Lok Sabha to discuss Scheduled Tribes Reservation Bill for Goa, Merchant Shipping Bill today

Source: Government of India

Source: Government of India (4)

As the Monsoon Session of Parliament enters its fourth day, the Lok Sabha is scheduled to take up key legislative business on Thursday, including the Scheduled Tribes reservation bill for Goa and the Merchant Shipping Bill, 2024.

Union Law Minister Arjun Ram Meghwal will move The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024 for consideration and passage. The Bill seeks to enable the reservation of seats for Scheduled Tribes in Goa’s Legislative Assembly, in line with Article 332 of the Constitution. It proposes the readjustment of assembly constituencies following the inclusion of certain communities in the Scheduled Tribes list for the state.

According to the official business list, the Bill aims to ensure “effective democratic participation of members of Scheduled Tribes” and make the necessary constituency changes to reflect this inclusion.

Also on the agenda is The Merchant Shipping Bill, 2024, which will be introduced by Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal. The legislation seeks to consolidate and modernise India’s maritime laws, aligning them with international treaties and obligations. The Bill aims to promote the development of Indian shipping and enhance the efficiency and maintenance of the country’s mercantile marine sector, while safeguarding national interests.

In addition to legislative matters, standing committees on Rural Development and Panchayati Raj, and Communications and Information Technology are expected to table reports on government actions taken in response to earlier recommendations made by the respective panels.

Parliament proceedings on Wednesday were disrupted due to continued protests by Opposition MPs over the Bihar Special Intensive Revision issue, leading to adjournments in both the Lok Sabha and Rajya Sabha until July 24.

The current Monsoon Session of Parliament is scheduled to continue until August 21. Both Houses will reconvene at 11 a.m. today.

(With agencies inputs)

July 24, 2025

MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

Source: GlobeNewswire (MIL-OSI)

Nokia Corporation

Half year financial report
24 July 2025 at 08:00 EEST

Nokia Corporation Report for Q2 and Half Year 2025

Solid performance offset by currency impact

Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

Justin Hotard
President and CEO

FINANCIAL RESULTS

EUR million (except for EPS in EUR)	Q2’25	Q2’24	YoY change	Q1-Q2’25	Q1-Q2’24	YoY change
Reported results
Net sales	4 546	4 466	2%	8 936	8 910	0%
Gross margin %	43.4%	43.3%	10bps	42.5%	46.5%	(400)bps
Research and development expenses	(1 161)	(1 134)	2%	(2 306)	(2 259)	2%
Selling, general and administrative expenses	(744)	(715)	4%	(1 472)	(1 408)	5%
Operating profit	81	432	(81)%	32	836	(96)%
Operating margin %	1.8%	9.7%	(790)bps	0.4%	9.4%	(900)bps
Profit from continuing operations	83	370	(78)%	24	821	(97)%
Profit/(loss) from discontinued operations	13	(512)		13	(525)
Profit/(loss) for the period	96	(142)		36	296	(88)%
EPS for the period, diluted	0.02	(0.03)		0.01	0.05	(80)%
Net cash and interest-bearing financial investments	2 879	5 475	(47)%	2 879	5 475	(47)%
Comparable results
Net sales	4 551	4 466	2%	8 941	8 910	0%
Constant currency and portfolio YoY change⁽¹⁾			(1%)			(2%)
Gross margin %	44.7%	44.7%	0bps	43.5%	47.6%	(410)bps
Research and development expenses	(1 126)	(1 064)	6%	(2 241)	(2 140)	5%
Selling, general and administrative expenses	(612)	(610)	0%	(1 199)	(1 194)	0%
Operating profit	301	423	(29)%	457	1 023	(55)%
Operating margin %	6.6%	9.5%	(290)bps	5.1%	11.5%	(640)bps
Profit for the period	236	328	(28)%	390	840	(54)%
EPS for the period, diluted	0.04	0.06	(33)%	0.07	0.15	(53)%

Business group results	Network Infrastructure		Mobile Networks		Cloud and Network Services		Nokia Technologies		Group Common and Other
EUR million	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24	Q2’25	Q2’24
Net sales	1 904	1 522	1 732	2 078	557	507	357	356	3	4
YoY change	25%		(17)%		10%		0%		(25)%
Constant currency and portfolio YoY change⁽¹⁾	8%		(13)%		14%		3%		(25)%
Gross margin %	38.2%	38.4%	41.1%	41.8%	42.7%	37.5%	100.0%	100.0%
Operating profit/(loss)	109	97	77	182	9	(35)	255	258	(150)	(78)
Operating margin %	5.7%	6.4%	4.4%	8.8%	1.6%	(6.9)%	71.4%	72.5%

(1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

SHAREHOLDER DISTRIBUTION

Dividend

Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

OUTLOOK

	Full Year 2025
Comparable operating profit^(1,2)	EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
Free cash flow⁽¹⁾	50% to 80% conversion from comparable operating profit

¹Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
²Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

	Full year 2025	Comment
Q3 Seasonality		Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.
Group Common and Other operating expenses	Approximately EUR 400 million
Comparable financial income and expenses	Positive EUR 50 to 150 million
Comparable income tax rate	~25%
Cash outflows related to income taxes	EUR 500 million
Capital expenditures	EUR 650 million
Recurring gross cost savings	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated charges related to cost savings programs	EUR 250 million	Related to ongoing cost savings program and not including Infinera-related synergies
Restructuring and associated cash outflows	EUR 400 million	Related to ongoing cost savings program and not including Infinera-related synergies

RISK FACTORS

Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
Changes in customer network investments related to their ability to monetize the network;
Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
Our ability to procure certain standard components and the costs thereof, such as semiconductors;
Disturbance in the global supply chain;
Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
Potential economic impact and disruption of global pandemics;
War or other geopolitical conflicts, disruptions and potential costs thereof;
Other macroeconomic, industry and competitive developments;
Timing and value of new, renewed and existing patent licensing agreements with licensees;
Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
The outcomes of on-going and potential disputes and litigation;
Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
Timing of completions and acceptances of certain projects;
Our product and regional mix;
Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

FORWARD-LOOKING STATEMENTS

Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

ANALYST WEBCAST

Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
A link to the webcast will be available at www.nokia.com/financials.
Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

FINANCIAL CALENDAR

Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

About Nokia

At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

Inquiries:

Nokia
Communications
Phone: +358 10 448 4900
Email: press.services@nokia.com
Maria Vaismaa, Global Head of External Communications

Nokia
Investor Relations
Phone: +358 931 580 507
Email: investor.relations@nokia.com

Attachment

2025_Q2_Nokia_ Earnings_release_English

The MIL Network –

July 24, 2025

India’s global outreach continues: PM Modi begins UK visit, Maldives next

Source: Government of India

Source: Government of India (2)

rime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

July 24, 2025

Indian diaspora in London gives PM Modi a grand welcome

Source: Government of India

Source: Government of India (4)

Prime Minister Narendra Modi received a rousing welcome from the Indian diaspora as he arrived in London on Wednesday evening for a historic two-day visit aimed at strengthening the India-UK Comprehensive Strategic Partnership and finalising the long-anticipated Free Trade Agreement (FTA).

As PM Modi reached his hotel in the heart of the city, hundreds of Indian community members gathered outside with chants of “Modi, Modi,” “Bharat Mata Ki Jai,” and “Vande Mataram.” Dressed in traditional Indian attire, artists played dhols while others danced and waved posters welcoming the Prime Minister.

“Touched by the warm welcome from the Indian community in the UK. Their affection and passion towards India’s progress is truly heartening,” PM Modi shared on X.

The atmosphere outside the hotel was electric, with many attendees expressing pride and emotion after meeting the Prime Minister. “We are so proud… I am still in tears. The happiness and joy he brought while shaking our hands is unforgettable,” said one member of the diaspora.

Many in the crowd shared similar sentiments, praising the Prime Minister for his global stature, leadership, and commitment to India’s growth. “The aura I witnessed was simply amazing. He looked like a saint. That is why people like PM Modi a lot,” said another enthusiastic supporter.

Scheduled for July 23–24, PM Modi’s visit comes at the invitation of newly elected British Prime Minister Keir Starmer and marks his fourth official trip to the United Kingdom. The visit follows recent meetings between the two leaders at the G20 Summit in Brazil and the G7 in June this year.

“Leaving for the UK, a country with which our Comprehensive Strategic Partnership has achieved significant momentum in the last few years. I look forward to my talks with PM Keir Starmer and my meeting with His Majesty King Charles III,” PM Modi posted before departing.

According to a statement from India’s Ministry of External Affairs (MEA), the visit will focus on advancing collaboration across key areas such as trade and economy, technology and innovation, defence and security, climate change, healthcare, education, and people-to-people ties.

The centrepiece of the discussions will be the signing of the India-UK Free Trade Agreement, expected to significantly boost bilateral trade

PM Modi is also expected to meet King Charles III during his stay in London, further deepening the diplomatic warmth between the two nations.

(With agencies inputs)

July 24, 2025

MIL-OSI Banking: Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered pre-recorded keynote remarks at the ASEAN–India Forum 2025, held in Bangkok, Thailand. In his message, Dr. Kao reaffirmed ASEAN’s strong commitment to advancing the ASEAN–India Comprehensive Strategic Partnership through tourism. He also emphasized the importance of sustainable tourism, stronger transport connectivity, and collaborative destination marketing, highlighting the regional tagline “A Destination for Every Dream.”

The post Secretary-General of ASEAN delivers Pre-Recorded Keynote Remarks at the ASEAN–India Forum 2025 appeared first on ASEAN Main Portal.

MIL OSI Global Banks –

July 24, 2025

MIL-OSI USA: Peters, Slotkin Respond to Federal Disaster Declaration Following Catastrophic Northern Michigan Ice Storm

US Senate News:

Source: United States Senator for Michigan Gary Peters
WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Elissa Slotkin (D-MI) responded to the approval of Michigan’s request for a major disaster declaration following the catastrophic ice storm that impacted communities throughout Northern Michigan and the Eastern Upper Peninsula in late March. In May, Peters and Slotkin sent a letter to President Trump urging his swift approval of this declaration to support areas affected by the storm. With this declaration, critical assistance through the Federal Emergency Management Agency’s (FEMA) Public Assistance Program will be available to communities in Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Montmorency, Oscoda, Otsego, Presque Isle, Kalkaska and Mackinac Counties, as well as the Little Traverse Bay Band of Odawa Indians.
“I’m pleased that funding is coming to Northern Michigan to bolster the ongoing recovery efforts following the ice storm this March,” said Senator Peters. “The State of Michigan and local emergency managers continue to work hard because this job is not finished, and I’ll keep fighting to help our communities get the resources they need to bounce back stronger.”
“This is welcome news and a big step for the many Michiganders who are still recovering from the once-in-a-generation ice storm in Northern Michigan and the UP in March,” said Senator Slotkin. “There is still more work ahead, but my office is here to help Michiganders navigate the federal disaster process to rebuild and recover.”
The National Weather Service has ranked this as one of the most significant ice storms ever recorded in Northern Michigan. State and federal officials estimate the storms caused more than $137 million in immediate response costs, and inflicted severe damage to homes, businesses, and critical infrastructure, including leaving residents without power for weeks. The long-term impacts to local government, industries, and residents remain to be seen.
FEMA’s Public Assistance Program provides assistance to eligible applicants, including local governments, to respond and recover from major disasters. In Michigan, the authorized funding can be used for debris removal and emergency protective measures such as eligible overtime work and permanent restoration of infrastructure. For additional information regarding the federal assistance, please contact the MSP Emergency Management and Homeland Security Division at 517-243-0149.
Peters and Slotkin have fought to aid Northern Michigan’s impacted communities from the start. In the days following this devastating storm, the lawmakers wrote to Governor Whitmer expressing their willingness to support any federal support needed as part of the State of Michigan’s response. In June, Peters and Slotkin called on the Small Business Administration to approve the State of Michigan’s Rapid Administrative Disaster Declaration request for eligible counties, which was later approved by SBA Administrator Loeffler.

MIL OSI USA News –

July 24, 2025

MIL-OSI Banking: Money Market Operations as on July 23, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,03,403.84	5.73	4.75-6.75
I. Call Money	17,346.55	5.73	4.75-5.85
II. Triparty Repo	4,04,014.05	5.72	5.30-5.82
III. Market Repo	1,79,687.94	5.75	5.20-5.90
IV. Repo in Corporate Bond	2,355.30	5.91	5.85-6.75
B. Term Segment
I. Notice Money**	131.54	5.46	5.00-5.82
II. Term Money^@@	189.50	–	5.60-5.95
III. Triparty Repo	795.00	5.57	5.50-5.70
IV. Market Repo	470.68	5.55	5.55-5.55
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Wed, 23/07/2025	2	Fri, 25/07/2025	50,001.00	5.53
(b) Reverse Repo
3. MSF^#	Wed, 23/07/2025	1	Thu, 24/07/2025	820.00	5.75
4. SDF^Δ#	Wed, 23/07/2025	1	Thu, 24/07/2025	78,428.00	5.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-27,607.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo	Fri, 18/07/2025	7	Fri, 25/07/2025	2,00,027.00	5.49
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				10,403.21
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				-1,89,623.79
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-2,17,230.79

G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on	July 23, 2025	9,68,804.65
(ii) Average daily cash reserve requirement for the fortnight ending	July 25, 2025	9,63,288.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥	July 23, 2025	50,001.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on	June 27, 2025	5,79,904.00

^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).

– Not Applicable / No Transaction.

** Relates to uncollateralized transactions of 2 to 14 days tenor.

^@@ Relates to uncollateralized transactions of 15 days to one year tenor.

^$ Includes refinance facilities extended by RBI.

* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/772

MIL OSI Global Banks –

July 24, 2025

MIL-OSI USA: Senator Murray, British Columbia Premier Eby, WA Small Businesses Speak Out About How Trump’s Reckless Trade War with Canada is Creating Chaos, Hurting Business, and Raising Costs

US Senate News:

Source: United States Senator for Washington State Patty Murray

ICYMI: Senator Murray Hears from Mayors and Business Leaders About How Trump’s Trade War is Hurting Border Communities in Northwest Washington

AP: Trump’s 35% Canada tariff plan deepens a rift between the neighbors

***WATCH HERE; DOWNLOAD HERE***

Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with British Columbia Premier David Eby and Washington state business leaders to sound the alarm on how President Trump’s trade war with Canada is driving down business and creating chaos for families, small businesses, and economies on both sides of the border.

Canada is the second-largest export market for Washington state, exporting $7.9 billion in goods and $2.2 billion in services annually. Washington state imports $17.8 billion in goods from Canada each year, with energy imports accounting for 54 percent of that total. 608 Canadian-owned companies employ 25,050 workers in Washington state. Canada is also the largest source of international visitors to the U.S., accounting for 20.4 million visits and $20.5 billion in spending in 2024. The Bureau of Transportation Statistics reported a 35 percent drop in border crossings into the U.S. through the Peace Arch and Pacific Highway Crossings in Washington state this May, compared to the same month last year. Additional data on trade between Washington state and Canada is available HERE.

President Trump recently announced a plan to impose 35 percent tariffs across-the-board on imports from Canada beginning August 1^st. This comes after Trump has already applied 50 percent tariffs on steel and aluminum—of which Canada is the largest exporter to the United States—and 25 percent duties on cars, excluding U.S. made parts. Yesterday, after a meeting with Canada’s political leaders—including Premier Eby—Prime Minister Mark Carney downplayed the chances of success in talks aimed at reaching a trade deal with President Trump.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries,” Senator Murray said at the press conference today. “Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year. So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.”

“Here’s what Trump needs to understand: this is not reality TV. It is actual reality,” Senator Murray continued. “These aren’t people playing ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up. So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy. It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.”

“We have a long and happy relationship with the American people; they’re our friends, our family members and coworkers. President Trump’s actions have broken our trust with his government, but they’ll never shake our relationship with our closest neighbours. I am grateful for Senator Murray’s leadership at this time in calling out a President that ran on an affordability agenda and is now bringing in tariffs that are raising the price of everyday goods for hard working families,” said David Eby, Premier of British Columbia.

“President Trump seems to have created the 51^st state that he was talking about, which is the great state of uncertainty. And this is affecting all of us and that we predict that in 2025 alone, that tariffs will cost SEL $100 million in unanticipated federal taxes. These $100 million, divided by our 7000 owners, is a hit of $14,000 per employee around the world. And I agree so much with Senator Murray that the best thing we can do is to support the efforts by Democrats and Republicans in both the House and the Senate to restore congressional control over tariffs and block this President and future ones from abusing executive orders, especially here in the case of free trade,” saidDr. Ed Schweitzer, founder of Schweitzer Engineering Laboratories in Pullman.

“Maintaining good relations with our northern neighbors is paramount to our maritime industry. Along with being a key supplier for vital parts of the industry, our relations also impact negotiations, such as the Pacific Salmon Treaty being negotiated right now. These negotiations and trade rely on goodwill and good relations, and we cannot state enough how much we value our Canadian partners in all sectors of our maritime industry here in the United States,” said Dan Tucker, Executive Director of the Whatcom Working Waterfront Coalition.

Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs in the state tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been constantly lifting up the voices of people in every corner of Washington state who are being harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this year—among many other events—Senator Murray brought together leaders across Washington state to highlight how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector, and held a roundtable discussion in Blaine on how Trump’s chaotic trade war and senseless tariffs are specifically hurting Washington state’s border communities and local businesses. Senator Murray has also taken to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.

Senator Murray’s full remarks, as delivered, are below and video is HERE:

“Thank you everyone for joining us today.

“You know for a so-called businessman, President Trump doesn’t seem to know the first thing about running a business—then again, maybe that explains his six bankruptcies. But besides that, every time Trump opens his mouth, he is demonstrating that he doesn’t understand how tariffs work and doesn’t care if his absurd tax hikes are hurting our economy and our small businesses. The reality is plain as day. Especially in places like Washington state where we are on the front line of a trade war with our neighbors that nobody asked for.

“Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries.

“Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year.

“So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.

“How are farmers supposed to stay afloat when Trump just jacked up the cost of the supplies they need, at the same time that he is driving some of their best customers away?

“How are businesses and factories supposed to keep the lights on when their supply chains are being disrupted, and their inputs—like energy, and steel, and aluminum—keep getting more expensive?

“How are hotels and towns that are fueled by tourism supposed to keep their doors open, when cancellations are going up, bookings are going down, and 75 percent of Canadian travelers who weregoing to visit the U.S. are deciding they’d now rather go somewhere the President doesn’t constantly attack?

“So, let’s be clear, these aren’t hypothetical questions. They are the cold, hard realities Trump is forcing onto our communities. It doesn’t take much imagination to see how hard Trump’s trade war is making life for people—especially for our border communities.

“All you have to do is listen. Talk to ferry operators, who are feeling the squeeze of reduced travel. Talk to community leaders in Bellingham and Whatcom County, where 12 percent of taxable retail sales came from Canadians. Talk to business owners in Point Roberts, which just completely depends on Canadian trade and tourism.

“I have been telling this over and over to my colleagues and anyone who will listen. If you want to understand the real cost of what is happening, come to Washington state, talk to people on the front lines of this pointless, painful trade war.

“And that’s exactly why we are having this call today. To put a spotlight on what we are seeing on both sides of the border; to make more of these voices heard; to raise the alarm; and maybe even offer a little economics lesson to Trump—since he appears to need it.

“When you raise the costs for small businesses—which is exactly what tariffs do, when you drive away loyal customers, and trading partners—which is exactly what happens when you toss up barriers and toss out insults—you make life harder, and you raise costs for everyday Americans. It is very clear that President Trump wants to treat tariffs like a reality TV show, constantly playing up the outrage and the uncertainty of the ‘Will he? Won’t he?’ drama that he seems to like living in. But the questions that I am hearing when I talk to folks home in Washington state, are more like, ‘Why on Earth would he do this?’ and ‘What the heck is he thinking?’ and ‘How am I going to be able to afford this?’

“Because here’s what Trump needs to understand: this is not reality TV. This is actual reality. These aren’t peopleplaying ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up.

“So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy.

“It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.

“We have got to keep talking about this, which is why we are having this call today, until more of my Republican colleagues get the message. And I thank everybody who’s participating in this today to talk about what you are seeing.

“So, I’m joined on this call by British Columbia Premier David Eby, he will be speaking next. As I’ve told him in the past, I appreciate our relationship and thank you for working with us on this. It’s a joy to have you on this call.”

MIL OSI USA News –

July 24, 2025

MIL-OSI United Kingdom: Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

Source: United Kingdom – Government Statements

Press release

Historic trade deal signed with India to deliver £50 million boost to Northern Ireland

New analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy

NEW figures show trade deal with India will deliver £50 million for Northern Ireland’s economy as part of the Plan for Change
Advanced manufacturing and engineering, whiskey producers and services and technology sectors set to benefit from growth following a reduction or near elimination of tariffs
Comes as Prime Minister and Trade Secretary welcome Prime Minister Modi and Commerce Minister to UK for signing of most comprehensive deal India has ever agreed

Businesses and workers in Northern Ireland are set to benefit from the UK’s trade deal with India, as new analysis published today [Thursday 24 July] shows the landmark agreement will deliver a £50m boost to the local economy as part of the Plan for Change.

The Prime Minister will meet his counterpart Narendra Modi this morning for the trade deal signing as Business and Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal put pen to paper on the landmark agreement. It comes as a series of investment and export wins have been confirmed by UK and Indian businesses, representing an overall boost of nearly £6 billion and creating over 2,200 jobs.

India is a growing market for Northern Ireland businesses, 143 of which exported a total of £65 million in goods there last year– this could grow even more thanks to lower tariffs, fewer barriers to trade, and easier customs.

Advanced manufacturing and engineering – which represent approximately 30 per cent of employment in Northern Ireland – will benefit from removal or reduction of tariffs.

Northern Ireland’s medical technology sector will benefit from tariffs on a range of medical devices, between 8.25% to 13.75% being eliminated or halved within ten years.

Duties on Irish whiskey will immediately fall from 150% to 75%, dropping further to 40% over ten years. Producers will also be able to use Irish barley or neutral grain spirit and bottle products in transit to India, maximising capability to capitalise on tariff reductions.

Secretary of State for Northern Ireland, Hilary Benn, said:

This is a landmark deal that will bring real benefits for businesses and workers in Northern Ireland.

Northern Ireland’s advanced manufacturing, engineering, and medical technology sectors will see tariffs eliminated or significantly reduced, while Irish whiskey producers will benefit from substantial cuts in duties allowing for increased trade with India.

This agreement will help further unlock the huge potential for growth across Northern Ireland, including its thriving services and technology sectors.

Business and Trade Secretary Jonathan Reynolds said:

The millions brought to Northern Ireland each year from the deal we’ve signed with India today will be keenly felt across local communities, whether that’s higher wages for workers, more choice for shoppers, or increased overseas sales for businesses.

This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:

Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.

This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer.

Workers in Northern Ireland will enjoy an uplift in pay as UK wages grow by a total £2.2 billion each year, and could also see cheaper prices and more choice on clothes, shoes, and food products. The UK already imports £11 billion in goods from India but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products.

For businesses in Northern Ireland this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.

India’s trade weighted average tariff will drop from 15% to 3% which means Northern Ireland companies selling products to India from whiskey, and soft drinks to cosmetics and medical devices will find it easier to sell to the Indian market. It gives the UK an advantage over international competitors in reaching the Indian market, forecast to have over a quarter of a billion high income consumers by 2050.

Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. In Northern Ireland, sectors such as agriculture and food, advanced manufacturing and engineering, and the services and technology sectors are expected to benefit substantially.

Notes to editor

The government will prepare for the trade agreement to be ratified by Parliament so businesses can begin to use it.
For more information on the Double Contribution Convention, please see the policy explainer attached.
Headline economic estimates of the impact of the FTA along with the methodology were previously set out in the technical notes for the preliminary estimates. The full detailed impact assessment, using the same methodology, will be published shortly.

Published 24 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI USA: Michigan Receives Disaster Declaration from President Trump for Northern Michigan Ice Storm Recovery Efforts

Source: United States House of Representatives – Congressman Jack Bergman (MI-1)

Today, Rep. Jack Bergman joined Governor Gretchen Whitmer announcing that President Donald Trump has approved Michigan’s request for a disaster declaration to help communities impacted by the historic ice storm in Northern Michigan earlier this year. The devastating storm knocked out power and communications and left hundreds of miles of roads blocked by fallen trees and debris.

“President Trump’s approval of a Major Disaster Declaration for the counties impacted by March’s devastating ice storm is welcome news,” said U.S. Representative Jack Bergman. “I’m grateful to his Administration for working to get this done. This long-awaited decision unlocks critical resources to help our communities recover and rebuild as quickly as possible. It’s been a true team effort – from local agencies to state and federal partners. Northern Michigan is no stranger to tough times – but it’s in moments like these, when our communities rally and move forward together, that the true spirit of Northern Michigan shines brightest.”

“Yesterday, I spoke to President Trump who confirmed that communities in Northern Michigan impacted by the historic ice storm damage earlier thisnyear will start to receive federal disaster funding,” said Governor Whitmer. “With this initial support, we can help communities recover costs associated with cleanup efforts. I want to thank the president and our congressional delegation for supporting our request, and I look forward to collaborating further on much-needed additional resources. Michiganders across the state stepped up to help our neighbors, and while other parts of our request remain under review, we will continue advocating together to help Northern Michigan recover and rebuild.”

“Many Northern Michigan individuals, families, and small businesses are still recovering from the historic ice storms that hit our state earlier this year,” said Lt. Governor Garlin Gilchrist II. “This federal emergency declaration will help local leaders, communities, and Northern Michigan families get back on their feet and move forward with their lives. While this storm was devastating, Michiganders are strong, and we will Stand Tall together.”

“I’m pleased that funding is coming to Northern Michigan to bolster the ongoing recovery efforts following the ice storm this March,” said U.S. Senator Gary Peters. “The State of Michigan and local emergency managers continue to work hard because this job is not finished, and I’ll keep fighting to help our communities get the resources they need to bounce back stronger.”

“The Michigan State Police has supported response efforts from the moment this storm began, coordinating statewide resources through the State Emergency Operations Center to assist local communities impacted by the storm,” said Col. James F. Grady II, director of the MSP. “This federal declaration is a crucial next step. It allows us to continue supporting our partners through long-term recovery.”

Federal Disaster Declaration

The declaration opens the path to Federal Emergency Management Agency (FEMA) Public Assistance in Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Kalkaska, Mackinac, Montmorency, Oscoda, Otsego, and Presque Isle Counties and the Little Traverse Bay Bands of Odawa Indians. The administration continues to review the request for Individual Assistance and Public Assistance under Schedule F.

Advocating for Northern Michigan

On June 25th, Rep. Jack Bergman led a letter with the entire Michigan Congressional Delegation, urging President Donald J. Trump in the strongest possible terms,to approve Governor Whitmer’s May 16 request for a Major Disaster Declaration.

On May 30th, Rep. Jack Bergman joined Michigan USDA Farm Service Agency (FSA) Director Joel Johnson to announce that assistance through the Emergency Conservation Program (ECP) and Emergency Forest Restoration Program (EFRP) is on the way for Northern Michigan. Both programs are designed to help landowners recover from severe storm damage and restore their operations.

On May 19th, Rep. Jack Bergman expressed his full support for Governor Gretchen Whitmer’s request for a Presidential Major Disaster Declaration in response to the ice storm that struck Northern Michigan and the Upper Peninsula in March.

On April 5th, Rep. Bergman visited the affected counties and met with local emergency leaders, linemen, and first responders to discuss the needs across the region.

State Actions

On March 31, Governor Whitmer declared a state of emergency to respond to the storm’s impact. The declaration initially covered 10 counties and was expanded to include 12 counties: Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Mackinac, Montmorency, Oscoda, Otsego, and Presque Isle counties. Governor Whitmer also deployed the Michigan National Guard to provide more personnel and specialized equipment to help with ice storm recovery efforts in northern Michigan. Lastly, the Governor Whitmer declared an energy emergency in the Upper Peninsula to help expedite delivery of fuel and other critical supplies to impacted areas.

On May 16, Governor Whitmer submitted a formal request for a major disaster declaration to help Northern Michigan recover and rebuild from the historic ice storms that hit the region hard in late March. The governor also traveled to the White House to meet with President Trump, advocating for federal assistance for Northern Michigan. The governor previously asked for an Emergency Declaration, which would authorize up to $5 million in immediate public assistance to support emergency efforts, including debris management needs.

She will continue working with the administration to pursue further relief from FEMA, and her request for individual assistance (IA) remains under review by the federal administration. IA can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster. She will also seek resources for hazard mitigation measures statewide.

Resources

Residents and business owners who sustained losses in the designated areas can begin applying for assistance at www.DisasterAssistance.gov, by calling 800-621-FEMA (3362), or by using the FEMA App. Anyone using a relay service, such as video relay service (VRS), captioned telephone service or others, can give FEMA the number for that service.

On June 11, the U.S. Small Business Administration (SBA) separately granted an administrative disaster declaration for Cheboygan County and the contiguous counties of Charlevoix, Emmet, Mackinac, Montmorency, Otsego, and Presque Isle. SBA established two Disaster Loan Outreach Centers for one-on-one assistance, open now through July 26 at 2:00pm:

229 Court St.

Cheboygan, MI 49721

8288 S. Pleasantview Rd.

Harbor Springs, MI 49740

Loan applications are also available online or by mail. For additional information on low-interest SBA loans or the application process, visit the MySBA Loan Portal or call 1-800-659-2955. The physical loan application deadline is Aug. 8. Small businesses and non-profits have until March 9, 2026, to apply for EIDLs (working capital loans). So far SBA has disbursed $572,322 in loans for this disaster.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: Case Introduces Proposal To Expand Indigenous-Based Tourism

Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)

(Washington, DC) — U.S. Representative Ed Case (D-Hawai‘i-First District) has introduced proposed legislation in the U.S. House to authorize federal grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for fostering indigenous history and culture-based travel and tourism.

“This measure is especially important for my home state of Hawai‘i, where the link between tourism and our indigenous peoples, Native Hawaiians, is essential”, said Case. “Native Hawaiian history and culture is at the heart of our islands’ uniqueness. It is one of the major draws for our visitors, and activities based on our indigenous history and culture should be developed by Native Hawaiians wherever and however possible.”

Case said his measure is the House companion to S. 612, introduced by Senators Lisa Murkowski, Chair of the Senate Indian Affairs Committee, and Brian Schatz, Vice Chairman of the Committee. The bill makes important corrections to the NATIVE Act to authorize grants to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations for recreational travel and tourism activities.

Case said that Congress enacted the NATIVE Act in 2016 to provide grants, loans and technical assistance to Indian Tribes, Tribal organizations, Native Alaskans and Native Hawaiian organizations to assist in developing tourism in indigenous peoples communities and enhancing opportunities for visitors to learn about indigenous peoples’ history, cultures, traditional foods, languages and arts. He said unfortunately, the act did not clearly authorize the federal Bureau of Indian Affairs (BIA) or the Office of Native Hawaiian Relations (ONHR) to issue the grants, which led to implementation challenges.

“Our bill corrects this oversight by clearly authorizing the BIA and ONHR, along with several other federal agencies, to issue these grants and authorize appropriations for the program,” said Case. “The bill will enable improved access to federal resources, helping these communities build sustainable tourism infrastructure and expand cultural tourism. In turn, it will foster a broader appreciation of indigenous peoples and create jobs and boost economic development in rural and underserved areas.”

Case continued: “The past generations have witnessed a great renaissance of the Hawaiian language and culture, and in turn over the ensuing years Native Hawaiian practitioners and culture have become an increasingly visible and central part of our visitor industry. We in Hawai‘i are committed to fostering this sector of our economy in a way that encourages long-term cultural preservation efforts.

“Through improving the implementation of the NATIVE Act, which has helped both Native Hawaiian Organizations and local Native Hawaiian businesses, our federal government will do a better job preserving and promoting Native Hawaiian culture.

“We can help connect tourists with the rich indigenous heritage of Hawai‘i though community-based visitor experiences that protect cultural sites, promote education and create jobs.”

1. Link to measure is here

2. Link to Case remarks on the measure is here

###

MIL OSI USA News –

July 24, 2025

4th Test: Sudharsan’s 61 takes India to 264/4 against England, Pant suffers foot

Source: Government of India

Source: Government of India (4)

Bad light forced an early end to Day One of the fourth Test of the Anderson-Tendulkar Trophy series at Old Trafford, with India reaching 264/4 in 83 overs, largely due to B Sai Sudharsan’s impressive 61 – his first Test fifty.

Brought back into the playing XI in place of Karun Nair, Sudharsan had a nervy start and was even dropped on 20. But the left-handed batter recovered well, striking seven boundaries in his 151-ball knock on a hard pitch under overcast skies.

Yashasvi Jaiswal scored a gritty 58 while sharing a 94-run opening stand with KL Rahul, who made 46. However, India’s biggest concern will be Rishabh Pant’s foot injury, which forced him to retire hurt on 37. After taking a nasty blow and developing significant swelling, Pant was sent for scans, and the extent of his participation could influence the outcome of the match.

In the morning, Ben Stokes won the toss for the fourth time and opted to bowl first. Initially, Jaiswal rode his luck as Chris Woakes repeatedly beat his outside edge. However, the veteran all-rounder couldn’t find the breakthrough in his marathon eight-over spell, with Jaiswal taking three boundaries off him, while Rahul hit two.

When Brydon Carse came on, Rahul cut him twice for fours, and Jaiswal pierced the gap between third slip and gully. Rahul, who surpassed 400 runs in the series, faced more deliveries from Archer than Jaiswal, who had twice fallen to the pacer at Lord’s.

After cutting Stokes for four, Jaiswal got a lucky edge off Archer for another boundary before upper-cutting the England captain for six. He and Rahul ensured India went to lunch without losing a wicket.

The second session began with Jaiswal slashing and punching Carse for a pair of boundaries, before Woakes was finally rewarded for his persistence. On the last ball of the 30th over, a back-of-a-length delivery nipped away and took a thick outside edge from Rahul’s attempted punch, and Zak Crawley held on at third slip. Rahul departed for 46, ending the 94-run opening stand.

Jaiswal went on to record his 12th Test fifty but fell soon after the drinks break. Liam Dawson, making his Test comeback after eight years, claimed his first wicket on just his seventh delivery. Jaiswal, attempting a forward defence, edged to Harry Brook at first slip and was dismissed for 58.

Dawson, playing in place of the injured Shoaib Bashir, managed to tie Sudharsan down. Sudharsan could have fallen on 20 if Jamie Smith hadn’t missed a leg-side chance off Stokes.

However, Stokes struck in his next over when Shubman Gill left an in-ducker that rapped him on the pads. After being adjudged out by on-field umpire Rod Tucker, Gill reviewed, but replays showed the ball clipping the top of off-stump. He walked off for 12, giving England a boost after a wicketless first session.

In the final session, Sudharsan hooked Archer through fine leg for four, then pulled another for a boundary. Pant stunned the crowd with a front-foot sweep off Archer for four, followed by an audacious reverse ramp. He also launched Carse for a six over long-on, as he and Sudharsan brought up a counter-attacking 50-run stand and helped India cross 200.

However, disaster struck in the 68th over when Pant attempted a reverse sweep off Woakes but under-edged the ball onto his right foot. Though England reviewed for lbw and lost it, Pant was clearly in pain. The swelling on his foot ballooned to the size of a table tennis ball, and he was eventually taken off the field in a buggy, retiring hurt on 37 after a 72-run stand with Sudharsan.

Sudharsan went on to bring up his maiden Test fifty in 174 balls with a crisp drive through cover off Joe Root. But Stokes’ short-ball tactic worked once again, as Sudharsan, cramped for room, top-edged a pull to long leg – the third time he’s been dismissed by Stokes in this series.

With bad light forcing England to bowl spin from both ends, Ravindra Jadeja and Shardul Thakur, both unbeaten on 19, added three boundaries between them before play was called off, concluding a see-saw day of Test cricket.

Brief scores:

India 264/4 in 83 overs (B Sai Sudharsan 61, Yashasvi Jaiswal 58; Ben Stokes 2-47, Chris Woakes 1-43) vs England

—IANS

July 24, 2025

MIL-OSI United Kingdom: Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

Source: United Kingdom – Executive Government & Departments

Press release

Prime Minister secures thousands of British jobs and £6 billion in investment and export wins as historic trade deal with India signed

Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins.

Thousands of jobs created for Brits through new Indian investment and export wins worth almost £6 billion
New figures show that £4.8bn trade deal will unlock economic growth for each region and nation of the UK – delivering on the government’s Plan for Change
UK and India also agree to ramp up joint efforts against organised crime and illegal migration with new framework to tackle trafficking, document fraud and remove barriers to return

Today, the Prime Minister will welcome nearly £6 billion in new investment and export wins, which will create over 2,200 British jobs across the country as Indian firms expand their operations in the UK and British companies secure new business opportunities in India. These deals will drive jobs in high-growth sectors like aerospace, technology and advanced manufacturing – supporting engineers, technicians and supply chain workers, in every corner of the UK.

It comes as the Prime Minister is set to meet the Prime Minister of India, Narendra Modi, today for the signing of the landmark UK-India trade deal. From Coventry to Carlisle, new analysis shows communities across every region of the UK will benefit from its £4.8 billion increase to UK GDP each year.

Thanks to the deal, British workers will enjoy a collective uplift in wages of £2.2 billion each year and could also see cheaper prices and more choice on clothes, shoes, and food products.

The UK already imports £11 billion in goods from India, but liberalised tariffs on Indian goods will make it easier and cheaper to buy their best products. For businesses, this could mean potential savings when importing components and materials used in areas such as advanced manufacturing or luxury and consumer goods.

Prime Minister Keir Starmer said:

Our landmark trade deal with India is a major win for Britain. It will create thousands of British jobs across the UK, unlock new opportunities for businesses and drive growth in every corner of the country, delivering on our Plan for Change.

We’re putting more money in the pockets of hardworking Brits and helping families with the cost of living, and we’re determined to go further and faster to grow the economy and raise living standards across the UK.

India’s average tariff on UK products will drop from 15% to 3% which means British companies selling products to India from soft drinks and cosmetics to cars and medical devices will find it easier to sell to the Indian market.

Whisky producers will benefit from tariffs slashed in half, reduced immediately from 150% to 75% and then dropped even further to 40% over the next ten years – giving the UK an advantage over international competitors in reaching the Indian market.

Business and Trade Secretary Jonathan Reynolds said:

The billions brought to our economy from the trade deal signed today will reach all regions and nations of the UK so working people in every community can feel the benefits.

The almost £6 billion in new investment and export wins announced today will deliver thousands of jobs and shows the strength of our partnership with India as we ensure the UK is the best place in the world to invest and do business.

This government is proving time and again that we can deliver on our mission to grow the economy, put more money in pockets and boost living standards under our Plan for Change.

The two Prime Ministers have also signed a renewed Comprehensive and Strategic Partnership, which will see closer collaboration on defence, education, climate, technology and innovation. This comes exactly one year since the countries signed the landmark UK-India Technology Security Initiative, which sees joint work on telecoms security and unlocking investment across emerging technologies – telecoms, critical minerals, AI, quantum, health/bio tech, advanced materials and semiconductors.

The UK and India have also agreed to strengthen cooperation in tackling corruption, serious fraud, organised crime, and irregular migration through enhanced intelligence sharing and operational collaboration. This includes committing to finalising a groundbreaking new criminal records sharing agreement, facilitating the exchange of criminal records to support criminal proceedings, maintain accurate watchlists and enable the enforcement of travel bans. These measures represent a significant step forward in joint efforts to combat organised immigration crime.

Aligned with the UK’s recent Industrial and Trade Strategies, the deal will support the sectors which drive the most growth for the economy. The UK’s large and varied manufacturing sectors will benefit from tariffs cut on aerospace (as high as 11% reduced to 0%), automotives (up to 110% down to 10% under a quota) and electrical machinery (from up to 22% down to either 0% of a 50% reduction).

A reduction in tariffs, combined with a reduction in regulatory barriers to trade between the UK and India are estimated to:

Increase UK exports to India by nearly 60% in the long run – this is equivalent to an additional £15.7 billion of UK exports to India when applied to projections of future trade in 2040.
Increase bilateral trade by nearly 39% in the long run, equivalent to £25.5 billion a year, when compared to 2040 projected levels of trade in the absence of an agreement

The clean energy industry will have brand new, unprecedented access to India’s vast procurement market as the country makes the switch to renewable energy and continues to see growing energy demand.

For financial and professional business services, locked in access will offer certainty to expand in India’s growing market and measures such as binding India’s foreign investment cap for the insurance sector, ensuring UK financial services companies are treated on an equal footing with domestic suppliers.

Meanwhile, 26 British companies have secured new business in India. Airbus & Rolls-Royce will soon begin delivering Airbus aircraft – with over half powered by Rolls-Royce engines – to major Indian airlines as part of around £5 billion worth of contracts recently agreed. These orders will help sustain hundreds of jobs across their respective sites in Filton, Broughton and Derby.

18 firms have confirmed new investment including Zerowatt Energy, AI powered energy intelligence platform is setting up its Global HQ in Leicester. The firm will invest £10m and create 50 new jobs across Leicester, Manchester, Edinburgh and London over the next three years.

Other UK and Indian businesses who have confirmed almost £6 billion in new investments and export deals today creating over 2,200 jobs across the UK includes:

Carbon Clean, a UK-based leader in carbon capture, with projected UK export contributions of £83 million over the next five years, has invested £7.6 million in a Global Innovation Centre in Mumbai. This ODI and export wins will unlock 250 jobs across London, Glasgow and Huddersfield as well as 100 jobs in Mumbai.
AI and data services company, DCube AI, is investing £5 million in the UK, unlocking 50 jobs across Manchester and London in the next three years to strength its technology offering to UK customers.
Occuity, an innovative UK AI healthcare company has partnered with Remidio Innovative Solutions Pvt. Ltd., a leading Indian manufacturer and distributor of ophthalmic medical devices to bring Occuity’ s cutting-edge ophthalmic screening technologies to India, improving access to innovative and non-invasive eye screening and leading to an export value of £74.3 million over 5 years.
Johnson Matthey, a UK-based leader in chemicals and sustainable technologies, has secured recent contracts of over £20 million for process licensing, engineering, and catalysts supply in India. The company will also invest £4 million in a new plant at Taloja (Maharashtra) and in doubling its capacity at an existing site in Panki, Uttar Pradesh, with contracts are helping to create up to 20,000 jobs in India during the construction phase of these projects.
Marcus Evans Group, a global business intelligence and summits business company established its new Global Technology office in Mumbai to serve its 59 offices worldwide and has confirmed a combined Export (£42mn) and ODI (£27mn) win of £69 million over the next five years from India.
LTIMindtree , a global technology consulting and digital solutions company plans to further expand its London operations by adding over 300 highly skilled jobs, investing £1m. This includes a state-of-the-art AI innovation studio and showcase lab.
Aurionpro, a global enterprise technology leader in Banking, Payments, Insurance, Data Centers, and Public Sector technology is investing over £20M to launch its UK HQ, creating 150+ high-value jobs in multiple locations across UK over 3 years. It will also open AI-powered R&D labs in collaboration with top UK universities to develop next-gen transport technology and lead the global Safe Superintelligence (SSI) movement, ensuring AI is built safely and ethically.

Tufan Erginbiligic, Rolls-Royce CEO, said:

India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government. We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace. These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

Nik Jhangiani, Interim Chief Executive, Diageo, said:

This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.

William Bain, Head of Trade Policy at the BCC, said:

The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.

Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade. Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

Published 23 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI USA: Wasserman Schultz, Carter, Norcross Reintroduce Bipartisan Pool Safety Legislation to Save Young Lives

Source: United States House of Representatives – Representative Debbie Wasserman Schultz (FL-23)

“No work we do in Congress is more important than keeping our children healthy and safe. And the Virginia Graeme Baker Pool and Spa Safety Act does that by saving countless lives over the years. So, it is critical that we continue this bipartisan, common-sense law, which this reauthorization does by expanding its life-saving impact,” said Wasserman Schultz. “Just this year in my home state we’ve seen over 60 drownings, which is more incidents than at this same time last year. But with education and added layers of protection we can keep more innocent children safe. This law does that by helping decrease drowning in pools and spas, a concern on every parent’s mind as the summer season and water activities pick up. Let’s keep our kids safe with sensible outreach, education, and precautions.”

Washington, D.C. – Today, U.S. Reps. Debbie Wasserman Schultz (FL-25), John Carter (TX-31), and Donald Norcross (NJ-01) re-introduced the bipartisan Virginia Graeme Baker Pool and Spa Safety (VGB) Reauthorization Act to help decrease preventable drownings.

Drownings and near-drownings in pools and spas pose a significant public health risk to our nation’s children. These water-safety fatalities remain the leading cause of unintentional death for children ages one to four, with higher incidents of drowning deaths for American Indian and Black individuals. However, we are not powerless to prevent these tragedies. Strong education, awareness, and enforcement efforts help make children safer around the water and save lives.

“No work we do in Congress is more important than keeping our children healthy and safe. And the Virginia Graeme Baker Pool and Spa Safety Act does that by saving countless lives over the years. So, it is critical that we continue this bipartisan, common-sense law, which this reauthorization does by expanding its life-saving impact,” said Wasserman Schultz. “Just this year in my home state we’ve seen over 60 drownings, which is more incidents than at this same time last year. But with education and added layers of protection we can keep more innocent children safe. This law does that by helping decrease drowning in pools and spas, a concern on every parent’s mind as the summer season and water activities pick up. Let’s keep our kids safe with sensible outreach, education, and precautions.”

“The Virginia Graeme Baker Pool and Spa Safety Act has saved many lives since 2008 by helping to prevent drownings through stronger safety standards and public education,” said Carter. “Now, with summer in full swing and families spending more time at the pool, reauthorizing this law is more important than ever. We should all want our children to be safe around the pool, and this bill is a smart, bipartisan way to protect them. I thank my colleague Rep. Wasserman Schultz for her advocacy on this issue, and I hope my colleagues will support.”

“The Virginia Graeme Baker Pool and Spa Safety Act is a common-sense bill that has already saved countless lives. It’s a great example of when a policy works the way it was intended. The results speak for themselves since there haven’t been any entrapment deaths in public pools since the legislation was enacted,” said Norcross. “That’s why I’m honored to cosponsor this bill’s reauthorization to continue ensuring our pools install safe drain covers and, most importantly, save lives.”

The Virginia Graeme Baker Pool and Spa Safety Act (VGB), first authorized in 2008, is aimed at improving the safety of all pools and spas by increasing the layers of protection and promoting uninterrupted supervision to prevent child drowning and entrapment. The law has three principal elements, carried out by the Consumer Product Safety Commission (CPSC):

First, it requires every public pool in the US to install safe drain covers that prevent suction entrapment.

2. Second, it initiates a grant program that incentivizes states, municipalities, and Indian Tribes to adopt their own pool and spa safety laws and support education efforts. These grants provide critical support for local officials to enforce their safety requirements and educate communities about drowning and entrapment dangers.

Third, it launches “Pool Safely,” a national public education campaign to raise awareness about drowning prevention.

The VGB Reauthorization Act will continue to carry out these primary functions as it builds on over a decade’s worth of expertise in proper execution of the programs through the CPSC.

Click here for full bill text.

“The Virginia Graeme Baker Pool & Spa Safety Act is a perfect example of how sensible and sound policy can save lives. Since the passage of the legislation, entrapment deaths in public pools have ceased and have been substantially reduced in private pool settings. This shows how well-designed legislation can have direct impacts on child safety and engineer our pool environments to be safer for all. The reauthorization not only ensures communities continue to be safe from this preventable tragedy, but also that water safety efforts will continue across the country to address the more than 4,000 fatal drownings the US experiences each year,” said Alissa Magrum, Executive Director of the National Drowning Prevention Alliance (NDPA).

“The passage of the VGB Act, in a significant way, has helped to make some sense of the tragic death of my daughter, Graeme, and so many children whose lives have been lost in preventable drownings. The reauthorization of the legislation also makes sense, as we have learned over the past 15 years what works well and what might be done even better to ensure water safety. I am fully support of the bill,” said Nancy Baker, mother of Virginia Graeme Baker and water safety advocate.

“The Virginia Graeme Baker Pool and Spa Safety Act has saved lives. Reauthorization of this Act allows for its proven safety standards to continue to do its good work, making pools and spas across the United States safer for those who use them. This legislative intervention creates actions and outcomes that those working in public health so often hope to see. It works! The associated Pool Safely funding mechanism is also an essential piece and has been effective in keeping the message of water safety top of mind. The American Red Cross fully supports this reauthorization and all efforts to reduce drownings across the country,” said William Ramos, Ph.D., American Red Cross Scientific Advisory Council Aquatics Chair.

“On behalf of the nation’s YMCAs, which operate more than 2,100 pools across the country, YMCA of the USA strongly supports the Virginia Graeme Baker Pool and Spa Safety Reauthorization Act. As the largest provider of swim instruction in the country, the Y greatly appreciates the inclusion of nonprofits in the act’s Swimming Pool Safety Grant Program, which creates opportunities for community-based organizations like YMCAs to secure additional resources to raise awareness about drowning prevention and make swim instruction more accessible to those who need it,” said Suzanne McCormick, President and CEO, YMCA of the USA.

“Our daughter Abbey’s hope was that no other child would experience a death or injury from a dangerous pool or spa. The VGB act was the realization of that hope. We can all still do better with the reauthorization of this critical safety legislation. We unequivocally support this bill,” said Scott and Katey Taylor, founders of Abbey’s Hope Charitable Foundation.

“The core purpose of the Pool & Hot Tub Alliance is to prioritize safety and health in pool and hot tub environments. We have been unwavering in our support for the reauthorization of the VGB Act, recognizing its significant impact on saving lives. PHTA is proud to play a role in the VGB Act through the development of two industry safety standards that establish stringent requirements for suction outlet fitting assemblies and suction entrapment avoidance. By reauthorizing this legislation, we will ensure a substantial reduction in fatal drownings—a cause that deserves universal backing,” said Sabeena Hickman, CAE, President & CEO of the Pool & Hot Tub Alliance (PHTA).

“The VGB Act, passed only five months after our son Zachary’s death, brought a semblance of peace and hope to our family. That no one has died by entrapment in a public pool since the VGB Act was passed is a victory that we should all celebrate but, there is more work to be done. Even now, sixteen years later, we are seeing recalls on drains that aren’t compliant. The reauthorization of this bill is vital to our communities and will ensure that all public pools comply with entrapment prevention requirements and will support efforts to address traditional forms of drowning. Our family and the ZAC Foundation for Children’s Safety, founded in our son’s honor, are committed to the success of this bill,” said Karen and Brian Cohn, founders of ZAC Foundation.

“CamerEye has always been a vocal leader in advocating for safe aquatic environments—they are absolutely critical to industry. Not only does Virginia Graeme Baker Act reiterate the requirement for safe and compliant drain covers, it incentivizes state, local, and Tribal jurisdictions to implement and enforce swimming pool and spa safety standards which has been proven to save lives. This act is a perfect example of how policy can positively impact saving lives and this reauthorization represents a chance to build on that success. We’re in full support of this reauthorization act.” said Sai Reddy, founder/CEO of CamerEye.ai.

“The Virginia Graeme Baker Act is a shining example of how good policy can save lives, and this reauthorization represents a chance to build on that success. This is also an opportunity to address the serious and persistent inequities that exist around water safety,” said Safe Kids Worldwide President Torine Creppy.

####

MIL OSI USA News –

July 24, 2025

India’s media sector booms with regional growth and digital expansion: govt

Source: Government of India

Source: Government of India (4)

India’s media and broadcasting sector is undergoing a dynamic transformation, driven by steady growth in traditional platforms and rapid advancement in the digital space.

In a statement presented in the Lok Sabha, Union Minister of State for Information and Broadcasting Dr. L. Murugan highlighted key developments across print, television, and public broadcasting.

The number of registered publications has increased from 1.05 lakh in 2014-15 to 1.55 lakh in 2024- 25, reflecting the strong rise of regional and vernacular media. Private satellite television channels have also grown from 821 to 908 over the same period, underscoring the sector’s resilience and adaptability.

Doordarshan’s Free Dish platform now carries 92 private channels along with 50 DD channels, offering content in multiple regional languages. This multilingual outreach has played a crucial role in bridging the information gap in remote and underserved areas.

The platform’s expansion is part of a larger strategy to democratize access to news and entertainment. Under the Broadcasting Infrastructure and Network Development (BIND) Scheme 2021- 26, Prasar Bharati continues to modernize its transmission infrastructure.

As part of this initiative, three new transmitters have been approved for Himachal Pradesh- including a 5kW unit in Mandi and 1kW FM transmitters in Chamba and Dharampur.

With a total outlay of ₹2,539 crore, the BIND scheme aims to modernize All India Radio and Doordarshan facilities, expand FM coverage to over 80 percent of the population, and strengthen signal reach in strategically important border areas.

July 24, 2025

MIL-OSI: David M. Findlay Named to Indianapolis Business Journal’s Indiana 250 List for Fourth Consecutive Year

Source: GlobeNewswire (MIL-OSI)

WARSAW, Ind., July 23, 2025 (GLOBE NEWSWIRE) — Lake City Bank is proud to announce that David M. Findlay, Chairman and Chief Executive Officer, has been named to the Indianapolis Business Journal’s Indiana 250 list for the fourth consecutive year. The annual list recognizes the state’s most influential and impactful leaders across business, philanthropy, the arts, government and not-for-profits.

“It’s an honor to be recognized alongside such influential leaders making an impact in our state,” Findlay said. “This list highlights the incredible depth and strength of leadership we have in Indiana to keep our communities moving forward.”

Findlay serves as the Chairman of the boards of directors and Chief Executive Officer of Lakeland Financial and Lake City Bank. He also served as President and Chief Executive Officer from 2014-2023, President and Chief Financial Officer from 2010-2014 and Chief Financial Officer from 2000-2010.

Findlay is active as a board member with many organizations including the Indiana Bankers Association, Indiana Chamber of Commerce, Central Indiana Corporate Partnership, OrthoWorx, Accelinx, the Northeast Indiana Regional Partnership, Parkview Health, Centerfield Capital Partners and the Trine University Board of Trustees.

A full list of those included on the 2025 Indiana 250 list is available on the Indianapolis Business Journal’s website at www.indiana250.com.

Lake City Bank, a $6.9 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients. The bank is the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN). For more information visit www.lakecitybank.com.

Contact
Luke Weick
Vice President
Marketing Manager
(574) 267-9198 x47279 office
(260) 431-7061 mobile
luke.weick@lakecitybank.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9db91f9b-e7b5-4a83-9feb-a1016dabf248

The MIL Network –

July 24, 2025

MIL-Evening Report: Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars

Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute

A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images

You may have read that the deep sea is a very different environment from the land and shallow water. There is no light, it is very cold, and the pressure of all the water above is immense.

Plants can’t grow there, and the energy powering life mostly comes from organic matter sinking from the sunlit surface. These facts have been known for more than 150 years.

But I want to tell you something you probably don’t know about the deep sea: for animals on the seafloor, it is a very connected environment. There are few environmental barriers to stop animals slowly expanding their distribution to cover thousands of kilometres. Over a million years, deep-sea animals can spread from Iceland to Tasmania.

In a new study published today in Nature, we map the distribution and relatedness of a single group of marine animals across all ocean seafloors, from the coast down to the abyssal plains of the deep sea, from the equator to the pole.

Australia’s ocean research vessel RV Investigator, operated by the CSIRO Marine National Facility, was used to explore deepsea life around Christmas Island in the Indian Ocean.
Chris Bray / CSIRO, CC BY-NC

Five arms, no brain, no eyes or heart

We sequenced the DNA of thousands of animal specimens stored in natural history collections of museums across the globe, deposited from hundreds of research voyages. For the first time, we have enough data to explore how marine life has evolved and dispersed across the oceans over the past 100 million years.

We studied a group of animals called brittle stars, strange spiny creatures with a disc-like body and five sinuous or branched arms. They have a central mouth and gut, but no brain, no eyes and no heart.

A branched brittle star (Gorgonocephalus chilensis) specimen taken from Coral Seamount, southwest Indian Ocean.
Tim O’Hara / Museums Victoria, CC BY

While these shy animals would not be always familiar to beach combers or snorkelers, they are perfect for our project as they are found in abundance across deep seafloors and frequently surveyed by research expeditions. They have inhabited our planet for more than 480 million years, efficiently consuming and recycling organic matter.

Deep-sea lifestyles

Life in the deep is distributed in a different way to that in shallow seas.

In shallow waters, the temperature differs a lot between the tropics, the temperate regions (mid latitudes) and the poles. This imposes a barrier to the movement of marine life. Animals (and plants) generally adapt to a narrow range of temperatures and only rarely spread to other climates.

So, if you are a tropical shallow-water species, you cannot migrate through frigid waters around South America, or through the Canadian Arctic, to get from the Pacific to Atlantic Ocean. For tens of millions of years, shallow marine species have evolved independently in different oceans and seas.

Tropical shallow-water brittle stars such as Ophiothrix purpurea cannot migrate through cold waters.
Julian Finn / Museums Victoria, CC BY-NC

But we found the deep sea is not like that. Species in different regions are much more closely related.

In fact, the age and geographic distribution of species on a family tree of deep-sea brittle stars resembles that of a group of seabirds or marine mammals. Yet these brittle stars don’t have wings or fins to get around.

The deep-sea brittle star Ophiotholia can burrow like a corkscrew into muddy seafloors.
Caroline Harding / Museums Victoria, CC BY

How eggs and larvae roam the globe

The secret of how slow-moving brittle stars migrate across oceans appears to be their eggs and larvae.

In warm, shallow waters, a yolk-filled food reserve is rapidly used up by the developing larva. But in the cold deep sea, a yolky larva can survive with very slow metabolic activity, drifting on slow-moving currents for more than a year before settling. This greatly expands the range of a brittle star’s offspring.

Moreover, there are numerous seamounts, ridges and plains on the oceanic seafloor that offer transit points for long-distance migration at different depths. This dispersal across oceans has been going on for a long time.

Deep-sea ‘highways’ where brittle stars disperse across the Atlantic and Indian oceans.
Tim O’Hara / Museums Victoria, CC BY

The most prominent of these dispersal highways is across the southern Indian Ocean, transporting deep-sea animals from the Atlantic and Southern Oceans to Australia and New Zealand. In contrast, very few shallow-water animals have traversed such vast distances.

A patchwork of deep-sea life

While brittle star populations show lots of evidence of long-distance connections, deep-sea communities are not uniform around the planet.

Life in the deep is perilous. There is always the threat that a given species may be wiped out in particular regions.

Seawater conditions can change, as can currents and food supplies. New predators or diseases may arrive at any time.

Over time, the combination of high connectivity and high rates of regional extinction has led to a patchwork of deep-sea species distributions across oceans.

To conserve these ecosystems into the future, we will need a much better understanding of the global patterns of deep-sea life.

Tim O’Hara has received funding from CSIRO’s Marine National Facility, Parks Australia, Ocean Census, and from philanthropic support of Museums Victoria Research Institute.

– ref. Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars – https://theconversation.com/five-arms-no-heart-and-a-global-family-what-dna-revealed-about-the-weird-deep-sea-world-of-brittle-stars-261566

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-OSI USA: Attorney General Alan Wilson leads 17-state brief supporting efforts to exclude racially or sexually divisive materials from public schoolsRead More

Source: US State of South Carolina

(COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announced today that he is leading a 17-state effort to support state lawmakers’ efforts to keep racially or sexually divisive materials out of public schools.

“Our schools are supposed to be places of learning and collaboration, not indoctrination into woke ideologies that assign blame or condemnation based on race or sex,” Attorney General Wilson said.

The South Carolina legislature passed a budget proviso that says the state Department of Education cannot use state money for any instructional materials that teach that one race or sex is inherently superior to another race or sex, or that someone is inherently racist, sexist, or oppressive by virtue of their race or sex. (You can read the Budget Proviso here.)

The South Carolina NAACP, two authors, a teacher, and several students filed a lawsuit to block the proviso, arguing that it violates their First Amendment rights. The attorneys general filed a friend-of-the-court brief in that lawsuit supporting lawmakers’ right to decide which materials belong in public schools.

The attorneys general argue that the Court doesn’t need to endorse the state’s restriction on racially or sexually divisive materials in public schools as sound public policy, only that it needs to follow precedent that says the selection, curation, and placement of educational materials in public schools is a form of government speech.

“A citizen’s right to receive information under the First Amendment is not a right to compel or extract information from the government at the taxpayers’ expense. Accordingly, there is no First Amendment right to compel state-funded schools to implement certain course curricula or require public school libraries to stock their bookshelves with inflammatory and prejudicial materials,” the attorneys general write in their brief.

They also argue that the proviso does not prevent anyone from receiving that information, but rather prevents children from accessing the material in public schools at taxpayers’ expense.

They ask the Court to deny the plaintiffs’ motion for a preliminary injunction and dismiss the case, holding that the plaintiffs are unlikely to succeed on their First Amendment claims.

Joining Attorney General Wilson in the brief are the attorneys general from Alabama, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Louisiana, Missouri, Montana, Nebraska, Oklahoma, South Dakota, Texas, Utah, and West Virginia.

You can read their brief here.

MIL OSI USA News –

July 24, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports Strong Second Quarter 2025 Results Led by Continued Net Interest Margin Expansion

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., July 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended June 30, 2025.

“Horizon’s second quarter earnings reflect the strength of the organization’s exceptional core community banking franchise. Strong loan growth, stable and granular core funding, excellent credit quality and prudent management of expenses fueled the quarter’s positive results and expanded on management’s commitment to improve the financial performance of the Company. The quarter was highlighted by a seventh consecutive quarter of net interest margin expansion, low net charge offs of 2 bps annualized and enhanced momentum in key performance metrics of ROAA and ROATCE”, President and CEO, Thomas Prame stated. “We continue to show strength across our core community banking platform that is being driven by a disciplined approach to creating a more efficient balance sheet and effective deployment of capital. We are pleased with our results through the first six months of 2025, with reported earnings per share growing by 58% versus the comparable period a year ago, and look forward to continuing to create additional shareholder value throughout the remainder of the year.”

Net income for the three months ended June 30, 2025 was $20.6 million, or $0.47 per diluted share, compared to net income of $23.9 million, or $0.54, for the first quarter of 2025 and compared to net income of $14.1 million, or $0.32 per diluted share, for the second quarter of 2024. As previously disclosed, results in the first quarter of 2025 included the $7.0 million pre-tax gain on the sale of the Company’s mortgage warehouse business.

Net income for the six months ended June 30, 2025 was $44.6 million, or $1.01 per diluted share, compared to net income of $28.1 million, or $0.64, for the six months ended June 30, 2024.

Second Quarter 2025 Highlights

Net interest income of $55.4 million increased 5.9% compared with $52.3 million for the three months ended March 31, 2025, and 22.3% compared with $45.3 million in the year ago period. Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the seventh consecutive quarter, to 3.23%, compared with 3.04% for the three months ended March 31, 2025 and 2.64% for the three months ended June 30, 2024.

Total loans held for investment (“HFI”) increased 6.2% compared to the linked quarter annualized, with strong organic commercial loan growth of $117.2 million, or 14.8% annualized. This growth was partially funded by the continued strategic runoff of lower yielding indirect auto loans of approximately $34.1 million.

Funding continued to trend favorably, with non-time deposit balances remaining relatively flat for the fourth consecutive quarter and interest-bearing liability cost declining by another 2 bps during the quarter.

Credit quality remained strong, with annualized net charge offs of 0.02% of average loans during the second quarter. Non-performing assets remain well within expected ranges, decreasing 12.4% from the prior quarter.

Expenses continued to be well managed, up less than 1% from the first quarter of 2025. These results reflect management’s commitment to generate higher earnings while maintaining a more efficient expense base.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.


	Financial Highlights
	(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Income statement:
Net interest income	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Provision for credit loss expense		2,462			1,376			1,171			1,044			2,369
Non-interest income (loss)		10,920			16,499			(28,954	)		11,511			10,485
Non-interest expense		39,417			39,306			44,935			39,272			37,522
Income tax expense (benefit)		3,752			4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643		$	23,943		$	(10,882	)	$	18,180		$	14,140

Per share data:
Basic earnings (loss) per share	$	0.47		$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted earnings (loss) per share		0.47			0.54			(0.25	)		0.41			0.32
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		18.06			17.72			17.46			17.27			16.62
Market value – high		15.88			17.76			18.76			16.57			12.74
Market value – low		12.92			15.00			14.57			11.89			11.29
Weighted average shares outstanding – Basic		43,794,490			43,777,109			43,721,211			43,712,059			43,712,059
Weighted average shares outstanding – Diluted		44,034,663			43,954,164			43,721,211			44,112,321			43,987,187
Common shares outstanding (end of period)		43,801,507			43,785,932			43,722,086			43,712,059			43,712,059

Key ratios:
Return on average assets		1.08	%		1.25	%	(0.56		)%		0.92	%		0.73	%
Return on average stockholders’ equity		13.24			12.44			(5.73	)		9.80			7.83
Total equity to total assets		10.34			10.18			9.79			9.52			9.18
Total loans to deposit ratio		87.52			85.21			87.75			83.92			85.70
Allowance for credit losses to HFI loans		1.09			1.07			1.07			1.10			1.08
Annualized net charge-offs of average total loans ⁽¹⁾		0.02			0.07			0.05			0.03			0.05
Efficiency ratio		59.48			57.16			185.89			67.22			67.29

Key metrics (Non-GAAP) ⁽²⁾
Net FTE interest margin		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%
Return on average tangible common equity		13.24			15.79			(7.35	)		12.65			10.18
Tangible common equity to tangible assets		8.37			8.19			7.83			7.58			7.22
Tangible book value per common share	$	14.32		$	13.96		$	13.68		$	13.46		$	12.80


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $55.4 million in the second quarter of 2025, compared to $52.3 million in the first quarter of 2025, driven by the continued expansion of the Company’s net FTE interest margin¹, which increased to 3.23% for the second quarter of 2025, compared to 3.04% for the first quarter of 2025. Expansion was attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. The second quarter net FTE interest margin did benefit by approximately seven basis points related to interest recoveries on certain commercial and residential loans.

Provision for Credit Losses

During the second quarter of 2025, the Company recorded a provision for credit losses of $2.5 million. This compares to a provision for credit losses of $1.4 million during the first quarter of 2025, and $2.4 million during the second quarter of 2024. The increase in the provision for credit losses during the second quarter of 2025 when compared with the first quarter of 2025 was primarily attributable to net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the second quarter of 2025, the allowance for credit losses included net charge-offs of $0.3 million, or an annualized 0.02% of average loans outstanding, compared to net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding for the first quarter of 2025, and net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding, in the second quarter of 2024.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.09% at June 30, 2025, compared to 1.07% at March 31, 2025 and 1.08% at June 30, 2024.

Non-Interest Income

For the Quarter Ended	June 30,		March 31,			December 31,			September 30,		June 30,
(Dollars in Thousands)	2025		2025			2024			2024		2024
Non-interest Income
Service charges on deposit accounts	$	3,208	$	3,208		$	3,276		$	3,320	$	3,130
Wire transfer fees		69		71			124			123		113
Interchange fees		3,403		3,241			3,353			3,511		3,826
Fiduciary activities		1,251		1,326			1,313			1,394		1,372
Loss on sale of investment securities		—		(407	)		(39,140	)		—		—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622		896
Mortgage servicing income net of impairment		375		385			376			412		450
Increase in cash value of bank owned life insurance		346		335			335			349		318
Other income		1,049		7,264			338			780		380
Total non-interest income (loss)	$	10,920	$	16,499		$	(28,954	)	$	11,511	$	10,485

Total non-interest income was $10.9 million in the second quarter of 2025, compared to non-interest income of $16.5 million in the first quarter of 2025. The decrease in non-interest income of $5.6 million is due to the sale of the Company’s mortgage warehouse business to an unrelated third party in the first quarter of 2025, resulting in a pre-tax gain of $7.0 million that did not recur in the current period. Interchange fees and gain on sale of mortgage loans benefited from normal seasonality, while other categories remained relatively unchanged when compared with the prior period.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in Thousands)	2025		2025		2024		2024		2024
Non-interest Expense
Salaries and employee benefits	$	22,731	$	22,414	$	25,564	$	21,829	$	20,583
Net occupancy expenses		3,127		3,702		3,431		3,207		3,192
Data processing		2,951		2,872		2,841		2,977		2,579
Professional fees		735		826		736		676		714
Outside services and consultants		3,278		3,265		4,470		3,677		3,058
Loan expense		1,231		689		1,285		1,034		1,038
FDIC insurance expense		1,216		1,288		1,193		1,204		1,315
Core deposit intangible amortization		816		816		843		844		844
Merger related expenses		—		305		—		—		—
Other losses		245		228		371		297		515
Other expense		3,087		2,901		4,201		3,527		3,684
Total non-interest expense	$	39,417	$	39,306	$	44,935	$	39,272	$	37,522

Total non-interest expense was $39.4 million in the second quarter of 2025, compared with $39.3 million in the first quarter of 2025. The increase in non-interest expense during the second quarter of 2025 when compared with the prior period was primarily driven by a $0.5 million increase in loan expense. The increase was partially offset by a $0.6 million decrease in net occupancy expenses. Additionally, the Company incurred $0.3 million of direct expenses related to the sale of the mortgage warehouse business in the prior period that did not recur in the current period.

Income Taxes

Horizon recorded a net tax expense of $3.8 million for the second quarter of 2025, representing an effective tax rate of 15.4%, which is consistent with the Company’s estimated annual effective tax rate.

Balance Sheet Highlights

Total assets increased by $23.4 million, or 0.3%, to $7.7 billion as of June 30, 2025, from $7.6 billion as of March 31, 2025. The increase in total assets is primarily due to increases in loans HFI and non-interest earning cash, partially offset by a decrease in interest earning cash and investment securities. Total investment securities decreased by $24.2 million, or 1.2%, to $2.1 billion as of June 30, 2025. Total loans were $5.0 billion at June 30, 2025, an increase of $75.5 million from March 31, 2025 balances, due to organic commercial loan growth net of continued runoff in the indirect consumer portfolio.

Total deposits decreased by $66.0 million, or 1.1%, to $5.7 billion as of June 30, 2025 when compared to balances as of March 31, 2025. The decrease was partially related to a decline in time deposits of $51.9 million, or 4.2% and, to a lesser extent, a modest decrease in savings and money market deposits of $7.0 million, or 0.4%. Non-interest bearing deposit balances remained relatively unchanged in the current period. Total borrowings increased by $68.1 million during the quarter, to $880.3 million as of June 30, 2025. Balances subject to repurchase agreements increased by $7.2 million, to $95.1 million.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended June 30, 2025:

For the Quarter Ended	June 30,			March 31,			December 31,			September 30,
	2025*			2025			2024			2024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		14.48	%		14.26	%		13.91	%		13.45	%
Tier 1 capital (to risk-weighted assets)		12.52			12.33			12.00			11.63
Common equity tier 1 capital (to risk-weighted assets)		11.52			11.32			11.00			10.68
Tier 1 capital (to average assets)		9.59			9.25			8.88			9.02
*Preliminary estimate – may be subject to change

As of June 30, 2025, the ratio of total stockholders’ equity to total assets is 10.34%. Book value per common share was $18.06, increasing $0.34 during the second quarter of 2025.

Tangible common equity³ totaled $627.1 million at June 30, 2025, and the ratio of tangible common equity to tangible assets¹ was 8.37% at June 30, 2025, up from 8.19% at March 31, 2025. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $14.32, increasing $0.36 during the second quarter of 2025 behind the growth in retained earnings.

Credit Quality

As of June 30, 2025, total non-accrual loans decreased by $4.5 million, or 15.7%, from March 31, 2025, to 0.49% of total loans HFI. Total non-performing assets decreased $3.9 million, or 12.4%, to $27.5 million, compared to $31.4 million as of March 31, 2025. The ratio of non-performing assets to total assets decreased to 0.36% compared to 0.41% as of March 31, 2025.

As of June 30, 2025, net charge-offs decreased by $0.6 million to $0.3 million, compared to $0.9 million as of March 31, 2025 and remain just 0.02% annualized of average loans.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its second quarter financial results and operating performance.

Participants may access the live conference call on July 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through August 1, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 5878909.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.7 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
	2025		2025			2024			2024			2024
Interest Income
Loans receivable	$	78,618	$	74,457		$	76,747		$	75,488		$	71,880
Investment securities – taxable		5,941		6,039			6,814			8,133			7,986
Investment securities – tax-exempt		6,088		6,192			6,301			6,310			6,377
Other		830		2,487			3,488			957			738
Total interest income		91,477		89,175			93,350			90,888			86,981
Interest Expense
Deposits		26,053		25,601			27,818			30,787			28,447
Borrowed funds		8,171		9,188			10,656			11,131			11,213
Subordinated notes		829		829			829			830			829
Junior subordinated debentures issued to capital trusts		1,070		1,290			920			1,230			1,213
Total interest expense		36,123		36,908			40,223			43,978			41,702
Net Interest Income		55,354		52,267			53,127			46,910			45,279
Provision for credit loss expense		2,462		1,376			1,171			1,044			2,369
Net Interest Income after Provision for Credit Losses		52,892		50,891			51,956			45,866			42,910
Non-interest Income
Service charges on deposit accounts		3,208		3,208			3,276			3,320			3,130
Wire transfer fees		69		71			124			123			113
Interchange fees		3,403		3,241			3,353			3,511			3,826
Fiduciary activities		1,251		1,326			1,313			1,394			1,372
Gains (losses) on sale of investment securities		—		(407	)		(39,140	)		—			—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622			896
Mortgage servicing income net of impairment		375		385			376			412			450
Increase in cash value of bank owned life insurance		346		335			335			349			318
Other income		1,049		7,264			338			780			380
Total non-interest income (loss)		10,920		16,499			(28,954	)		11,511			10,485
Non-interest Expense
Salaries and employee benefits		22,731		22,414			25,564			21,829			20,583
Net occupancy expenses		3,127		3,702			3,431			3,207			3,192
Data processing		2,951		2,872			2,841			2,977			2,579
Professional fees		735		826			736			676			714
Outside services and consultants		3,278		3,265			4,470			3,677			3,058
Loan expense		1,231		689			1,285			1,034			1,038
FDIC insurance expense		1,216		1,288			1,193			1,204			1,315
Core deposit intangible amortization		816		816			843			844			844
Merger related expenses		—		305			—			—			—
Other losses		245		228			371			297			515
Other expense		3,087		2,901			4,201			3,527			3,684
Total non-interest expense		39,417		39,306			44,935			39,272			37,522
Income (Loss) Before Income Taxes		24,395		28,084			(21,933	)		18,105			15,873
Income tax expense (benefit)		3,752		4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643	$	23,943		$	(10,882	)	$	18,180		$	14,140
Basic Earnings (Loss) Per Share	$	0.47	$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted Earnings (Loss) Per Share		0.47		0.54			(0.25	)		0.41			0.32

	Condensed Consolidated Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended for the Period
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Assets
Interest earning assets
Federal funds sold	$	2,024		$	—		$	—		$	113,912		$	34,453
Interest earning deposits		34,174			80,023			201,131			12,107			4,957
Interest earning time deposits		—			—			735			735			1,715
Federal Home Loan Bank stock		45,412			45,412			53,826			53,826			53,826
Investment securities, available for sale		231,999			231,431			233,677			541,170			527,054
Investment securities, held to maturity		1,819,087			1,843,851			1,867,690			1,888,379			1,904,281
Loans held for sale		2,994			3,253			67,597			2,069			2,440
Gross loans held for investment (HFI)		4,985,582			4,909,815			4,847,040			4,803,996			4,822,840
Total Interest earning assets		7,121,272			7,113,784			7,271,696			7,416,194			7,351,566
Non-interest earning assets
Allowance for credit losses		(54,399	)		(52,654	)		(51,980	)		(52,881	)		(52,215	)
Cash		101,719			89,643			92,300			108,815			106,691
Cash value of life insurance		37,755			37,409			37,450			37,115			36,773
Other assets		148,773			143,675			152,635			119,026			165,656
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		8,592			9,407			10,223			11,067			11,910
Premises and equipment, net		93,398			93,499			93,864			93,544			93,695
Interest receivable		39,730			38,663			39,747			39,366			43,240
Total non-interest earning assets		530,779			514,855			529,450			511,263			560,961
Total assets	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,526
Liabilities
Savings and money market deposits	$	3,385,413		$	3,393,371		$	3,446,681		$	3,420,827		$	3,364,726
Time deposits		1,193,180			1,245,088			1,089,153			1,220,653			1,178,389
Borrowings		880,336			812,218			1,142,340			1,142,744			1,229,165
Repurchase agreements		95,089			87,851			89,912			122,399			128,169
Subordinated notes		55,807			55,772			55,738			55,703			55,668
Junior subordinated debentures issued to capital trusts		57,583			57,531			57,477			57,423			57,369
Total interest earning liabilities		5,667,408			5,651,832			5,881,301			6,019,749			6,013,486
Non-interest bearing deposits		1,121,163			1,127,324			1,064,818			1,085,535			1,087,040
Interest payable		14,007			11,441			11,137			11,400			11,240
Other liabilities		58,621			61,981			80,308			55,951			74,096
Total liabilities		6,861,199			6,852,578			7,037,564			7,172,635			7,185,862
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		360,758			360,522			363,761			358,453			357,673
Retained earnings		466,497			452,945			436,122			454,050			442,977
Accumulated other comprehensive (loss)		(36,403	)		(37,406	)		(36,301	)		(57,681	)		(73,985	)
Total stockholders’ equity		790,852			776,061			763,582			754,822			726,665
Total liabilities and stockholders’ equity	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,527

	Loans and Deposits
	(Dollars in Thousands, Unaudited)
	June 30,		March 31,		December 31,		September 30,		June 30,		% Change
	2025		2025		2024		2024		2024		Q2’25 vs Q1’25			Q2’25 vs Q2’24
Loans:
Commercial real estate	$	2,321,951	$	2,262,910	$	2,202,858	$	2,105,459	$	2,117,772		3	%		10	%
Commercial & Industrial		976,740		918,541		875,297		808,600		786,788		6	%		24	%
Total commercial		3,298,691		3,181,451		3,078,155		2,914,059		2,904,560		4	%		14	%
Residential Real estate		786,026		801,726		802,909		801,356		797,956		(2	)%		(1	)%
Mortgage warehouse		—		—		—		80,437		68,917		—	%		(100	)%
Consumer		900,865		926,638		965,976		1,008,144		1,051,407		(3	)%		(14	)%
Total loans held for investment		4,985,582		4,909,815		4,847,040		4,803,996		4,822,840		2	%		3	%
Loans held for sale		2,994		3,253		67,597		2,069		2,440		(8	)%		23	%
Total loans	$	4,988,576	$	4,913,068	$	4,914,637	$	4,806,065	$	4,825,280		2	%		3	%

Deposits:
Interest bearing deposits	$	1,713,058	$	1,713,991	$	1,767,983	$	1,688,998	$	1,653,508		—	%		4	%
Savings and money market deposits		1,672,355		1,679,380		1,678,697		1,731,830		1,711,218		—	%		(2	)%
Time deposits		1,193,180		1,245,088		1,089,153		1,220,653		1,178,389		(4	)%		1	%
Total Interest bearing deposits		4,578,593		4,638,459		4,535,833		4,641,481		4,543,115		(1	)%		1	%
Non-interest bearing deposits
Non-interest bearing deposits		1,121,164		1,127,324		1,064,819		1,085,534		1,087,040		(1	)%		3	%
Total deposits	$	5,699,757	$	5,765,784	$	5,600,652	$	5,727,015	$	5,630,155		(1	)%		1	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	June 30, 2025								March 31, 2025								June 30, 2024
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)	$	72,993		$	830		4.56	%	$	223,148		$	2,487		4.52	%	$	55,467		$	738		5.35	%
Federal Home Loan Bank stock		45,412			1,075		9.49	%		51,769			1,012		7.93	%		53,827			1,521		11.36	%
Investment securities – taxable (1)		959,238			4,867		2.03	%		974,109			5,027		2.09	%		1,309,305			6,465		1.99	%
Investment securities – non-taxable (1)		1,100,731			7,706		2.81	%		1,120,249			7,838		2.84	%		1,132,065			8,072		2.87	%
Total investment securities		2,059,969			12,573		2.45	%		2,094,358			12,865		2.49	%		2,441,370			14,537		2.39	%
Loans receivable (2) (3)		4,947,093			79,000		6.41	%		4,865,449			74,840		6.24	%		4,662,124			72,208		6.23	%
Total interest earning assets		7,125,467			93,478		5.26	%		7,234,724			91,204		5.11	%		7,212,788			89,004		4.96	%
Non-interest earning assets
Cash and due from banks		86,316								88,624								108,319
Allowance for credit losses		(52,560	)							(51,863	)							(50,334	)
Other assets		472,175								483,765								508,555
Total average assets	$	7,631,398							$	7,755,250							$	7,779,328

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing demand deposits	$	1,727,713		$	6,803		1.58	%	$	1,750,446		$	6,491		1.50	%	$	1,656,523		$	7,081		1.72	%
Saving and money market deposits		1,651,866			8,200		1.99	%		1,674,590			8,263		2.00	%		1,677,967			9,733		2.33	%
Time deposits		1,233,582			11,050		3.59	%		1,212,386			10,847		3.63	%		1,134,590			11,633		4.12	%
Total Deposits		4,613,161			26,053		2.27	%		4,637,422			25,601		2.24	%		4,469,080			28,447		2.56	%
Borrowings		847,862			7,777		3.68	%		971,496			8,772		3.66	%		1,184,172			10,278		3.49	%
Repurchase agreements		88,058			394		1.79	%		88,469			416		1.91	%		125,144			935		3.00	%
Subordinated notes		55,785			829		5.96	%		55,750			829		6.03	%		55,647			829		5.99	%
Junior subordinated debentures issued to capital trusts		57,550			1,070		7.46	%		57,497			1,290		9.10	%		57,335			1,213		8.51	%
Total interest bearing liabilities		5,662,416			36,123		2.56	%		5,810,634			36,908		2.58	%		5,891,378			41,702		2.85	%
Non-interest bearing liabilities
Demand deposits		1,114,982								1,085,826								1,080,676
Accrued interest payable and other liabilities		64,465								78,521								80,942
Stockholders’ equity		789,535								780,269								726,332
Total average liabilities and stockholders’ equity	$	7,631,398							$	7,755,250							$	7,779,328
Net FTE interest income (non-GAAP) (5)				$	57,355							$	54,296							$	47,302
Less FTE adjustments (4)					2,001								2,029								2,023
Net Interest Income				$	55,354							$	52,267							$	45,279
Net FTE interest margin (Non-GAAP) (4)(5)							3.23	%							3.04	%							2.64	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios, Unaudited)
	Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			% Change
	2025			2025			2024			2024			2024			Q2’25 vs Q1’25			Q2’25 vs Q2’24
Non-accrual loans
Commercial	$	7,547		$	8,172		$	5,658		$	6,830		$	4,321			(8	)%		75	%
Residential Real estate		9,525			12,763			11,215			9,529			8,489			(25	)%		12	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,222			7,875			8,919			7,208			5,453			(8	)%		32	%
Total non-accrual loans		24,294			28,810			25,792			23,567			18,263			(16	)%		33	%
90 days and greater delinquent – accruing interest		2,113			1,582			1,166			819			1,039			34	%		103	%
Total non-performing loans	$	26,407		$	30,392		$	26,958		$	24,386		$	19,302			(13	)%		37	%

Other real estate owned
Commercial	$	176		$	360		$	407		$	1,158		$	1,111			(51	)%		(84	)%
Residential Real estate		463			641			—			—			—			—	%		—	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		480			34			17			36			57			1311	%		742	%
Total other real estate owned		1,119			1,035			424			1,194			1,168			8	%		(4	)%

Total non-performing assets	$	27,526		$	31,427		$	27,382		$	25,580		$	20,470			(12	)%		34	%

Loan data:
Accruing 30 to 89 days past due loans	$	31,401		$	19,034		$	23,075		$	18,087		$	19,785			65	%		59	%
Substandard loans		64,100			66,714			64,535			59,775			51,221			(4	)%		25	%
Net charge-offs (recoveries)
Commercial	$	84		$	(47	)	$	(32	)	$	(52	)	$	57			(279	)%		47	%
Residential Real estate		52			(47	)		(10	)		(9	)		(4	)		(211	)%		(1400	)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		118			963			668			439			534			(88	)%		(78	)%
Total net charge-offs	$	254		$	869		$	626		$	378		$	587			(71	)%		(57	)%

Allowance for credit losses
Commercial	$	34,413		$	32,640		$	30,953		$	32,854		$	31,941			5	%		8	%
Residential Real estate		3,229			3,167			2,715			2,675			2,588			2	%		25	%
Mortgage warehouse		—			—			—			862			736			—	%		(100	)%
Consumer		16,757			16,847			18,312			16,490			16,950			(1	)%		(1	)%
Total allowance for credit losses	$	54,399		$	52,654		$	51,980		$	52,881		$	52,215			3	%		4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.49	%		0.59	%		0.53	%		0.49	%		0.38	%
Non-performing assets to total assets		0.36	%		0.41	%		0.35	%		0.32	%		0.26	%
Annualized net charge-offs of average total loans		0.02	%		0.07	%		0.05	%		0.03	%		0.05	%
Allowance for credit losses to HFI loans		1.09	%		1.07	%		1.07	%		1.10	%		1.08	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Interest income (GAAP)	(A)	$	91,477		$	89,175		$	93,350		$	90,888		$	86,981
Taxable-equivalent adjustment:
Investment securities – tax exempt (1)			1,619			1,646			1,675			1,677			1,695
Loan receivable (2)			382			383			395			340			328
Interest income (non-GAAP)	(B)		93,478			91,204			95,420			92,905			89,004
Interest expense (GAAP)	(C)		36,123			36,908			40,223			43,978			41,702
Net interest income (GAAP)	(D) =(A) – (C)	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	57,355		$	54,296		$	55,197		$	48,927		$	47,302
Average interest earning assets	(F)		7,125,467			7,234,724			7,396,178			7,330,263			7,212,788
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024

Net income (loss) (GAAP)	(A)	$	20,643		$	23,941		$	(10,882	)	$	18,180		$	14,140

Average stockholders’ equity	(B)	$	789,535		$	780,269		$	755,340		$	738,372		$	726,332
Average intangible assets	(C)		164,320			165,138			165,973			166,819			167,659
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	625,215		$	615,131		$	589,367		$	571,553		$	558,673
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		13.24	%		15.48	%	(7.35		)%		12.65	%		10.18	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Total stockholders’ equity (GAAP)	(A)	$	790,852		$	776,061		$	763,582		$	754,822		$	726,665
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050		$	611,443		$	598,148		$	588,544		$	559,544

Total assets (GAAP)	(D)	$	7,652,051		$	7,628,636		$	7,801,146		$	7,927,457		$	7,912,527
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,488,249		$	7,464,018		$	7,635,712		$	7,761,179		$	7,745,406

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.37	%		8.19	%		7.83	%		7.58	%		7.22	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2025		2025		2024		2024		2024
Total stockholders’ equity (GAAP)	(A)	$	790,852	$	776,061	$	763,582	$	754,822	$	726,665
Intangible assets (end of period)	(B)		163,802		164,618		165,434		166,278		167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050	$	611,443	$	598,148	$	588,544	$	559,544
Common shares outstanding	(D)		43,801,507		43,786,000		43,722,086		43,712,059		43,712,059

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	14.32	$	13.96	$	13.68	$	13.46	$	12.80

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	July 23, 2025

The MIL Network –

July 24, 2025

MIL-OSI: Horizon Bancorp, Inc. Reports Strong Second Quarter 2025 Results Led by Continued Net Interest Margin Expansion

Source: GlobeNewswire (MIL-OSI)

MICHIGAN CITY, Ind., July 23, 2025 (GLOBE NEWSWIRE) — (NASDAQ GS: HBNC) – Horizon Bancorp, Inc. (“Horizon” or the “Company”), the parent company of Horizon Bank (the “Bank”), announced its unaudited financial results for the three months ended June 30, 2025.

“Horizon’s second quarter earnings reflect the strength of the organization’s exceptional core community banking franchise. Strong loan growth, stable and granular core funding, excellent credit quality and prudent management of expenses fueled the quarter’s positive results and expanded on management’s commitment to improve the financial performance of the Company. The quarter was highlighted by a seventh consecutive quarter of net interest margin expansion, low net charge offs of 2 bps annualized and enhanced momentum in key performance metrics of ROAA and ROATCE”, President and CEO, Thomas Prame stated. “We continue to show strength across our core community banking platform that is being driven by a disciplined approach to creating a more efficient balance sheet and effective deployment of capital. We are pleased with our results through the first six months of 2025, with reported earnings per share growing by 58% versus the comparable period a year ago, and look forward to continuing to create additional shareholder value throughout the remainder of the year.”

Net income for the three months ended June 30, 2025 was $20.6 million, or $0.47 per diluted share, compared to net income of $23.9 million, or $0.54, for the first quarter of 2025 and compared to net income of $14.1 million, or $0.32 per diluted share, for the second quarter of 2024. As previously disclosed, results in the first quarter of 2025 included the $7.0 million pre-tax gain on the sale of the Company’s mortgage warehouse business.

Net income for the six months ended June 30, 2025 was $44.6 million, or $1.01 per diluted share, compared to net income of $28.1 million, or $0.64, for the six months ended June 30, 2024.

Second Quarter 2025 Highlights

Net interest income of $55.4 million increased 5.9% compared with $52.3 million for the three months ended March 31, 2025, and 22.3% compared with $45.3 million in the year ago period. Net interest margin, on a fully taxable equivalent (“FTE”) basis¹, expanded for the seventh consecutive quarter, to 3.23%, compared with 3.04% for the three months ended March 31, 2025 and 2.64% for the three months ended June 30, 2024.

Total loans held for investment (“HFI”) increased 6.2% compared to the linked quarter annualized, with strong organic commercial loan growth of $117.2 million, or 14.8% annualized. This growth was partially funded by the continued strategic runoff of lower yielding indirect auto loans of approximately $34.1 million.

Funding continued to trend favorably, with non-time deposit balances remaining relatively flat for the fourth consecutive quarter and interest-bearing liability cost declining by another 2 bps during the quarter.

Credit quality remained strong, with annualized net charge offs of 0.02% of average loans during the second quarter. Non-performing assets remain well within expected ranges, decreasing 12.4% from the prior quarter.

Expenses continued to be well managed, up less than 1% from the first quarter of 2025. These results reflect management’s commitment to generate higher earnings while maintaining a more efficient expense base.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.


	Financial Highlights
	(Dollars in Thousands Except Share and Per Share Data and Ratios)
	Three Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Income statement:
Net interest income	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Provision for credit loss expense		2,462			1,376			1,171			1,044			2,369
Non-interest income (loss)		10,920			16,499			(28,954	)		11,511			10,485
Non-interest expense		39,417			39,306			44,935			39,272			37,522
Income tax expense (benefit)		3,752			4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643		$	23,943		$	(10,882	)	$	18,180		$	14,140

Per share data:
Basic earnings (loss) per share	$	0.47		$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted earnings (loss) per share		0.47			0.54			(0.25	)		0.41			0.32
Cash dividends declared per common share		0.16			0.16			0.16			0.16			0.16
Book value per common share		18.06			17.72			17.46			17.27			16.62
Market value – high		15.88			17.76			18.76			16.57			12.74
Market value – low		12.92			15.00			14.57			11.89			11.29
Weighted average shares outstanding – Basic		43,794,490			43,777,109			43,721,211			43,712,059			43,712,059
Weighted average shares outstanding – Diluted		44,034,663			43,954,164			43,721,211			44,112,321			43,987,187
Common shares outstanding (end of period)		43,801,507			43,785,932			43,722,086			43,712,059			43,712,059

Key ratios:
Return on average assets		1.08	%		1.25	%	(0.56		)%		0.92	%		0.73	%
Return on average stockholders’ equity		13.24			12.44			(5.73	)		9.80			7.83
Total equity to total assets		10.34			10.18			9.79			9.52			9.18
Total loans to deposit ratio		87.52			85.21			87.75			83.92			85.70
Allowance for credit losses to HFI loans		1.09			1.07			1.07			1.10			1.08
Annualized net charge-offs of average total loans ⁽¹⁾		0.02			0.07			0.05			0.03			0.05
Efficiency ratio		59.48			57.16			185.89			67.22			67.29

Key metrics (Non-GAAP) ⁽²⁾
Net FTE interest margin		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%
Return on average tangible common equity		13.24			15.79			(7.35	)		12.65			10.18
Tangible common equity to tangible assets		8.37			8.19			7.83			7.58			7.22
Tangible book value per common share	$	14.32		$	13.96		$	13.68		$	13.46		$	12.80


⁽¹⁾ Average total loans includes loans held for investment and held for sale.
⁽²⁾ Non-GAAP financial metrics. See non-GAAP reconciliation included herein for the most directly comparable GAAP measures.

Income Statement Highlights

Net Interest Income

Net interest income was $55.4 million in the second quarter of 2025, compared to $52.3 million in the first quarter of 2025, driven by the continued expansion of the Company’s net FTE interest margin¹, which increased to 3.23% for the second quarter of 2025, compared to 3.04% for the first quarter of 2025. Expansion was attributable to the favorable mix shift in average interest earning assets toward higher-yielding loans and in the average funding mix toward deposit balances, in addition to continued disciplined pricing strategies on both sides of the balance sheet. The second quarter net FTE interest margin did benefit by approximately seven basis points related to interest recoveries on certain commercial and residential loans.

Provision for Credit Losses

During the second quarter of 2025, the Company recorded a provision for credit losses of $2.5 million. This compares to a provision for credit losses of $1.4 million during the first quarter of 2025, and $2.4 million during the second quarter of 2024. The increase in the provision for credit losses during the second quarter of 2025 when compared with the first quarter of 2025 was primarily attributable to net growth in commercial loans HFI and changes in economic factors, partially offset by the reduction of specific reserves and the reserves for unfunded commitments in the current quarter.

For the second quarter of 2025, the allowance for credit losses included net charge-offs of $0.3 million, or an annualized 0.02% of average loans outstanding, compared to net charge-offs of $0.9 million, or an annualized 0.07% of average loans outstanding for the first quarter of 2025, and net charge-offs of $0.6 million, or an annualized 0.05% of average loans outstanding, in the second quarter of 2024.

The Company’s allowance for credit losses as a percentage of period-end loans HFI was 1.09% at June 30, 2025, compared to 1.07% at March 31, 2025 and 1.08% at June 30, 2024.

Non-Interest Income

For the Quarter Ended	June 30,		March 31,			December 31,			September 30,		June 30,
(Dollars in Thousands)	2025		2025			2024			2024		2024
Non-interest Income
Service charges on deposit accounts	$	3,208	$	3,208		$	3,276		$	3,320	$	3,130
Wire transfer fees		69		71			124			123		113
Interchange fees		3,403		3,241			3,353			3,511		3,826
Fiduciary activities		1,251		1,326			1,313			1,394		1,372
Loss on sale of investment securities		—		(407	)		(39,140	)		—		—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622		896
Mortgage servicing income net of impairment		375		385			376			412		450
Increase in cash value of bank owned life insurance		346		335			335			349		318
Other income		1,049		7,264			338			780		380
Total non-interest income (loss)	$	10,920	$	16,499		$	(28,954	)	$	11,511	$	10,485

Total non-interest income was $10.9 million in the second quarter of 2025, compared to non-interest income of $16.5 million in the first quarter of 2025. The decrease in non-interest income of $5.6 million is due to the sale of the Company’s mortgage warehouse business to an unrelated third party in the first quarter of 2025, resulting in a pre-tax gain of $7.0 million that did not recur in the current period. Interchange fees and gain on sale of mortgage loans benefited from normal seasonality, while other categories remained relatively unchanged when compared with the prior period.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Non-Interest Expense

For the Quarter Ended	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in Thousands)	2025		2025		2024		2024		2024
Non-interest Expense
Salaries and employee benefits	$	22,731	$	22,414	$	25,564	$	21,829	$	20,583
Net occupancy expenses		3,127		3,702		3,431		3,207		3,192
Data processing		2,951		2,872		2,841		2,977		2,579
Professional fees		735		826		736		676		714
Outside services and consultants		3,278		3,265		4,470		3,677		3,058
Loan expense		1,231		689		1,285		1,034		1,038
FDIC insurance expense		1,216		1,288		1,193		1,204		1,315
Core deposit intangible amortization		816		816		843		844		844
Merger related expenses		—		305		—		—		—
Other losses		245		228		371		297		515
Other expense		3,087		2,901		4,201		3,527		3,684
Total non-interest expense	$	39,417	$	39,306	$	44,935	$	39,272	$	37,522

Total non-interest expense was $39.4 million in the second quarter of 2025, compared with $39.3 million in the first quarter of 2025. The increase in non-interest expense during the second quarter of 2025 when compared with the prior period was primarily driven by a $0.5 million increase in loan expense. The increase was partially offset by a $0.6 million decrease in net occupancy expenses. Additionally, the Company incurred $0.3 million of direct expenses related to the sale of the mortgage warehouse business in the prior period that did not recur in the current period.

Income Taxes

Horizon recorded a net tax expense of $3.8 million for the second quarter of 2025, representing an effective tax rate of 15.4%, which is consistent with the Company’s estimated annual effective tax rate.

Balance Sheet Highlights

Total assets increased by $23.4 million, or 0.3%, to $7.7 billion as of June 30, 2025, from $7.6 billion as of March 31, 2025. The increase in total assets is primarily due to increases in loans HFI and non-interest earning cash, partially offset by a decrease in interest earning cash and investment securities. Total investment securities decreased by $24.2 million, or 1.2%, to $2.1 billion as of June 30, 2025. Total loans were $5.0 billion at June 30, 2025, an increase of $75.5 million from March 31, 2025 balances, due to organic commercial loan growth net of continued runoff in the indirect consumer portfolio.

Total deposits decreased by $66.0 million, or 1.1%, to $5.7 billion as of June 30, 2025 when compared to balances as of March 31, 2025. The decrease was partially related to a decline in time deposits of $51.9 million, or 4.2% and, to a lesser extent, a modest decrease in savings and money market deposits of $7.0 million, or 0.4%. Non-interest bearing deposit balances remained relatively unchanged in the current period. Total borrowings increased by $68.1 million during the quarter, to $880.3 million as of June 30, 2025. Balances subject to repurchase agreements increased by $7.2 million, to $95.1 million.

Capital

The following table presents the consolidated regulatory capital ratios of the Company for the previous three quarters, and the Company’s preliminary estimate of its consolidated regulatory capital ratios for the quarter ended June 30, 2025:

For the Quarter Ended	June 30,			March 31,			December 31,			September 30,
	2025*			2025			2024			2024
Consolidated Capital Ratios
Total capital (to risk-weighted assets)		14.48	%		14.26	%		13.91	%		13.45	%
Tier 1 capital (to risk-weighted assets)		12.52			12.33			12.00			11.63
Common equity tier 1 capital (to risk-weighted assets)		11.52			11.32			11.00			10.68
Tier 1 capital (to average assets)		9.59			9.25			8.88			9.02
*Preliminary estimate – may be subject to change

As of June 30, 2025, the ratio of total stockholders’ equity to total assets is 10.34%. Book value per common share was $18.06, increasing $0.34 during the second quarter of 2025.

Tangible common equity³ totaled $627.1 million at June 30, 2025, and the ratio of tangible common equity to tangible assets¹ was 8.37% at June 30, 2025, up from 8.19% at March 31, 2025. Tangible book value, which excludes intangible assets from total equity, per common share¹ was $14.32, increasing $0.36 during the second quarter of 2025 behind the growth in retained earnings.

Credit Quality

As of June 30, 2025, total non-accrual loans decreased by $4.5 million, or 15.7%, from March 31, 2025, to 0.49% of total loans HFI. Total non-performing assets decreased $3.9 million, or 12.4%, to $27.5 million, compared to $31.4 million as of March 31, 2025. The ratio of non-performing assets to total assets decreased to 0.36% compared to 0.41% as of March 31, 2025.

As of June 30, 2025, net charge-offs decreased by $0.6 million to $0.3 million, compared to $0.9 million as of March 31, 2025 and remain just 0.02% annualized of average loans.

^{____________________________________
1} Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.

Earnings Conference Call

As previously announced, Horizon will host a conference call to review its second quarter financial results and operating performance.

Participants may access the live conference call on July 24, 2025 at 7:30 a.m. CT (8:30 a.m. ET) by dialing 833-974-2379 from the United States, 866-450-4696 from Canada or 1-412-317-5772 from international locations and requesting the “Horizon Bancorp, Inc. Call.” Participants are asked to dial in approximately 10 minutes prior to the call.

A telephone replay of the call will be available approximately one hour after the end of the conference through August 1, 2025. The replay may be accessed by dialing 877-344-7529 from the United States, 855-669-9658 from Canada or 1–412–317-0088 from other international locations, and entering the access code 5878909.

About Horizon Bancorp, Inc.

Horizon Bancorp, Inc. (NASDAQ GS: HBNC) is the $7.7 billion-asset commercial bank holding company for Horizon Bank, which serves customers across diverse and economically attractive Midwestern markets through convenient digital and virtual tools, as well as its Indiana and Michigan branches. Horizon’s retail offerings include prime residential and other secured consumer lending to in-market customers, as well as a range of personal banking and wealth management solutions. Horizon also provides a comprehensive array of in-market business banking and treasury management services, as well as equipment financing solutions for customers regionally and nationally, with commercial lending representing over half of total loans. More information on Horizon, headquartered in Northwest Indiana’s Michigan City, is available at horizonbank.com and investor.horizonbank.com.

Use of Non-GAAP Financial Measures

Certain information set forth in this press release refers to financial measures determined by methods other than in accordance with GAAP. Specifically, we have included non-GAAP financial measures relating to net income, diluted earnings per share, pre-tax, pre-provision net income, net interest margin, tangible stockholders’ equity and tangible book value per share, efficiency ratio, the return on average assets, the return on average common equity, and return on average tangible equity. In each case, we have identified special circumstances that we consider to be non-recurring and have excluded them. Horizon believes these non-GAAP financial measures are helpful to investors and provide a greater understanding of our business and financial results without giving effect to one-time costs and non–recurring items. These measures are not necessarily comparable to similar measures that may be presented by other companies and should not be considered in isolation or as a substitute for the related GAAP measure. See the tables and other information below and contained elsewhere in this press release for reconciliations of the non-GAAP information identified herein and its most comparable GAAP measures.

Forward Looking Statements

This press release may contain forward–looking statements regarding the financial performance, business prospects, growth and operating strategies of Horizon Bancorp, Inc. and its affiliates (collectively, “Horizon”). For these statements, Horizon claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Horizon, including the information in the filings we make with the Securities and Exchange Commission (the “SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: effects on Horizon’s business resulting from new U.S. domestic or foreign governmental trade measures, including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of trade policy or in response to currency volatility, and other restrictions on free trade; uncertain conditions within the domestic and international macroeconomic environment, including trade policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact on Horizon and its customers; current financial conditions within the banking industry; changes in the level and volatility of interest rates, changes in spreads on earning assets and changes in interest bearing liabilities; increased interest rate sensitivity; the aggregate effects of elevated inflation levels in recent years; loss of key Horizon personnel; increases in disintermediation; potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms take a greater market share of the payment systems; estimates of fair value of certain of Horizon’s assets and liabilities; changes in prepayment speeds, loan originations, credit losses, market values, collateral securing loans and other assets; changes in sources of liquidity; legislative and regulatory actions and reforms; changes in accounting policies or procedures as may be adopted and required by regulatory agencies; litigation, regulatory enforcement, and legal compliance risk and costs; rapid technological developments and changes; cyber terrorism and data security breaches; the rising costs of cybersecurity; the ability of the U.S. federal government to manage federal debt limits; climate change and social justice initiatives; the inability to realize cost savings or revenues or to effectively implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; acts of terrorism, war and global conflicts, such as the Russia and Ukraine conflict and the Israel and Hamas conflict; and supply chain disruptions and delays. These and additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Horizon’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s website (www.sec.gov). Undue reliance should not be placed on the forward–looking statements, which speak only as of the date hereof. Horizon does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward–looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.


	Condensed Consolidated Statements of Income
	(Dollars in Thousands Except Per Share Data, Unaudited)
	Three Months Ended
	June 30,		March 31,			December 31,			September 30,			June 30,
	2025		2025			2024			2024			2024
Interest Income
Loans receivable	$	78,618	$	74,457		$	76,747		$	75,488		$	71,880
Investment securities – taxable		5,941		6,039			6,814			8,133			7,986
Investment securities – tax-exempt		6,088		6,192			6,301			6,310			6,377
Other		830		2,487			3,488			957			738
Total interest income		91,477		89,175			93,350			90,888			86,981
Interest Expense
Deposits		26,053		25,601			27,818			30,787			28,447
Borrowed funds		8,171		9,188			10,656			11,131			11,213
Subordinated notes		829		829			829			830			829
Junior subordinated debentures issued to capital trusts		1,070		1,290			920			1,230			1,213
Total interest expense		36,123		36,908			40,223			43,978			41,702
Net Interest Income		55,354		52,267			53,127			46,910			45,279
Provision for credit loss expense		2,462		1,376			1,171			1,044			2,369
Net Interest Income after Provision for Credit Losses		52,892		50,891			51,956			45,866			42,910
Non-interest Income
Service charges on deposit accounts		3,208		3,208			3,276			3,320			3,130
Wire transfer fees		69		71			124			123			113
Interchange fees		3,403		3,241			3,353			3,511			3,826
Fiduciary activities		1,251		1,326			1,313			1,394			1,372
Gains (losses) on sale of investment securities		—		(407	)		(39,140	)		—			—
Gain on sale of mortgage loans		1,219		1,076			1,071			1,622			896
Mortgage servicing income net of impairment		375		385			376			412			450
Increase in cash value of bank owned life insurance		346		335			335			349			318
Other income		1,049		7,264			338			780			380
Total non-interest income (loss)		10,920		16,499			(28,954	)		11,511			10,485
Non-interest Expense
Salaries and employee benefits		22,731		22,414			25,564			21,829			20,583
Net occupancy expenses		3,127		3,702			3,431			3,207			3,192
Data processing		2,951		2,872			2,841			2,977			2,579
Professional fees		735		826			736			676			714
Outside services and consultants		3,278		3,265			4,470			3,677			3,058
Loan expense		1,231		689			1,285			1,034			1,038
FDIC insurance expense		1,216		1,288			1,193			1,204			1,315
Core deposit intangible amortization		816		816			843			844			844
Merger related expenses		—		305			—			—			—
Other losses		245		228			371			297			515
Other expense		3,087		2,901			4,201			3,527			3,684
Total non-interest expense		39,417		39,306			44,935			39,272			37,522
Income (Loss) Before Income Taxes		24,395		28,084			(21,933	)		18,105			15,873
Income tax expense (benefit)		3,752		4,141			(11,051	)		(75	)		1,733
Net Income (Loss)	$	20,643	$	23,943		$	(10,882	)	$	18,180		$	14,140
Basic Earnings (Loss) Per Share	$	0.47	$	0.55		$	(0.25	)	$	0.42		$	0.32
Diluted Earnings (Loss) Per Share		0.47		0.54			(0.25	)		0.41			0.32

	Condensed Consolidated Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended for the Period
	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Assets
Interest earning assets
Federal funds sold	$	2,024		$	—		$	—		$	113,912		$	34,453
Interest earning deposits		34,174			80,023			201,131			12,107			4,957
Interest earning time deposits		—			—			735			735			1,715
Federal Home Loan Bank stock		45,412			45,412			53,826			53,826			53,826
Investment securities, available for sale		231,999			231,431			233,677			541,170			527,054
Investment securities, held to maturity		1,819,087			1,843,851			1,867,690			1,888,379			1,904,281
Loans held for sale		2,994			3,253			67,597			2,069			2,440
Gross loans held for investment (HFI)		4,985,582			4,909,815			4,847,040			4,803,996			4,822,840
Total Interest earning assets		7,121,272			7,113,784			7,271,696			7,416,194			7,351,566
Non-interest earning assets
Allowance for credit losses		(54,399	)		(52,654	)		(51,980	)		(52,881	)		(52,215	)
Cash		101,719			89,643			92,300			108,815			106,691
Cash value of life insurance		37,755			37,409			37,450			37,115			36,773
Other assets		148,773			143,675			152,635			119,026			165,656
Goodwill		155,211			155,211			155,211			155,211			155,211
Other intangible assets		8,592			9,407			10,223			11,067			11,910
Premises and equipment, net		93,398			93,499			93,864			93,544			93,695
Interest receivable		39,730			38,663			39,747			39,366			43,240
Total non-interest earning assets		530,779			514,855			529,450			511,263			560,961
Total assets	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,526
Liabilities
Savings and money market deposits	$	3,385,413		$	3,393,371		$	3,446,681		$	3,420,827		$	3,364,726
Time deposits		1,193,180			1,245,088			1,089,153			1,220,653			1,178,389
Borrowings		880,336			812,218			1,142,340			1,142,744			1,229,165
Repurchase agreements		95,089			87,851			89,912			122,399			128,169
Subordinated notes		55,807			55,772			55,738			55,703			55,668
Junior subordinated debentures issued to capital trusts		57,583			57,531			57,477			57,423			57,369
Total interest earning liabilities		5,667,408			5,651,832			5,881,301			6,019,749			6,013,486
Non-interest bearing deposits		1,121,163			1,127,324			1,064,818			1,085,535			1,087,040
Interest payable		14,007			11,441			11,137			11,400			11,240
Other liabilities		58,621			61,981			80,308			55,951			74,096
Total liabilities		6,861,199			6,852,578			7,037,564			7,172,635			7,185,862
Stockholders’ Equity
Preferred stock		—			—			—			—			—
Common stock		—			—			—			—			—
Additional paid-in capital		360,758			360,522			363,761			358,453			357,673
Retained earnings		466,497			452,945			436,122			454,050			442,977
Accumulated other comprehensive (loss)		(36,403	)		(37,406	)		(36,301	)		(57,681	)		(73,985	)
Total stockholders’ equity		790,852			776,061			763,582			754,822			726,665
Total liabilities and stockholders’ equity	$	7,652,051		$	7,628,639		$	7,801,146		$	7,927,457		$	7,912,527

	Loans and Deposits
	(Dollars in Thousands, Unaudited)
	June 30,		March 31,		December 31,		September 30,		June 30,		% Change
	2025		2025		2024		2024		2024		Q2’25 vs Q1’25			Q2’25 vs Q2’24
Loans:
Commercial real estate	$	2,321,951	$	2,262,910	$	2,202,858	$	2,105,459	$	2,117,772		3	%		10	%
Commercial & Industrial		976,740		918,541		875,297		808,600		786,788		6	%		24	%
Total commercial		3,298,691		3,181,451		3,078,155		2,914,059		2,904,560		4	%		14	%
Residential Real estate		786,026		801,726		802,909		801,356		797,956		(2	)%		(1	)%
Mortgage warehouse		—		—		—		80,437		68,917		—	%		(100	)%
Consumer		900,865		926,638		965,976		1,008,144		1,051,407		(3	)%		(14	)%
Total loans held for investment		4,985,582		4,909,815		4,847,040		4,803,996		4,822,840		2	%		3	%
Loans held for sale		2,994		3,253		67,597		2,069		2,440		(8	)%		23	%
Total loans	$	4,988,576	$	4,913,068	$	4,914,637	$	4,806,065	$	4,825,280		2	%		3	%

Deposits:
Interest bearing deposits	$	1,713,058	$	1,713,991	$	1,767,983	$	1,688,998	$	1,653,508		—	%		4	%
Savings and money market deposits		1,672,355		1,679,380		1,678,697		1,731,830		1,711,218		—	%		(2	)%
Time deposits		1,193,180		1,245,088		1,089,153		1,220,653		1,178,389		(4	)%		1	%
Total Interest bearing deposits		4,578,593		4,638,459		4,535,833		4,641,481		4,543,115		(1	)%		1	%
Non-interest bearing deposits
Non-interest bearing deposits		1,121,164		1,127,324		1,064,819		1,085,534		1,087,040		(1	)%		3	%
Total deposits	$	5,699,757	$	5,765,784	$	5,600,652	$	5,727,015	$	5,630,155		(1	)%		1	%

	Average Balance Sheet
	(Dollars in Thousands, Unaudited)
	Three Months Ended
	June 30, 2025								March 31, 2025								June 30, 2024
	Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾			Average Balance			Interest⁽⁴⁾⁽⁶⁾		Average Rate⁽⁴⁾
Assets
Interest earning assets
Interest earning deposits (incl. Fed Funds Sold)	$	72,993		$	830		4.56	%	$	223,148		$	2,487		4.52	%	$	55,467		$	738		5.35	%
Federal Home Loan Bank stock		45,412			1,075		9.49	%		51,769			1,012		7.93	%		53,827			1,521		11.36	%
Investment securities – taxable (1)		959,238			4,867		2.03	%		974,109			5,027		2.09	%		1,309,305			6,465		1.99	%
Investment securities – non-taxable (1)		1,100,731			7,706		2.81	%		1,120,249			7,838		2.84	%		1,132,065			8,072		2.87	%
Total investment securities		2,059,969			12,573		2.45	%		2,094,358			12,865		2.49	%		2,441,370			14,537		2.39	%
Loans receivable (2) (3)		4,947,093			79,000		6.41	%		4,865,449			74,840		6.24	%		4,662,124			72,208		6.23	%
Total interest earning assets		7,125,467			93,478		5.26	%		7,234,724			91,204		5.11	%		7,212,788			89,004		4.96	%
Non-interest earning assets
Cash and due from banks		86,316								88,624								108,319
Allowance for credit losses		(52,560	)							(51,863	)							(50,334	)
Other assets		472,175								483,765								508,555
Total average assets	$	7,631,398							$	7,755,250							$	7,779,328

Liabilities and Stockholders’ Equity
Interest bearing liabilities
Interest bearing demand deposits	$	1,727,713		$	6,803		1.58	%	$	1,750,446		$	6,491		1.50	%	$	1,656,523		$	7,081		1.72	%
Saving and money market deposits		1,651,866			8,200		1.99	%		1,674,590			8,263		2.00	%		1,677,967			9,733		2.33	%
Time deposits		1,233,582			11,050		3.59	%		1,212,386			10,847		3.63	%		1,134,590			11,633		4.12	%
Total Deposits		4,613,161			26,053		2.27	%		4,637,422			25,601		2.24	%		4,469,080			28,447		2.56	%
Borrowings		847,862			7,777		3.68	%		971,496			8,772		3.66	%		1,184,172			10,278		3.49	%
Repurchase agreements		88,058			394		1.79	%		88,469			416		1.91	%		125,144			935		3.00	%
Subordinated notes		55,785			829		5.96	%		55,750			829		6.03	%		55,647			829		5.99	%
Junior subordinated debentures issued to capital trusts		57,550			1,070		7.46	%		57,497			1,290		9.10	%		57,335			1,213		8.51	%
Total interest bearing liabilities		5,662,416			36,123		2.56	%		5,810,634			36,908		2.58	%		5,891,378			41,702		2.85	%
Non-interest bearing liabilities
Demand deposits		1,114,982								1,085,826								1,080,676
Accrued interest payable and other liabilities		64,465								78,521								80,942
Stockholders’ equity		789,535								780,269								726,332
Total average liabilities and stockholders’ equity	$	7,631,398							$	7,755,250							$	7,779,328
Net FTE interest income (non-GAAP) (5)				$	57,355							$	54,296							$	47,302
Less FTE adjustments (4)					2,001								2,029								2,023
Net Interest Income				$	55,354							$	52,267							$	45,279
Net FTE interest margin (Non-GAAP) (4)(5)							3.23	%							3.04	%							2.64	%

⁽¹⁾ Securities balances represent daily average balances for the fair value of securities. The average rate is calculated based on the daily average balance for the amortized cost of securities.
⁽²⁾ Includes fees on loans held for sale and held for investment. The inclusion of loan fees does not have a material effect on the average interest rate.
⁽³⁾ Non-accruing loans for the purpose of the computation above are included in the daily average loan amounts outstanding. Loan totals are shown net of unearned income and deferred loan fees.
⁽⁴⁾ Management believes fully taxable equivalent, or FTE, interest income is useful to investors in evaluating the Company’s performance as a comparison of the returns between a tax-free investment and a taxable alternative. The Company adjusts interest income and average rates for tax-exempt loans and securities to an FTE basis utilizing a 21% tax rate.
⁽⁵⁾ Non-GAAP financial metric. See non-GAAP reconciliation included herein for the most directly comparable GAAP measure.
⁽⁶⁾ Includes dividend income on Federal Home Loan Bank stock

	Credit Quality
	(Dollars in Thousands Except Ratios, Unaudited)
	Quarter Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			% Change
	2025			2025			2024			2024			2024			Q2’25 vs Q1’25			Q2’25 vs Q2’24
Non-accrual loans
Commercial	$	7,547		$	8,172		$	5,658		$	6,830		$	4,321			(8	)%		75	%
Residential Real estate		9,525			12,763			11,215			9,529			8,489			(25	)%		12	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		7,222			7,875			8,919			7,208			5,453			(8	)%		32	%
Total non-accrual loans		24,294			28,810			25,792			23,567			18,263			(16	)%		33	%
90 days and greater delinquent – accruing interest		2,113			1,582			1,166			819			1,039			34	%		103	%
Total non-performing loans	$	26,407		$	30,392		$	26,958		$	24,386		$	19,302			(13	)%		37	%

Other real estate owned
Commercial	$	176		$	360		$	407		$	1,158		$	1,111			(51	)%		(84	)%
Residential Real estate		463			641			—			—			—			—	%		—	%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		480			34			17			36			57			1311	%		742	%
Total other real estate owned		1,119			1,035			424			1,194			1,168			8	%		(4	)%

Total non-performing assets	$	27,526		$	31,427		$	27,382		$	25,580		$	20,470			(12	)%		34	%

Loan data:
Accruing 30 to 89 days past due loans	$	31,401		$	19,034		$	23,075		$	18,087		$	19,785			65	%		59	%
Substandard loans		64,100			66,714			64,535			59,775			51,221			(4	)%		25	%
Net charge-offs (recoveries)
Commercial	$	84		$	(47	)	$	(32	)	$	(52	)	$	57			(279	)%		47	%
Residential Real estate		52			(47	)		(10	)		(9	)		(4	)		(211	)%		(1400	)%
Mortgage warehouse		—			—			—			—			—			—	%		—	%
Consumer		118			963			668			439			534			(88	)%		(78	)%
Total net charge-offs	$	254		$	869		$	626		$	378		$	587			(71	)%		(57	)%

Allowance for credit losses
Commercial	$	34,413		$	32,640		$	30,953		$	32,854		$	31,941			5	%		8	%
Residential Real estate		3,229			3,167			2,715			2,675			2,588			2	%		25	%
Mortgage warehouse		—			—			—			862			736			—	%		(100	)%
Consumer		16,757			16,847			18,312			16,490			16,950			(1	)%		(1	)%
Total allowance for credit losses	$	54,399		$	52,654		$	51,980		$	52,881		$	52,215			3	%		4	%

Credit quality ratios
Non-accrual loans to HFI loans		0.49	%		0.59	%		0.53	%		0.49	%		0.38	%
Non-performing assets to total assets		0.36	%		0.41	%		0.35	%		0.32	%		0.26	%
Annualized net charge-offs of average total loans		0.02	%		0.07	%		0.05	%		0.03	%		0.05	%
Allowance for credit losses to HFI loans		1.09	%		1.07	%		1.07	%		1.10	%		1.08	%

Non–GAAP Reconciliation of Net Fully-Taxable Equivalent (“FTE”) Interest Margin
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Interest income (GAAP)	(A)	$	91,477		$	89,175		$	93,350		$	90,888		$	86,981
Taxable-equivalent adjustment:
Investment securities – tax exempt (1)			1,619			1,646			1,675			1,677			1,695
Loan receivable (2)			382			383			395			340			328
Interest income (non-GAAP)	(B)		93,478			91,204			95,420			92,905			89,004
Interest expense (GAAP)	(C)		36,123			36,908			40,223			43,978			41,702
Net interest income (GAAP)	(D) =(A) – (C)	$	55,354		$	52,267		$	53,127		$	46,910		$	45,279
Net FTE interest income (non-GAAP)	(E) = (B) – (C)	$	57,355		$	54,296		$	55,197		$	48,927		$	47,302
Average interest earning assets	(F)		7,125,467			7,234,724			7,396,178			7,330,263			7,212,788
Net FTE interest margin (non-GAAP)	(G) = (E*) / (F)		3.23	%		3.04	%		2.97	%		2.66	%		2.64	%

⁽¹⁾ The following represents municipal securities interest income for investment securities classified as available-for-sale and held-to-maturity
⁽²⁾ The following represents municipal loan interest income for loan receivables classified as held for sale and held for investment
*Annualized

Non–GAAP Reconciliation of Return on Average Tangible Common Equity
(Dollars in Thousands, Unaudited)

		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024

Net income (loss) (GAAP)	(A)	$	20,643		$	23,941		$	(10,882	)	$	18,180		$	14,140

Average stockholders’ equity	(B)	$	789,535		$	780,269		$	755,340		$	738,372		$	726,332
Average intangible assets	(C)		164,320			165,138			165,973			166,819			167,659
Average tangible equity (Non-GAAP)	(D) = (B) – (C)	$	625,215		$	615,131		$	589,367		$	571,553		$	558,673
Return on average tangible common equity (“ROACE”) (non-GAAP)	(E) = (A*) / (D)		13.24	%		15.48	%	(7.35		)%		12.65	%		10.18	%
*Annualized

Non–GAAP Reconciliation of Tangible Common Equity to Tangible Assets
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Total stockholders’ equity (GAAP)	(A)	$	790,852		$	776,061		$	763,582		$	754,822		$	726,665
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050		$	611,443		$	598,148		$	588,544		$	559,544

Total assets (GAAP)	(D)	$	7,652,051		$	7,628,636		$	7,801,146		$	7,927,457		$	7,912,527
Intangible assets (end of period)	(B)		163,802			164,618			165,434			166,278			167,121
Total tangible assets (non-GAAP)	(E) = (D) – (B)	$	7,488,249		$	7,464,018		$	7,635,712		$	7,761,179		$	7,745,406

Tangible common equity to tangible assets (Non-GAAP)	(G) = (C) / (E)		8.37	%		8.19	%		7.83	%		7.58	%		7.22	%

Non–GAAP Reconciliation of Tangible Book Value Per Share
(Dollars in Thousands, Unaudited)
		Three Months Ended
		June 30,		March 31,		December 31,		September 30,		June 30,
		2025		2025		2024		2024		2024
Total stockholders’ equity (GAAP)	(A)	$	790,852	$	776,061	$	763,582	$	754,822	$	726,665
Intangible assets (end of period)	(B)		163,802		164,618		165,434		166,278		167,121
Total tangible common equity (non-GAAP)	(C) = (A) – (B)	$	627,050	$	611,443	$	598,148	$	588,544	$	559,544
Common shares outstanding	(D)		43,801,507		43,786,000		43,722,086		43,712,059		43,712,059

Tangible book value per common share (non-GAAP)	(E) = (C) / (D)	$	14.32	$	13.96	$	13.68	$	13.46	$	12.80

Contact:	John R. Stewart, CFA
	EVP, Chief Financial Officer
Phone:	(219) 814–5833
Fax:	(219) 874–9280
Date:	July 23, 2025

The MIL Network –

July 24, 2025

MIL-OSI: First Merchants Corporation Announces Second Quarter 2025 Earnings Per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., July 23, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

Second Quarter 2025 Highlights:

Net income available to common stockholders was $56.4 million and diluted earnings per common share totaled $0.98 in the second quarter of 2025, compared to $39.5 million and $0.68 in the second quarter of 2024, and $54.9 million and $0.94 in the first quarter of 2025.
Robust capital position with Common Equity Tier 1 Capital Ratio of 11.35%.
Repurchased 818,480 shares totaling $31.7 million year-to-date; Repurchased 582,486 shares totaling $22.1 million during the second quarter.
Total loans grew $297.6 million, or 9.1% annualized, on a linked quarter basis, and $653.6 million, or 5.2%, during the last twelve months.
Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis.
Nonperforming assets to total assets were 36 basis points compared to 47 basis points on a linked quarter basis.
The efficiency ratio totaled 53.99% for the quarter.

“Our strong balance sheet and earnings growth in the first half of the year underscore the strength and resilience of our business model,” said Mark Hardwick, Chief Executive Officer of First Merchants Bank. “With continued momentum in loan and deposit growth, expanding margins, disciplined expense management, and a robust capital position, we are well-positioned to deliver long-term value for our shareholders. We remain committed to supporting our clients and communities while navigating a dynamic economic environment with confidence and clarity.”

Second Quarter Financial Results:

First Merchants Corporation (the “Corporation) reported second quarter 2025 net income available to common stockholders of $56.4 million compared to $39.5 million during the same period in 2024. Diluted earnings per common share for the period totaled $0.98 per share compared to the second quarter of 2024 result of $0.68 per share.

Total assets equaled $18.6 billion as of quarter-end and loans totaled $13.3 billion. During the past twelve months, total loans grew by $653.6 million, or 5.2%. On a linked quarter basis, loans grew $297.6 million, or 9.1% with growth primarily in Commercial & Industrial loans.

Investments, totaling $3.4 billion, decreased $372.1 million, or 9.9%, during the last twelve months and decreased $46.2 million, or 5.4% annualized, on a linked quarter basis. The decline in the last twelve months reflected sales of available for sale securities in 2024 totaling $268.5 million.

Total deposits equaled $14.8 billion as of quarter-end and increased by $228.5 million, or 1.6%, over the past twelve months. Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis. The loan to deposit ratio of 90.1% at period end remained stable on a linked quarter basis.

The Corporation’s Allowance for Credit Losses – Loans (ACL) totaled $195.3 million as of quarter-end, or 1.47% of total loans. Net charge-offs totaled $2.3 million and provision for credit losses of $5.6 million was recorded during the quarter. Reserves for unfunded commitments totaling $18.0 million remain unchanged from the previous quarter. Non-performing assets to total assets were 0.36% for the second quarter of 2025, a decrease of 11 basis points compared to 0.47% in the linked quarter.

Net interest income, totaling $133.0 million for the quarter, increased $2.7 million, or 2.1%, compared to prior quarter and increased $4.4 million, or 3.5% compared to the second quarter of 2024. Fully taxable equivalent net interest margin was 3.25%, an increase of three basis points compared to the first quarter of 2025 and an increase of nine basis points compared to the second quarter of 2024. During the quarter, higher yields on earnings assets outpaced increased yields on interest bearing liabilities resulting in margin expansion.

Noninterest income totaled $31.3 million for the quarter, an increase of $1.3 million, compared to the first quarter of 2025 and was stable compared to the second quarter of 2024. The increase over first quarter of 2025 was driven primarily by higher gains on the sales of loans, treasury management fees, derivative hedge fees, and card payment fees offset by a decrease in other income associated with CRA investments.

Noninterest expense totaled $93.6 million for the quarter, an increase of $0.7 million from the first quarter of 2025. The increase was from higher marketing and data processing costs.

The Corporation’s total risk-based capital ratio equaled 13.06%, the common equity tier 1 capital ratio equaled 11.35%, and the tangible common equity ratio totaled 8.92%. These ratios continue to reflect the Corporation’s strong liquidity and capital positions.

CONFERENCE CALL

First Merchants Corporation will conduct a second quarter earnings conference call and web cast at 9:00 a.m. (ET) on Thursday, July 24, 2025.

To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI605c2e360ce04cfc9c4221bda7f67a49)

To view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/ced58zg3) during the time of the call. A replay of the webcast will be available until July 24, 2026.

Detailed financial results are reported on the attached pages.

About First Merchants Corporation

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

Forward-Looking Statements

This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like “believe”, “continue”, “pattern”, “estimate”, “project”, “intend”, “anticipate”, “expect” and similar expressions or future or conditional verbs such as “will”, “would”, “should”, “could”, “might”, “can”, “may”, or similar expressions. These statements include statements about First Merchants’ goals, intentions and expectations; statements regarding the First Merchants’ business plan and growth strategies; statements regarding the asset quality of First Merchants’ loan and investment portfolios; and estimates of First Merchants’ risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to bank holding companies and banks like First Merchants’ affiliate bank; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; changes in market, economic, operational, liquidity (including the ability to grow and maintain core deposits and retain large, uninsured deposits), credit and interest rate risks associated with the First Merchants’ business; and other risks and factors identified in each of First Merchants’ filings with the Securities and Exchange Commission. First Merchants does not undertake any obligation to update any forward-looking statements, whether written or oral, relating to the matters discussed in this press release. In addition, First Merchants’ past results of operations do not necessarily indicate its anticipated future results.


CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	June 30,
		2025			2024
ASSETS
Cash and due from banks	$	81,567		$	105,372
Interest-bearing deposits		223,343			168,528
Investment securities available for sale		1,358,130			1,618,893
Investment securities held to maturity, net of allowance for credit losses		2,022,826			2,134,195
Loans held for sale		28,783			32,292
Loans		13,296,759			12,639,650
Less: Allowance for credit losses – loans		(195,316	)		(189,537	)
Net loans		13,101,443			12,450,113
Premises and equipment		122,808			133,245
Federal Home Loan Bank stock		47,290			41,738
Interest receivable		93,258			97,546
Goodwill		712,002			712,002
Other intangibles		16,797			23,371
Cash surrender value of life insurance		305,695			306,379
Other real estate owned		177			4,824
Tax asset, deferred and receivable		97,749			107,080
Other assets		380,909			367,845
TOTAL ASSETS	$	18,592,777		$	18,303,423
LIABILITIES
Deposits:
Noninterest-bearing	$	2,197,416		$	2,303,313
Interest-bearing		12,600,162			12,265,757
Total Deposits		14,797,578			14,569,070
Borrowings:
Federal funds purchased		85,000			147,229
Securities sold under repurchase agreements		114,758			100,451
Federal Home Loan Bank advances		898,702			832,703
Subordinated debentures and other borrowings		62,617			93,589
Total Borrowings		1,161,077			1,173,972
Interest payable		16,174			18,554
Other liabilities		269,996			329,302
Total Liabilities		16,244,825			16,090,898
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding – 57,272,433 and 58,045,653 shares		7,159			7,256
Additional paid-in capital		1,163,170			1,191,193
Retained earnings		1,342,473			1,200,930
Accumulated other comprehensive loss		(189,975	)		(211,979	)
Total Stockholders’ Equity		2,347,952			2,212,525
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,592,777		$	18,303,423

CONSOLIDATED STATEMENTS OF INCOME	Three Months Ended						Six Months Ended
(Dollars In Thousands, Except Per Share Amounts)	June 30,						June 30,
		2025			2024			2025			2024
INTEREST INCOME
Loans:
Taxable	$	195,173		$	201,413		$	382,901		$	399,436
Tax-exempt		10,805			8,430			21,337			16,620
Investment securities:
Taxable		8,266			9,051			16,638			17,799
Tax-exempt		12,516			13,613			25,033			27,224
Deposits with financial institutions		1,892			2,995			4,264			9,488
Federal Home Loan Bank stock		1,083			879			2,080			1,714
Total Interest Income		229,735			236,381			452,253			472,281
INTEREST EXPENSE
Deposits		84,241			99,151			164,788			197,436
Federal funds purchased		965			126			1,777			126
Securities sold under repurchase agreements		663			645			1,405			1,677
Federal Home Loan Bank advances		9,714			6,398			19,078			13,171
Subordinated debentures and other borrowings		1,138			1,490			1,921			4,237
Total Interest Expense		96,721			107,810			188,969			216,647
NET INTEREST INCOME		133,014			128,571			263,284			255,634
Provision for credit losses		5,600			24,500			9,800			26,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		127,414			104,071			253,484			229,134
NONINTEREST INCOME
Service charges on deposit accounts		8,566			8,214			16,638			16,121
Fiduciary and wealth management fees		8,831			8,825			17,475			17,025
Card payment fees		4,932			4,739			9,458			9,239
Net gains and fees on sales of loans		5,849			5,141			10,871			8,395
Derivative hedge fees		831			489			1,235			752
Other customer fees		401			460			816			887
Earnings on cash surrender value of life insurance		1,913			1,929			4,092			3,521
Net realized losses on sales of available for sale securities		(1	)		(49	)		(8	)		(51	)
Other income (loss)		(19	)		1,586			774			2,083
Total Noninterest Income		31,303			31,334			61,351			57,972
NONINTEREST EXPENSES
Salaries and employee benefits		54,527			52,214			109,509			110,507
Net occupancy		6,845			6,746			14,061			14,058
Equipment		6,927			6,599			13,935			12,825
Marketing		1,997			1,773			3,350			2,971
Outside data processing fees		7,107			7,072			13,036			13,961
Printing and office supplies		272			354			619			707
Intangible asset amortization		1,505			1,771			3,031			3,728
FDIC assessments		3,552			3,278			7,200			7,565
Other real estate owned and foreclosure expenses		29			373			629			907
Professional and other outside services		3,741			3,822			7,002			7,774
Other expenses		7,096			7,411			14,128			13,345
Total Noninterest Expenses		93,598			91,413			186,500			188,348
INCOME BEFORE INCOME TAX		65,119			43,992			128,335			98,758
Income tax expense		8,287			4,067			16,164			10,892
NET INCOME		56,832			39,925			112,171			87,866
Preferred stock dividends		469			469			938			938
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	56,363		$	39,456		$	111,233		$	86,928


PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	0.98		$	0.68		$	1.93		$	1.48
Diluted Net Income Available to Common Stockholders	$	0.98		$	0.68		$	1.92		$	1.48
Cash Dividends Paid to Common Stockholders	$	0.36		$	0.35		$	0.71		$	0.69
Tangible Common Book Value Per Share	$	27.90		$	25.10		$	27.90		$	25.10
Average Diluted Common Shares Outstanding (in thousands)		57,773			58,328			58,005			58,800

FINANCIAL HIGHLIGHTS
(Dollars In Thousands)	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
NET CHARGE-OFFS	$	2,315		$	39,644		$	7,241		$	41,897

AVERAGE BALANCES:
Total Assets	$	18,508,785		$	18,332,159		$	18,425,723		$	18,381,340
Total Loans		13,211,729			12,620,530			13,077,288			12,548,798
Total Earning Assets		17,158,984			17,013,984			17,060,278			17,068,917
Total Deposits		14,632,113			14,895,867			14,526,314			14,888,536
Total Stockholders’ Equity		2,340,010			2,203,361			2,340,440			2,222,750

FINANCIAL RATIOS:
Return on Average Assets		1.23	%		0.87	%		1.22	%		0.96	%
Return on Average Stockholders’ Equity		9.63			7.16			9.51			7.82
Return on Tangible Common Stockholders’ Equity		14.49			11.29			14.30			12.26
Average Earning Assets to Average Assets		92.71			92.81			92.59			92.86
Allowance for Credit Losses – Loans as % of Total Loans		1.47			1.50			1.47			1.50
Net Charge-offs as % of Average Loans (Annualized)		0.07			1.26			0.11			0.67
Average Stockholders’ Equity to Average Assets		12.64			12.02			12.70			12.09
Tax Equivalent Yield on Average Earning Assets		5.50			5.69			5.45			5.67
Interest Expense/Average Earning Assets		2.25			2.53			2.22			2.54
Net Interest Margin (FTE) on Average Earning Assets		3.25			3.16			3.23			3.13
Efficiency Ratio		53.99			53.84			54.26			56.47

ASSET QUALITY
(Dollars In Thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
	2025			2025			2024			2024			2024
Nonaccrual Loans	$	67,358		$	81,922		$	73,773		$	59,088		$	61,906
Other Real Estate Owned and Repossessions		177			4,966			4,948			5,247			4,824
Nonperforming Assets (NPA)		67,535			86,888			78,721			64,335			66,730
90+ Days Delinquent		4,443			4,280			5,902			14,105			1,686
NPAs & 90 Day Delinquent	$	71,978		$	91,168		$	84,623		$	78,440		$	68,416

Allowance for Credit Losses – Loans	$	195,316		$	192,031		$	192,757		$	187,828		$	189,537
Quarterly Net Charge-offs		2,315			4,926			771			6,709			39,644
NPAs / Actual Assets %		0.36	%		0.47	%		0.43	%		0.35	%		0.36	%
NPAs & 90 Day / Actual Assets %		0.39	%		0.49	%		0.46	%		0.43	%		0.37	%
NPAs / Actual Loans and OREO %		0.51	%		0.67	%		0.61	%		0.51	%		0.53	%
Allowance for Credit Losses – Loans / Actual Loans (%)		1.47	%		1.47	%		1.50	%		1.48	%		1.50	%
Quarterly Net Charge-offs as % of Average Loans (Annualized)		0.07	%		0.15	%		0.02	%		0.21	%		1.26	%

CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
ASSETS
Cash and due from banks	$	81,567		$	86,113		$	87,616		$	84,719		$	105,372
Interest-bearing deposits		223,343			331,534			298,891			359,126			168,528
Investment securities available for sale		1,358,130			1,378,489			1,386,475			1,553,496			1,618,893
Investment securities held to maturity, net of allowance for credit losses		2,022,826			2,048,632			2,074,220			2,108,649			2,134,195
Loans held for sale		28,783			23,004			18,663			40,652			32,292
Loans		13,296,759			13,004,905			12,854,359			12,646,808			12,639,650
Less: Allowance for credit losses – loans		(195,316	)		(192,031	)		(192,757	)		(187,828	)		(189,537	)
Net loans		13,101,443			12,812,874			12,661,602			12,458,980			12,450,113
Premises and equipment		122,808			128,749			129,743			129,582			133,245
Federal Home Loan Bank stock		47,290			45,006			41,690			41,716			41,738
Interest receivable		93,258			88,352			91,829			92,055			97,546
Goodwill		712,002			712,002			712,002			712,002			712,002
Other intangibles		16,797			18,302			19,828			21,599			23,371
Cash surrender value of life insurance		305,695			304,918			304,906			304,613			306,379
Other real estate owned		177			4,966			4,948			5,247			4,824
Tax asset, deferred and receivable		97,749			87,665			92,387			86,732			107,080
Other assets		380,909			369,181			387,169			348,384			367,845
TOTAL ASSETS	$	18,592,777		$	18,439,787		$	18,311,969		$	18,347,552		$	18,303,423
LIABILITIES
Deposits:
Noninterest-bearing	$	2,197,416		$	2,185,057		$	2,325,579		$	2,334,197		$	2,303,313
Interest-bearing		12,600,162			12,276,921			12,196,047			12,030,903			12,265,757
Total Deposits		14,797,578			14,461,978			14,521,626			14,365,100			14,569,070
Borrowings:
Federal funds purchased		85,000			185,000			99,226			30,000			147,229
Securities sold under repurchase agreements		114,758			122,947			142,876			124,894			100,451
Federal Home Loan Bank advances		898,702			972,478			822,554			832,629			832,703
Subordinated debentures and other borrowings		62,617			62,619			93,529			93,562			93,589
Total Borrowings		1,161,077			1,343,044			1,158,185			1,081,085			1,173,972
Deposits and other liabilities held for sale		—			—			—			288,476			—
Interest payable		16,174			13,304			16,102			18,089			18,554
Other liabilities		269,996			289,247			311,073			292,429			329,302
Total Liabilities		16,244,825			16,107,573			16,006,986			16,045,179			16,090,898
STOCKHOLDERS’ EQUITY
Preferred Stock, $1,000 par value, $1,000 liquidation value:
Authorized — 600 cumulative shares
Issued and outstanding – 125 cumulative shares		125			125			125			125			125
Preferred Stock, Series A, no par value, $2,500 liquidation preference:
Authorized — 10,000 non-cumulative perpetual shares
Issued and outstanding – 10,000 non-cumulative perpetual shares		25,000			25,000			25,000			25,000			25,000
Common Stock, $.125 stated value:
Authorized — 100,000,000 shares
Issued and outstanding		7,159			7,226			7,247			7,265			7,256
Additional paid-in capital		1,163,170			1,183,263			1,188,768			1,192,683			1,191,193
Retained earnings		1,342,473			1,306,911			1,272,528			1,229,125			1,200,930
Accumulated other comprehensive loss		(189,975	)		(190,311	)		(188,685	)		(151,825	)		(211,979	)
Total Stockholders’ Equity		2,347,952			2,332,214			2,304,983			2,302,373			2,212,525
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,592,777		$	18,439,787		$	18,311,969		$	18,347,552		$	18,303,423

CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands, Except Per Share Amounts)	June 30,				March 31,				December 31,				September 30,				June 30,
	2025				2025				2024				2024				2024
INTEREST INCOME
Loans:
Taxable	$	195,173			$	187,728			$	197,536			$	206,680			$	201,413
Tax-exempt		10,805				10,532				9,020				8,622				8,430
Investment securities:
Taxable		8,266				8,372				9,024				9,263				9,051
Tax-exempt		12,516				12,517				12,754				13,509				13,613
Deposits with financial institutions		1,892				2,372				5,350				2,154				2,995
Federal Home Loan Bank stock		1,083				997				958				855				879
Total Interest Income		229,735				222,518				234,642				241,083				236,381
INTEREST EXPENSE
Deposits		84,241				80,547				89,835				98,856				99,151
Federal funds purchased		965				812				26				329				126
Securities sold under repurchase agreements		663				742				680				700				645
Federal Home Loan Bank advances		9,714				9,364				8,171				8,544				6,398
Subordinated debentures and other borrowings		1,138				783				1,560				1,544				1,490
Total Interest Expense		96,721				92,248				100,272				109,973				107,810
NET INTEREST INCOME		133,014				130,270				134,370				131,110				128,571
Provision for credit losses		5,600				4,200				4,200				5,000				24,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		127,414				126,070				130,170				126,110				104,071
NONINTEREST INCOME
Service charges on deposit accounts		8,566				8,072				8,124				8,361				8,214
Fiduciary and wealth management fees		8,831				8,644				8,665				8,525				8,825
Card payment fees		4,932				4,526				4,957				5,121				4,739
Net gains and fees on sales of loans		5,849				5,022				5,681				6,764				5,141
Derivative hedge fees		831				404				1,594				736				489
Other customer fees		401				415				316				344				460
Earnings on cash surrender value of life insurance		1,913				2,179				2,188				2,755				1,929
Net realized losses on sales of available for sale securities		(1	)			(7	)			(11,592	)			(9,114	)			(49	)
Gain on branch sale		—				—				19,983				—				—
Other income (loss)		(19	)			793				2,826				1,374				1,586
Total Noninterest Income		31,303				30,048				42,742				24,866				31,334
NONINTEREST EXPENSES
Salaries and employee benefits		54,527				54,982				55,437				55,223				52,214
Net occupancy		6,845				7,216				7,335				6,994				6,746
Equipment		6,927				7,008				7,028				6,949				6,599
Marketing		1,997				1,353				2,582				1,836				1,773
Outside data processing fees		7,107				5,929				6,029				7,150				7,072
Printing and office supplies		272				347				377				378				354
Intangible asset amortization		1,505				1,526				1,771				1,772				1,771
FDIC assessments		3,552				3,648				3,744				3,720				3,278
Other real estate owned and foreclosure expenses		29				600				227				942				373
Professional and other outside services		3,741				3,261				3,777				3,035				3,822
Other expenses		7,096				7,032				7,982				6,630				7,411
Total Noninterest Expenses		93,598				92,902				96,289				94,629				91,413
INCOME BEFORE INCOME TAX		65,119				63,216				76,623				56,347				43,992
Income tax expense		8,287				7,877				12,274				7,160				4,067
NET INCOME		56,832				55,339				64,349				49,187				39,925
Preferred stock dividends		469				469				469				468				469
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	56,363			$	54,870			$	63,880			$	48,719			$	39,456


PER SHARE DATA:
Basic Net Income Available to Common Stockholders	$	0.98			$	0.95			$	1.10			$	0.84			$	0.68
Diluted Net Income Available to Common Stockholders	$	0.98			$	0.94			$	1.10			$	0.84			$	0.68
Cash Dividends Paid to Common Stockholders	$	0.36			$	0.35			$	0.35			$	0.35			$	0.35
Tangible Common Book Value Per Share	$	27.90			$	27.34			$	26.78			$	26.64			$	25.10
Average Diluted Common Shares Outstanding (in thousands)		57,773				58,242				58,247				58,289				58,328
FINANCIAL RATIOS:
Return on Average Assets		1.23		%		1.21		%		1.39		%		1.07		%		0.87		%
Return on Average Stockholders’ Equity		9.63				9.38				11.05				8.66				7.16
Return on Tangible Common Stockholders’ Equity		14.49				14.12				16.75				13.39				11.29
Average Earning Assets to Average Assets		92.71				92.47				92.48				92.54				92.81
Allowance for Credit Losses – Loans as % of Total Loans		1.47				1.47				1.50				1.48				1.50
Net Charge-offs as % of Average Loans (Annualized)		0.07				0.15				0.02				0.21				1.26
Average Stockholders’ Equity to Average Assets		12.64				12.76				12.51				12.26				12.02
Tax Equivalent Yield on Average Earning Assets		5.50				5.39				5.63				5.82				5.69
Interest Expense/Average Earning Assets		2.25				2.17				2.35				2.59				2.53
Net Interest Margin (FTE) on Average Earning Assets		3.25				3.22				3.28				3.23				3.16
Efficiency Ratio		53.99				54.54				48.48				53.76				53.84

LOANS
(Dollars In Thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Commercial and industrial loans	$	4,440,924		$	4,306,597		$	4,114,292		$	4,041,217		$	3,949,817
Agricultural land, production and other loans to farmers		265,172			243,864			256,312			238,743			239,926
Real estate loans:
Construction		836,033			793,175			792,144			814,704			823,267
Commercial real estate, non-owner occupied		2,171,092			2,177,869			2,274,016			2,251,351			2,323,533
Commercial real estate, owner occupied		1,226,797			1,214,739			1,157,944			1,152,751			1,174,195
Residential		2,397,094			2,389,852			2,374,729			2,366,943			2,370,905
Home equity		673,961			650,499			659,811			641,188			631,104
Individuals’ loans for household and other personal expenditures		141,045			140,954			166,028			158,480			162,089
Public finance and other commercial loans		1,144,641			1,087,356			1,059,083			981,431			964,814
Loans		13,296,759			13,004,905			12,854,359			12,646,808			12,639,650
Allowance for credit losses – loans		(195,316	)		(192,031	)		(192,757	)		(187,828	)		(189,537	)
NET LOANS	$	13,101,443		$	12,812,874		$	12,661,602		$	12,458,980		$	12,450,113


DEPOSITS
(Dollars In Thousands)	June 30,			March 31,			December 31,			September 30,			June 30,
		2025			2025			2024			2024			2024
Demand deposits	$	7,798,695		$	7,786,554		$	7,980,061		$	7,678,510		$	7,757,679
Savings deposits		4,984,659			4,791,874			4,522,758			4,302,236			4,339,161
Certificates and other time deposits of $100,000 or less		617,857			625,203			692,068			802,949			889,949
Certificates and other time deposits of $100,000 or more		891,139			896,143			1,043,068			1,277,833			1,415,131
Brokered certificates of deposits¹		505,228			362,204			283,671			303,572			167,150
TOTAL DEPOSITS	$	14,797,578		$	14,461,978		$	14,521,626		$	14,365,100		$	14,569,070

^{1 –} Total brokered deposits of $1.2 billion, which includes brokered CD’s of $505.2 million at June 30, 2025.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
	Three Months Ended
	June 30, 2025						June 30, 2024
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	252,613	$	1,892	3.00	%	$	322,647	$	2,995	3.71	%
Federal Home Loan Bank stock		46,598		1,083	9.30			41,749		879	8.42
Investment Securities: ⁽¹⁾
Taxable		1,605,718		8,266	2.06			1,788,749		9,051	2.02
Tax-exempt ⁽²⁾		2,042,326		15,843	3.10			2,240,309		17,232	3.08
Total Investment Securities		3,648,044		24,109	2.64			4,029,058		26,283	2.61
Loans held for sale		25,411		389	6.12			28,585		431	6.03
Loans: ⁽³⁾
Commercial		9,006,650		154,108	6.84			8,691,746		160,848	7.40
Real estate mortgage		2,200,521		25,062	4.56			2,150,591		23,799	4.43
HELOC and installment		834,901		15,614	7.48			823,417		16,335	7.94
Tax-exempt ⁽²⁾		1,144,246		13,677	4.78			926,191		10,670	4.61
Total Loans		13,211,729		208,850	6.32			12,620,530		212,083	6.72
Total Earning Assets		17,158,984		235,934	5.50	%		17,013,984		242,240	5.69	%
Total Non-Earning Assets		1,349,801						1,318,175
TOTAL ASSETS	$	18,508,785					$	18,332,159
LIABILITIES
Interest-Bearing Deposits:
Interest-bearing deposits	$	5,545,158	$	35,303	2.55	%	$	5,586,549	$	40,994	2.94	%
Money market deposits		3,613,952		28,714	3.18			3,036,398		27,230	3.59
Savings deposits		1,282,951		2,513	0.78			1,508,734		3,476	0.92
Certificates and other time deposits		2,003,682		17,711	3.54			2,414,967		27,451	4.55
Total Interest-Bearing Deposits		12,445,743		84,241	2.71			12,546,648		99,151	3.16
Borrowings		1,250,519		12,480	3.99			885,919		8,659	3.91
Total Interest-Bearing Liabilities		13,696,262		96,721	2.82			13,432,567		107,810	3.21
Noninterest-bearing deposits		2,186,370						2,349,219
Other liabilities		286,143						347,012
Total Liabilities		16,168,775						16,128,798
STOCKHOLDERS’ EQUITY		2,340,010						2,203,361
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,508,785					$	18,332,159
Net Interest Income (FTE)			$	139,213					$	134,430
Net Interest Spread (FTE) ⁽⁴⁾					2.68	%					2.48	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.50	%					5.69	%
Interest Expense / Average Earning Assets					2.25	%					2.53	%
Net Interest Margin (FTE) ⁽⁵⁾					3.25	%					3.16	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024. These totals equal $6,199 and $5,859 for the three months ended June 30, 2025 and 2024, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.

CONSOLIDATED AVERAGE BALANCE SHEET AND NET INTEREST MARGIN ANALYSIS
(Dollars In Thousands)
	Six Months Ended
	June 30, 2025						June 30, 2024
	Average Balance		Interest Income / Expense		Average Rate		Average Balance		Interest Income / Expense		Average Rate
ASSETS
Interest-bearing deposits	$	273,200	$	4,264	3.12	%	$	449,173	$	9,488	4.22	%
Federal Home Loan Bank stock		45,296		2,080	9.18			41,757		1,714	8.21
Investment Securities: ⁽¹⁾
Taxable		1,620,005		16,638	2.05			1,785,903		17,799	1.99
Tax-exempt ⁽²⁾		2,044,489		31,687	3.10			2,243,286		34,461	3.07
Total Investment Securities		3,664,494		48,325	2.64			4,029,189		52,260	2.59
Loans held for sale		23,190		708	6.11			25,184		759	6.03
Loans: ⁽³⁾
Commercial		8,889,119		301,880	6.79			8,644,927		320,057	7.40
Real estate mortgage		2,195,988		49,508	4.51			2,140,769		46,156	4.31
HELOC and installment		831,904		30,805	7.41			822,616		32,464	7.89
Tax-exempt ⁽²⁾		1,137,087		27,009	4.75			915,302		21,038	4.60
Total Loans		13,077,288		409,910	6.27			12,548,798		420,474	6.70
Total Earning Assets		17,060,278		464,579	5.45	%		17,068,917		483,936	5.67	%
Total Non-Earning Assets		1,365,445						1,312,423
TOTAL ASSETS	$	18,425,723					$	18,381,340
LIABILITIES
Interest-Bearing deposits:
Interest-bearing deposits	$	5,533,858	$	69,909	2.53	%	$	5,503,185	$	80,484	2.92	%
Money market deposits		3,526,461		54,666	3.10			3,040,938		54,613	3.59
Savings deposits		1,291,133		4,958	0.77			1,534,305		7,277	0.95
Certificates and other time deposits		1,975,923		35,255	3.57			2,421,413		55,062	4.55
Total Interest-Bearing Deposits		12,327,375		164,788	2.67			12,499,841		197,436	3.16
Borrowings		1,256,688		24,181	3.85			948,866		19,211	4.05
Total Interest-Bearing Liabilities		13,584,063		188,969	2.78			13,448,707		216,647	3.22
Noninterest-bearing deposits		2,198,939						2,388,695
Other liabilities		302,281						321,188
Total Liabilities		16,085,283						16,158,590
STOCKHOLDERS’ EQUITY		2,340,440						2,222,750
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,425,723					$	18,381,340
Net Interest Income (FTE)			$	275,610					$	267,289
Net Interest Spread (FTE) ⁽⁴⁾					2.67	%					2.45	%

Net Interest Margin (FTE):
Interest Income (FTE) / Average Earning Assets					5.45	%					5.67	%
Interest Expense / Average Earning Assets					2.22	%					2.54	%
Net Interest Margin (FTE) ⁽⁵⁾					3.23	%					3.13	%

⁽¹⁾ Average balance of securities is computed based on the average of the historical amortized cost balances without the effects of the fair value adjustments. Annualized amounts are computed using a 30/360 day basis.
⁽²⁾ Tax-exempt securities and loans are presented on a fully taxable equivalent basis, using a marginal tax rate of 21 percent for 2025 and 2024. These totals equal $12,326 and $11,655 for the six months ended June 30, 2025 and 2024, respectively.
⁽³⁾ Non accruing loans have been included in the average balances.
⁽⁴⁾ Net Interest Spread (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average interest-bearing liabilities.
⁽⁵⁾ Net Interest Margin (FTE) is interest income expressed as a percentage of average earning assets minus interest expense expressed as a percentage of average earning assets.

ADJUSTED NET INCOME AND DILUTED EARNINGS PER COMMON SHARE – NON-GAAP
(Dollars In Thousands, Except Per Share Amounts)	Three Months Ended																			Six Months Ended
	June 30,			March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
	2025			2025				2024				2024				2024				2025				2024
Net Income Available to Common Stockholders – GAAP	$	56,363		$	54,870			$	63,880			$	48,719			$	39,456			$	111,233			$	86,928
Adjustments:
Net realized losses on sales of available for sale securities		1			7				11,592				9,114				49				8				51
Gain on branch sale		—			—				(19,983	)			—				—				—				—
Non-core expenses^1,2		—			—				762				—				—				—				3,481
Tax on adjustments		—			(2	)			1,851				(2,220	)			(12	)			(2	)			(860	)
Adjusted Net Income Available to Common Stockholders – Non-GAAP	$	56,364		$	54,875			$	58,102			$	55,613			$	39,493			$	111,239			$	89,600

Average Diluted Common Shares Outstanding (in thousands)		57,773			58,242				58,247				58,289				58,328				58,005				58,800

Diluted Earnings Per Common Share – GAAP	$	0.98		$	0.94			$	1.10			$	0.84			$	0.68			$	1.92			$	1.48
Adjustments:
Net realized losses on sales of available for sale securities		—			—				0.20				0.15				—				—				—
Gain on branch sale		—			—				(0.34	)			—				—				—				—
Non-core expenses^1,2		—			—				0.01				—				—				—				0.06
Tax on adjustments		—			—				0.03				(0.04	)			—				—				(0.01	)
Adjusted Diluted Earnings Per Common Share – Non-GAAP	$	0.98		$	0.94			$	1.00			$	0.95			$	0.68			$	1.92			$	1.53

¹ – Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
² – Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.


NET INTEREST MARGIN (“NIM”), ADJUSTED
(Dollars in Thousands)
	Three Months Ended																			Six Months Ended
	June 30,			March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
	2025			2025				2024				2024				2024				2025				2024
Net Interest Income (GAAP)	$	133,014		$	130,270			$	134,370			$	131,110			$	128,571			$	263,284			$	255,634
Fully Taxable Equivalent (“FTE”) Adjustment		6,199			6,127				5,788				5,883				5,859				12,326				11,655
Net Interest Income (FTE) (non-GAAP)	$	139,213		$	136,397			$	140,158			$	136,993			$	134,430			$	275,610			$	267,289

Average Earning Assets (GAAP)	$	17,158,984		$	16,960,475			$	17,089,198			$	16,990,358			$	17,013,984			$	17,060,278			$	17,068,917
Net Interest Margin (GAAP)		3.10	%		3.07		%		3.15		%		3.09		%		3.02		%		3.09		%		3.00		%
FTE Adjustment		0.15	%		0.15		%		0.13		%		0.14		%		0.14		%		0.14		%		0.13		%
Net Interest Margin (FTE) (non-GAAP)		3.25	%		3.22		%		3.28		%		3.23		%		3.16		%		3.23		%		3.13		%

RETURN ON TANGIBLE COMMON EQUITY – NON-GAAP
(Dollars In Thousands)	Three Months Ended																				Six Months Ended
	June 30,				March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
	2025				2025				2024				2024				2024				2025				2024
Total Average Stockholders’ Equity (GAAP)	$	2,340,010			$	2,340,874			$	2,312,270			$	2,251,547			$	2,203,361			$	2,340,440			$	2,222,750
Less: Average Preferred Stock		(25,125	)			(25,125	)			(25,125	)			(25,125	)			(25,125	)			(25,125	)			(25,125	)
Less: Average Intangible Assets, Net of Tax		(725,813	)			(726,917	)			(728,218	)			(729,581	)			(730,980	)			(726,362	)			(731,706	)
Average Tangible Common Equity, Net of Tax (Non-GAAP)	$	1,589,072			$	1,588,832			$	1,558,927			$	1,496,841			$	1,447,256			$	1,588,953			$	1,465,919

Net Income Available to Common Stockholders (GAAP)	$	56,363			$	54,870			$	63,880			$	48,719			$	39,456			$	111,233			$	86,928
Plus: Intangible Asset Amortization, Net of Tax		1,188				1,206				1,399				1,399				1,399				2,394				2,945
Tangible Net Income (Non-GAAP)	$	57,551			$	56,076			$	65,279			$	50,118			$	40,855			$	113,627			$	89,873

Return on Tangible Common Equity (Non-GAAP)		14.49		%		14.12		%		16.75		%		13.39		%		11.29		%		14.30		%		12.26		%


EFFICIENCY RATIO – NON-GAAP
(Dollars In Thousands)	Three Months Ended																				Six Months Ended
	June 30,				March 31,				December 31,				September 30,				June 30,				June 30,				June 30,
	2025				2025				2024				2024				2024				2025				2024
Noninterest Expense (GAAP)	$	93,598			$	92,902			$	96,289			$	94,629			$	91,413			$	186,500			$	188,348
Less: Intangible Asset Amortization		(1,505	)			(1,526	)			(1,771	)			(1,772	)			(1,771	)			(3,031	)			(3,728	)
Less: OREO and Foreclosure Expenses		(29	)			(600	)			(227	)			(942	)			(373	)			(629	)			(907	)

Adjusted Noninterest Expense (Non-GAAP)	$	92,064			$	90,776			$	94,291			$	91,915			$	89,269			$	182,840			$	183,713

Net Interest Income (GAAP)	$	133,014			$	130,270			$	134,370			$	131,110			$	128,571			$	263,284			$	255,634
Plus: Fully Taxable Equivalent Adjustment		6,199				6,127				5,788				5,883				5,859				12,326				11,655
Net Interest Income on a Fully Taxable Equivalent Basis (Non-GAAP)	$	139,213			$	136,397			$	140,158			$	136,993			$	134,430			$	275,610			$	267,289

Noninterest Income (GAAP)	$	31,303			$	30,048			$	42,742			$	24,866			$	31,334			$	61,351			$	57,972
Less: Investment Securities (Gains) Losses		1				7				11,592				9,114				49				8				51
Adjusted Noninterest Income (Non-GAAP)	$	31,304			$	30,055			$	54,334			$	33,980			$	31,383			$	61,359			$	58,023
Adjusted Revenue (Non-GAAP)	$	170,517			$	166,452			$	194,492			$	170,973			$	165,813			$	336,969			$	325,312
Efficiency Ratio (Non-GAAP)		53.99		%		54.54		%		48.48		%		53.76		%		53.84		%		54.26		%		56.47		%

Adjusted Noninterest Expense (Non-GAAP)	$	92,064			$	90,776			$	94,291			$	91,915			$	89,269			$	182,840			$	183,713
Less: Non-core Expenses^1,2		—				—				(762	)			—				—				—				(3,481	)
Adjusted Noninterest Expense Excluding Non-core Expenses (Non-GAAP)	$	92,064			$	90,776			$	93,529			$	91,915			$	89,269			$	182,840			$	180,232

Adjusted Revenue (Non-GAAP)	$	170,517			$	166,452			$	194,492			$	170,973			$	165,813			$	336,969			$	325,312
Less: Gain on Branch Sale		—				—				(19,983	)			—				—				—				—
Adjusted Revenue Excluding Gain on Branch Sale (Non-GAAP)	$	170,517			$	166,452			$	174,509			$	170,973			$	165,813			$	336,969			$	325,312

Adjusted Efficiency Ratio (Non-GAAP)		53.99		%		54.54		%		53.60		%		53.76		%		53.84		%		54.26		%		55.40		%

¹ – Non-core expenses in the Three Months Ended December 31, 2024 included $0.8 million of costs directly related to the branch sale.
² – Non-core expenses in the Six Months Ended June 30, 2024 included $2.4 million from duplicative online banking conversion costs and $1.1 million from the FDIC special assessment.

For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

SOURCE: First Merchants Corporation, Muncie, Indiana

The MIL Network –

July 24, 2025

MIL-OSI: First Merchants Corporation Announces Second Quarter 2025 Earnings Per Share

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., July 23, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (NASDAQ – FRME)

Second Quarter 2025 Highlights:

Net income available to common stockholders was $56.4 million and diluted earnings per common share totaled $0.98 in the second quarter of 2025, compared to $39.5 million and $0.68 in the second quarter of 2024, and $54.9 million and $0.94 in the first quarter of 2025.
Robust capital position with Common Equity Tier 1 Capital Ratio of 11.35%.
Repurchased 818,480 shares totaling $31.7 million year-to-date; Repurchased 582,486 shares totaling $22.1 million during the second quarter.
Total loans grew $297.6 million, or 9.1% annualized, on a linked quarter basis, and $653.6 million, or 5.2%, during the last twelve months.
Total deposits increased $335.6 million, or 9.3% annualized, on a linked quarter basis.
Nonperforming assets to total assets were 36 basis points compared to 47 basis points on a linked quarter basis.
The efficiency ratio totaled 53.99% for the quarter.