Intelligence Agencies – Page 13

MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of TLGY Acquisition Corporation (OTCMKTS: TLGYF)

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating TLGY Acquisition Corporation (OTCMKTS: TLGYF) related to its merger with StableCoinX Assets Inc. Under the terms of the proposed transaction, each Class A ordinary share of TLGY will be converted into one share of Class A common stock of StableCoinX. Is it a fair deal?

Click here for more info https://monteverdelaw.com/case/tlgy-acquisition-corporation/. It is free and there is no cost or obligation to you.

NOT ALL LAW FIRMS ARE EQUAL. Before you hire a law firm, you should talk to a lawyer and ask:

Do you file class actions and go to Court?
When was the last time you recovered money for shareholders?
What cases did you recover money in and how much?

About Monteverde & Associates PC

Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court.

No one is above the law. If you own common stock in the above listed company and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

Contact:
Juan Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
The Empire State Building
350 Fifth Ave. Suite 4740
New York, NY 10118
United States of America
jmonteverde@monteverdelaw.com
Tel: (212) 971-1341

Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

FINANCIAL SUMMARY (UNAUDITED)
(in Thousands except share and per share amounts)	Period Ending June 30, 2025			Period Ending March 31, 2025			% Change From Period Ending March 31, 2025 to Period Ending June 30, 2025		Period Ending June 30, 2024			% Change From Period Ending June 30, 2024 to Period Ending June 30, 2025
QUARTERLY OPERATING RESULTS
Net Income	$	61,424		$	63,224		(2.8	)%	$	52,136		17.8	%
Net Income Available to Common Stockholders	$	61,393		$	63,224		(2.9	)%	$	52,105		17.8	%
Diluted Earnings Per Share	$	1.12		$	1.16		(3.4	)%	$	0.95		17.9	%
Return on Average Assets		1.40	%		1.45	%				1.34	%
Return on Average Common Stockholders’ Equity		14.56	%		15.63	%				14.08	%
Average Diluted Shares Outstanding		54,664,480			54,656,630					54,608,679

Adjusted Net Income, net of tax*	$	66,133		$	63,224		4.6	%	$	52,136		26.8	%
Adjusted Net Income Available to Common Stockholders, net of tax*	$	66,102		$	63,224		4.6	%	$	52,105		26.9	%
Adjusted Diluted Earnings Per Share, net of tax*	$	1.21		$	1.16		4.4	%	$	0.95		27.5	%
Adjusted Return on Average Assets, net of tax*		1.50	%		1.45	%				1.34	%
Adjusted Return on Average Common Stockholders’ Equity, net of tax*		15.68	%		15.63	%				14.08	%



YEAR-TO-DATE OPERATING RESULTS
Net Income	$	124,648							$	102,162		22.0	%
Net Income Available to Common Stockholders	$	124,617							$	102,131		22.0	%
Diluted Earnings Per Share	$	2.28							$	1.87		21.9	%
Return on Average Assets		1.42	%							1.30	%
Return on Average Common Stockholders’ Equity		15.08	%							13.96	%
Average Diluted Shares Outstanding		54,660,577								54,602,032

Adjusted Net Income, net of tax*	$	129,357							$	103,509		25.0	%
Adjusted Net Income Available to Common Stockholders, net of tax*	$	129,326							$	103,478		25.0	%
Adjusted Diluted Earnings Per Share, net of tax*	$	2.36							$	1.89
Adjusted Return on Average Assets, net of tax*		1.48	%							1.31	%
Adjusted Return on Average Common Stockholders’ Equity, net of tax*		15.65	%							14.15	%

BALANCE SHEET
Total Assets	$	17,378,628		$	18,636,766		(6.8	)%	$	16,049,812		8.3	%
Loans		13,232,560			12,886,831		2.7	%		12,332,780		7.3	%
Non-interest-bearing Demand Deposits		2,632,058			2,647,577		(0.6	)%		2,475,415		6.3	%
Total Deposits		13,862,319			14,429,061		(3.9	)%		13,259,392		4.5	%
Stockholders’ Equity		1,721,783			1,668,900		3.2	%		1,510,576		14.0	%

SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(In thousands except share and per share data)
	2nd Quarter 2025			1st Quarter 2025			4th Quarter 2024			3rd Quarter 2024			2nd Quarter 2024
CONSOLIDATED STATEMENT OF INCOME
Interest income	$	246,635		$	241,096		$	243,892		$	247,979		$	227,540
Interest expense		114,948			117,543			120,724			132,858			121,665
Net interest income		131,687			123,553			123,168			115,121			105,875
Provision for credit losses		11,296			6,630			5,704			5,659			5,353
Net interest income after provision for credit losses		120,391			116,923			117,464			109,462			100,522
Non-interest income		421			8,277			8,803			8,549			8,891
Non-interest expense		44,204			46,107			46,896			45,632			42,818
Income before income tax		76,608			79,093			79,371			72,379			66,595
Provision for income tax		15,184			15,869			14,198			12,472			14,459
Net income		61,424			63,224			65,173			59,907			52,136
Preferred stock dividends		31			–			31			–			31
Net income available to common stockholders	$	61,393		$	63,224		$	65,142		$	59,907		$	52,105
Earnings per share – basic	$	1.12		$	1.16		$	1.19		$	1.10		$	0.96
Earnings per share – diluted	$	1.12		$	1.16		$	1.19		$	1.10		$	0.95
Average diluted shares outstanding		54,664,480			54,656,630			54,649,808			54,642,582			54,608,679

CONSOLIDATED BALANCE SHEET DATA
Total assets	$	17,378,628		$	18,636,766		$	17,351,643		$	16,449,178		$	16,049,812
Loans		13,232,560			12,886,831			12,605,836			12,338,226			12,332,780
Debt securities		1,914,503			1,905,550			1,876,253			1,867,587			1,941,641
Non-interest-bearing demand deposits		2,632,058			2,647,577			2,619,687			2,576,329			2,475,415
Total deposits		13,862,319			14,429,061			13,543,459			13,146,529			13,259,392
Borrowings		64,747			64,745			64,743			64,741			64,739
Stockholders’ equity		1,721,783			1,668,900			1,616,772			1,570,269			1,510,576

Shares outstanding		54,618,545			54,601,217			54,569,427			54,551,543			54,521,479
Book value per share	$	31.52		$	30.57		$	29.63		$	28.79		$	27.71
Tangible book value per share (1)	$	31.27		$	30.32		$	29.38		$	28.54		$	27.46

SELECTED FINANCIAL RATIOS (Annualized)
Net interest margin		3.10	%		2.92	%		2.96	%		2.84	%		2.79	%
Return on average assets		1.40	%		1.45	%		1.52	%		1.43	%		1.34	%
Return on average common stockholders’ equity		14.56	%		15.63	%		16.29	%		15.55	%		14.08	%
Efficiency ratio		33.46	%		34.97	%		35.54	%		36.90	%		37.31	%
Non-interest expense to average earning assets		1.04	%		1.09	%		1.13	%		1.13	%		1.13	%

CAPITAL RATIOS (2)
Common equity tier 1 capital to risk-weighted assets		11.38	%		11.48	%		11.42	%		11.25	%		10.93	%
Tier 1 capital to risk-weighted assets		11.38	%		11.48	%		11.42	%		11.25	%		10.93	%
Total capital to risk-weighted assets		12.81	%		12.93	%		12.90	%		12.77	%		12.43	%
Tier 1 capital to average assets		9.78	%		9.48	%		9.59	%		9.54	%		9.81	%
Tangible common equity to total tangible assets (1)		9.84	%		8.89	%		9.25	%		9.47	%		9.33	%

(1) This press release contains certain non-GAAP financial measures. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”
(2) Regulatory capital ratios for most recent period are preliminary.

	At June 30, 2025			At March 31, 2025			At December 31, 2024			At September 30, 2024			At June 30, 2024
Book value per share – GAAP	$	31.52		$	30.56		$	29.63		$	28.79		$	27.71
Total common stockholders’ equity – GAAP		1,721,783			1,668,900			1,616,772			1,570,269			1,570,994
Adjustment for Goodwill		(13,615	)		(13,615	)		(13,615	)		(13,615	)		(13,615	)
Tangible common stockholders’ equity – non-GAAP	$	1,708,168		$	1,655,285		$	1,603,157		$	1,556,654		$	1,557,379
Tangible book value per share – non-GAAP	$	31.27		$	30.31		$	29.38		$	28.54		$	27.46

Stockholders’ equity to total assets – GAAP		9.91	%		8.95	%		9.32	%		9.55	%		9.55	%
Total assets – GAAP	$	17,378,628		$	18,636,766		$	17,351,643		$	16,449,178		$	16,448,582
Adjustment for Goodwill		(13,615	)		(13,615	)		(13,615	)		(13,615	)		(13,615	)
Total tangible assets – non-GAAP	$	17,365,013		$	18,623,151		$	17,338,028		$	16,435,563		$	16,434,967
Tangible common equity to total tangible assets – non-GAAP		9.84	%		8.89	%		9.25	%		9.47	%		9.48	%

