NewzIntel.com

Category: Intelligence Agencies

  • MIL-OSI Security: Auburn Man Charged with Federal Program Fraud

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

    MONTGOMERY, Ala. – An Auburn, Alabama man charged with federal crimes related to loans received through the Coronavirus Aid Relief and Economic Security (CARES) Act is now in federal custody, announced Acting United States Attorney Kevin Davidson. On July 15, 2025, law enforcement conducted an operation to execute search warrants and locate 52-year-old Cesar Campos-Reyes, who was indicted by a federal grand jury on four counts of bank fraud, four counts of wire fraud, and one count of money laundering. The United States District Court in Montgomery unsealed Campos-Reyes’s criminal indictment today. Campos-Reyes surrendered to federal authorities Tuesday evening.

    Two sources of relief provided by the CARES Act are the Paycheck Protection Program, or PPP, and the Economic Injury Disaster Loan (EIDL) program. Both programs were intended to help eligible small businesses by giving them working capital to make regular payments for operating expenses such as payroll, rent or mortgage expenses, utilities, or business debt. The indictment alleges that Campos-Reyes made false representations when applying for multiple loans for various restaurants owned and operated by him and for using the proceeds for unauthorized purposes.

    The charges are the result of a wide-ranging investigation by the Federal Bureau of Investigation (FBI) Drug Enforcement Administration (DEA), U.S. Homeland Security Investigations (HSI), and Alabama Law Enforcement Agency (ALEA). This operation received significant support from the Gulf of America Homeland Security Task Force, which is a collaborative law enforcement unit including the FBI and HSI. Additional assistance was provided by U.S. Immigration and Customs Enforcement (ICE), U.S. Customs and Border Protection (CBP), Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), Alabama Department of Corrections, Auburn Police Department, Opelika Police Department, Prattville Police Department, Wetumpka Police Department, Elmore County Sheriff’s Office, Lee County Sheriff’s Office, and United States Marshals Service.

    A criminal indictment or complaint is merely an allegation that a crime has been committed. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    If convicted on all charges, Campos-Reyes faces a sentence of up to 30 years in prison along with significant fines. There is no parole in the federal system. This case is being prosecuted by Assistant United States Attorneys Michelle R. Turner and John J. Geer, III.

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

    MIL Security OSI –

  • MIL-OSI Security: Former U.S. Army Soldier Sentenced to 12 Years in Federal Prison for Aggravated Child Neglect

    Source: US FBI

    NASHVILLE – Andrew J. Garasich, 29, of Westmoreland, Pennsylvania, has been sentenced to 12 years in federal prison for aggravated child neglect, announced Robert E. McGuire, Acting United States Attorney for the Middle District of Tennessee.

    “The victim in this case was a two-month-old child who was horribly neglected by the Defendant and barely survived,” said Acting United States Attorney Robert E. McGuire. “The child is now in a loving home but will face lifelong struggles because of the Defendant’s choices. This case shows that we will not hesitate to prosecute those who hurt children and, if they are convicted, we will seek long sentences in federal prison for them.”

    “This sentencing is a result of the unwavering commitment of the FBI and our justice system to protect the most vulnerable members of our community—our children,” said Special Agent in Charge Joe Carrico of the FBI Nashville Field Office. “There is no place in our community for those who harm children, and we will do everything we can to find and punish those who engage in this repugnant activity and seek justice for victims.”

    “This case highlights the strong partnership between Army CID, the FBI, and the Department of Justice,” said Special Agent in Charge John McCabe of the Department of the Army Criminal Investigation Division’s Midcentral Field Office. “This sentencing reflects our dedication to justice for this young victim and sends a clear message that child abuse will not be tolerated within our ranks or in our communities.”

    Garasich, a former sergeant (E-5) in the United States Army stationed on Fort Campbell, Kentucky, was a father of a two-month-old baby when, on December 30, 2022, Garasich severely burned his baby by bathing him in water so hot that the baby’s skin peeled off his body. The two-month-old baby did not receive medical treatment for five days after the bath.  When the baby was finally taken to Houston County Community Hospital for medical treatment, Garasich did not accompany the baby to the hospital. Medical personnel immediately arranged for the baby to be life flighted to Vanderbilt University Medical Center due to the severity of his injuries, and they contacted the Erin, Tennessee, Police Department, which dispatched officers to the hospital to speak with witnesses about how the baby was injured. When the baby was assessed at Vanderbilt, in addition to partial to full thickness burns on the baby’s buttocks, perineum, lower extremities, and left elbow, medical personnel also noted a left parietal skull fracture.

    Although Garasich does not have any prior criminal convictions, he has a prior case with the Department of Children’s Services involving another child in 2019.

    Following his term of imprisonment, Garasich will be on supervised release for 4 years.

    Garasich’s co-defendant, the child’s mother, will be sentenced on August 5, 2025.

    This case was investigated by the U.S. Army – Criminal Investigation Division and the FBI Nashville Field Office, Clarksville Resident Agency.  Assistant U.S. Attorney Monica Morrison and Acting United States Attorney Robert E. McGuire prosecuted the case.

    # # # # #

    MIL Security OSI –

  • MIL-OSI: Farmers & Merchants Bancorp (FMCB) Reports Record Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income of $23.1 million, an increase of $1.3 million or 5.9% compared to the second quarter of 2024;
    • Basic earnings per share of $33.06 and diluted earnings per share of $32.94; diluted earnings per share up 12.1% compared to the second quarter of 2024;
    • Diluted earnings per share of $126.87 over the trailing twelve months, up 7.8% compared to $117.73 over the same trailing period a year ago and 15.2% compared to $110.10 for the same period two years ago;
    • Tangible book value per share increased 9.7% to $835.33 compared to $761.62 as of June 30, 2024;
    • Achieved a return on average assets of 1.65% and a return on average equity of 15.09%;
    • Net interest income of $53.9 million, up $3.1 million or 6.1% compared to $50.8 million in the second quarter of 2024; net interest margin (tax equivalent basis) of 4.07%, up from 3.91% in the second quarter of 2024;
    • Continued cost discipline resulted in an efficiency ratio of 44.88%;
    • Liquidity position remains strong with $291.8 million in cash, $1.3 billion in investment securities, of which $573.0 million are available-for-sale, no borrowings and a borrowing capacity of $2.1 billion as of June 30, 2025;
    • Continued to grow our solid capital position with a preliminary total risk-based capital ratio of 15.35%, common equity tier 1 ratio of 13.87%, tier 1 leverage ratio of 11.18% and a tangible common equity ratio of 11.08%;
    • Credit quality remains resilient with an allowance for credit losses on loans and leases of 2.09%; net charge-off ratio of 0.02% for the quarter and no non-accrual loans or leases at quarter-end.

    LODI, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record second quarter net income of $23.1 million, or $32.94 per diluted common share for the second quarter of 2025 compared with $21.8 million, or $29.39 per diluted common share, for the second quarter of 2024 and $23.0 million, or $32.86 per diluted common share for the first quarter of 2025. Annualized return on average assets was 1.65% and return on average equity was 15.09% for the second quarter of 2025 compared with 1.58% and 15.33% for the second quarter of 2024, and 1.70% and 15.65% for the first quarter of 2025. The expense efficiency ratio for second quarter was 44.88% down from 45.77% for the second quarter of 2024 and up from 43.86% for the first quarter of 2025.

    Net income over the trailing twelve months was $90.0 million compared with $87.9 million for the same trailing period a year earlier. Diluted earnings per share over the trailing twelve months totaled $126.87, up 7.8% compared with $117.73 for the same trailing period a year ago and $110.10 for the same period two years ago. Basic earnings per share over the trailing twelve months totaled $127.01, up 7.9% compared with $117.73 for the same trailing period a year ago and $110.10 for the same period two years ago.

    During the quarter, the Company declared a mid-year cash dividend of $9.30 per share totaling $6.5 million, a 5.7% increase over the $8.80 per share mid-year dividend paid in 2024. The Company has now paid a cash dividend for 90 consecutive years and has increased the cash dividend for 60 consecutive years. Farmers and Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group. On July 1, 2025, Sure Dividend released their top-ranked Dividend Kings, based on expected returns over the next five years and ranked Farmers & Merchants Bancorp #5 on this prestigious list.

    CEO Commentary

    Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the second quarter of 2025, highlighted by record second quarter net income of $23.1 million, a return on average assets of 1.65%, and a return on average equity of 15.09%. Net income for the first six-months of 2025 of $46.1 million is the best performing six-month period in the history of the Company. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter end with $291.8 million in cash, $1.3 billion in investment securities, of which $573.0 million are available-for-sale, no borrowings and access to $2.1 billion in borrowing capacity, while maintaining a conservative loan-to-deposit ratio of 76.38%. Capital levels continue to strengthen and are significantly above the regulatory thresholds for “well-capitalized” banks. Total deposits increased $61.2 million, or 1.3% to $4.8 billion at June 30, 2025 compared to December 31, 2024, as we continued our focus on growing deposits with our longstanding client relationships and developing new client relationships. Gross loans and leases were $3.6 billion at the end of the second quarter, up $40.3 million or 1.1% from March 31, 2025 and down $54.4 million or 1.5% from December 31, 2024. The increase in the second quarter was due to increased loan demand while the decrease in the first quarter was partially due to some seasonality in agricultural lending as well as our continued conservative approach in underwriting given the yield curve, which continues to not price in duration risk for loans and leases beyond three years. Credit quality remains solid as we continue to work closely with our borrowers while they work through the current economic cycle, particularly in a few agricultural products adversely impacted by negative conditions in the export market. Our Company remains in excellent financial condition, continues to perform at a high-level and is well positioned to navigate the challenges ahead as we have for the past 109 years.”

    Mr. Steinwert continued, “I am pleased to announce that Bank Director Magazine just released their annual ranking of the top performing banks for 2024 and Farmers & Merchants Bancorp was ranked the #3 bank in the nation across all asset categories. This follows our #2 ranking for 2023 and #1 ranking for 2022. Bank Director’s recognition of our performance over the last three years validates the success of our strategy and commitment to our clients, employees, shareholders and communities.”

    Earnings

    Net interest income for the quarter ended June 30, 2025 was $53.9 million compared with $50.8 million in the same quarter in 2024 and $53.1 million in the first quarter of 2025. Net interest income for the six-months ended June 30, 2025 was $107.0 million, an increase of $4.5 million, or 4.4%, when compared with the $102.5 million for the same period in 2024. The Company’s net interest margin increased to 4.13% for the six-months ended June 30, 2025 compared with 4.02% for the same period in 2024.  The increase in the net interest margin was driven primarily by a decrease in deposit costs. Tangible book value per share increased to $835.33 at June 30, 2025, up 9.7% compared with $761.62 a year ago.

    Balance Sheet

    Total assets at quarter-end were $5.5 billion, up from $5.4 billion as of December 31, 2024. Total cash and cash equivalents were $291.8 million, an increase of $79.2 million from December 31, 2024 and a decrease of $315.5 million compared to March 31, 2025, primarily due to the repayment of brokered deposits. Total loans and leases outstanding were $3.6 billion, a decrease of $54.4 million or 1.5% from December 31, 2024, but an increase of $40.3 million or 1.1% from March 31, 2025. As of June 30, 2025, our total investment securities portfolio was $1.3 billion, an increase of $88.0 million from December 31, 2024 and an increase of $66.6 million from March 31, 2025. The portfolio is comprised of $573.0 million in available-for-sale securities and $748.9 million in held-to-maturity securities. Total deposits decreased $217.6 million to $4.76 billion compared to March 31, 2025, due to the repayment of all brokered deposits of $250.0 million during the quarter. Excluding the brokered deposits, total deposits increased $32.4 million, or 0.7% in the second quarter from March 31, 2025, and increased $61.2 million or 1.3% from December 31, 2024. Our loan to deposit ratio was 76.38% as of June 30, 2025, down from 78.53% as of December 31, 2024, due to an increase in total deposits and a modest decrease in total loans and leases.

    Credit Quality

    The Company’s credit quality remained solid with no non-accrual loans and leases as of June 30, 2025 and a negligible delinquency ratio of 0.03% of total loans and leases. Net charge-offs were 0.02% of average loans and leases for both the second quarter of 2025 and for the first half of 2025 compared to minor net recoveries for the comparative periods in 2024. Net charge-offs over the trailing twelve months were 0.04% of average total loans and leases. The total allowance for credit losses on loans and leases as well as unfunded commitments was $79.0 million as of June 30, 2025 compared to $78.1 million as of March 31, 2025. The allowance for credit losses on loans and leases increased by $0.8 million to $76.2 million, or 2.09% as of June 30, 2025 compared with $75.4, million or 2.10% as of March 31, 2025. A provision of $1.4 million was recorded during the second quarter of 2025 compared to no provision during the second quarter of 2024. The provision totaled $1.7 million for the first six-months of 2025 compared to no provision in the first six-months of 2024.

    Capital

    The Company’s and Bank’s regulatory capital ratios continued to strengthen during the second quarter of 2025. The growth in capital was driven by net income of $23.1 million offset by stock repurchases of $5.3 million and dividends paid of $6.8 million. The Company repurchased 4,546 shares during the quarter, reducing total outstanding shares to 725,367. As of June 30, 2025, there remains $14.7 million authorized for repurchases under the board-approved repurchase plan. At June 30, 2025, the Company’s preliminary total risk-based capital ratio was 15.35% and the common equity tier 1 capital ratio was 13.87%, an increase from 15.23% and 13.75% as of March 31, 2025, respectively. At June 30, 2025, the Company’s tier 1 leverage capital ratio was 11.18%, a decrease from 11.32% as of March 31, 2025, as a result of higher average assets. At June 30, 2025, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized.” At June 30, 2025, the tangible common equity ratio was 11.08%, up from 10.72% as of June 30, 2024.

    About Farmers & Merchants Bancorp

    Farmers & Merchants Bancorp, trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.5 billion in assets, and is consistently recognized as one of the nation’s safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 35 consecutive years, longer than any other commercial bank in the State of California.

    Farmers & Merchants Bancorp has paid dividends for 90 consecutive years and has increased dividends for 60 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 55 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase.

    In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

    In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

    In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence’s “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

    In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.

    F&M Bank is the 18th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

    F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 109 years ago.

    F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements that are based on management’s current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan and deposit production levels of net interest margin, the ability to control costs and expenses, the competitive environment, financial and regulatory policies of the United States government, general economic conditions, inflation, recessions, tariffs, economic uncertainty in the United States, and changes in interest rates. Forward-looking statements in this earnings release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company’s ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

    For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

    Investor Relations Contact
    Farmers & Merchants Bancorp
    Bart R. Olson
    Executive Vice President and Chief Financial Officer

    Phone: 209-367-2485
    bolson@fmbonline.com

                             
    FINANCIAL HIGHLIGHTS                        
          Three-Months Ended     Six-Months Ended
    (dollars in thousands, except per share amounts)     June 30, 2025   March 31, 2025   June 30, 2024     June 30, 2025   June 30, 2024
    Earnings and Profitability:                        
    Interest income     $ 70,061     $ 67,138     $ 69,831       $ 137,199     $ 136,472  
    Interest expense       16,193       13,997       19,050         30,190       33,978  
    Net interest income       53,868       53,141       50,781         107,009       102,494  
    Provision for credit losses       1,400       300       –         1,700       –  
    Noninterest income       5,519       5,021       4,767         10,540       9,842  
    Noninterest expense       26,651       25,509       25,422         52,160       50,943  
    Income before taxes       31,336       32,353       30,126         63,689       61,393  
    Income tax expense       8,281       9,344       8,359         17,625       16,903  
    Net income     $ 23,055     $ 23,009     $ 21,767       $ 46,064     $ 44,490  
                             
    Basic earnings per share     $ 33.06     $ 32.88     $ 29.39       $ 65.94     $ 59.95  
    Diluted earnings per share     $ 32.94     $ 32.86     $ 29.39       $ 65.80     $ 59.95  
    Weighted Average Shares Outstanding – Basic       697,332       699,736       740,752         698,527       742,150  
    Weighted Average Shares Outstanding – Diluted       699,852       700,215       740,752         700,102       742,150  
    Return on average assets       1.65 %     1.70 %     1.58 %       1.67 %     1.65 %
    Return on average equity       15.09 %     15.65 %     15.33 %       15.37 %     15.82 %
    Loan yield       6.08 %     6.07 %     6.13 %       6.07 %     6.11 %
    Cost of average total deposits       1.31 %     1.17 %     1.51 %       1.25 %     1.39 %
    Net interest margin – tax equivalent       4.07 %     4.20 %     3.91 %       4.13 %     4.02 %
    Effective tax rate       26.43 %     28.88 %     27.75 %       27.67 %     27.53 %
    Efficiency ratio       44.88 %     43.86 %     45.77 %       44.37 %     45.35 %
    Book value per share     $ 852.72     $ 825.18     $ 779.40       $ 852.72     $ 779.40  
    Tangible book value per share     $ 835.33     $ 843.33     $ 761.62       $ 835.33     $ 761.62  
                             
    Balance Sheet:                        
    Total assets     $ 5,478,773     $ 5,680,024     $ 5,267,485       $ 5,478,773     $ 5,267,485  
    Cash and cash equivalents       291,752       607,254       295,936         291,752       295,936  
    of which held at Fed       178,999       515,758       225,676         178,999       225,676  
    Total investment securities       1,321,812       1,255,204       1,046,210         1,321,812       1,046,210  
    of which available-for-sale       572,951       495,433       251,413         572,951       251,413  
    of which held-to-maturity       748,861       759,771       794,797         748,861       794,797  
    Gross loans and leases       3,635,831       3,595,511       3,692,237         3,635,831       3,692,237  
    Allowance for credit losses – loans and leases       76,169       75,423       74,432         76,169       74,432  
    Total deposits       4,760,364       4,977,968       4,597,055         4,760,364       4,597,055  
    Subordinated debentures       10,310       10,310       10,310         10,310       10,310  
    Total shareholders’ equity     $ 618,532     $ 602,306     $ 576,220       $ 618,532     $ 576,220  
                             
    Loan-to-deposit ratio       76.38 %     72.23 %     80.32 %       76.38 %     80.32 %
    Percentage of checking deposits to total deposits       49.23 %     50.79 %     48.60 %       49.23 %     48.60 %
                             
    Capital ratios (Bancorp) (1)                        
    Common equity tier 1 capital to risk-weighted assets       13.87 %     13.75 %     13.09 %       13.87 %     13.09 %
    Tier 1 capital to risk-weighted assets       14.09 %     13.97 %     13.32 %       14.09 %     13.32 %
    Risk-based capital to risk-weighted assets       15.35 %     15.23 %     14.58 %       15.35 %     14.58 %
    Tier 1 leverage capital ratio       11.18 %     11.32 %     10.66 %       11.18 %     10.66 %
    Tangible common equity ratio (2)       11.08 %     10.40 %     10.72 %       11.08 %     10.72 %
                             
    (1) Capital information is preliminary for June 30, 2025                        
    (2) Non-GAAP measurement                        
                             
    Non-GAAP measurement reconciliation:                        
                             
    (Dollars in thousands)     June 30, 2025   March 31, 2025   June 30, 2024          
                             
    Shareholders’ equity     $ 618,532     $ 602,306     $ 576,220            
    Less: Intangible assets       12,609       12,740       13,145            
    Tangible common equity     $ 605,923     $ 589,566     $ 563,075            
                             
    Total assets     $ 5,478,773     $ 5,680,024     $ 5,267,485            
    Less: Intangible assets       12,609       12,740       13,145            
    Tangible assets     $ 5,466,164     $ 5,667,284     $ 5,254,340            
                             
    Tangible common equity ratio (1)       11.08 %     10.40 %     10.72 %          
                             
    (1) Tangible common equity divided by tangible assets                        

    The MIL Network –

  • MIL-OSI Security: Longtime VA Contracting Officer Sentenced to Over Five Years in Prison for Defrauding the Agency of More Than $500,000

    Source: US FBI

    For Years, Defendant Directed Projects, Contracts to Shell Co. Set Up With His Paramour

    PHILADELPHIA – United States Attorney David Metcalf announced that Ahmed Hassan, 71, of Collegeville, Pennsylvania, was sentenced today by United States District Judge John F. Murphy to 64 months’ imprisonment and three years of supervised release for defrauding his employer, the Department of Veterans Affairs (“the VA”), of over $500,000. The defendant was also ordered to pay $565,058.70 in restitution, with $150,000 of that restitution due in 30 days, and a $2,200 special assessment.

    Hassan was charged by indictment in April 2021. After a one-week trial in October of 2024, a federal jury convicted the defendant of 22 counts of wire fraud for misusing his VA position to steal from the agency.

    As proven at trial, Hassan was a trusted supervisory engineer at the Veterans Affairs Medical Center (“VA Medical Center”) in Philadelphia. In that position, Hassan was responsible for all mechanical and large HVAC systems at the Medical Center and was further charged with overseeing and implementing contracts in his area of responsibility.

    From approximately 2013 through October 2017, Hassan schemed to defraud the VA by drafting and submitting for payment, false invoices of a shell company called HT Mechanical. But unbeknownst to Medical Center management, and in violation of Hassan’s duties to the VA, HT Mechanical was a fraudulent entity that Hassan had secretly set up with his then-paramour, Lynn Hanrahan[1] — a social worker with no knowledge of, or expertise in, HVAC or mechanical systems — in order to defraud the VA.

    For years, the defendant made up fake work, drafted false invoices on HT Mechanical letterhead, submitted them for payment to the VA under the VA purchase card program, and lied to the VA, claiming that the work had been done, when the so-called jobs did not exist, and no work was performed. After the VA made payment to HT Mechanical based on the defendant’s lies, his paramour returned the payments to the defendant, either by check or by giving the defendant envelopes of cash.

    “Fraud against the government hurts us all,” said U.S. Attorney Metcalf. “It heightens the cost of public services and threatens their availability to deserving citizens. In this case, out of sheer greed, Ahmed Hassan thoroughly betrayed the veterans the VA exists to serve and stole from American taxpayers. Today’s sentence shows that criminals who cheat the U.S. government will pay for it, in the end.”

    “This sentencing demonstrates that those involved in defrauding VA, particularly VA employees in positions of public trust, will be held accountable,” said Special Agent in Charge Christopher Algieri with the Department of Veterans Affairs Office of Inspector General’s Northeast Field Office. “The VA OIG will continue to work with our law enforcement partners to ensure the integrity of VA’s programs and services.”

    The case was investigated by Department of Veterans Affairs Office of Inspector General and the FBI, and is being prosecuted by Special Assistant United States Attorney Megan Curran and Assistant United States Attorney Mary E. Crawley.
     

    [1] Hanrahan was charged in a related scheme, pleaded guilty, and was sentenced on January 8, 2025.

    MIL Security OSI –

  • MIL-OSI Security: Philadelphia Man Who Robbed Four Banks Sentenced to Seven Years in Prison

    Source: US FBI

    PHILADELPHIA – United States Attorney David Metcalf announced that Joseph Perkins, 31, of Philadelphia, Pennsylvania, was sentenced today to 84 months in prison and three years of supervised release by United States District Judge Karen S. Marston for robbing multiple city banks in a two-week span.

