshots, ID). Approved loans can fund the same day (or next business day) via ACH, depending on verification speed and bank cut‑offs often as fast as ads promising “1 hour payday loans no credit check.”

    Crucially, RadCred is not a lender; it’s a compliant connector that converts risky search terms into transparent, licensed choices. Approval, APR, loan amount, and timing always vary by lender, income, and state law so you can compare first, then decide what’s affordable.

    FAQ

    Will applying through RadCred hurt my credit?
    Pre‑qualification uses a soft credit inquiry, which does not affect your score. A hard pull may follow if you accept and finalize an offer.

    How fast can I receive funds?
    Some lenders can fund the same day once verification clears and bank cut‑offs allow; later submissions often fund next business day.

    Are “no credit check loans” legal in every state?
     No. Some states cap APRs, restrict payday‑style products, or prohibit them. RadCred’s licensing filter hides offers not permitted in your ZIP code.

    What APRs should I expect with a sub‑580 score?
    APRs vary widely by state, lender, and risk. Sub‑prime loans typically carry higher rates compare total repay before committing.

    Can on‑time payments help my credit?
     Potentially. Some lenders report repayment to credit bureaus, which can help improve a thin or damaged file when payments are made on time.

    Conclusion

    As searches for “no credit check loans guaranteed approval” surge, RadCred offers a compliant alternative: soft‑pull pre‑qualification, licensed direct lenders only, transparent APR and fee disclosures, and same day payday loan funding potential all designed to give borrowers with poor credit scores (580 or below) a clearer, safer way to access emergency cash.

    About RadCred

    RadCred is an online loan marketplace for no credit check guaranteed approval , not a lender. The platform connects U.S. consumers to a vetted network of state‑licensed and tribal direct lenders offering payday, installment, and emergency personal loans typically from $255 to $5,000. RadCred emphasizes income‑first underwriting, soft‑pull access, encrypted processing, and clear cost disclosures to expand responsible access to small‑dollar credit for underserved borrowers.

    Disclaimer

    RadCred is not a lender and does not make credit decisions. Loan approval, APR, fees, loan amounts, and funding speed are determined solely by participating lenders and governed by applicable federal, state, or tribal law. Offers begin with a soft inquiry; a hard credit pull may occur before funding. Not all applicants will qualify. Borrow responsibly—only what you can comfortably repay.

    The MIL Network –

  • MIL-OSI: No Credit Check Loans “Guaranteed Approval” Searches Surge: RadCred Launches Bad‑Credit Loan Soft‑Pull for Borrowers with Poor Credit Scores

    Source: GlobeNewswire (MIL-OSI)

    Glendale, California, July 25, 2025 (GLOBE NEWSWIRE) — RadCred, an online loan marketplace (not a lender), today announced an expanded soft‑pull pre‑qualification flow for Americans aggressively searching “no credit check loans guaranteed approval.” The upgraded experience connects applicants only to state‑ or tribal‑licensed direct lenders, shows APR, fees, total repayment, and estimated funding speed up front, and can enable same‑day loans when verification and bank cut‑offs permit. Final approval, APRs, loan amounts, and timing vary by lender, income, and state law.

    Google Trends indicates sustained growth in intent phrases including no credit check loans, online loans no credit check, payday loan online no credit check, 1 hour payday loans no credit check, and online payday loans for bad credit all signals that borrowers with poor or sub‑580 credit scores are seeking faster, softer‑impact paths to funding. RadCred’s marketplace reframes those risky search terms into licensed, transparent, soft‑pull comparisons that reduce confusion and help consumers avoid unlicensed or predatory operators.

    Why No Credit Check Loans” Searches are Spiking

    Rising living costs, volatile gig‑economy income, and tighter bank underwriting have squeezed household budgets. The Federal Reserve’s most recent Survey of Household Economics and Decisionmaking (SHED) again shows many adults would struggle to cover a $400 emergency without borrowing, selling assets, or leaning on credit cards. In that gap, searches for payday loans online, online loans for bad credit, payday loans online same day, same‑day payday loans, $255 payday loans online same day, and small payday loans online no credit check continue to climb.

    Unfortunately, many of the pages ranking for those phrases over‑promise with “instant” or “guaranteed” language that licensed lenders simply cannot make.

    Why $500 Loans Dominate Financial Searches in 2025

    In 2025, $500 loans sit at the sweet spot between urgent need and realistic repayment. Inflation has pushed routine surprises car repairs, utility reconnections, insurance deductibles, last‑minute travel squarely into the $300–$700 band, and many households still report they’d struggle to cover even a $400 bill without borrowing. Add gig‑economy income volatility, tighter bank underwriting, and thin or sub‑580 credit files, and it’s clear why consumers are typing queries like “no credit check loans,” “payday loans online same day,” and “$255 payday loans online same day.”

    A $500 principal is small enough to be approved quickly (often via a soft‑pull pre‑qualification) yet large enough to bridge the month without stacking multiple advances. Marketplaces like RadCred translate those high‑intent searches into licensed, transparent offers whether a short‑term payday advance or a multi‑payment installment plan so borrowers can compare APR, total repay, and funding speed before committing, rather than accepting opaque, rollover‑heavy terms at a storefront.

    What is No Credit Check Loans and What  does it really Means 

    In everyday advertising, “no credit check loans” (often phrased as “online loans no credit check” or “payday loans online no credit check guaranteed approval”) suggests you can borrow money without anyone looking at your credit  and that approval is automatic. In regulated lending, that’s not accurate.

    Here’s what it actually means when you see the term used responsibly:

    • Soft credit inquiry first. Legitimate marketplaces like RadCred let you pre‑qualify with a soft pull, so you can view potential rates and terms without an immediate impact on your FICO score.
    • Verification still happens. Before funding, licensed direct lenders typically run a hard inquiry, verify your identity, review income/bank deposits, and assess ability to repay.
    • No true “guaranteed approval.” At best, it indicates a high preliminary match rate for eligible applicants, not a universal yes.
    • State law controls what’s offered. Some states cap APRs or restrict payday‑style products; compliant platforms filter out unlicensed or prohibited offers automatically.

    How RadCred’s No Credit Check Loans Marketplace Works

    RadCred is an online loan marketplace not a lender. It turns that no credit check loans into a compliant, transparent process that starts with a soft credit inquiry (so viewing offers won’t immediately affect your score) and ends with licensed, clearly priced options from direct lenders only. Here’s the flow:

    1. Soft‑pull pre‑qualification
      You complete a short, mobile‑friendly form. RadCred runs a soft inquiry to let you preview rates, terms, and amounts (e.g., small emergency loans such as $255) without an immediate FICO impact.
    2. ZIP‑code licensing filter
      The platform automatically filters out unlicensed or prohibited products, showing only state‑ or tribal‑licensed lenders that can legally serve your location.
    3. Income‑first matching
      Lenders assess real cash flow (pay stubs, benefits, bank deposits) and alternative datahelpful for online loans for bad credit or thin credit files.
    4. Transparent offer cards
      Each matched offer discloses APR, fees, total repayment, term length, and estimated funding speed including same day funding when verification and bank cut‑offs allow.
    5. E‑sign, verify, and fund
      If you accept an offer, the lender may conduct a hard credit pull and request documents before issuing funds via ACH.
    6. Secure handling & compliance
      RadCred employs encryption and vetting standards, while lenders set all final approval, APR, amount, and timing in line with federal, state, or tribal law.

    Step‑by‑step Guide to Apply for Bad credit loans Instant Approval without Hurting Credit Score

    1. Check your credit reports for errors before applying—especially if you’re considering payday loans online, online loans for bad credit, or small payday loans online no credit check.
    2. Pre‑qualify on RadCred with a soft credit check (often marketed as online loans no credit check) to preview direct lenders only offers for same day loans, online payday loans for bad credit, or installment options without an immediate FICO impact.
    3. Compare APRs, fees, and total repay—not just the monthly payment across payday loans online same day, bad credit payday loan options, and multi‑payment installment plans.
    4. Upload verification documents (pay stubs, bank‑deposit screenshots) if you accept an offer most licensed lenders require this before funding, even when ads say “1 hour payday loans no credit check.”
    5. E‑sign all disclosures (Truth‑in‑Lending, state notices) so you fully understand costs, terms, and any state limits tied to no credit check loans search results.
    6. Receive funds—often the same day when verification clears early and bank cut‑offs permit; popular amounts include $255 payday loans online same day and other small online loans.
    7. Repay on schedule (many lenders allow early payoff with no penalty), which can help you avoid rollovers and, when reported, may support rebuilding credit after using payday loans or other emergency products.

    What U.S. Borrowers Are Really Using Quick Loans For in 2025 — RadCred Research

    RadCred’s 2025 research shows most quick‑loan requests are small, urgent stopgaps not long‑term financing.

    • Rent or mortgage gaps
    • Utility shut‑off notices
    • Car repairs to stay working
    • Medical/dental bills & prescriptions
    • Covering bank overdrafts/fees
    • Emergency travel for family needs
    • Childcare or school expenses
    • Insurance deductibles after accidents

    What U.S. Borrowers Want Before Applying for “No Credit Check” Loans—and How RadCred Solves It

    What people want

    • No hit to their credit score just to see offers (soft check first, not a hard pull)
    • Clear costs up front — APR, fees, total they’ll pay back, and due dates
    • Real speed — honest timelines for same‑day funding (no empty “instant” promises)
    • Licensed, legit lenders only (legal in their state)
    • Small, emergency amounts (often $255–$500) and longer installment options when needed
    • Easy, secure online process with strong data protection
    •  Straight talk on what “no credit check” and “guaranteed approval” really mean

    How RadCred solves it

    • Uses a soft credit check so you can compare offers without hurting your score
    • Shows only state‑ or tribal‑licensed direct lenders that can legally lend to you
    • Puts APR, fees, total repayment, term, and funding speed on every offer car
    • Matches based on income and bank deposits, helping people with bad credit or thin files
    • Can fund the same day when verification clears and bank cut‑offs allow
    • Protects your info with bank‑grade encryption and vetted partners
    • Explains that a hard pull may happen only if you accept an offer—no “guaranteed approval” hype
    •  Points to safer alternatives (credit‑union PALs, credit‑builder loans) when they make more sense

    How Does Instant No Credit Check Loans Process Works

    It starts with a quick, mobile‑first application. You enter basic details income source, active checking account, employment or benefits status, and contact info on the RadCred marketplace. Instead of triggering a hard inquiry, RadCred begins with a no credit check loan, which is what most people mean when they search “no credit check loans” or “payday loans online same day.”

    After you submit, RadCred’s engine instantly routes your request only to state‑ or tribal‑licensed direct lenders that operate legally in your ZIP code. Within minutes, you may see multiple online loans for bad credit offers including small payday loans online no credit check amounts such as $255 payday loans online same day presented side by side with APR, fees, total repay, term length, and estimated funding speed.

    If you choose an offer, you finish directly with the lender. At that point, the lender may run a hard inquiry and request verification documents (pay stubs, bank‑deposit screenshots, ID). Approved loans can fund the same day (or next business day) via ACH, depending on verification speed and bank cut‑offs often as fast as ads promising “1 hour payday loans no credit check.”

    Crucially, RadCred is not a lender; it’s a compliant connector that converts risky search terms into transparent, licensed choices. Approval, APR, loan amount, and timing always vary by lender, income, and state law so you can compare first, then decide what’s affordable.

    FAQ

    Will applying through RadCred hurt my credit?
    Pre‑qualification uses a soft credit inquiry, which does not affect your score. A hard pull may follow if you accept and finalize an offer.

    How fast can I receive funds?
    Some lenders can fund the same day once verification clears and bank cut‑offs allow; later submissions often fund next business day.

    Are “no credit check loans” legal in every state?
     No. Some states cap APRs, restrict payday‑style products, or prohibit them. RadCred’s licensing filter hides offers not permitted in your ZIP code.

    What APRs should I expect with a sub‑580 score?
    APRs vary widely by state, lender, and risk. Sub‑prime loans typically carry higher rates compare total repay before committing.

    Can on‑time payments help my credit?
     Potentially. Some lenders report repayment to credit bureaus, which can help improve a thin or damaged file when payments are made on time.

    Conclusion

    As searches for “no credit check loans guaranteed approval” surge, RadCred offers a compliant alternative: soft‑pull pre‑qualification, licensed direct lenders only, transparent APR and fee disclosures, and same day payday loan funding potential all designed to give borrowers with poor credit scores (580 or below) a clearer, safer way to access emergency cash.

    About RadCred

    RadCred is an online loan marketplace for no credit check guaranteed approval , not a lender. The platform connects U.S. consumers to a vetted network of state‑licensed and tribal direct lenders offering payday, installment, and emergency personal loans typically from $255 to $5,000. RadCred emphasizes income‑first underwriting, soft‑pull access, encrypted processing, and clear cost disclosures to expand responsible access to small‑dollar credit for underserved borrowers.

    Disclaimer

    RadCred is not a lender and does not make credit decisions. Loan approval, APR, fees, loan amounts, and funding speed are determined solely by participating lenders and governed by applicable federal, state, or tribal law. Offers begin with a soft inquiry; a hard credit pull may occur before funding. Not all applicants will qualify. Borrow responsibly—only what you can comfortably repay.

    The MIL Network –