	Three Months Ended June 30, 2025			Three Months Ended March 31, 2025			Three Months Ended June 30, 2024			Six Months Ended June 30, 2025			Six Months Ended June 30, 2024
Net income – GAAP	$	61,424		$	63,224		$	52,136		$	124,648		$	102,162
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income – non-GAAP	$	66,133		$	63,224		$	52,136		$	129,357		$	103,509

Net income available to common stockholders – GAAP	$	61,393		$	63,224		$	52,105		$	124,617		$	102,131
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income available to common stockholders – non-GAAP	$	66,102		$	63,224		$	52,105		$	129,326		$	103,478

Diluted earnings per share – GAAP	$	1.12		$	1.16		$	0.95		$	2.28		$	1.87
Adjustments:
FDIC special assessment		–			–			–			–			0.03
Legal matter accrual reversal		(0.04	)		–			–			(0.05	)		–
Loss on marketable securities		0.16			–			–			0.16			–
Tax on adjustments		(0.03	)		–			–			(0.03	)		(0.01	)
Adjusted diluted earnings per share – non-GAAP	$	1.21		$	1.16		$	0.95		$	2.36		$	1.89

Net interest income, on a fully taxable-equivalent basis	$	131,777								$	255,394
Adjustments:
Legal matter accrual reversal		(2,276	)								(2,276	)
Tax on adjustments		571									571
Adjusted net interest income, on a fully taxable-equivalent basis	$	130,072								$	253,689

Net interest margin-GAAP		3.10	%								3.01	%
Average earning assets		17,076,353									17,132,710
Adjusted net interest margin-non-GAAP		3.06	%								2.99	%

Return on average assets – GAAP		1.40	%		1.45	%		1.34	%		1.42	%		1.30	%
Net income available to common stockholders – GAAP	$	61,393		$	63,224		$	52,105		$	124,617		$	102,131
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income available to common stockholders – non-GAAP	$	66,102		$	63,224		$	52,105		$	129,326		$	103,478
Average assets – GAAP	$	17,626,503		$	17,710,148		$	15,697,538		$	17,668,094		$	15,827,894
Adjusted return on average assets – non-GAAP		1.50	%		1.45	%		1.34	%		1.48	%		1.31	%

Return on average common stockholders’ equity – GAAP		14.56	%		15.63	%		14.08	%		15.08	%		13.96	%
Net income available to common stockholders – GAAP	$	61,393		$	63,224		$	52,105		$	124,617		$	102,131
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Loss on marketable securities		8,563			–			–			8,563			–
Tax on adjustments		(1,578	)		–			–			(1,578	)		(452	)
Adjusted net income available to common stockholders – non-GAAP	$	66,102		$	63,224		$	52,105		$	129,326		$	103,478
Average common stockholders’ equity – GAAP	$	1,690,855		$	1,640,949		$	1,488,429		$	1,666,039		$	1,471,048
Adjusted return on average common stockholders’ equity non-GAAP		15.68	%		15.63	%		14.08	%		15.65	%		14.15	%

Efficiency ratio		33.46	%		34.97	%		37.31	%		34.22	%		39.42	%
Net interest income – GAAP	$	131,687		$	123,553		$	105,875		$	255,240		$	208,370
Adjustments:
Legal matter accrual reversal		(2,276	)		–			–			(2,276	)		–
Adjusted net interest income – non-GAAP	$	129,411		$	123,553		$	105,875		$	252,964		$	208,370
Total non-interest income – GAAP		421			8,277			8,891			8,698			17,704
Adjustments:
Loss on marketable securities		8,563			–			–			8,563			–
Adjusted non-interest income – non-GAAP	$	8,984		$	8,277		$	8,891		$	17,261		$	17,704
Adjusted net interest income and non-interest income – non-GAAP		138,395			131,830			114,766			270,225			226,074
Non-interest expense – GAAP	$	44,204		$	46,107		$	42,818		$	90,311		$	89,121
Adjustments:
FDIC special assessment		–			–			–			–			1,799
Adjusted non-interest expense – non-GAAP	$	44,204		$	46,107		$	42,818		$	90,311		$	87,322
Adjusted efficiency ratio – non-GAAP		31.94	%		34.97	%		37.31	%		33.42	%		38.63	%