    Perkins was charged by indictment in October 2024 with four counts of bank robbery and pleaded guilty in March. As detailed in court filings and admitted to by the defendant, he would present threatening demand notes to bank personnel in order to obtain and abscond with money.

    The offenses committed by Perkins are as follows:

    • the August 26, 2024, robbery of the Citizens Bank branch located inside the ACME Market at 2497 Aramingo Avenue, Philadelphia
    • the August 29, 2024, robbery of the Citizens Bank branch located at 2101 Cottman Avenue, Philadelphia
    • the September 4, 2024, robbery of the TD Bank branch located at 6304 Roosevelt Boulevard, Philadelphia
    • the September 7, 2024, robbery of the TD Bank branch located at 2267 East Butler Street, Philadelphia

    Perkins received cash in the first three robberies but fled the fourth empty-handed.

    The case was investigated by the FBI Philadelphia Violent Crimes Task Force and the Philadelphia Police Department and is being prosecuted by Assistant United States Attorney Kwambina Coker.

    MIL Security OSI –

  • MIL-OSI Security: Philadelphia Man Who Robbed Four Banks Sentenced to Seven Years in Prison

    Source: US FBI

    PHILADELPHIA – United States Attorney David Metcalf announced that Joseph Perkins, 31, of Philadelphia, Pennsylvania, was sentenced today to 84 months in prison and three years of supervised release by United States District Judge Karen S. Marston for robbing multiple city banks in a two-week span.

    Perkins was charged by indictment in October 2024 with four counts of bank robbery and pleaded guilty in March. As detailed in court filings and admitted to by the defendant, he would present threatening demand notes to bank personnel in order to obtain and abscond with money.

    The offenses committed by Perkins are as follows:

    • the August 26, 2024, robbery of the Citizens Bank branch located inside the ACME Market at 2497 Aramingo Avenue, Philadelphia
    • the August 29, 2024, robbery of the Citizens Bank branch located at 2101 Cottman Avenue, Philadelphia
    • the September 4, 2024, robbery of the TD Bank branch located at 6304 Roosevelt Boulevard, Philadelphia
    • the September 7, 2024, robbery of the TD Bank branch located at 2267 East Butler Street, Philadelphia

    Perkins received cash in the first three robberies but fled the fourth empty-handed.

    The case was investigated by the FBI Philadelphia Violent Crimes Task Force and the Philadelphia Police Department and is being prosecuted by Assistant United States Attorney Kwambina Coker.

    MIL Security OSI –

  • MIL-OSI: Bitcoin Solaris Presale Surpasses 14,150 Participants Ahead of July 31 Launch

    Source: GlobeNewswire (MIL-OSI)

    TALLINN, Estonia, July 17, 2025 (GLOBE NEWSWIRE) — Bitcoin Solaris (BTC-S), a next-generation dual-layer blockchain project, has officially surpassed 14,150 individual investors in its ongoing token presale. With over $6.6 million raised and just two weeks remaining until the July 31 launch, the project is entering its final phase with strong momentum and increasing global participation.

    Designed to merge high security with mass-scale performance, Bitcoin Solaris introduces a hybrid consensus model combining Proof-of-Work (PoW) and Delegated Proof-of-Stake (DPoS). Its two-layer structure enables both robust decentralization and ultra-fast transactions, with features that appeal to developers, miners, and everyday users alike.

    BTC-S blends security and scalability through its hybrid Proof-of-Work and Delegated Proof-of-Stake consensus. This dual-layer structure makes it ideal for high-throughput applications while maintaining decentralization and trustless security.

    • Base Layer built on SHA-256 Proof-of-Work for unmatched security
    • Solaris Layer is powered by Delegated Proof-of-Stake for 100,000 transactions per second and 2-second finality
    • Active validator rotation every 24 hours ensures stability and decentralization
    • Rust-based smart contracts enhance developer flexibility and adoption
    • Optional Zero-Knowledge Proofs support privacy-conscious users

    Through the exciting release of the upcoming Solaris Nova App, mining becomes more accessible than ever. Whether on mobile or desktop, users can participate in Bitcoin Solaris mining with ease, opening wealth opportunities to those who never thought mining was within reach.

    Mass Adoption Was a Dream Until Bitcoin Solaris Made It Real

    Crypto influencers are also noticing. Token Galaxy recently highlighted why Bitcoin Solaris is getting this level of attention, pointing to its combination of accessibility, performance, and future-ready infrastructure.

    Why This Presale Is Getting So Much Attention

    The Bitcoin Solaris presale is more than just successful. It is setting a new bar for how quickly genuine investor interest can drive adoption. With less than two weeks left before the July 31 launch, BTC-S has already raised over $6.6 million and continues to gain momentum.

    • Current price is $12
    • Next phase moves to $13
    • A 4% bonus remains active
    • Launch price is set at $20 with a potential 150 percent return

    This rapid adoption is making this one of the shortest presales in crypto history, a testament to how quickly investors are recognizing its potential.

    Wallets like Trust Wallet and Metamask are recommended for seamless token delivery on launch day. Bitcoin Solaris makes it clear these wallets are for receiving tokens, not for buying in.

    Secure your spot at Bitcoin Solaris.

    Built for Scalability, Security, and Long-Term Growth

    Bitcoin Solaris is more than presale hype. Its blockchain is designed to handle real-world needs across DeFi, gaming, IoT, and enterprise systems.

    • 3,000 transactions per second on the Base Layer
    • 100,000 transactions per second on the Solaris Layer
    • Cross-chain bridges create liquidity and interoperability
    • Independent audits by Cyberscope and Freshcoins validate security and transparency

    Performance is only part of the story. For those interested in mining, BTC-S offers a calculator to estimate earnings based on device capabilities and network demand.

    Rewards That Align with Long-Term Adoption

    Bitcoin Solaris has crafted its reward system to foster sustainable participation through a transparent and fair distribution model.

    • 40 percent to miners maintaining the Base Layer
    • 25 percent to validators on the Solaris Layer
    • 20 percent to stakers supporting the ecosystem
    • 10 percent dedicated to ongoing development
    • 5 percent for community initiatives and engagement

    Rewards adjust dynamically through metrics like contribution score, device type, and participation time. Transparency is maintained through dashboards and open reporting.

    Final Verdict: This Is Not Just Another Presale

    Bitcoin Solaris is delivering on its promise to create a blockchain that serves both early adopters and the future of decentralized applications. With mobile-first mining, unmatched scalability, and an exploding presale, BTC-S is one of the most exciting projects in crypto right now. For those who missed Bitcoin’s earliest days, this is the second chance they have been waiting for.

    For more information on Bitcoin Solaris:
    Website: https://www.bitcoinsolaris.com/
     Telegram: https://t.me/Bitcoinsolaris
     X: https://x.com/BitcoinSolaris

    Media Contact:
    Xander Levine
    press@bitcoinsolaris.com
    Press Kit: Available upon request

    Disclaimer: This content is provided by Bitcoin Solaris. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a8bbb05d-9239-4a62-93b8-956a92dcbd05

    https://www.globenewswire.com/NewsRoom/AttachmentNg/c61afcc8-5b0b-4ada-ab48-bc126a35db2b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/0ac2a691-79ba-4a95-9fdb-00f69e2818be

    https://www.globenewswire.com/NewsRoom/AttachmentNg/81671e18-dd04-4887-9e37-6bce3c694c61

    The MIL Network –

  • MIL-OSI: XRP players must read: 2025 latest Cloud Mining plan, $6000 daily withdrawal manual

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 17, 2025 (GLOBE NEWSWIRE) — As the world’s understanding of blockchain technology continues to deepen, the XRP ecosystem is recovering strongly. On-chain data shows that in the past 5 days, the number of active addresses in the XRP ledger has exceeded 100,000, and the average daily number of transactions has exceeded 3 million, setting a new high since 2024. At the same time, Ripple continues to promote cross-border payment cooperation in the Middle East, Southeast Asia and other places, and promotes XRP to become an important settlement medium for the circulation of real-world assets (RWA). As the price of XRP continues to fluctuate upward, more and more holders are looking for a way to obtain sustainable passive income without relying on secondary market fluctuations-cloud mining has entered the public eye. Among all cloud mining platforms that support XRP payments, ETHRANSACTION stands out with its stable income, green energy drive, compliance qualifications and flexible contract structure, and has become the first choice trusted by many investors.

    XRP chain rebounds, holders turn from “waiting for prices to rise” to “value appreciation”

    For a long time, XRP users have mainly made profits by hoarding coins and waiting for prices to rise. However, in the current market environment with high-frequency fluctuations and frequent policy intervention, this approach is becoming increasingly risky. In contrast, using XRP to purchase mining contracts through cloud mining can not only avoid the depreciation of currency-based assets, but also obtain additional income every day, which is a more stable strategy.

    ETHRANSACTION opened the XRP recharge channel as early as 2021, and continued to optimize the computing power support capabilities for the XRP chain. At present, users only need to transfer XRP to the platform and select the corresponding contract to immediately start cloud mining services for mainstream currencies such as DOGE and BTC. There is no threshold throughout the process, no equipment and maintenance required, and it is suitable for every digital asset holder.

    Popular contract list

    ⦁ Invest in WhatsMiner M30S [Daily Sign-in Rewards]: Investment amount: US$19, total net profit: US$19 + US$0.9.

    ⦁ Invest in Avalon Manufacturing A1346 [Experience Contract]: Investment amount: US$100, total net profit: US$100 + US$18.

    ⦁ Invest in ElphaPex DG Home1 contract plan: investment amount: $600, total net profit: $600 + $52.5.

    ⦁ Invest in Antminer L7 contract plan: investment amount: $1,300, total net profit: $1,300 + $236.6.

    ⦁ Invest in Antminer T21 contract plan: investment amount: $3,700, total net profit: $3,700 + $1,021.2.

    (The platform has launched a variety of stable income contracts, which can be viewed on the ETHRANSACTION official website.)

    All contracts take effect immediately, automatically settle profits daily, and support withdrawals at any time.

    Why are more and more XRP users choosing ETHRANSACTION?

    New users can get a $19 reward upon registration and experience cloud mining at zero cost;

    No mining machine is required, no maintenance is required, one-click contract start, and daily settlement of income;

    AI intelligent scheduling + green energy, computing power online rate 99.9%, zero carbon footprint of electricity consumption;

    McAfee® + Cloudflare® double security protection, platform assets are insured by AIG;

    0 management fee + 0 hidden fee, the income chain is traceable, transparent and clear;

    Support multi-currency withdrawal, including BTC, USDT, DOGE, ETH, XRP, etc., withdraw to wallet in seconds;

    Invitation rebate mechanism: direct invitation rebate 4%, indirect invitation rebate 2%, unlimited income.

    ETHRANSACTION currently serves more than 8 million users worldwide, and the platform covers more than 100 countries and regions. It is one of the most active and fastest growing brands in the current cloud computing track.

    Conclusion: From holding to appreciation, XRP’s potential is not just growth

    As a key hub connecting real-world payments and on-chain value, the future value of XRP is not only reflected in price, but also in scene landing and on-chain activity. ETHRANSACTION is providing the underlying computing power support and financial tools for this value reconstruction, allowing every XRP holder to truly participate in and benefit from the growth of the blockchain economy.

    Media Details:

    Visit the official website https://ethransaction.vip now, or send an email to info@ethransaction.vip to start your XRP cloud mining journey and let your assets appreciate every day.

    Attachment

    The MIL Network –

  • MIL-OSI: XRP players must read: 2025 latest Cloud Mining plan, $6000 daily withdrawal manual

    Source: GlobeNewswire (MIL-OSI)

    New York City, NY, July 17, 2025 (GLOBE NEWSWIRE) — As the world’s understanding of blockchain technology continues to deepen, the XRP ecosystem is recovering strongly. On-chain data shows that in the past 5 days, the number of active addresses in the XRP ledger has exceeded 100,000, and the average daily number of transactions has exceeded 3 million, setting a new high since 2024. At the same time, Ripple continues to promote cross-border payment cooperation in the Middle East, Southeast Asia and other places, and promotes XRP to become an important settlement medium for the circulation of real-world assets (RWA). As the price of XRP continues to fluctuate upward, more and more holders are looking for a way to obtain sustainable passive income without relying on secondary market fluctuations-cloud mining has entered the public eye. Among all cloud mining platforms that support XRP payments, ETHRANSACTION stands out with its stable income, green energy drive, compliance qualifications and flexible contract structure, and has become the first choice trusted by many investors.

    XRP chain rebounds, holders turn from “waiting for prices to rise” to “value appreciation”

    For a long time, XRP users have mainly made profits by hoarding coins and waiting for prices to rise. However, in the current market environment with high-frequency fluctuations and frequent policy intervention, this approach is becoming increasingly risky. In contrast, using XRP to purchase mining contracts through cloud mining can not only avoid the depreciation of currency-based assets, but also obtain additional income every day, which is a more stable strategy.

    ETHRANSACTION opened the XRP recharge channel as early as 2021, and continued to optimize the computing power support capabilities for the XRP chain. At present, users only need to transfer XRP to the platform and select the corresponding contract to immediately start cloud mining services for mainstream currencies such as DOGE and BTC. There is no threshold throughout the process, no equipment and maintenance required, and it is suitable for every digital asset holder.

    Popular contract list

    ⦁ Invest in WhatsMiner M30S [Daily Sign-in Rewards]: Investment amount: US$19, total net profit: US$19 + US$0.9.

    ⦁ Invest in Avalon Manufacturing A1346 [Experience Contract]: Investment amount: US$100, total net profit: US$100 + US$18.

    ⦁ Invest in ElphaPex DG Home1 contract plan: investment amount: $600, total net profit: $600 + $52.5.

    ⦁ Invest in Antminer L7 contract plan: investment amount: $1,300, total net profit: $1,300 + $236.6.

    ⦁ Invest in Antminer T21 contract plan: investment amount: $3,700, total net profit: $3,700 + $1,021.2.

    (The platform has launched a variety of stable income contracts, which can be viewed on the ETHRANSACTION official website.)

    All contracts take effect immediately, automatically settle profits daily, and support withdrawals at any time.

    Why are more and more XRP users choosing ETHRANSACTION?

    New users can get a $19 reward upon registration and experience cloud mining at zero cost;

    No mining machine is required, no maintenance is required, one-click contract start, and daily settlement of income;

    AI intelligent scheduling + green energy, computing power online rate 99.9%, zero carbon footprint of electricity consumption;

    McAfee® + Cloudflare® double security protection, platform assets are insured by AIG;

    0 management fee + 0 hidden fee, the income chain is traceable, transparent and clear;

    Support multi-currency withdrawal, including BTC, USDT, DOGE, ETH, XRP, etc., withdraw to wallet in seconds;

    Invitation rebate mechanism: direct invitation rebate 4%, indirect invitation rebate 2%, unlimited income.

    ETHRANSACTION currently serves more than 8 million users worldwide, and the platform covers more than 100 countries and regions. It is one of the most active and fastest growing brands in the current cloud computing track.

    Conclusion: From holding to appreciation, XRP’s potential is not just growth

    As a key hub connecting real-world payments and on-chain value, the future value of XRP is not only reflected in price, but also in scene landing and on-chain activity. ETHRANSACTION is providing the underlying computing power support and financial tools for this value reconstruction, allowing every XRP holder to truly participate in and benefit from the growth of the blockchain economy.

    Media Details:

    Visit the official website https://ethransaction.vip now, or send an email to info@ethransaction.vip to start your XRP cloud mining journey and let your assets appreciate every day.

    Attachment

    The MIL Network –

  • MIL-OSI: Motley Fool Wealth Management Appoints Sabrina Rosh, CFP®, as Director of Financial Planning

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, Va., July 17, 2025 (GLOBE NEWSWIRE) — Motley Fool Wealth Management (“Fool Wealth” or “firm”), a purpose-driven financial advisory firm affiliated with The Motley Fool, today announced the appointment of Sabrina Rosh, CFP®, as the firm’s new Director of Financial Planning. Rosh will oversee the company’s financial planning and client support teams, reinforcing Fool Wealth’s commitment to delivering a highly personalized, goals-based client experience.

    Rosh joins Fool Wealth with nearly 20 years of experience supporting clients across the full spectrum of financial planning, including leadership roles at Ellevest, Fidelity Investments, Brighton Jones, Wealth Architects, and Loring Ward. Her approach aligns closely with the firm’s planning philosophy—one that looks beyond investments to include retirement readiness, risk management, insurance, and longevity. She will work with the team to further shape and support a consistent planning experience that reflects the complexity of clients’ lives and the long-term nature of their goals.

    “Sabrina brings the experience and perspective that reflects our Foolish values—collaboration, long-term thinking, and a deep commitment to excellence,” said Megan Brinsfield, CPA, CFP®, President of Motley Fool Wealth Management. “She combines technical expertise with client-centered leadership, and her role will help us build on the strength of our integrated approach and investment planning model while continuing to deliver a clear, personal experience for the families we serve.”

    Motley Fool Wealth Management combines personalized financial planning with a long-term investment philosophy centered on individual stock selection. Its three-part approach—stock picking, portfolio construction, and personalized asset allocation—is designed to align portfolio construction with each client’s goals, preferences, and financial plan. Led by CERTIFIED FINANCIAL PLANNER™ professionals, Fool Wealth’s model emphasizes clarity, consistency, and a deep understanding of the full scope of a client’s financial life.

    “Fool Wealth has built something rare: a planning-first culture that truly prioritizes the needs of the families it serves,” said Sabrina Rosh, CFP®. “At a time when clients are navigating more uncertainty and complexity, a team approach rooted in clarity and long-term thinking is not just valuable—it’s essential.”

    Rosh’s appointment comes as Fool Wealth continues to expand its leadership and grow a team of experienced advisors to reflect the growing complexity of client needs, including an increasing number of CFP® professionals and industry veterans.

    For more information about Motley Fool Wealth Management and its team, please visit www.foolwealth.com.

    About Motley Fool Wealth Management
    Motley Fool Wealth Management is a registered investment advisor affiliated with The Motley Fool, LLC. The firm offers personalized financial planning and investment management services, grounded in the same long-term, purpose-driven philosophy that has guided The Motley Fool for over three decades.

    The MIL Network –

  • MIL-OSI Security: Kansas man Indicted on Drug Trafficking and Firearms Charges

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

    KANSAS CITY, KAN.– A federal grand jury in Kansas City, Kansas, returned an indictment charging a Kansas man on drug trafficking and illegal firearms offenses.

    According to court documents, Marquis V. Bridgeman, 26, of Kansas City, Kansas, is charged with two counts of felon in possession of a firearm, one count of possession of a machinegun, one count of possession with intent to distribute 40 grams or more of fentanyl, one count of possession with intent to distribute cocaine, and one count of possession of a firearm in furtherance of a drug trafficking crime. 

    The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Kansas Highway Patrol are investigating the case.

    Assistant U.S. Attorney David Zabel is prosecuting the case.

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

    OTHER INDICTMENTS

    Jaylen Stallworth, 24, of Wylie, Texas, was indicted on one count of possession of a firearm by a convicted felon. The Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) is investigating the case. Assistant U.S. Attorney Jabari Wamble is prosecuting the case.
     

    An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
    ###
     

    MIL Security OSI –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

  • MIL-OSI: Lantronix Disrupts Industrial Connectivity With the Debut of Its Affordable, Award-Winning 5G Wireless Router Series

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader in compute and connectivity IoT solutions enabling Edge AI Intelligence, today launched its new NTC-500 Series rugged industrial-grade 5G router, designed to transform the economics of enterprise mobility and connectivity. This NTC-500 Series product launch is a direct result of Lantronix’s acquisition of NetComm Wireless, validating Lantronix’s strategic investment as well as underscoring its global position as a provider of cutting-edge connectivity solutions for enterprise and industrial IoT markets.

    The NTC-500 Series positions Lantronix to capitalize on the accelerating global shift toward wireless industrial infrastructure. With carrier certification, global approvals and a disruptive price point, the NTC-500 Series empowers enterprises to eliminate costly Ethernet infrastructure — potentially thousands of dollars per drop — while retaining the high-speed, low-latency performance traditionally associated with wired networks.

    By addressing key pain points, such as high deployment costs, long installation timelines, limited mobility and the need to support a high density of connected end points, the NTC-500 solution opens new revenue streams across private 5G, edge computing and industrial automation markets. Its flexible, future-ready design supports a wide range of use cases, enabling customers to scale efficiently while reducing total cost of ownership.

    “Lantronix has redefined the economics of industrial 5G mobility and critical connectivity,” said Daniel Quant, head of Industrial IoT Products and Business Line at Lantronix. “The NTC-500 Series delivers a rugged, globally approved and carrier-certified 5G solution at a breakthrough price point, enabling customers to scale digital transformation faster, future-proof their infrastructure investments and significantly reduce operational costs.”

    Private-5G ready, the NTC-500 Series supports the n48-CBRS band, n77 & n78 and more, enabling the rapid digitization of previously stranded or mobile assets. This unlocks new levels of automation, operational agility and productivity across enterprise and industrial segments.

    According to ABI Research’s 1Q 2025 Private Cellular Network Forecasts, the 5G market will grow from $2.7 billion in 2025 to $29 billion by 2030. Private 5G deployments in sectors such as manufacturing and healthcare are accelerating, driven by demand for advanced cellular capabilities in mission- and safety-critical applications.

    Award-Winning 5G Wireless Router

    Lantronix’s NTC-500 5G Series has not only resonated with customers and partners, but it has also earned industry-wide recognition. Lantronix’s innovation was recently honored with the 2025 Industrial IoT Product of the Year Award from IoT Evolution World, a leading authority covering IoT technologies.

    “Lantronix is a worthy recipient of a 2025 Industrial IoT Product of Year Award. Its NTC-500 Series is an outstanding representative of the diverse range of innovation that’s driving the multi-billion-dollar IoT market today. It is my honor to congratulate the Lantronix team for their innovative work and superior contribution to the rapidly evolving IoT industry,” said Rich Tehrani, CEO of TMC, publisher of IoT Evolution World.

    Built for High-Scale, High-Impact Deployments

    Supporting the latest 3GPP Release 16 5G features, the NTC-500 Series includes 5G Non-Standalone (NSA) and 5G Standalone (SA) with 4G-LTE fallback and Dynamic 5G Slicing, which enables complex end-to-end, on-demand quality of service solutions in partnership with leading carrier networks.

