housing – Page 32 – NewzIntel.com

MIL-OSI USA: Senate Appropriations Committee Approves Interior-Environment, Transportation-HUD Bills

US Senate News:

Source: United States Senator for Washington State Patty Murray

Committee approves Interior-Environment bill in a 26-2 vote — BILL SUMMARY HERE

Committee approves Transportation-HUD bill in a 27-1 vote — BILL SUMMARY HERE

***WATCH and READ: Senator Murray’s opening remarks***

Washington, D.C. – Today, the Senate Appropriations Committee met for a full committee markup to consider its draft fiscal year 2026 Interior, Environment, and Related Agencies, and Transportation, Housing and Urban Development, and Related Agencies appropriations acts.

“These may not be the bills I would have written on my own. There’s more I certainly want to see us do and investments and accountability measures I’ll keep pushing for. But these bills are serious, bipartisan compromises that reject so many of the truly harmful cuts Trump and House Republicans are pushing for and that maintain crucial programs that help make sure folks back home have a roof over their head, safe, reliable transportation, and clean air and water,” said Vice Chair Patty Murray in her opening remarks. “Now, Russ Vought may want to break this process and make it more partisan. He may want to set Congress on track for a shutdown. But we can reject that partisan vision that hurts working families everywhere. And we can reject the painful cuts and policies Trump and Vought are trying to inflict in our communities—just as these bills do.”

In a 26-2 vote, the Committee approved the draft fiscal year 2026 Interior, Environment, and Related Agencies appropriations bill.

“Oregonians turned out in record numbers during my town halls to deliver a clear message—we need to do everything we can to fight against harmful federal funding cuts and to instead double down on supporting our public lands, Tribal communities, and clean air and water for all,” said Senator Jeff Merkley (D-OR), Ranking Member of the Interior, Environment, and Related Agencies Subcommittee. “This bipartisan bill protects funding for operating the National Park System, National Refuge System, National Forest System, our National Conservation Lands, and the Land and Water Conservation Fund, making a bold statement to the Trump Administration that Congress intends to fight back against any attempt to rip away public lands from public use. I’ll continue to work with members from both parties to invest in our country’s and our children’s futures.”

“When it comes to protecting our public lands, this bill provides critical funding for our National Parks and our Forest Service and rejects the absolutely paltry level Trump put forward, as well as the House Republican level. It also prevents our national parks from being sold off. It ensures federal firefighters will not face a pay cut, and it fully funds wild fire prevention and suppression. When it comes to our obligations to our Tribes, we were able to provide $12 billion across Tribal programs—rejecting Trump efforts to cut Tribal safety, Tribal schools, the Bureau of Indian Affairs, and advanced appropriations for the Indian Health Service,” said Vice Chair Murray in comments on the bill. “This bill also protects clean water and air programs and continues vital, cutting-edge research that protects families’ health and wellbeing which is under threat from this administration. No doubt, there is more I’d like to do here but this is a solid bipartisan bill to sustain critical programs that protect our environment and families’ health in the face of Trump cuts.”

The following amendments to the bill were considered during today’s mark up:

Manager’s package offered by Chair Murkowski.
- Adopted unanimously.
Reed amendment to prevent the Trump administration from redirecting funding Congress provided for the National Endowment of the Humanities to fund its plans to create a sculpture garden of notable Americans at its discretion.
- Debated; withdrawn.
Heinrich amendment to require the National Park Service, the U.S. Forest Service, and the Department of the Interior to maintain at least the same number of full-time equivalents as they had in September 2020 to ensure adequate staffing at our national parks and for wildfire prevention and response.
- Republicans rejected the amendment in a 15-14 party-line vote.

A summary of the bill is available HERE.

Final bill text, report, Congressionally Directed Spending (CDS) projects, and adopted amendments will be available HERE later today.

In a 27-1 vote, the Committee approved the draft fiscal year 2026 Transportation, Housing and Urban Development, and Related Agencies appropriations bill.

“I would like to thank Chair Collins, Vice Chair Murray, and Chair Hyde-Smith for their leadership and support of this bipartisan bill. As ranking member of the Transportation and Housing Subcommittee, I am committed to working with Democrats and Republicans alike to find bipartisan solutions to meet the needs of my constituents. This bill provides safe and efficient travel by fully funding the FAA and by making investments in Amtrak and transit projects critical to New York. It also protects families, seniors, and people with disabilities who rely on HUD rental and homeless assistance programs, while also investing in affordable housing. The bill soundly rejects the harmful proposals from the Trump administration and will help lower costs for all Americans,” said Senator Kirsten Gillibrand (D-NY), Ranking Member of the Transportation, Housing and Urban Development, and Related Agencies Subcommittee.

“While I still want to do more to address the housing crisis—and I am not going to stop pushing on that—I’m glad to say this bill rejects President Trump’s proposed cuts to rental assistance that would have put 10 million people at risk of eviction—mostly kids, seniors, and people with disabilities. This bill delivers funding to help ensure no one is kicked out of their home, and keep families stably housed,” Vice Chair Murray said in comments on the bill. “When it comes to transportation, this bill includes a much-needed increase for FAA to hire air traffic controllers, modernize equipment, and more. It also invests in highway safety, rail safety, and pipeline safety—not to mention investments in our ports and shipyards. It rejects Trump’s cuts to the essential air services that would have cut off so many small and rural communities. It rejects House Republicans’ proposal to slash Capital Investment Grants by 98%. And of course, it rejects Trump’s plan to eliminate BUILD grants. This is a program I helped launch that supports major construction projects across the country.”

The following amendments to the bill were considered during today’s mark up:

Manager’s package offered by Chair Hyde-Smith.
- Adopted unanimously.
Merkley amendment to prohibit funds provided in any fiscal year 2026 appropriations act from being eligible for rescissions or deferrals under the Impoundment Control Act’s fast-track procedures, ensuring they can only be considered through annual appropriations bills.
- Republicans rejected the amendment in a 15-14 party line vote.

A summary of the bill is available HERE.

Final bill text, report, Congressionally Directed Spending (CDS) projects, and adopted amendments will be available HERE later today.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Brownley Introduces Legislation to Protect Survivor Benefits for Veterans’ Spouses

Source: United States House of Representatives – Julia Brownley (D-CA)

Washington, DC – Today, Congresswoman Julia Brownley (CA-26) announced the introduction of the Veterans’ Surviving Spouse Equity Act, legislation to ensure surviving spouses of veterans are not unfairly denied benefits due to outdated marriage laws. The bill would align spousal benefits eligibility between the Social Security Administration (SSA) and the Department of Veterans Affairs (VA) and correct long-standing inconsistencies in VA law that prevent veteran spouses from accessing the survivor benefits their life partners earned in service to our country.

“After hearing from a constituent who was denied survivor benefits because of outdated marriage laws, I introduced this bill to rectify this wrong,” said Congresswoman Julia Brownley. “She had spent years caring for her veteran spouse, yet after his passing, she was left to navigate a cold and unforgiving bureaucracy that refused to recognize their life together. Sadly, her story is not unique. Across the country, too many surviving spouses are being forced to navigate a bureaucratic maze of outdated and inconsistent marriage laws at one of the most difficult times in their lives – after the loss of their life partner. The Veterans’ Surviving Spouse Equity Act will ensure these spouses are seen, heard, and treated with the dignity and respect they deserve. When a veteran serves our country, their family serves too. It’s time our laws reflect that.”

Under current law, surviving spouses are eligible for Dependency and Indemnity Compensation (DIC) benefits; however, eligibility is limited to spouses who were married to the veteran for at least one year or who had a child with the veteran. A significant challenge for surviving spouses of veterans is that VA relies on inconsistent definitions of marriage to determine eligibility for survivor benefits. These rules lead to unfair outcomes, denying benefits to long-term partners whose relationships don’t fit narrow legal criteria.

While the VA recognizes informal unions like common-law marriages in some cases, eligibility often depends on a confusing patchwork of state laws and a couple’s awareness of those laws. For example, a couple in a common-law marriage living in California (a state that does not recognize common-law marriage) may be denied benefits, while a similar couple in Colorado would qualify. To make matters worse, surviving spouses who know their state does not recognize common-law marriage can actually be at a disadvantage when applying for survivor benefits.

Additionally, the law requires that couples be legally married for at least one year for the surviving spouse to receive benefits. This arbitrary rule means someone who lived with and cared for a veteran for many years but was legally married for only six months may be denied benefits, while someone married for just over a year would qualify. In some instances, VA has even determined that a civil or religious marriage within the last year of a veteran’s life terminates an existing common-law marriage, restarting the one-year clock and further complicating eligibility.

Unlike VA, the Social Security Administration (SSA), pursuant to Section 1614 of the Social Security Act, permits a spouse to qualify for survivor benefits if they hold “themselves out to the community in which they reside as husband and wife.”

The Veterans Surviving Spouse Equity Act would synchronize spousal qualifications between SSA and VA, allowing VA to recognize a surviving spouse if they lived with the veteran in the same household for at least one year continuously until the veteran’s death, and if the couple held themselves out as married to their community, regardless of whether there was a legal or religious marriage during that year.

The Veterans’ Surviving Spouse Equity Act is endorsed by Minority Veterans of America.

Read the full text of the bill here.

###

Issues: 119th Congress, Veterans’ Affairs

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: SBA Disaster Assistance Available for Those Impacted by Rowena Fire

Source: US State of Oregon

elp is now available for those recovering from the Rowena Fire. At the request of Governor Tina Kotek, the U.S. Small Business Administration (SBA) has approved an Administrative Disaster Declaration, opening the door for low-interest federal loans to assist impacted residents and business owners.

If the fire damaged your home, business, property, or vehicle, you may be eligible for an SBA disaster loan to help with repairs or replacement. These loans are available to small businesses, homeowners, and renters.

Starting Friday, July 18, SBA representatives will be on-site at the Disaster Loan Outreach Center (DLOC) in The Dalles to offer personal, one-on-one assistance. They can answer questions, explain the loan process, and help you complete your application.

The DLOC is located at The Gloria Center, 2505 W. Seventh St., The Dalles, and is open Monday through Friday, 9 a.m. to 6 p.m.

To learn more or apply online, visit www.sba.gov/disaster

MIL OSI USA News –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

2nd Quarter 2025 Highlights:

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

First Half 2025 Highlights

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

Financial Summary

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

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

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

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

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

Asset Summary

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

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

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

Credit Quality Summary

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

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

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

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

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

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

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

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

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

Liability Summary

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

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

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

Stockholders’ Equity Summary

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

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

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

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

Income Summary

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

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

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

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

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

Non-interest Expense Summary

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

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

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

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

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

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

Income Summary

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

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

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

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

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

Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Assets
Cash on hand and in banks	$	375,398		322,253		268,746		271,107
Interest bearing cash deposits		540,109		659,232		579,662		529,672
Cash and cash equivalents		915,507		981,485		848,408		800,779
Debt securities, available-for-sale		4,024,980		4,172,312		4,245,205		4,499,541
Debt securities, held-to-maturity		3,206,133		3,261,575		3,294,847		3,400,403
Total debt securities		7,231,113		7,433,887		7,540,052		7,899,944
Loans held for sale, at fair value		47,738		40,523		33,060		39,745
Loans receivable		18,532,740		17,218,518		17,261,849		16,851,991
Allowance for credit losses		(226,799	)	(210,400	)	(206,041	)	(200,955	)
Loans receivable, net		18,305,941		17,008,118		17,055,808		16,651,036
Premises and equipment, net		426,801		411,095		411,968		391,266
Right-of-use assets, net		56,525		54,441		56,252		60,249
Other real estate owned and foreclosed assets		1,879		1,153		1,164		630
Accrued interest receivable		108,286		103,992		99,262		102,279
Deferred tax asset		114,528		122,942		138,955		155,834
Intangibles, net		64,949		47,911		51,182		43,028
Goodwill		1,126,525		1,051,318		1,051,318		1,023,762
Non-marketable equity securities		76,990		88,134		99,669		121,810
Bank-owned life insurance		191,623		191,044		189,849		187,793
Other assets		341,702		322,836		326,040		327,185
Total assets	$	29,010,107		27,858,879		27,902,987		27,805,340
Liabilities
Non-interest bearing deposits	$	6,593,728		6,100,548		6,136,709		6,093,430
Interest bearing deposits		15,034,774		14,533,502		14,410,285		14,008,329
Securities sold under agreements to repurchase		1,976,228		1,849,070		1,777,475		1,629,504
FHLB advances		1,255,088		1,520,000		1,800,000		2,350,000
Other borrowed funds		62,366		62,216		62,062		64,702
Finance lease liabilities		19,405		20,227		21,279		23,447
Subordinated debentures		157,127		133,145		133,105		133,024
Accrued interest payable		27,973		30,231		33,626		31,000
Operating lease liabilities		42,274		39,244		39,902		41,421
Other liabilities		303,756		283,088		264,690		293,038
Total liabilities		25,472,719		24,571,271		24,679,133		24,667,895
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,186		1,135		1,134		1,134
Paid-in capital		2,661,018		2,449,311		2,448,758		2,445,479
Retained earnings – substantially restricted		1,113,839		1,100,273		1,083,258		1,045,483
Accumulated other comprehensive loss		(238,655	)	(263,111	)	(309,296	)	(354,651	)
Total stockholders’ equity		3,537,388		3,287,608		3,223,854		3,137,445
Total liabilities and stockholders’ equity	$	29,010,107		27,858,879		27,902,987		27,805,340

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended					Six Months ended
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Jun 30, 2024		Jun 30, 2025	Jun 30, 2024
Interest Income
Investment securities	$	44,148	45,646	42,165		89,794	98,383
Residential real estate loans		25,361	24,275	21,754		49,636	42,518
Commercial loans		214,816	197,388	188,326		412,204	369,798
Consumer and other loans		23,790	22,616	21,589		46,406	42,537
Total interest income		308,115	289,925	273,834		598,040	553,236
Interest Expense
Deposits		65,569	62,865	67,852		128,434	135,048
Securities sold under agreements to repurchase		14,109	13,733	13,566		27,842	26,164
Federal Home Loan Bank advances		17,806	20,719	24,179		38,525	28,428
FRB Bank Term Funding		—	—	—		—	27,097
Other borrowed funds		400	402	353		802	697
Subordinated debentures		2,615	2,227	1,406		4,842	2,844
Total interest expense		100,499	99,946	107,356		200,445	220,278
Net Interest Income		207,616	189,979	166,478		397,595	332,958
Provision for credit losses		20,267	7,814	3,518		28,081	11,767
Net interest income after provision for credit losses		187,349	182,165	162,960		369,514	321,191
Non-Interest Income
Service charges and other fees		20,405	18,818	19,422		39,223	37,985
Miscellaneous loan fees and charges		5,067	4,664	4,821		9,731	9,183
Gain on sale of loans		4,273	4,311	4,669		8,584	8,031
(Loss) gain on sale of securities		—	—	(12	)	—	4
Other income		3,199	4,849	3,304		8,048	6,990
Total non-interest income		32,944	32,642	32,204		65,586	62,193
Non-Interest Expense
Compensation and employee benefits		94,355	91,443	84,434		185,798	170,223
Occupancy and equipment		12,558	12,294	11,594		24,852	23,477
Advertising and promotions		4,394	4,144	4,362		8,538	8,345
Data processing		9,883	9,138	9,387		19,021	18,546
Other real estate owned and foreclosed assets		26	63	149		89	174
Regulatory assessments and insurance		5,847	5,534	5,393		11,381	13,154
Intangibles amortization		3,624	3,270	3,017		6,894	5,777
Other expenses		24,432	25,432	22,616		49,864	53,099
Total non-interest expense		155,119	151,318	140,952		306,437	292,795
Income Before Income Taxes		65,174	63,489	54,212		128,663	90,589
Federal and state income tax expense		12,393	8,921	9,504		21,314	13,254
Net Income	$	52,781	54,568	44,708		107,349	77,335

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	June 30, 2025						March 31, 2025
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514	$	25,361	5.23	%	$	1,885,497	$	24,275	5.15	%
Commercial loans ¹		14,884,885		216,385	5.83	%		14,091,210		198,921	5.73	%
Consumer and other loans		1,336,030		23,790	7.14	%		1,302,687		22,616	7.04	%
Total loans ²		18,161,429		265,536	5.86	%		17,279,394		245,812	5.77	%
Tax-exempt debt securities ³		1,594,895		13,999	3.51	%		1,604,851		13,936	3.47	%
Taxable debt securities ^{4, 5}		6,645,312		32,045	1.93	%		6,946,562		33,598	1.93	%
Total earning assets		26,401,636		311,580	4.73	%		25,830,807		293,346	4.61	%
Goodwill and intangibles		1,153,466						1,100,801
Non-earning assets		918,007						847,855
Total assets	$	28,473,109					$	27,779,463
Liabilities
Non-interest bearing deposits	$	6,256,245	$	—	—	%	$	5,989,490	$	—	—	%
NOW and DDA accounts		5,674,990		16,045	1.13	%		5,525,976		15,065	1.11	%
Savings accounts		2,904,389		5,402	0.75	%		2,861,675		5,159	0.73	%
Money market deposit accounts		3,000,487		15,389	2.06	%		2,849,470		13,526	1.93	%
Certificate accounts		3,211,418		28,667	3.58	%		3,152,198		29,075	3.74	%
Total core deposits		21,047,529		65,503	1.25	%		20,378,809		62,825	1.25	%
Wholesale deposits ⁶		5,618		66	4.67	%		3,600		40	4.53	%
Repurchase agreements		1,898,841		14,109	2.98	%		1,842,773		13,733	3.02	%
FHLB advances		1,494,781		17,806	4.71	%		1,744,000		20,719	4.75	%
Subordinated debentures and other borrowed funds		231,902		3,015	5.21	%		216,073		2,629	4.94	%
Total funding liabilities		24,678,671		100,499	1.63	%		24,185,255		99,946	1.68	%
Other liabilities		338,289						326,764
Total liabilities		25,016,960						24,512,019
Stockholders’ Equity
Stockholders’ equity		3,456,149						3,267,444
Total liabilities and stockholders’ equity	$	28,473,109					$	27,779,463
Net interest income (tax-equivalent)			$	211,081					$	193,400
Net interest spread (tax-equivalent)					3.10	%					2.93	%
Net interest margin (tax-equivalent)					3.21	%					3.04	%

______________________________

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

Glacier Bancorp, Inc. Average Balance Sheets (continued)

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

______________________________

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

Glacier Bancorp, Inc. Average Balance Sheets (continued)

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

______________________________

¹	Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
⁴	Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
⁵	Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type									% Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025		Dec 31, 2024
Custom and owner occupied construction	$	254,790		$	233,584		$	242,844		9	%	5	%
Pre-sold and spec construction		208,106			200,921			191,926		4	%	8	%
Total residential construction		462,896			434,505			434,770		7	%	6	%
Land development		176,925			177,448			197,369		—	%	(10)	%
Consumer land or lots		229,823			197,553			187,024		16	%	23	%
Unimproved land		127,550			115,528			113,532		10	%	12	%
Developed lots for operative builders		73,053			64,782			61,661		13	%	18	%
Commercial lots		175,929			95,574			99,243		84	%	77	%
Other construction		753,056			714,151			693,461		5	%	9	%
Total land, lot, and other construction		1,536,336			1,365,036			1,352,290		13	%	14	%
Owner occupied		3,529,536			3,182,589			3,197,138		11	%	10	%
Non-owner occupied		4,283,986			4,054,107			4,053,996		6	%	6	%
Total commercial real estate		7,813,522			7,236,696			7,251,134		8	%	8	%
Commercial and industrial		1,545,498			1,392,365			1,395,997		11	%	11	%
Agriculture		1,167,611			1,016,081			1,024,520		15	%	14	%
First lien		2,590,433			2,499,494			2,481,918		4	%	4	%
Junior lien		80,170			85,343			76,303		(6)	%	5	%
Total 1-4 family		2,670,603			2,584,837			2,558,221		3	%	4	%
Multifamily residential		975,785			874,071			895,242		12	%	9	%
Home equity lines of credit		1,048,595			989,043			1,005,783		6	%	4	%
Other consumer		197,744			188,388			209,457		5	%	(6)	%
Total consumer		1,246,339			1,177,431			1,215,240		6	%	3	%
States and political subdivisions		973,145			1,001,058			983,601		(3)	%	(1)	%
Other		188,743			176,961			183,894		7	%	3	%
Total loans receivable, including loans held for sale		18,580,478			17,259,041			17,294,909		8	%	7	%
Less loans held for sale ¹		(47,738	)		(40,523	)		(33,060	)	18	%	44	%
Total loans receivable	$	18,532,740		$	17,218,518		$	17,261,849		8	%	7	%