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
	June 30, 2025			June 30, 2024			% Change
ASSETS
Cash and due from banks	$	140,659		$	135,711		4	%
Interest-bearing balances due from depository institutions		1,236,485			1,129,922		9	%
Federal funds sold and securities purchased with agreement to resell		333,760			11,132		2,898	%
Cash and cash equivalents		1,710,904			1,276,765		34	%
Available for sale debt securities, at fair value		1,227,851			1,174,386		5	%
Held to maturity debt securities (fair value of $639,455 and $785,270, respectively)		686,652			767,255		(11	)%
Restricted equity securities		12,156			11,300		8	%
Mortgage loans held for sale		22,131			11,174		98	%
Loans		13,232,560			12,332,780		7	%
Less allowance for credit losses		(169,959	)		(158,092	)	8	%
Loans, net		13,062,601			12,174,688		7	%
Premises and equipment, net		59,993			59,200		1	%
Goodwill		13,615			13,615		–	%
Other assets		582,725			561,429		4	%
Total assets	$	17,378,628		$	16,049,812		8	%
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Deposits:
Non-interest-bearing demand	$	2,632,058		$	2,475,415		6	%
Interest-bearing		11,230,261			10,783,977		4	%
Total deposits		13,862,319			13,259,392		5	%
Federal funds purchased		1,599,135			1,097,154		46	%
Other borrowings		64,747			64,739		–	%
Other liabilities		130,644			117,951		11	%
Total liabilities		15,656,845			14,539,236		8	%
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at June 30, 2025 and June 30, 2024		–			–		–	%
Common stock, par value $0.001 per share; 200,000,000 shares authorized; 54,618,545 shares issued and outstanding at June 30, 2025, and 54,521,479 shares issued and outstanding at June 30, 2024		54			54		–	%
Additional paid-in capital		236,716			234,495		1	%
Retained earnings		1,500,767			1,322,048		14	%
Accumulated other comprehensive loss		(16,254	)		(46,521	)	(65	)%
Total stockholders’ equity attributable to ServisFirst Bancshares, Inc.		1,721,283			1,510,076		14	%
Noncontrolling interest		500			500		–	%
Total stockholders’ equity		1,721,783			1,510,576		14	%
Total liabilities and stockholders’ equity	$	17,378,628		$	16,049,812		8	%

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands except per share data)
	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025			2024
Interest income:
Interest and fees on loans	$	206,521		$	194,300	$	403,457		$	381,278
Taxable securities		16,562			16,158		32,585			32,137
Nontaxable securities		5			9		11			18
Federal funds sold and securities purchased with agreement to resell		1,592			538		1,612			1,079
Other interest and dividends		21,955			16,535		50,066			39,738
Total interest income		246,635			227,540		487,731			454,250
Interest expense:
Deposits		93,488			104,671		188,233			208,737
Borrowed funds		21,460			16,994		44,258			37,143
Total interest expense		114,948			121,665		232,491			245,880
Net interest income		131,687			105,875		255,240			208,370
Provision for credit losses		11,296			5,353		17,926			9,721
Net interest income after provision for credit losses		120,391			100,522		237,314			198,649
Non-interest income:
Service charges on deposit accounts		2,671			2,293		5,229			4,443
Mortgage banking		1,323			1,379		1,936			2,057
Credit card income		2,119			2,333		4,087			4,488
Securities losses		(8,563	)		–		(8,563	)		–
Bank-owned life insurance income		2,126			2,058		4,263			5,289
Other operating income		745			828		1,746			1,427
Total non-interest income		421			8,891		8,698			17,704
Non-interest expense:
Salaries and employee benefits		22,576			24,213		45,455			47,199
Equipment and occupancy expense		3,523			3,567		7,245			7,124
Third party processing and other services		8,005			7,465		15,743			14,631
Professional services		1,904			1,741		3,837			3,205
FDIC and other regulatory assessments		2,753			2,202		5,607			6,107
Other real estate owned expense		27			7		60			37
Other operating expense		5,416			3,623		12,364			10,818
Total non-interest expense		44,204			42,818		90,311			89,121
Income before income tax		76,608			66,595		155,701			127,232
Provision for income tax		15,184			14,459		31,053			25,070
Net income		61,424			52,136		124,648			102,162
Dividends on preferred stock		31			31		31			31
Net income available to common stockholders	$	61,393		$	52,105	$	124,617		$	102,131
Basic earnings per common share	$	1.12		$	0.96	$	2.28		$	1.87
Diluted earnings per common share	$	1.12		$	0.95	$	2.28		$	1.87