    Key Capabilities and Use Cases

    • High-Speed Data Transfer: Ultra-fast 5G data transmission for seamless communication between industrial assets and systems. Use Cases: Machine vision, remote inspections and firmware updates.
    • Low Latency for Real-Time Control: Near-instantaneous data, critical for robotics, AGVs, and security systems. Use Cases: Autonomous robotic arms, AGV coordination access control.
    • Cable-Free Connectivity for Improved Agility: Eliminate potentially thousands of dollars in cable runs, enabling flexible asset deployment. Use Cases: Modular production lines, pop-up logistics hubs, and reconfigurable warehouses.
    • Site-Wide Mobility for High-Density Asset Connectivity: Reliable and deterministic wireless communication across large campuses with many endpoints. Use Cases: Smart factories, AGV and Smart Forklift fleets, outdoor logistics yards.
    • Disruptive Price-Point: Enterprise-grade 5G at a price that expands addressable markets. Use Cases: Retail, QSR, mining, construction and cost-sensitive automation.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products and awards. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

    Lantronix Media Contact:
    Gail Kathryn Miller 
    Corporate Marketing & 
    Communications Manager 
    media@lantronix.com 
    949-212-0960 

    Lantronix Analyst and Investor Contact:
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI: Lantronix Disrupts Industrial Connectivity With the Debut of Its Affordable, Award-Winning 5G Wireless Router Series

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader in compute and connectivity IoT solutions enabling Edge AI Intelligence, today launched its new NTC-500 Series rugged industrial-grade 5G router, designed to transform the economics of enterprise mobility and connectivity. This NTC-500 Series product launch is a direct result of Lantronix’s acquisition of NetComm Wireless, validating Lantronix’s strategic investment as well as underscoring its global position as a provider of cutting-edge connectivity solutions for enterprise and industrial IoT markets.

    The NTC-500 Series positions Lantronix to capitalize on the accelerating global shift toward wireless industrial infrastructure. With carrier certification, global approvals and a disruptive price point, the NTC-500 Series empowers enterprises to eliminate costly Ethernet infrastructure — potentially thousands of dollars per drop — while retaining the high-speed, low-latency performance traditionally associated with wired networks.

    By addressing key pain points, such as high deployment costs, long installation timelines, limited mobility and the need to support a high density of connected end points, the NTC-500 solution opens new revenue streams across private 5G, edge computing and industrial automation markets. Its flexible, future-ready design supports a wide range of use cases, enabling customers to scale efficiently while reducing total cost of ownership.

    “Lantronix has redefined the economics of industrial 5G mobility and critical connectivity,” said Daniel Quant, head of Industrial IoT Products and Business Line at Lantronix. “The NTC-500 Series delivers a rugged, globally approved and carrier-certified 5G solution at a breakthrough price point, enabling customers to scale digital transformation faster, future-proof their infrastructure investments and significantly reduce operational costs.”

    Private-5G ready, the NTC-500 Series supports the n48-CBRS band, n77 & n78 and more, enabling the rapid digitization of previously stranded or mobile assets. This unlocks new levels of automation, operational agility and productivity across enterprise and industrial segments.

    According to ABI Research’s 1Q 2025 Private Cellular Network Forecasts, the 5G market will grow from $2.7 billion in 2025 to $29 billion by 2030. Private 5G deployments in sectors such as manufacturing and healthcare are accelerating, driven by demand for advanced cellular capabilities in mission- and safety-critical applications.

    Award-Winning 5G Wireless Router

    Lantronix’s NTC-500 5G Series has not only resonated with customers and partners, but it has also earned industry-wide recognition. Lantronix’s innovation was recently honored with the 2025 Industrial IoT Product of the Year Award from IoT Evolution World, a leading authority covering IoT technologies.

    “Lantronix is a worthy recipient of a 2025 Industrial IoT Product of Year Award. Its NTC-500 Series is an outstanding representative of the diverse range of innovation that’s driving the multi-billion-dollar IoT market today. It is my honor to congratulate the Lantronix team for their innovative work and superior contribution to the rapidly evolving IoT industry,” said Rich Tehrani, CEO of TMC, publisher of IoT Evolution World.

    Built for High-Scale, High-Impact Deployments

    Supporting the latest 3GPP Release 16 5G features, the NTC-500 Series includes 5G Non-Standalone (NSA) and 5G Standalone (SA) with 4G-LTE fallback and Dynamic 5G Slicing, which enables complex end-to-end, on-demand quality of service solutions in partnership with leading carrier networks.

    Key Capabilities and Use Cases

    • High-Speed Data Transfer: Ultra-fast 5G data transmission for seamless communication between industrial assets and systems. Use Cases: Machine vision, remote inspections and firmware updates.
    • Low Latency for Real-Time Control: Near-instantaneous data, critical for robotics, AGVs, and security systems. Use Cases: Autonomous robotic arms, AGV coordination access control.
    • Cable-Free Connectivity for Improved Agility: Eliminate potentially thousands of dollars in cable runs, enabling flexible asset deployment. Use Cases: Modular production lines, pop-up logistics hubs, and reconfigurable warehouses.
    • Site-Wide Mobility for High-Density Asset Connectivity: Reliable and deterministic wireless communication across large campuses with many endpoints. Use Cases: Smart factories, AGV and Smart Forklift fleets, outdoor logistics yards.
    • Disruptive Price-Point: Enterprise-grade 5G at a price that expands addressable markets. Use Cases: Retail, QSR, mining, construction and cost-sensitive automation.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth industries including Smart Cities, Automotive and Enterprise. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that address each layer of the IoT Stack. Lantronix’s leading-edge solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing. 

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products and awards. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024; as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. The forward-looking statements included in this release speak only as of the date hereof, and we do not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.

    Lantronix Media Contact:
    Gail Kathryn Miller 
    Corporate Marketing & 
    Communications Manager 
    media@lantronix.com 
    949-212-0960 

    Lantronix Analyst and Investor Contact:
    investors@lantronix.com

    The MIL Network –

  • MIL-OSI: Texas Capital Bancshares, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second quarter 2025 net income of $77.3 million and net income available to common stockholders
    of $73.0 million, up 86% and 95%, respectively, year-over-year

    Second quarter 2025 EPS of $1.58 per diluted share and adjusted EPS(1)of $1.63 per
    diluted share, up 98% and 104%, respectively, year-over-year

    Strong balance sheet growth with total loans increasing 7% quarter-over-quarter and 10% year-over-year

    Book Value and Tangible Book Value(2)per share both increasing 13% year-over-year, reaching record levels

    DALLAS, July 17, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the second quarter of 2025.

    “Our multi-year focus on building a differentiated, full-service financial services firm has strengthened our client franchise and consistently delivered high-quality outcomes across our platform, driving strong financial performance this quarter,” said Rob C. Holmes, Chairman, President & CEO. “The strategic actions we’ve taken have structurally enhanced our earnings power, and as we enter the second half of the year, the breadth of our capabilities and the strength of our balance sheet position us to deliver durable, through-cycle results for both clients and shareholders.”

      2nd Quarter   1st Quarter   2nd Quarter
    (dollars in thousands except per share data)   2025       2025       2024  
    OPERATING RESULTS          
    Net income $ 77,328     $ 47,047     $ 41,662  
    Net income available to common stockholders $ 73,016     $ 42,734     $ 37,350  
    Pre-provision net revenue(3) $ 117,188     $ 77,458     $ 78,597  
    Diluted earnings per common share $ 1.58     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   0.99 %     0.61 %     0.56 %
    Return on average common equity   9.17 %     5.56 %     5.26 %
               
    OPERATING RESULTS, ADJUSTED(1)          
    Net income $ 79,841     $ 47,047     $ 42,020  
    Net income available to common stockholders $ 75,529     $ 42,734     $ 37,708  
    Pre-provision net revenue(3) $ 120,475     $ 77,458     $ 79,059  
    Diluted earnings per common share $ 1.63     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   1.02 %     0.61 %     0.57 %
    Return on average common equity   9.48 %     5.56 %     5.31 %
               
    BALANCE SHEET          
    Loans held for investment $ 18,035,945     $ 17,654,243     $ 16,700,569  
    Loans held for investment, mortgage finance   5,889,589       4,725,541       5,078,161  
    Total loans held for investment   23,925,534       22,379,784       21,778,730  
    Loans held for sale   —       —       36,785  
    Total assets   31,943,535       31,375,749       29,854,994  
    Non-interest bearing deposits   7,718,006       7,874,780       7,987,715  
    Total deposits   26,064,309       26,053,034       23,818,327  
    Stockholders’ equity   3,510,070       3,429,774       3,175,601  
               

    (1) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
    (2) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (3) Net interest income plus non-interest income, less non-interest expense.

    SECOND QUARTER 2025 COMPARED TO FIRST QUARTER 2025

    For the second quarter of 2025, net income available to common stockholders was $73.0 million, or $1.58 per diluted share, compared to $42.7 million, or $0.92 per diluted share, for the first quarter of 2025.

    Provision for credit losses for the second quarter of 2025 was $15.0 million, compared to $17.0 million for the first quarter of 2025. The $15.0 million provision for credit losses recorded in the second quarter of 2025 resulted primarily from an increase in total loans held for investment (“LHI”) and $13.0 million in net charge-offs, partially offset by a decrease in criticized loans.

    Net interest income was $253.4 million for the second quarter of 2025, compared to $236.0 million for the first quarter of 2025, primarily due to increases in average earning assets and earning asset yields, a decrease in average short-term borrowings and the impact of one additional day in the second quarter. Net interest margin for the second quarter of 2025 was 3.35%, an increase of 16 basis points from the first quarter of 2025. LHI, excluding mortgage finance, yields decreased 4 basis points from the first quarter of 2025 and LHI, mortgage finance, yields increased 49 basis points from the first quarter of 2025. Total cost of deposits was 2.65% for the second quarter of 2025, an 11 basis point decrease from the first quarter of 2025.

    Non-interest income for the second quarter of 2025 increased $9.6 million compared to the first quarter of 2025 primarily due to increases in investment banking and advisory fees and trading income, partially offset by a $1.9 million loss on sale of available-for-sale debt securities recognized during the second quarter of 2025.

    Non-interest expense for the second quarter of 2025 decreased $12.7 million compared to the first quarter of 2025, primarily due to decreases in salaries and benefits, related to the effect of seasonal payroll expenses that peak in the first quarter, and legal and professional expense, partially offset by an increase in other non-interest expense.

    SECOND QUARTER 2025 COMPARED TO SECOND QUARTER 2024

    Net income available to common stockholders was $73.0 million, or $1.58 per diluted share, for the second quarter of 2025, compared to $37.4 million, or $0.80 per diluted share, for the second quarter of 2024.

    The second quarter of 2025 included a $15.0 million provision for credit losses, reflecting an increase in total LHI and $13.0 million in net charge-offs, partially offset by a decline in criticized loans, compared to a $20.0 million provision for credit losses for the second quarter of 2024.

    Net interest income increased to $253.4 million for the second quarter of 2025, compared to $216.6 million for the second quarter of 2024, primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities. Net interest margin increased 34 basis points to 3.35% for the second quarter of 2025, as compared to the second quarter of 2024. LHI, excluding mortgage finance, yields decreased 44 basis points compared to the second quarter of 2024 and LHI, mortgage finance yields increased 48 basis points from the second quarter of 2024. Total cost of deposits decreased 34 basis points compared to the second quarter of 2024.

    Non-interest income for the second quarter of 2025 increased $3.6 million compared to the second quarter of 2024 primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by the loss on sale of available-for-sale debt securities mentioned above.

    Non-interest expense for the second quarter of 2025 increased $1.9 million compared to the second quarter of 2024, primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by a decrease in marketing expense.

    CREDIT QUALITY

    Net charge-offs of $13.0 million were recorded during the second quarter of 2025, compared to net charge-offs of $9.8 million and $12.0 million during the first quarter of 2025 and the second quarter of 2024, respectively. Criticized loans totaled $637.5 million at June 30, 2025, compared to $762.9 million at March 31, 2025 and $859.7 million at June 30, 2024. Non-accrual LHI totaled $113.6 million at June 30, 2025, compared to $93.6 million at March 31, 2025 and $85.0 million at June 30, 2024. The ratio of non-accrual LHI to total LHI for the second quarter of 2025 was 0.47%, compared to 0.42% for the first quarter of 2025 and 0.39% for the second quarter of 2024. The ratio of total allowance for credit losses to total LHI was 1.40% at June 30, 2025, compared to 1.48% and 1.44% at March 31, 2025 and June 30, 2024, respectively.

    REGULATORY RATIOS AND CAPITAL

    All regulatory ratios continue to be in excess of “well capitalized” requirements as of June 30, 2025. CET1, tier 1 capital, total capital and leverage ratios were 11.4%, 12.9%, 15.3% and 11.8%, respectively, at June 30, 2025, compared to 11.6%, 13.1%, 15.6% and 11.8%, respectively, at March 31, 2025 and 11.6%, 13.1%, 15.7% and 12.2%, respectively, at June 30, 2024. At June 30, 2025, our ratio of tangible common equity to total tangible assets was 10.1%, compared to 10.0% at March 31, 2025 and 9.6% at June 30, 2024.

    During the second quarter of 2025, the Company repurchased 317,860 shares of its common stock for an aggregate purchase price, including excise tax expense, of $21.0 million, at a weighted average price of $65.50 per share.

    About Texas Capital Bancshares, Inc.

    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000®Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities.

    Forward Looking Statements

    This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

    Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

    TEXAS CAPITAL BANCSHARES, INC.
    SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
    (dollars in thousands except per share data)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    CONSOLIDATED STATEMENTS OF INCOME          
    Interest income $ 439,567   $ 427,289   $ 437,571   $ 452,533   $ 422,068  
    Interest expense   186,172     191,255     207,964     212,431     205,486  
    Net interest income   253,395     236,034     229,607     240,102     216,582  
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
    Net interest income after provision for credit losses   238,395     219,034     211,607     230,102     196,582  
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    Income/(loss) before income taxes   102,188     60,458     93,522     (79,993 )   58,597  
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Net income/(loss)   77,328     47,047     71,023     (61,319 )   41,662  
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
    Net income/(loss) available to common stockholders $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted common shares   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    CONSOLIDATED BALANCE SHEET DATA          
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for sale   —     —     —     9,022     36,785  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Non-interest bearing deposits   7,718,006     7,874,780     7,485,428     9,070,804     7,987,715  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
               
    End of period shares outstanding   45,746,836     46,024,933     46,233,812     46,207,757     46,188,078  
    Book value per share $ 70.17   $ 68.00   $ 66.36   $ 66.09   $ 62.26  
    Tangible book value per share(1) $ 70.14   $ 67.97   $ 66.32   $ 66.06   $ 62.23  
    SELECTED FINANCIAL RATIOS          
    Net interest margin   3.35 %   3.19 %   2.93 %   3.16 %   3.01 %
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted(4)   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted(4)   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
    Efficiency ratio(2)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(2)(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted(4)   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted(4)   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %
    Common equity to total assets   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Tangible common equity to total tangible assets(3)   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Common Equity Tier 1   11.4 %   11.6 %   11.4 %   11.2 %   11.6 %
    Tier 1 capital   12.9 %   13.1 %   12.8 %   12.6 %   13.1 %
    Total capital   15.3 %   15.6 %   15.4 %   15.2 %   15.7 %
    Leverage   11.8 %   11.8 %   11.3 %   11.4 %   12.2 %

    (1) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (2) Non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.
    (4) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
      June 30,
    2025    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024
    Assets          
    Cash and due from banks $ 182,451   $ 201,504   $ 176,501   $ 297,048   $ 221,727  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Available-for-sale debt securities   3,774,141     3,678,378     3,524,686     3,518,662     3,483,231  
    Held-to-maturity debt securities   761,907     779,354     796,168     812,432     831,513  
    Equity securities   68,692     71,679     75,261     74,426     74,232  
    Trading securities   3,888     1,808     —     —     —  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Loans held for sale   —     —     —     9,022     36,785  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Less: Allowance for credit losses on loans   277,648     278,379     271,709     273,143     267,297  
    Loans held for investment, net   23,647,886     22,101,405     22,178,357     22,021,028     21,511,433  
    Premises and equipment, net   86,831     84,575     85,443     81,577     69,464  
    Accrued interest receivable and other assets   908,552     854,581     881,664     919,071     933,761  
    Goodwill and intangibles, net   1,496     1,496     1,496     1,496     1,496  
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    Liabilities and Stockholders’ Equity          
    Liabilities:          
    Non-interest bearing deposits $ 7,718,006   $ 7,874,780   $ 7,485,428   $ 9,070,804   $ 7,987,715  
    Interest bearing deposits   18,346,303     18,178,254     17,753,171     16,794,451     15,830,612  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Accrued interest payable   14,120     25,270     23,680     18,679     23,841  
    Other liabilities   484,780     457,150     556,322     696,149     502,228  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Total liabilities   28,433,465     27,945,975     27,363,947     28,275,255     26,679,393  
               
    Stockholders’ equity:          
    Preferred stock, $.01 par value, $1,000 liquidation value:          
    Authorized shares – 10,000,000          
    Issued shares(1)   300,000     300,000     300,000     300,000     300,000  
    Common stock, $.01 par value:          
    Authorized shares – 100,000,000          
    Issued shares(2)   517     517     515     515     515  
    Additional paid-in capital   1,065,083     1,060,028     1,056,719     1,054,614     1,050,114  
    Retained earnings   2,611,401     2,538,385     2,495,651     2,428,940     2,494,572  
    Treasury stock(3)   (354,000 )   (332,994 )   (301,842 )   (301,868 )   (301,868 )
    Accumulated other comprehensive loss, net of taxes   (112,931 )   (136,162 )   (183,107 )   (128,157 )   (367,732 )
    Total stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
    Total liabilities and stockholders’ equity $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    (1) Preferred stock – issued shares   300,000     300,000     300,000     300,000     300,000  
    (2) Common stock – issued shares   51,747,305     51,707,542     51,520,315     51,494,260     51,474,581  
    (3) Treasury stock – shares at cost   6,000,469     5,682,609     5,286,503     5,286,503     5,286,503  
    TEXAS CAPITAL BANCSHARES, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)        
    (dollars 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 $ 364,358   $ 345,251 $ 698,508   $ 676,130
    Investment securities   45,991     33,584   92,556     65,728
    Interest bearing cash and cash equivalents   29,218     43,233   75,792     97,588
    Total interest income   439,567     422,068   866,856     839,446
    Interest expense        
    Deposits   174,798     181,280   349,734     356,880
    Short-term borrowings   3,444     12,749   11,690     25,532
    Long-term debt   7,930     11,457   16,003     25,443
    Total interest expense   186,172     205,486   377,427     407,855
    Net interest income   253,395     216,582   489,429     431,591
    Provision for credit losses   15,000     20,000   32,000     39,000
    Net interest income after provision for credit losses   238,395     196,582   457,429     392,591
    Non-interest income        
    Service charges on deposit accounts   8,182     5,911   16,022     12,250
    Wealth management and trust fee income   3,730     3,699   7,694     7,266
    Brokered loan fees   2,398     2,131   4,347     4,042
    Investment banking and advisory fees   24,109     25,048   40,587     43,472
    Trading income   7,896     5,650   13,835     10,362
    Available-for-sale debt securities losses   (1,886 )   —   (1,886 )   —
    Other   9,640     7,985   17,914     14,351
    Total non-interest income   54,069     50,424   98,513     91,743
    Non-interest expense        
    Salaries and benefits   120,154     118,840   251,795     247,567
    Occupancy expense   12,144     10,666   22,988     20,403
    Marketing   3,624     5,996   8,633     12,032
    Legal and professional   11,069     11,273   26,058     27,468
    Communications and technology   24,314     22,013   47,956     43,127
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,570   10,437     13,991
    Other   13,875     14,051   25,429     26,214
    Total non-interest expense   190,276     188,409   393,296     390,802
    Income before income taxes   102,188     58,597   162,646     93,532
    Income tax expense   24,860     16,935   38,271     25,728
    Net income   77,328     41,662   124,375     67,804
    Preferred stock dividends   4,312     4,312   8,625     8,625
    Net income available to common stockholders $ 73,016   $ 37,350 $ 115,750   $ 59,179
             
    Basic earnings per common share $ 1.59   $ 0.80 $ 2.52   $ 1.26
    Diluted earnings per common share $ 1.58   $ 0.80 $ 2.49   $ 1.25
    TEXAS CAPITAL BANCSHARES, INC.
    SUMMARY OF CREDIT LOSS EXPERIENCE
    (dollars in thousands)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    Allowance for credit losses on loans:          
    Beginning balance $ 278,379   $ 271,709   $ 273,143   $ 267,297   $ 263,962  
    Allowance established for acquired purchase credit deterioration loans   —     —     —     2,579     —  
    Loans charged-off:          
    Commercial   13,020     10,197     14,100     6,120     9,997  
    Commercial real estate   431     500     2,566     262     2,111  
    Consumer   —     —     —     30     —  
    Total charge-offs   13,451     10,697     16,666     6,412     12,108  
    Recoveries:          
    Commercial   486     483     4,562     329     153  
    Commercial real estate   —     413     18     —     —  
    Consumer   —     4     15     —     —  
    Total recoveries   486     900     4,595     329     153  
    Net charge-offs   12,965     9,797     12,071     6,083     11,955  
    Provision for credit losses on loans   12,234     16,467     10,637     9,350     15,290  
    Ending balance $ 277,648   $ 278,379   $ 271,709   $ 273,143   $ 267,297  
               
    Allowance for off-balance sheet credit losses:          
    Beginning balance $ 53,865   $ 53,332   $ 45,969   $ 45,319   $ 40,609  
    Provision for off-balance sheet credit losses   2,766     533     7,363     650     4,710  
    Ending balance $ 56,631   $ 53,865   $ 53,332   $ 45,969   $ 45,319  
               
    Total allowance for credit losses $ 334,279   $ 332,244   $ 325,041   $ 319,112   $ 312,616  
    Total provision for credit losses $ 15,000   $ 17,000   $ 18,000   $ 10,000   $ 20,000  
               
    Allowance for credit losses on loans to total loans held for investment   1.16 %   1.24 %   1.21 %   1.23 %   1.23 %
    Allowance for credit losses on loans to average total loans held for investment   1.19 %   1.29 %   1.22 %   1.24 %   1.27 %
    Net charge-offs to average total loans held for investment(1)   0.22 %   0.18 %   0.22 %   0.11 %   0.23 %
    Net charge-offs to average total loans held for investment for last 12 months(1)   0.18 %   0.18 %   0.19 %   0.20 %   0.22 %
    Total provision for credit losses to average total loans held for investment(1)   0.26 %   0.32 %   0.32 %   0.18 %   0.38 %
    Total allowance for credit losses to total loans held for investment   1.40 %   1.48 %   1.45 %   1.43 %   1.44 %

    (1) Interim period ratios are annualized.