______________________________

¹	Loans held for sale are primarily first lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Dec 31, 2024	Jun 30, 2024	Jun 30, 2025	Jun 30, 2025	Jun 30, 2025
Custom and owner occupied construction	$	235	194	198	206	189	46	—
Pre-sold and spec construction		2,806	2,896	2,132	2,908	2,043	763	—
Total residential construction		3,041	3,090	2,330	3,114	2,232	809	—
Land development		885	935	966	—	875	10	—
Consumer land or lots		460	173	78	429	164	296	—
Developed lots for operative builders		531	531	531	608	—	531	—
Commercial lots		47	47	47	47	—	47	—
Other construction		—	—	—	25	—	—	—
Total land, lot and other construction		1,923	1,686	1,622	1,109	1,039	884	—
Owner occupied		4,412	3,601	2,979	1,992	4,407	5	—
Non-owner occupied		1,206	2,235	2,235	257	—	—	1,206
Total commercial real estate		5,618	5,836	5,214	2,249	4,407	5	1,206
Commercial and Industrial		14,764	12,367	2,069	2,044	13,452	1,243	69
Agriculture		6,603	2,382	2,335	2,442	2,141	4,462	—
First lien		10,549	8,752	9,053	2,923	7,856	2,162	531
Junior lien		533	296	315	492	293	240	—
Total 1-4 family		11,082	9,048	9,368	3,415	8,149	2,402	531
Multifamily residential		398	400	389	385	398	—	—
Home equity lines of credit		4,016	3,479	3,465	2,145	2,834	1,182	—
Other consumer		921	1,003	955	1,089	704	144	73
Total consumer		4,937	4,482	4,420	3,234	3,538	1,326	73
Other		240	47	39	16	—	240	—
Total	$	48,606	39,338	27,786	18,008	35,356	11,371	1,879

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Custom and owner occupied construction	$	385	$	786	$	969	$	1,323	(51)	%	(60)	%	(71)	%
Pre-sold and spec construction		—		—		564		816	n/m		(100)	%	(100)	%
Total residential construction		385		786		1,533		2,139	(51)	%	(75)	%	(82)	%
Land development		170		—		1,450		—	n/m		(88)	%	n/m
Consumer land or lots		1,210		1,026		402		411	18	%	201	%	194	%
Unimproved land		75		32		36		158	134	%	108	%	(53)	%
Developed lots for operative builders		—		—		214		—	n/m		(100)	%	n/m
Commercial lots		—		189		—		21	(100)	%	n/m		(100)	%
Other construction		7,840		—		—		—	n/m		n/m		n/m
Total land, lot and other construction		9,295		1,247		2,102		590	645	%	342	%	1,475	%
Owner occupied		3,903		3,786		2,867		4,326	3	%	36	%	(10)	%
Non-owner occupied		13,806		346		5,037		8,119	3,890	%	174	%	70	%
Total commercial real estate		17,709		4,132		7,904		12,445	329	%	124	%	42	%
Commercial and industrial		6,711		5,358		6,194		17,591	25	%	8	%	(62)	%
Agriculture		8,243		5,731		744		5,288	44	%	1,008	%	56	%
First lien		3,583		14,826		6,326		2,637	(76)	%	(43)	%	36	%
Junior lien		—		1,023		214		17	(100)	%	(100)	%	(100)	%
Total 1-4 family		3,583		15,849		6,540		2,654	(77)	%	(45)	%	35	%
Home equity lines of credit		5,482		6,993		3,731		5,432	(22)	%	47	%	1	%
Other consumer		1,615		1,824		1,775		2,192	(11)	%	(9)	%	(26)	%
Total consumer		7,097		8,817		5,506		7,624	(20)	%	29	%	(7)	%
States and political subdivisions		—		3,220		—		—	(100)	%	n/m		n/m
Other		1,380		1,318		1,705		1,347	5	%	(19)	%	2	%
Total	$	54,403	$	46,458	$	32,228	$	49,678	17	%	69	%	10	%

______________________________

^{n/m – not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

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

Visit our website at www.glacierbancorp.com

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

2nd Quarter 2025 Highlights:

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

First Half 2025 Highlights

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

Financial Summary

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

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

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

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

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

Asset Summary

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

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

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

Credit Quality Summary

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

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

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

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

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

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

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

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

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

Liability Summary

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

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

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

Stockholders’ Equity Summary

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

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

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

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

Income Summary

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

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

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

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

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

Non-interest Expense Summary

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

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

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

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

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

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

Income Summary

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

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

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

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

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

Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

CONTACT: Randall M. Chesler, CEO

(406) 751-4722

Ron J. Copher, CFO

(406) 751-7706

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data)	Jun 30, 2025			Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Assets
Cash on hand and in banks	$	375,398		322,253		268,746		271,107
Interest bearing cash deposits		540,109		659,232		579,662		529,672
Cash and cash equivalents		915,507		981,485		848,408		800,779
Debt securities, available-for-sale		4,024,980		4,172,312		4,245,205		4,499,541
Debt securities, held-to-maturity		3,206,133		3,261,575		3,294,847		3,400,403
Total debt securities		7,231,113		7,433,887		7,540,052		7,899,944
Loans held for sale, at fair value		47,738		40,523		33,060		39,745
Loans receivable		18,532,740		17,218,518		17,261,849		16,851,991
Allowance for credit losses		(226,799	)	(210,400	)	(206,041	)	(200,955	)
Loans receivable, net		18,305,941		17,008,118		17,055,808		16,651,036
Premises and equipment, net		426,801		411,095		411,968		391,266
Right-of-use assets, net		56,525		54,441		56,252		60,249
Other real estate owned and foreclosed assets		1,879		1,153		1,164		630
Accrued interest receivable		108,286		103,992		99,262		102,279
Deferred tax asset		114,528		122,942		138,955		155,834
Intangibles, net		64,949		47,911		51,182		43,028
Goodwill		1,126,525		1,051,318		1,051,318		1,023,762
Non-marketable equity securities		76,990		88,134		99,669		121,810
Bank-owned life insurance		191,623		191,044		189,849		187,793
Other assets		341,702		322,836		326,040		327,185
Total assets	$	29,010,107		27,858,879		27,902,987		27,805,340
Liabilities
Non-interest bearing deposits	$	6,593,728		6,100,548		6,136,709		6,093,430
Interest bearing deposits		15,034,774		14,533,502		14,410,285		14,008,329
Securities sold under agreements to repurchase		1,976,228		1,849,070		1,777,475		1,629,504
FHLB advances		1,255,088		1,520,000		1,800,000		2,350,000
Other borrowed funds		62,366		62,216		62,062		64,702
Finance lease liabilities		19,405		20,227		21,279		23,447
Subordinated debentures		157,127		133,145		133,105		133,024
Accrued interest payable		27,973		30,231		33,626		31,000
Operating lease liabilities		42,274		39,244		39,902		41,421
Other liabilities		303,756		283,088		264,690		293,038
Total liabilities		25,472,719		24,571,271		24,679,133		24,667,895
Commitments and Contingent Liabilities		—		—		—		—
Stockholders’ Equity
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding		—		—		—		—
Common stock, $0.01 par value per share, 234,000,000 shares authorized		1,186		1,135		1,134		1,134
Paid-in capital		2,661,018		2,449,311		2,448,758		2,445,479
Retained earnings – substantially restricted		1,113,839		1,100,273		1,083,258		1,045,483
Accumulated other comprehensive loss		(238,655	)	(263,111	)	(309,296	)	(354,651	)
Total stockholders’ equity		3,537,388		3,287,608		3,223,854		3,137,445
Total liabilities and stockholders’ equity	$	29,010,107		27,858,879		27,902,987		27,805,340

Glacier Bancorp, Inc. Unaudited Condensed Consolidated Statements of Operations

	Three Months ended					Six Months ended
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Jun 30, 2024		Jun 30, 2025	Jun 30, 2024
Interest Income
Investment securities	$	44,148	45,646	42,165		89,794	98,383
Residential real estate loans		25,361	24,275	21,754		49,636	42,518
Commercial loans		214,816	197,388	188,326		412,204	369,798
Consumer and other loans		23,790	22,616	21,589		46,406	42,537
Total interest income		308,115	289,925	273,834		598,040	553,236
Interest Expense
Deposits		65,569	62,865	67,852		128,434	135,048
Securities sold under agreements to repurchase		14,109	13,733	13,566		27,842	26,164
Federal Home Loan Bank advances		17,806	20,719	24,179		38,525	28,428
FRB Bank Term Funding		—	—	—		—	27,097
Other borrowed funds		400	402	353		802	697
Subordinated debentures		2,615	2,227	1,406		4,842	2,844
Total interest expense		100,499	99,946	107,356		200,445	220,278
Net Interest Income		207,616	189,979	166,478		397,595	332,958
Provision for credit losses		20,267	7,814	3,518		28,081	11,767
Net interest income after provision for credit losses		187,349	182,165	162,960		369,514	321,191
Non-Interest Income
Service charges and other fees		20,405	18,818	19,422		39,223	37,985
Miscellaneous loan fees and charges		5,067	4,664	4,821		9,731	9,183
Gain on sale of loans		4,273	4,311	4,669		8,584	8,031
(Loss) gain on sale of securities		—	—	(12	)	—	4
Other income		3,199	4,849	3,304		8,048	6,990
Total non-interest income		32,944	32,642	32,204		65,586	62,193
Non-Interest Expense
Compensation and employee benefits		94,355	91,443	84,434		185,798	170,223
Occupancy and equipment		12,558	12,294	11,594		24,852	23,477
Advertising and promotions		4,394	4,144	4,362		8,538	8,345
Data processing		9,883	9,138	9,387		19,021	18,546
Other real estate owned and foreclosed assets		26	63	149		89	174
Regulatory assessments and insurance		5,847	5,534	5,393		11,381	13,154
Intangibles amortization		3,624	3,270	3,017		6,894	5,777
Other expenses		24,432	25,432	22,616		49,864	53,099
Total non-interest expense		155,119	151,318	140,952		306,437	292,795
Income Before Income Taxes		65,174	63,489	54,212		128,663	90,589
Federal and state income tax expense		12,393	8,921	9,504		21,314	13,254
Net Income	$	52,781	54,568	44,708		107,349	77,335

Glacier Bancorp, Inc. Average Balance Sheets

	Three Months ended
	June 30, 2025						March 31, 2025
(Dollars in thousands)	Average Balance		Interest & Dividends		Average Yield/ Rate		Average Balance		Interest & Dividends		Average Yield/ Rate
Assets
Residential real estate loans	$	1,940,514	$	25,361	5.23	%	$	1,885,497	$	24,275	5.15	%
Commercial loans ¹		14,884,885		216,385	5.83	%		14,091,210		198,921	5.73	%
Consumer and other loans		1,336,030		23,790	7.14	%		1,302,687		22,616	7.04	%
Total loans ²		18,161,429		265,536	5.86	%		17,279,394		245,812	5.77	%
Tax-exempt debt securities ³		1,594,895		13,999	3.51	%		1,604,851		13,936	3.47	%
Taxable debt securities ^{4, 5}		6,645,312		32,045	1.93	%		6,946,562		33,598	1.93	%
Total earning assets		26,401,636		311,580	4.73	%		25,830,807		293,346	4.61	%
Goodwill and intangibles		1,153,466						1,100,801
Non-earning assets		918,007						847,855
Total assets	$	28,473,109					$	27,779,463
Liabilities
Non-interest bearing deposits	$	6,256,245	$	—	—	%	$	5,989,490	$	—	—	%
NOW and DDA accounts		5,674,990		16,045	1.13	%		5,525,976		15,065	1.11	%
Savings accounts		2,904,389		5,402	0.75	%		2,861,675		5,159	0.73	%
Money market deposit accounts		3,000,487		15,389	2.06	%		2,849,470		13,526	1.93	%
Certificate accounts		3,211,418		28,667	3.58	%		3,152,198		29,075	3.74	%
Total core deposits		21,047,529		65,503	1.25	%		20,378,809		62,825	1.25	%
Wholesale deposits ⁶		5,618		66	4.67	%		3,600		40	4.53	%
Repurchase agreements		1,898,841		14,109	2.98	%		1,842,773		13,733	3.02	%
FHLB advances		1,494,781		17,806	4.71	%		1,744,000		20,719	4.75	%
Subordinated debentures and other borrowed funds		231,902		3,015	5.21	%		216,073		2,629	4.94	%
Total funding liabilities		24,678,671		100,499	1.63	%		24,185,255		99,946	1.68	%
Other liabilities		338,289						326,764
Total liabilities		25,016,960						24,512,019
Stockholders’ Equity
Stockholders’ equity		3,456,149						3,267,444
Total liabilities and stockholders’ equity	$	28,473,109					$	27,779,463
Net interest income (tax-equivalent)			$	211,081					$	193,400
Net interest spread (tax-equivalent)					3.10	%					2.93	%
Net interest margin (tax-equivalent)					3.21	%					3.04	%

______________________________

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

Glacier Bancorp, Inc. Average Balance Sheets (continued)

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

______________________________

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

Glacier Bancorp, Inc. Average Balance Sheets (continued)

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

______________________________

¹	Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
²	Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
³	Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
⁴	Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
⁵	Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
⁶	Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

Glacier Bancorp, Inc. Loan Portfolio by Regulatory Classification

	Loans Receivable, by Loan Type									% Change from
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Mar 31, 2025		Dec 31, 2024
Custom and owner occupied construction	$	254,790		$	233,584		$	242,844		9	%	5	%
Pre-sold and spec construction		208,106			200,921			191,926		4	%	8	%
Total residential construction		462,896			434,505			434,770		7	%	6	%
Land development		176,925			177,448			197,369		—	%	(10)	%
Consumer land or lots		229,823			197,553			187,024		16	%	23	%
Unimproved land		127,550			115,528			113,532		10	%	12	%
Developed lots for operative builders		73,053			64,782			61,661		13	%	18	%
Commercial lots		175,929			95,574			99,243		84	%	77	%
Other construction		753,056			714,151			693,461		5	%	9	%
Total land, lot, and other construction		1,536,336			1,365,036			1,352,290		13	%	14	%
Owner occupied		3,529,536			3,182,589			3,197,138		11	%	10	%
Non-owner occupied		4,283,986			4,054,107			4,053,996		6	%	6	%
Total commercial real estate		7,813,522			7,236,696			7,251,134		8	%	8	%
Commercial and industrial		1,545,498			1,392,365			1,395,997		11	%	11	%
Agriculture		1,167,611			1,016,081			1,024,520		15	%	14	%
First lien		2,590,433			2,499,494			2,481,918		4	%	4	%
Junior lien		80,170			85,343			76,303		(6)	%	5	%
Total 1-4 family		2,670,603			2,584,837			2,558,221		3	%	4	%
Multifamily residential		975,785			874,071			895,242		12	%	9	%
Home equity lines of credit		1,048,595			989,043			1,005,783		6	%	4	%
Other consumer		197,744			188,388			209,457		5	%	(6)	%
Total consumer		1,246,339			1,177,431			1,215,240		6	%	3	%
States and political subdivisions		973,145			1,001,058			983,601		(3)	%	(1)	%
Other		188,743			176,961			183,894		7	%	3	%
Total loans receivable, including loans held for sale		18,580,478			17,259,041			17,294,909		8	%	7	%
Less loans held for sale ¹		(47,738	)		(40,523	)		(33,060	)	18	%	44	%
Total loans receivable	$	18,532,740		$	17,218,518		$	17,261,849		8	%	7	%

______________________________

¹	Loans held for sale are primarily first lien 1-4 family loans.

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification

	Non-performing Assets, by Loan Type					Non- Accrual Loans	Accruing Loans 90 Days or More Past Due	Other real estate owned and foreclosed assets
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025	Dec 31, 2024	Jun 30, 2024	Jun 30, 2025	Jun 30, 2025	Jun 30, 2025
Custom and owner occupied construction	$	235	194	198	206	189	46	—
Pre-sold and spec construction		2,806	2,896	2,132	2,908	2,043	763	—
Total residential construction		3,041	3,090	2,330	3,114	2,232	809	—
Land development		885	935	966	—	875	10	—
Consumer land or lots		460	173	78	429	164	296	—
Developed lots for operative builders		531	531	531	608	—	531	—
Commercial lots		47	47	47	47	—	47	—
Other construction		—	—	—	25	—	—	—
Total land, lot and other construction		1,923	1,686	1,622	1,109	1,039	884	—
Owner occupied		4,412	3,601	2,979	1,992	4,407	5	—
Non-owner occupied		1,206	2,235	2,235	257	—	—	1,206
Total commercial real estate		5,618	5,836	5,214	2,249	4,407	5	1,206
Commercial and Industrial		14,764	12,367	2,069	2,044	13,452	1,243	69
Agriculture		6,603	2,382	2,335	2,442	2,141	4,462	—
First lien		10,549	8,752	9,053	2,923	7,856	2,162	531
Junior lien		533	296	315	492	293	240	—
Total 1-4 family		11,082	9,048	9,368	3,415	8,149	2,402	531
Multifamily residential		398	400	389	385	398	—	—
Home equity lines of credit		4,016	3,479	3,465	2,145	2,834	1,182	—
Other consumer		921	1,003	955	1,089	704	144	73
Total consumer		4,937	4,482	4,420	3,234	3,538	1,326	73
Other		240	47	39	16	—	240	—
Total	$	48,606	39,338	27,786	18,008	35,356	11,371	1,879

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

	Accruing 30-89 Days Delinquent Loans, by Loan Type								% Change from
(Dollars in thousands)	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024		Mar 31, 2025		Dec 31, 2024		Jun 30, 2024
Custom and owner occupied construction	$	385	$	786	$	969	$	1,323	(51)	%	(60)	%	(71)	%
Pre-sold and spec construction		—		—		564		816	n/m		(100)	%	(100)	%
Total residential construction		385		786		1,533		2,139	(51)	%	(75)	%	(82)	%
Land development		170		—		1,450		—	n/m		(88)	%	n/m
Consumer land or lots		1,210		1,026		402		411	18	%	201	%	194	%
Unimproved land		75		32		36		158	134	%	108	%	(53)	%
Developed lots for operative builders		—		—		214		—	n/m		(100)	%	n/m
Commercial lots		—		189		—		21	(100)	%	n/m		(100)	%
Other construction		7,840		—		—		—	n/m		n/m		n/m
Total land, lot and other construction		9,295		1,247		2,102		590	645	%	342	%	1,475	%
Owner occupied		3,903		3,786		2,867		4,326	3	%	36	%	(10)	%
Non-owner occupied		13,806		346		5,037		8,119	3,890	%	174	%	70	%
Total commercial real estate		17,709		4,132		7,904		12,445	329	%	124	%	42	%
Commercial and industrial		6,711		5,358		6,194		17,591	25	%	8	%	(62)	%
Agriculture		8,243		5,731		744		5,288	44	%	1,008	%	56	%
First lien		3,583		14,826		6,326		2,637	(76)	%	(43)	%	36	%
Junior lien		—		1,023		214		17	(100)	%	(100)	%	(100)	%
Total 1-4 family		3,583		15,849		6,540		2,654	(77)	%	(45)	%	35	%
Home equity lines of credit		5,482		6,993		3,731		5,432	(22)	%	47	%	1	%
Other consumer		1,615		1,824		1,775		2,192	(11)	%	(9)	%	(26)	%
Total consumer		7,097		8,817		5,506		7,624	(20)	%	29	%	(7)	%
States and political subdivisions		—		3,220		—		—	(100)	%	n/m		n/m
Other		1,380		1,318		1,705		1,347	5	%	(19)	%	2	%
Total	$	54,403	$	46,458	$	32,228	$	49,678	17	%	69	%	10	%

______________________________

^{n/m – not measurable}

Glacier Bancorp, Inc. Credit Quality Summary by Regulatory Classification (continued)