LOANS BY TYPE (UNAUDITED)
(In thousands)

	2nd quarter 2025		1st quarter 2025		4th quarter 2024		3rd quarter 2024		2nd quarter 2024
Commercial, financial and agricultural	$	2,952,028	$	2,924,533	$	2,869,894	$	2,793,989	$	2,935,577
Real estate – construction		1,735,405		1,599,410		1,489,306		1,439,648		1,510,677
Real estate – mortgage:
Owner-occupied commercial		2,557,711		2,543,819		2,547,143		2,441,687		2,399,644
1-4 family mortgage		1,561,461		1,494,189		1,444,623		1,409,981		1,350,428
Non-owner occupied commercial		4,338,697		4,259,566		4,181,243		4,190,935		4,072,007
Subtotal: Real estate – mortgage		8,457,869		8,297,574		8,173,009		8,042,603		7,822,079
Consumer		87,258		65,314		73,627		61,986		64,447
Total loans	$	13,232,560	$	12,886,831	$	12,605,836	$	12,338,226	$	12,332,780

SUMMARY OF CREDIT LOSS EXPERIENCE (UNAUDITED)
(Dollars in thousands)
	2nd quarter 2025			1st quarter 2025			4th quarter 2024			3rd quarter 2024			2nd quarter 2024
Allowance for credit losses:
Beginning balance	$	165,034		$	164,458		$	160,755		$	158,092		$	155,892
Loans charged off:
Commercial, financial and agricultural		6,849			2,415			3,899			3,020			3,355
Real estate – construction		–			46			–			–			–
Real estate – mortgage		581			3,571			560			252			119
Consumer		72			60			211			155			108
Total charge offs		7,502			6,092			4,670			3,427			3,582
Recoveries:
Commercial, financial and agricultural		959			171			1,801			616			406
Real estate – construction		–			–			–			–			8
Real estate – mortgage		1			–			23			2			–
Consumer		58			27			151			37			15
Total recoveries		1,018			198			1,975			655			429
Net charge-offs		6,484			5,894			2,695			2,772			3,153
Provision for loan losses		11,409			6,470			6,398			5,435			5,353
Ending balance	$	169,959		$	165,034		$	164,458		$	160,755		$	158,092

Allowance for credit losses to total loans		1.28	%		1.28	%		1.30	%		1.30	%		1.28	%

Allowance for credit losses to total average loans		1.31	%		1.30	%		1.32	%		1.30	%		1.31	%
Net charge-offs to total average loans		0.20	%		0.19	%		0.09	%		0.09	%		0.10	%

Provision for credit losses to total average loans		0.35	%		0.21	%		0.21	%		0.17	%		0.18	%
Nonperforming assets:
Nonaccrual loans	$	68,619		$	73,793		$	39,501		$	37,075		$	33,454
Loans 90+ days past due and accruing		3,549			111			2,965			2,093			1,482
Other real estate owned and repossessed assets		311			756			2,531			2,723			1,458
Total	$	72,479		$	74,660		$	44,997		$	41,891		$	36,394

Nonperforming loans to total loans		0.55	%		0.57	%		0.34	%		0.32	%		0.28	%
Nonperforming assets to total assets		0.42	%		0.40	%		0.26	%		0.25	%		0.23	%
Nonperforming assets to earning assets		0.43	%		0.41	%		0.26	%		0.26	%		0.23	%
Allowance for credit losses to nonaccrual loans		247.69	%		223.64	%		416.34	%		433.59	%		472.57	%

AVERAGE BALANCE SHEETS AND NET INTEREST ANALYSIS (UNAUDITED)
ON A FULLY TAXABLE-EQUIVALENT BASIS
(Dollars in thousands)