    TEXAS CAPITAL BANCSHARES, INC.          
    NON-PERFORMING ASSETS, PAST DUE LOANS AND CRITICIZED LOANS      
    (dollars in thousands)          
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    NON-PERFORMING ASSETS          
    Non-accrual loans held for investment $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
    Non-accrual loans held for sale   —     —     —     —     —  
    Other real estate owned   —     —     —     —     —  
    Total non-performing assets $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
               
    Non-accrual loans held for investment to total loans held for investment   0.47 %   0.42 %   0.50 %   0.40 %   0.39 %
    Total non-performing assets to total assets   0.36 %   0.30 %   0.36 %   0.28 %   0.28 %
    Allowance for credit losses on loans to non-accrual loans held for investment 2.4x 3.0x 2.4x 3.1x 3.1x
    Total allowance for credit losses to non-accrual loans held for investment 2.9x 3.6x 2.9x 3.6x 3.7x
               
    LOANS PAST DUE          
    Loans held for investment past due 90 days and still accruing $ 2,068   $ 791   $ 4,265   $ 5,281   $ 286  
    Loans held for investment past due 90 days to total loans held for investment   0.01 %   — %   0.02 %   0.02 %   — %
    Loans held for sale past due 90 days and still accruing $ —   $ —   $ —   $ —   $ 64  
               
    CRITICIZED LOANS          
    Criticized loans $ 637,462   $ 762,887   $ 713,951   $ 897,727   $ 859,671  
    Criticized loans to total loans held for investment   2.66 %   3.41 %   3.18 %   4.03 %   3.95 %
    Special mention loans $ 339,923   $ 484,165   $ 435,626   $ 579,802   $ 593,305  
    Special mention loans to total loans held for investment   1.42 %   2.16 %   1.94 %   2.60 %   2.72 %
    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands)
               
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025   2025 2024   2024   2024
    Interest income          
    Interest and fees on loans $ 364,358   $ 334,150 $ 340,388 $ 361,407   $ 345,251
    Investment securities   45,991     46,565   44,102   38,389     33,584
    Interest bearing deposits in other banks   29,218     46,574   53,081   52,737     43,233
    Total interest income   439,567     427,289   437,571   452,533     422,068
    Interest expense          
    Deposits   174,798     174,936   189,061   190,255     181,280
    Short-term borrowings   3,444     8,246   10,678   13,784     12,749
    Long-term debt   7,930     8,073   8,225   8,392     11,457
    Total interest expense   186,172     191,255   207,964   212,431     205,486
    Net interest income   253,395     236,034   229,607   240,102     216,582
    Provision for credit losses   15,000     17,000   18,000   10,000     20,000
    Net interest income after provision for credit losses   238,395     219,034   211,607   230,102     196,582
    Non-interest income          
    Service charges on deposit accounts   8,182     7,840   6,989   6,307     5,911
    Wealth management and trust fee income   3,730     3,964   4,009   4,040     3,699
    Brokered loan fees   2,398     1,949   2,519   2,400     2,131
    Investment banking and advisory fees   24,109     16,478   26,740   34,753     25,048
    Trading income   7,896     5,939   5,487   5,786     5,650
    Available-for-sale debt securities losses   (1,886 )   —   —   (179,581 )   —
    Other   9,640     8,274   8,330   11,524     7,985
    Total non-interest income   54,069     44,444   54,074   (114,771 )   50,424
    Non-interest expense          
    Salaries and benefits   120,154     131,641   97,873   121,138     118,840
    Occupancy expense   12,144     10,844   11,926   12,937     10,666
    Marketing   3,624     5,009   4,454   5,863     5,996
    Legal and professional   11,069     14,989   15,180   11,135     11,273
    Communications and technology   24,314     23,642   24,007   25,951     22,013
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,341   4,454   4,906     5,570
    Other   13,875     11,554   14,265   13,394     14,051
    Total non-interest expense   190,276     203,020   172,159   195,324     188,409
    Income/(loss) before income taxes   102,188     60,458   93,522   (79,993 )   58,597
    Income tax expense/(benefit)   24,860     13,411   22,499   (18,674 )   16,935
    Net income/(loss)   77,328     47,047   71,023   (61,319 )   41,662
    Preferred stock dividends   4,312     4,313   4,312   4,313     4,312
    Net income/(loss) available to common shareholders $ 73,016   $ 42,734 $ 66,711 $ (65,632 ) $ 37,350
    TEXAS CAPITAL BANCSHARES, INC.
    TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1)
    (dollars in thousands)
      2nd Quarter 2025   1st Quarter 2025   2nd Quarter 2024   YTD June 30, 2025   YTD June 30, 2024
      Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate
    Assets                                      
    Investment securities(2) $ 4,573,164 $ 45,999 3.93 %   $ 4,463,876 $ 46,565 4.10 %   $ 4,427,023 $ 33,584 2.80 %   $ 4,518,822 $ 92,564 4.01 %   $ 4,363,195 $ 65,728 2.79 %
    Interest bearing cash and cash equivalents   2,661,037   29,218 4.40 %     4,255,796   46,574 4.44 %     3,273,069   43,233 5.31 %     3,454,011   75,792 4.43 %     3,662,348   97,588 5.36 %
    Loans held for sale   —   — — %     335   2 2.97 %     28,768   683 9.55 %     167   2 2.97 %     39,966   1,867 9.40 %
    Loans held for investment, mortgage finance   5,327,559   58,707 4.42 %     3,972,106   38,527 3.93 %     4,357,288   42,722 3.94 %     4,653,577   97,234 4.21 %     3,937,498   74,177 3.79 %
    Loans held for investment(3)   18,018,626   306,142 6.81 %     17,527,070   296,091 6.85 %     16,750,788   301,910 7.25 %     17,774,206   602,233 6.83 %     16,636,438   600,216 7.26 %
    Less: Allowance for credit losses on loans   278,035   — — %     272,758   — —       263,145   — — %     275,411   — —       256,541   — —  
    Loans held for investment, net   23,068,150   364,849 6.34 %     21,226,418   334,618 6.39 %     20,844,931   344,632 6.65 %     22,152,372   699,467 6.37 %     20,317,395   674,393 6.68 %
    Total earning assets   30,302,351   440,066 5.80 %     29,946,425   427,759 5.76 %     28,573,791   422,132 5.86 %     30,125,372   867,825 5.78 %     28,382,904   839,576 5.87 %
    Cash and other assets   1,117,118         1,157,184         1,177,061         1,137,040         1,117,763    
    Total assets $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
                                           
    Liabilities and Stockholders’ Equity                                      
    Transaction deposits $ 2,213,037 $ 13,731 2.49 %   $ 2,163,250 $ 13,908 2.61 %   $ 2,061,622 $ 16,982 3.31 %   $ 2,188,282 $ 27,639 2.55 %   $ 2,034,057 $ 33,840 3.35 %
    Savings deposits   13,727,095   134,272 3.92 %     13,357,243   133,577 4.06 %     11,981,668   143,173 4.81 %     13,543,190   267,849 3.99 %     11,695,673   279,963 4.81 %
    Time deposits   2,361,525   26,795 4.55 %     2,329,384   27,451 4.78 %     1,658,899   21,125 5.12 %     2,345,543   54,246 4.66 %     1,689,112   43,077 5.13 %
    Total interest bearing deposits   18,301,657   174,798 3.83 %     17,849,877   174,936 3.97 %     15,702,189   181,280 4.64 %     18,077,015   349,734 3.90 %     15,418,842   356,880 4.65 %
    Short-term borrowings   306,176   3,444 4.51 %     751,500   8,246 4.45 %     927,253   12,749 5.53 %     527,608   11,690 4.47 %     919,670   25,532 5.58 %
    Long-term debt   649,469   7,930 4.90 %     660,445   8,073 4.96 %     778,401   11,457 5.92 %     654,927   16,003 4.93 %     818,955   25,443 6.25 %
    Total interest bearing liabilities   19,257,302   186,172 3.88 %     19,261,822   191,255 4.03 %     17,407,843   205,486 4.75 %     19,259,550   377,427 3.95 %     17,157,467   407,855 4.78 %
    Non-interest bearing deposits   8,191,402         7,875,244         8,647,594         8,034,196         8,642,685    
    Other liabilities   475,724         552,154         537,754         513,728         523,520    
    Stockholders’ equity   3,495,041         3,414,389         3,157,661         3,454,938         3,176,995    
    Total liabilities and stockholders’ equity $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
    Net interest income   $ 253,894       $ 236,504       $ 216,646       $ 490,398       $ 431,721  
    Net interest margin     3.35 %       3.19 %       3.01 %       3.27 %       3.02 %

    (1) Taxable equivalent rates used where applicable.
    (2) Yields on investment securities are calculated using available-for-sale securities at amortized cost.
    (3) Average balances include non-accrual loans.

    GAAP TO NON-GAAP RECONCILIATIONS

    The following items are non-GAAP financial measures: adjusted non-interest income, adjusted non-interest expense, adjusted net income, adjusted net income available to common stockholders, adjusted pre-provision net revenue (“PPNR”), adjusted diluted earnings/(loss) per common share, adjusted return on average assets, adjusted return on average common equity, adjusted efficiency ratio, adjusted non-interest income to average earning assets and adjusted non-interest expense to average earning assets. These are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures.

    These non-GAAP financial measures are adjusted for certain items, listed below, that management believes are non-operating in nature and not representative of its actual operating performance. Management believes that these non-GAAP financial measures provide meaningful additional information about Texas Capital Bancshares, Inc. to assist management and investors in evaluating operating results, financial strength, business performance and capital position. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. As such, these non-GAAP financial measures should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP.

    Reconciliation of Non-GAAP Financial Measures      
    (dollars in thousands except per share data) 2nd Quarter
    2025    		 1st Quarter
    2025    		 4th Quarter
    2024    		 3rd Quarter
    2024    		 2nd Quarter
    2024
    Net interest income $ 253,395   $ 236,034   $ 229,607   $ 240,102   $ 216,582  
               
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Available-for-sale debt securities losses, net   1,886     —     —     179,581     —  
    Non-interest income, adjusted   55,955     44,444     54,074     64,810     50,424  
               
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    FDIC special assessment   —     —     —     651     (462 )
    Restructuring expenses   (1,401 )   —     —     (5,923 )   —  
    Non-interest expense, adjusted   188,875     203,020     172,159     190,052     187,947  
               
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
               
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Tax effect of adjustments   774     —     —     44,880     104  
    Income tax expense/(benefit), adjusted   25,634     13,411     22,499     26,206     17,039  
               
    Net income/(loss)(1) $ 77,328   $ 47,047   $ 71,023   $ (61,319 ) $ 41,662  
    Net income/(loss), adjusted(1) $ 79,841   $ 47,047   $ 71,023   $ 78,654   $ 42,020  
               
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
               
    Net income/(loss) to common stockholders(2) $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Net income/(loss) to common stockholders, adjusted(2) $ 75,529   $ 42,734   $ 66,711   $ 74,341   $ 37,708  
               
    PPNR(3) $ 117,188   $ 77,458   $ 111,522   $ (69,993 ) $ 78,597  
    PPNR(3), adjusted $ 120,475   $ 77,458   $ 111,522   $ 114,860   $ 79,059  
               
    Weighted average common shares outstanding, diluted   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted earnings/(loss) per common share, adjusted $ 1.63   $ 0.92   $ 1.43   $ 1.59   $ 0.80  
               
    Average total assets $ 31,419,469   $ 31,103,609   $ 32,212,087   $ 31,215,173   $ 29,750,852  
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
               
    Average common equity $ 3,195,041   $ 3,114,389   $ 3,120,933   $ 2,945,238   $ 2,857,661  
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
               
    Efficiency ratio(4)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
               
    Average earning assets $ 30,302,351   $ 29,946,425   $ 31,033,803   $ 29,975,318   $ 28,573,791  
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %

    (1) Net interest income plus non-interest income, less non-interest expense, provision for credit losses and income tax expense/(benefit). On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted, provision for credit losses and income tax expense/(benefit), adjusted.
    (2) Net income/(loss), less preferred stock dividends. On an adjusted basis, net income/(loss), adjusted, less preferred stock dividends.
    (3) Net interest income plus non-interest income, less non-interest expense. On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income. On an adjusted basis, non-interest expense, adjusted, divided by the sum of net interest income and non-interest income, adjusted.

    The MIL Network –

  • MIL-OSI: Texas Capital Bancshares, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second quarter 2025 net income of $77.3 million and net income available to common stockholders
    of $73.0 million, up 86% and 95%, respectively, year-over-year

    Second quarter 2025 EPS of $1.58 per diluted share and adjusted EPS(1)of $1.63 per
    diluted share, up 98% and 104%, respectively, year-over-year

    Strong balance sheet growth with total loans increasing 7% quarter-over-quarter and 10% year-over-year

    Book Value and Tangible Book Value(2)per share both increasing 13% year-over-year, reaching record levels

    DALLAS, July 17, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the second quarter of 2025.

    “Our multi-year focus on building a differentiated, full-service financial services firm has strengthened our client franchise and consistently delivered high-quality outcomes across our platform, driving strong financial performance this quarter,” said Rob C. Holmes, Chairman, President & CEO. “The strategic actions we’ve taken have structurally enhanced our earnings power, and as we enter the second half of the year, the breadth of our capabilities and the strength of our balance sheet position us to deliver durable, through-cycle results for both clients and shareholders.”

      2nd Quarter   1st Quarter   2nd Quarter
    (dollars in thousands except per share data)   2025       2025       2024  
    OPERATING RESULTS          
    Net income $ 77,328     $ 47,047     $ 41,662  
    Net income available to common stockholders $ 73,016     $ 42,734     $ 37,350  
    Pre-provision net revenue(3) $ 117,188     $ 77,458     $ 78,597  
    Diluted earnings per common share $ 1.58     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   0.99 %     0.61 %     0.56 %
    Return on average common equity   9.17 %     5.56 %     5.26 %
               
    OPERATING RESULTS, ADJUSTED(1)          
    Net income $ 79,841     $ 47,047     $ 42,020  
    Net income available to common stockholders $ 75,529     $ 42,734     $ 37,708  
    Pre-provision net revenue(3) $ 120,475     $ 77,458     $ 79,059  
    Diluted earnings per common share $ 1.63     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   1.02 %     0.61 %     0.57 %
    Return on average common equity   9.48 %     5.56 %     5.31 %
               
    BALANCE SHEET          
    Loans held for investment $ 18,035,945     $ 17,654,243     $ 16,700,569  
    Loans held for investment, mortgage finance   5,889,589       4,725,541       5,078,161  
    Total loans held for investment   23,925,534       22,379,784       21,778,730  
    Loans held for sale   —       —       36,785  
    Total assets   31,943,535       31,375,749       29,854,994  
    Non-interest bearing deposits   7,718,006       7,874,780       7,987,715  
    Total deposits   26,064,309       26,053,034       23,818,327  
    Stockholders’ equity   3,510,070       3,429,774       3,175,601  
               

    (1) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
    (2) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (3) Net interest income plus non-interest income, less non-interest expense.

    SECOND QUARTER 2025 COMPARED TO FIRST QUARTER 2025

    For the second quarter of 2025, net income available to common stockholders was $73.0 million, or $1.58 per diluted share, compared to $42.7 million, or $0.92 per diluted share, for the first quarter of 2025.

    Provision for credit losses for the second quarter of 2025 was $15.0 million, compared to $17.0 million for the first quarter of 2025. The $15.0 million provision for credit losses recorded in the second quarter of 2025 resulted primarily from an increase in total loans held for investment (“LHI”) and $13.0 million in net charge-offs, partially offset by a decrease in criticized loans.

    Net interest income was $253.4 million for the second quarter of 2025, compared to $236.0 million for the first quarter of 2025, primarily due to increases in average earning assets and earning asset yields, a decrease in average short-term borrowings and the impact of one additional day in the second quarter. Net interest margin for the second quarter of 2025 was 3.35%, an increase of 16 basis points from the first quarter of 2025. LHI, excluding mortgage finance, yields decreased 4 basis points from the first quarter of 2025 and LHI, mortgage finance, yields increased 49 basis points from the first quarter of 2025. Total cost of deposits was 2.65% for the second quarter of 2025, an 11 basis point decrease from the first quarter of 2025.

    Non-interest income for the second quarter of 2025 increased $9.6 million compared to the first quarter of 2025 primarily due to increases in investment banking and advisory fees and trading income, partially offset by a $1.9 million loss on sale of available-for-sale debt securities recognized during the second quarter of 2025.

    Non-interest expense for the second quarter of 2025 decreased $12.7 million compared to the first quarter of 2025, primarily due to decreases in salaries and benefits, related to the effect of seasonal payroll expenses that peak in the first quarter, and legal and professional expense, partially offset by an increase in other non-interest expense.

    SECOND QUARTER 2025 COMPARED TO SECOND QUARTER 2024

    Net income available to common stockholders was $73.0 million, or $1.58 per diluted share, for the second quarter of 2025, compared to $37.4 million, or $0.80 per diluted share, for the second quarter of 2024.

    The second quarter of 2025 included a $15.0 million provision for credit losses, reflecting an increase in total LHI and $13.0 million in net charge-offs, partially offset by a decline in criticized loans, compared to a $20.0 million provision for credit losses for the second quarter of 2024.

    Net interest income increased to $253.4 million for the second quarter of 2025, compared to $216.6 million for the second quarter of 2024, primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities. Net interest margin increased 34 basis points to 3.35% for the second quarter of 2025, as compared to the second quarter of 2024. LHI, excluding mortgage finance, yields decreased 44 basis points compared to the second quarter of 2024 and LHI, mortgage finance yields increased 48 basis points from the second quarter of 2024. Total cost of deposits decreased 34 basis points compared to the second quarter of 2024.

    Non-interest income for the second quarter of 2025 increased $3.6 million compared to the second quarter of 2024 primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by the loss on sale of available-for-sale debt securities mentioned above.

    Non-interest expense for the second quarter of 2025 increased $1.9 million compared to the second quarter of 2024, primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by a decrease in marketing expense.

    CREDIT QUALITY

    Net charge-offs of $13.0 million were recorded during the second quarter of 2025, compared to net charge-offs of $9.8 million and $12.0 million during the first quarter of 2025 and the second quarter of 2024, respectively. Criticized loans totaled $637.5 million at June 30, 2025, compared to $762.9 million at March 31, 2025 and $859.7 million at June 30, 2024. Non-accrual LHI totaled $113.6 million at June 30, 2025, compared to $93.6 million at March 31, 2025 and $85.0 million at June 30, 2024. The ratio of non-accrual LHI to total LHI for the second quarter of 2025 was 0.47%, compared to 0.42% for the first quarter of 2025 and 0.39% for the second quarter of 2024. The ratio of total allowance for credit losses to total LHI was 1.40% at June 30, 2025, compared to 1.48% and 1.44% at March 31, 2025 and June 30, 2024, respectively.

    REGULATORY RATIOS AND CAPITAL

    All regulatory ratios continue to be in excess of “well capitalized” requirements as of June 30, 2025. CET1, tier 1 capital, total capital and leverage ratios were 11.4%, 12.9%, 15.3% and 11.8%, respectively, at June 30, 2025, compared to 11.6%, 13.1%, 15.6% and 11.8%, respectively, at March 31, 2025 and 11.6%, 13.1%, 15.7% and 12.2%, respectively, at June 30, 2024. At June 30, 2025, our ratio of tangible common equity to total tangible assets was 10.1%, compared to 10.0% at March 31, 2025 and 9.6% at June 30, 2024.

    During the second quarter of 2025, the Company repurchased 317,860 shares of its common stock for an aggregate purchase price, including excise tax expense, of $21.0 million, at a weighted average price of $65.50 per share.

    About Texas Capital Bancshares, Inc.

    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000®Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities.

    Forward Looking Statements

    This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

    Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

    TEXAS CAPITAL BANCSHARES, INC.
    SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
    (dollars in thousands except per share data)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    CONSOLIDATED STATEMENTS OF INCOME          
    Interest income $ 439,567   $ 427,289   $ 437,571   $ 452,533   $ 422,068  
    Interest expense   186,172     191,255     207,964     212,431     205,486  
    Net interest income   253,395     236,034     229,607     240,102     216,582  
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
    Net interest income after provision for credit losses   238,395     219,034     211,607     230,102     196,582  
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    Income/(loss) before income taxes   102,188     60,458     93,522     (79,993 )   58,597  
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Net income/(loss)   77,328     47,047     71,023     (61,319 )   41,662  
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
    Net income/(loss) available to common stockholders $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted common shares   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    CONSOLIDATED BALANCE SHEET DATA          
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for sale   —     —     —     9,022     36,785  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Non-interest bearing deposits   7,718,006     7,874,780     7,485,428     9,070,804     7,987,715  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
               
    End of period shares outstanding   45,746,836     46,024,933     46,233,812     46,207,757     46,188,078  
    Book value per share $ 70.17   $ 68.00   $ 66.36   $ 66.09   $ 62.26  
    Tangible book value per share(1) $ 70.14   $ 67.97   $ 66.32   $ 66.06   $ 62.23  
    SELECTED FINANCIAL RATIOS          
    Net interest margin   3.35 %   3.19 %   2.93 %   3.16 %   3.01 %
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted(4)   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted(4)   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
    Efficiency ratio(2)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(2)(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted(4)   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted(4)   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %
    Common equity to total assets   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Tangible common equity to total tangible assets(3)   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Common Equity Tier 1   11.4 %   11.6 %   11.4 %   11.2 %   11.6 %
    Tier 1 capital   12.9 %   13.1 %   12.8 %   12.6 %   13.1 %
    Total capital   15.3 %   15.6 %   15.4 %   15.2 %   15.7 %
    Leverage   11.8 %   11.8 %   11.3 %   11.4 %   12.2 %

    (1) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (2) Non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.
    (4) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
      June 30,
    2025    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024
    Assets          
    Cash and due from banks $ 182,451   $ 201,504   $ 176,501   $ 297,048   $ 221,727  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Available-for-sale debt securities   3,774,141     3,678,378     3,524,686     3,518,662     3,483,231  
    Held-to-maturity debt securities   761,907     779,354     796,168     812,432     831,513  
    Equity securities   68,692     71,679     75,261     74,426     74,232  
    Trading securities   3,888     1,808     —     —     —  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Loans held for sale   —     —     —     9,022     36,785  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Less: Allowance for credit losses on loans   277,648     278,379     271,709     273,143     267,297  
    Loans held for investment, net   23,647,886     22,101,405     22,178,357     22,021,028     21,511,433  
    Premises and equipment, net   86,831     84,575     85,443     81,577     69,464  
    Accrued interest receivable and other assets   908,552     854,581     881,664     919,071     933,761  
    Goodwill and intangibles, net   1,496     1,496     1,496     1,496     1,496  
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    Liabilities and Stockholders’ Equity          
    Liabilities:          
    Non-interest bearing deposits $ 7,718,006   $ 7,874,780   $ 7,485,428   $ 9,070,804   $ 7,987,715  
    Interest bearing deposits   18,346,303     18,178,254     17,753,171     16,794,451     15,830,612  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Accrued interest payable   14,120     25,270     23,680     18,679     23,841  
    Other liabilities   484,780     457,150     556,322     696,149     502,228  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Total liabilities   28,433,465     27,945,975     27,363,947     28,275,255     26,679,393  
               
    Stockholders’ equity:          
    Preferred stock, $.01 par value, $1,000 liquidation value:          
    Authorized shares – 10,000,000          
    Issued shares(1)   300,000     300,000     300,000     300,000     300,000  
    Common stock, $.01 par value:          
    Authorized shares – 100,000,000          
    Issued shares(2)   517     517     515     515     515  
    Additional paid-in capital   1,065,083     1,060,028     1,056,719     1,054,614     1,050,114  
    Retained earnings   2,611,401     2,538,385     2,495,651     2,428,940     2,494,572  
    Treasury stock(3)   (354,000 )   (332,994 )   (301,842 )   (301,868 )   (301,868 )
    Accumulated other comprehensive loss, net of taxes   (112,931 )   (136,162 )   (183,107 )   (128,157 )   (367,732 )
    Total stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
    Total liabilities and stockholders’ equity $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    (1) Preferred stock – issued shares   300,000     300,000     300,000     300,000     300,000  
    (2) Common stock – issued shares   51,747,305     51,707,542     51,520,315     51,494,260     51,474,581  
    (3) Treasury stock – shares at cost   6,000,469     5,682,609     5,286,503     5,286,503     5,286,503  
    TEXAS CAPITAL BANCSHARES, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)        
    (dollars 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 $ 364,358   $ 345,251 $ 698,508   $ 676,130
    Investment securities   45,991     33,584   92,556     65,728
    Interest bearing cash and cash equivalents   29,218     43,233   75,792     97,588
    Total interest income   439,567     422,068   866,856     839,446
    Interest expense        
    Deposits   174,798     181,280   349,734     356,880
    Short-term borrowings   3,444     12,749   11,690     25,532
    Long-term debt   7,930     11,457   16,003     25,443
    Total interest expense   186,172     205,486   377,427     407,855
    Net interest income   253,395     216,582   489,429     431,591
    Provision for credit losses   15,000     20,000   32,000     39,000
    Net interest income after provision for credit losses   238,395     196,582   457,429     392,591
    Non-interest income        
    Service charges on deposit accounts   8,182     5,911   16,022     12,250
    Wealth management and trust fee income   3,730     3,699   7,694     7,266
    Brokered loan fees   2,398     2,131   4,347     4,042
    Investment banking and advisory fees   24,109     25,048   40,587     43,472
    Trading income   7,896     5,650   13,835     10,362
    Available-for-sale debt securities losses   (1,886 )   —   (1,886 )   —
    Other   9,640     7,985   17,914     14,351
    Total non-interest income   54,069     50,424   98,513     91,743
    Non-interest expense        
    Salaries and benefits   120,154     118,840   251,795     247,567
    Occupancy expense   12,144     10,666   22,988     20,403
    Marketing   3,624     5,996   8,633     12,032
    Legal and professional   11,069     11,273   26,058     27,468
    Communications and technology   24,314     22,013   47,956     43,127
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,570   10,437     13,991
    Other   13,875     14,051   25,429     26,214
    Total non-interest expense   190,276     188,409   393,296     390,802
    Income before income taxes   102,188     58,597   162,646     93,532
    Income tax expense   24,860     16,935   38,271     25,728
    Net income   77,328     41,662   124,375     67,804
    Preferred stock dividends   4,312     4,312   8,625     8,625
    Net income available to common stockholders $ 73,016   $ 37,350 $ 115,750   $ 59,179
             
    Basic earnings per common share $ 1.59   $ 0.80 $ 2.52   $ 1.26
    Diluted earnings per common share $ 1.58   $ 0.80 $ 2.49   $ 1.25
    TEXAS CAPITAL BANCSHARES, INC.
    SUMMARY OF CREDIT LOSS EXPERIENCE
    (dollars in thousands)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    Allowance for credit losses on loans:          
    Beginning balance $ 278,379   $ 271,709   $ 273,143   $ 267,297   $ 263,962  
    Allowance established for acquired purchase credit deterioration loans   —     —     —     2,579     —  
    Loans charged-off:          
    Commercial   13,020     10,197     14,100     6,120     9,997  
    Commercial real estate   431     500     2,566     262     2,111  
    Consumer   —     —     —     30     —  
    Total charge-offs   13,451     10,697     16,666     6,412     12,108  
    Recoveries:          
    Commercial   486     483     4,562     329     153  
    Commercial real estate   —     413     18     —     —  
    Consumer   —     4     15     —     —  
    Total recoveries   486     900     4,595     329     153  
    Net charge-offs   12,965     9,797     12,071     6,083     11,955  
    Provision for credit losses on loans   12,234     16,467     10,637     9,350     15,290  
    Ending balance $ 277,648   $ 278,379   $ 271,709   $ 273,143   $ 267,297  
               
    Allowance for off-balance sheet credit losses:          
    Beginning balance $ 53,865   $ 53,332   $ 45,969   $ 45,319   $ 40,609  
    Provision for off-balance sheet credit losses   2,766     533     7,363     650     4,710  
    Ending balance $ 56,631   $ 53,865   $ 53,332   $ 45,969   $ 45,319  
               
    Total allowance for credit losses $ 334,279   $ 332,244   $ 325,041   $ 319,112   $ 312,616  
    Total provision for credit losses $ 15,000   $ 17,000   $ 18,000   $ 10,000   $ 20,000  
               
    Allowance for credit losses on loans to total loans held for investment   1.16 %   1.24 %   1.21 %   1.23 %   1.23 %
    Allowance for credit losses on loans to average total loans held for investment   1.19 %   1.29 %   1.22 %   1.24 %   1.27 %
    Net charge-offs to average total loans held for investment(1)   0.22 %   0.18 %   0.22 %   0.11 %   0.23 %
    Net charge-offs to average total loans held for investment for last 12 months(1)   0.18 %   0.18 %   0.19 %   0.20 %   0.22 %
    Total provision for credit losses to average total loans held for investment(1)   0.26 %   0.32 %   0.32 %   0.18 %   0.38 %
    Total allowance for credit losses to total loans held for investment   1.40 %   1.48 %   1.45 %   1.43 %   1.44 %

    (1) Interim period ratios are annualized.

    TEXAS CAPITAL BANCSHARES, INC.          
    NON-PERFORMING ASSETS, PAST DUE LOANS AND CRITICIZED LOANS      
    (dollars in thousands)          
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    NON-PERFORMING ASSETS          
    Non-accrual loans held for investment $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
    Non-accrual loans held for sale   —     —     —     —     —  
    Other real estate owned   —     —     —     —     —  
    Total non-performing assets $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
               
    Non-accrual loans held for investment to total loans held for investment   0.47 %   0.42 %   0.50 %   0.40 %   0.39 %
    Total non-performing assets to total assets   0.36 %   0.30 %   0.36 %   0.28 %   0.28 %
    Allowance for credit losses on loans to non-accrual loans held for investment 2.4x 3.0x 2.4x 3.1x 3.1x
    Total allowance for credit losses to non-accrual loans held for investment 2.9x 3.6x 2.9x 3.6x 3.7x
               
    LOANS PAST DUE          
    Loans held for investment past due 90 days and still accruing $ 2,068   $ 791   $ 4,265   $ 5,281   $ 286  
    Loans held for investment past due 90 days to total loans held for investment   0.01 %   — %   0.02 %   0.02 %   — %
    Loans held for sale past due 90 days and still accruing $ —   $ —   $ —   $ —   $ 64  
               
    CRITICIZED LOANS          
    Criticized loans $ 637,462   $ 762,887   $ 713,951   $ 897,727   $ 859,671  
    Criticized loans to total loans held for investment   2.66 %   3.41 %   3.18 %   4.03 %   3.95 %
    Special mention loans $ 339,923   $ 484,165   $ 435,626   $ 579,802   $ 593,305  
    Special mention loans to total loans held for investment   1.42 %   2.16 %   1.94 %   2.60 %   2.72 %
    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands)
               
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025   2025 2024   2024   2024
    Interest income          
    Interest and fees on loans $ 364,358   $ 334,150 $ 340,388 $ 361,407   $ 345,251
    Investment securities   45,991     46,565   44,102   38,389     33,584
    Interest bearing deposits in other banks   29,218     46,574   53,081   52,737     43,233
    Total interest income   439,567     427,289   437,571   452,533     422,068
    Interest expense          
    Deposits   174,798     174,936   189,061   190,255     181,280
    Short-term borrowings   3,444     8,246   10,678   13,784     12,749
    Long-term debt   7,930     8,073   8,225   8,392     11,457
    Total interest expense   186,172     191,255   207,964   212,431     205,486
    Net interest income   253,395     236,034   229,607   240,102     216,582
    Provision for credit losses   15,000     17,000   18,000   10,000     20,000
    Net interest income after provision for credit losses   238,395     219,034   211,607   230,102     196,582
    Non-interest income          
    Service charges on deposit accounts   8,182     7,840   6,989   6,307     5,911
    Wealth management and trust fee income   3,730     3,964   4,009   4,040     3,699
    Brokered loan fees   2,398     1,949   2,519   2,400     2,131
    Investment banking and advisory fees   24,109     16,478   26,740   34,753     25,048
    Trading income   7,896     5,939   5,487   5,786     5,650
    Available-for-sale debt securities losses   (1,886 )   —   —   (179,581 )   —
    Other   9,640     8,274   8,330   11,524     7,985
    Total non-interest income   54,069     44,444   54,074   (114,771 )   50,424
    Non-interest expense          
    Salaries and benefits   120,154     131,641   97,873   121,138     118,840
    Occupancy expense   12,144     10,844   11,926   12,937     10,666
    Marketing   3,624     5,009   4,454   5,863     5,996
    Legal and professional   11,069     14,989   15,180   11,135     11,273
    Communications and technology   24,314     23,642   24,007   25,951     22,013
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,341   4,454   4,906     5,570
    Other   13,875     11,554   14,265   13,394     14,051
    Total non-interest expense   190,276     203,020   172,159   195,324     188,409
    Income/(loss) before income taxes   102,188     60,458   93,522   (79,993 )   58,597
    Income tax expense/(benefit)   24,860     13,411   22,499   (18,674 )   16,935
    Net income/(loss)   77,328     47,047   71,023   (61,319 )   41,662
    Preferred stock dividends   4,312     4,313   4,312   4,313     4,312
    Net income/(loss) available to common shareholders $ 73,016   $ 42,734 $ 66,711 $ (65,632 ) $ 37,350
    TEXAS CAPITAL BANCSHARES, INC.
    TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1)
    (dollars in thousands)
      2nd Quarter 2025   1st Quarter 2025   2nd Quarter 2024   YTD June 30, 2025   YTD June 30, 2024
      Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate
    Assets                                      
    Investment securities(2) $ 4,573,164 $ 45,999 3.93 %   $ 4,463,876 $ 46,565 4.10 %   $ 4,427,023 $ 33,584 2.80 %   $ 4,518,822 $ 92,564 4.01 %   $ 4,363,195 $ 65,728 2.79 %
    Interest bearing cash and cash equivalents   2,661,037   29,218 4.40 %     4,255,796   46,574 4.44 %     3,273,069   43,233 5.31 %     3,454,011   75,792 4.43 %     3,662,348   97,588 5.36 %
    Loans held for sale   —   — — %     335   2 2.97 %     28,768   683 9.55 %     167   2 2.97 %     39,966   1,867 9.40 %
    Loans held for investment, mortgage finance   5,327,559   58,707 4.42 %     3,972,106   38,527 3.93 %     4,357,288   42,722 3.94 %     4,653,577   97,234 4.21 %     3,937,498   74,177 3.79 %
    Loans held for investment(3)   18,018,626   306,142 6.81 %     17,527,070   296,091 6.85 %     16,750,788   301,910 7.25 %     17,774,206   602,233 6.83 %     16,636,438   600,216 7.26 %
    Less: Allowance for credit losses on loans   278,035   — — %     272,758   — —       263,145   — — %     275,411   — —       256,541   — —  
    Loans held for investment, net   23,068,150   364,849 6.34 %     21,226,418   334,618 6.39 %     20,844,931   344,632 6.65 %     22,152,372   699,467 6.37 %     20,317,395   674,393 6.68 %
    Total earning assets   30,302,351   440,066 5.80 %     29,946,425   427,759 5.76 %     28,573,791   422,132 5.86 %     30,125,372   867,825 5.78 %     28,382,904   839,576 5.87 %
    Cash and other assets   1,117,118         1,157,184         1,177,061         1,137,040         1,117,763    
    Total assets $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
                                           
    Liabilities and Stockholders’ Equity                                      
    Transaction deposits $ 2,213,037 $ 13,731 2.49 %   $ 2,163,250 $ 13,908 2.61 %   $ 2,061,622 $ 16,982 3.31 %   $ 2,188,282 $ 27,639 2.55 %   $ 2,034,057 $ 33,840 3.35 %
    Savings deposits   13,727,095   134,272 3.92 %     13,357,243   133,577 4.06 %     11,981,668   143,173 4.81 %     13,543,190   267,849 3.99 %     11,695,673   279,963 4.81 %
    Time deposits   2,361,525   26,795 4.55 %     2,329,384   27,451 4.78 %     1,658,899   21,125 5.12 %     2,345,543   54,246 4.66 %     1,689,112   43,077 5.13 %
    Total interest bearing deposits   18,301,657   174,798 3.83 %     17,849,877   174,936 3.97 %     15,702,189   181,280 4.64 %     18,077,015   349,734 3.90 %     15,418,842   356,880 4.65 %
    Short-term borrowings   306,176   3,444 4.51 %     751,500   8,246 4.45 %     927,253   12,749 5.53 %     527,608   11,690 4.47 %     919,670   25,532 5.58 %
    Long-term debt   649,469   7,930 4.90 %     660,445   8,073 4.96 %     778,401   11,457 5.92 %     654,927   16,003 4.93 %     818,955   25,443 6.25 %
    Total interest bearing liabilities   19,257,302   186,172 3.88 %     19,261,822   191,255 4.03 %     17,407,843   205,486 4.75 %     19,259,550   377,427 3.95 %     17,157,467   407,855 4.78 %
    Non-interest bearing deposits   8,191,402         7,875,244         8,647,594         8,034,196         8,642,685    
    Other liabilities   475,724         552,154         537,754         513,728         523,520    
    Stockholders’ equity   3,495,041         3,414,389         3,157,661         3,454,938         3,176,995    
    Total liabilities and stockholders’ equity $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
    Net interest income   $ 253,894       $ 236,504       $ 216,646       $ 490,398       $ 431,721  
    Net interest margin     3.35 %       3.19 %       3.01 %       3.27 %       3.02 %

    (1) Taxable equivalent rates used where applicable.
    (2) Yields on investment securities are calculated using available-for-sale securities at amortized cost.
    (3) Average balances include non-accrual loans.

    GAAP TO NON-GAAP RECONCILIATIONS

    The following items are non-GAAP financial measures: adjusted non-interest income, adjusted non-interest expense, adjusted net income, adjusted net income available to common stockholders, adjusted pre-provision net revenue (“PPNR”), adjusted diluted earnings/(loss) per common share, adjusted return on average assets, adjusted return on average common equity, adjusted efficiency ratio, adjusted non-interest income to average earning assets and adjusted non-interest expense to average earning assets. These are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures.

    These non-GAAP financial measures are adjusted for certain items, listed below, that management believes are non-operating in nature and not representative of its actual operating performance. Management believes that these non-GAAP financial measures provide meaningful additional information about Texas Capital Bancshares, Inc. to assist management and investors in evaluating operating results, financial strength, business performance and capital position. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. As such, these non-GAAP financial measures should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP.

    Reconciliation of Non-GAAP Financial Measures      
    (dollars in thousands except per share data) 2nd Quarter
    2025    		 1st Quarter
    2025    		 4th Quarter
    2024    		 3rd Quarter
    2024    		 2nd Quarter
    2024
    Net interest income $ 253,395   $ 236,034   $ 229,607   $ 240,102   $ 216,582  
               
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Available-for-sale debt securities losses, net   1,886     —     —     179,581     —  
    Non-interest income, adjusted   55,955     44,444     54,074     64,810     50,424  
               
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    FDIC special assessment   —     —     —     651     (462 )
    Restructuring expenses   (1,401 )   —     —     (5,923 )   —  
    Non-interest expense, adjusted   188,875     203,020     172,159     190,052     187,947  
               
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
               
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Tax effect of adjustments   774     —     —     44,880     104  
    Income tax expense/(benefit), adjusted   25,634     13,411     22,499     26,206     17,039  
               
    Net income/(loss)(1) $ 77,328   $ 47,047   $ 71,023   $ (61,319 ) $ 41,662  
    Net income/(loss), adjusted(1) $ 79,841   $ 47,047   $ 71,023   $ 78,654   $ 42,020  
               
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
               
    Net income/(loss) to common stockholders(2) $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Net income/(loss) to common stockholders, adjusted(2) $ 75,529   $ 42,734   $ 66,711   $ 74,341   $ 37,708  
               
    PPNR(3) $ 117,188   $ 77,458   $ 111,522   $ (69,993 ) $ 78,597  
    PPNR(3), adjusted $ 120,475   $ 77,458   $ 111,522   $ 114,860   $ 79,059  
               
    Weighted average common shares outstanding, diluted   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted earnings/(loss) per common share, adjusted $ 1.63   $ 0.92   $ 1.43   $ 1.59   $ 0.80  
               
    Average total assets $ 31,419,469   $ 31,103,609   $ 32,212,087   $ 31,215,173   $ 29,750,852  
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
               
    Average common equity $ 3,195,041   $ 3,114,389   $ 3,120,933   $ 2,945,238   $ 2,857,661  
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
               
    Efficiency ratio(4)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
               
    Average earning assets $ 30,302,351   $ 29,946,425   $ 31,033,803   $ 29,975,318   $ 28,573,791  
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %

    (1) Net interest income plus non-interest income, less non-interest expense, provision for credit losses and income tax expense/(benefit). On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted, provision for credit losses and income tax expense/(benefit), adjusted.
    (2) Net income/(loss), less preferred stock dividends. On an adjusted basis, net income/(loss), adjusted, less preferred stock dividends.
    (3) Net interest income plus non-interest income, less non-interest expense. On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income. On an adjusted basis, non-interest expense, adjusted, divided by the sum of net interest income and non-interest income, adjusted.

    The MIL Network –

  • MIL-OSI Security: Blue Springs Man Charged with Illegal Possession of Ammunition

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

    KANSAS CITY, Mo. – A Blue Springs, Mo., man was indicted by a federal grand jury on July 15, 2025, for illegally possessing ammunition.

    William Anthony Chaney, 38, was charged with being a felon in possession of ammunition after previously being convicted in federal court in the Western District of Missouri for conspiracy to distribute PCP and conspiracy to commit money laundering in 2016.  The indictment specifically alleges that, on or about May 24, 2025, Chaney illegally possessed ammunition that had previously travelled in interstate commerce, knowing that he was a prior felon.  Chaney was on federal supervised release for his prior conviction at the time he was discovered in possession of the ammunition.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Kenneth W. Borgnino. It was investigated by the Blue Springs Missouri Police Department, and the Bureau of Alcohol, Tobacco, and Firearms (ATF).

    Operation Take Back America

    These cases are part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-Evening Report: Rainbow Warrior bombing by French secret agents remembered 40 years on

    SPECIAL REPORT: By Te Aniwaniwa Paterson of Te Ao Māori News

    Forty years ago today, French secret agents bombed the Greenpeace campaign flagship  Rainbow Warrior in an attempt to stop the environmental organisation’s protest against nuclear testing at Moruroa Atoll in Mā’ohi Nui.

    People gathered on board Rainbow Warrior III to remember photographer Fernando Pereira, who was killed in the attack, and to honour the legacy of those who stood up to nuclear testing in the Pacific.

    The Rainbow Warrior’s final voyage before the bombing was Operation Exodus, a humanitarian mission to the Marshall Islands. There, Greenpeace helped relocate more than 320 residents of Rongelap Atoll, who had been exposed to radiation from US nuclear testing.

    The dawn ceremony was hosted by Ngāti Whātua Ōrākei and attended by more than 150 people. Speeches were followed by the laying of a wreath and a moment of silence.

    Photographer Fernando Pereira and a woman from Rongelap on the day the Rainbow Warrior arrived in Rongelap Atoll in May 1985. Image: David Robie/Eyes of Fire

    Tui Warmenhoven (Ngāti Porou), the chair of the Greenpeace Aotearoa board, said it was a day to remember for the harm caused by the French state against the people of Mā’ohi Nui.

    Warmenhoven worked for 20 years in iwi research and is a grassroots, Ruatoria-based community leader who works to integrate mātauranga Māori with science to address climate change in Te Tai Rāwhiti.

    She encouraged Māori to stand united with Greenpeace.

    “Ko te mea nui ki a mātou, a Greenpeace Aotearoa, ko te whawhai i ngā mahi tūkino a rātou, te kāwanatanga, ngā rangatōpū, me ngā tāngata whai rawa, e patu ana i a mātou, te iwi Māori, ngā iwi o te ao, me ō mātou mātua, a Ranginui rāua ko Papatūānuku,” e ai ki a Warmenhoven.

    Tui Warmenhoven and Dr Russel Norman in front of Rainbow Warrior III on 10 July 2025. Image:Te Ao Māori News

    A defining moment in Aotearoa’s nuclear-free stand
     “The bombing of the Rainbow Warrior was a defining moment for Greenpeace in its willingness to fight for a nuclear-free world,” said Dr Russel Norman, the executive director of Greenpeace Aotearoa.

    He noted it was also a defining moment for Aotearoa in the country’s stand against the United States and France, who conducted nuclear tests in the region.

    Greenpeace Aotearoa executive director Dr Russel Norman speaking at the ceremony on board Rainbow Warrior III today. Image: Te Ao Māpri News

    In 1987, the New Zealand Nuclear Free Zone, Disarmament, and Arms Control Act officially declared the country a nuclear-free zone.

    This move angered the United States, especially due to the ban on nuclear-powered or nuclear-armed ships entering New Zealand ports.

    Because the US followed a policy of neither confirming nor denying the presence of nuclear weapons, it saw the ban as breaching the ANZUS Treaty and suspended its security commitments to New Zealand.

    The Rainbow Warrior’s final voyage before it was bombed was Operation Exodus, during which the crew helped relocate more than 320 residents of Rongelap Atoll in the Marshall Islands, who had been exposed to radiation from US nuclear testing between 1946 and 1958.

    The evacuation of Rongelap Islanders to Mejatto by the Rainbow Warrior crew in May 1985. Image: Greenpeace/Fernando Pereira

    The legacy of Operation Exodus
     Between 1946 and 1958, the United States carried out 67 nuclear tests in the Marshall Islands.

    For decades, it denied the long-term health impacts, even as cancer rates rose and children were born with severe deformities.

    Despite repeated pleas from the people of Rongelap to be evacuated, the US government failed to act until Greenpeace stepped in to help.

    “The United States government effectively used them as guinea pigs for nuclear testing and radiation to see what would happen to people, which is obviously outrageous and disgusting,” Dr Norman said.

    He said it was important not to see Pacific peoples as victims, as they were powerful campaigners who played a leading role in ending nuclear testing in the region.

    Marshallese women greet the Rainbow Warrior as it arrived in the capital Majuro in March 2025. Image: Bianca Vitale/Greenpeace

    Between March and April this year, Rainbow Warrior III returned to the Marshall Islands to conduct independent research into the radiation levels across the islands to see whether it’s safe for the people of Rongelap to return.

    What advice do you give to this generation about nuclear issues?
     “Kia kotahi ai koutou ki te whai i ngā mahi uaua i mua i a mātou ki te whawhai i a rātou mā, e mahi tūkino ana ki tō mātou ao, ki tō mātou kōkā a Papatūānuku, ki tō mātou taiao,” hei tā Tui Warmenhoven.

    A reminder to stay united in the difficult world ahead in the fight against threats to the environment.

    Warmenhoven also encouraged Māori to support Greenpeace Aotearoa.

    Tui Warmenhoven and the captain of the Rainbow Warrior, Ali Schmidt, placed a wreath in the water at the stern of the ship in memory of Fernando Pereira. Image: Greenpeace

    Dr Norman believed the younger generations should be inspired to activism by the bravery of those from the Pacific and Greenpeace who campaigned for a nuclear-free world 40 years ago.

    “They were willing to take very significant risks, they sailed their boats into the nuclear test zone to stop those nuclear tests, they were arrested by the French, beaten up by French commandos,” he said.

    Republished from Te Ao Māori News with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Rainbow Warrior bombing by French secret agents remembered 40 years on

    SPECIAL REPORT: By Te Aniwaniwa Paterson of Te Ao Māori News

    Forty years ago today, French secret agents bombed the Greenpeace campaign flagship  Rainbow Warrior in an attempt to stop the environmental organisation’s protest against nuclear testing at Moruroa Atoll in Mā’ohi Nui.

    People gathered on board Rainbow Warrior III to remember photographer Fernando Pereira, who was killed in the attack, and to honour the legacy of those who stood up to nuclear testing in the Pacific.

    The Rainbow Warrior’s final voyage before the bombing was Operation Exodus, a humanitarian mission to the Marshall Islands. There, Greenpeace helped relocate more than 320 residents of Rongelap Atoll, who had been exposed to radiation from US nuclear testing.

    The dawn ceremony was hosted by Ngāti Whātua Ōrākei and attended by more than 150 people. Speeches were followed by the laying of a wreath and a moment of silence.

    Photographer Fernando Pereira and a woman from Rongelap on the day the Rainbow Warrior arrived in Rongelap Atoll in May 1985. Image: David Robie/Eyes of Fire

    Tui Warmenhoven (Ngāti Porou), the chair of the Greenpeace Aotearoa board, said it was a day to remember for the harm caused by the French state against the people of Mā’ohi Nui.

    Warmenhoven worked for 20 years in iwi research and is a grassroots, Ruatoria-based community leader who works to integrate mātauranga Māori with science to address climate change in Te Tai Rāwhiti.

    She encouraged Māori to stand united with Greenpeace.

    “Ko te mea nui ki a mātou, a Greenpeace Aotearoa, ko te whawhai i ngā mahi tūkino a rātou, te kāwanatanga, ngā rangatōpū, me ngā tāngata whai rawa, e patu ana i a mātou, te iwi Māori, ngā iwi o te ao, me ō mātou mātua, a Ranginui rāua ko Papatūānuku,” e ai ki a Warmenhoven.

    Tui Warmenhoven and Dr Russel Norman in front of Rainbow Warrior III on 10 July 2025. Image:Te Ao Māori News

    A defining moment in Aotearoa’s nuclear-free stand
     “The bombing of the Rainbow Warrior was a defining moment for Greenpeace in its willingness to fight for a nuclear-free world,” said Dr Russel Norman, the executive director of Greenpeace Aotearoa.

    He noted it was also a defining moment for Aotearoa in the country’s stand against the United States and France, who conducted nuclear tests in the region.

    Greenpeace Aotearoa executive director Dr Russel Norman speaking at the ceremony on board Rainbow Warrior III today. Image: Te Ao Māpri News

    In 1987, the New Zealand Nuclear Free Zone, Disarmament, and Arms Control Act officially declared the country a nuclear-free zone.

    This move angered the United States, especially due to the ban on nuclear-powered or nuclear-armed ships entering New Zealand ports.

    Because the US followed a policy of neither confirming nor denying the presence of nuclear weapons, it saw the ban as breaching the ANZUS Treaty and suspended its security commitments to New Zealand.

    The Rainbow Warrior’s final voyage before it was bombed was Operation Exodus, during which the crew helped relocate more than 320 residents of Rongelap Atoll in the Marshall Islands, who had been exposed to radiation from US nuclear testing between 1946 and 1958.

    The evacuation of Rongelap Islanders to Mejatto by the Rainbow Warrior crew in May 1985. Image: Greenpeace/Fernando Pereira

    The legacy of Operation Exodus
     Between 1946 and 1958, the United States carried out 67 nuclear tests in the Marshall Islands.

    For decades, it denied the long-term health impacts, even as cancer rates rose and children were born with severe deformities.

    Despite repeated pleas from the people of Rongelap to be evacuated, the US government failed to act until Greenpeace stepped in to help.

    “The United States government effectively used them as guinea pigs for nuclear testing and radiation to see what would happen to people, which is obviously outrageous and disgusting,” Dr Norman said.

    He said it was important not to see Pacific peoples as victims, as they were powerful campaigners who played a leading role in ending nuclear testing in the region.

    Marshallese women greet the Rainbow Warrior as it arrived in the capital Majuro in March 2025. Image: Bianca Vitale/Greenpeace

    Between March and April this year, Rainbow Warrior III returned to the Marshall Islands to conduct independent research into the radiation levels across the islands to see whether it’s safe for the people of Rongelap to return.

    What advice do you give to this generation about nuclear issues?
     “Kia kotahi ai koutou ki te whai i ngā mahi uaua i mua i a mātou ki te whawhai i a rātou mā, e mahi tūkino ana ki tō mātou ao, ki tō mātou kōkā a Papatūānuku, ki tō mātou taiao,” hei tā Tui Warmenhoven.

    A reminder to stay united in the difficult world ahead in the fight against threats to the environment.

    Warmenhoven also encouraged Māori to support Greenpeace Aotearoa.

    Tui Warmenhoven and the captain of the Rainbow Warrior, Ali Schmidt, placed a wreath in the water at the stern of the ship in memory of Fernando Pereira. Image: Greenpeace

    Dr Norman believed the younger generations should be inspired to activism by the bravery of those from the Pacific and Greenpeace who campaigned for a nuclear-free world 40 years ago.

    “They were willing to take very significant risks, they sailed their boats into the nuclear test zone to stop those nuclear tests, they were arrested by the French, beaten up by French commandos,” he said.

    Republished from Te Ao Māori News with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: /China Focus/ China Promotes International Cooperation on Frontiers of Scientific Research

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    SHANGHAI, July 17 (Xinhua) — The enduring mystery of how consciousness originates in the brain appears to have recently gained clarity, with a groundbreaking “road map” thanks to the efforts of an ambitious international “big science” initiative led by Chinese scientists.

    Last week, the prestigious international journal Cell and its sister publications published a series of 10 papers revealing breakthrough results in brain mapping, detailing the complex neural connections in species ranging from reptiles and birds to rodents, great apes, and humans.

    A collaborative effort by more than 300 scientists from China, France, Sweden and the UK has resulted in a major expansion of the brain atlas, providing key insights into the neural networks that control perception, movement, learning, memory and decision making.

    The achievements come at a time when China is actively promoting global scientific cooperation for the benefit of all humanity. From fundamental physics and deep space exploration to marine habitability and life sciences, the country is investing in and leading a number of cutting-edge open science projects where international partnerships are a key criterion.

    A comprehensive national science center has been established in the Beijing suburb of Huairou, housing 37 advanced research facilities, 16 of which are already open to scientists from around the world. An additional 430,000 hours of machine time have been allocated for their use in 2024 alone.

    The International Meridian Circle Program, a flagship initiative led by China’s scientific community to enhance global space-based weather monitoring capabilities, is one of the international projects being implemented in Huairou Science City.

    In June, at the Second Belt and Road Science and Technology Exchange Conference in Chengdu, southwest China’s Sichuan Province, China reaffirmed its support for global projects such as Deep-time Digital Earth (DDE) and Ocean Negative Carbon Emission (ONCE) launched by Chinese scientists.

    The DDE program has been hailed by the scientific journal Science as the “Google of geology,” and is set to unravel significant scientific mysteries, including the global distribution of metal ore deposits.

    ONCE plans to develop the world’s first carbon neutrality standard for the ocean sector. It was unanimously adopted by the International Organization for Standardization (ISO) last November with global support, signaling China’s growing role in the global climate agenda.

    The Global Hadal Trench Exploration Program (GHTEP), proposed by the Chinese Academy of Sciences (CAS), was endorsed by the UN this year, opening a new chapter of global cooperation in trench scientific research.

    The program involves Chinese scientists and their colleagues from more than 10 countries jointly exploring the deepest unexplored ocean trenches on Earth. To date, 145 scientists from around the world have made 214 dives to the deepest points of nine sea trenches on the planet, including the Mariana Trench and the Kermadec Trench. Exploring the abyss is considered important for answering questions about the origins of life, its fate, and the future of humanity.

    “Hadal zone research is only available to a few countries, while the 37 known marine trenches and depressions are scattered around the globe, making closer international cooperation necessary,” said ANC research fellow Du Mengran.

    China has also launched the π-HuB project, which brings together scientific teams from 18 countries to map the vast diversity of human proteins and decipher the complex mechanisms underlying bodily functions. It is the next big thing in life sciences after mapping the human genome.

    Robert Moritz, a professor at the US Institute for Systems Biology, said the project has the potential to transform the entire field of proteomics.

    China also engages with the global scientific community through projects such as the Five-hundred-meter Aperture Spherical Telescope (FAST), the Large High Altitude Cosmic Ray Observatory (LHAASO), a near-Earth space station, and a series of lunar and deep-space exploration missions.

    The China National Space Administration (CNSA) has allocated 200 kg of payload for the Chang’e-8 lunar mission as part of international cooperation. The Chang’e-7 lunar probe will carry payloads from Egypt, Bahrain, Italy, Russia, Switzerland, Thailand and the International Lunar Observatories Association (ILOA) as part of its mission.

    Last week, the International Deep Space Exploration Association (IDSEA), an international scientific organization dedicated to deep space exploration, was officially opened in Hefei, capital of Anhui Province, East China.

    Looking ahead, a Chinese brain mapping team is preparing to launch the International Primate Mesoscale Brain Atlas Consortium in collaboration with international partners. After five to six years of preparatory work by Chinese scientists, the collaboration with the international team will begin in September this year. The goal of this initiative is to create a more complete map of the human brain.

    “We call for sustained global scientific collaboration to jointly advance towards the highly ambitious goal of deciphering mesoscale atlases of primate brains, including the human brain,” said Pu Muming, scientific director of the CAS Shanghai Advanced Brain and Intelligence Research Center.

    “Scientists from more than 20 countries and nearly a hundred researchers have already expressed their intention to join the consortium and work together,” Pu Mumin added. -0-

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

    .

    MIL OSI Russia News –

  • MIL-OSI Security: Man Convicted of Hiring Hitman to Murder a Federal Prosecutor, FBI Special Agent, Witnesses, and Victims Before the Start of his Federal Cyber Harassment Trial

    Source: Office of United States Attorneys

    MIAMI – On July 11, 2025, a federal jury sitting in Ft. Lauderdale found Anthony Brillante II, age 36, guilty of attempted murder of an employee of the United States, solicitation to commit a crime of violence, use of interstate commerce facilities in the commission of murder-for-hire, witness tampering, and obstruction of justice.  The charges stemmed from a plot engaged in by the defendant to murder the federal prosecutor and FBI Special Agent who investigated and prosecuted him for cyber harassment, by hiring a hitman to kill them. He was also found guilty of attempting to kill the witnesses and victims of his cyber harassment case before the start of his federal cyber harassment trial on October 30, 2023. 

    In August of 2022, the FBI arrested Brillante for cyber harassing his family in New York.  Brillante, a student at FIU during most of the time of the crimes, spoofed hundreds of different phone numbers to send three victims—his cousin, her husband, and their 12-year-old daughter—tens of thousands of phone calls and text messages over a 15-month period between 2021 and 2022, including countless explicit threats to kill them.  The messages included threatening to shoot them in the in the face and running them over with a car. The federal cyber harassment investigation established that Brillante was also sending similar threatening messages to another cousin and her husband, who both resided in Texas. 

    In October 2023, just before the start of his federal cyber harassment trial, Brillante directed and paid a total of $40,000 in furtherance of the murder plot.  On October 29, 2023, the day before his cyber harassment trial was scheduled to begin, Brillante met with an undercover FBI agent, who was posing as a hitman, and enlisted him to commit the murders of the prosecuting Assistant United States Attorney, the investigating FBI special agent, and the victims of his cyber harassment case in order to obstruct his federal trial. Despite his efforts, Brillante was convicted in his first trial of cyber harassment and ultimately sentenced to nine years’ imprisonment. 

    Sentencing in the murder-for-hire case is scheduled for October 1, 2025. 

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Special Agent in Charge Brett D. Skiles of the FBI, Miami Field Office made the announcement.

    The FBI Miami Field Office investigated the case.

    Assistant U.S. Attorneys Lawrence D. LaVecchio and Deric Zacca from the Southern District of Florida are prosecuting the case. AUSA Daren Grove is handling asset forfeiture.

    You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-60204.

    ###  

    MIL Security OSI –

  • MIL-OSI Security: Man Convicted of Hiring Hitman to Murder a Federal Prosecutor, FBI Special Agent, Witnesses, and Victims Before the Start of his Federal Cyber Harassment Trial

    Source: Office of United States Attorneys

    MIAMI – On July 11, 2025, a federal jury sitting in Ft. Lauderdale found Anthony Brillante II, age 36, guilty of attempted murder of an employee of the United States, solicitation to commit a crime of violence, use of interstate commerce facilities in the commission of murder-for-hire, witness tampering, and obstruction of justice.  The charges stemmed from a plot engaged in by the defendant to murder the federal prosecutor and FBI Special Agent who investigated and prosecuted him for cyber harassment, by hiring a hitman to kill them. He was also found guilty of attempting to kill the witnesses and victims of his cyber harassment case before the start of his federal cyber harassment trial on October 30, 2023. 

    In August of 2022, the FBI arrested Brillante for cyber harassing his family in New York.  Brillante, a student at FIU during most of the time of the crimes, spoofed hundreds of different phone numbers to send three victims—his cousin, her husband, and their 12-year-old daughter—tens of thousands of phone calls and text messages over a 15-month period between 2021 and 2022, including countless explicit threats to kill them.  The messages included threatening to shoot them in the in the face and running them over with a car. The federal cyber harassment investigation established that Brillante was also sending similar threatening messages to another cousin and her husband, who both resided in Texas. 

    In October 2023, just before the start of his federal cyber harassment trial, Brillante directed and paid a total of $40,000 in furtherance of the murder plot.  On October 29, 2023, the day before his cyber harassment trial was scheduled to begin, Brillante met with an undercover FBI agent, who was posing as a hitman, and enlisted him to commit the murders of the prosecuting Assistant United States Attorney, the investigating FBI special agent, and the victims of his cyber harassment case in order to obstruct his federal trial. Despite his efforts, Brillante was convicted in his first trial of cyber harassment and ultimately sentenced to nine years’ imprisonment. 

    Sentencing in the murder-for-hire case is scheduled for October 1, 2025. 

    U.S. Attorney Hayden P. O’Byrne for the Southern District of Florida and Special Agent in Charge Brett D. Skiles of the FBI, Miami Field Office made the announcement.

    The FBI Miami Field Office investigated the case.

    Assistant U.S. Attorneys Lawrence D. LaVecchio and Deric Zacca from the Southern District of Florida are prosecuting the case. AUSA Daren Grove is handling asset forfeiture.

    You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at www.usdoj.gov/usao/fls.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-60204.

    ###  

    MIL Security OSI –

  • MIL-OSI Security: KC Sex Offender Sentenced to 12 Years for Illegal Firearm

    Source: Office of United States Attorneys

    KANSAS CITY, Mo. – A Kansas City, Mo. man was sentenced in federal court today for illegally possessing a firearm after officers found a firearm when they investigated him for driving while intoxicated.

    Bryan A. Bay, 35, was sentenced by U.S. District Judge Greg Kays to 12 years in federal prison without parole.  Bay’s sentence was ordered to run consecutive to a state sentence for endangering the welfare of a child.

    On Feb. 27, 2025, Bay pleaded guilty to one count of being a felon in possession of a firearm.

    On July 7, 2023, Independence, Mo. Police Department officers were dispatched to investigate a report that the occupants of a Chevrolet Silverado were passed out.  The officers contacted the occupants and identified Bay as the driver of the vehicle. Bay appeared to be under the influence of alcohol.  A computer check of Bay showed that he is a registered sex offender and on supervision through Missouri Probation and Parole for endangering the welfare of a child in the first degree and domestic assault in the second degree.  Officers located a Smith and Wesson, Model SD9, semi-automatic pistol.  The firearm was loaded with a 12-round magazine with one round in the chamber.

    On Oct. 4, 2023, Independence, Mo. Police Department officers were dispatched to a residence for an aggravated assault.  The victim reported that Bay, her ex-boyfriend, refused to leave her residence and threatened her.  She ran into the street to get away from Bay.  Her cousin saw her and got into his vehicle to get away from Bay, and Bay’s ex-girlfriend got into the passenger seat.  The victim reported that Bay opened the door where she was seated and pointed his 300 blackout AR-15 in the middle of her forehead. Investigators did not locate Bay and issued a pickup order for Bay.

    On Nov. 10, 2023, Kansas City, Mo. Police Department officers conducted a car check on a Kia, which was bearing a license plate that belonged to a Saturn.  Officers contacted Bay, who was standing between the Kia and his Chevrolet Silverado. Officers arrested Bay on a parole violation warrant and the stop order previously issued by the Independence, Mo. Police Department.

    Officers searched Bay’s Chevrolet Silverado and found approximately 5.49 grams of a crystal substance and 7.67 grams of a powder substance. Both substances tested positive for methamphetamine.  Officers also found an Anderson Manufacturing, Model AM-15, multi-caliber pistol.

    Under federal law, it is illegal for anyone who is convicted of a felony to be in possession of any firearm or ammunition.  Bay has two prior felony convictions for tampering with a motor vehicle and possession of a controlled substance and prior felony convictions for domestic assault, unlawful use of a weapon, and endangering the welfare of a child.  Bay’s conviction for endangering the welfare of a child requires him to register as a sex offender.

    This case was prosecuted by Special Assistant U.S. Attorney Jessica L. Jennings. It was investigated by the Independence, Missouri Police Department and the Kansas City, Missouri Police Department.

    Operation Take Back America

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

    MIL Security OSI –

  • MIL-OSI Security: Utah Man Indicted for First Degree Murder After Allegedly Killing Another Man with a Bow and Arrow

    Source: Office of United States Attorneys

    SALT LAKE CITY, Utah – A federal grand jury in Salt Lake City returned an indictment today charging a Northeastern Utah man with first degree murder after he allegedly killed another man with a bow and arrow last month.

    Leroy Casper Poowegup Reed, 42, of Whiterocks, Utah, was charged by complaint on June 27, 2025, and ordered detained by a U.S. Magistrate Judge.  

    According to court documents, on June 26, 2025, officers from the Bureau of Indian Affairs and the Uintah County Sheriff’s Office responded to a 911 call from an individual who reported a possible vehicle accident in the Whiterocks community. It was reported that an individual was inside the vehicle unconscious and not breathing, with an arrow sticking out of him. Officers at the scene observed a black GMC pickup with the sole occupant/victim inside. The victim had an arrow pierced into his neck just above the collar bone. Officers concluded he was deceased.

    As alleged in court documents, officers located a male individual on a porch of a residence, who was yelling at law enforcement. Officers also found blood on the road in front of the residence. The resident on the porch was identified as Reed and was taken into custody. Officers also located and seized a bow and arrows, and other items. Law enforcement obtained surveillance video of the incident, which showed a black GMC truck pull up and park. The victim exited the truck and walked towards Reed’s residence. Reed was then observed walking across the driveway with a bow and arrow drawn. The victim put his hands up and the video showed Reed move closer to the victim and then release an arrow, which hit the victim in the neck above the collar bone. The victim turned and walked back to his truck and Reed turned and walked towards his residence. The arrows seized from Reed’s residence match the arrow found in the victim.

    Reed is charged with murder in the first degree while within Indian Country. His initial appearance on the indictment is scheduled for July 17, 2025, at 2:00 p.m. in courtroom 8.4 before a U.S. Magistrate Judge at the Orrin G. Hatch United States District Courthouse in downtown Salt Lake City.

    Acting United States Attorney Felice John Viti for the District of Utah made the announcement.

    The case is being investigated jointly by the Bureau of Indian Affairs, the Uintah County Sheriff’s Office and the FBI Salt Lake City Field Office’s Vernal Resident Agency.

    Assistant United States Attorneys Sam Pead and Victoria K. McFarland of the U.S. Attorney’s Office for the District of Utah are prosecuting the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhoods (PSN).

    An indictment is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law. 
     

    MIL Security OSI –

  • MIL-OSI: OceanFirst Financial Corp. Announces 2025 Stock Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    RED BANK, N.J., July 16, 2025 (GLOBE NEWSWIRE) — OceanFirst Financial Corp. (NASDAQ:“OCFC”), (the “Company”), the holding company for OceanFirst Bank N.A. (the “Bank”), today announced that its Board of Directors has authorized a 2025 Stock Repurchase Program, under which the Company may repurchase up to 3 million shares, or approximately 5% of its outstanding common stock. This authorization is incremental to the Company’s existing 2021 Stock Repurchase Program.

    “The repurchase program underscores our belief that OceanFirst shares represent a compelling investment opportunity,” said Christopher D. Maher, Chairman and Chief Executive Officer. “The program enhances our capital deployment flexibility, allowing us to respond opportunistically to market conditions while maintaining the capacity to invest in organic growth, strategic initiatives, and shareholder returns.”

    OceanFirst Financial Corp.’s press releases are available by visiting us at www.oceanfirst.com.

    Forward-Looking Statements

    In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project”, “will”, “should”, “may”, “view”, “opportunity”, “potential”, or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, inflation, general economic conditions, including potential recessionary conditions, levels of unemployment in the Company’s lending area, real estate market values in the Company’s lending area, potential goodwill impairment, natural disasters, potential increases to flood insurance premiums, the current or anticipated impact of military conflict, terrorism or other geopolitical events, the imposition of tariffs or other domestic or international governmental policies, and retaliatory responses, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, the availability of low-cost funding, changes in liquidity, including the size and composition of the Company’s deposit portfolio, and the percentage of uninsured deposits in the portfolio, changes in capital management and balance sheet strategies and the ability to successfully implement such strategies, competition, demand for financial services in the Company’s market area, changes in investor sentiment and consumer spending, borrowing and saving habits, changes in accounting principles, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees, the impact of pandemics on our operations and financial results and those of our customers and the Bank’s ability to successfully integrate acquired operations. These risks and uncertainties are further discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, under Item 1A – Risk Factors and elsewhere, and subsequent securities filings and should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    Company Contact:

    Patrick S. Barrett
    Chief Financial Officer
    OceanFirst Financial Corp.
    Tel: (732) 240-4500, ext. 27507
    Email: pbarrett@oceanfirst.com

    The MIL Network –

  • MIL-OSI USA: Cornyn-Supported Annual Intelligence Bill Passes Committee

    US Senate News:

    Source: United States Senator for Texas John Cornyn

    WASHINGTON – U.S. Senator John Cornyn (R-TX) today released the following statement after the Intelligence Authorization Act (IAA) for Fiscal Year 2026 passed out of the Senate Select Committee on Intelligence:

    “The U.S. Intelligence Community and congressional intelligence committees play vital roles in keeping Texans safe and secure in an increasingly complex threat environment at home and around the globe,” said Sen. Cornyn. “This legislation will ensure our intelligence agencies are equipped with the tools to confront foreign espionage, enhance counternarcotics efforts, and bolster our cybersecurity all while prioritizing transparency and efficiency, and I was glad to support it.”

     Sen. Cornyn’s Legislation Included in the Bill:

    • Intelligence Community Technology Bridge Act: Would enable the Intelligence Community (IC) to streamline acquisition processes and prioritize small business and nontraditional defense contractor solutions.
    • Counternarcotics Enhancement Act: Would direct the Director of National Intelligence (DNI) to submit to the congressional intelligence committees an action plan to enhance counternarcotics collaboration, coordination, and cooperation between the U.S. and Mexico.
    • Strengthening Prosecution Integrity for Espionage Statutes (SPIES) Act: Would help hold foreign spies who commit espionage crimes against the U.S. accountable by removing the statute of limitations for certain offenses such as gathering or delivering classified information to aid foreign governments.

    Other Key Provisions Include:

    • Requiring the DNI to assess the counterintelligence vulnerabilities of the National Aeronautics and Space Administration (NASA);
    • Requiring the Federal Bureau of Investigation (FBI) to assess and share the counterintelligence risks to commercial spaceports;
    • Reforming and improving efficiencies and effectiveness within the Office of the Director of National Intelligence (ODNI) and the broader IC;
    • Requiring that visas be denied to certain nationals applying to work at the United Nations if they are known or suspected of being foreign intelligence officers or committing intelligence or espionage activities;
    • Prohibiting the IC from contracting with Chinese military companies engaged in biotechnology research, development, or manufacturing;
    • Codifying tour and travel restrictions for Chinese, Russian, Iranian, and North Korean diplomats in the United States;
    • Enhancing protections for, and congressional oversight of, IC whistleblowers;
    • Prohibiting IC contractors from collecting or selling IC personnel location data;
    • And promoting transparency by requiring the DNI to conduct a declassification review and publish intelligence relating to the origins of the COVID-19 pandemic.

    MIL OSI USA News –

  • MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary Second Quarter Earnings of $1.72 Per Diluted Common Share

    Source: GlobeNewswire (MIL-OSI)

    SPRINGFIELD, Mo., July 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (the “Company”) (NASDAQ:GSBC), the holding company for Great Southern Bank (the “Bank”), today reported that preliminary earnings for the three months ended June 30, 2025, were $1.72 per diluted common share ($19.8 million net income) compared to $1.45 per diluted common share ($17.0 million net income) for the three months ended June 30, 2024.

    For the quarter ended June 30, 2025, annualized return on average common equity was 12.81%, annualized return on average assets was 1.34%, and annualized net interest margin was 3.68%, compared to 12.03%, 1.17% and 3.43%, respectively, for the quarter ended June 30, 2024.

    Second Quarter 2025 Key Results:

    • Net Interest Income: Net interest income for the second quarter of 2025 increased $4.2 million (or approximately 8.9%) to $51.0 million compared to $46.8 million for the second quarter of 2024, largely driven by lower interest expense on deposit accounts and other borrowings. Annualized net interest margin was 3.68% for the quarter ended June 30, 2025, compared to 3.43% for the quarter ended June 30, 2024, and 3.57% for the quarter ended March 31, 2025. During the quarter ended June 30, 2025, the Company recorded $434,000 of interest income related to recoveries on non-accrual loans and other cash-basis assets, positively affecting net interest income and net interest margin.
    • Asset Quality: Non-performing assets and potential problem loans totaled $15.3 million at June 30, 2025, a decrease of $1.3 million from $16.6 million at December 31, 2024. At June 30, 2025, non-performing assets were $8.1 million (0.14% of total assets), a decrease of $1.5 million from $9.6 million (0.16% of total assets) at December 31, 2024.
    • Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.22 billion and $338.9 million, respectively, at June 30, 2025. In addition, at June 30, 2025, the Company had unpledged securities with a market value totaling $349.3 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
    • Capital: The Company’s capital position remained strong as of June 30, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of June 30, 2025, the Company’s Tier 1 Leverage Ratio was 11.5%, Common Equity Tier 1 Capital Ratio was 13.0%, Tier 1 Capital Ratio was 13.5%, and Total Capital Ratio was 14.7%. The Company’s tangible common equity to tangible assets ratio was 10.5% at June 30, 2025. In June 2025, the Company redeemed at par all of its outstanding subordinated notes, which had an aggregate principal amount of $75.0 million.
    • Significant Item Impacting Non-Interest Income: In the quarter ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships. This was an unusually large amount for the Company, but this type of income occurs from time to time. We cannot, however, anticipate the amount or timing of this income with certainty.

    Selected Financial Data:

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024     2025
        (Dollars in thousands, except per share data)
                           
    Net interest income $ 50,963     $ 46,818     $ 49,334  
    Provision (credit) for credit losses on loans and unfunded commitments   (110 )     (607 )     (348 )
    Non-interest income   8,212       9,833       6,590  
    Non-interest expense   35,005       36,409       34,822  
    Provision for income taxes   4,494       3,861       4,290  
                     
    Net income $ 19,786     $ 16,988     $ 17,160  
                     
    Earnings per diluted common share $ 1.72     $ 1.45     $ 1.47  
                           

    Joseph W. Turner, President and CEO of Great Southern, commented, “The second quarter was marked by continued execution of our strategy to maintain core banking fundamentals, drive earnings, and improve tangible book value per share. Our core credit and operating metrics remained sound, with solid quarterly profitability driven by steady margins, ongoing disciplined expense control, and continued strong credit quality. We reported net income of $19.8 million, or $1.72 per diluted common share, for the second quarter of 2025, compared to $17.0 million, or $1.45 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter reflects strong growth in net interest income, which rose $4.2 million, or 8.9%, largely due to lower interest expense on deposit accounts and borrowings. The second quarter of 2025 and 2024 each had significant unusual or non-recurring items included in non-interest income, which are noted elsewhere in this earnings release. Non-interest expense also decreased from the year-ago quarter due to significant legal and professional fees recorded in 2024.”

    Turner noted, “Despite lingering external economic pressures, our core operations continued to perform well. Total interest income for the second quarter of 2025 was $81.0 million, reflecting stable yields on loans and investment securities. Net interest income for the quarter increased to $51.0 million, supported by our continued disciplined asset-liability management and lower deposit interest costs, despite competitive pressures. We also saw stability in our core non-time deposit balances, reflecting the strength of customer relationships and the enduring value of our franchise.”

    Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.85 billion at June 30, 2025, and a loan portfolio that reflects a balanced approach to growth and risk management, as we serve our constituent markets. We emphasize prudent lending practices through our relationship-based lending resulting in strong credit quality. Given our emphasis on balancing loan growth with appropriate pricing and loan structure, we saw a $156 million net loan reduction in the quarter, which included a $30 million loan payoff at the end of the quarter. Large loan payoffs tend to fluctuate, but we did experience a higher level of such payoffs in the second quarter of 2025. Our allowance for credit losses stood at $64.8 million at June 30, 2025, representing 1.41% of total loans. Our non-performing assets decreased $1.5 million from both March 31, 2025, and December 31, 2024, to $8.1 million, or 0.14% of total assets, highlighting our prudent underwriting standards and ongoing credit monitoring.”

    Turner further noted, “On the expense side, we remain focused on operating discipline. Non-interest expense totaled $35.0 million for the second quarter of 2025, an improvement of $1.4 million from the prior-year second quarter, with reductions in legal and professional fees and expense on other real estate owned, partially offset by modest increases in technology investments. Non-interest income totaled $8.2 million for the second quarter of 2025, which did include some significant unusual income as we’ve noted.”

    Turner continued, “As we look ahead, our priorities remain consistent: control costs, safeguard credit quality, and optimize our funding mix to enable continued growth and long-term financial stability. At June 30, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.5% and approximately $2.2 billion of secured available lines and on-balance sheet liquid assets, providing us with the capital and liquidity we need to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the second quarter of 2025 we repurchased nearly 176,000 shares of our common stock. In June 2025, we redeemed all of the Company’s outstanding 5.50% fixed-to-floating rate subordinated notes, with an aggregate principal balance of $75 million, in advance of a step up in rate, thereby avoiding a significant increase in interest cost.”

    “Great Southern’s second-quarter 2025 results demonstrate the strength and consistency of our business model and our ability to deliver sustainable returns, supported by strong customer relationships and disciplined management. Our focus on long-term value creation is steadfast as our team works daily to meet the needs of our customers, communities and shareholders,” Turner concluded.

    NET INTEREST INCOME

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024   2025
        (Dollars in thousands)
    Interest Income $ 80,975     $ 80,927     $ 80,243  
    Interest Expense   30,012       34,109       30,909  
                           
    Net Interest Income $ 50,963     $ 46,818     $ 49,334  
                     
    Net interest margin   3.68 %     3.43 %     3.57 %
    Average interest-earning assets to average interest-bearing liabilities   126.9 %     126.7 %     125.5 %
                           

    Net interest income for the second quarter of 2025 increased $4.2 million to $51.0 million, compared to $46.8 million for the second quarter of 2024. This increase in net interest income was driven primarily by higher investment interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits to reduce interest expense. Net interest margin was 3.68% in the second quarter of 2025, compared to 3.43% in the same period of 2024 and 3.57% in the first quarter of 2025. Compared to the 2024 second quarter, the average yield on loans decreased 11 basis points, the average yield on investment securities increased 27 basis points and the average yield on other interest earning assets decreased 101 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 36 basis points, 63 basis points and 74 basis points, respectively, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The average interest rate spread was 3.09% for the three months ended June 30, 2025, compared to 2.77% for the three months ended June 30, 2024 and 3.00% for the three months ended March 31, 2025.

    Net interest margin was positively impacted by the receipt of interest income which had not been accrued for, as outlined above, under “Second Quarter 2025 Key Results – Net Interest Income.” This additional interest income contributed three basis points to net interest margin in the second quarter of 2025. While we currently believe that interest income recoveries such as this may occur in future periods, we cannot anticipate the amount or timing of this income with certainty.

    The average rate paid on total interest-bearing liabilities decreased from 3.17% in the 2024 second quarter to 2.75% in the 2025 second quarter. The average rates paid on deposits and borrowings decreased compared to the prior-year second quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year second quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the second quarter of 2024, the average yield on loans only decreased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

    To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

    The following table presents, for the periods indicated, the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024   2025
        (In thousands)
    Terminated interest rate swaps $ 2,025     $ 2,025     $ 2,003  
    Active interest rate swaps   (1,757 )     (2,769 )     (1,742 )
                           
    Increase (decrease) to interest income $ 268     $ (744 )   $ 261  
                           

    The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the originally scheduled termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. The Company anticipates recording approximately $2.0 million in interest income from the terminated swap in the third quarter of 2025, after which no further interest income will be realized.

    The Company’s net interest income in the second quarter of 2025 increased 8.9% compared to net interest income in the second quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at then-current market rates. Market rates for time deposits for much of 2024 remained elevated, but have declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in late 2025. As of June 30, 2025, time deposit maturities over the next 12 months were as follows: within three months — $696 million, with a weighted-average rate of 3.93%; within three to six months — $460 million, with a weighted-average rate of 3.83%; and within six to twelve months — $124 million, with a weighted-average rate of 3.37%. Based on time deposit market rates in June 2025, replacement rates for these maturing time deposits are likely to be approximately 3.35-3.85%.

    NON-INTEREST INCOME

    For the quarter ended June 30, 2025, non-interest income decreased $1.6 million to $8.2 million when compared to the quarter ended June 30, 2024, primarily as a result of the following items:

    • Other income: Other income decreased $1.6 million compared to the prior-year quarter. In the second quarter of 2024, the Company recorded $2.7 million of other income, net of expenses and write-offs, related to the termination of the master agreement between the Company and a third-party software vendor for the intended conversion of the Company’s core banking platform. Separately, in the quarter ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships.
    • Net gains on loan sales: Net gains on loan sales decreased $234,000 compared to the prior-year quarter. The decrease was due to a decrease in balance of fixed-rate single-family mortgage loans originated and sold during the 2025 period compared to the 2024 period. Fixed rate single-family mortgage loans originated are generally subsequently sold in the secondary market.
    • Late charges and fees on loans: Late charges and fees on loans increased $204,000 compared to the prior-year quarter. This increase was primarily due to prepayment fees on one large commercial real estate loan, which paid off in the 2025 quarter.

    NON-INTEREST EXPENSE

    For the quarter ended June 30, 2025, non-interest expense decreased $1.4 million to $35.0 million when compared to the quarter ended June 30, 2024, primarily as a result of the following items:

    • Legal, audit and other professional fees: Legal, audit and other professional fees decreased $935,000, or 50.2%, from the prior-year quarter, to $929,000. In the quarter ended June 30, 2024, the Company expensed a total of $902,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, compared to $46,000 in costs expensed in the quarter ended June 30, 2025.
    • Expense on other real estate owned: Expenses on other real estate owned decreased $453,000, or 158.9%, from the prior-year quarter. In the quarter ended June 30, 2025, the Company collected a total of $445,000 in rental income from other real estate owned, compared to $24,000 collected for the quarter ended June 30, 2024. The 2025 period included rental income from the $6.0 million office building asset that was added to other real estate owned in the fourth quarter of 2024. See “Asset Quality” below.
    • Other operating expenses: Other operating expenses decreased $444,000, or 17.3%, from the prior-year quarter. In the 2024 period, the Company recorded expenses totaling $600,000 related to the resolution of compliance matters, with no similar expenses recorded in the current-year quarter.
    • Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $594,000, or 7.6%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $502,000 in the second quarter of 2025 compared to the second quarter of 2024.

    The Company’s efficiency ratio for the quarter ended June 30, 2025, was 59.16% compared to 64.27% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.37% for the three months ended June 30, 2025, compared to 2.50% for the three months ended June 30, 2024. Average assets for the three months ended June 30, 2025, increased $86.0 million, or 1.5%, compared to the three months ended June 30, 2024, primarily due to growth in average balances of net loans and investment securities.

    INCOME TAXES

    For each of the three months ended June 30, 2025 and 2024, the Company’s effective tax rate was 18.5%. For the six months ended June 30, 2025 and 2024, the Company’s effective tax rate was 19.2% and 18.8%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

    CAPITAL

        June 30,   December 31,   March 31,
        2025   2024   2025
    Consolidated Regulatory Capital Ratios   (Preliminary)            
    Tier 1 Leverage Ratio   11.5 %   11.4 %   11.3 %
    Common Equity Tier 1 Capital Ratio   13.0 %   12.3 %   12.4 %
    Tier 1 Capital Ratio   13.5 %   12.8 %   12.9 %
    Total Capital Ratio   14.7 %   15.4 %   15.6 %
    Tangible Common Equity Ratio   10.5 %   9.9 %   10.1 %
                       

    As of June 30, 2025, total stockholders’ equity was $622.4 million, representing 10.6% of total assets and a book value of $54.61 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $22.8 million increase in stockholders’ equity from December 31, 2024, was primarily driven by $36.9 million in net income and a $2.0 million increase from stock option exercises, partially offset by $9.2 million in cash dividends declared on the Company’s common stock and $20.0 million in common stock repurchases.

    Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $54.4 million (net of taxes) at December 31, 2024, also increased stockholders’ equity by $13.0 million during the first six months of 2025. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps. In the first six months of 2025, these market interest rates decreased, resulting in increases in the fair value of the Company’s investment securities and interest rate swaps.

    The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $19.3 million and $24.7 million at June 30, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at June 30, 2025, they would have decreased total stockholder’s equity at that date by $14.6 million. This amount was equal to 2.3% of total stockholders’ equity of $622.4 million at June 30, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

    On June 15, 2025, the Company redeemed all of its outstanding 5.50% fixed-to-floating rate subordinated notes due June 15, 2030, with an aggregate principal balance of $75 million. The total redemption price was 100% of the aggregate principal balance of the subordinated notes plus accrued and unpaid interest. The Company utilized excess cash on hand for the redemption payment.

    In November 2022, the Company’s Board of Directors authorized the purchase of up to one million shares of the Company’s common stock. As of June 30, 2025, approximately 94,000 shares remained available under this stock repurchase authorization.

    In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

    During the three months ended June 30, 2025, the Company repurchased 175,998 shares of its common stock at an average price of $55.11, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.4 million.

    During the six months ended June 30, 2025, the Company repurchased 349,342 shares of its common stock at an average price of $56.73, and the Company’s Board of Directors declared regular quarterly cash dividends totaling $0.80 per common share, which, combined, reduced stockholders’ equity by $29.2 million.

    LIQUIDITY AND DEPOSITS

    Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

    At June 30, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

        June 30, 2025
    Federal Home Loan Bank line     $1,216.1 million
    Federal Reserve Bank line     338.9 million
    Cash and cash equivalents     245.9 million
    Unpledged securities – Available-for-sale     325.3 million
    Unpledged securities – Held-to-maturity     24.0 million
           

    During the six months ended June 30, 2025, the Company’s total deposits increased $78.6 million. Interest-bearing checking balances increased $18.5 million (0.8%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $17.0 million (2.0%). Time deposits generated through the Company’s banking center and corporate services networks decreased $18.1 million (2.3%). Brokered deposits increased $61.2 million (7.9%) through a variety of sources. During the three months ended June 30, 2025, the Company’s total deposits decreased $73.9 million, with $62.1 million of this decrease in brokered deposits.

    At June 30, 2025, the Company had the following deposit balances:

           June 30, 2025
    Interest-bearing checking     $2,233.2 million
    Non-interest-bearing checking     859.9 million
    Time deposits     757.7 million
    Brokered deposits     833.3 million
           

    At June 30, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $703.6 million (15% of total deposits).

    LOANS

    Total net loans, excluding mortgage loans held for sale, decreased $156.1 million, or 3.3%, from $4.69 billion at December 31, 2024 to $4.53 billion at June 30, 2025. This decrease was primarily driven by decreases in construction loans of $79.1 million, commercial real estate loans of $56.1 million, one- to four-family residential loans of $23.0 million and commercial business loans of $25.2 million, partially offset by an increase in other residential (multi-family) loans of $28.7 million. Compared to March 31, 2025, net loans decreased $156.4 million.

    The pipeline of the unfunded portion of loans and formal loan commitments remained strong, with the largest portion of these unfunded balances represented by the unfunded portion of outstanding construction loans ($626.0 million at June 30, 2025). See the table below.

    For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

    Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

        June 30,
    2025    		     March 31,
    2025    		     December
    31, 2024    		     December
    31, 2023    		     December
    31, 2022    		  
    Closed non-construction loans with unused available lines                              
    Secured by real estate (one- to four-family) $ 211,453   $ 211,119   $ 205,599   $ 203,964   $ 199,182  
    Secured by real estate (not one- to four-family)   —     —     —     —     —  
    Not secured by real estate – commercial business   102,891     106,211     106,621     82,435     104,452  
                                   
    Closed construction loans with unused available lines                              
    Secured by real estate (one-to four-family)   96,935     96,807     94,501     101,545     100,669  
    Secured by real estate (not one-to four-family)   644,427     657,828     703,947     719,039     1,444,450  
                                   
    Loan commitments not closed                              
    Secured by real estate (one-to four-family)   17,148     19,264     14,373     12,347     16,819  
    Secured by real estate (not one-to four-family)   13,002     50,296     53,660     48,153     157,645  
    Not secured by real estate – commercial business   27,003     18,484     22,884     11,763     50,145  
                                   
      $ 1,112,859   $ 1,160,009   $ 1,201,585   $ 1,179,246   $ 2,073,362  
                                   

    PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

    During the three months ended June 30, 2025 and 2024, the Company did not record a provision expense on its portfolio of outstanding loans. During the six months ended June 30, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net recoveries were $111,000 for the three months ended June 30, 2025, compared to net recoveries of $168,000 during the same period in the prior year. Total net recoveries were $55,000 for the six months ended June 30, 2025, compared to net recoveries of $85,000 during the same period in the prior year. Additionally, for the quarter ended June 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $110,000, compared to a negative provision of $607,000 for the same period in 2024. For the six months ended June 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $458,000, compared to a negative provision of $477,000 for the same period in 2024.

    The Bank’s allowance for credit losses as a percentage of total loans was 1.41% at June 30, 2025, an increase from 1.36% at both December 31, 2024 and March 31, 2025. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at June 30, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

    ASSET QUALITY

    At June 30, 2025, non-performing assets were $8.1 million, a decrease of $1.5 million from $9.6 million at December 31, 2024 and a decrease of $1.4 million from $9.5 million at March 31, 2025. Non-performing assets as a percentage of total assets were 0.14% at June 30, 2025, compared to 0.16% at both December 31, 2024 and March 31, 2025.

    Activity in the non-performing loan categories during the quarter ended June 30, 2025, was as follows:

        Beginning
    Balance,
    April 1    		   Additions
    to Non-
    Performing    		   Removed
    from Non-
    Performing    		   Transfers
    to Potential
    Problem
    Loans    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Payments   Ending
    Balance,
    June 30
        (In thousands)
                                     
    One- to four-family construction $ — $ — $ — $ — $ — $ — $ —   $ —
    Subdivision construction   —   —   —   —   —   —   —     —
    Land development   368   —   —   —   —   —   (368 )   —
    Commercial construction   —   —   —   —   —   —   —     —
    One- to four-family residential   3,076   154   —   —   —   —   (1,204 )   2,026
    Other residential (multi-family)   —   —   —   —   —   —   —     —
    Commercial real estate   —   —   —   —   —   —   —     —
    Commercial business   —   —   —   —   —   —   —     —
    Consumer   38   7   —   —   —   —   (27 )   18
    Total non-performing loans $ 3,482 $ 161 $ — $ — $ — $ — $ (1,599 ) $ 2,044
                                     
    • Compared to March 31, 2025, non-performing loans decreased $1.4 million.
    • The non-performing one- to four-family residential category consisted of eight loans at June 30, 2025, one of which was added during the current quarter.
    • The largest relationship in the one- to four-family residential category totaled $614,000 at June 30, 2025. This relationship was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Sarasota, Fla. area.
    • During the quarter ended June 30, 2025, one- to four-family residential loans experienced one loan pay-off totaling $884,000 and another related loan had a principal pay-down totaling $296,000. Additionally, the only loan in the non-performing land development category at the beginning of the quarter paid off.

    Activity in the potential problem loans categories during the quarter ended June 30, 2025, was as follows:

        Beginning
    Balance,
    April 1    		   Additions to
    Potential
    Problem    		   Removed
    from
    Potential
    Problem    		   Transfers
    to Non-
    Performing    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Loan Advances (Payments)   Ending
    Balance,
    June 30    		  
        (In thousands)
                                       
    One- to four-family construction $ — $ — $ —   $ — $ —   $ —   $ —   $ —  
    Subdivision construction   —   —   —     —   —     —     —     —  
    Land development   —   —   —     —   —     —     —     —  
    Commercial construction   —   —   —     —   —     —     —     —  
    One- to four-family residential   2,128   34   (307 )   —   —     —     (16 )   1,839  
    Other residential (multi-family)   —   —   —     —   —     —     —     —  
    Commercial real estate   4,313   —   —     —   —     —     (16 )   4,297  
    Commercial business   —   33   —     —   —     —     —     33  
    Consumer   1,011   50   —     —   (2 )   (11 )   (11 )   1,037  
    Total potential problem loans $ 7,452 $ 117 $ (307 ) $ — $ (2 ) $ (11 ) $ (43 ) $ 7,206  
                                       
    • Compared to March 31, 2025, potential problem loans decreased $246,000.
    • At June 30, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
    • The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in available labor and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
    • At June 30, 2025, the one- to four-family residential category consisted of ten loans, one of which was added to potential problem loans during the current quarter.
    • The largest relationship in the one- to four-family category, which was reclassified from the consumer category during the first quarter of 2025, totaled $963,000 and is collateralized by multiple single-family residential properties in Indiana and Florida.
    • At June 30, 2025, the consumer category of potential problem loans consisted of 14 loans, two of which were added during the current quarter.
    • The largest loan in the consumer category is a home equity loan totaling $784,000 related to the nursing care facility relationship, noted above.

    Activity in the foreclosed assets and repossessions categories during the quarter ended June 30, 2025 was as follows:

        Beginning
    Balance,
    April 1    		   Additions   ORE and
    Repossession
    Sales    		   Capitalized
    Costs    		   ORE and
    Repossession
    Write-Downs    		   Ending
    Balance,
    June 30
        (In thousands)
                             
    One-to four-family construction $ — $ — $ —   $ — $ — $ —
    Subdivision construction   —   —   —     —   —   —
    Land development   —   —   —     —   —   —
    Commercial construction   —   —   —     —   —   —
    One- to four-family residential   —   —   —     —   —   —
    Other residential (multi-family)   —   —   —     —   —   —
    Commercial real estate   6,036   —   —     —   —   6,036
    Commercial business   —   —   —     —   —   —
    Consumer   —   6   (2 )   —   —   4
    Total foreclosed assets and repossessions $ 6,036 $ 6 $ (2 ) $ — $ — $ 6,040
                             
    • Compared to March 31, 2025, foreclosed assets increased $4,000.
    • The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the first quarter of 2025.
    • The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

    BUSINESS INITIATIVES

    Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

    The Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

    Construction of the Company’s new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location, began in March 2025 and is on schedule for completion in the fourth quarter of 2025. The new facility, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools, balanced with customer convenience. The Company has 11 other banking centers and an Express Center in Springfield.

    Earnings Conference Call

    The Company will host a conference call on Thursday, July 17, 2025, at 2:00 p.m. Central Time to discuss second quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI5023532982f44a44b03e6e16deb1e937.

    About Great Southern Bancorp, Inc.

    Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

    www.GreatSouthernBank.com

    Forward-Looking Statements

    When used in this press release and in other documents filed or furnished by the Company with or to the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

    Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and the Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

    The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three and six months ended June 30, 2025 and 2024, and the three months ended March 31, 2025, are not necessarily indicative of the results of operations which may be expected for any future period.

        June 30,
    		     December 31,
        2025
    		     2024
    Selected Financial Condition Data:   (In thousands)
                   
    Total assets $ 5,854,672     $ 5,981,628  
    Loans receivable, gross   4,604,943       4,761,848  
    Allowance for credit losses   64,815       64,760  
    Other real estate owned, net   6,040       5,993  
    Available-for-sale securities, at fair value   527,543       533,373  
    Held-to-maturity securities, at amortized cost   183,100       187,433  
    Deposits   4,684,126       4,605,549  
    Total borrowings   450,483       679,341  
    Total stockholders’ equity   622,368       599,568  
    Non-performing assets   8,084       9,566  
                   
        Three Months Ended     Six Months Ended     Three Months
    Ended
        June 30,     June 30,     March 31,
        2025     2024     2025     2024
    		     2025
        (In thousands)
    Selected Operating Data:                              
    Interest income $ 80,975     $ 80,927     $ 161,218     $ 158,317     $ 80,243  
    Interest expense   30,012       34,109       60,921       66,683       30,909  
    Net interest income   50,963       46,818       100,297       91,634       49,334  
    Provision (credit) for credit losses on loans and unfunded commitments   (110 )     (607 )     (458 )     23       (348 )
    Non-interest income   8,212       9,833       14,802       16,639       6,590  
    Non-interest expense   35,005       36,409       69,827       70,831       34,822  
    Provision for income taxes   4,494       3,861       8,784       7,024       4,290  
    Net income $ 19,786     $ 16,988     $ 36,946     $ 30,395     $ 17,160  
                                   
      At or For the Three
    Months Ended    		   At or For the Six
    Months Ended    		   At or For the Three
    Months Ended
      June 30,   June 30,   March 31,
      2025   2024   2025   2024   2025
      (Dollars in thousands, except per share data)
    Per Common Share:              
    Net income (fully diluted) $ 1.72     $ 1.45     $ 3.18     $ 2.58     $ 1.47  
    Book value $ 54.61     $ 49.11     $ 54.61     $ 49.11     $ 53.03  
                   
    Earnings Performance Ratios:              
    Annualized return on average assets   1.34 %     1.17 %     1.24 %     1.05 %     1.15 %
    Annualized return on average common stockholders’ equity   12.81 %     12.03 %     12.06 %     10.69 %     11.30 %
    Net interest margin   3.68 %     3.43 %     3.63 %     3.38 %     3.57 %
    Average interest rate spread   3.09 %     2.77 %     3.05 %     2.71 %     3.00 %
    Efficiency ratio   59.16 %     64.27 %     60.67 %     65.42 %     62.27 %
    Non-interest expense to average total assets   2.37 %     2.50 %     2.35 %     2.44 %     2.34 %
                   
    Asset Quality Ratios:              
    Allowance for credit losses to period-end loans   1.41 %     1.39 %     1.41 %     1.39 %     1.36 %
    Non-performing assets to period-end assets   0.14 %     0.34 %     0.14 %     0.34 %     0.16 %
    Non-performing loans to period-end loans   0.04 %     0.23 %     0.04 %     0.23 %     0.07 %
    Annualized net charge-offs (recoveries) to average loans   (0.01 )%     (0.01 )%     0.00 %     0.00 %     0.00 %
                   
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Financial Condition
    (In thousands, except number of shares)
                 
        June 30,
    2025    		   December 31,
    2024    		   March 31,
    2025
                 
    Assets            
    Cash $ 110,007   $ 109,366   $ 106,336  
    Interest-bearing deposits in other financial institutions   135,906     86,390     110,845  
    Cash and cash equivalents   245,913     195,756     217,181  
                 
    Available-for-sale securities   527,543     533,373     535,914  
    Held-to-maturity securities   183,100     187,433     185,853  
    Mortgage loans held for sale   5,616     6,937     6,857  
    Loans receivable, net of allowance for credit losses of $64,815 – June 2025; $64,760 – December 2024; $64,704 – March 2025   4,534,287     4,690,393     4,690,636  
    Interest receivable   20,644     20,430     21,504  
    Prepaid expenses and other assets   133,614     136,594     132,930  
    Other real estate owned and repossessions, net   6,040     5,993     6,036  
    Premises and equipment, net   134,337     132,466     132,165  
    Goodwill and other intangible assets   9,877     10,094     9,985  
    Federal Home Loan Bank stock and other interest-earning assets   23,714     28,392     25,813  
    Current and deferred income taxes   29,987     33,767     28,968  
                 
    Total Assets $ 5,854,672   $ 5,981,628   $ 5,993,842  
                 
    Liabilities and Stockholders’ Equity            
    Liabilities            
    Deposits $ 4,684,126   $ 4,605,549   $ 4,758,046  
    Securities sold under reverse repurchase agreements with customers   54,802     64,444     75,322  
    Short-term borrowings   369,907     514,247     359,907  
    Subordinated debentures issued to capital trust   25,774     25,774     25,774  
    Subordinated notes   —     74,876     74,950  
    Accrued interest payable   4,065     12,761     5,416  
    Advances from borrowers for taxes and insurance   8,822     5,272     7,451  
    Accounts payable and accrued expenses   76,763     70,634     65,528  
    Liability for unfunded commitments   8,045     8,503     8,155  
    Total Liabilities   5,232,304     5,382,060     5,380,549  
                 
    Stockholders’ Equity            
    Capital stock            
    Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2025, December 2024 and March 2025 -0- shares   —     —     —  
    Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2025 – 11,396,533 shares; December 2024 – 11,723,548 shares; March 2025 – 11,565,211 shares   114     117     116  
    Additional paid-in capital   51,646     50,336     51,076  
    Retained earnings   611,921     603,477     606,239  
    Accumulated other comprehensive loss   (41,313 )   (54,362 )   (44,138 )
    Total Stockholders’ Equity   622,368     599,568     613,293  
                 
    Total Liabilities and Stockholders’ Equity $ 5,854,672   $ 5,981,628   $ 5,993,842  
                       
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Income
    (In thousands, except per share data)
                   
        Three Months Ended     Six Months Ended   Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024     2025     2024     2025
    Interest Income                            
    Loans $ 73,830     $ 74,295     $ 146,901     $ 145,371     $ 73,071  
    Investment securities and other   7,145       6,632       14,317       12,946       7,172  
        80,975       80,927       161,218       158,317       80,243  
    Interest Expense                            
    Deposits   24,368       27,783       48,968       55,420       24,600  
    Securities sold under reverse repurchase agreements   372       394       743       727       371  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities   3,974       4,373       8,424       7,417       4,450  
    Subordinated debentures issued to capital trust   389       454       771       908       382  
    Subordinated notes   909       1,105       2,015       2,211       1,106  
        30,012       34,109       60,921       66,683       30,909  
                                 
    Net Interest Income   50,963       46,818       100,297       91,634       49,334  
    Provision for Credit Losses on Loans   —       —       —       500       —  
    Provision (Credit) for Unfunded Commitments   (110 )     (607 )     (458 )     (477 )     (348 )
    Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments   51,073       47,425       100,755       91,611       49,682  
                                 
    Non-interest Income                            
    Commissions   411       269       673       650       262  
    Overdraft and Insufficient funds fees   1,266       1,230       2,481       2,519       1,215  
    POS and ATM fee income and service charges   3,444       3,588       6,678       6,771       3,234  
    Net gains on loan sales   893       1,127       1,494       1,804       601  
    Late charges and fees on loans   340       136       583       303       243  
    Gain (loss) on derivative interest rate products   (28 )     (7 )     (52 )     (20 )     (24 )
    Other income   1,886       3,490       2,945       4,612       1,059  
        8,212       9,833       14,802       16,639       6,590  
                                 
    Non-interest Expense                            
    Salaries and employee benefits   20,005       19,886       40,134       39,542       20,129  
    Net occupancy and equipment expense   8,435       7,841       16,968       15,680       8,533  
    Postage   825       777       1,756       1,584       931  
    Insurance   1,095       1,263       2,260       2,407       1,165  
    Advertising   705       891       995       1,241       290  
    Office supplies and printing   238       236       504       503       266  
    Telephone   705       685       1,411       1,406       706  
    Legal, audit and other professional fees   929       1,864       1,967       3,589       1,038  
    Expense (income) on other real estate and repossessions   (168 )     285       (238 )     346       (70 )
    Acquired intangible asset amortization   108       109       216       217       108  
    Other operating expenses   2,128       2,572       3,854       4,316       1,726  
        35,005       36,409       69,827       70,831       34,822  
                                 
    Income Before Income Taxes   24,280       20,849       45,730       37,419       21,450  
    Provision for Income Taxes   4,494       3,861       8,784       7,024       4,290  
                                 
    Net Income $ 19,786     $ 16,988     $ 36,946     $ 30,395     $ 17,160  
                                 
    Earnings Per Common Share                            
    Basic $ 1.73     $ 1.46     $ 3.20     $ 2.60     $ 1.47  
    Diluted $ 1.72     $ 1.45     $ 3.18     $ 2.58     $ 1.47  
                                 
    Dividends Declared Per Common Share $ 0.40     $ 0.40     $ 0.80     $ 0.80     $ 0.40  
                                 
     
    Average Balances, Interest Rates and Yields
     

    The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $1.1 million for both the three months ended June 30, 2025 and 2024. Net fees included in interest income were $2.1 million and $2.3 million for the six months ended June 30, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

      June 30, 2025       Three Months Ended
    June 30, 2025    		   Three Months Ended
    June 30, 2024    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.24 %   $ 822,283   $ 8,750   4.27 %   $ 877,957   $ 8,769   4.02 %
    Other residential 6.91       1,565,447     27,281   6.99       1,072,168     19,633   7.36  
    Commercial real estate 6.19       1,489,015     23,082   6.22       1,499,893     23,296   6.25  
    Construction 7.07       480,254     8,617   7.20       803,478     15,525   7.77  
    Commercial business 5.93       208,119     3,517   6.78       266,187     4,375   6.61  
    Other loans 6.39       167,548     2,583   6.18       170,467     2,697   6.36  
                                             
    Total loans receivable 6.16       4,732,666     73,830   6.26       4,690,150     74,295   6.37  
                                             
    Investment securities 3.17       727,336     6,099   3.36       696,239     5,347   3.09  
    Other interest-earning assets 4.37       97,463     1,046   4.30       97,340     1,285   5.31  
                                             
    Total interest-earning assets 5.74       5,557,465     80,975   5.84       5,483,729     80,927   5.94  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,289                 94,669            
    Other non-earning assets         256,923                 250,244            
    Total assets       $ 5,914,677               $ 5,828,642            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.41     $ 2,225,933     7,791   1.40     $ 2,234,824     9,794   1.76  
    Time deposits 3.42       757,608     6,521   3.45       894,475     9,073   4.08  
    Brokered deposits 4.44       895,340     10,056   4.50       683,337     8,916   5.25  
    Total deposits 2.47       3,878,881     24,368   2.52       3,812,636     27,783   2.93  
    Securities sold under reverse repurchase agreements 2.33       65,607     372   2.27       76,969     394   2.06  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.55       347,303     3,974   4.59       339,270     4,373   5.18  
    Subordinated debentures issued to capital trust 6.14       25,774     389   6.05       25,774     454   7.08  
    Subordinated notes —       62,631     909   5.82       74,699     1,105   5.95  
                                             
    Total interest-bearing liabilities 2.66       4,380,196     30,012   2.75       4,329,348     34,109   3.17  
    Non-interest-bearing liabilities:                                        
    Demand deposits         849,862                 853,555            
    Other liabilities         66,585                 80,905            
    Total liabilities         5,296,643                 5,263,808            
    Stockholders’ equity         618,034                 564,834            
    Total liabilities and stockholders’ equity       $ 5,914,677               $ 5,828,642            
                                             
    Net interest income:             $ 50,963               $ 46,818      
    Interest rate spread 3.08 %               3.09 %               2.77 %
    Net interest margin*                   3.68 %               3.43 %
    Average interest-earning assets to average interest-bearing liabilities         126.9 %               126.7 %          
                                             

    *Defined as the Company’s net interest income divided by average total interest-earning assets.

      June 30, 2025       Six Months Ended
    June 30, 2025    		   Six Months Ended
    June 30, 2024    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.24 %   $ 826,426   $ 17,318   4.23 %   $ 883,963   $ 17,466   3.97 %
    Other residential 6.91       1,555,881     53,731   6.96       1,016,071     36,491   7.22  
    Commercial real estate 6.19       1,499,665     46,096   6.20       1,499,767     46,064   6.18  
    Construction 7.07       485,392     17,270   7.17       830,025     31,368   7.60  
    Commercial business 5.93       209,944     7,339   7.05       276,131     8,984   6.54  
    Other loans 6.39       166,989     5,147   6.22       172,051     4,998   5.84  
                                             
    Total loans receivable 6.16       4,744,297     146,901   6.24       4,678,008     145,371   6.25  
                                             
    Investment securities 3.17       732,699     12,173   3.35       682,960     10,357   3.05  
    Other interest-earning assets 4.37       101,238     2,144   4.27       98,922     2,589   5.26  
                                             
    Total interest-earning assets 5.74       5,578,234     161,218   5.83       5,459,890     158,317   5.83  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,537                 92,572            
    Other non-earning assets         259,692                 243,029            
    Total assets       $ 5,938,463               $ 5,795,491            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.41     $ 2,223,716     15,588   1.41     $ 2,229,302     19,276   1.74  
    Time deposits 3.42       764,791     13,235   3.49       916,098     18,238   4.00  
    Brokered deposits 4.44       893,983     20,145   4.54       686,079     17,906   5.25  
    Total deposits 2.47       3,882,490     48,968   2.54       3,831,479     55,420   2.91  
    Securities sold under reverse repurchase agreements 2.33       73,957     743   2.03       75,718     727   1.93  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.55       369,849     8,424   4.59       290,431     7,417   5.14  
    Subordinated debentures issued to capital trust 6.14       25,774     771   6.03       25,774     908   7.08  
    Subordinated notes —       68,741     2,015   5.91       74,659     2,211   5.96  
                                             
    Total interest-bearing liabilities 2.66       4,420,811     60,921   2.78       4,298,061     66,683   3.12  
    Non-interest-bearing liabilities:                                        
    Demand deposits         835,888                 854,202            
    Other liabilities         68,961                 74,391            
    Total liabilities         5,325,660                 5,226,654            
    Stockholders’ equity         612,803                 568,837            
    Total liabilities and stockholders’ equity       $ 5,938,463               $ 5,795,491            
                                             
    Net interest income:             $ 100,297               $ 91,634      
    Interest rate spread 3.08 %               3.05 %               2.71 %
    Net interest margin*                   3.63 %               3.38 %
    Average interest-earning assets to average interest-bearing liabilities         126.2 %               127.0 %          
                                             

    *Defined as the Company’s net interest income divided by average total interest-earning assets.

    NON-GAAP FINANCIAL MEASURES

    This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”), specifically, the ratio of tangible common equity to tangible assets.

    In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

    This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

    Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

        June 30,       December 31,  
        2025       2024  
        (Dollars in thousands)  
           
    Common equity at period end $ 622,368     $ 599,568  
    Less: Intangible assets at period end   9,877       10,094  
    Tangible common equity at period end (a) $ 612,491     $ 589,474  
                   
    Total assets at period end $ 5,854,672     $ 5,981,628  
    Less: Intangible assets at period end   9,877       10,094  
    Tangible assets at period end (b) $ 5,844,795     $ 5,971,534  
                   
    Tangible common equity to tangible assets (a) / (b)   10.48 %     9.87 %
                   

    CONTACT:

    Jeff Tryka, CFA,
    Investor Relations,
    (616) 233-0500
    GSBC@lambert.com

    The MIL Network –

  • MIL-OSI Security: Middletown Man Who Pretended to be Teenage Boy Online Pleads Guilty to Coercing, Exploiting Minor Girls

    Source: US FBI

    CINCINNATI – A Middletown man pleaded guilty in U.S. District Court to 11 counts of federal child exploitation crimes. The plea agreement includes a recommended sentence of 26 years in prison.  

    William Scott Elam, 53, connected with girls between the ages of 10 and 16 on various online chatting apps. He pretended to be a 14-year-old male and coerced or attempted to coerce the minor victims into creating nude images and videos that involved sexual conduct.

    For approximately four years, Elam began online relationships with numerous minor females in at least seven states. Law enforcement officers have identified at least 10 victims to date. He admitted to coercing victims into masturbating on live video calls with him.

    He manipulated at least one victim into complying by threatening to harm himself if she did not do as he asked. He instructed another victim to self-harm via cutting on live video after learning the victim had a history of self-harm.

    Elam coerced victims into sending him live sexual material by threatening to leak naked images he obtained of them.

    The defendant was arrested in October 2023. He pleaded guilty today to 10 counts of coercion and enticement and one count of sexual exploitation of children.

    Kelly A. Norris, Acting United States Attorney for the Southern District of Ohio, and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division, announced the guilty plea entered on July 14 before U.S. District Judge Jeffery P. Hopkins. Assistant United States Attorney Kyle J. Healey is representing the United States in this case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: DHS Statement on Capture of Violent Extremist Involved in Prairieland Attack on ICE Agents

    Source: US Department of Homeland Security

    FBI Most Wanted Suspect for attack on ICE agents arrested after joint investigation with ICE and law enforcement partners

    WASHINGTON — The U.S. Department of Homeland Security (DHS) today released the following statement as the week-long manhunt for Benjamin Hanil Song--a fugitive wanted in connection with the July 4 ambush on federal officers at the Prairieland Detention Center–ended Monday with his arrest by FBI agents in Dallas, Texas. Song had been on the FBI’s Most Wanted list since a Blue Alert was issued following his alleged role in the organized, armed attack. 

    Song, a former U.S. Marine Corps reservist, joined a violent group of at least 10 individuals in opening fire on officers at the federal facility just after 10:30 p.m. on Independence Day. He is charged with three counts of attempted murder of federal agents and three counts of discharging a firearm during a crime of violence. His capture brings the total number of arrests in the attack to 14. 

    “On Independence Day, as Americans were celebrating our freedoms, a group of violent extremists attempted to assassinate federal officers protecting us from violent criminals,” said Assistant Secretary Tricia McLaughlin. “Song’s arrest sends a clear message: under President Trump and Secretary Noem, if you lay a hand on an ICE agent, you will NOT walk free. We will not forget, and we will not rest until every attacker is in custody.” 

    The Prairieland Detention Center, which housed more than 1,000 illegal aliens on the night of the attack, includes detainees with convictions for rape, child molestation, murder, kidnapping, arson, human trafficking, and terrorism. Nearly 50 known members of MS-13, Tren de Aragua, and other transnational gangs were among the detainees, in addition to 13 Known or Suspected Terrorists (KSTs). 

    This is just the latest in a disturbing pattern of politically motivated violence targeting DHS personnel. Last week, ICE officers conducting enforcement operations in San Francisco were assaulted by violent protestors. In June, rioters stormed an ICE field office in Portland. ICE agents are now facing an 830% increase in assaults against them. 

    DHS and its law enforcement partners continue working around the clock to identify, arrest, and prosecute anyone involved in the July 4 ambush or other coordinated attacks against federal officers. 

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    MIL Security OSI –