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

Visit our website at www.glacierbancorp.com

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

Second Quarter 2025 Summary

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

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

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

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

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

	For the Three Months Ended
	June 30,			March 31,			June 30,
*(Dollars in thousands, except per share data)*		2025			2025			2024
Earnings Summary
Net interest income	$	17,884		$	17,453		$	15,778
Provision for credit losses		1,773			80			2,334
Total non-interest income		6,305			7,345			6,972
Total non-interest expense		19,099			19,361			19,001
Income before income taxes		3,317			5,357			1,415
Income tax expense		814			1,172			339
Net income available to common shareholders		2,503			4,185			1,076
Basic earnings per common share		0.26			0.43			0.11
Diluted earnings per common share		0.26			0.43			0.11

Return on average assets (annualized)		0.36	%		0.59	%		0.15	%
Return on average shareholders’ equity (annualized)		3.90			6.63			1.73
Return on tangible common equity (annualized)⁽¹⁾		4.40			7.44			2.00
Net interest margin		2.67			2.61			2.35
Efficiency ratio⁽¹⁾		78.83			79.16			82.25

____________________

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

Operating Results for the Second Quarter 2025

Revenue

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

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

Net Interest Margin

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

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

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

Net Interest Income

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

Non-interest Income

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

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

Non-interest Expense

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

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

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

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

Income Taxes

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

Loans

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

Deposits

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

Borrowings

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

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

Assets Under Management

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

Credit Quality

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

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

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

Capital

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

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

Bank Capital
Tier 1 capital to risk-weighted assets	11.36	%
CET1 to risk-weighted assets	11.36
Total capital to risk-weighted assets	12.13
Tier 1 capital to average assets	9.49

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

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

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

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

Conference Call, Webcast and Slide Presentation

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

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

About First Western

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited)

	Three Months Ended
	June 30,		March 31,		June 30,
*(dollars in thousands, except per share amounts)*		2025		2025		2024
Interest and dividend income:
Loans, including fees	$	35,085	$	34,068	$	35,275
Loans accounted for under the fair value option		85		111		168
Investment securities		819		681		651
Interest-bearing deposits in other financial institutions		1,356		2,221		1,855
Dividends, restricted stock		155		128		105
Total interest and dividend income		37,500		37,209		38,054

Interest expense:
Deposits		18,208		18,516		20,848
Other borrowed funds		1,408		1,240		1,428
Total interest expense		19,616		19,756		22,276
Net interest income		17,884		17,453		15,778
Less: Provision for credit losses		1,773		80		2,334
Net interest income, after provision for credit losses		16,111		17,373		13,444

Non-interest income:
Trust and investment management fees		4,512		4,677		4,875
Net gain on mortgage loans		1,187		1,067		1,820
Net gain on loans held for sale		—		222		—
Bank fees		293		422		327
Risk management and insurance fees		47		259		109
Income on company-owned life insurance		112		110		106
Net gain (loss) on loans accounted for under the fair value option		26		6		(315	)
Net gain on other real estate owned		—		459		—
Unrealized gain (loss) recognized on equity securities		3		11		(2	)
Other		125		112		52
Total non-interest income		6,305		7,345		6,972
Total income before non-interest expense		22,416		24,718		20,416

Non-interest expense:
Salaries and employee benefits		11,019		11,480		11,097
Occupancy and equipment		2,224		2,210		2,080
Professional services		1,855		1,704		1,826
Technology and information systems		1,030		1,078		1,042
Data processing		1,166		1,122		1,101
Marketing		267		216		243
Amortization of other intangible assets		52		51		56
Other		1,486		1,500		1,556
Total non-interest expense		19,099		19,361		19,001
Income before income taxes		3,317		5,357		1,415
Income tax expense		814		1,172		339
Net income available to common shareholders	$	2,503	$	4,185	$	1,076
Earnings per common share:
Basic	$	0.26	$	0.43	$	0.11
Diluted		0.26		0.43		0.11

First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)

	June 30,			March 31,			June 30,
*(dollars in thousands)*		2025			2025			2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	12,353		$	15,924		$	6,374
Interest-bearing deposits in other financial institutions		219,961			255,658			239,425
Total cash and cash equivalents		232,314			271,582			245,799

Held-to-maturity debt securities (fair value of $93,979, $67,479 and $71,067, respectively), net of allowance for credit losses of $71		99,825			73,775			78,927
Correspondent bank stock, at cost		11,254			5,968			10,804
Mortgage loans held for sale, at fair value		24,151			10,557			26,856
Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)		2,540,096			2,425,367			2,456,063
Allowance for credit losses		(18,994	)		(17,956	)		(27,319	)
Loans, net		2,521,102			2,407,411			2,428,744
Premises and equipment, net		24,488			24,554			24,657
Accrued interest receivable		10,783			10,623			11,339
Accounts receivable		4,435			4,505			5,118
Other receivables		4,915			4,608			4,875
Other real estate owned, net		4,385			4,385			11,421
Goodwill and other intangible assets, net		31,524			31,576			31,741
Deferred tax assets, net		2,809			2,856			6,123
Company-owned life insurance		17,184			17,071			16,741
Other assets		37,628			36,829			34,410
Total assets	$	3,026,797		$	2,906,300		$	2,937,555

Liabilities
Deposits:
Noninterest-bearing	$	361,656		$	409,696		$	396,702
Interest-bearing		2,167,473			2,105,701			2,014,190
Total deposits		2,529,129			2,515,397			2,410,892
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		163,416			51,612			191,505
Subordinated notes		44,673			44,621			52,451
Accrued interest payable		1,406			2,371			2,243
Other liabilities		29,326			35,744			33,589
Total liabilities		2,767,950			2,649,745			2,690,680

Shareholders’ Equity
Total shareholders’ equity		258,847			256,555			246,875
Total liabilities and shareholders’ equity	$	3,026,797		$	2,906,300		$	2,937,555

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

	June 30,			March 31,			June 30,
*(dollars in thousands)*		2025			2025			2024
Loan Portfolio
Cash, Securities, and Other	$	161,725		$	101,078		$	143,720
Consumer and Other		15,778			16,688			15,645
Construction and Development		255,870			291,133			309,146
1-4 Family Residential		1,012,662			971,179			904,569
Non-Owner Occupied CRE		655,954			636,820			609,790
Owner Occupied CRE		196,692			182,417			189,353
Commercial and Industrial		239,278			223,197			277,973
Total		2,537,959			2,422,512			2,450,196
Loans accounted for under the fair value option		5,235			6,280			10,494
Total loans held for investment		2,543,194			2,428,792			2,460,690
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net⁽¹⁾		(3,098	)		(3,425	)		(4,627	)
Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)	$	2,540,096		$	2,425,367		$	2,456,063
Mortgage loans held for sale		24,151			10,557			26,856

Deposit Portfolio
Money market deposit accounts	$	1,632,997		$	1,566,737		$	1,342,753
Time deposits		397,006			379,533			519,597
Interest checking accounts		123,967			144,980			135,759
Savings accounts		13,503			14,451			16,081
Total interest-bearing deposits		2,167,473			2,105,701			2,014,190
Noninterest-bearing accounts		361,656			409,696			396,702
Total deposits	$	2,529,129		$	2,515,397		$	2,410,892

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

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

	As of or for the Three Months Ended
	June 30,			March 31,			June 30,
*(dollars in thousands)*		2025			2025			2024
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	121,950		$	198,294		$	141,600
Debt securities		85,739			75,592			75,461
Correspondent bank stock		7,199			5,806			4,801
Gross loans		2,443,758			2,407,482			2,443,937
Mortgage loans held for sale		18,803			13,593			20,254
Loans held at fair value		5,690			6,846			11,314
Total interest-earning assets		2,683,139			2,707,613			2,697,367
Noninterest-earning assets		126,397			145,479			119,247
Total assets	$	2,809,536		$	2,853,092		$	2,816,614

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,047,570		$	2,090,505		$	2,001,691
FHLB and Federal Reserve borrowings		75,362			51,885			67,196
Subordinated notes		44,639			52,495			52,414
Total interest-bearing liabilities		2,167,571			2,194,885			2,121,301
Noninterest-bearing liabilities:
Noninterest-bearing deposits		352,391			363,922			412,741
Other liabilities		32,794			41,656			34,051
Total noninterest-bearing liabilities		385,185			405,578			446,792
Total shareholders’ equity		256,780			252,629			248,521
Total liabilities and shareholders’ equity	$	2,809,536		$	2,853,092		$	2,816,614

Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		4.46	%		4.54	%		5.27	%
Debt securities		3.83			3.65			3.47
Correspondent bank stock		8.64			8.94			8.80
Loans		5.71			5.71			5.75
Loan held at fair value		5.99			6.58			5.97
Mortgage loans held for sale		6.61			5.46			6.83
Total interest-earning assets		5.61			5.57			5.67
Interest-bearing deposits		3.57			3.59			4.19
Total deposits		3.04			3.06			3.47
FHLB and Federal Reserve borrowings		4.14			3.92			4.14
Subordinated notes		5.66			5.70			5.66
Total interest-bearing liabilities		3.63			3.65			4.22
Net interest margin		2.67			2.61			2.35
Net interest rate spread		1.98			1.92			1.45

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

	As of or for the Three Months Ended
	June 30,			March 31,			June 30,
*(dollars in thousands, except share and per share amounts)*		2025			2025			2024
Asset Quality
Non-performing loans	$	14,394		$	12,758		$	37,909
Non-performing assets		18,779			17,143			49,330
Net charge-offs (recoveries)		657			566			(9	)
Non-performing loans to total loans		0.57	%		0.53	%		1.54	%
Non-performing assets to total assets		0.62			0.59			1.68
Allowance for credit losses to non-performing loans		131.96			140.74			72.06
Allowance for credit losses to total loans		0.75			0.74			1.11
Net charge-offs to average loans		0.03			0.02		*

Assets Under Management	$	7,497,361		$	7,176,624		$	7,011,796

Market Data
Book value per share at period end	$	26.64		$	26.44		$	25.55
Tangible book value per common share⁽¹⁾		23.39			23.18			22.27
Weighted average outstanding shares, basic		9,707,924			9,704,419			9,647,345
Weighted average outstanding shares, diluted		9,809,321			9,798,591			9,750,667
Shares outstanding at period end		9,717,922			9,704,320			9,660,549

Consolidated Capital
Tier 1 capital to risk-weighted assets		9.96	%		10.35	%		9.92	%
CET1 to risk-weighted assets		9.96			10.35			9.92
Total capital to risk-weighted assets		12.67			13.15			13.44
Tier 1 capital to average assets		8.31			8.12			7.91

Bank Capital
Tier 1 capital to risk-weighted assets		11.36	%		11.76	%		11.22	%
CET1 to risk-weighted assets		11.36			11.76			11.22
Total capital to risk-weighted assets		12.13			12.52			12.35
Tier 1 capital to average assets		9.49			9.24			8.95

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

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

Reconciliations of Non-GAAP Financial Measures

	As of or for the Three Months Ended
	June 30,			March 31,			June 30,
*(dollars in thousands, except share and per share amounts)*		2025			2025			2024
Tangible Common
Total shareholders’ equity	$	258,847		$	256,555		$	246,875
Less: goodwill and other intangibles, net		31,524			31,576			31,741
Tangible common equity	$	227,323		$	224,979		$	215,134

Common shares outstanding, end of period		9,717,922			9,704,320			9,660,549
Tangible common book value per share	$	23.39		$	23.18		$	22.27
Net income available to common shareholders		2,503			4,185			1,076
Return on tangible common equity (annualized)		4.40	%		7.44	%		2.00	%

Efficiency
Non-interest expense	$	19,099		$	19,361		$	19,001
Less: OREO expenses and write-downs		53			(80	)		29
Adjusted non-interest expense	$	19,046		$	19,441		$	18,972

Total income before non-interest expense	$	22,416		$	24,718		$	20,416
Less: unrealized gain (loss) recognized on equity securities		3			11			(2	)
Less: net gain (loss) on loans accounted for under the fair value option		26			6			(315	)
Less: net gain on loans held for sale		—			222			—
Plus: provision for credit losses		1,773			80			2,334
Gross revenue	$	24,160		$	24,559		$	23,067
Efficiency ratio		78.83	%		79.16	%		82.25	%

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

Second Quarter 2025 Summary

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

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

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

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

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

	For the Three Months Ended
	June 30,			March 31,			June 30,
*(Dollars in thousands, except per share data)*		2025			2025			2024
Earnings Summary
Net interest income	$	17,884		$	17,453		$	15,778
Provision for credit losses		1,773			80			2,334
Total non-interest income		6,305			7,345			6,972
Total non-interest expense		19,099			19,361			19,001
Income before income taxes		3,317			5,357			1,415
Income tax expense		814			1,172			339
Net income available to common shareholders		2,503			4,185			1,076
Basic earnings per common share		0.26			0.43			0.11
Diluted earnings per common share		0.26			0.43			0.11

Return on average assets (annualized)		0.36	%		0.59	%		0.15	%
Return on average shareholders’ equity (annualized)		3.90			6.63			1.73
Return on tangible common equity (annualized)⁽¹⁾		4.40			7.44			2.00
Net interest margin		2.67			2.61			2.35
Efficiency ratio⁽¹⁾		78.83			79.16			82.25

____________________

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

Operating Results for the Second Quarter 2025

Revenue

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

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

Net Interest Margin

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

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

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

Net Interest Income

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

Non-interest Income

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

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

Non-interest Expense

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

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

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

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

Income Taxes

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

Loans

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

Deposits

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

Borrowings

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

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

Assets Under Management

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

Credit Quality

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

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

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

Capital

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

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

Bank Capital
Tier 1 capital to risk-weighted assets	11.36	%
CET1 to risk-weighted assets	11.36
Total capital to risk-weighted assets	12.13
Tier 1 capital to average assets	9.49

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

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

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

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

Conference Call, Webcast and Slide Presentation

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

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

About First Western

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

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

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

First Western Financial, Inc. Condensed Consolidated Statements of Income (unaudited)

	Three Months Ended
	June 30,		March 31,		June 30,
*(dollars in thousands, except per share amounts)*		2025		2025		2024
Interest and dividend income:
Loans, including fees	$	35,085	$	34,068	$	35,275
Loans accounted for under the fair value option		85		111		168
Investment securities		819		681		651
Interest-bearing deposits in other financial institutions		1,356		2,221		1,855
Dividends, restricted stock		155		128		105
Total interest and dividend income		37,500		37,209		38,054

Interest expense:
Deposits		18,208		18,516		20,848
Other borrowed funds		1,408		1,240		1,428
Total interest expense		19,616		19,756		22,276
Net interest income		17,884		17,453		15,778
Less: Provision for credit losses		1,773		80		2,334
Net interest income, after provision for credit losses		16,111		17,373		13,444

Non-interest income:
Trust and investment management fees		4,512		4,677		4,875
Net gain on mortgage loans		1,187		1,067		1,820
Net gain on loans held for sale		—		222		—
Bank fees		293		422		327
Risk management and insurance fees		47		259		109
Income on company-owned life insurance		112		110		106
Net gain (loss) on loans accounted for under the fair value option		26		6		(315	)
Net gain on other real estate owned		—		459		—
Unrealized gain (loss) recognized on equity securities		3		11		(2	)
Other		125		112		52
Total non-interest income		6,305		7,345		6,972
Total income before non-interest expense		22,416		24,718		20,416

Non-interest expense:
Salaries and employee benefits		11,019		11,480		11,097
Occupancy and equipment		2,224		2,210		2,080
Professional services		1,855		1,704		1,826
Technology and information systems		1,030		1,078		1,042
Data processing		1,166		1,122		1,101
Marketing		267		216		243
Amortization of other intangible assets		52		51		56
Other		1,486		1,500		1,556
Total non-interest expense		19,099		19,361		19,001
Income before income taxes		3,317		5,357		1,415
Income tax expense		814		1,172		339
Net income available to common shareholders	$	2,503	$	4,185	$	1,076
Earnings per common share:
Basic	$	0.26	$	0.43	$	0.11
Diluted		0.26		0.43		0.11

First Western Financial, Inc. Condensed Consolidated Balance Sheets (unaudited)

	June 30,			March 31,			June 30,
*(dollars in thousands)*		2025			2025			2024
Assets
Cash and cash equivalents:
Cash and due from banks	$	12,353		$	15,924		$	6,374
Interest-bearing deposits in other financial institutions		219,961			255,658			239,425
Total cash and cash equivalents		232,314			271,582			245,799

Held-to-maturity debt securities (fair value of $93,979, $67,479 and $71,067, respectively), net of allowance for credit losses of $71		99,825			73,775			78,927
Correspondent bank stock, at cost		11,254			5,968			10,804
Mortgage loans held for sale, at fair value		24,151			10,557			26,856
Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)		2,540,096			2,425,367			2,456,063
Allowance for credit losses		(18,994	)		(17,956	)		(27,319	)
Loans, net		2,521,102			2,407,411			2,428,744
Premises and equipment, net		24,488			24,554			24,657
Accrued interest receivable		10,783			10,623			11,339
Accounts receivable		4,435			4,505			5,118
Other receivables		4,915			4,608			4,875
Other real estate owned, net		4,385			4,385			11,421
Goodwill and other intangible assets, net		31,524			31,576			31,741
Deferred tax assets, net		2,809			2,856			6,123
Company-owned life insurance		17,184			17,071			16,741
Other assets		37,628			36,829			34,410
Total assets	$	3,026,797		$	2,906,300		$	2,937,555

Liabilities
Deposits:
Noninterest-bearing	$	361,656		$	409,696		$	396,702
Interest-bearing		2,167,473			2,105,701			2,014,190
Total deposits		2,529,129			2,515,397			2,410,892
Borrowings:
Federal Home Loan Bank and Federal Reserve borrowings		163,416			51,612			191,505
Subordinated notes		44,673			44,621			52,451
Accrued interest payable		1,406			2,371			2,243
Other liabilities		29,326			35,744			33,589
Total liabilities		2,767,950			2,649,745			2,690,680

Shareholders’ Equity
Total shareholders’ equity		258,847			256,555			246,875
Total liabilities and shareholders’ equity	$	3,026,797		$	2,906,300		$	2,937,555

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

	June 30,			March 31,			June 30,
*(dollars in thousands)*		2025			2025			2024
Loan Portfolio
Cash, Securities, and Other	$	161,725		$	101,078		$	143,720
Consumer and Other		15,778			16,688			15,645
Construction and Development		255,870			291,133			309,146
1-4 Family Residential		1,012,662			971,179			904,569
Non-Owner Occupied CRE		655,954			636,820			609,790
Owner Occupied CRE		196,692			182,417			189,353
Commercial and Industrial		239,278			223,197			277,973
Total		2,537,959			2,422,512			2,450,196
Loans accounted for under the fair value option		5,235			6,280			10,494
Total loans held for investment		2,543,194			2,428,792			2,460,690
Deferred (fees) costs and unamortized premiums/(unaccreted discounts), net⁽¹⁾		(3,098	)		(3,425	)		(4,627	)
Loans (includes $5,099, $6,112, and $10,190 measured at fair value, respectively)	$	2,540,096		$	2,425,367		$	2,456,063
Mortgage loans held for sale		24,151			10,557			26,856

Deposit Portfolio
Money market deposit accounts	$	1,632,997		$	1,566,737		$	1,342,753
Time deposits		397,006			379,533			519,597
Interest checking accounts		123,967			144,980			135,759
Savings accounts		13,503			14,451			16,081
Total interest-bearing deposits		2,167,473			2,105,701			2,014,190
Noninterest-bearing accounts		361,656			409,696			396,702
Total deposits	$	2,529,129		$	2,515,397		$	2,410,892

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

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

	As of or for the Three Months Ended
	June 30,			March 31,			June 30,
*(dollars in thousands)*		2025			2025			2024
Average Balance Sheets
Assets
Interest-earning assets:
Interest-bearing deposits in other financial institutions	$	121,950		$	198,294		$	141,600
Debt securities		85,739			75,592			75,461
Correspondent bank stock		7,199			5,806			4,801
Gross loans		2,443,758			2,407,482			2,443,937
Mortgage loans held for sale		18,803			13,593			20,254
Loans held at fair value		5,690			6,846			11,314
Total interest-earning assets		2,683,139			2,707,613			2,697,367
Noninterest-earning assets		126,397			145,479			119,247
Total assets	$	2,809,536		$	2,853,092		$	2,816,614

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing deposits	$	2,047,570		$	2,090,505		$	2,001,691
FHLB and Federal Reserve borrowings		75,362			51,885			67,196
Subordinated notes		44,639			52,495			52,414
Total interest-bearing liabilities		2,167,571			2,194,885			2,121,301
Noninterest-bearing liabilities:
Noninterest-bearing deposits		352,391			363,922			412,741
Other liabilities		32,794			41,656			34,051
Total noninterest-bearing liabilities		385,185			405,578			446,792
Total shareholders’ equity		256,780			252,629			248,521
Total liabilities and shareholders’ equity	$	2,809,536		$	2,853,092		$	2,816,614

Yields/Cost of funds (annualized)
Interest-bearing deposits in other financial institutions		4.46	%		4.54	%		5.27	%
Debt securities		3.83			3.65			3.47
Correspondent bank stock		8.64			8.94			8.80
Loans		5.71			5.71			5.75
Loan held at fair value		5.99			6.58			5.97
Mortgage loans held for sale		6.61			5.46			6.83
Total interest-earning assets		5.61			5.57			5.67
Interest-bearing deposits		3.57			3.59			4.19
Total deposits		3.04			3.06			3.47
FHLB and Federal Reserve borrowings		4.14			3.92			4.14
Subordinated notes		5.66			5.70			5.66
Total interest-bearing liabilities		3.63			3.65			4.22
Net interest margin		2.67			2.61			2.35
Net interest rate spread		1.98			1.92			1.45

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

	As of or for the Three Months Ended
	June 30,			March 31,			June 30,
*(dollars in thousands, except share and per share amounts)*		2025			2025			2024
Asset Quality
Non-performing loans	$	14,394		$	12,758		$	37,909
Non-performing assets		18,779			17,143			49,330
Net charge-offs (recoveries)		657			566			(9	)
Non-performing loans to total loans		0.57	%		0.53	%		1.54	%
Non-performing assets to total assets		0.62			0.59			1.68
Allowance for credit losses to non-performing loans		131.96			140.74			72.06
Allowance for credit losses to total loans		0.75			0.74			1.11
Net charge-offs to average loans		0.03			0.02		*

Assets Under Management	$	7,497,361		$	7,176,624		$	7,011,796

Market Data
Book value per share at period end	$	26.64		$	26.44		$	25.55
Tangible book value per common share⁽¹⁾		23.39			23.18			22.27
Weighted average outstanding shares, basic		9,707,924			9,704,419			9,647,345
Weighted average outstanding shares, diluted		9,809,321			9,798,591			9,750,667
Shares outstanding at period end		9,717,922			9,704,320			9,660,549

Consolidated Capital
Tier 1 capital to risk-weighted assets		9.96	%		10.35	%		9.92	%
CET1 to risk-weighted assets		9.96			10.35			9.92
Total capital to risk-weighted assets		12.67			13.15			13.44
Tier 1 capital to average assets		8.31			8.12			7.91

Bank Capital
Tier 1 capital to risk-weighted assets		11.36	%		11.76	%		11.22	%
CET1 to risk-weighted assets		11.36			11.76			11.22
Total capital to risk-weighted assets		12.13			12.52			12.35
Tier 1 capital to average assets		9.49			9.24			8.95

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

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

Reconciliations of Non-GAAP Financial Measures

	As of or for the Three Months Ended
	June 30,			March 31,			June 30,
*(dollars in thousands, except share and per share amounts)*		2025			2025			2024
Tangible Common
Total shareholders’ equity	$	258,847		$	256,555		$	246,875
Less: goodwill and other intangibles, net		31,524			31,576			31,741
Tangible common equity	$	227,323		$	224,979		$	215,134

Common shares outstanding, end of period		9,717,922			9,704,320			9,660,549
Tangible common book value per share	$	23.39		$	23.18		$	22.27
Net income available to common shareholders		2,503			4,185			1,076
Return on tangible common equity (annualized)		4.40	%		7.44	%		2.00	%

Efficiency
Non-interest expense	$	19,099		$	19,361		$	19,001
Less: OREO expenses and write-downs		53			(80	)		29
Adjusted non-interest expense	$	19,046		$	19,441		$	18,972

Total income before non-interest expense	$	22,416		$	24,718		$	20,416
Less: unrealized gain (loss) recognized on equity securities		3			11			(2	)
Less: net gain (loss) on loans accounted for under the fair value option		26			6			(315	)
Less: net gain on loans held for sale		—			222			—
Plus: provision for credit losses		1,773			80			2,334
Gross revenue	$	24,160		$	24,559		$	23,067
Efficiency ratio		78.83	%		79.16	%		82.25	%

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

PR N°C3350C

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

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

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

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

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

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

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

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

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

Forward-looking Information

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

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

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

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

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

For further information, please contact:

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

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

¹ Tire Pressure Monitoring Systems.

Attachment

C3350C – ST to acquire NXP MEMS

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

2025 Second Quarter Results

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

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

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

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

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

Key Points for Second Quarter and Outlook

Acceleration of Credit Clean-up; Tightened Underwriting Standards

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

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

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

Solid Growth Trends in Community Bank & Wealth Management

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

Net Interest Margin

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

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

	For the Three Months Ended
(dollars in thousands)	June 30, 2025						March 31, 2025						June 30, 2024
Interest-earning assets	Average Balance		Interest & Fees		Yield/ Rate		Average Balance		Interest & Fees		Yield/ Rate		Average Balance		Interest & Fees		Yield/ Rate
Cash and cash equivalents	$	67,326	$	716	4.27	%	$	68,671	$	718	4.24	%	$	65,250	$	875	5.40	%
Investment securities⁽¹⁾		1,367,180		17,164	5.04			1,311,887		15,517	4.80			1,098,452		12,805	4.69
Loans⁽¹⁾⁽²⁾		5,123,558		79,240	6.20			5,057,394		78,118	6.26			5,915,523		92,581	6.29
Loans held for sale		44,642		377	3.39			326,348		4,563	5.67			4,910		84	6.84
Nonmarketable equity securities		38,803		694	7.17			35,614		647	7.37			44,216		963	8.76
Total interest-earning assets		6,641,509		98,191	5.93			6,799,914		99,563	5.94			7,128,351		107,308	6.05
Noninterest-earning assets		513,801						667,940						669,370
Total assets	$	7,155,310					$	7,467,854					$	7,797,721

Interest-Bearing Liabilities
Interest-bearing deposits	$	4,845,609	$	32,290	2.67	%	$	5,074,007	$	34,615	2.77	%	$	5,101,365	$	39,476	3.11	%
Short-term borrowings		60,117		573	3.82			73,767		700	3.85			30,449		308	4.07
FHLB advances & other borrowings		363,505		3,766	4.16			299,578		3,163	4.28			500,758		5,836	4.69
Subordinated debt		77,757		1,394	7.19			77,752		1,387	7.23			93,090		1,265	5.47
Trust preferred debentures		51,439		1,206	9.40			51,283		1,200	9.49			50,921		1,358	10.73
Total interest-bearing liabilities		5,398,427		39,229	2.91			5,576,387		41,065	2.99			5,776,583		48,243	3.36
Noninterest-bearing deposits		1,075,945						1,052,181						1,132,451
Other noninterest-bearing liabilities		108,819						123,613						104,841
Shareholders’ equity		572,119						715,673						783,846
Total liabilities and shareholder’s equity	$	7,155,310					$	7,467,854					$	7,797,721

Net Interest Margin			$	58,962	3.56	%			$	58,498	3.49	%			$	59,065	3.33	%

Cost of Deposits					2.19	%					2.29	%					2.55	%

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

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

Trends in Noninterest Income and Expense

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

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

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

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

Capital

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

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

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

About Midland States Bancorp, Inc.

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

Non-GAAP Financial Measures

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

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

Forward-Looking Statements

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

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


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Assets
Cash and cash equivalents	$	176,587		$	102,006		$	114,766		$	121,873		$	124,646
Investment securities		1,354,652			1,368,405			1,212,366			1,216,795			1,099,654
Loans		5,064,695			5,018,053			5,167,574			5,728,237			5,829,057
Allowance for credit losses on loans		(92,690	)		(105,176	)		(111,204	)		(151,067	)		(155,443	)
Total loans, net		4,972,005			4,912,877			5,056,370			5,577,170			5,673,614
Loans held for sale		7,899			287,821			344,947			8,001			5,555
Premises and equipment, net		86,240			86,719			85,710			84,672			83,040
Other real estate owned		393			4,183			4,941			8,646			8,304
Loan servicing rights, at lower of cost or fair value		16,720			17,278			17,842			18,400			18,902
Goodwill		7,927			7,927			161,904			161,904			161,904
Other intangible assets, net		10,362			11,189			12,100			13,052			14,003
Company-owned life insurance		214,392			212,336			211,168			209,193			207,211
Credit enhancement asset		5,800			5,615			16,804			20,633			18,202
Other assets		254,901			268,448			267,891			263,850			293,039
Total assets	$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189		$	7,708,074

Liabilities and Shareholders’ Equity
Noninterest-bearing demand deposits	$	1,074,212		$	1,090,707		$	1,055,564		$	1,050,617		$	1,108,521
Interest-bearing deposits		4,872,707			4,845,727			5,141,679			5,206,219			5,009,502
Total deposits		5,946,919			5,936,434			6,197,243			6,256,836			6,118,023
Short-term borrowings		8,654			40,224			87,499			13,849			7,208
FHLB advances and other borrowings		345,000			498,000			258,000			425,000			600,000
Subordinated debt		77,759			77,754			77,749			82,744			91,656
Trust preferred debentures		51,518			51,358			51,205			51,058			50,921
Other liabilities		104,323			109,597			124,266			103,481			103,487
Total liabilities		6,534,173			6,713,367			6,795,962			6,932,968			6,971,295
Total shareholders’ equity		573,705			571,437			710,847			771,221			736,779
Total liabilities and shareholders’ equity	$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189		$	7,708,074

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Three Months Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
(dollars in thousands, except per share data)	2025			2025			2024			2024			2024
Net interest income:
Interest income	$	97,924	$	99,355		$	104,470		$	108,994		$	107,138
Interest expense		39,229		41,065			45,900			49,884			48,243
Net interest income		58,695		58,290			58,570			59,110			58,895
Provision for credit losses:
Provision for credit losses on loans		17,369		10,850			74,183			17,925			8,482
Recapture of credit losses on unfunded commitments		—		—			—			—			(200	)
Total provision for credit losses		17,369		10,850			74,183			17,925			8,282
Net interest income after provision for credit losses		41,326		47,440			(15,613	)		41,185			50,613
Noninterest income:
Wealth management revenue		7,379		7,350			7,660			7,104			6,801
Service charges on deposit accounts		3,351		3,305			3,506			3,411			3,121
Interchange revenue		3,463		3,151			3,528			3,506			3,563
Residential mortgage banking revenue		756		676			637			697			557
Income on company-owned life insurance		2,068		2,334			1,975			1,981			1,925
Loss on sales of investment securities, net		—		—			(34	)		(44	)		(152	)
Credit enhancement income (loss)		3,848		(578	)		15,810			14,206			14,328
Other income		2,669		1,525			2,289			2,684			1,841
Total noninterest income		23,534		17,763			35,371			33,545			31,984
Noninterest expense:
Salaries and employee benefits		25,685		26,416			22,283			24,382			22,872
Occupancy and equipment		4,166		4,498			4,286			4,393			3,964
Data processing		7,035		6,919			7,278			6,955			7,205
Professional services		2,792		2,741			1,580			1,744			2,243
Impairment on goodwill		—		153,977			—			—			—
Amortization of intangible assets		827		911			952			951			1,016
Impairment on leased assets and surrendered assets		—		—			7,601			—			—
FDIC insurance		1,422		1,463			1,383			1,402			1,219
Other expense		8,065		6,080			13,336			9,937			12,265
Total noninterest expense		49,992		203,005			58,699			49,764			50,784
Income (loss) before income taxes		14,868		(137,802	)		(38,941	)		24,966			31,813
Income tax expense (benefit)		2,844		3,172			(8,172	)		4,535			6,094
Net income (loss)		12,024		(140,974	)		(30,769	)		20,431			25,719
Preferred stock dividends		2,228		2,228			2,228			2,229			2,228
Net income (loss) available to common shareholders	$	9,796	$	(143,202	)	$	(32,997	)	$	18,202		$	23,491

Basic earnings (loss) per common share	$	0.44	$	(6.58	)	$	(1.52	)	$	0.83		$	1.06
Diluted earnings (loss) per common share	$	0.44	$	(6.58	)	$	(1.52	)	$	0.83		$	1.06
Weighted average common shares outstanding		21,820,190		21,795,570			21,748,428			21,675,818			21,731,195
Weighted average diluted common shares outstanding		21,820,190		21,795,570			21,753,711			21,678,242			21,734,849

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)

	As of
	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2025		2025		2024		2024		2024
Loan Portfolio Mix
Commercial loans	$	1,178,792	$	879,286	$	934,847	$	879,590	$	955,667
Equipment finance loans		364,526		390,276		416,970		442,552		461,409
Equipment finance leases		347,155		373,168		391,390		417,531		428,659
Commercial FHA warehouse lines		1,068		—		8,004		50,198		—
Total commercial loans and leases		1,891,541		1,642,730		1,751,211		1,789,871		1,845,735
Commercial real estate		2,412,761		2,592,325		2,591,664		2,510,472		2,421,505
Construction and land development		258,729		264,966		299,842		422,253		476,528
Residential real estate		361,261		373,095		380,557		378,658		378,393
Consumer		140,403		144,937		144,300		626,983		706,896
Total loans	$	5,064,695	$	5,018,053	$	5,167,574	$	5,728,237	$	5,829,057

Loan Portfolio Segment
Regions
Eastern	$	901,848	$	897,792	$	899,611	$	902,993	$	884,343
Northern		753,590		747,028		714,562		730,752		724,782
Southern		778,124		711,787		720,188		694,810		699,893
St. Louis		884,685		902,743		868,190		850,327		825,291
Total Community Bank		3,318,247		3,259,350		3,202,551		3,178,882		3,134,309
Specialty finance		701,244		874,567		1,038,238		1,018,961		1,107,508
Equipment finance		711,681		763,444		808,359		860,083		890,068
Non-core loan program and other⁽¹⁾		333,523		120,692		118,426		670,311		697,172
Total loans	$	5,064,695	$	5,018,053	$	5,167,574	$	5,728,237	$	5,829,057

Deposit Portfolio Mix
Noninterest-bearing demand	$	1,074,212	$	1,090,707	$	1,055,564	$	1,050,617	$	1,108,521
Interest-bearing:
Checking		2,180,717		2,161,282		2,378,256		2,389,970		2,343,533
Money market		1,216,357		1,154,403		1,173,630		1,187,139		1,143,668
Savings		511,470		522,663		507,305		510,260		538,462
Time		818,813		818,732		822,981		849,413		852,415
Brokered time		145,350		188,647		259,507		269,437		131,424
Total deposits	$	5,946,919	$	5,936,434	$	6,197,243	$	6,256,836	$	6,118,023

Deposit Portfolio by Channel
Retail	$	2,811,838	$	2,846,494	$	2,749,650	$	2,695,077	$	2,742,494
Commercial		1,145,369		1,074,837		1,209,815		1,218,657		1,217,068
Public Funds		618,172		490,374		505,912		574,704		568,889
Wealth & Trust		304,626		301,251		340,615		332,242		298,659
Servicing		785,659		842,567		896,436		958,662		931,892
Brokered Deposits		248,707		358,063		473,451		390,558		238,708
Other		32,548		22,848		21,364		86,936		120,313
Total deposits	$	5,946,919	$	5,936,434	$	6,197,243	$	6,256,836	$	6,118,023

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


MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Adjusted Earnings Reconciliation

	For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands, expect per share data)		2025			2025			2024			2024			2024
Income (loss) before income tax (benefit) expense – GAAP	$	14,868		$	(137,802	)	$	(38,941	)	$	24,966		$	31,813
Adjustments to noninterest income:
Loss on sales of investment securities, net		—			—			34			44			152
Loss (gain) on repurchase of subordinated debt		—			—			13			(77	)		(167	)
Total adjustments to noninterest income		—			—			47			(33	)		(15	)
Adjustments to noninterest expense:
Impairment on goodwill		—			(153,977	)		—			—			—
Total adjustments to noninterest expense		—			(153,977	)		—			—			—
Adjusted earnings (loss) pre tax – non-GAAP		14,868			16,175			(38,894	)		24,933			31,798
Adjusted earnings (loss) tax (benefit) expense		2,844			3,172			(8,159	)		4,526			6,090
Adjusted earnings (loss) – non-GAAP		12,024			13,003			(30,735	)		20,407			25,708
Preferred stock dividends		2,228			2,228			2,228			2,229			2,228
Adjusted earnings (loss) available to common shareholders	$	9,796		$	10,775		$	(32,963	)	$	18,178		$	23,480
Adjusted diluted earnings (loss) per common share	$	0.44		$	0.49		$	(1.52	)	$	0.82		$	1.06

Pre-Provision Net Revenue Reconciliation

	For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Income (loss) before income taxes	$	14,868		$	(137,802	)	$	(38,941	)	$	24,966		$	31,813
Provision for credit losses		17,369			10,850			74,183			17,925			8,282
Impairment on goodwill		—			153,977			—			—			—
Pre-provision net revenue	$	32,237		$	27,025		$	35,242		$	42,891		$	40,095
Pre-provision net revenue per diluted share	$	1.48		$	1.24		$	1.62		$	1.98		$	1.84
Pre-provision net revenue to average assets		1.81	%		1.47	%		1.83	%		2.21	%		2.07	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Efficiency Ratio Reconciliation

	For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Noninterest expense – GAAP	$	49,992		$	203,005		$	58,699		$	49,764		$	50,784
Impairment on goodwill		—			(153,977	)		—			—			—
Adjusted noninterest expense	$	49,992		$	49,028		$	58,699		$	49,764		$	50,784

Net interest income – GAAP	$	58,695		$	58,290		$	58,570		$	59,110		$	58,895
Effect of tax-exempt income		267			208			220			205			170
Adjusted net interest income		58,962			58,498			58,790			59,315			59,065

Noninterest income – GAAP		23,534			17,763			35,371			33,545			31,984
Loss on sales of investment securities, net		—			—			34			44			152
Loss (gain) on repurchase of subordinated debt		—			—			13			(77	)		(167	)
Adjusted noninterest income		23,534			17,763			35,418			33,512			31,969

Adjusted total revenue	$	82,496		$	76,261		$	94,208		$	92,827		$	91,034

Efficiency ratio		60.60	%		64.29	%		62.31	%		53.61	%		55.79	%

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands, except per share data)		2025			2025			2024			2024			2024
Shareholders’ Equity to Tangible Common Equity
Total shareholders’ equity—GAAP	$	573,705		$	571,437		$	710,847		$	771,221		$	736,779
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(7,927	)		(7,927	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(10,362	)		(11,189	)		(12,100	)		(13,052	)		(14,003	)
Tangible common equity		444,868			441,773			426,295			485,717			450,324

Total Assets to Tangible Assets:
Total assets—GAAP	$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189		$	7,708,074
Adjustments:
Goodwill		(7,927	)		(7,927	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(10,362	)		(11,189	)		(12,100	)		(13,052	)		(14,003	)
Tangible assets	$	7,089,589		$	7,265,688		$	7,332,805		$	7,529,233		$	7,532,167

Common Shares Outstanding		21,515,138			21,503,036			21,494,485			21,393,905			21,377,215

Tangible Common Equity to Tangible Assets		6.27	%		6.08	%		5.81	%		6.45	%		5.98	%
Tangible Book Value Per Share	$	20.68		$	20.54		$	19.83		$	22.70		$	21.07

The MIL Network –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

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

2025 Second Quarter Results

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

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

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

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

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

Key Points for Second Quarter and Outlook

Acceleration of Credit Clean-up; Tightened Underwriting Standards

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

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

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

Solid Growth Trends in Community Bank & Wealth Management

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

Net Interest Margin

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

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

	For the Three Months Ended
(dollars in thousands)	June 30, 2025						March 31, 2025						June 30, 2024
Interest-earning assets	Average Balance		Interest & Fees		Yield/ Rate		Average Balance		Interest & Fees		Yield/ Rate		Average Balance		Interest & Fees		Yield/ Rate
Cash and cash equivalents	$	67,326	$	716	4.27	%	$	68,671	$	718	4.24	%	$	65,250	$	875	5.40	%
Investment securities⁽¹⁾		1,367,180		17,164	5.04			1,311,887		15,517	4.80			1,098,452		12,805	4.69
Loans⁽¹⁾⁽²⁾		5,123,558		79,240	6.20			5,057,394		78,118	6.26			5,915,523		92,581	6.29
Loans held for sale		44,642		377	3.39			326,348		4,563	5.67			4,910		84	6.84
Nonmarketable equity securities		38,803		694	7.17			35,614		647	7.37			44,216		963	8.76
Total interest-earning assets		6,641,509		98,191	5.93			6,799,914		99,563	5.94			7,128,351		107,308	6.05
Noninterest-earning assets		513,801						667,940						669,370
Total assets	$	7,155,310					$	7,467,854					$	7,797,721

Interest-Bearing Liabilities
Interest-bearing deposits	$	4,845,609	$	32,290	2.67	%	$	5,074,007	$	34,615	2.77	%	$	5,101,365	$	39,476	3.11	%
Short-term borrowings		60,117		573	3.82			73,767		700	3.85			30,449		308	4.07
FHLB advances & other borrowings		363,505		3,766	4.16			299,578		3,163	4.28			500,758		5,836	4.69
Subordinated debt		77,757		1,394	7.19			77,752		1,387	7.23			93,090		1,265	5.47
Trust preferred debentures		51,439		1,206	9.40			51,283		1,200	9.49			50,921		1,358	10.73
Total interest-bearing liabilities		5,398,427		39,229	2.91			5,576,387		41,065	2.99			5,776,583		48,243	3.36
Noninterest-bearing deposits		1,075,945						1,052,181						1,132,451
Other noninterest-bearing liabilities		108,819						123,613						104,841
Shareholders’ equity		572,119						715,673						783,846
Total liabilities and shareholder’s equity	$	7,155,310					$	7,467,854					$	7,797,721

Net Interest Margin			$	58,962	3.56	%			$	58,498	3.49	%			$	59,065	3.33	%

Cost of Deposits					2.19	%					2.29	%					2.55	%

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

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

Trends in Noninterest Income and Expense

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

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

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

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

Capital

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

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

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

About Midland States Bancorp, Inc.

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

Non-GAAP Financial Measures

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

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

Forward-Looking Statements

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

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


MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Assets
Cash and cash equivalents	$	176,587		$	102,006		$	114,766		$	121,873		$	124,646
Investment securities		1,354,652			1,368,405			1,212,366			1,216,795			1,099,654
Loans		5,064,695			5,018,053			5,167,574			5,728,237			5,829,057
Allowance for credit losses on loans		(92,690	)		(105,176	)		(111,204	)		(151,067	)		(155,443	)
Total loans, net		4,972,005			4,912,877			5,056,370			5,577,170			5,673,614
Loans held for sale		7,899			287,821			344,947			8,001			5,555
Premises and equipment, net		86,240			86,719			85,710			84,672			83,040
Other real estate owned		393			4,183			4,941			8,646			8,304
Loan servicing rights, at lower of cost or fair value		16,720			17,278			17,842			18,400			18,902
Goodwill		7,927			7,927			161,904			161,904			161,904
Other intangible assets, net		10,362			11,189			12,100			13,052			14,003
Company-owned life insurance		214,392			212,336			211,168			209,193			207,211
Credit enhancement asset		5,800			5,615			16,804			20,633			18,202
Other assets		254,901			268,448			267,891			263,850			293,039
Total assets	$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189		$	7,708,074

Liabilities and Shareholders’ Equity
Noninterest-bearing demand deposits	$	1,074,212		$	1,090,707		$	1,055,564		$	1,050,617		$	1,108,521
Interest-bearing deposits		4,872,707			4,845,727			5,141,679			5,206,219			5,009,502
Total deposits		5,946,919			5,936,434			6,197,243			6,256,836			6,118,023
Short-term borrowings		8,654			40,224			87,499			13,849			7,208
FHLB advances and other borrowings		345,000			498,000			258,000			425,000			600,000
Subordinated debt		77,759			77,754			77,749			82,744			91,656
Trust preferred debentures		51,518			51,358			51,205			51,058			50,921
Other liabilities		104,323			109,597			124,266			103,481			103,487
Total liabilities		6,534,173			6,713,367			6,795,962			6,932,968			6,971,295
Total shareholders’ equity		573,705			571,437			710,847			771,221			736,779
Total liabilities and shareholders’ equity	$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189		$	7,708,074

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)

	For the Three Months Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
(dollars in thousands, except per share data)	2025			2025			2024			2024			2024
Net interest income:
Interest income	$	97,924	$	99,355		$	104,470		$	108,994		$	107,138
Interest expense		39,229		41,065			45,900			49,884			48,243
Net interest income		58,695		58,290			58,570			59,110			58,895
Provision for credit losses:
Provision for credit losses on loans		17,369		10,850			74,183			17,925			8,482
Recapture of credit losses on unfunded commitments		—		—			—			—			(200	)
Total provision for credit losses		17,369		10,850			74,183			17,925			8,282
Net interest income after provision for credit losses		41,326		47,440			(15,613	)		41,185			50,613
Noninterest income:
Wealth management revenue		7,379		7,350			7,660			7,104			6,801
Service charges on deposit accounts		3,351		3,305			3,506			3,411			3,121
Interchange revenue		3,463		3,151			3,528			3,506			3,563
Residential mortgage banking revenue		756		676			637			697			557
Income on company-owned life insurance		2,068		2,334			1,975			1,981			1,925
Loss on sales of investment securities, net		—		—			(34	)		(44	)		(152	)
Credit enhancement income (loss)		3,848		(578	)		15,810			14,206			14,328
Other income		2,669		1,525			2,289			2,684			1,841
Total noninterest income		23,534		17,763			35,371			33,545			31,984
Noninterest expense:
Salaries and employee benefits		25,685		26,416			22,283			24,382			22,872
Occupancy and equipment		4,166		4,498			4,286			4,393			3,964
Data processing		7,035		6,919			7,278			6,955			7,205
Professional services		2,792		2,741			1,580			1,744			2,243
Impairment on goodwill		—		153,977			—			—			—
Amortization of intangible assets		827		911			952			951			1,016
Impairment on leased assets and surrendered assets		—		—			7,601			—			—
FDIC insurance		1,422		1,463			1,383			1,402			1,219
Other expense		8,065		6,080			13,336			9,937			12,265
Total noninterest expense		49,992		203,005			58,699			49,764			50,784
Income (loss) before income taxes		14,868		(137,802	)		(38,941	)		24,966			31,813
Income tax expense (benefit)		2,844		3,172			(8,172	)		4,535			6,094
Net income (loss)		12,024		(140,974	)		(30,769	)		20,431			25,719
Preferred stock dividends		2,228		2,228			2,228			2,229			2,228
Net income (loss) available to common shareholders	$	9,796	$	(143,202	)	$	(32,997	)	$	18,202		$	23,491

Basic earnings (loss) per common share	$	0.44	$	(6.58	)	$	(1.52	)	$	0.83		$	1.06
Diluted earnings (loss) per common share	$	0.44	$	(6.58	)	$	(1.52	)	$	0.83		$	1.06
Weighted average common shares outstanding		21,820,190		21,795,570			21,748,428			21,675,818			21,731,195
Weighted average diluted common shares outstanding		21,820,190		21,795,570			21,753,711			21,678,242			21,734,849

MIDLAND STATES BANCORP, INC.
CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)

	As of
	June 30,		March 31,		December 31,		September 30,		June 30,
(dollars in thousands)	2025		2025		2024		2024		2024
Loan Portfolio Mix
Commercial loans	$	1,178,792	$	879,286	$	934,847	$	879,590	$	955,667
Equipment finance loans		364,526		390,276		416,970		442,552		461,409
Equipment finance leases		347,155		373,168		391,390		417,531		428,659
Commercial FHA warehouse lines		1,068		—		8,004		50,198		—
Total commercial loans and leases		1,891,541		1,642,730		1,751,211		1,789,871		1,845,735
Commercial real estate		2,412,761		2,592,325		2,591,664		2,510,472		2,421,505
Construction and land development		258,729		264,966		299,842		422,253		476,528
Residential real estate		361,261		373,095		380,557		378,658		378,393
Consumer		140,403		144,937		144,300		626,983		706,896
Total loans	$	5,064,695	$	5,018,053	$	5,167,574	$	5,728,237	$	5,829,057

Loan Portfolio Segment
Regions
Eastern	$	901,848	$	897,792	$	899,611	$	902,993	$	884,343
Northern		753,590		747,028		714,562		730,752		724,782
Southern		778,124		711,787		720,188		694,810		699,893
St. Louis		884,685		902,743		868,190		850,327		825,291
Total Community Bank		3,318,247		3,259,350		3,202,551		3,178,882		3,134,309
Specialty finance		701,244		874,567		1,038,238		1,018,961		1,107,508
Equipment finance		711,681		763,444		808,359		860,083		890,068
Non-core loan program and other⁽¹⁾		333,523		120,692		118,426		670,311		697,172
Total loans	$	5,064,695	$	5,018,053	$	5,167,574	$	5,728,237	$	5,829,057

Deposit Portfolio Mix
Noninterest-bearing demand	$	1,074,212	$	1,090,707	$	1,055,564	$	1,050,617	$	1,108,521
Interest-bearing:
Checking		2,180,717		2,161,282		2,378,256		2,389,970		2,343,533
Money market		1,216,357		1,154,403		1,173,630		1,187,139		1,143,668
Savings		511,470		522,663		507,305		510,260		538,462
Time		818,813		818,732		822,981		849,413		852,415
Brokered time		145,350		188,647		259,507		269,437		131,424
Total deposits	$	5,946,919	$	5,936,434	$	6,197,243	$	6,256,836	$	6,118,023

Deposit Portfolio by Channel
Retail	$	2,811,838	$	2,846,494	$	2,749,650	$	2,695,077	$	2,742,494
Commercial		1,145,369		1,074,837		1,209,815		1,218,657		1,217,068
Public Funds		618,172		490,374		505,912		574,704		568,889
Wealth & Trust		304,626		301,251		340,615		332,242		298,659
Servicing		785,659		842,567		896,436		958,662		931,892
Brokered Deposits		248,707		358,063		473,451		390,558		238,708
Other		32,548		22,848		21,364		86,936		120,313
Total deposits	$	5,946,919	$	5,936,434	$	6,197,243	$	6,256,836	$	6,118,023

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


MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Adjusted Earnings Reconciliation

	For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands, expect per share data)		2025			2025			2024			2024			2024
Income (loss) before income tax (benefit) expense – GAAP	$	14,868		$	(137,802	)	$	(38,941	)	$	24,966		$	31,813
Adjustments to noninterest income:
Loss on sales of investment securities, net		—			—			34			44			152
Loss (gain) on repurchase of subordinated debt		—			—			13			(77	)		(167	)
Total adjustments to noninterest income		—			—			47			(33	)		(15	)
Adjustments to noninterest expense:
Impairment on goodwill		—			(153,977	)		—			—			—
Total adjustments to noninterest expense		—			(153,977	)		—			—			—
Adjusted earnings (loss) pre tax – non-GAAP		14,868			16,175			(38,894	)		24,933			31,798
Adjusted earnings (loss) tax (benefit) expense		2,844			3,172			(8,159	)		4,526			6,090
Adjusted earnings (loss) – non-GAAP		12,024			13,003			(30,735	)		20,407			25,708
Preferred stock dividends		2,228			2,228			2,228			2,229			2,228
Adjusted earnings (loss) available to common shareholders	$	9,796		$	10,775		$	(32,963	)	$	18,178		$	23,480
Adjusted diluted earnings (loss) per common share	$	0.44		$	0.49		$	(1.52	)	$	0.82		$	1.06

Pre-Provision Net Revenue Reconciliation

	For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Income (loss) before income taxes	$	14,868		$	(137,802	)	$	(38,941	)	$	24,966		$	31,813
Provision for credit losses		17,369			10,850			74,183			17,925			8,282
Impairment on goodwill		—			153,977			—			—			—
Pre-provision net revenue	$	32,237		$	27,025		$	35,242		$	42,891		$	40,095
Pre-provision net revenue per diluted share	$	1.48		$	1.24		$	1.62		$	1.98		$	1.84
Pre-provision net revenue to average assets		1.81	%		1.47	%		1.83	%		2.21	%		2.07	%

MIDLAND STATES BANCORP, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)

Efficiency Ratio Reconciliation

	For the Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands)		2025			2025			2024			2024			2024
Noninterest expense – GAAP	$	49,992		$	203,005		$	58,699		$	49,764		$	50,784
Impairment on goodwill		—			(153,977	)		—			—			—
Adjusted noninterest expense	$	49,992		$	49,028		$	58,699		$	49,764		$	50,784

Net interest income – GAAP	$	58,695		$	58,290		$	58,570		$	59,110		$	58,895
Effect of tax-exempt income		267			208			220			205			170
Adjusted net interest income		58,962			58,498			58,790			59,315			59,065

Noninterest income – GAAP		23,534			17,763			35,371			33,545			31,984
Loss on sales of investment securities, net		—			—			34			44			152
Loss (gain) on repurchase of subordinated debt		—			—			13			(77	)		(167	)
Adjusted noninterest income		23,534			17,763			35,418			33,512			31,969

Adjusted total revenue	$	82,496		$	76,261		$	94,208		$	92,827		$	91,034

Efficiency ratio		60.60	%		64.29	%		62.31	%		53.61	%		55.79	%

Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share

	As of
	June 30,			March 31,			December 31,			September 30,			June 30,
(dollars in thousands, except per share data)		2025			2025			2024			2024			2024
Shareholders’ Equity to Tangible Common Equity
Total shareholders’ equity—GAAP	$	573,705		$	571,437		$	710,847		$	771,221		$	736,779
Adjustments:
Preferred Stock		(110,548	)		(110,548	)		(110,548	)		(110,548	)		(110,548	)
Goodwill		(7,927	)		(7,927	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(10,362	)		(11,189	)		(12,100	)		(13,052	)		(14,003	)
Tangible common equity		444,868			441,773			426,295			485,717			450,324

Total Assets to Tangible Assets:
Total assets—GAAP	$	7,107,878		$	7,284,804		$	7,506,809		$	7,704,189		$	7,708,074
Adjustments:
Goodwill		(7,927	)		(7,927	)		(161,904	)		(161,904	)		(161,904	)
Other intangible assets, net		(10,362	)		(11,189	)		(12,100	)		(13,052	)		(14,003	)
Tangible assets	$	7,089,589		$	7,265,688		$	7,332,805		$	7,529,233		$	7,532,167

Common Shares Outstanding		21,515,138			21,503,036			21,494,485			21,393,905			21,377,215

Tangible Common Equity to Tangible Assets		6.27	%		6.08	%		5.81	%		6.45	%		5.98	%
Tangible Book Value Per Share	$	20.68		$	20.54		$	19.83		$	22.70		$	21.07

The MIL Network –

July 25, 2025

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

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

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

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

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

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

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

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

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

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

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

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

How does this deal address antisemitism?

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

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

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

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

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

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

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

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

Is this a new issue?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What signal does this agreement send to other universities?

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

Second Quarter 2025 Summary¹

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

CEO Commentary

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

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

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

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

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

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

REVENUE REVIEW

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

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

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

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

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

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

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

MSR adjustment (included above in Loan revenue)	$	(264	)	$	(213	)	$	129	24	%	(305)%

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

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

EXPENSE REVIEW

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

Merger-related Expenses
Merger-related Expenses
(Dollars in thousands)	2Q25		1Q25		2Q24
Compensation and employee benefits	$	—	$	—	$	73
Equipment		—		—		28
Legal and professional		—		40		462
Data processing		—		—		251
Communications		—		—		8
Other		—		—		32
Total merger-related expenses	$	—	$	40	$	854

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

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

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

BALANCE SHEET REVIEW

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

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

Total commitments to extend credit	$	1,074,935			$	1,080,300			$	1,200,605

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

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

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

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

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

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

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

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

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

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

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

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

CREDIT QUALITY REVIEW

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

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

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

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

CONFERENCE CALL DETAILS

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

ABOUT MIDWESTONE FINANCIAL GROUP, INC.

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

Cautionary Note Regarding Forward-Looking Statements

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

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

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED BALANCE SHEETS

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

MIDWESTONE FINANCIAL GROUP, INC.
FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

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

Earnings (loss) per common share
Basic	$	0.48	$	0.73	$	0.79	$	(6.05	)	$	1.00	$	1.21	$	1.21
Diluted	$	0.48	$	0.73	$	0.78	$	(6.05	)	$	1.00	$	1.20	$	1.21
Weighted average basic common shares outstanding		20,816		20,797		20,776		15,829			15,763		20,807		15,743
Weighted average diluted common shares outstanding		20,843		20,849		20,851		15,829			15,781		20,846		15,775
Dividends paid per common share	$	0.2425	$	0.2425	$	0.2425	$	0.2425		$	0.2425	$	0.4850	$	0.4850

MIDWESTONE FINANCIAL GROUP, INC.
FINANCIAL STATISTICS

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

⁽¹⁾ Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

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

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

Total deposits⁽⁵⁾	$	5,398,916	$	25,665	1.91	%	$	5,398,819	$	25,484	1.91	%	$	5,514,924	$	28,942	2.11	%
Cost of funds⁽⁶⁾					2.00	%					2.01	%					2.41	%

(1) Average balance includes nonaccrual loans. (2) Tax equivalent. The federal statutory tax rate utilized was 21%. (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $272 thousand, $256 thousand, and $337 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Loan purchase discount accretion was $1.1 million, $1.2 million, and $1.3 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Tax equivalent adjustments were $1.0 million, $981 thousand, and $938 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%. (4) Interest income includes tax equivalent adjustments of $160 thousand, $162 thousand, and $377 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%. (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

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

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

Total deposits⁽⁵⁾	$	5,398,868	$	51,149	1.91	%	$	5,498,020	$	56,668	2.07	%
Cost of funds⁽⁶⁾					2.00	%					2.37	%

(1) Average balance includes nonaccrual loans. (2) Tax equivalent. The federal statutory tax rate utilized was 21%. (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $528 thousand and $574 thousand for the six months ended June 30, 2025 and June 30, 2024, respectively. Loan purchase discount accretion was $2.3 million and $2.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Tax equivalent adjustments were $2.0 million and $1.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%. (4) Interest income includes tax equivalent adjustments of $0.3 million and $0.8 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%. (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.

Non-GAAP Measures

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

Tangible Common Equity/Tangible Book Value
per Share/Tangible Common Equity Ratio	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in thousands, except per share data)		2025			2025			2024			2024			2024
Total shareholders’ equity	$	589,040		$	579,625		$	559,696		$	562,238		$	543,286
Intangible assets, net		(92,147	)		(93,399	)		(94,807	)		(96,257	)		(97,327	)
Tangible common equity	$	496,893		$	486,226		$	464,889		$	465,981		$	445,959

Total assets	$	6,160,773		$	6,254,394		$	6,236,329		$	6,552,482		$	6,581,658
Intangible assets, net		(92,147	)		(93,399	)		(94,807	)		(96,257	)		(97,327	)
Tangible assets	$	6,068,626		$	6,160,995		$	6,141,522		$	6,456,225		$	6,484,331

Book value per share	$	28.36		$	27.85		$	26.94		$	27.06		$	34.44
Tangible book value per share⁽¹⁾	$	23.92		$	23.36		$	22.37		$	22.43		$	28.27
Shares outstanding		20,769,577			20,815,715			20,777,485			20,774,919			15,773,468

Common equity ratio		9.56	%		9.27	%		8.97	%		8.58	%		8.25	%
Tangible common equity ratio⁽²⁾		8.19	%		7.89	%		7.57	%		7.22	%		6.88	%

(1) Tangible common equity divided by shares outstanding. (2) Tangible common equity divided by tangible assets.

	Three Months Ended									Six Months Ended
Return on Average Tangible Equity	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands)		2025			2025			2024			2025			2024
Net income	$	9,980		$	15,138		$	15,819		$	25,118		$	19,088
Intangible amortization, net of tax⁽¹⁾		931			1,047			1,195			1,978			2,423
Tangible net income	$	10,911		$	16,185		$	17,014		$	27,096		$	21,511

Average shareholders’ equity	$	587,708		$	571,378		$	533,994		$	579,588		$	530,763
Average intangible assets, net		(92,733	)		(94,169	)		(99,309	)		(93,447	)		(97,302	)
Average tangible equity	$	494,975		$	477,209		$	434,685		$	486,141		$	433,461

Return on average equity		6.81	%		10.74	%		11.91	%		8.74	%		7.23	%
Return on average tangible equity⁽²⁾		8.84	%		13.75	%		15.74	%		11.24	%		9.98	%

(1) The income tax rate utilized was the blended marginal tax rate. (2) Annualized tangible net income divided by average tangible equity.

Net Interest Margin, Tax Equivalent/ Core Net Interest Margin	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands)		2025			2025			2024			2025			2024
Net interest income	$	49,982		$	47,439		$	36,347		$	97,421		$	71,078
Tax equivalent adjustments:
Loans⁽¹⁾		1,022			981			938			2,003			1,858
Securities⁽¹⁾		160			162			377			322			764
Net interest income, tax equivalent	$	51,164		$	48,582		$	37,662		$	99,746		$	73,700
Loan purchase discount accretion		(1,142	)		(1,166	)		(1,261	)		(2,308	)		(2,413	)
Core net interest income	$	50,022		$	47,416		$	36,401		$	97,438		$	71,287

Net interest margin		3.49	%		3.36	%		2.33	%		3.42	%		2.29	%
Net interest margin, tax equivalent⁽²⁾		3.57	%		3.44	%		2.41	%		3.51	%		2.37	%
Core net interest margin⁽³⁾		3.49	%		3.36	%		2.33	%		3.42	%		2.29	%
Average interest earning assets	$	5,745,664		$	5,728,250		$	6,282,494		$	5,736,992		$	6,248,828

(1) The federal statutory tax rate utilized was 21%. (2) Annualized tax equivalent net interest income divided by average interest earning assets. (3) Annualized core net interest income divided by average interest earning assets.

	Three Months Ended									Six Months Ended
Loan Yield, Tax Equivalent / Core Yield on Loans	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands)		2025			2025			2024			2025			2024
Loan interest income, including fees	$	62,276		$	59,462		$	61,643		$	121,738		$	119,590
Tax equivalent adjustment⁽¹⁾		1,022			981			938			2,003			1,858
Tax equivalent loan interest income	$	63,298		$	60,443		$	62,581		$	123,741		$	121,448
Loan purchase discount accretion		(1,142	)		(1,166	)		(1,261	)		(2,308	)		(2,413	)
Core loan interest income	$	62,156		$	59,277		$	61,320		$	121,433		$	119,035

Yield on loans		5.72	%		5.62	%		5.61	%		5.67	%		5.52	%
Yield on loans, tax equivalent⁽²⁾		5.81	%		5.71	%		5.69	%		5.76	%		5.60	%
Core yield on loans⁽³⁾		5.70	%		5.60	%		5.58	%		5.65	%		5.49	%
Average loans	$	4,370,196		$	4,290,710		$	4,419,697		$	4,330,659		$	4,358,957

(1) The federal statutory tax rate utilized was 21%. (2) Annualized tax equivalent loan interest income divided by average loans. (3) Annualized core loan interest income divided by average loans.

	Three Months Ended									Six Months Ended
Efficiency Ratio	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands)		2025			2025			2024			2025			2024
Total noninterest expense	$	35,767		$	36,293		$	35,761		$	72,060		$	71,326
Amortization of intangibles		(1,252	)		(1,408	)		(1,593	)		(2,660	)		(3,230	)
Merger-related expenses		—			(40	)		(854	)		(40	)		(2,168	)
Noninterest expense used for efficiency ratio	$	34,515		$	34,845		$	33,314		$	69,360		$	65,928

Net interest income, tax equivalent⁽¹⁾	$	51,164		$	48,582		$	37,662		$	99,746		$	73,700
Plus: Noninterest income		10,249			10,136			21,554			20,385			31,304
Less: Investment securities gains, net		—			33			33			33			69
Net revenues used for efficiency ratio	$	61,413		$	58,685		$	59,183		$	120,098		$	104,935

Efficiency ratio ⁽²⁾		56.20	%		59.38	%		56.29	%		57.75	%		62.83	%

(1) The federal statutory tax rate utilized was 21%. (2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.

	Three Months Ended								Six Months Ended
Adjusted Earnings	June 30,			March 31,			June 30,		June 30,			June 30,
(Dollars in thousands, except per share data)		2025			2025			2024		2025			2024
Net income	$	9,980		$	15,138		$	15,819	$	25,118		$	19,088
Less: Investment securities gains, net of tax⁽¹⁾		—			25			24		24			51
Less: Mortgage servicing rights (loss) gain, net of tax⁽¹⁾		(196	)		(158	)		96		(355	)		(177	)
Plus: Merger-related expenses, net of tax⁽¹⁾		—			30			634		30			1,608
Less: Gain on branch sale, net of tax⁽¹⁾		—			—			8,201		—			8,201
Adjusted earnings	$	10,176		$	15,301		$	8,132	$	25,479		$	12,621

Weighted average diluted common shares outstanding		20,843			20,849			15,781		20,846			15,775

Earnings per common share – diluted	$	0.48		$	0.73		$	1.00	$	1.20		$	1.21
Adjusted earnings per common share⁽²⁾	$	0.49		$	0.73		$	0.52	$	1.22		$	0.80

(1) The income tax rate utilized was the blended marginal tax rate. (2) Adjusted earnings divided by weighted average diluted common shares outstanding.

	For the Three Months Ended									Year Ended
Pre-tax Pre-provision Net Revenue	June 30,			March 31,			June 30,			June 30,			June 30,
(Dollars in thousands)		2025			2025			2024			2025			2024
Net interest income	$	49,982		$	47,439		$	36,347		$	97,421		$	71,078
Noninterest income		10,249			10,136			21,554			20,385			31,304
Noninterest expense		(35,767	)		(36,293	)		(35,761	)		(72,060	)		(71,326	)
Pre-tax Pre-provision Net Revenue	$	24,464		$	21,282		$	22,140		$	45,746		$	31,056

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

Source: MidWestOne Financial Group, Inc.

Industry: Banks

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

The MIL Network –

July 25, 2025

MIL-OSI USA: Tuberville Chairs First HELP Subcommittee Hearing

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) led his first hearing as Chairman of the Health, Education, Labor, and Pensions (HELP) Subcommittee on Education and the American Family with lead advocates for reform in the nation’s educational system. During the hearing, entitled “Empowering Families for Better Educational Results,” witnesses underscored places where the current education system falls short, such as declining literacy rates and the lack of charter schools. Sen. Tuberville emphasized the importance of allowing parents to make choices when it comes to their children’s education and the legislation that will benefit teachers, parents, and children.
In effort to understand how to improve literacy across the nation, Sen. Tuberville and his Republican colleagues asked the witnesses what policies they believe should be implemented. The witnesses also discussed the preparation and professional development that would empower teachers in the classroom. Finally, Sen. Tuberville asked witnesses about the positive effects that charter schools can have on communities.
Witnesses included:
Mr. Tyler Barnett, CEO of New Schools for Alabama
Ms. Anne Wicks, Don Evans Family Managing Director Opportunity and Democracy George W. Bush Institute
Ms. Ginny Gentles, Director of Education Freedom and Parental Rights Defense of Freedom Institute
Mr. Richard Barrera, Board Vice President of San Diego Unified School District
Read excerpts of the transcript below or watch clips of the hearing on YouTube or Rumble.
OPENING STATEMENT:
TUBERVILLE: “Good afternoon. The Senate Committee on Health Education Labor and Pensions Subcommittee on Education and the American Family will come to order. Thanks for being here. As you can tell, we’re running a little late. It’s a little hectic on the hill today, but we will survive. This afternoon, we’re having a hearing on empowering families for better educational results. Ranking member Blunt Rochester and I will each have an opening statement. The witnesses will have five minutes for their opening statements, and senators will each have five minutes for questions.
We will obviously have senators coming in and out because [there are] many, many votes today. So, thank you to all the witnesses for being here today. It’s always nice to see a fellow Alabamian here today up here in the swamp. Thanks to Mr. Barnett for coming to visit today. We’ve called this hearing to discuss something very near and dear to my heart. One of the reasons I’m here. I was an educator for decades before I decided to come up here, and over those years, I saw the state of our education system decline. The federal government just kept spending more money and more money in K-12 education, and the more they spent, the worse outcomes became. It was just amazing me to watch it in real time, and it made no sense. It’s the main reason I chose to run for this office.
I didn’t want to see our kids fail year after year, then I got here and realized that we can fix it, but a lot of things are broken. Four years I’ve been serving here on the HELP Committee, and this year, I finally got this gavel to make sure we could have something like this to where we could bring these things to light. I wanted to focus on our kids’ educational outcomes and figure out where we were failing, and also, where we’re doing good things. That leads us to today.
That’s why we’re having this hearing.
We need to take a good, hard look at our K-12 education system and figure out [what we can do] to fix it, to make it better, because the status quo in a lot of areas is not cutting it. That means we need to think outside the box. Since COVID, parents have gotten a lot more engaged and that’s where all the necessary change can start, right at home, family. And, since parents have started paying more attention, they’ve started calling for more and more options.
Parents across our country are calling for their states to offer more options for their kids outside of failing school systems. States represented by folks on both sides of this dice are working on school choice options in their state legislature. We’ll hear about that issue from our witnesses today. Parents want these options, and we ought to listen to them. In my home state of Alabama last year, we passed the Choose Act, which created an income tax credit for families who choose to enroll their children in private schools or homeschooling.
Virginia, Florida, Alaska, Massachusetts, New Jersey, Indiana, and Washington are just a few states to name that have implemented or have pending state legislation to create these income tax credits promoting school choice. It’s simple. When we give our parents and students choice, we yield better educational results. We owe our kids this investment. But it doesn’t end there.
Right now, our kids in a lot of areas can’t read. We have kids entering middle school and high school who aren’t at a third grade reading level. I used to recruit kids. I’d bring them in with 3.5 GPAs. The next thing I know after testing them, they wouldn’t be [at a] sixth grade reading level. Something has got to change with that. States and governors across our country have taken up the literacy challenge and enacted legislation at the state level, where it should be. Ranking member Blunt Rochester’s home state of Delaware passed House Bill 304 that implemented reading assessments three times a school year for kids K-3, and my state passed the Alabama Literacy Act, which does the same thing. And we’re trying. No matter the state, this is a widespread effort, and we will discuss today the methods that are working.
We’ll talk about the science of reading and how best to implement. In our classrooms, we’ll hear about how we can invest in our teachers, invest to prepare them to tackle this crisis head-on. They need to be set up for success just as much as our students do. I want today to be an opportunity for this committee to have a conversation about what our states are doing, and what [we can] do to support them from here, from the federal level. Our children are the best resource this country has, the best thing we’ve got going.
And above all, we owe them one thing, an opportunity to succeed. And I look forward to working with all of you towards this common goal. Now, I yield to my ranking member, Senator Blunt Rochester, for her opening statement.”
[…]
ON HOW THE SUCCESS OF CHARTER SCHOOLS IMPACTS DISTRICT SCHOOLS:
TUBERVILLE: “Mr. Barnett, we’ve had tremendous growth in the number of students across American enrolling in charter schools. Over four million students to be exact. How does that success of charter schools impact our district public school system?”
BARNETT: “Thank you, Mr. Chairman. So, there are really two large national studies that speak to this. One comes out of the Progressive Policy Institute, and another comes out of the Forum Institute. Both actually show that the presence of charter schools has, in some way, improved outcomes within district schools. There’s a certain threshold that the Progressive Policy Institute’s study showed somewhere around 30%. So, the presence of charter schools that give up to 30% of students in a given market, the opportunity to enroll has [a] positive net impact on not only charter school performance, but also district performance.”
[…]
ON THE IMPORTANCE OF PREPARING OUR EDUCATORS TO TEACH THE SCIENCE OF READING METHOD:
TUBERVILLE: “Ms. Wicks, you talked about teacher preparedness and professional development in your testimony. How important is preparing our educators to teach the science of reading method?”
WICKS: “Senator, thank you for that important question. It’s critical that we give educators the right preparedness to understand this issue and be able to deploy it in their classrooms. I referenced in my opening remarks that only 25% of educator prep programs are currently teaching the science of reading to their aspiring teachers. And even worse, about 40% of them are teaching the wrong stuff. So, they’re teaching these brand-new teachers the wrong way to teach reading.
If they’re interested in more—the National Council on Teacher Quality put out that report. They’re the best at studying Teacher Prep programs. And I think this comes down to a matter of state leadership and accreditation.
They make some recommendations about the importance of setting state standards for what these programs need to be teaching. [We need to] have some way to measure that if it’s through accreditation or others.
And then to tie the state licensure exams to those standards, to ensure that those candidates have actually learned this and can do it in their classroom. And you see the same thing for sitting teachers who maybe never got this in their training and need that professional development.”
TUBERVILLE: “Thank you, Ms. Gentles, you know, on both sides of the argument whether President Trump and the Department of Education [is] undermining public school. And because of the work done to expand school choice, do you think there’s a truth to that argument?”
GENTLES: “Consistently studies show that when states have implemented school choice programs, the nearby public schools have benefited. So increasing competition inspires innovation, and a rising tide lifts all boats. So, we were pleased to see the Executive Order from the President supporting expanding school choice [and] educational freedom, and we’re also pleased to see the Executive Order ordering the Secretary of Education to look into dismantling the Department of Education within […] federal law and with the understanding that the Secretary will be working with Congress on that. Because we do think that […] freeing up states from federal regulations from monitoring, from compliance—all the time that all those bureaucrats at the state and district level are spending on federal paperwork is going to benefit public education. It’s going to benefit public school students. It’s going to benefit public school educators.”
TUBERVILLE: “Do you think we should give more power back to the states when it [comes to] education?”
GENTLES: “Absolutely. We need to give power to the states. I think we’ve heard such great news today on what strong state leaders—sensible state leaders—implementing common sense policies are doing. It’s very encouraging to see what’s happening.
We didn’t mention Louisiana, but Louisiana is a bright spot amidst the 2024 NAEP scores, the only state where fourth grade reading scores exceeded pre-COVID [grades].”
CASSIDY: “More so than Alabama?”
GENTLES: “Alabama’s pretty awesome too. It’s been referred to as the southern surge. There’s really good news coming out of the states and encouraging that, fostering that is absolutely the right direction. […] Education policies [are] set at the state level and let’s foster that and let’s get the federal government out of the way.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Tuberville Introduces Huntsville’s Bill Roark During HELP Hearing

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL)introduced Mr. Bill Roark of Huntsville, Alabama, as a witness appearing before the Senate Health, Education, Labor, and Pensions (HELP) Committee. The hearing was about empowering workers by expanding employee ownership.
Read excerpts from the hearing below or watch on YouTube or Rumble.
INTRODUCTION:
TUBERVILLE: “I’m proud to introduce an Auburn man and a constituent, Mr. Bill Roark. Mr. Roark is the Co-founder of Torch Technologies Inc., Founder and Executive Chairman of the Board of Starfish Holdings, Inc., and Founder and Chair of the Board of Freedom Real Estate and Capital LLC, so he stays pretty busy. He’s a champion for employee ownership, and he has led multiple companies to national recognition [thanks] to his core values.
As CEO of Torch Technologies, Mr. Rourke implemented an employee-owned ownership program from the company’s inception with the goal of becoming a 100% S corp employee stock ownership plan. His company achieved that goal in just under 10 years. Torch and Mr. Roark gained national attention for being named on the inaugural list of best of America’s best small companies by Forbes. During his tenure, Torch received multiple business awards and was named the number one fastest-growing, privately-held defense contractor in the southeast region. Torch Technologies provides superior research development and engineering services to the Department of Defense. Mr. Roark recently led Torch to become a certified evergreen company, achieving its long-term commitment to 100% employee ownership and its pledge to remain privately held to ensure enduring stability and opportunity for its workforce. This milestone came as Torch celebrated its 20th anniversary.
A true believer in company culture and employee well-being, Mr. Rourke has prioritized top-tier benefits and working conditions throughout his career. Mr. Rourke also founded Starfish Holdings Incorporated, a holding company that provides beneficial ownerships to employees across all its portfolios through an ESOP structure. Starfish Holdings companies now include Torch Technologies Inc., Freedom Real Estate and Capital LLC, and SIMVANA [LLC]. Mr. Roark has a proven track record with a common denominator of building companies where employees can thrive, retire with dignity, and find lasting purpose in their work.
Thank you for being here today, Mr. Roark.”
ON THE IMPORTANCE OF WORKPLACE DIGNITY:
TUBERVILLE: “Important topic. Mister Roark, it’s got to be pretty mind calming to know if you work in an ESOP and you have some of the owners exit the company that everybody’s not gonna lose their job. So, what kind of security does an ESOP structure have for all employees? What that you’ve seen? Some examples.”
ROARK: “Well, you know, we work real hard to build a succession plan in that it prepares our employees as people retire to step forward. You know, that is a challenge. One of the biggest challenges we’ve had is the success of the ESOP has led to people retiring early, so we have to work that problem a little harder and be training people ready to step into the role. The departure of employees that are retiring actually creates lots of opportunities for the other employees to accelerate in their careers quicker. So, a successful ESOP actually creates a lot of successful careers.
It also creates the ability for employees to retire with dignity. In fact, the announcement of this hearing went out on our social media last night and one of the posts this morning, I’ll quote for you. […] Jim Deal, one of our retiring employees seven or eight years ago, he says, ‘Tell them how much you helped us retire with dignity.’ That is to me the essence of why I wanted to do this. You know, some 25 years ago, a company bought the company I worked for. And a few months after it was bought, I’d had a successful career. I went from being an entry level person to an executive. I was president of an operating segment. In that time, I’d had one of the most successful careers of anyone at that company. As that acquisition evolved and I was there, I was shortly thereafter, walked to the door and asked, told as I was handed my severance check that ‘We’ll pack your office and send your stuff home.’
When I started this company, at the core of what I wanted is I wanted people to retire with dignity. When I walked out and stood on that corner, I didn’t feel very dignified. When I meet an employee in the grocery store, I want them to come hug me, not run from me. With the ESOP, I get lots of hugs. Every year when the ESOP statements come out, I get lots of hugs.This is a different way of doing business. I never wanna see an employee walk through the door in such an undignified manner. I put my whole life into that company. Several times, I worked 24 hours straight to get a delivery out on time.Was that respected? No. My stuff showed up in boxes with a bunch of crap that I didn’t really want, was not dignified at all. I hope that answers your question, Coach.”
TUBERVILLE: “So, how can we help on the federal level to make ESOP structure more viable for that?”
ROARK: “No. I think there’s lots of ideas being proposed here in in several of these bills, you know, making this easier, making it clearer in what we’re supposed to do. There’s a lot of murkiness in the bills, you know, one of the things for us in the last few years, we’ve been in a position where we could contribute more than the maximum allowable to our employees, and that creates an issue with the ESOP itself. Rf the limit is at 25%, I can only give 25%. If it were higher, we in some cases would have given higher, including this year. So, there are some pieces there where we could just fine tune some things. The ESOP is a wonderful tool and it provides stability for the employees and provides a retirement path for them as well. So, I think the more that we can refine the regulations around it to encourage people to be able to do this, clear up the rules on how the evaluations are done so that it’s clear what needs to be done. I think those would be great helps.”
TUBERVILLE: “Thank you. Thank you, Mr. Chairman.”
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Markey and Warnock Demand Answers from Secretaries Rubio and Noem on Contradictory U.S. Foreign and Immigration Policies Toward Haiti and Potential Illegal Arms Exports to Port-au-Prince

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Letter Text (PDF)
Washington (July 24, 2025) – Senators Edward J. Markey (D-Mass.) and Raphael Warnock (D-Ga.) today led their colleagues in writing to Secretary of State Marco Rubio and Secretary of Homeland Security Kristi Noem, requesting clarification on the contradictory U.S. foreign and immigration policies toward Haiti. The senators also demand answers on the involvement of a U.S. private military contractor (PMC)—led by Blackwater Worldwide founder Erik Prince— conducting armed operations in Haiti.
In the letter, the lawmakers write, “According to recent reports, a U.S. private military contractor (PMC) is conducting armed operations in Haiti under a formal contract with the country’s transitional government. These reports raise urgent questions about compliance with U.S. arms export laws, the risk of U.S. complicity in gross violations of human rights, and fundamental contradictions in current U.S. foreign and immigration policy toward Haiti. In light of these concerns, and in view of the Trump administration’s recent decision to both terminate Temporary Protected Status (TPS) for Haiti and include Haiti in its newly announced travel ban, we request that you immediately clarify how these decisions are being coordinated and justified across the Executive Branch.”
The lawmakers continued, “Weaponized drone operations, arms shipments, and deployments of U.S. mercenaries unquestionably constitute activities requiring export licenses. If those licenses were granted, their approval would appear inconsistent with NSPM-10’s human rights criteria. If no licenses were granted, then these activities may be proceeding in violation of U.S. law. At a time when U.S. foreign policy towards Haiti is increasingly inconsistent, by undermining multilateral efforts, ignoring human rights concerns, and pursuing deportations despite escalating violence, the unchecked deployment of a U.S. private military contractor with a troubling history of human rights abuses represents an urgent threat to U.S. legal obligations, credibility, and responsibilities to protect vulnerable populations.”
The lawmakers request the following information by August 15, 2025:
Has any U.S. private military contractor applied for or received export licenses for defense articles or military services provided in Haiti? If so, please identify them and provide copies of the export licenses.
Have any such licenses been reviewed under NSPM-10, Section 3(d) regarding the risks to international peace and human rights? If so, please provide the results of any such review. If not, why not?
Has any interagency review assessed whether such U.S. private military contractor activity could undermine the Multinational Security Support (MSS) mission? If so, please provide the results of any such review. If not, why not? Has the Department of State assessed whether these activities are consistent with, duplicative of, or in conflict with the UN MSS mission? If so, please provide the results of any such assessment. If not, why not?
Have the Haitian National Police units that are reportedly receiving U.S. security assistance been vetted under the Leahy Law? If so, please provide the results of that vetting. If not, why not?
What accounts for the contradiction between State’s support for armed stabilization operations in Haiti and DHS’s determination that TPS protections should end?
How does the Administration reconcile the security justification for Haiti’s inclusion in the travel ban with its simultaneous assessment that Haiti’s TPS status should be terminated because it is safe for Haitians to return home?
The letter was co-signed by Senators Chris Van Hollen (D-Md.), Elizabeth Warren (D-Mass.), Bernie Sanders (I-Vt.), Alex Padilla (D-Calif.), Adam Schiff (D-Calif.), Peter Welch (D-Vt.), and Cory Booker (D-N.J.).

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Sen. Markey, Reps. Tonko, Fitzpatrick, Bacon, Introduce Community Mental Wellness & Resilience Act

US Senate News:

Source: United States Senator for Massachusetts Ed Markey
Bipartisan legislation bolsters mental wellness & resilience to traumas caused by climate disasters
Washington (July 24, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works Committee and co-Chair of the Environmental Justice Caucus, along with Representatives Paul D. Tonko (D-NY), Brian Fitzpatrick (R-PA), and Don Bacon (R-NE), today introduced the Community Mental Wellness and Resilience Act, a bipartisan bill that tackles the nation’s mental health crisis by addressing the extensive community trauma caused by climate disasters. This innovative legislation will empower communities through a new federal grant program to craft their own locally specific responses to the mental health problems caused by disasters and toxic stresses.
“Communities are struggling to meet the current need for mental health services, and as the climate crisis worsens, unprecedented disasters will only cause more unprecedented harm to our physical and mental health,” said Senator Markey. “Heat waves, flash floods, wildfires, and droughts leave devastation and trauma in their wake. My Community Mental Wellness and Resilience Act would give communities the help they need to protect residents’ mental health, especially those in rural and underserved communities that are getting hit first and worst by disasters and have the fewest resources to deal with them.”
“Extreme weather disasters don’t just wreak havoc on our homes, economies, and infrastructure — they inflict lasting trauma and mental harm for those both directly impacted and far beyond the affected area,” Congressman Tonko said. “We need to provide compassionate, evidence-informed solutions to support our communities. That’s why I’m leading this bipartisan legislation in partnership with my colleagues. We’ll continue working to further mental wellness and equip our communities with the resources they need to meet and overcome these traumas.”
“For too long, our disaster response has focused solely on physical recovery, while the mental and emotional toll has gone unaddressed. This bipartisan legislation corrects that imbalance by treating mental health as a core component of our public health and emergency preparedness strategy. By investing in evidence-based, community-driven solutions, we’re not just helping communities rebuild—we’re helping them heal,” said Congressman Brian Fitzpatrick.
“The mental health crisis affecting our communities is one of the most serious challenges of our time. We need comprehensive, community-driven solutions that empower local leaders to develop and implement programs that work for their specific needs,”?said Congressman Don Bacon.?“The bipartisan Community Mental Wellness and Resilience Act puts the power back in the hands of our communities to create meaningful, lasting change in mental health care.”
In 2024, Mental Health America reported that nearly 23 percent of U.S. adults (~60 million people) experienced a diagnosed mental illness, with more than 5 percent facing severe conditions. Climate disasters only exacerbate the problem. Consequently, the number of people who experience a mental health problem as a result of a natural disaster often outweigh those with physical injuries by 40 to 1.
The Community Mental Wellness and Resilience Act will:
Establish a competitive grant program at the Department of Health and Human Services (HHS) to create, operate, or expand community-based programs that use a public health approach to build mental wellness and resilience
Utilize these programs to enhance the capacity of all residents for mental wellness and resilience to prevent and heal mental health problems generated by disasters and toxic stresses
Incorporating a set-aside to help address rural mental health disparities
Help community initiatives build their own strategies to enhance and sustain population-level mental wellness and resilience, with specific attention to high-risk individuals
More than 110 organizations support the legislation, including: Alliance of Nurses for Healthy Environments, American Foundation for Suicide Prevention, American Lung Association, American Psychiatric Association, American Public Health Association, International Transformational Resilience Coalition, Mental Health America, Moms Clean Air Force, National Association of Pediatric Nurse Practitioners, National Association of Social Workers, National League for Nursing, Rural Opportunity Institute, The Kennedy Forum, and YMCA of the USA.
A fact sheet on the legislation can be found HERE.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Cornyn, Graham Call for Special Counsel to Investigate Obama Administration’s Role in Russia Collusion Hoax

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senators John Cornyn (R-TX) and Lindsey Graham (R-SC), both senior members of the Senate Judiciary Committee, today called on U.S. Attorney General Pam Bondi to appoint a special counsel to investigate the Obama administration’s involvement in the Russia collusion hoax:
“For the good of the country, we urge Attorney General Bondi to appoint a special counsel to investigate the extent to which former President Obama, his staff, and administration officials manipulated the U.S. national security apparatus for a political outcome.
“As we have supported in the past, appointing an independent special counsel would do the country a tremendous service in this case.
“With every piece of information that gets released, it becomes more evident that the entire Russia collusion hoax was created by the Obama Administration to subvert the will of the American people.
“Democrats and the liberal media have been out to get President Trump since 2016. There must be an immediate investigation of what we believe to be an unprecedented and clear abuse of power by a U.S. presidential administration.”
Background:
Last week, Director of National Intelligence (DNI) Tulsi Gabbard released evidence demonstrating that former President Barack Obama and his national security staff manipulated information from the intelligence community in order to insinuate that Russia was attempting to help then-candidate Donald Trump win the 2016 presidential election, including:
In the months leading up to the November 2016 election, the Intelligence Community (IC) assessed that Russia is “probably not trying … to influence the election by using cyber means.”
On December 7, 2016, after the election, talking points were prepared for DNI James Clapper stating, “Foreign adversaries did not use cyberattacks on election infrastructure to alter the US Presidential election outcome.”
A declassified copy of the Presidential Daily Brief, which was prepared using intelligence from the CIA, Defense Intelligence Agency, FBI, National Security Agency, Department of Homeland Security, State Department, and open sources, for Obama on December 8, 2016, assessed that “Russian and criminal actors did not impact recent US election results by conducting malicious cyber activities against election infrastructure.”
That Presidential Daily Brief was scheduled to be published on December 9, 2016, but communications revealed that DNI Clapper’s office stopped its publication “based on some new guidance.”
On December 9, 2016, Obama gathered top National Security Council Principals for a meeting in the Situation Room that included James Clapper, John Brennan, Susan Rice, John Kerry, Loretta Lynch, Andrew McCabe and others, to discuss Russia.
After the meeting, DNI Clapper’s Executive Assistant sent an email to IC leaders tasking them with creating a new IC assessment “per the President’s request” that details the “tools Moscow used and actions it took to influence the 2016 election.” It went on to say, “ODNI will lead this effort with participation from CIA, FBI, NSA, and DHS.”
Obama officials leaked false statements to media outlets, including The Washington Post and The New York Times, claiming, “Russia has attempted through cyber means to interfere in, if not actively influence, the outcome of an election.”
On January 6, 2017, a new Intelligence Community Assessment was released.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Booker, Lee, McIver Introduce Bill to Expand Legal Representation for Tenants Facing Eviction

US Senate News:

Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) along with U.S. Representatives Summer L. Lee (D-PA-12) and LaMonica McIver (D-NJ-10), reintroduced the Eviction Right to Counsel Act, a bold effort to combat the growing eviction crisis by ensuring that low-income tenants facing eviction have access to free legal representation.
The Eviction Right to Counsel Act would establish a federal grant program through the Department of Housing and Urban Development (HUD) to support state, local, and Tribal governments that pass legislation guaranteeing a right to counsel in eviction proceedings. The bill prioritizes funding for jurisdictions that also implement additional tenant protections like just cause eviction laws, longer notice periods, emergency rental assistance, and eviction diversion programs—creating a comprehensive strategy to prevent displacement and housing instability.
“Millions of Americans are living paycheck to paycheck while facing rapidly increasing rent prices,” said Senator Booker. “Renters facing eviction are often left defenseless without an attorney to represent them. By creating a grant program to support communities that offer a right to counsel for those facing eviction, we will make our housing system more equitable and provide substantial cost savings to both local governments and overburdened housing services across the country.”
“Right now, in eviction courtrooms across America, 90% of landlords have lawyers while most tenants have none. And it’s no coincidence that Black families, women, and parents are bearing the brunt of it. No one should lose their home simply because they couldn’t afford a lawyer,” said Representative Lee. “In Western Pennsylvania and across PA-12, families are being crushed by rising rents, stagnant wages, and eviction threats. This bill is about supporting working people and ensuring they have a fighting chance—and that starts with legal representation. I am proud to partner with Senator Booker and Rep. McIver on this bill to help keep people in their homes.”
“No one should lose their home because they can’t afford to hire a lawyer to take on their case,” said Representative McIver. “The Eviction Right to Counsel Act gives people a fair shot—a chance to fight their cases in court and keep families from falling into the spiral of poverty. Housing is a human right, and this bill takes a critical step toward making sure that right is a reality that people feel.”
“Not only is housing a basic human need, but loss of housing can lead to a cascade of harms to other needs such as health, safety, and liberty. This bill would support states and cities enacting a right to counsel for tenants facing eviction, an evidence-based approach to increasing housing stability and reducing homelessness that has been adopted by cities and states across the country,” said John Pollock, Coordinator of the National Coalition for a Civil Right to Counsel.
“For years, NLIHC has called for a national right to counsel fund to help renters stay in their homes and mitigate harm when eviction is avoidable,” said Renee Willis, NLIHC president and CEO. “I applaud Senator Booker for introducing the Eviction Right to Counsel Act to ensure low-income tenants have legal representation when their housing is most at risk. Eviction defense attorneys can make the difference between a renter staying in safe, stable housing or homelessness, and the right to counsel helps tenants know their rights and find support in navigating the complicated eviction process.”
“We applaud Senator Booker’s leadership on this issue and very glad to see this legislation introduced today. Eviction is a policy failure and the federal government must support mechanisms that keep people safely and stably housed. We look forward to working with the Senator to see this legislation enacted,” said Arnold Cohen, Senior Policy Advisor, Housing and Community Development Network of New Jersey.
The legislation comes amid skyrocketing rents and surging eviction filings. Nearly half of all renters in America are considered cost-burdened, spending more than 30 percent of their income on rent. Since the pandemic, rents have risen over 12 percent year-over-year, while the protections that temporarily shielded tenants from eviction have largely expired. The imbalance of legal power in eviction proceedings leaves many tenants—particularly Black renters and families with children—vulnerable to homelessness, economic instability, and trauma.
Studies show that providing tenants with legal representation dramatically improves outcomes, often preventing eviction altogether and saving local governments millions in emergency shelter, health care, and social services costs. Cities that have invested in right to counsel programs have seen estimated cost savings of more than three times their annual investment.
The Eviction Right to Counsel Act of 2025:
Authorizes the Secretary of Housing and Urban Development to create a grant program for state, local, and Tribal governments that enact right to counsel legislation.
Defines “covered individuals” as tenants with income at or below 200 percent of the federal poverty line.
Covers civil legal actions in court or administrative forums related to:
Eviction: Forcible removal from a tenant’s primary residence.
Termination of Housing Subsidy: Loss of subsidies that help tenants afford their homes, which often functions as a de facto eviction.
Requires jurisdictions receiving funding to provide full legal representation at no cost to covered individuals in these proceedings.
Prioritizes funding for jurisdictions that have enacted additional tenant protections, including just cause eviction laws, extended notice periods, and eviction diversion programs.
Allows grantees to use funds for implementation costs such as attorney training and legal resources.
Authorizes $100 million in federal funding annually for five years.
The bill is endorsed by: the National Low-Income Housing Coalition, National Coalition for a Civil Right to Counsel, National Housing Law Project, and the Housing and Community Development Network of New Jersey.
The bill is co-sponsored by U.S. Senators Ron Wyden (D-OR), Chris Van Hollen (D-MD), Bernie Sanders (I-VT), and Richard Blumenthal (D-CT).
To read the full text of the bill, click here.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: McConnell Praises President Trump’s Selection of Paducah as Future Home of AI Infrastructure

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell
WASHINGTON, D.C. – U.S. Senator Mitch McConnell (R-KY) today praised the Trump Administration’s selection of the Department of Energy’s Paducah Site, home of the Paducah Gaseous Diffusion Plant (PGDP), as one of four locations for cutting-edge artificial intelligence (AI) data centers and energy generation projects:
“This is great news for the Paducah community, and I want to thank President Trump for selecting the Paducah Site to host new AI infrastructure. The site at the Paducah Gaseous Diffusion Plant has long held a critical role in advancing U.S. national security, and is poised, yet again, to be a national leader in an emerging and important technology. I am proud of the Paducah community and its workforce and know they are prepared to continue working closely with the Department of Energy to further instill PGDP’s role in national security while helping facilitate greater U.S. leadership in AI.”
NOTE: Earlier this year, Senator McConnell contacted U.S. Department of Energy Secretary Chris Wright on behalf of the community in support of Paducah’s submission for the nationwide search for the highly competitive Artificial Intelligence Infrastructure on DOE Lands program.

MIL OSI USA News –

July 25, 2025

MIL-OSI Security: Security News: Arizona Woman Sentenced for $17M Information Technology Worker Fraud Scheme that Generated Revenue for North Korea

Source: United States Department of Justice

An Arizona woman was sentenced today to 102 months in prison for her role in a fraudulent scheme that assisted North Korean Information Technology (IT) workers posing as U.S. citizens and residents with obtaining remote IT positions at more than 300 U.S. companies. The scheme generated more than $17 million in illicit revenue for Chapman and for the Democratic People’s Republic of Korea (DPRK or North Korea).

Christina Marie Chapman, 50, of Litchfield Park, Arizona, pleaded guilty on Feb. 11 in the District of Columbia to conspiracy to commit wire fraud, aggravated identity theft, and conspiracy to launder monetary instruments. In addition to the 102-month prison term, U.S. District Court Judge Randolph D. Moss ordered Chapman to serve three years of supervised release, to forfeit $284,555.92 that was to be paid to the North Koreans, and to pay a judgment of $176,850.

“Christina Chapman perpetrated a years’ long scheme that resulted in millions of dollars raised for the DPRK regime, exploited more than 300 American companies and government agencies, and stole dozens of identities of American citizens,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Chapman made the wrong calculation: short term personal gains that inflict harm on our citizens and support a foreign adversary will have severe long term consequences. I encourage companies to remain vigilant of these cyber threats, and warn individuals who may be tempted by similar schemes to take heed of today’s sentence.”

“North Korea is not just a threat to the homeland from afar. It is an enemy within. It is perpetrating fraud on American citizens, American companies, and American banks. It is a threat to Main Street in every sense of the word,” said U.S. Attorney Jeanine Ferris Pirro for the District of Columbia. “The call is coming from inside the house. If this happened to these big banks, to these Fortune 500, brand name, quintessential American companies, it can or is happening at your company. Corporations failing to verify virtual employees pose a security risk for all. You are the first line of defense against the North Korean threat.”

“The North Korean regime has generated millions of dollars for its nuclear weapons program by victimizing American citizens, businesses, and financial institutions,” said Assistant Director Rozhavsky of the FBI’s Counterintelligence Division. “However, even an adversary as sophisticated as the North Korean government can’t succeed without the assistance of willing U.S. citizens like Christina Chapman, who was sentenced today for her role in an elaborate scheme to defraud more than 300 American companies by helping North Korean IT workers gain virtual employment and launder the money they earned. Today’s sentencing demonstrates that the FBI will work tirelessly with our partners to defend the homeland and hold those accountable who aid our adversaries.”

“The sentencing today demonstrates the great lengths to which the North Korean government will go in its efforts and resources to fund its illicit activities. The FBI continues to pursue these threat actors to disrupt their network and hold those accountable wherever they may be,” said Special Agent in Charge Heith Janke of the FBI Phoenix Field Office.

“Today’s sentencing brings justice to the victims whose identities were stolen for this international fraud scheme,” said Special Agent in Charge Carissa Messick of the IRS Criminal Investigation (IRS-CI) Phoenix Field Office. “The scheme was elaborate. If this sentencing proves anything, it’s that no amount of obfuscation will prevent IRS-CI and our law enforcement partners from tracking down those that wish to steal the identities of U.S. nationals, launder money, or engage in criminality that jeopardizes national security.”

The case involved one of the largest North Korean IT worker fraud schemes charged by the Department of Justice, with 68 identities stolen from victims in the United States and 309 U.S. businesses and two international businesses defrauded.

According to court documents, North Korea has deployed thousands of highly skilled IT workers around the world, including to the United States, to obtain remote employment using false, stolen, or borrowed identities of U.S. persons. To circumvent controls employed by U.S. companies to prevent the hiring of illicit overseas IT workers, the North Korean IT workers obtain assistance from U.S.-based collaborators.

Chapman helped North Korean IT workers obtain jobs at 309 U.S. companies, including Fortune 500 corporations. The impacted companies included a top-five major television network, a Silicon Valley technology company, an aerospace manufacturer, an American car maker, a luxury retail store, and a U.S media and entertainment company. Some of the companies were targeted by the IT workers, who maintained a repository of postings for companies that they wanted to employ them. The IT workers also attempted to obtain employment at two different U.S. government agencies, although these efforts were generally unsuccessful.

Chapman operated a “laptop farm” where she received and hosted computers from the U.S. companies at her home, deceiving the companies into believing that the work was being performed in the United States. Chapman also shipped 49 laptops and other devices supplied by U.S. companies to locations overseas, including multiple shipments to a city in China on the border with North Korea. More than 90 laptops were seized from Chapman’s home following the execution of a search warrant in October 2023.

Christina Chapman organized and stored U.S. company laptops in her home, and included notes identifying the U.S. company and identity associated with each laptop.

Much of the millions of dollars in income generated by the scheme was falsely reported to the IRS and Social Security Administration in the names of actual U.S. individuals whose identities had been stolen or borrowed. Additionally, Chapman received and forged payroll checks in the names of the stolen identities used by the IT workers and received IT workers’ wages through direct deposit from U.S. companies into her U.S. financial accounts. Chapman further transferred the proceeds from the scheme to individuals overseas.

This case was investigated by the FBI Phoenix Field Office, and the IRS-CI Phoenix Field Office. Assistance was provided by the FBI Chicago Field Office.

Trial Attorney Ashley R. Pungello of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Karen P. Seifert for the District of Columbia prosecuted the case, with assistance from Paralegal Specialist Jorge Casillas. Assistant U.S. Attorney Joshua Rothstein for the District of Columbia, the Victim Witness Unit, the U.S. Attorney’s Office for the District of Arizona, and the National Security Division’s National Security Cyber Section also provided assistance.

***

In a coordinated effort, FBI Phoenix also issued guidance for HR professionals on detecting North Korean IT workers, and the Department of State issued guidance on the North Korean IT worker threat.

Prior guidance was issued by the FBI, State Department, and the Department of the Treasury on this threat in a May 2022 advisory, and by the United States and the Republic of Korea (South Korea) in October 2023. The FBI issued updated guidance in May 2024 regarding the use of U.S. persons acting as facilitators by providing a U.S.-based location for U.S. companies to send devices and a U.S.-based internet connection for access to U.S. company networks and in January 2025 concerning the extortion and theft of sensitive company data by North Korean IT workers, along with recommended mitigations.

MIL Security OSI –

July 25, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Takes Action to End Crime and Disorder on America’s Streets

Source: US Whitehouse

ENDING VAGRANCY AND RESTORING ORDER: Today, President Donald J. Trump signed an Executive Order to restore order to American cities and remove vagrant individuals from our streets, redirecting federal resources toward programs that tackle substance abuse and returning to the acute necessity of civil commitment.

The Order directs the Attorney General to reverse judicial precedents and end consent decrees that limit State and local governments’ ability to commit individuals on the streets who are a risk to themselves or others.
The Order requires the Attorney General to work with the Secretary of Health and Human Services, Secretary of Housing and Urban Development, and the Secretary of Transportation to prioritize grants for states and municipalities that enforce prohibitions on open illicit drug use, urban camping and loitering, and urban squatting, and track the location of sex offenders.
The Order redirects funding to ensure that individuals camping on streets and causing public disorder and that are suffering from serious mental illness or addiction are moved into treatment centers, assisted outpatient treatment, or other facilities.
The Order ensures discretionary grants for substance use disorder prevention, treatment, and recovery do not fund drug injection sites or illicit drug use.
The Order stops sex offenders who receive homelessness assistance from being housed with children, and allows programs to exclusively house women and children.

ENSURING AMERICANS FEEL SAFE IN THEIR OWN CITIES AND TOWNS: President Trump is taking a new approach focused on protecting public safety because surrendering our cities and citizens to disorder and fear is neither compassionate to the homeless nor to other citizens.

The number of individuals living on the streets in the United States on a single night during the last year of the Biden administration—274,224 —was the highest ever recorded.
The overwhelming majority of these individuals are addicted to drugs, have a mental health disorder, or both.
Federal and state governments have spent tens of billions of dollars on failed programs that address homelessness but not its root causes, leaving other citizens vulnerable to public safety threats.
Shifting these individuals into long-term institutional settings for humane treatment is the most proven way to restore public order.

MAKING AMERICA SAFE AGAIN: President Trump is committed to ending homelessness across America.

In 2023, President Trump said: “We will use every tool, lever, and authority to get the homeless off our streets. We want to take care of them, but they have to be off our streets.”
In March 2025, President Trump signed an Executive Order to beautify Washington D.C., directing the National Park Service to clear all homeless encampments and graffiti on Federal lands.
In May 2025, President Trump signed an Executive Order establishing the National Center for Warrior Independence, a place where homeless veterans can go to receive the care, benefits, and services to which they are entitled.
As part of First Lady Melania Trump’s BE BEST Initiative, the Department of Housing and Urban Development announced a $1.8 million dollar investment to prevent homelessness among young Americans aging out of the foster care system.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA News: Fact Sheet: President Donald J. Trump Saves College Sports

Source: US Whitehouse

SAVING COLLEGE SPORTS: Today, President Donald J. Trump signed an Executive Order to protect student-athletes and collegiate athletic scholarships and opportunities, including in Olympic and non-revenue programs, and the unique American institution of college sports.

The Order requires the preservation and, where possible, expansion of opportunities for scholarships and collegiate athletic competition in women’s and non-revenue sports.
The Order prohibits third-party, pay-for-play payments to collegiate athletes. This does not apply to legitimate, fair-market-value compensation that a third party provides to an athlete, such as for a brand endorsement.
The Order provides that any revenue-sharing permitted between universities and collegiate athletes should be implemented in a manner that protects women’s and non-revenue sports.
The Order directs the Secretary of Labor and the National Labor Relations Board to clarify the status of student-athletes in order to preserve non-revenue sports and the irreplaceable educational and developmental opportunities that college sports provide.
The Order directs the Attorney General and the Federal Trade Commission to take appropriate actions to protect student-athletes’ rights and safeguard the long-term stability of college athletics from endless, debilitating antitrust and other legal challenges.
The Order directs the Assistant to the President for Domestic Policy and the Director of the White House Office of Public Liaison to consult with the U.S. Olympic and Paralympic Teams and other organizations to protect the role of college athletics in developing world-class American athletes.

RECOGNIZING THE IMPORTANCE OF COLLEGE SPORTS: President Trump recognizes the critical role of college sports in fostering leadership, education, and community pride, the need to address urgent threats to its future, including endless litigation seeking to eliminate the basic rules of college sports, escalating private-donor pay-for-play payments in football and basketball that divert resources from other sports and reduce competitive balance, and the commonsense reality that college sports are different than professional sports.

College sports, a uniquely American institution, support over 500,000 student-athletes with nearly $4 billion in scholarships annually, forging America’s future leaders, driving local economies and shaping national culture.
The collegiate athletic system produced 75% of the 2024 U.S. Olympic Team and has yielded countless business and civic leaders.
Recent litigation, including a 2021 Supreme court ruling on name, image, and likeness (NIL) payments and subsequent cases dismantling NCAA transfer and recruiting rules, has created a chaotic environment that threatens the financial and structural viability of college athletics.
- Ongoing lawsuits seek to tear down the foundational elements of college sports that distinguish it from professional sports and protect non-revenue sports, such as that student-athletes are different than professional employees and that there are limits on how many seasons student-athletes can play.
The lack of enforceable rules has turned what were supposed to be legitimate, third-party NIL opportunities for players into pay-for-play bidding wars amongst university boosters, with some universities and their outside supporters reportedly spending more than $50 million per year on fielding rosters, mostly for the revenue-generating sports like football. Football players on one team will receive $35-40 million in 2025 alone.
Given these enormous, escalating demands on resources to compete in the revenue-generating sports, there are serious concerns regarding the future of non-revenue sports, women’s sports, and Olympic sports, as private-donor money is increasingly concentrated in these third-party, pay-for-play deals. This dynamic also reduces competition and parity by creating an oligarchy of teams that can buy the best players—including the best players from less-wealthy programs at the end of each season, given the lack of restrictions on transferring teams each year.
Over 30 states have passed conflicting NIL laws, leading to a race-to-the-bottom that risks exploiting student-athletes and creating competitive imbalances among universities.
Without Federal action to restore order, ongoing lawsuits and a patchwork of state NIL laws risk exploiting student-athletes and eroding the opportunities provided by collegiate sports.

PROMOTING A LEGACY OF ATHLETIC EXCELLENCE: This Executive Order builds on President Trump’s longstanding commitment to showcasing American greatness through sports and recognition of its value in forging American leaders and culture.

President Trump signed an Executive Order to keep men out of women’s sports, ensuring equal opportunities for women in sports.
President Trump played a pivotal role in securing the United States’ bid for the 2028 Summer Olympics in Los Angeles and the United States’ bid for the 2026 FIFA World Cup.
President Trump has attended countless sporting events and hosted numerous teams at the White House.

MIL OSI USA News –

July 25, 2025

MIL-OSI: Open Lending Appoints Veteran Financial Services Executive Massimo Monaco as Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 24, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the appointment of Massimo Monaco as Chief Financial Officer, effective August 18, 2025.

Mr. Monaco brings over two decades of executive finance leadership experience in the residential mortgage lending and financial services industries, and he is known for driving change, strengthening financial discipline, and building strong partnerships with internal and external stakeholders. Most recently, he served as Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025, following his role as CFO at American Financial Resources from 2016 to 2018. His extensive background also includes various senior finance positions at PHH Corp. (formerly NYSE: PHH), one of the largest outsourcers of home loans in the United States. Mr. Monaco holds an MBA and a Bachelor of Arts from La Salle University.

“Massimo’s extensive background in financial services and mortgage lending paired with his proven ability to develop and execute on the strategic vision of leadership teams make him an excellent addition to Open Lending’s executive management team,” said Jessica Buss, Chief Executive Officer of Open Lending. “His deep industry expertise and financial leadership will be invaluable as we continue to drive growth across our platform. We’re confident in the talent we have in place and look forward to working with Massimo during this exciting time for Open Lending.”

“I am excited to join Open Lending at this pivotal moment in the Company’s journey,” said Mr. Monaco. “Open Lending’s innovative approach to lending enablement and risk analytics has established it as a trusted partner to financial institutions nationwide while enabling better results for both lenders and borrowers. I look forward to working with the team to drive continued growth and value creation for our stakeholders while furthering the Company’s mission to serve the underserved.”

About Open Lending

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

Contact information:

Investor Relations Inquiries:
InvestorRelations@openlending.com

Source: Open Lending Corporation

The MIL Network –

July 25, 2025

MIL-OSI: Open Lending Appoints Veteran Financial Services Executive Massimo Monaco as Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, July 24, 2025 (GLOBE NEWSWIRE) — Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the appointment of Massimo Monaco as Chief Financial Officer, effective August 18, 2025.

Mr. Monaco brings over two decades of executive finance leadership experience in the residential mortgage lending and financial services industries, and he is known for driving change, strengthening financial discipline, and building strong partnerships with internal and external stakeholders. Most recently, he served as Chief Financial Officer of Arc Home LLC, a residential mortgage lender, from 2018 to 2025, following his role as CFO at American Financial Resources from 2016 to 2018. His extensive background also includes various senior finance positions at PHH Corp. (formerly NYSE: PHH), one of the largest outsourcers of home loans in the United States. Mr. Monaco holds an MBA and a Bachelor of Arts from La Salle University.

“Massimo’s extensive background in financial services and mortgage lending paired with his proven ability to develop and execute on the strategic vision of leadership teams make him an excellent addition to Open Lending’s executive management team,” said Jessica Buss, Chief Executive Officer of Open Lending. “His deep industry expertise and financial leadership will be invaluable as we continue to drive growth across our platform. We’re confident in the talent we have in place and look forward to working with Massimo during this exciting time for Open Lending.”

“I am excited to join Open Lending at this pivotal moment in the Company’s journey,” said Mr. Monaco. “Open Lending’s innovative approach to lending enablement and risk analytics has established it as a trusted partner to financial institutions nationwide while enabling better results for both lenders and borrowers. I look forward to working with the team to drive continued growth and value creation for our stakeholders while furthering the Company’s mission to serve the underserved.”

About Open Lending

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout the United States. For over 20 years, we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.

Contact information:

Investor Relations Inquiries:
InvestorRelations@openlending.com

Source: Open Lending Corporation

The MIL Network –

July 25, 2025

MIL-OSI Europe: Written question – Climate target for 2040 – E-002879/2025

Source: European Parliament

Question for written answer E-002879/2025
to the Commission
Rule 144
Daniel Buda (PPE)

The Commission proposes a 90 % reduction in greenhouse gas emissions as part of the pathway to climate neutrality by 2050. This measure supports clean industry, investment and energy security, and will be debated by Parliament and the Council.

1.In view of the proposed climate goal of reducing net greenhouse gas emissions by 90 % by 2040, how does the Commission intend to ensure an equitable transition for Member States with less decarbonised economies so that they are not disadvantaged in the process of implementing the new measures, and so that their industrial competitiveness is not significantly affected?
2.How will the Commission provide sufficient funds to ensure a fair transition to the 2040 climate goal so that no one and no region is left behind?

Submitted: 15.7.2025

Last updated: 24 July 2025

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Written question – Strategic autonomy and EU support for the New Caledonian nickel sector – E-002999/2025

Source: European Parliament

Question for written answer E-002999/2025
to the Commission
Rule 144
André Rougé (PfE)

Nickel is vital for the strategic and industrial autonomy of Europe, which is dependent on production from China and Indonesia (in partnership with China) for 80 % of its nickel. That figure rises to 90 % for refined nickel.

With Greek and Cypriot production shutting down and Finnish mineral reserves only meeting a small proportion of our countries’ needs, the New Caledonian nickel deposit is the main, if not the only, one in the world that is under EU sovereignty. In fact, the overseas territory is home to 25 % of the world’s lateritic nickel reserves.

At a time when the EU is aiming to secure its supply chain with the Critical Raw Materials Act, New Caledonia is the only territory in a position to ensure that the EU stands a chance of producing 30 to 40 % of net-zero technologies.

1.In light of this, what action does the Commission intend to take to restore the competitiveness of French nickel from New Caledonia?
2.What trade measures does the Commission intend to adopt to counter the influx of Indonesian nickel – produced without complying with environmental, social and governance standards – and to prevent the objectives established in the Critical Raw Materials Act from becoming more and more difficult to achieve?

Submitted: 18.7.2025

Last updated: 24 July 2025

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Written question – Granting of derogations having a significant impact on electricity prices in South-East Europe – E-002930/2025

Source: European Parliament

Question for written answer E-002930/2025
to the Commission
Rule 144
Nikolas Farantouris (The Left)

According to Article 16(8) of Regulation (EU) 2019/943,[1] electricity transmission system operators must ensure minimum levels of available capacity and are not allowed to limit the available volume of interconnection capacity as a means of resolving congestion within their own bidding zone. Exceptionally, derogations may be granted for reasons of maintaining the security of system operations, while avoiding discrimination between intra- and cross-zonal exchanges (paragraph 9 of the same Article).

The Austrian transmission system operator (APG) has received six consecutive derogations,[2] essentially remaining outside the above requirements. By granting derogations consecutively, this exceptional possibility becomes an established situation, significantly affecting the volume of capacity provided to other states participating in the energy market. This, in turn, affects the price level, creating large differences in electricity prices on the day-ahead markets between South-East and Central Europe, significantly affecting households, businesses and industries in South-East Europe.

In view of the above:

1.Does the Commission consider the granting to APG of successive derogations justified, given their impact on electricity prices in South-East Europe?
2.Will the Commission collaborate with ACER to end abuse of the derogation?
3.What measures does the Commission intend to put in place to address the significantly higher electricity prices in the countries of South-East Europe, such as Greece?

Submitted: 16.7.2025

[1] https://eur-lex.europa.eu/legal-content/EL/TXT/?uri=CELEX%3A02019R0943-20240716
[2] For instance in relation to 2025, see the request by APG (https://markt.apg.at/dokumenten-hub/apg-request-for-derogation-for-core-region-2025-englische-version/) and approval by the national body (https://www.e-control.at/documents/1785851/10641279/Bescheid%20vom%205.12.2024,%20V%20ELBM%2004%252F24%20an%20Austrian%20Power%20Grid%20AG/55bf1cad-f683-9b00-f023-d61054dc0995).

Last updated: 24 July 2025

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Written question – Ban on the use of fluorinated greenhouse gases for high-voltage electrical switchgear – E-002924/2025

Source: European Parliament

Question for written answer E-002924/2025
to the Commission
Rule 144
Andreas Glück (Renew)

Regulation (EU) 2024/573 on fluorinated greenhouse gases (f-gases) sets out an ambitious path for phasing out the use of f-gases in electrical switchgear. From 2032, f-gases with a global warming potential of one or more will be prohibited in new high-voltage electrical switchgear.

For its current uses, sulphur hexafluoride (SF6) can be replaced with fluoronitrile (C4-FN) or vacuum technology. Fluoronitrile is the only alternative that has been tested at scale for high-voltage applications of more than 145kV. With a much lower global warming potential and low leakage rates, fluoronitrile represents an environmentally sound alternative to SF6 or vacuum technology. However, under Regulation (EU) 2024/573, it is set to be banned from 2032.

According to Article 13, paragraph 13 of Regulation (EU) 2024/573, fluorinated gases with higher global warming potential can be used, if it has been established that the life cycle CO₂ emissions of the switchgear are lower than equivalent equipment.

1.Is the Commission planning to analyse the life cycle CO₂ emissions of electrical switchgear using fluoronitrile as an insulation gas?
2.Is the Commission aware that due to the strict phase-out timeline and the lack of alternatives, especially in the high-voltage range, many transmission system operators are currently ordering electrical switchgear using SF6 as an insulation gas?

Submitted: 16.7.2025

Last updated: 24 July 2025

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Written question – Extension of the EU’s ‘roam like at home’ area to the Western Balkans – E-002926/2025

Source: European Parliament

Question for written answer E-002926/2025
to the Commission
Rule 144
András Gyürk (PfE), Annamária Vicsek (PfE), Tamás Deutsch (PfE), Csaba Dömötör (PfE), Viktória Ferenc (PfE), Kinga Gál (PfE), Enikő Győri (PfE), György Hölvényi (PfE), András László (PfE), Ernő Schaller-Baross (PfE), Pál Szekeres (PfE)

The countries of the Western Balkans are crucial partners for the European Union. The integration of the Western Balkans was identified as a priority for EU enlargement in 2003 and five countries have since been granted candidate status. This fact, as well as the meaningful contribution of the millions of citizens of these countries to the EU economy, demonstrates the region’s commitment to EU values and policies.

Therefore, it is concerning that while Ukraine’s inclusion in the EU’s roam like at home area is being fast-tracked to 1 January 2026, the same determination from the Commission seems to be missing for the Western Balkans. We firmly believe that the accession process to the EU should be merit-based and avoid the perception of double standards.

1.Does the Commission share our assessment that a fast-tracked inclusion of the Western Balkans into the roam like at home area would send a much needed positive signal to the citizens of the region?
2.Is the Commission ready to accelerate and complete the Western Balkans inclusion in the roam like at home area by 1 January 2026?

Submitted: 16.7.2025

Last updated: 24 July 2025

MIL OSI Europe News –

July 25, 2025

MIL-OSI Europe: Written question – Public procurement in healthcare – E-002931/2025

Source: European Parliament

Question for written answer E-002931/2025
to the Commission
Rule 144
Tomislav Sokol (PPE)

The ongoing review of the EU’s Public Procurement Directive[1] presents a key opportunity to embed a modern, sustainability-driven approach to procurement across Member States, including in sensitive sectors such as healthcare.

Public tenders increasingly include environmental criteria, often focused on greenhouse gas emissions, in line with the EU’s Green Deal and efforts to promote value-based, circular procurement. However, environmental considerations must be counterbalanced with a broader, more holistic view, particularly in sectors like healthcare, where the human component is central. Here, sustainability should be understood not only in environmental terms, but also in terms of its economic, social, and human impact, meaning patient outcomes, patient safety, and the well-being of the healthcare workforce.

1.How will the Commission ensure that the revised Public Procurement Directive supports a holistic approach to the definition of sustainability – including human and economic impact in sectors such as healthcare?
2.How will the Commission support procurement authorities in applying such an approach – e.g. through technical guidance, capacity-building or funding – to ensure a shared understanding of sustainability across Member States and a level playing field for economic operators?
3.What steps will be taken to ensure sustainability criteria do not hamper innovation, safety or patient outcomes in healthcare environments?

Submitted: 16.7.2025

[1] Directive 2014/24/EU of 26 February 2014 on public procurement, OJ L 94, 28.3.2014, p. 65, ELI: http://data.europa.eu/eli/dir/2014/24/oj.

Last updated: 24 July 2025

MIL OSI Europe News –

July 25, 2025

Category: housing