	2nd Quarter 2025					1st Quarter 2025					4th Quarter 2024					3rd Quarter 2024					2nd Quarter 2024
	Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate		Average Balance			Yield / Rate
Assets:
Interest-earning assets:
Loans, net of unearned income (1)
Taxable	$	12,979,759		6.37	%	$	12,683,077		6.29	%	$	12,414,065		6.43	%	$	12,351,073		6.63	%	$	12,045,743		6.48	%
Tax-exempt (2)		30,346		5.51			25,044		4.94			13,198		1.57			15,584		1.86			17,230		2.08
Total loans, net of unearned income		13,010,105		6.37			12,708,121		6.28			12,427,263		6.43			12,366,657		6.62			12,062,973		6.48
Mortgage loans held for sale		11,739		5.23			6,731		4.76			9,642		5.36			10,674		3.80			6,761		6.13
Debt securities:
Taxable		1,965,089		3.37			1,934,739		3.31			1,932,547		3.49			1,955,632		3.57			1,936,818		3.33
Tax-exempt (2)		492		4.88			589		5.43			606		5.28			815		4.42			1,209		3.64
Total securities (3)		1,965,581		3.37			1,935,328		3.31			1,933,153		3.49			1,956,447		3.57			1,938,027		3.33
Federal funds sold and securities purchased with agreement to resell		124,303		5.14			1,670		4.86			1,596		4.49			2,106		5.86			38,475		5.62
Restricted equity securities		12,146		6.64			11,461		7.43			11,290		6.80			11,290		7.36			11,290		7.16
Interest-bearing balances with banks		1,952,479		4.47			2,526,382		4.48			2,143,474		4.81			1,775,192		5.46			1,183,482		5.57
Total interest-earning assets	$	17,076,353		5.80	%	$	17,189,693		5.69	%	$	16,526,418		5.87	%	$	16,122,366		6.12	%	$	15,241,008		6.01	%
Non-interest-earning assets:
Cash and due from banks		109,506					108,540					103,494					103,539					96,646
Net premises and equipment		59,944					59,633					60,708					60,607					59,653
Allowance for credit losses, accrued interest and other assets		380,700					352,282					346,763					340,621					300,521
Total assets	$	17,626,503				$	17,710,148				$	17,037,383				$	16,627,133				$	15,697,828

Interest-bearing liabilities:
Interest-bearing deposits:
Checking (4)	$	2,222,000		1.78	%	$	2,461,900		2.38	%	$	2,353,439		2.61	%	$	2,318,384		2.97	%	$	2,227,527		2.85	%
Savings		101,506		1.63			101,996		1.61			102,858		1.52			102,627		1.76			105,955		1.71
Money market		7,616,747		3.67			7,363,163		3.61			7,067,265		3.86			7,321,503		4.45			6,810,799		4.46
Time deposits		1,321,404		4.09			1,361,558		4.24			1,286,754		4.45			1,197,650		4.52			1,157,528		4.47
Total interest-bearing deposits		11,261,657		3.33			11,288,617		3.40			10,810,316		3.63			10,940,164		4.12			10,301,809		4.09
Federal funds purchased		1,855,860		4.49			1,994,766		4.50			1,767,749		4.80			1,391,118		5.42			1,193,190		5.50
Other borrowings		64,750		4.26			64,750		4.30			64,738		4.22			64,738		4.22			64,738		4.27
Total interest-bearing liabilities	$	13,182,267		3.50	%	$	13,348,133		3.57	%	$	12,642,803		3.80	%	$	12,396,020		4.26	%	$	11,559,737		4.23	%
Non-interest-bearing liabilities:
Non-interest-bearing checking		2,633,552					2,600,775					2,672,875					2,575,575					2,560,245
Other liabilities		119,829					120,291					130,457					122,455					89,418
Stockholders’ equity		1,716,232					1,670,402					1,624,084					1,574,902					1,536,013
Accumulated other comprehensive loss		(25,377	)				(29,453	)				(32,836	)				(41,819	)				(47,584	)
Total liabilities and stockholders’ equity	$	17,626,503				$	17,710,148				$	17,037,383				$	16,627,133				$	15,697,828
Net interest spread				2.30	%				2.12	%				2.07	%				1.86	%				1.78	%
Net interest margin				3.10	%				2.92	%				2.96	%				2.84	%				2.79	%

^{(1) Average loans include nonaccrual loans in all periods. Loan fees of $4,430, $3,764, $4,460, $3,949, and $3,317 are included in interest income in the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively.}
^{(2) Interest income and yields are presented on a fully taxable equivalent basis using a tax rate of 21%.}
^{(3) Unrealized losses on debt securities of $(36,381), $(41,970), $(46,652), $(58,802), and $(66,663) for the second quarter of 2025, first quarter of 2025, fourth quarter of 2024, third quarter of 2024, and second quarter of 2024, respectively, are excluded from the yield calculation.}
^{(4) Includes impact of reversal of a $2.3 million accrual related to a legal matter. Please see “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures.”}

Category: Intelligence Agencies

1. Antibiotics

2. Heart medicines

3. Chemotherapy

4. Painkillers

5. Antimalarial drugs

Promises Made, Promises Kept: