KB – Page 167 – NewzIntel.com

MIL-Evening Report: Birds use hidden black and white feathers to make themselves more colourful

Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University

The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field

Birds are perhaps the most colourful group of animals, bringing a splash of colour to the natural world around us every day. Indeed, exclusively black and white birds – such as magpies – are in the minority.

However, new research by a team from Princeton University in the United States has revealed a surprising trick in which birds use those boring black and white feathers to make their colours even more vivid.

Male golden tanagers (Tangara arthus) have hidden layers of white which make their plumage brighter, while females have hidden layers of black which make their plumage darker.
Daniel Field

In the study, published today in Science Advances, Rosalyn Price-Waldman and her colleagues discovered that if coloured feathers are placed over a layer of either white or black underlying feathers, their colours are enhanced.

A particularly striking discovery was that in some species the different colour of males and females wasn’t due to the colour the two sexes put into the feathers, but rather in the amount of white or black in the layer underneath.

Why birds are so bright – and how they do it

Typically, male birds have more vivid colours than females. As Charles Darwin first explained, the most colourful males are more likely to attract mates and produce more offspring than those that aren’t as vivid. This process of “sexual selection” is the evolutionary force that has resulted in most of the colours we see in birds today.

Evolution is a process that rewards clever solutions in the competition among males to stand out in the crowd. Depositing a layer of black underneath patches of bright blue feathers has enabled males to produce that extra vibrancy that helps them in the competition for mates.

The blue feathers of a red-necked tanager (Tangara cyanocephala) stand out against a black underlayer.
Rosalyn Price-Waldman

The reason the black layer works so well is that it absorbs all the light that passes through the top layer of coloured feathers. The colour we see is blue because those top feathers have a fine structure that scatters light in a particular way, and reflects light in the blue part of the spectrum.

The feathers appear particularly vivid blue because the light in other wavelengths is absorbed by the under-layer. If the under-layer was paler, some of the light in the other parts of the light spectrum would bounce back and the blue would not “pop out” as much.

Different tricks for different colours

Interestingly, in the new study, the researchers found that for yellow feathers the opposite trick works. Yellow feathers contain yellow pigments – carotenoids – and in this case they are enhanced if they have a white under-layer.

The white layer reflects light that passes through the yellow feathers, and this increases the brightness of these yellow patches, making them more striking in contrast to surrounding patches of colour.

The red feather tips of a scarlet-rumped tanager (Ramphocelus passerinii) are enhanced by the white feathers beneath them.
Rosalyn Price-Waldman

A surprisingly common technique

The authors focused most of their work on species of tanager, typically very colourful fruit-eating birds that are native to Central and South America.

However, once they had discovered what was happening in tanagers, they checked to see if it was occurring in other birds.

The vivid blue colouring of the Australian splendid fairy wren (Malurus splendens) is enhanced by an underlayer of colourless feathers.
Robbie Goodall / Getty Images

This additional work revealed that the use of black and white underlying feathers to enhance colour is found in many other bird families, including the Australian fairy wrens which have such vivid blue colouration.

This widespread use of black and white across so many different species suggests birds have been enhancing the production of colour in this clever way for tens of millions of years, and that it is widely used across birds.

The color of the vibrant red crown of this red-capped manakin (Ceratopipra mentalis) is magnified by a hidden layer of white plumage.
Daniel Field

The study is important because it helps us to understand how complex traits such as colour can evolve in nature. It may also help us to improve the production of vibrant colours in our own architecture, art and fashion.

Simon Griffith receives funding from the Australian Research Council.

– ref. Birds use hidden black and white feathers to make themselves more colourful – https://theconversation.com/birds-use-hidden-black-and-white-feathers-to-make-themselves-more-colourful-261567

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

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

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

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

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

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

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

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

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

Five arms, no brain, no eyes or heart

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

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

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

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

Deep-sea lifestyles

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

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

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

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

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

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

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

How eggs and larvae roam the globe

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

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

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

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

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

A patchwork of deep-sea life

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

July 24, 2025

MIL-OSI Security: Defense News in Brief: CNRC Launches “Top Doc” in Fort Lauderdale

Source: United States Navy

FORT LAUDERDALE, Fla. — Navy Recruiting Command launched its national initiative pilot program, “Top Doc,” showcasing Medical Corps capabilities and career paths at Nova Southeastern University’s Fort Lauderdale campus on Saturday, July 12.

“Top Doc,” is designed to draw in a wide variety of people in various stages of their medical career path. This includes medical students, residents, residency program leaders and staff, and attending physicians in any type of practice or specialty.

“The involvement of a scholarly team of professionals, enabled by Nova Southeastern University’s prestigious health sciences programs, is a cornerstone of our excitement for launching the ‘Top Doc,’ pilot in South Florida, where we’ve received unparalleled community support,” said Capt. Tara Mcginnis, medical officer programs officer, Navy Recruiting Command. “This event captivates Florida residents by showcasing Navy Medicine’s advanced emergency care techniques, directly relevant to the state’s veteran and active-duty communities. It offers local medical professionals and students the chance to explore rewarding careers in Navy Medicine, while residents take pride in the military-civilian partnerships fostered here.”

Mcginnis believes the “Top Doc” initiative prioritizes the Medical Corps by attracting top medical talent from medical schools, residencies, and direct accessions.

“The experience offers military medical trainees and staff the opportunity to collaborate with civilian healthcare programs, foster a mutual exchange of knowledge, innovation, and service,” said Navy Counselor (Recruiting) 1st Class Jason Catano, assigned to the Hometown Medical Recruiter pilot program with Medical Accessions, Navy Recruiting Command. “The whole intent with this is to bring that all to the table and also give an opportunity to have hands-on training with the different professionals that are here from different career fields.”

Navy Bureau of Medicine and Surgery (BUMED), the headquarters for Navy Medicine, was represented at “Top Doc,” by surgeons, an anesthesiologist, and a dermatologist. Tactical Combat Casualty Care (TCCC) instructors, Nurse Corps officers, and enlisted hospital corpsmen also lent their experience and expertise to the event.

Matthew Chenworth, senior director of military affairs for Nova Southeastern University and Marine Corps veteran, believes ensuring connecting the university’s students, faculty, and staff with the military is a top priority. Chenworth says NSU’s collaboration on “Top Doc,” and the long-standing relationship with NTAG Miami helps to achieve that goal.

“We’ve been coordinating a lot of scholarship opportunities specifically with our medical students who are looking to serve their country as a medical officer with the United States Navy upon their graduation,” said Chenworth. “We introduced [“Top Doc”] to our pre-medicine students, our nursing students, and to those who are currently within our health profession division that are going to be [Doctor of Osteopathic Medicine, Medical Doctors, and Physician Assistants]. We also extended the invite to our public safety office as well because those might be skills that our security officers here on campus may need.”

This joint effort brought in local medical professionals and community leaders, adding to the value of the event. Dr. Joshua Lenchus, former Florida Medical Association president, and Dr. Aeyal Oren, general surgeon in private practice, spent time working with simulation manikins and leading procedural demonstrations.

“It was a big role to step into, but I have prior experience doing simulation experience with my training down in Miami as well as dealing with the military because we ran trauma simulations there as well,” said Lenchus. “I think that the opportunities in the military are tremendous and there’s never enough gratitude that we can pay to the people who choose to put on the uniform and serve this country.”

Lenchus believes that while financial aid is extremely important, the leadership development gained through the military’s specialized training and coursework—often not available in the civilian sector—is equally vital.

Those in attendance gained insights from active-duty and reserve healthcare professionals working in the fleet.

Navy Medicine personnel presented specialized training capabilities on simulation tools, such as the TCCC Cut Suit, used to train medical personnel in treating battlefield traumas. Several presenters shared information sessions explaining the availability and requirements of medical officer programs and how they applied those programs in their careers.

Lt. Gahen Pendlebury, a full-time out-service medical officer and, emergency medicine resident, facilitated at the event.

“What I’ve realized through talking with civilian colleagues is that there are a lot of misconceptions [about military careers],” said Pendlebury. “Some people think that they’re too old, and they are no where near that. Some think that because they went to a Caribbean school, they can’t join as physicians. There are all sorts of entryways. These types of events really help not only expand Navy branding, but really help people understand that it’s not too late and that there are different pathways.”

Pendlebury believes there is a need for these kinds of events where interested people can obtain information about different career paths in Navy Medicine whether as active duty or reserve Sailors.

David Missel, a first-year optometry student at NSU and Navy medical officer applicant, said he attended “Top Doc,” to learn more about Navy Medicine and to celebrate his commitment to serve upon graduation.

“I decided to come here today because I’ve really had a passion for the Navy ever since I was a little kid,” said Missel. “I didn’t even know that I could be an optometrist in the Navy until very recently. Speaking to a recruiter and other people in the Navy, the more I learned about it the more I realize that this is such an amazing program and it’s a wonderful career opportunity. I’m just really looking forward to diving into this.”

Navy Medicine, represented by more than 44,000 highly trained military and civilian health care professionals, provides enduring expeditionary medical support to the warfighter any time, any place.

Missed the event but want to learn about Navy Medicine opportunities? Visit www.navy.com/navy-medicine or call 1-800-USA-NAVY for information.

NTAG Miami, has 38 recruiting locations throughout South Florida, Puerto Rico and the Virgin Islands, with the combined mission to recruit the highest caliber Sailors to meet the needs of the Fleet.

Navy Recruiting Command consists of a command headquarters, two Navy Recruiting Regions, Navy Recruiting Reserve Command, and 26 NTAGs that serve more than 970 recruiting stations around the world. Their mission is to attract the highest quality candidates to assure the ongoing success of America’s Navy.

MIL Security OSI –

July 24, 2025

MIL-OSI Security: Defense News in Brief: Holloman AFB medics enhance fitness and expeditionary capabilities in Medic-X exercise

Source: United States Airforce

HOLLOMAN AIR FORCE BASE, N.M. (AFNS) — The medics of the 49th Medical Group added a new layer of depth to their monthly training day by incorporating field tactics and wartime medical practice in a Medic-X exercise on July 16, 2025.

The training consisted of 16 stations and substations that ranged from spinal immobilization to infection control to post-mortem protocol, all scenarios that are critically important for a medic to know but unlikely to experience in a clinical setting such as the clinic at Holloman Air Force Base.

“Gone are the days when a medic would only be expected to perform duties within their specific specialty – our medics need to be versatile and better equipped to provide speedy and effective support to the warfighter,” said U.S. Air Force Chief Master Sgt. Jason Estrada, 49th MDG senior enlisted leader. “That versatile mindset is what our medical group education and training team has used to shape our Medic-X and other hands-on training.”

The Air Force is one of the most lethal parts of the Department of Defense, and the flipside of lethality is the medical skill needed to keep the warfighters in the fight downrange. This more hands-on approach to training was brought about after an education and training member went through the intense two-week Tactical Combat Casualty Care Tier 3 course and realized how important it would be to bring lessons learned to the entire medical group.

“We’re focusing on operating in an austere environment where it’s not going to be calm, it’s not going to be like day-to-day clinic operations,” said U.S. Air Force Capt. Natasha Lindbloom, 49th MDG education and training flight commander. “You could tell somebody to recite the alphabet, but if it’s stressful, they’re going to mess it up. We want our people to be able to do this until they can perform these simple tasks under pressure.”

Although we cannot mirror a battlefield environment, we can put our medics in situations where critical thinking and a sense of urgency fuels their training to ‘kick in.’Chief Master Sgt. Jason Estrada, 49th MDG senior enlisted leader

Coupled with the chance to exercise underutilized but combat-effective skills, the exercise served to underscore the importance of medics who are fit to fight and capable of doing what’s needed when it’s needed in a stressful and possibly deadly environment. A low-crawl obstacle course was put together using furniture and gear inside the clinic, streamlining the flow of training and simulating a more realistic urban environment.

“Although we cannot mirror a battlefield environment, we can put our medics in situations where critical thinking and a sense of urgency fuels their training to ‘kick in,’” Estrada said. “Since so few of our current medics possess the real-world experience, it’s our training team that brings these scenarios to life with realism and pressure-induced decision making, which results in the desired sets & reps our teams need to build muscle memory.

Constant Improvement

Medic-X training exercises are not a new concept for medical personnel; in fact, Medic-X was rolled out across the enterprise two years ago and has provided quarterly training objectives to all Defense Health Agency members. The ever-changing global environment and nature of future warfare were other driving factors in the 49th MDG collectively getting ahead of the curve and practicing these critical wartime skills on top of staying adept at their daily clinical duties.

“I’m hoping this gives people the mindset of ‘Hey, I know I’m in this job right now and I’m comfortable, but I’m not always going to be comfortable if we’re put in these situations in real life,’” said U.S. Air Force Senior Airman Claire Pruitt, 49th MDG education and training program manager.

All Airmen take TCCC Tier-1 training that covers the basics of what was formerly known as self-aid and buddy care, while all medics are required to take Tier-2 training to gain more expertise in the ability to treat wounds sustained in combat. Tier-3 training is optional but available for all medics and provides a realistic, grueling experience of austere field conditions and the physical limits that medics can be pushed to in wartime.

“There’s going to be a bit of a shock factor for people working in a clinic, where even though we’re incredibly busy, a lot of it is just administrative work instead of intense, hands-on medical practice,” Pruitt said. “I’m trying to integrate some of the things that they did with us in a physical aspect at the Tier 3 training so that these Airmen have more experience and understand that if they have to do this in real life tomorrow, it’s not going to be easy. They’ll have to think about getting the patient out of the combat zone, treating their wounds, stopping the bleeding, loading them onto a helicopter, etc.”

The success of the first iteration of integrated field work with Medic-X has laid the groundwork for an ever-improving series of exercises to better prepare Team Holloman’s medics for unpredictable and challenging fights of future conflict.

“Today’s potential adversaries are better equipped and more prepared than any potential foe has ever been,” Estrada said. “For that reason, every uniform-wearing member of our military needs to understand that he/she is one bad day, one ill-guided decision, one perceived threatful action away from finding themselves, in support of our country, inside a combat environment where the old rules may not apply.”

MIL Security OSI –

July 24, 2025

MIL-OSI USA: Congressman Valadao Urges DOT to Reinvest $4 Billion from High-Speed Rail to Infrastructure Improvements

Source: United States House of Representatives – Congressman David G. Valadao (California)

It’s been over 10 years since the California High-Speed Rail Authority began construction, and after wasting billions of taxpayer dollars, missing numerous deadlines, and forcing the Central Valley to suffer due to neglect, they have zero miles of operational track to show for it.

WASHINGTON – Congressman David Valadao (CA-22) joined Reps. Vince Fong (CA-20), Ken Calvert (CA-41), Darrell Issa (CA-48), Tom McClintock (CA-05), Doug LaMalfa (CA-01), Young Kim (CA-40), Jay Obernolte (CA-23), and Kevin Kiley (CA-03) to send Department of Transportation (DOT) Secretary Sean Duffy a letter applauding the Federal Railroad Administration’s decision to terminate funding for California’s High-Speed Rail project. The letter urges DOT to redirect the $4 billion in recovered federal funds to critical infrastructure priorities across California.

“It’s been over 10 years since the California High-Speed Rail Authority began construction, and after wasting billions of taxpayer dollars, missing numerous deadlines, and forcing the Central Valley to suffer due to neglect, they have zero miles of operational track to show for it,” said Congressman Valadao. “This project has been overfunded and grossly mismanaged from the start, and it’s past time we refocus our efforts and resources on infrastructure projects our region needs.”

The letter recommends funds be redirected to:

Expanding State Route 99, Interstate 15, Interstate 5, Interstate 395, Interstate 80, and State Route 65.
Supporting repairs on roadways designated as farm-to-market roads.
Shifting State Route 152 and modify a bridge on Interstate 5 to accommodate for needed reservoir capacity improvements.
Improving a bypass on State Route 70.
Repairing roads damaged by the Los Angeles wildfires.
Supporting infrastructure improvements needed for the 2028 Olympics.

Read the full letter here.

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MIL OSI USA News –

July 24, 2025

MIL-OSI USA: WHAT THEY ARE SAYING: U.S.-Indonesia Trade Deal Is Another America First Win

US Senate News:

Source: US Whitehouse
President Donald J. Trump’s landmark reciprocal trade agreement with Indonesia is another critical step forward in the Trump Administration’s relentless pursuit of trade policy that finally puts America First. The deal eliminates ~99% of tariff barriers for a full range of U.S. industrial, food, and agricultural exports, unlocks new market access, and breaks down non-tariff barriers — and represents the latest victory for American workers, farmers, and manufacturers.
The trade deal was immediately hailed across American industry:
American Iron and Steel Institute President and CEO Kevin Dempsey: “AISI is encouraged by today’s announcement of a framework for negotiating an agreement with Indonesia to remove Indonesia’s existing export restrictions on critical minerals, such as nickel, which is critical to stainless steel production. Indonesia’s existing export ban and other restrictions on nickel, together with its close ties to Chinese steel producers that have invested in that country as a result of China’s Belt and Road Initiative, have resulted in significant distortions in the global market for nickel to the detriment of steel producers in the United States. We look forward to working with USTR to address the Indonesian nickel export restrictions and other trade-distorting policies as these negotiations move forward.”
Association for Competitive Technology President Morgan Reed: “This is another win for U.S. small tech developers. For years the App Association and our members have raised concerns with the U.S. Trade Representative regarding Indonesia’s inclusion of software and other digital goods in their tariff system, among several other digital trade barriers. We thank USTR and the Administration for their tireless work on behalf of small tech companies and look forward to our continued work strengthening American competitiveness globally. Further, we commend the Indonesian government for joining the United States in committing to support a World Trade Organization agreement that ensures countries will not apply taxes or customs duties to digital service transmissions.”
Business Software Alliance SVP Aaron Cooper: “The US-Indonesia trade agreement is a breakthrough in digital trade policy. The agreement’s provisions to eliminate tariffs on intangible digital products, guaranteeing cross-border data transfers, and supporting the permanent extension of the moratorium on digital customs duties expands access to digital services and supports the adoption of technology. This agreement sends a strong signal to the global economy and many industries that rely on open and secure digital trade, and reflects key reforms that have been core BSA priorities for nearly a decade.”
American Soybean Association President Caleb Ragland: “We appreciate President Trump and his administration’s efforts in maintaining market access for U.S. soybeans into Indonesia, and the commitment from USTR to address non-tariff barriers in that market. We look forward to future deals like this that reduce tariffs and ensure continued and increased market access for U.S. agriculture.”
Computer and Communications Industry Association VP Jonathan McHale: “The announced Framework agreement for addressing Indonesia’s many trade barriers, including tariff regimes targeting digital products, restrictions on cross-border data flows, and local content requirements for communications devices, is an important and encouraging step in reforming what has long been one of the most challenging markets for U.S. suppliers. We look forward to a binding agreement addressing not only these restrictions, but a path to resolving all outstanding barriers that remain in this important market.”
Consortium for Common Food Names Executive Director Jaime Castaneda: “The prospect of having Indonesia commit to a more transparent and balanced approach to GIs would be a meaningful advance in the global fight to preserve the use of common food names like parmesan and feta. We commend the U.S. negotiators for prioritizing this issue, particularly at a time when European Union is attempting to expand their GI abuse in growing dairy markets and shut out the United States. We will work diligently with the U.S. government to hold Indonesia accountable to their commitments on common names.”
International Dairy Foods Association SVP Becky Rasdall Vargas: “We could not be more enthusiastic and energized about today’s announcement for improved access for U.S. dairy exports to Indonesia. Indonesia is an important trading partner in a region that is critical to U.S. dairy exports, and growing. Today’s announcement represents the largest improvement of access U.S. dairy exporters have seen in the region in over a decade and will be a timely step towards keeping U.S. dairy exporters globally competitive. We express our sincere appreciation to the Administration and the negotiators for achieving this positive outcome for U.S. dairy.”
National Grain and Feed Association President and CEO Mike Seyfert: “America’s grain and feed industry appreciates President Trump and his negotiating team for advancing a bold and strategic trade framework with Indonesia that delivers meaningful wins for U.S agriculture. This agreement opens the door to billions in new exports – including soybeans, wheat, and other key commodities – while eliminating tariffs and cutting red tape that have long held back U.S. producers. We look forward to swift finalization and implementation of this deal and stand ready to work with the Trump Administration open new markets and tear down unfair trade barriers.”
National Milk Producers Federation President and CEO Gregg Doud: “This looks like it will be a significant win for U.S. dairy. We commend the Trump Administration for securing an agreement that should deliver real benefits for our dairy farmers. We are pleased to hear this framework removes roadblocks to trade and will help grow dairy sales in one of the world’s most populous markets. NMPF looks forward to reviewing the details of the agreement and working with the Administration to ensure Indonesia upholds its end of the bargain.”
National Oilseed Processors Association President and CEO Devin Mogler: “We commend the Trump Administration for prioritizing U.S. farmers in this trade deal with Indonesia, and specifically for including soybean meal purchases. NOPA members have invested over $6 billion to expand U.S. soybean crushing capacity by over 25% since 2023 levels to meet growing demand for food, feed and biofuel use, adding value to the crops our great U.S. farmers produce. Ensuring we have access to growing soybean meal markets like Indonesia ensures our farmers remain competitive relative to global competitors.”
Renewable Fuels Association President and CEO Geoff Cooper: “We’re grateful to President Trump and his team for ensuring U.S. agriculture and renewable fuels are prominently included in these framework agreements. These deals will ultimately help open important Asian markets and allow greater access for American farm products, renewable fuels, and co-products like distillers grains. This administration clearly understands the leading role American farmers and renewable fuel producers can play when it comes to feeding and fueling the world, and we salute President Trump’s efforts to secure fair and reciprocal agreements around the globe. Breaking down barriers to fair trade strengthens our rural economy and the United States as a whole.”
The Meat Institute: “The Meat Institute’s members celebrate @realdonaldtrump and @USTradeRep’s work on a deal with Indonesia opening up this important market for meat & poultry. We look forward to seeing the details of the deal & to continued efforts to remove remaining barriers to trade in other SE Asian markets.”
U.S. Dairy Export Council President and CEO Krysta Harden: “Yesterday’s announcement is an important step forward in advancing opportunities for U.S. dairy exporters. This deal is poised to strengthen our long-term partnership with Indonesia while giving U.S. dairy companies a better shot at competing fairly. While verification that Indonesia honors its commitments will be necessary, the removal of both tariff and nontariff barriers is precisely what our industry needs to create new momentum for U.S. dairy exports and deeper collaboration with a key Southeast Asian partner.”
U.S. Grains Council President and CEO Ryan LeGrand: “The U.S. Grains Council commends the Trump Administration on its historic trade deal with Indonesia, that will enhance trade for both countries and places a zero tariff on the products the Council represents. In the 2023-24 marketing year, Indonesia was the fourth largest importer for U.S. distillers dried grains with solubles at 1,024,000 metric tons. That translates into a nearly $299 million market, and we hope the deal announced today will not only help see those numbers increase but open doors wider to the full range of products we have to offer.”
U.S. Meat Export Federation President and CEO Dan Halstrom: “USMEF thanks USTR for its tireless efforts to negotiate a meaningful agreement with Indonesia, tackling many challenging issues. Indonesia is a market with incredible potential, in which the opportunity for U.S. beef is estimated at $250 million annually. But today, exports are minimal due to numerous trade barriers. We are encouraged to see that the highlights detailed in the U.S.-Indonesia joint statement include resolving key issues such as import licensing, the commodity balance policy, and Indonesia’s onerous plant-by-plant approval process. For both U.S. beef and U.S. pork, these longstanding restrictions have limited exports to Indonesia. Indonesian importers and consumers are demanding U.S. red meat and we look forward to the swift conclusion of these negotiations and expanded export opportunities.”
U.S. Wheat Associates President and CEO Mike Spier: “We are excited and grateful to track this wide-reaching government commitment that includes the agreement signed earlier this month between Indonesian flour millers and the U.S. wheat industry. We thank the Trump Administration, the U.S. Trade Representative and the U.S. Department of Agriculture’s Foreign Agricultural Service (USDA-FAS) for their continued work on behalf of American wheat farmers.”

MIL OSI USA News –

July 24, 2025

MIL-OSI Russia: Thailand downgrades diplomatic ties with Cambodia after border mine incident, Phnom Penh denies allegations

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

BANGKOK/PHNOM PENH, July 23 (Xinhua) — Thailand downgraded its diplomatic ties with Cambodia on Wednesday after a landmine incident in a border area injured Thai soldiers, with the Cambodian side rejecting Thailand’s accusations.

Acting Thai Prime Minister Phumtham Vechayachai ordered the downgrading of diplomatic relations, the recall of the Thai ambassador to Cambodia and the expulsion of the Cambodian ambassador, according to a statement released by the Prime Minister’s Office.

“Thailand will continue to consider the level of bilateral relations with Cambodia,” the document says.

In addition, Phumtham Vechayachai instructed the country’s Ministry of Foreign Affairs to send a note of protest to Cambodia in connection with the incident.

Five soldiers were injured in a mine explosion while patrolling the border area, including one with serious leg injuries, the Thai army said. Three Thai soldiers were also injured in a similar mine explosion near the disputed area last week.

Thai officials said the mines had been planted only recently and accused Cambodia of violating the Anti-Personnel Mine Ban Convention (Ottawa Convention).

The situation on the Thai-Cambodian border remains tense since a brief exchange of fire between the two sides in the disputed border area in late May left a Cambodian soldier dead.

Cambodia on Wednesday rejected Thai allegations that Thai troops were injured in a landmine explosion, saying the incident occurred because the Thai side deviated from mutually agreed patrol routes.

As Deputy Secretary of State and spokesperson for the Cambodian Ministry of Defense Lieutenant General Mali Socheata indicated, the defense ministry completely rejects the baseless accusations made by the Thai side in connection with the injury of five Thai soldiers due to a mine explosion on July 23.

“Cambodia has repeatedly reminded the Thai side of the presence of large numbers of uncleared mines and explosive remnants of war in these areas and called on the Thai side to avoid violating mutually agreed patrol routes as stipulated in the 2000 memorandum of understanding,” the spokesperson said in a statement.

Mali Socheata added that the Ministry of Defence and the Royal Cambodian Armed Forces reaffirm their full support for the Cambodian government’s position on resolving the border issue with Thailand through peaceful means and based on international law. –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.

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MIL OSI Russia News –

July 24, 2025

MIL-OSI Russia: Georgia Shows Economic Resilience Amid Global Uncertainty – IMF

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

TBILISI, July 23 (Xinhua) — Georgia continues to demonstrate high resilience amid heightened domestic and geopolitical uncertainty, the International Monetary Fund (IMF) said in a statement on Wednesday following its annual consultations.

As noted in the statement, the Georgian economy maintains strong growth rates, inflation has stabilized near the target level, and public debt remains moderate. Such results were possible due to consistent macroeconomic policies, as well as stable domestic and external financial positions.

The IMF estimates that growth should slow to potential levels as domestic demand weakens, while inflation and public debt will remain stable if prudent monetary and fiscal policies continue.

Among the key challenges facing the Georgian economy, the IMF named high levels of structural unemployment, low productivity in agriculture, and a shortage of skilled labor. To overcome these difficulties, it recommended developing the vocational education system and increasing support for the agricultural sector. –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.

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MIL OSI Russia News –

July 24, 2025

MIL-OSI Russia: China is ready to stand up for justice and bring positive, stabilizing and constructive forces to world affairs together with its BRICS partners – Chinese Ambassador to Russia

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

Moscow, July 23 /Xinhua/ — China is ready to uphold justice and bring positive, stabilizing and constructive forces to world affairs together with its BRICS partners, Chinese Ambassador to Russia Zhang Hanhui said in an article titled “Consolidation of Agreements, Joining Efforts, Big BRICS Promotes Transformation of Global Governance,” published in the Russian newspaper Izvestia on Wednesday.

“The Chinese side is ready to work with its BRICS partners to uphold justice, bring positive, stabilizing and constructive forces to world affairs, promote peaceful settlement of disputes and develop strategic solutions to eliminate the root causes of problems while objectively assessing the circumstances,” the publication says.

As the Chinese diplomat noted, the 17th BRICS Leaders’ Meeting, which recently concluded in Rio de Janeiro, fully demonstrated the responsibility and readiness of the BRICS countries to become the “vanguard” of the Global South, and also emphasized the role of the association in protecting peace and stability throughout the world, promoting global open development, and advancing exchanges and mutual learning among civilizations.

Zhang Hanhui stressed that the BRICS countries are the driving forces of economic growth. “In the context of the recession and trade disputes, we must focus on development,” he urged. According to the author of the publication, it is necessary to make efforts to build an open world economy, resolutely oppose unilateralism and protectionism, protect the fundamental principles of the World Trade Organization, promote the liberalization and simplification of trade and investment, and ensure the stability and smoothness of production and supply chains. The ambassador also reported that China has established the China Cooperation Center for the Development of Special Economic Zones in the BRICS Countries.

The Chinese diplomat believes it is necessary to raise the level of international financial cooperation and open up new promising areas of economic growth, expand cooperation in new areas such as digital technology and green development. “China, through the Global Development Initiative, will create the Digital South brand and conduct 200 training programs on the digital economy and artificial intelligence for the countries of the Global South over the next five years,” he said, adding that this year China will establish the China-BRICS Research Center for New Productive Forces and establish a scholarship for BRICS countries to promote the training of personnel in sectors such as industry and telecommunications.

Zhang Hanhui called the BRICS countries the initiators of inter-civilization dialogue and called for promoting exchanges and mutual learning among civilizations. He noted that China is ready to work with its BRICS partners to implement the Global Civilization Initiative in line with the civilizational concept of equality, mutual learning, dialogue and inclusiveness. The author of the article called for respecting the diversity of human civilizations, recognizing the right of peoples of different countries to seek ways to realize their values, rejecting any form of a “new Cold War” and ideological confrontation, continuously “enriching the palette” of human civilization, strengthening continuity, innovation and humanitarian exchanges in culture, actively promoting the protection of cultural heritage and the development of culture, and striving to create a harmonious atmosphere of mutual learning, exchanges and coexistence among various civilizations.

Zhang Hanhui also pointed out that against the backdrop of accelerated changes unseen in a century, the concept of global governance put forward by Chinese President Xi Jinping is increasingly proving its modern value and practical significance. “In the face of growing conflicts and differences, it is necessary to intensify expanded consultations based on equality and mutual respect. Profound common interests require joint contributions based on solidarity,” the ambassador emphasized.

According to the Chinese diplomat, thanks to the joint efforts of China, Russia and other BRICS partners, the BRICS cooperation mechanism has been continuously developed and strengthened, its representation has expanded, and its international influence has steadily increased. “BRICS provides an important platform for countries in the Global South to assert their right to development, safeguard international justice, and participate in the reform of the global governance system,” he said, adding that China will continue to follow the “BRICS spirit” and work with Russia and other BRICS partners to develop common values and protect common interests, making new contributions to building a community with a shared future for mankind. –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.

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MIL OSI Russia News –

July 24, 2025

MIL-OSI United Nations: United Nations Board of Auditors Holds Seventy-Ninth Regular Session, 22-23 July at UN Headquarters, New York

Source: United Nations General Assembly and Security Council

The General Assembly established the United Nations Board of Auditors in 1946 as an important mechanism to promote accountability and transparency in the United Nations. The Board audits the accounts of the United Nations Organization and its funds and programmes and reports its findings and recommendations to the General Assembly, through the Advisory Committee on Administrative and Budgetary Questions (ACABQ), and other governing bodies. The Board has three members, who are jointly responsible for the audit.

The Board held its seventy-ninth regular session in New York on 22 and 23 July. The session was chaired by Pierre Moscovici, First President of the French Cour des comptes. Together with Mr. Moscovici, Hou Kai, Auditor-General of the National Audit Office of China, and Vital do Rêgo Filho, President of the Brazilian Federal Court of Accounts, collectively discussed findings and audit opinions.

During the session the Board met with the Secretary-General and the Deputy Secretary-General to exchange on cross-cutting issues.

Through its work, the Board provides independent assurance to Member States and other stakeholders regarding proper use of the resources of the United Nations entities. It reports on financial matters, as well as on regularity and performance issues. It plays a significant role in assisting the United Nations to improve its operations and internal control systems. The findings and recommendations of the Board have led to continuous systematic improvements in the functioning of the United Nations.

This year the Board audited the financial statements and reviewed the operations of 18 organizations and submitted the reports to the General Assembly. All the audited entities received unqualified opinions. Key trends and cross-entity issues have been gathered in the Board’s Concise Summary report, which focused specifically on inter-agency cooperation as a way to improve cost effectiveness. The Board further produced three reports for submission to other governing bodies. More detailed information about the Board’s findings can be found in the individual reports published on the Board’s website (http://www.un.org/en/auditors/board/).

ANNEX

List of Board Reports

Reports Submitted to General Assembly

France

1. United Nations Development Programme (UNDP)
2. United Nations Capital Development Fund (UNCDF)
3. United Nations High Commissioner for Refugees – (UNHCR)
4. Concise summary of findings and conclusions

China

5. United Nations, Vol.1
6. International Trade Centre (ITC)
7. United Nations Office for Projects Services (UNOPS)
8. United Nations Relief and Works Agency (UNRWA)
9. United Nations Environment Programme (UNEP)
10. United Nations Human Settlement Fund (UN-Habitat)

Brazil

11. United Nations University (UNU)
12. United Nations Institute for Training and Research (UNITAR)
13. United Nations Population Fund (UNFPA)
14. United Nations Drug Control Programme (UNODC)
15. United Nations Entity for Gender Equality and Empowerment of Women (UN-Women)
16. International Residual Mechanism for Criminal Tribunals (IRMCT)
17. United Nations Joint Staff Pension Fund
18. United Nations Children’s Fund (UNICEF)

Reports Submitted to Other Governing Bodies

France

19. United Nations Framework Convention on Climate Change
20. United Nations Convention to Combat Desertification

China

21. UNRWA Staff Provident Fund

MIL OSI United Nations News –

July 24, 2025

MIL-OSI USA: CFTC Staff Issues No-Action Letter Regarding Event Contracts

Source: US Commodity Futures Trading Commission

CFTC Staff Issues No-Action Letter Regarding Event Contracts | CFTC

/PressRoom/PressReleases/9099-25
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July 23, 2025

WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations in response to a request from the Chicago Mercantile Exchange Inc., a designated contract market and derivatives clearing organization.
The divisions will not recommend the CFTC initiate an enforcement action against CME or its participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions executed on or subject to the rules of CME, subject to the terms of the no-action letter. The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations.

-CFTC-

MIL OSI USA News –

July 24, 2025

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

Source: US State of South Carolina

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

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

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

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

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

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

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

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

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

You can read their brief here.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: New Jersey Construction Company Owner Sentenced for Tax Evasion

Source: US State of California

A New Jersey construction company owner was sentenced yesterday to 15 months in prison for evading employment tax penalties assessed against him.

The following is according to court documents and statements made in court: Joseph Caravella, of Randolph, owned several masonry companies in New Jersey. From 2008 to 2016, the IRS assessed approximately $650,000 in Trust Fund Recovery penalties against Caravella for causing three masonry businesses that he owned to not pay their federal employment taxes. The timely payment of federal employment taxes is critical to the functioning of the U.S. government because, for example, they are the primary source of funding for Social Security and Medicare. The federal income taxes that are withheld from employees’ wages also account for a significant portion of all federal income taxes collected each year. Congress empowered the IRS to impose a penalty equal to the amount of the unpaid taxes — called a Trust Fund Recovery Penalty — against any responsible individual who fails to ensure that these taxes are paid timely. Caravella pleaded guilty to attempting to evade these Trust Fund Recovery penalties.

From around March 2008 through April 2019, Caravella sought to evade the payment of these penalties by placing companies that he controlled in the names of nominee owners and avoiding the use of a bank account in his own name to prevent the IRS from levying the funds. Also during that time, Caravella continued to cause his businesses not to pay employment taxes, resulting in an additional loss of $1.2 million to the IRS.

In total, Carvalla caused a tax loss to the IRS of $1,885,519.39.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Alina Habba for the District of New Jersey made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorney Hayter L. Whitman of the Tax Division and Assistant U.S. Attorney Christopher Fell for the District of New Jersey are prosecuting the case.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: Justice Department Supports Seattle’s Motion to Terminate Police Department Consent Decree

Source: US State of California

The Justice Department’s Civil Rights Division today announced that it has filed a response in support of the City of Seattle’s Motion to Terminate the Consent Decree in United States v. City of Seattle. The decree required reforms in the Seattle Police Department’s practices regarding use of force, crisis intervention, stops and detentions, supervision and accountability. With support from the Justice Department, the Seattle Police Department (SPD) achieved sustained substantial compliance.

The Justice Department brought this case pursuant to the Violent Crime Control and Law Enforcement Act of 1994 and the Omnibus Crime Control and Safe Streets Act of 1968. The U.S. Attorney’s Office’s Civil Division and the Special Litigation Section of the U.S. Department of Justice’s Civil Rights Division jointly investigated and found that the Seattle Police Department (SPD) had engaged in a pattern or practice of unnecessary or excessive force that violated the Constitution and federal law. The U.S. District Court for the Western District of Washington entered the consent decree in 2012.

“We congratulate the Seattle Police Department on its achievement of sustained substantial compliance with this thirteen-year-old consent decree,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “This Civil Rights Division will continue to work with police departments across the country to help make America’s communities safe again.”

“The U.S. Attorney’s Office, Western District of Washington, believes the district court should terminate the consent decree and monitorship, which have been in place for 13 years,” said Acting U.S. Attorney Teal Luthy Miller for the Western District of Washington. “Seattle has been held up as an example of successful police reform and has done recent work on its crowd control policies and accountability systems. We trust it will continue to lead the way on constitutional policing.”

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: Colorado Man Pleads Guilty to Sexually Exploiting a Minor and Possessing Child Sexual Abuse Material

Source: US State of North Dakota

A Colorado man pleaded guilty today to sexually exploiting a minor and possessing child sexual abuse material (CSAM).

According to court documents, Wesley Chambers, 34, of Fort Collins, sexually abused a minor for years and recorded the abuse. Law enforcement found more than 200 sexually explicit videos and photographs of the minor on Chambers’ cell phone, and more than 20,000 photographs and 2,500 videos of the sexual abuse and exploitation of other minors.

Chambers pleaded guilty to two counts of sexually exploiting a child and one count of possessing material depicting the sexual exploitation of minors. As part of his plea agreement, the defendant also admitted to accessing child pornography on the dark web, including “hurtcore” sites. He is scheduled to be sentenced on Oct. 22 and faces a mandatory minimum penalty of 15 years in prison and a maximum penalty of 70 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division, U.S. Attorney Peter McNeilly for the District of Colorado, Assistant Director Jose A. Perez of the FBI Criminal Investigative Division, and Special Agent in Charge Mark Michalek of the FBI Denver Field Office made the announcement.

The FBI’s Child Exploitation Operational Unit and the FBI Denver Field Office investigated the case.

Trial Attorney Rachel L. Rothberg of the Justice Department’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Alecia L. Riewerts for the District of Colorado are prosecuting the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched by the Department of Justice in May 2006 to combat the epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

MIL OSI USA News –

July 24, 2025

MIL-OSI USA: In Advance of Comic-Con Weekend, Attorney General Bonta, Comic-Con International Raise Awareness, Provide Tips to Combat Human Trafficking

Source: US State of California

The San Diego Human Trafficking Task Force will be conducting operations to tackle human trafficking by working to reduce the demand for commercial sexual exploitation

SAN DIEGO – California Attorney General Rob Bonta and Comic-Con International today partnered together to raise awareness of human trafficking and provide resources for the public to assist in the fight to combat human trafficking. Events like Comic-Con, which bring thousands of people together, are a perfect opportunity to raise awareness of human trafficking, a crime that comes in many forms, including sex trafficking, forced labor, and domestic servitude resulting from force, fraud, or coercion. Everyone can play a role in stopping this unlawful activity by being aware of the signs and reporting any suspicious activity, whether you’re living or staying in San Diego, attending Comic-Con, or participating in festivities during Comic-Con weekend.

“Comic-Con is an incredible event that brings people from all over the world together in San Diego to celebrate creativity, art, and community – we’re grateful to Comic-Con International for using their platform in partnership with my office to raise awareness of human trafficking,” said Attorney General Rob Bonta. “Human trafficking is a terrible crime where perpetrators profit from the control and exploitation of men, women, and children for sex or labor through force, fraud, or coercion. Everyone has a role to play in putting a stop to human trafficking: We urge the public to know the signs — and if you see something, say something. The California Department of Justice’s San Diego Human Trafficking Task Force will be conducting operations during Comic-Con, and the public can help by reporting any suspicious activity they may see. We wish everyone a safe, happy, and creative Comic-Con weekend.”

“Safety of our attendees is always our primary focus,” said David Glanzer, Chief Communications and Strategy Officer for Comic-Con. “We join and applaud the efforts of California Attorney General Rob Bonta in keeping citizens safe, especially during Comic-Con weekend.”

Human trafficking is among the world’s fastest growing criminal enterprises and is estimated to be a $150 billion per year global industry. Human trafficking is not only a crime, but a violation of a person’s human rights and dignity. Perpetrators of human trafficking profit from the control and exploitation of men, women, and children for sex or labor through force, fraud, or coercion. Victims of human trafficking are protected under federal and California law. The California Department of Justice’s San Diego Human Trafficking Task Force (SDHTTF) will be conducting operations to reduce demand for commercial sexual exploitation during Comic-Con. The SDHTTF takes a survivor-oriented approach and works with victim advocate groups that offer a wide range of services for survivors of human trafficking.

Below are some facts and resources about human trafficking for the public to know:

Victims of human trafficking are often hidden in plain sight. Learn the signs and how to report suspected trafficking.
Forced or coerced commercial sex work is still human trafficking. Demand is a driving force in the scope of the problem, and sex buyers may unknowingly contribute to human trafficking by engaging in Solicitation Penal Code 647(b)(2). Solicitation is a crime subject to jail time and monetary penalties.
Forced labor can happen anywhere. This includes hotels, lodgings, and entertainment industries.
If you or someone you know is being forced to engage in any activity and cannot leave, you can call the National Human Trafficking Hotline at 1-888-373-7888 to access help and services.
If you are, or someone else, is in immediate danger, call 9-1-1.

SDHTTF is a cooperative effort involving the California Department of Justice, California Highway Patrol, Federal Bureau of Investigation, Homeland Security Investigations, National City Police Department, San Diego City Attorney’s Office, San Diego County District Attorney’s Office, San Diego County Probation Department, San Diego County Sheriff’s Department, San Diego Police Department, Southwest Border High Intensity Drug Trafficking Area, and the U.S. Attorney’s Office for the Southern District of California. In addition to serving as the lead agency on the SDHTTF, the California Department of Justice has two regional Human Trafficking and Sexual Predator Apprehension Teams serving Northern California and Southern California.

General information and resources to support survivors of human trafficking are available here. To access resources for San Diego County, please see SDHTTF’s resource list here.

MIL OSI USA News –

July 24, 2025

MIL-OSI Security: Lake County Convicted Felon Pleads Guilty To Illegally Possessing A Firearm

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

Ocala, Florida – United States Attorney Gregory W. Kehoe announces that Gregory Coleman III (28, Leesburg) has entered a guilty plea to an indictment charging him with one count of possession of a firearm affecting commerce by a convicted felon. Coleman faces a maximum penalty of 15 years in federal prison. A sentencing date has not yet been set. A federal grand jury indicted Coleman on December 12, 2023.

According to the court records, Coleman has been convicted of four state felonies, including aggravated assault on a law enforcement officer, resisting law enforcement with violence, fleeing or attempting to elude law enforcement, and possession of cocaine. Following these convictions, on November 4, 2023, Coleman sold a firearm to a confidential source who was working in cooperation with federal agents. Coleman told the source he had more firearms but wanted to keep them for himself. As a convicted felon, Coleman is prohibited from possessing firearms or ammunition under federal law.

This case is being investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and the Eustis Police Department. It is being prosecuted by Assistant United States Attorney Hannah Nowalk Watson.

This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

MIL Security OSI –

July 24, 2025

MIL-OSI Security: Birmingham Man Sentenced to 36 Years in Prison on Gun and Drug Charges

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

BIRMINGHAM, Ala. – A federal judge has sentenced a Birmingham man for possessing a machine gun in furtherance of a drug trafficking crime and drug trafficking, announced U.S. Attorney Prim F. Escalona.

U.S. District Court Judge Madeline H. Haikala sentenced Frederick Leonard Temple, Jr., also known as “Cutt” and “Cutthroat,” 35, to 432 months in prison. In February, Temple was convicted by a jury of possession of a machine gun, two counts of distribution of fentanyl, possession with intent to distribute methamphetamine and fentanyl, and possession of a machine gun in furtherance of a drug-trafficking crime.

“This sentence sends a clear message that violent, criminal conduct like Defendant Temple’s will not be tolerated,” said U.S. Attorney Escalona. “I commend our law enforcement partners and prosecutors for their unwavering commitment to ensuring Temple was brought to justice.”

“Today’s sentencing illustrates the continuous commitment that the ATF shares with our state, local, and federal law-enforcement partners to combat the illegal possession of firearms, fight violent crime, and remove narcotics from the streets,” said ATF Special Acting Agent in Charge Jason Stankiewicz. “We will continue to utilize all of our resources in an effort to maintain public safety in the communities that we serve.”

According to evidence presented at trial, Temple distributed fentanyl on two separate occasions. On January 26, 2022, members of the Shelby County Drug Enforcement Task Force and officers from the Birmingham Police Department executed a search warrant at Temple’s residence. During the search, officers found drugs and firearms in a rear bedroom where an infant was located. The search of the residence resulted in the seizure of 14 firearms, including a Glock 9 mm pistol equipped with a machine gun-conversion device commonly referred to as a “Glock switch,” several high-capacity firearm magazines, including 100- and 50-round drum magazines, and a large amount of various ammunition, as well as fentanyl, methamphetamine, six digital scales of various sizes, and other drug paraphernalia.

The Bureau of Alcohol, Tobacco, Firearms, and Explosives investigated the case along with the Shelby County Sheriff’s Office and Birmingham Police Department. Assistant U.S. Attorneys Kristy M. Peoples and Alan Kirk prosecuted the case.

MIL Security OSI –

July 24, 2025

MIL-OSI Security: Rapid City Man Sentenced to 2½ Years in Federal Prison for Illegally Possessing a Firearm as a Felon

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

RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Camela C. Theeler has sentenced a Rapid City man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on July 21, 2025.

William Janis, 25, was sentenced to two years and six months in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund. This sentence was ordered to run consecutively to a state custody sentence Janis is serving for a prior drug conviction.

Janis was indicted for Possession of a Firearm by a Prohibited Person by a federal grand jury in February 2025. He pleaded guilty on April 28, 2025.

In December 2024, Janis was contacted by law enforcement officers after he was seen yelling outside an apartment complex in Rapid City and trying to gain access inside. Officers learned Janis had an active warrant, and he was subsequently arrested. After being arrested, Janis informed officers he had a firearm in his waistband. Officers located and seized a 9mm pistol. Janis had previously been convicted of a felony, was on parole for a felony drug conviction, and knew he was also prohibited from possessing firearms pursuant to his parole agreement.

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). Through PSN, the District of South Dakota seeks to bring together all levels of law enforcement and the communities they serve to reduce gun violence and make our neighborhoods safer for everyone.

This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Rapid City Police Department. Supervisory Assistant U.S. Attorney Benjamin Patterson prosecuted the case.

Janis was immediately remanded to the custody of the U.S. Marshals Service.

MIL Security OSI –

July 24, 2025

MIL-OSI Security: FEDERAL JURY CONVICTS PANAMA CITY FELON OF DRUG TRAFFICKING AND ILLEGAL FIREARMS CHARGES

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

PENSACOLA, FLORIDA – Jarrel Daniel Rivaz, 35, of Panama City, was found guilty by a federal jury of possession with intent to distribute 500 grams or more of cocaine and marijuana, possession of a firearm in furtherance of drug trafficking, and possession of a firearm and ammunition by a convicted felon on Tuesday morning, July 22, 2025. The verdict was announced by John P. Heekin, United States Attorney for the Northern District of Florida.

U.S. Attorney Heekin said: “Fulfilling the promise of President Donald J. Trump and Attorney General Pam Bondi to Take Back America from violent criminals and drug traffickers requires close collaboration between our federal, state, and local law enforcement partners like we saw in this case. I am deeply appreciative of the outstanding work of the Bay County Sheriff’s Office and the ATF to get this criminal off our streets, and my office will continue to aggressively prosecute these cases to keep our communities safe from the predations of drug traffickers like this defendant.”

Evidence admitted at trial established that on December 21, 2023, during a search warrant executed at the defendant’s house in Panama City, law enforcement found and seized over 900 grams of cocaine, a large quantity of marijuana, two firearms, and ammunition. One of the firearms was found loaded in a locked shed in the same bag as some of the marijuana. Rivaz had previously been convicted of a felony drug trafficking offense in New York under the name “Gerald Walker.”

Sentencing is scheduled for October 16, 2025, at 10 a.m. in Pensacola before United States District Judge T. Kent Wetherell II. Rivaz faces a minimum mandatory term of 10 years’ imprisonment and a maximum possible sentence of life.

The verdict was the result of a joint investigation by the Bay County Sheriff’s Office and the Bureau of Alcohol, Tobacco, Firearms and Explosives. The case is being prosecuted by Assistant United States Attorneys Ward Narramore and Alicia Forbes.

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).

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

MIL Security OSI –

July 24, 2025

MIL-OSI Security: Colorado Man Pleads Guilty to Sexually Exploiting a Minor and Possessing Child Sexual Abuse Material

Source: United States Attorneys General

A Colorado man pleaded guilty today to sexually exploiting a minor and possessing child sexual abuse material (CSAM).

According to court documents, Wesley Chambers, 34, of Fort Collins, sexually abused a minor for years and recorded the abuse. Law enforcement found more than 200 sexually explicit videos and photographs of the minor on Chambers’ cell phone, and more than 20,000 photographs and 2,500 videos of the sexual abuse and exploitation of other minors.

Chambers pleaded guilty to two counts of sexually exploiting a child and one count of possessing material depicting the sexual exploitation of minors. As part of his plea agreement, the defendant also admitted to accessing child pornography on the dark web, including “hurtcore” sites. He is scheduled to be sentenced on Oct. 22 and faces a mandatory minimum penalty of 15 years in prison and a maximum penalty of 70 years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division, U.S. Attorney Peter McNeilly for the District of Colorado, Assistant Director Jose A. Perez of the FBI Criminal Investigative Division, and Special Agent in Charge Mark Michalek of the FBI Denver Field Office made the announcement.

The FBI’s Child Exploitation Operational Unit and the FBI Denver Field Office investigated the case.

Trial Attorney Rachel L. Rothberg of the Justice Department’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Alecia L. Riewerts for the District of Colorado are prosecuting the case.

This case was brought as part of Project Safe Childhood, a nationwide initiative launched by the Department of Justice in May 2006 to combat the epidemic of child sexual exploitation and abuse. Led by U.S. Attorneys’ Offices and CEOS, Project Safe Childhood marshals federal, state, and local resources to better locate, apprehend, and prosecute individuals who exploit children via the internet, as well as to identify and rescue victims. For more information about Project Safe Childhood, visit www.justice.gov/psc.

MIL Security OSI –

July 24, 2025

MIL-OSI: Silvaco Announces Date of Second Quarter 2025 Financial Results Conference Call

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO, “Silvaco”), a provider of TCAD, EDA software, and SIP solutions that enable innovative semiconductor design and digital twin modeling through AI software and automation, will release its financial results for the second quarter ended June 30, 2025, after the market close on Wednesday, August 6, 2025. The company will host a conference call at 5:00 p.m. Eastern time to discuss its second quarter 2025 results and full year 2025 outlook.

A press release highlighting the Company’s results along with supplemental financial results will be available at https://investors.silvaco.com/ along with an earnings presentation to accompany management’s prepared remarks. An archived replay of the conference call will be available on this website for a limited time after the call. Participants who want to join the call and ask a question may register for the call here to receive the dial-in numbers and unique PIN.

Date: Wednesday, August 6, 2025
Time: 5:00 p.m. Eastern time
Webcast: Here (live and replay)

About Silvaco
Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and AI through software and innovation. Silvaco’s solutions are used for process and device development across display, power devices, automotive, memory, high-performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan.

Safe Harbor Statement
This press release contains forward-looking statements based on Silvaco Group, Inc.’s current expectations. The words “believe”, “estimate”, “expect”, “intend”, “anticipate”, “plan”, “project”, “will”, and similar phrases as they relate to Silvaco Group, Inc. are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silvaco Group, Inc. and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.

Investor Contact:
Greg McNiff
investors@silvaco.com

Media Contact:
Tiffany Behany
press@silvaco.com

The MIL Network –

July 24, 2025

MIL-OSI: Farmers and Merchants Bancshares, Inc. Reports Earnings of $2.4 Million or $0.74 per Share for the Six Months Ended June 30, 2025

Source: GlobeNewswire (MIL-OSI)

HAMPSTEAD, Md., July 23, 2025 (GLOBE NEWSWIRE) — Farmers and Merchants Bancshares, Inc. (the “Company”), the parent company of Farmers and Merchants Bank (the “Bank” and, together with the Company, “we”, “us” and “our”), announced that net income for the six months ended June 30, 2025 was $2.4 million, or $0.74 per common share (basic and diluted) compared to $2.3 million, or $0.74 per common share (basic and diluted), for the same period in 2024. The Company’s return on average equity during the six months ended June 30, 2025 was 8.18% compared to 8.81% for the same period in 2024. The Company’s return on average assets during both the six months ended June 30, 2025 and 2024 was 0.58%.

Net income for the three months ended June 30, 2025 was $1.2 million, or $0.38 per common share (basic and diluted) compared to $1.1 million, or $0.35 per common share (basic and diluted), for the second quarter of 2024. The Company’s return on average equity during the three months ended June 30, 2025 was 8.15% compared to 8.23% for the same period in 2024. The Company’s return on average assets during the three months ended June 30, 2025 was 0.58% compared to 0.55% for the same period in 2024.

Net interest income for the six months ended June 30, 2025 was $1.18 million higher when compared to the same period in 2024 due to a widening net interest margin of 2.92% for the six months ended June 30, 2025 compared to 2.70% for the same period in 2024. The yield on earning assets increased to 5.11% for the six months ended June 30, 2025, compared to 4.76% for the same period in 2024. The cost of interest bearing liabilities increased to 2.67% for the six months ended June 30, 2025, up from 2.57% for the same period in 2024. Average interest earning assets were $793.5 million for the six months ended June 30, 2025 compared to $772.3 million for the same period in 2024. Gross interest income increased by $2.0 million to $20.2 million for the six months ended June 30, 2025, up from $18.2 million for the same period in 2024. Average interest bearing liabilities increased by $31.8 million to $650.7 million for the six months ended June 30, 2025 from $618.9 million for the same period in 2024. Total interest expense increased $756 thousand to $8.7 million for the six months ended June 30, 2025 compared to $7.9 million for the same period in 2024.

The Company recorded a $268 thousand provision for credit losses for the six months ended June 30, 2025. There was no provision recorded for the six months ended June 30, 2024. The increase in the provision was related to the write down of one loan by $356 thousand, which was ultimately foreclosed upon.

Noninterest income increased by $91 thousand for the six months ended June 30, 2025 when compared to the same period in 2024. The increase was due to several factors, including a $53 thousand increase in mortgage banking revenue, a $26 thousand increase in bank owned life insurance income, a $126 thousand increase in gain on settlement of fair value hedge, and an $83 thousand increase in fees and commissions. These increases were offset by lower service charges on deposits of $70 thousand and $143 thousand of non-recurring gain on insurance settlement recognized in 2024. Noninterest expense was $992 thousand higher in the six months ended June 30, 2025 when compared to the same period in 2024, due primarily to a $294 thousand in salaries and benefits and a $329 thousand combined increase in occupancy and furniture and equipment costs. ATM and debit card expenses increased by $35 thousand due to security enhancements added with the core system conversion. Also, the Bank’s FDIC assessment expense increased by $124 thousand due to higher FDIC assessment rates. Professional services increased by $27 thousand due to the higher legal fees in 2025 related to stockholder matters.

Total assets decreased slightly to $842.2 million at June 30, 2025 from $844.6 million at December 31, 2024. Loans increased to $615.5 million at June 30, 2025 from $583.0 million at December 31, 2024. Investments in debt securities decreased to $142.8 million at June 30, 2025 from $146.2 million at December 31, 2024. Deposits decreased to $748.9 million at June 30, 2025 from $758.8 million at December 31, 2024. The Company’s tangible equity was $53.2 million at June 30, 2025 compared to $49.2 million at December 31, 2024.

The book value of the Company’s common stock increased to $18.97 per share at June 30, 2025 from $17.77 per share at December 31, 2024. Book value per share at June 30, 2025 is reflective of the $15.1 million unrealized loss, net of income taxes, on the Bank’s available for sale (“AFS”) securities portfolio as a result of the rise in interest rates since the time of purchase. Changes in the market value of the AFS securities portfolio, net of income taxes, are reflected in the Company’s equity, but are not included in the income statement. The AFS securities portfolio is comprised of 72% government agency mortgage backed securities which are fully guaranteed, 23% investment grade non agency mortgage backed securities, 1% investment grade corporate and municipal bonds, and 4% subordinated debt of other community banks. Management does not believe there is any indication of credit deterioration in any of the bonds and we intend to hold these securities to maturity, so no actual losses are anticipated. There is no impact on regulatory capital because the Bank elected many years ago to not include in the calculation of regulatory capital changes in the market value of the AFS securities portfolio regardless of whether they are positive or negative.

Gary A. Harris, President and CEO, commented “Our net interest margin has continued to grow over the past year. Our yields on earning assets are rising with our loan growth and loans are renewing at higher interest rate levels. This coupled with moderating cost of funds has improved our net interest income. Loan growth is strong with over $32.5 million in net loans being booked in the first half of 2025. Asset quality remains high with few delinquencies and our liquidity position remains strong. Moving into the second half of 2025, we believe we are well positioned to improve on the gains we have made thus far. ”

About the Company

The Company is a financial holding company and the parent company of the Bank. The Bank was chartered in Maryland in 1919 and has over 100 years of service to the community. The Bank serves the deposit and financing needs of both consumers and businesses in Carroll and Baltimore Counties along the Route 30, Route 795, Route 140, Route 26, and Route 45 corridors. The main office is located in Upperco, Maryland, with seven additional branches in Owings Mills, Hampstead, Greenmount, Reisterstown, Westminster, Eldersburg, and Towson. Certain broker-dealers make a market in the common stock of Farmers and Merchants Bancshares, Inc., and trades are reported through the OTC Markets Group’s OTCID Market under the symbol “FMFG”.

Forward-Looking Statements

The statements contained herein that are not historical facts are forward-looking statements (as defined by the Private Securities Litigation Reform Act of 1995) based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. These statements are evidenced by terms such as “anticipate,” “estimate,” “should,” “will,” “expect,” “believe,” “intend,” and similar expressions. Although these statements reflect management’s good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the forward-looking statements. For a discussion of these risks and uncertainties, see the section of the periodic reports filed by Farmers and Merchants Bancshares, Inc. with the Securities and Exchange Commission entitled “Risk Factors”.


Farmers and Merchants Bancshares, Inc. and Subsidiaries
Consolidated Balance Sheets
Dollars in thousands except share data
(Unaudited)

	June 30,			December 31,
	2025			2024 *

Assets

Cash and due from banks	$	30,282		$	63,962
Federal funds sold and other interest-bearing deposits		1,001			697
Cash and cash equivalents		31,283			64,659
Certificates of deposit in other banks		100			100
Securities available for sale, at fair value		121,434			125,713
Securities held to maturity, at amortized cost less allowance for credit losses of $81 and $60		21,328			20,499
Equity security, at fair value		535			518
Restricted stock, at cost		1,190			921
Mortgage loans held for sale		641			157
Loans, less allowance for credit losses of $4,233 and $4,260		615,469			582,993
Premises and equipment, net		7,267			7,349
Accrued interest receivable		2,388			2,439
Deferred income taxes, net		7,120			7,606
Other real estate owned, net		2,758			1,176
Bank owned life insurance		15,535			15,324
Goodwill and other intangibles, net		7,022			7,026
Other assets		8,148			8,163
Total Assets	$	842,218		$	844,643

Liabilities and Stockholders’ Equity

Deposits
Noninterest-bearing	$	121,398		$	107,197
Interest-bearing		627,500			651,609
Total deposits		748,898			758,806
Securities sold under repurchase agreements		4,772			5,564
Federal Home Loan Bank of Atlanta advances		10,000			5,000
Long-term debt, net of issuance costs		10,388			11,329
Accrued interest payable		919			1,003
Other liabilities		6,995			6,669
Total liabilities		781,972			788,371

Stockholders’ equity
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,175,347 shares in 2025 and 3,166,653 shares in 2024		32			32
Additional paid-in capital		31,299			31,136
Retained earnings		43,976			41,613
Accumulated other comprehensive loss		(15,061	)		(16,509	)
Total Stockholders’ equity		60,246			56,272
Total liabilities and stockholders’ equity	$	842,218		$	844,643
* Derived from audited consolidated financial statements

Farmers and Merchants Bancshares, Inc. and Subsidiaries
Consolidated Statements of Income
Dollars in thousands except per share data
(Unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2025		2024			2025		2024

Interest income
Loans, including fees	$	8,899	$	7,238		$	17,265	$	14,120
Investment securities – taxable		1,070		1,592			2,121		3,171
Investment securities – tax exempt		153		138			309		274
Federal funds sold and other interest earning assets		171		212			485		681
Total interest income		10,293		9,180			20,180		18,246

Interest expense
Deposits		4,071		3,232			8,321		6,333
Securities sold under repurchase agreements		12		13			29		36
Federal Home Loan Bank advances		110		32			122		44
Federal Reserve Bank advances		–		641			–		1,263
Long-term debt		109		129			222		262
Total interest expense		4,302		4,047			8,694		7,938
Net interest income		5,991		5,133			11,486		10,308

Provision for credit losses		238		–			268		–

Net interest income after provision for credit losses		5,753		5,133			11,218		10,308

Noninterest income
Service charges on deposit accounts		178		217			342		412
Mortgage banking income		47		18			76		23
Bank owned life insurance income		106		94			211		185
Fair value adjustment of equity security		1		(2	)		10		(6	)
Gain (loss) on settlement of fair value hedge		–		(31	)		94		(32	)
Gain on insurance proceeds, net		–		–			–		143
Other fees and commissions		124		78			236		153
Total noninterest income		456		374			969		878

Noninterest expense
Salaries		2,191		1,993			4,398		3,969
Employee benefits		531		441			913		1,048
Occupancy		280		278			608		524
Furniture and equipment		480		328			815		570
Professional services		218		158			391		364
Automated teller machine and debit card expenses		168		166			336		301
Federal Deposit Insurance Corporation premiums		117		94			316		192
Postage, delivery, and armored carrier		64		64			142		145
Advertising		74		74			130		123
Other real estate owned expense, net		67		3			71		5
Other		540		524			1,108		995
Total noninterest expense		4,730		4,123			9,228		8,236

Income before income taxes		1,479		1,384			2,959		2,950
Income taxes		280		305			596		652
Net income	$	1,199	$	1,079		$	2,363	$	2,298

Earnings per common share – basic	$	0.38	$	0.35		$	0.74	$	0.74
Earnings per common share – diluted	$	0.38	$	0.35		$	0.74	$	0.74

Farmers and Merchants Bancshares, Inc.
Selected Consolidated Financial Data
(Unaudited)
Dollars in thousands except per share data

	As of or For the Three Months Ended June 30,
	2025			2024			2023

OPERATING DATA

Interest income	$	10,293		$	9,180		$	7,384
Interest expense		4,302			4,047			2,113
Net interest income		5,991			5,133			5,271
Provision for (recovery of) credit losses		238			–			(225	)
Net interest income after provision for (recovery of) credit losses		5,753			5,133			5,496
Noninterest income		456			374			403
Noninterest expense		4,730			4,123			3,686
Income before income taxes		1,479			1,384			2,213
Income taxes		280			305			543
Net income	$	1,199		$	1,079		$	1,670

PER SHARE DATA

Net income (Basic and diluted)	$	0.38		$	0.35		$	0.54
Dividends	$	0.00		$	0.33		$	0.33
Book value	$	18.97		$	17.77		$	16.13

KEY RATIOS

Return on average assets		0.58	%		0.55	%		0.92	%
Return on average equity		8.15	%		8.23	%		13.22	%
Efficiency ratio		73.37	%		74.86	%		68.17	%
Net yield on interest-earning assets		3.03	%		2.71	%		3.00	%
Tier 1 capital leverage ratio		9.51	%		9.58	%		9.99	%

AT PERIOD END

Total assets	$	842,218		$	798,556		$	730,262
Gross loans		619,702			550,118			535,646
Cash and cash equivalents		31,283			24,510			12,288
Securities		142,762			177,661			139,949
Deposits		748,898			651,209			631,811
Long term debt, FRB and FHLB borrowings		20,388			81,271			38,154
Stockholders’ equity		60,246			54,543			49,834

SELECTED AVERAGE BALANCES

Total assets	$	825,060		$	784,510		$	726,212
Gross loans		616,097			541,267			531,173
Cash and cash equivalents		14,959			18,395			9,151
Securities		165,409			204,779			167,107
Deposits		734,631			647,215			630,567
Long term debt, FRB and FHLB borrowings		20,786			72,762			35,249
Stockholders’ equity		58,827			52,431			50,538

ASSET QUALITY

Nonperforming assets	$	3,028		$	1,646		$	1,898

Nonperforming assets/total assets		0.36	%		0.21	%		0.26	%

Allowance for credit losses/total loans		0.68	%		0.74	%		0.87	%

Farmers and Merchants Bancshares, Inc.
Selected Consolidated Financial Data
(Unaudited)
Amounts in thousands except per share data

	As of or For the Six Months Ended June 30,
	2025			2024			2023

OPERATING DATA

Interest income	$	20,180		$	18,246		$	14,437
Interest expense		8,694			7,938			3,509
Net interest income		11,486			10,308			10,928
Provision for (recovery of) credit losses		268			–			(495	)
Net interest income after provision for credit losses		11,218			10,308			11,423
Noninterest income		969			878			785
Noninterest expense		9,228			8,236			7,443
Income before income taxes		2,959			2,950			4,765
Income taxes		596			652			1,194
Net income	$	2,363		$	2,298		$	3,571

PER SHARE DATA

Net income (Basic and diluted)	$	0.74		$	0.74		$	1.16
Dividends	$	0.00		$	0.33		$	0.33
Book value	$	18.97		$	17.77		$	16.13

KEY RATIOS

Return on average assets		0.58	%		0.58	%		0.99	%
Return on average equity		8.18	%		8.81	%		14.34	%
Efficiency ratio		74.09	%		73.63	%		63.23	%
Net yield on interest-earning assets		2.92	%		2.70	%		3.09	%
Tier 1 capital leverage ratio		9.51	%		9.58	%		9.99	%

AT PERIOD END

Total assets	$	842,218		$	798,556		$	730,262
Gross loans		619,702			550,118			535,646
Cash and cash equivalents		31,283			24,510			12,288
Securities		142,762			177,661			139,949
Deposits		748,898			651,209			631,811
Long term debt, FRB and FHLB borrowings		20,388			81,271			38,154
Stockholders’ equity		60,246			54,543			49,834

SELECTED AVERAGE BALANCES

Total assets	$	820,910		$	792,174		$	724,668
Gross loans		604,875			537,917			528,368
Cash and cash equivalents		21,830			27,809			8,936
Securities		166,812			206,593			168,482
Deposits		733,685			655,331			628,434
Long term debt, FRB and FHLB borrowings		18,291			71,140			35,689
Stockholders’ equity		57,742			52,192			49,802

ASSET QUALITY

Nonperforming assets	$	3,028		$	1,646		$	1,898

Nonperforming assets/total assets		0.36	%		0.21	%		0.26	%

Allowance for credit losses/total loans		0.68	%		0.74	%		0.87	%

Contact:	Mr. Gary A. Harris
	President and Chief Executive Officer
	(410) 374-1510, ext. 1104

The MIL Network –

July 24, 2025

MIL-OSI: Eagle Bancorp, Inc. Announces Second Quarter 2025 Results and Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BETHESDA, Md., July 23, 2025 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (“Eagle”, the “Company”) (NASDAQ: EGBN), the Bethesda-based holding company for EagleBank, one of the largest community banks in the Washington D.C. area, reported its unaudited results for the second quarter ended June 30, 2025.

Eagle reported a net loss of $69.8 million or $2.30 per share for the second quarter 2025, compared to net income of $1.7 million or $0.06 per diluted share during the first quarter. The $71.5 million decrease in net income from the prior quarter is primarily due to a $111.9 million increase in provision expense. In the quarter, net interest income increased $2.1 million, noninterest income decreased $1.8 million, and noninterest expenses decreased $2.0 million.

Pre-provision net revenue (“PPNR”)¹ in the second quarter was $30.7 million compared to $28.4 million for the prior quarter reflecting expansion of the net interest margin.

“Our core profitability improvement this quarter, evident in the growth of pre-provision net revenue, expansion of core deposits, and reduced reliance on wholesale and brokered funding, reflects our disciplined execution of our strategic plan,” said Susan G. Riel, Chair, President, and Chief Executive Officer of the Company. “We continue to work on building a stronger balance sheet that will contribute to long-term, sustainable performance.”

Our second quarter reflects the execution of our previously communicated strategy to resolve challenged loans and address related valuation pressures in the office portfolio.

“This quarter’s credit costs reflect decisive actions we are taking to address risk in our loan portfolio. While the charge is significant, it is aligned with our ongoing strategy and reflects our judgement to remediate credit exposures thoughtfully and deliberately. We view this quarter’s loss as a necessary and measured outcome of our risk remediation strategy. The resulting impact of these decisions is difficult, yet represents necessary steps in our objective to drive long-term value creation for shareholders,” added Ms. Riel.

Eric R. Newell, Chief Financial Officer of the Company said, “This quarter, the credit loss reserve coverage rose to 2.38% of total loans, up 75 basis points from last quarter. This reserve build reflects our ongoing and continued proactive approach to address credit risk in our loan portfolio and our expectation that remediation activity will continue over the coming quarters. Our capital position remains strong, with common equity tier one capital at 14.0% and our tangible common equity¹ ratio exceeding 10%. We will continue to evaluate capital allocation decisions, in alignment with our objectives of maintaining long-term franchise value.”

Additionally, the Company is announcing today a cash dividend in the amount of $0.165 per share. The cash dividend will be payable on August 29, 2025 to shareholders of record on August 8, 2025.

Second Quarter of 2025 Key Elements

The Company announces today the declaration of a common stock dividend of $0.165 per share.
The ACL as a percentage of total loans was 2.38% at quarter-end; up from 1.63% at the prior quarter-end. Performing office coverage² was 11.54% at quarter-end; as compared to 5.78% at the prior quarter-end.
Nonperforming assets increased by $26.0 million to $228.9 million as of June 30, 2025, representing 2.16% of total assets, compared to 1.79% as of March 31, 2025. During the quarter, nonperforming loan inflows totaled $222.8 million, primarily driven by office and land properties, including a $33.6 million data center loan backed by office collateral and a $9.1 million life sciences office loan. Reductions of $182.8 million reflected charge-offs, loans moved to held for sale, and restructuring activity.
Substandard and special mention loans totaled $875.4 million at June 30, 2025, compared to $774.9 million in the prior quarter.
Annualized quarterly net charge-offs for the second quarter were 4.22% compared to 0.57% for the first quarter of 2025.
The net interest margin (“NIM”) increased to 2.37% for the second quarter of 2025, compared to 2.28% for the prior quarter, primarily driven by the paydown of average borrowings and reduced funding costs on money market accounts and other borrowings.
At quarter-end, the common equity ratio, tangible common equity ratio¹, and common equity tier 1 capital (to risk-weighted assets) ratio were 11.18%, 11.18%, and 14.01%, respectively.
Total estimated insured deposits remained stable at quarter-end to $6.8 billion, representing 75.0% of deposits, compared to $6.9 billion, or 74.7% in the prior quarter.
Total on-balance sheet liquidity and available capacity was $4.8 billion, compared to $2.3 billion in uninsured deposits, resulting in a coverage ratio of over 200%.

Income Statement

Net interest income was $67.8 million for the second quarter of 2025, compared to $65.6 million for the prior quarter. The increase in net interest income for the quarter was primarily driven by lower funding costs on savings and money market accounts, a reduction in average short-term borrowings, and the benefit of one additional day in the quarter. These benefits were partially offset by lower yields on loans and a higher mix of time deposits. Both interest income and interest expense declined during the quarter, reflecting the impact of lower market rates.
Provision for credit losses was $138.2 million for the second quarter of 2025, compared to $26.3 million for the prior quarter. The increase was primarily driven by higher office-related reserves and expected exit strategies. Net charge-offs totaled $83.9 million, up from $11.2 million in the first quarter. The reserve for unfunded commitments totaled $1.8 million, driven primarily by higher unfunded commitments in our commercial and industrial portfolio. This compared to a reversal for unfunded commitments in the prior quarter of $0.3 million.
Noninterest income was $6.4 million for the second quarter of 2025, compared to $8.2 million for the prior quarter. The primary driver for the decrease was a $1.9 million loss on a trade executed to reposition the investment portfolio into higher-yielding assets.
Noninterest expense was $43.5 million for the second quarter of 2025, compared to $45.5 million for the prior quarter. The decrease over the comparative quarter was primarily due to decreased legal, accounting, and professional fees.

Loans and Funding

Total loans were $7.7 billion at June 30, 2025, down 2.8% from the prior quarter-end. The decrease in total loans was primarily driven by declines in income-producing real estate loans, partially offset by an increase in commercial and industrial loans.
Total deposits at quarter-end were $9.1 billion, down $157.7 million, or 1.7%, from the prior quarter-end. The decrease was primarily driven by lower balances in brokered savings and money market accounts. Period end deposits have increased $852.3 million when compared to the prior year comparable period end of June 30, 2024.
Other short-term borrowings were $50.0 million at June 30, 2025, representing an 89.8% decrease from the prior quarter-end. The decline was driven by the pay down of FHLB borrowings, funded by cash and core deposit growth.

Asset Quality

Allowance for credit losses was 2.38% of total loans held for investment at June 30, 2025, compared to 1.63% at the prior quarter-end. Performing office coverage was 11.54% at quarter-end; as compared to 5.78% at the prior quarter-end.
Net charge-offs were $83.9 million for the quarter compared to $11.2 million in the first quarter of 2025.
Nonperforming assets were $228.9 million at June 30, 2025.
- NPAs as a percentage of assets were 2.16% at June 30, 2025, compared to 1.79% at the prior quarter-end. At June 30, 2025, other real estate owned consisted of five properties with an aggregate carrying value of $2.5 million.
- Loans 30-89 days past due were $34.7 million at June 30, 2025, compared to $83.0 million at the prior quarter-end.

Capital

Total shareholders’ equity was $1.2 billion at June 30, 2025, down 4.8% from the prior quarter-end. The decrease in shareholders’ equity of $59.8 million was primarily due to quarterly losses that reduced capital. This was partially offset by an increase in the fair market value of the available-for-sale investment portfolio.
Book value per share and tangible book value per share³ were $39.03 and $39.03, down 4.8% from the prior quarter-end.

Additional financial information: The financial information that follows provides more detail on the Company’s financial performance for the three months ended June 30, 2025 as compared to the three months ended March 31, 2025 and June 30, 2024, as well as eight quarters of trend data. Persons wishing additional information should refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the SEC.

About Eagle Bancorp: The Company is the holding company for EagleBank, which commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and operates through twelve banking offices and four lending offices located in Suburban Maryland, Washington, D.C. and Northern Virginia. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace, and is committed to a culture of respect, opportunity, belonging, and inclusion in both its workplace and the communities in which it operates.

Conference call: Eagle Bancorp will host a conference call to discuss its second quarter of 2025 financial results on Thursday, July 24, 2025 at 10:00 a.m. Eastern Time.

The listen-only webcast can be accessed at:

https://edge.media-server.com/mmc/p/yiqohzt3/
For analysts who wish to participate in the conference call, please register at the following URL:
https://register-conf.media-server.com/register/BI6d1c218e6b0143a6903a372200e40cc7

A replay of the conference call will be available on the Company’s website through Thursday, August 7, 2025: https://www.eaglebankcorp.com/

Forward-looking statements: This press release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as “may,” “will,” “can,” “anticipates,” “believes,” “expects,” “plans,” “strategy,” “estimates,” “potential,” “continue,” “should,” “could,” “strive,” “feel” and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company’s market (including reductions in the size of the federal government workforce; changes in government spending; the proposal, announcement or imposition of tariffs; volatility in interest rates and interest rate policy; inflation levels; competitive factors) and other conditions (such as 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 regarding the stability and liquidity of banks), which by their nature are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward-looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. For details on factors that could affect these expectations, see the risk factors and other cautionary language included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and in other periodic and current reports filed with the SEC, including the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company’s past results are not necessarily indicative of future performance, and nothing contained herein is meant to or should be considered and treated as earnings guidance of future quarters’ performance projections. All information is as of the date of this press release. Any forward-looking statements made by or on behalf of the Company speak only as to the date they are made. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.

Eagle Bancorp, Inc.
Consolidated Statements of Operations (Unaudited)
(Dollars in thousands, except per share data)

	Three Months Ended
	June 30,			March 31,			June 30,
		2025			2025			2024
Interest Income
Interest and fees on loans	$	125,223		$	126,136		$	137,616
Interest and dividends on investment securities		11,436			11,912			12,405
Interest on balances with other banks and short-term investments		14,760			15,803			19,568
Interest on federal funds sold		24			27			142
Total interest income		151,443			153,878			169,731
Interest Expense
Interest on deposits		78,912			77,211			76,846
Interest on customer repurchase agreements		250			260			330
Interest on other short-term borrowings		2,489			8,733			21,202
Interest on long-term borrowings		2,016			2,025			—
Total interest expense		83,667			88,229			98,378
Net Interest Income		67,776			65,649			119,910
Provision for Credit Losses		138,159			26,255			8,959
Provision (Reversal) for Credit Losses for Unfunded Commitments		1,759			(297	)		608
Net Interest Income After Provision for Credit Losses		(72,142	)		39,691			110,343

Noninterest Income
Service charges on deposits		1,771			1,743			1,653
Gain on sale of loans		—			—			37
Net gain on sale of investment securities		(1,854	)		4			3
Increase in cash surrender value of bank-owned life insurance		5,161			4,282			709
Other income		1,336			2,178			2,930
Total noninterest income		6,414			8,207			5,332
Noninterest Expense
Salaries and employee benefits		21,940			21,968			21,770
Premises and equipment expenses		3,019			3,203			2,894
Marketing and advertising		1,144			1,371			1,662
Data processing		4,293			3,978			3,495
Legal, accounting and professional fees		1,550			3,122			2,705
FDIC insurance		8,077			8,962			5,917
Goodwill impairment		—			—			104,168
Other expenses		3,447			2,847			3,880
Total noninterest expense		43,470			45,451			146,491
Income (Loss) Before Income Tax Expense		(109,198	)		2,447			(79,373	)
Income Tax Expense		(39,423	)		772			4,429
Net (Loss) Income	$	(69,775	)	$	1,675		$	(83,802	)

(Loss) Earnings Per Common Share
Basic	$	(2.30	)	$	0.06		$	(2.78	)
Diluted	$	(2.30	)	$	0.06		$	(2.78	)

Eagle Bancorp, Inc.
Consolidated Balance Sheets (Unaudited)
(Dollars in thousands, except per share data)
	June 30,			March 31,			June 30,
		2025			2025			2024
Assets
Cash and due from banks	$	14,005		$	12,516		$	10,803
Federal funds sold		4,091			2,968			5,802
Interest-bearing deposits with banks and other short-term investments		239,237			661,173			526,228
Investment securities available-for-sale at fair value (amortized cost of $1,271,179, $1,330,077, and $1,584,435 respectively, and allowance for credit losses of $—, $—, and $17, respectively)		1,170,489			1,214,237			1,420,618
Investment securities held-to-maturity at amortized cost, net of allowance for credit losses of $1,229, $1,275, and $2,012 respectively (fair value of $799,136, $820,530, and $856,275 respectively)		896,855			924,473			982,955
Federal Reserve and Federal Home Loan Bank stock		30,613			51,467			54,274
Loans held for sale		37,576			15,251			5,000
Loans		7,721,664			7,943,306			8,001,739
Less: allowance for credit losses		(183,796	)		(129,469	)		(106,301	)
Loans, net		7,537,868			7,813,837			7,895,438
Premises and equipment, net		7,103			7,079			8,788
Operating lease right-of-use assets		31,202			32,769			16,250
Deferred income taxes		80,731			84,798			86,236
Bank-owned life insurance		325,174			320,055			114,333
Intangible assets, net		9			11			129
Other real estate owned		2,459			2,459			773
Other assets		223,919			174,268			174,396
Total Assets		10,601,331			11,317,361			11,302,023
Liabilities and Shareholders’ Equity
Liabilities
Deposits:
Noninterest-bearing demand		1,532,132			1,607,826			1,693,955
Interest-bearing transaction		895,604			926,722			1,123,980
Savings and money market		3,267,630			3,558,919			3,165,314
Time deposits		3,424,241			3,183,801			2,284,099
Total deposits		9,119,607			9,277,268			8,267,348
Customer repurchase agreements		23,442			32,357			39,220
Other short-term borrowings		50,000			490,000			1,659,979
Long-term borrowings		76,264			76,181			—
Operating lease liabilities		37,297			38,484			20,016
Reserve for unfunded commitments		4,925			3,166			6,653
Other liabilities		104,729			155,014			139,348
Total Liabilities		9,416,264			10,072,470			10,132,564
Shareholders’ Equity
Common stock, par value $0.01 per share; shares authorized 100,000,000, shares issued and outstanding 30,364,983, 30,368,843, and 30,180,482 respectively		300			300			297
Additional paid-in capital		388,927			386,535			380,142
Retained earnings		904,205			978,995			949,863
Accumulated other comprehensive loss		(108,365	)		(120,939	)		(160,843	)
Total Shareholders’ Equity		1,185,067			1,244,891			1,169,459
Total Liabilities and Shareholders’ Equity	$	10,601,331		$	11,317,361		$	11,302,023

Loan Mix and Asset Quality
(Dollars in thousands)

	June 30,				March 31,				June 30,
	2025				2025				2024
	Amount		%		Amount		%		Amount		%
Loan Balances – Period End:
Commercial	$	1,207,512	15	%	$	1,178,343	15	%	$	1,238,261	15	%
PPP loans		164	—	%		226	—	%	$	407	—	%
Income producing – commercial real estate		3,768,884	48	%		3,967,124	49	%	$	4,217,525	53	%
Owner occupied – commercial real estate		1,365,901	18	%		1,403,668	18	%	$	1,263,714	16	%
Real estate mortgage – residential		45,921	1	%		48,821	1	%	$	61,338	1	%
Construction – commercial and residential		1,211,728	16	%		1,210,788	15	%	$	1,063,764	13	%
Construction – C&I (owner occupied)		69,554	1	%		83,417	1	%	$	99,526	1	%
Home equity		49,224	1	%		50,121	1	%	$	52,773	1	%
Other consumer		2,776	—	%		798	—	%	$	4,431	—	%
Total loans	$	7,721,664	100	%	$	7,943,306	100	%	$	8,001,739	100	%

	Three Months Ended or As Of
	June 30,		March 31,		June 30,
	2025		2025		2024
Asset Quality:
Nonperforming loans	$	226,420	$	200,447	$	98,169
Other real estate owned		2,459		2,459		773
Nonperforming assets	$	228,879	$	202,906	$	98,942
Net charge-offs	$	83,877	$	11,230	$	2,285
Special mention	$	173,311	$	273,380	$	307,906
Substandard	$	702,128	$	501,565	$	408,311

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Prior Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended
	June 30, 2025						March 31, 2025
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,375,782	$	14,749	4.30	%	$	1,445,054	$	15,803	4.44	%
Loans held for sale⁽¹⁾		15,418		284	7.39	%		169		—	—	%
Loans^{(1) (2)}		7,942,333		124,939	6.31	%		7,933,695		126,136	6.45	%
Investment securities available-for-sale⁽²⁾		1,233,206		6,491	2.11	%		1,321,954		6,857	2.10	%
Investment securities held-to-maturity⁽²⁾		918,083		4,945	2.16	%		933,880		5,055	2.20	%
Federal funds sold		2,184		24	4.41	%		5,410		27	2.02	%
Total interest earning assets		11,487,006		151,432	5.29	%		11,640,162		153,878	5.36	%
Total noninterest earning assets		635,125						596,585
Less: allowance for credit losses		133,036						118,557
Total noninterest earning assets		502,089						478,028
TOTAL ASSETS	$	11,989,095					$	12,118,190

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,489,056	$	9,982	2.69	%	$	1,368,609	$	9,908	2.94	%
Savings and money market		3,461,918		29,634	3.43	%		3,682,217		32,389	3.57	%
Time deposits		3,367,907		39,296	4.68	%		2,951,111		34,914	4.80	%
Total interest bearing deposits		8,318,881		78,912	3.80	%		8,001,937		77,211	3.91	%
Customer repurchase agreements		34,387		250	2.92	%		36,572		260	2.88	%
Derivative collateral liability		12,710		118	3.72	%		—		—	—	%
Other short-term borrowings		245,291		2,360	3.86	%		682,222		8,733	5.19	%
Long-term borrowings		76,236		2,016	10.61	%		76,146		2,025	10.79	%
Total interest bearing liabilities		8,687,505		83,656	3.86	%		8,796,877		88,229	4.07	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,907,214						1,881,296
Other liabilities		142,124						197,212
Total noninterest bearing liabilities		2,049,338						2,078,508
Shareholders’ equity		1,252,252						1,242,805
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,989,095					$	12,118,190
Net interest income			$	67,776					$	65,649
Net interest spread					1.43	%					1.29	%
Net interest margin					2.37	%					2.28	%
Cost of funds					3.17	%					3.35	%

(1	)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.6 million and $3.8 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
(2	)	Interest and fees on loans and investments exclude tax equivalent adjustments.

Eagle Bancorp, Inc.
Consolidated Average Balances, Interest Yields And Rates vs. Year Ago Quarter (Unaudited)
(Dollars in thousands)

	Three Months Ended June 30,
		2025						2024
	Average Balance		Interest		Average Yield/Rate		Average Balance		Interest		Average Yield/Rate
ASSETS
Interest earning assets:
Interest-bearing deposits with other banks and other short-term investments	$	1,375,782	$	14,749	4.30	%	$	1,455,007	$	19,568	5.41	%
Loans held for sale⁽¹⁾		15,418		284	7.39	%		8,045		100	5.00	%
Loans^{(1) (2)}		7,942,333		124,939	6.31	%		8,003,206		137,516	6.91	%
Investment securities available-for-sale⁽²⁾		1,233,206		6,491	2.11	%		1,478,856		7,048	1.92	%
Investment securities held-to-maturity⁽²⁾		918,083		4,945	2.16	%		995,274		5,357	2.16	%
Federal funds sold		2,184		24	4.41	%		13,058		142	4.37	%
Total interest earning assets		11,487,006		151,432	5.29	%		11,953,446		169,731	5.71	%
Total noninterest earning assets		635,125						510,725
Less: allowance for credit losses		133,036						102,671
Total noninterest earning assets		502,089						408,054
TOTAL ASSETS	$	11,989,095					$	12,361,500

LIABILITIES AND SHAREHOLDERS’ EQUITY
Interest bearing liabilities:
Interest-bearing transaction	$	1,489,056	$	9,982	2.69	%	$	1,636,795	$	16,100	3.96	%
Savings and money market		3,461,918		29,634	3.43	%		3,321,001		33,451	4.05	%
Time deposits		3,367,907		39,296	4.68	%		2,215,693		27,295	4.95	%
Total interest bearing deposits		8,318,881		78,912	3.80	%		7,173,489		76,846	4.31	%
Customer repurchase agreements		34,387		250	2.92	%		38,599		330	3.44	%
Derivative collateral liability		12,710		118	3.72	%		—		—	—	%
Other short-term borrowings		245,291		2,360	3.86	%		1,682,684		21,202	5.07	%
Long-term borrowings		76,236		2,016	10.61	%		—		—	—	%
Total interest bearing liabilities		8,687,505		83,656	3.86	%		8,894,772		98,378	4.45	%
Noninterest bearing liabilities:
Noninterest bearing demand		1,907,214						2,051,777
Other liabilities		142,124						151,324
Total noninterest bearing liabilities		2,049,338						2,203,101
Shareholders’ equity		1,252,252						1,263,627
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	11,989,095					$	12,361,500
Net interest income			$	67,776					$	71,353
Net interest spread					1.43	%					1.26	%
Net interest margin					2.37	%					2.40	%
Cost of funds					3.17	%					3.61	%

(1	)	Loans placed on nonaccrual status are included in average balances. Net loan fees and late charges included in interest income on loans totaled $3.6 million and $4.8 million for the three months ended June 30, 2025 and 2024, respectively.
(2	)	Interest and fees on loans and investments exclude tax equivalent adjustments.

Eagle Bancorp, Inc.
Statements of Operations and Highlights Quarterly Trends (Unaudited)
(Dollars in thousands, except per share data)
				Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Income Statements:
Total interest income	$	151,443		$	153,878		$	168,417		$	173,813		$	169,731		$	175,602		$	167,421		$	161,149
Total interest expense		83,667			88,229			97,623			101,970			98,378			100,904			94,429			90,430
Net interest income		67,776			65,649			70,794			71,843			71,353			74,698			72,992			70,719
Provision for credit losses		138,159			26,255			12,132			10,094			8,959			35,175			14,490			5,644
Provision (reversal) for credit losses for unfunded commitments		1,759			(297	)		(1,598	)		(1,593	)		608			456			(594	)		(839	)
Net interest income after provision for credit losses		(72,142	)		39,691			60,260			63,342			61,786			39,067			59,096			65,914
Noninterest income before investment gain		8,268			8,203			4,063			6,948			5,329			3,585			2,891			6,342
Net gain on sale of investment securities		(1,854	)		4			4			3			3			4			3			5
Total noninterest income		6,414			8,207			4,067			6,951			5,332			3,589			2,894			6,347
Salaries and employee benefits		21,940			21,968			22,597			21,675			21,770			21,726			18,416			21,549
Premises and equipment expenses		3,019			3,203			2,635			2,794			2,894			3,059			2,967			3,095
Marketing and advertising		1,144			1,371			1,340			1,588			1,662			859			1,071			768
Goodwill impairment		—			—			—			—			104,168			—			—			—
Other expenses		17,367			18,909			17,960			17,557			15,997			14,353			14,644			12,221
Total noninterest expense		43,470			45,451			44,532			43,614			146,491			39,997			37,098			37,633
(Loss) income before income tax expense		(109,198	)		2,447			19,795			26,679			(79,373	)		2,659			24,892			34,628
Income tax expense		(39,423	)		772			4,505			4,864			4,429			2,997			4,667			7,245
Net (loss) income		(69,775	)		1,675			15,290			21,815			(83,802	)		(338	)		20,225			27,383
Per Share Data:
(Loss) earnings per weighted average common share, basic	$	(2.30	)	$	0.06		$	0.51		$	0.72		$	(2.78	)	$	(0.01	)	$	0.68		$	0.91
(Loss) earnings per weighted average common share, diluted	$	(2.30	)	$	0.06		$	0.50		$	0.72		$	(2.78	)	$	(0.01	)	$	0.67		$	0.91
Weighted average common shares outstanding, basic		30,373,167			30,275,001			30,199,433			30,173,852			30,185,609			30,068,173			29,925,557			29,910,218
Weighted average common shares outstanding, diluted		30,510,847			30,404,262			30,321,644			30,241,699			30,185,609			30,068,173			29,966,962			29,944,692
Actual shares outstanding at period end		30,364,983			30,368,843			30,202,003			30,173,200			30,180,482			30,185,732			29,925,612			29,917,982
Book value per common share at period end	$	39.03		$	40.99		$	40.60		$	40.61		$	38.75		$	41.72		$	42.58		$	40.64
Tangible book value per common share at period end⁽¹⁾	$	39.03		$	40.99		$	40.59		$	40.61		$	38.74		$	38.26		$	39.08		$	37.12
Dividend per common share	$	0.165		$	0.165		$	—		$	0.165		$	0.45		$	0.45		$	0.45		$	0.45
Performance Ratios (annualized):
Return on average assets	(2.33		)%		0.06	%		0.48	%		0.70	%	(2.73		)%	(0.01		)%		0.65	%		0.91	%
Return on average common equity	(22.35		)%		0.55	%		4.94	%		7.22	%	(26.67		)%	(0.11		)%		6.48	%		8.80	%
Return on average tangible common equity⁽¹⁾	(22.35		)%		0.55	%		4.94	%		7.22	%	(28.96		)%	(0.11		)%		7.08	%		9.61	%
Net interest margin		2.37	%		2.28	%		2.29	%		2.37	%		2.40	%		2.43	%		2.45	%		2.43	%
Efficiency ratio⁽¹⁾⁽²⁾		58.60	%		61.50	%		59.50	%		55.40	%		191.00	%		51.10	%		48.90	%		48.83	%
Other Ratios:
Allowance for credit losses to total loans⁽³⁾		2.38	%		1.63	%		1.44	%		1.40	%		1.33	%		1.25	%		1.08	%		1.05	%
Allowance for credit losses to total nonperforming loans		81.17	%		64.59	%		54.81	%		83.25	%		110.06	%		108.76	%		131.16	%		118.78	%
Nonperforming assets to total assets		2.16	%		1.79	%		1.90	%		1.22	%		0.88	%		0.79	%		0.57	%		0.64	%
Net charge-offs (recoveries) (annualized) to average total loans⁽³⁾		4.22	%		0.57	%		0.48	%		0.26	%		0.11	%		1.07	%		0.60	%		0.02	%
Tier 1 capital (to average assets)		10.63	%		11.11	%		10.74	%		10.77	%		10.58	%		10.26	%		10.73	%		10.96	%
Total capital (to risk weighted assets)		15.27	%		15.86	%		15.86	%		15.51	%		15.07	%		14.87	%		14.79	%		14.54	%
Common equity tier 1 capital (to risk weighted assets)		14.01	%		14.61	%		14.63	%		14.30	%		13.92	%		13.80	%		13.90	%		13.68	%
Tangible common equity ratio⁽¹⁾		11.18	%		11.00	%		11.02	%		10.86	%		10.35	%		10.03	%		10.12	%		10.04	%
Average Balances (in thousands):
Total assets	$	11,989,095		$	12,118,190		$	12,575,722		$	12,360,899		$	12,361,500		$	12,784,470		$	12,283,303		$	11,942,905
Total earning assets	$	11,487,006		$	11,640,162		$	12,303,940		$	12,072,891		$	11,953,446		$	12,365,497		$	11,837,722		$	11,532,186
Total loans⁽²⁾	$	7,942,333		$	7,933,695		$	7,971,907		$	8,026,524		$	8,003,206		$	7,988,941		$	7,963,074		$	7,795,144
Total deposits	$	10,226,095		$	9,883,233		$	10,056,463		$	9,344,414		$	9,225,266		$	9,501,661		$	9,471,369		$	8,946,641
Total borrowings	$	355,914		$	794,940		$	1,118,276		$	1,654,736		$	1,721,283		$	1,832,947		$	1,401,917		$	1,646,179
Total shareholders’ equity	$	1,252,252		$	1,242,805		$	1,230,573		$	1,201,477		$	1,263,627		$	1,289,656		$	1,238,763		$	1,235,162

(1	)	A reconciliation of non-GAAP financial measures to the nearest GAAP measure is provided in the tables that accompany this document.
(2	)	Computed by dividing noninterest expense by the sum of net interest income and noninterest income.
(3	)	Excludes loans held for sale.

GAAP Reconciliation to Non-GAAP Financial Measures (unaudited)
(dollars in thousands, except per share data)

	June 30,			March 31,			June 30,
	2025			2025			2024
Tangible common equity
Common shareholders’ equity	$	1,185,067		$	1,244,891		$	1,169,459
Less: Intangible assets		(9	)		(11	)		(129	)
Tangible common equity	$	1,185,058		$	1,244,880		$	1,169,330

Tangible common equity ratio
Total assets	$	10,601,331		$	11,317,361		$	11,302,023
Less: Intangible assets		(9	)		(11	)		(129	)
Tangible assets	$	10,601,322		$	11,317,350		$	11,301,894

Tangible common equity ratio		11.18	%		11.00	%		10.35	%

Per share calculations
Book value per common share	$	39.03		$	40.99		$	38.75
Less: Intangible book value per common share	$	—		$	—		$	(0.01	)
Tangible book value per common share	$	39.03		$	40.99		$	38.74

Shares outstanding at period end		30,364,983			30,368,843			30,180,482

	Three Months Ended
	June 30,			March 31,			June 30,
	2025			2025			2024
Average tangible common equity
Average common shareholders’ equity	$	1,252,252		$	1,242,805		$	1,263,627
Less: Average intangible assets		(11	)		(14	)		(99,827	)
Average tangible common equity	$	1,252,241		$	1,242,791		$	1,163,800

Return on average tangible common equity
Net (loss) income	$	(69,775	)	$	1,675		$	(83,802	)
Return on average tangible common equity	(22.35		)%		0.55	%	(28.96		)%

Net (loss) income	$	(69,775	)	$	1,675		$	(83,802	)
Add back of goodwill impairment		—			—			104,168
Operating net (loss) income (Non-GAAP)	$	(69,775	)	$	1,675		$	20,366
Operating Return on average tangible common equity (Non-GAAP)	(22.35		)%		0.55	%		7.04	%

Efficiency ratio
Net interest income	$	67,776		$	65,649		$	71,353
Noninterest income		6,414			8,207			5,332
Operating revenue	$	74,190		$	73,856		$	76,685
Noninterest expense	$	43,470		$	45,451		$	146,491
Add back of goodwill impairment					—			(104,168	)
Operating Noninterest expense (Non-GAAP)		43,470			45,451			42,323

Efficiency ratio		58.59	%		61.54	%		191.03	%
Operating Efficiency ratio (Non-GAAP)		58.59	%		61.54	%		55.19	%

Pre-provision net revenue
Net interest income	$	67,776		$	65,649		$	71,353
Noninterest income		6,414			8,207			5,332
Less: Noninterest expense		(43,470	)		(45,451	)		(146,491	)
Pre-provision net revenue	$	30,720		$	28,405		$	(69,806	)

Pre-provision net revenue	$	30,720		$	28,405		$	(69,806	)
Add back of goodwill impairment	$	—		$	—		$	104,168
Operating Pre-provision net revenue (Non-GAAP)	$	30,720		$	28,405		$	34,362

Tangible common equity, tangible common equity to tangible assets (the “tangible common equity ratio”), tangible book value per common share, average tangible common equity, annualized return on average tangible common equity, and the operating annualized return on average tangible common equity are non-GAAP financial measures derived from GAAP based amounts. The Company calculates the tangible common equity ratio by excluding the balance of intangible assets from common shareholders’ equity, or tangible common equity, and dividing by tangible assets. The Company calculates tangible book value per common share by dividing tangible common equity by common shares outstanding, as compared to book value per common share, which the Company calculates by dividing common shareholders’ equity by common shares outstanding. The Company calculates the annualized return on average tangible common equity ratio by dividing net income available to common shareholders by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company calculates the operating annualized return on average tangible common equity ratio by dividing operating net income available to common shareholders, which adds back the goodwill impairment, by average tangible common equity, which is calculated by excluding the average balance of intangible assets from the average common shareholders’ equity. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company. Further related to other measures, tangible equity is a measure that is consistent with the calculation of capital for bank regulatory purposes, which excludes intangible assets from the calculation of risk based ratios, and as such is useful for investors, regulators, management and others to evaluate capital adequacy and to compare against other financial institutions.

The efficiency ratio is a non-GAAP measure calculated by dividing GAAP noninterest expense by the sum of GAAP net interest income and GAAP noninterest income. The efficiency ratio measures a bank’s overhead as a percentage of its revenue. The Company believes that reporting the non-GAAP efficiency ratio more closely measures its effectiveness of controlling operational activities. Further, the operating efficiency ratio is measured by dividing non-GAAP noninterest expense, which excludes the goodwill impairment, by the sum of GAAP net interest income and GAAP noninterest income. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company.

Pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses from the sum of net interest income and noninterest income. The Company considers this information important to shareholders because it illustrates revenue excluding the impact of provisions and reversals to the allowance for credit losses on loans. Operating pre-provision net revenue is a non-GAAP financial measure calculated by subtracting noninterest expenses with the impact of the goodwill impairment added back from the sum of net interest income and noninterest income. The Company considers this information important to shareholders as the significant impact of the goodwill impairment is a one-time event that obscures the operating performance of the company.

	June 30,			March 31,		June 30,
	2025			2025		2024
Net (loss) income	$	(69,775	)	$	1,675	$	(83,802	)
Add back of goodwill impairment		—			—		104,168
Operating Net (loss) income (Non-GAAP)	$	(69,775	)	$	1,675	$	20,366

(Loss) earnings per share (diluted)⁴	$	(2.30	)	$	0.06	$	(2.78	)
Add back of goodwill impairment per share (diluted)		—			—		3.45
Operating earnings (loss) per share (diluted) (Non-GAAP)	$	(2.30	)	$	0.06	$	0.67

Operating net (loss) income and operating (loss) earnings per share (diluted) are non-GAAP financial measures derived from GAAP based amounts. The Company calculates operating net (loss) income by excluding from net (loss) income the one-time goodwill impairment of $104.2 million. During the second quarter of 2024, the Company performed an annual impairment test as a result of management’s evaluation of current economic conditions, and concluded that goodwill had become impaired, which resulted in an impairment charge of $104.2 million to reduce the carrying value of the Company’s goodwill to zero. The Company calculates operating earnings (loss) per share (diluted) by dividing the one-time goodwill impairment of $104.2 million by the weighted average shares outstanding (diluted) for the three and six months ended June 30, 2024. The Company considers this information important to shareholders because operating net (loss) income and operating (loss) earnings per share (diluted) provides investors insight into how Company earnings changed exclusive of the impairment charge to allow investors to better compare the Company’s performance against historical periods. The table above provides a reconciliation of operating net income (loss) and operating earnings (loss) per share (diluted) to the nearest GAAP measure.

^{______________________________
₁}_{A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.}
_{²Calculated as the ACL attributable to loans collateralized by performing office properties as a percentage of total loans.}
_{³ A reconciliation of non-GAAP financial measures and the nearest GAAP measures is provided in the GAAP Reconciliation to Non-GAAP Financial Measures tables that accompany this document.}
_{⁴ For periods ended with a net loss, anti-dilutive financial instruments have been excluded from the calculation of GAAP diluted EPS. Operating diluted EPS calculations include the impact of outstanding equity-based awards for all periods.}

EAGLE BANCORP, INC.
CONTACT:
Eric R. Newell
240.497.1796

For the June 30, 2025 Earnings Presentation, click 2025 EGBN Earnings DECK 6-30-2025 FINAL

The MIL Network –

July 24, 2025

MIL-OSI: Origin Bancorp, Inc. Reports Earnings for Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

RUSTON, La., July 23, 2025 (GLOBE NEWSWIRE) — Origin Bancorp, Inc. (NYSE: OBK) (“Origin,” “we,” “our” or the “Company”), the holding company for Origin Bank (the “Bank”), today announced net income of $14.6 million, or $0.47 diluted earnings per share (“EPS”) for the quarter ended June 30, 2025, compared to net income of $22.4 million, or $0.71 diluted earnings per share, for the quarter ended March 31, 2025. Pre-tax, pre-provision (“PTPP”)⁽¹⁾ earnings were $21.5 million for the quarter ended June 30, 2025, compared to $32.0 million for the linked quarter.

“During the second quarter, we continued to successfully execute on Optimize Origin, our plan to deliver elite level financial performance for Origin and our shareholders,” said Drake Mills, chairman, president and CEO of Origin Bancorp, Inc. “Throughout the first half of the year, we have created efficiencies within our branch network, improved the overall profitability of our commercial banking team, restructured our mortgage business, and taken multiple actions to optimize our balance sheet. As we head into the back half of 2025, we are well-positioned in the nation’s most dynamic growth markets; and I have full confidence that our employees will continue delivering exceptional value to our customers, communities, and shareholders.”

⁽¹⁾ PTPP earnings is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.

Optimize Origin

In January 2025, we announced our initiative to drive elite financial performance and enhance our award-winning culture.
Built on three primary pillars:
- Productivity, Delivery & Efficiency
- Balance Sheet Optimization
- Culture & Employee Engagement
Established near term target of greater than a 1% ROAA run rate by 4Q25 and an ultimate target of top quartile ROAA.
Near term target is being achieved in part by branch consolidation, headcount reduction, securities optimization, capital optimization, cash/liquidity management, mortgage restructuring, as well as other opportunistic efficiency optimizations throughout the organization.
We believe the actions we have taken will drive earnings improvement of approximately $34.2 million annually on a pre-tax pre-provision basis – an increase of approximately $10.8 million since the last quarterly update, due to additional benefits from increasing our Argent Financial ownership and further securities portfolio optimization.

Financial Highlights

Net interest income was $82.1 million for the quarter ended June 30, 2025, reflecting an increase of $3.7 million, or 4.7%, compared to the linked quarter and is at its highest level in the previous nine quarters.
Our fully tax equivalent net interest margin (“NIM-FTE”) expanded 17 basis points to 3.61% for the quarter ended June 30, 2025, compared to the quarter ended March 31, 2025. The increase was primarily driven by an eight-basis point increase in the yield earned on average interest-earning assets and a five-basis point decline in the rate paid on average interest-bearing liabilities.
As part of our bond portfolio optimization strategy, we sold available-for-sale investment securities with a book value of $215.8 million and realized a loss of $14.4 million during the quarter ended June 30, 2025. This transaction, net of the increase in interest income, negatively impacted diluted EPS by $0.35, but contributed approximately two basis points to our NIM-FTE for the quarter ended June 30, 2025, with an estimated twelve-month total positive impact to NIM-FTE of six basis points.
Total loans held for investment (“LHFI”) were $7.68 billion at June 30, 2025, reflecting an increase of $98.9 million, or 1.3%, compared to March 31, 2025. LHFI, excluding mortgage warehouse lines of credit (“MW LOC”), were $7.11 billion at June 30, 2025, reflecting a decrease of $71.7 million, or 1.0%, compared to March 31, 2025.
During the quarter ended June 30, 2025, we repurchased 136,399 shares of our common stock at an average price of $31.84 per share. Also, in July 2025, our board of directors approved a stock repurchase program authorizing the purchase of up to $50.0 million of the Company’s outstanding common stock over the next three years, replacing the existing plan which expires this month.
Book value per common share was $38.62 at June 30, 2025, reflecting an increase of $0.85, or 2.3%, compared to March 31, 2025 and $3.39, or 9.6%, compared to June 30, 2024. Tangible book value per common share⁽¹⁾ was $33.33 at June 30, 2025, reflecting an increase of $0.90, or 2.8%, compared to March 31, 2025 and $3.56, or 12.0%, compared to June 30, 2024.
As part of our Optimize Origin initiatives, we purchased additional shares of Argent Financial on July 1, 2025, which allowed us to reach the 20% ownership threshold. This will change our accounting methodology on this investment to the equity method, which will result in an increase in noninterest income.

⁽¹⁾ Tangible book value per common share is a non-GAAP financial measure, please see the last few pages of this document for a reconciliation of this alternative financial measure to its most directly comparable GAAP measure.

Results of Operations for the Quarter Ended June 30, 2025

Net Interest Income and Net Interest Margin

Net interest income for the quarter ended June 30, 2025, was $82.1 million, an increase of $3.7 million, or 4.7%, compared to the quarter ended March 31, 2025. The increase was primarily driven by a $4.1 million increase in interest income earned on LHFI and decreases of $1.6 million and $1.1 million in interest expense paid on interest-bearing deposits and subordinated debentures, respectively, partially offset by a $3.0 million decrease in interest income earned on interest-earning balances due from banks and a $1.1 million increase in interest expense on FHLB advances and other borrowings.

The increase in average LHFI principal balances and the impact of one more calendar day during the quarter ended June 30, 2025, resulted in interest income increases of $3.1 million and $1.3 million, respectively, when compared to the quarter ended March 31, 2025. The increase in average LHFI principal balances was primarily driven by increases of $191.1 million and $64.1 million in MW LOC and commercial and industrial loans, respectively, partially offset by a decrease of $77.1 million in total average real estate loan balances.

The $1.6 million decrease in interest expense on interest-bearing deposits was mainly due to a $232.8 million decrease in average interest-bearing deposits balance, during the quarter ended June 30, 2025, when compared to the quarter ended March 31, 2025. Due primarily to the seasonality of the deposits, interest-bearing public fund average deposit balances decreased $163.5 million during the quarter ended June 30, 2025.

The $1.1 million decrease in interest expense on subordinated debentures was primarily driven by the redemption of $70.0 million in subordinated debentures during the quarter ended March 31, 2025, in conjunction with our Optimize Origin initiatives.

The $3.0 million decrease in interest income earned on average interest-earning balances due from banks was primarily driven by a $267.4 million decrease in average interest-earning balances due from banks.

The $97.8 million increase in average FHLB advances and other borrowings balance contributed $664,000 to the total $1.1 million increase in interest expense on FHLB advances and other borrowings during the quarter ended June 30, 2025. The remaining increase was primarily driven by an increase in the average rate paid on FHLB advances and other borrowings rising to 4.36% for the quarter ended June 30, 2025, from 2.75% for the quarter ended March 31, 2025. The average short-term FHLB balances were $98.4 million for the quarter ended June 30, 2025, compared to zero for the quarter ended March 31, 2025.

The Federal Reserve Board sets various benchmark rates, including the federal funds rate, and thereby influences the general market rates of interest, including the loan and deposit rates offered by financial institutions. On September 18, 2024, the Federal Reserve reduced the federal funds target rate range by 50 basis points, to a range of 4.75% to 5.00%, marking the first rate reduction since early 2020. Subsequently, it implemented two additional reductions, with the current federal funds target range set to 4.25% to 4.50% on December 18, 2024. In total, the federal funds target range has decreased 100 basis points from its recent cycle high.

Our NIM-FTE was 3.61% for the quarter ended June 30, 2025, representing 17- and 44-basis-point increases compared to the linked quarter and the quarter ended June 30, 2024, respectively. The yield earned on interest-earning assets for the quarter ended June 30, 2025, was 5.87%, an increase of eight basis points compared to the linked quarter and a decrease of 17 basis points compared to the quarter ended June 30, 2024. The average rate paid on total interest-bearing liabilities for the quarter ended June 30, 2025, was 3.25%, representing a decrease of five- and 73-basis points compared to the linked quarter and the quarter ended June 30, 2024, respectively. Additionally, total loans represented 83.6% of average interest-earning assets during the quarter ended June 30, 2025, up from 80.8% during the quarter ended March 31, 2025, providing a favorable shift in the asset mix that contributed to the margin improvement.

During the quarter ended June 30, 2025, we executed a bond portfolio optimization strategy aimed at enhancing long-term yields and improving overall portfolio performance. This strategy involved selling lower-yielding available-for-sale investment securities and using the proceeds to purchase higher-yielding available-for-sale investment securities. As a result, we replaced securities with a total book value of $215.8 million and a weighted average yield of 2.60% with new securities totaling $201.8 million with a weighted average yield of 5.23%, realizing a loss of $14.4 million. The weighted average duration of the securities portfolio increased to 4.52 years as of June 30, 2025, compared to 4.10 years as of March 31, 2025. As part of the strategy, we also entered into interest rate swaps designated as fair value hedges on seven of these purchased securities with a total book value of $41.3 million, to help reduce potential volatility in the fair value of these securities due to changes in market rates. While this transaction resulted in a $0.35 negative impact to diluted EPS during the quarter ended June 30, 2025, due to the realized loss net of the increase in interest income, we believe the trade-off in yield represents an attractive opportunity. This transaction is expected to generate an estimated annual increase in net interest income of $5.6 million, with an estimated earn-back period of 2.6 years and an estimated twelve-month total positive impact to NIM-FTE of six basis points. We will continue to evaluate and identify any additional opportunities that may present themselves to maximize our return on our securities portfolio.

Credit Quality

The table below includes key credit quality information:

	At and For the Three Months Ended									Change			% Change
(Dollars in thousands, unaudited)	June 30, 2025			March 31, 2025			June 30, 2024			Linked Quarter			Linked Quarter
Past due LHFI⁽¹⁾	$	67,626		$	72,774		$	66,276		$	(5,148	)	7.1	%
Past due 30 to 89 days and still accruing		12,495			42,587			17,080			(30,092	)	70.7
Allowance for loan credit losses (“ALCL”)		92,426			92,011			100,865			415		0.5
Classified loans		127,637			127,676			118,254			(39	)	—
Total nonperforming LHFI		85,315			81,368			75,812			3,947		4.9
Provision for credit losses		2,862			3,444			5,231			(582	)	16.9
Net charge-offs		2,300			2,728			2,946			(428	)	15.7
Credit quality ratios⁽²⁾:
ALCL to nonperforming LHFI		108.33	%		113.08	%		133.05	%	(4.75) %			N/A
ALCL to total LHFI		1.20			1.21			1.27			(0.01	)	N/A
ALCL to total LHFI, adjusted⁽³⁾		1.29			1.28			1.34			0.01		N/A
Classified loans to total LHFI		1.66			1.68			1.49			(0.02	)	N/A
Nonperforming LHFI to LHFI		1.11			1.07			0.95			0.04		N/A
Net charge-offs to total average LHFI (annualized)		0.12			0.15			0.15			(0.03	)	N/A

___________________________

	N/A = Not applicable.
⁽¹⁾	Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.
⁽²⁾	Please see the Loan Data schedule at the back of this document for additional information.
⁽³⁾	The ALCL to total LHFI, adjusted, is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Loans past due 30-89 days and still accruing decreased $30.1 million for the current quarter compared to the linked quarter. The decrease was primarily driven by three loan relationships totaling $10.7 million that were paid off in the current quarter. Also contributing to the decrease in loans 30-89 days past due and still accruing were three loan relationships that are now over 90 days past due and nonperforming totaling $10.6 million and two loan relationships that are now no longer past due totaling $3.0 million.

Nonperforming LHFI increased $3.9 million for the current quarter compared to the linked quarter, evidenced by an increase in the percentage of nonperforming LHFI to LHFI to 1.11% compared to 1.07% for the linked quarter. The increase in nonperforming loans was primarily driven by four relationships totaling $12.9 million at June 30, 2025. The increase was partially offset by $3.6 million in payments from two relationships and further reduced by total charge-offs of $2.9 million.

Our results included a credit loss provision expense of $2.9 million during the quarter ended June 30, 2025, which includes a $2.7 million provision for loan credit losses, compared to provision for loan credit losses of $3.7 million for the linked quarter. Net charge-offs decreased $428,000 for the quarter ended June 30, 2025, when compared to the quarter ended March 31, 2025, primarily due to total charge-offs of $4.8 million in the linked quarter, consisting primarily of two commercial and industrial loan relationships with charge-offs totaling $2.6 million, with no comparably sized charge-offs during the current quarter.

Noninterest Income

Noninterest income for the quarter ended June 30, 2025, was $1.4 million, a decrease of $14.2 million, or 91.2%, from the linked quarter, primarily driven by a $14.4 million loss on sales of securities, net, and a $1.3 million decrease in insurance commission and fee income, respectively, in the current quarter. These decreases were partially offset by an increase of $902,000 in swap fee income.

The loss on sales of securities, net, during the current quarter was due to the execution of the bond portfolio optimization strategy discussed above.

The decrease in insurance commission and fee income was primarily driven by a seasonal increase in annual contingency fee income recognized in the first quarter with no comparable increase in the current quarter.

The increase in swap fee income was due to both an attractive interest rate environment which is increasingly conducive to facilitating back-to-back swaps for our customers and an increased focus on the marketing of customer swaps as part of Optimize Origin.

Noninterest Expense

Noninterest expense for the quarter ended June 30, 2025, was $62.0 million, a decrease of $85,000, or 0.1% from the linked quarter. The decrease was primarily driven by a decrease of $1.4 million in occupancy and equipment, net, that was partially offset by increases of $549,000 and $475,000 in salaries and employee benefit expense and data processing expense, respectively.

The $1.4 million decrease in occupancy and equipment, net was primarily due to cost incurred in the linked quarter in connection with the closure of banking centers as a part of Optimize Origin.

The $549,000 increase in salaries and employee benefit expense was primarily due to the adjustment of the incentive compensation accrual which drove the salaries and employee benefit expense lower during the linked quarter.

The $475,000 increase in data processing expense was primarily due to higher loan workflow software costs during the current quarter compared to the linked quarter.

Financial Condition

Loans

Total LHFI at June 30, 2025, were $7.68 billion, an increase of $98.9 million, or 1.3%, from $7.59 billion at March 31, 2025, and a decrease of $274.7 million, or 3.5%, compared to June 30, 2024.
The primary drivers of the increase during the quarter ended June 30, 2025, compared to the linked quarter, were increases in MW LOC, multi-family real estate and owner occupied commercial real estate of $170.6 million, $40.1 million and $34.8 million, respectively. These increases were partially offset by decreases of $144.9 million and $10.9 million in construction/land/land development loans and commercial and industrial loans, respectively.

Securities

Total securities at June 30, 2025 were $1.14 billion, a decrease of $34.9 million, or 3.0%, from $1.18 billion at March 31, 2025, and a decrease of $34.1 million, or 2.9%, compared to June 30, 2024.
The decrease in securities was primarily due to maturities of short-term investments and net sales of available for sale securities during the current quarter.
In connection with Optimize Origin, we made a strategic decision to replace lower yielding available-for-sale securities with a total book value of $215.8 million with higher-yielding securities totaling $201.8 million. Additional details about this transaction is disclosed above in the Net Interest Income and Net Interest Margin section of this release.
Accumulated other comprehensive loss, net of taxes, primarily associated with unrealized losses within the available for sale portfolio, was $73.6 million at June 30, 2025, a decrease of $16.9 million, or 18.6%, from the linked quarter.
The weighted average effective duration for the total securities portfolio was 4.52 years as of June 30, 2025, compared to 4.10 years as of March 31, 2025.

Deposits

Total deposits at June 30, 2025, were $8.12 billion, a decrease of $215.4 million, or 2.6%, compared to March 31, 2025, and a decrease of $387.8 million, or 4.6%, from June 30, 2024. Seasonality in our public fund deposits drove $99.7 million of the current quarter decline when compared to March 31, 2025.
The decrease in total deposits at June 30, 2025, compared to the linked quarter was primarily due to decreases of $159.0 million, $57.3 million and $47.1 million in interest-bearing demand deposits, time deposits (excluding brokered time deposits) and noninterest-bearing deposits, respectively. The decrease was partially offset by an increase of $92.6 million in money market deposits.
At June 30, 2025 and March 31, 2025, noninterest-bearing deposits as a percentage of total deposits were 22.7%. At June 30, 2024, noninterest-bearing deposits as a percentage of total deposits were 21.9%.

Borrowings

FHLB advances and other borrowings at June 30, 2025, were $127.8 million, an increase of $115.4 million from $12.5 million at March 31, 2025, and an increase of $87.1 million compared to June 30, 2024. The increase in the current quarter compared to the linked quarter is primarily due to an increase in FHLB short-term borrowings of $115.0 million used primarily to meet current liquidity needs.
Average FHLB advances were $104.5 million for the quarter ended June 30, 2025, an increase of $98.3 million from $6.2 million for the quarter ended March 31, 2025 and an increase of $68.8 million from June 30, 2024.

Conference Call

Origin will hold a conference call to discuss its second quarter 2025 results on Thursday, July 24, 2025, at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). To participate in the live conference call, please dial +1 (929) 272-1574 (U.S. Local / International 1); +1 (857) 999-3259 (U.S. Local / International 2); +1 (888) 700-7550 (U.S. Toll Free), enter Conference ID: 05905 and request to be joined into the Origin Bancorp, Inc. (OBK) call. A simultaneous audio-only webcast may be accessed via Origin’s website at www.origin.bank under the investor relations, News & Events, Events & Presentations link or directly by visiting https://dealroadshow.com/e/ORIGINQ2.

If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Origin’s website at www.origin.bank, under Investor Relations, News & Events, Events & Presentations.

About Origin

Origin Bancorp, Inc. is a financial holding company headquartered in Ruston, Louisiana. Origin’s wholly owned bank subsidiary, Origin Bank, was founded in 1912 in Choudrant, Louisiana. Deeply rooted in Origin’s history is a culture committed to providing personalized relationship banking to businesses, municipalities, and personal clients to enrich the lives of the people in the communities it serves. Origin provides a broad range of financial services and currently operates more than 55 locations in Dallas/Fort Worth, East Texas, Houston, North Louisiana, Mississippi, South Alabama and the Florida Panhandle. For more information, visit www.origin.bank.

Non-GAAP Financial Measures

Origin reports its results in accordance with generally accepted accounting principles in the United States of America (“GAAP”). However, management believes that certain supplemental non-GAAP financial measures may provide meaningful information to investors that is useful in understanding Origin’s results of operations and underlying trends in its business. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Origin’s reported results prepared in accordance with GAAP. The following are the non-GAAP measures used in this release: PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core efficiency ratio.

Please see the last few pages of this release for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding Origin Bancorp, Inc’s (“Origin”, “we”, “our” or the “Company”) future financial performance, business and growth strategies, projected plans and objectives, and any expected purchases of its outstanding common stock, and related transactions and other projections based on macroeconomic and industry trends, including changes to interest rates by the Federal Reserve and the resulting impact on Origin’s results of operations, estimated forbearance amounts and expectations regarding the Company’s liquidity, including in connection with advances obtained from the FHLB, which are all subject to change and may be inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such changes may be material. Such forward-looking statements are based on various facts and derived utilizing important assumptions and current expectations, estimates and projections about Origin and its subsidiaries, any of which may change over time and some of which may be beyond Origin’s control. Statements or statistics preceded by, followed by or that otherwise include the words “assumes,” “anticipates,” “believes,” “estimates,” “expects,” “foresees,” “intends,” “plans,” “projects,” and similar expressions or future or conditional verbs such as “could,” “may,” “might,” “should,” “will,” and “would” and variations of such terms are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Further, certain factors that could affect Origin’s future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: (1) the impact of current and future economic conditions generally and in the financial services industry, nationally and within Origin’s primary market areas, including the impact of tariffs, as well as the financial stress on borrowers and changes to customer and client behavior as a result of the foregoing; (2) changes in benchmark interest rates and the resulting impacts on net interest income; (3) deterioration of Origin’s asset quality; (4) factors that can impact the performance of Origin’s loan portfolio, including real estate values and liquidity in Origin’s primary market areas; (5) the financial health of Origin’s commercial borrowers and the success of construction projects that Origin finances; (6) changes in the value of collateral securing Origin’s loans; (7) the impact of generative artificial intelligence; (8) Origin’s ability to anticipate interest rate changes and manage interest rate risk; (9) the impact of heightened regulatory requirements, reduced debit interchange and overdraft income and the possibility of facing related adverse business consequences if our total assets grow in excess of $10 billion as of December 31 of any calendar year; (10) the effectiveness of Origin’s risk management framework and quantitative models; (11) Origin’s inability to receive dividends from Origin Bank and to service debt, pay dividends to Origin’s common stockholders, repurchase Origin’s shares of common stock and satisfy obligations as they become due; (12) the impact of labor pressures; (13) changes in Origin’s operation or expansion strategy or Origin’s ability to prudently manage its growth and execute its strategy; (14) changes in management personnel; (15) Origin’s ability to maintain important customer relationships, reputation or otherwise avoid liquidity risks; (16) increasing costs as Origin grows deposits; (17) operational risks associated with Origin’s business; (18) significant turbulence or a disruption in the capital or financial markets and the effect of market disruption and interest rate volatility on our investment securities; (19) increased competition in the financial services industry, particularly from regional and national institutions, as well as from fintech companies; (20) compliance with governmental and regulatory requirements and changes in laws, rules, regulations, interpretations or policies relating to financial institutions; (21) periodic changes to the extensive body of accounting rules and best practices; (22) further government intervention in the U.S. financial system; (23) a deterioration of the credit rating for U.S. long-term sovereign debt; (24) Origin’s ability to comply with applicable capital and liquidity requirements, including its ability to generate liquidity internally or raise capital on favorable terms, including continued access to the debt and equity capital markets; (25) natural disasters and other adverse weather events, pandemics, acts of terrorism, war, and other matters beyond Origin’s control; (26) developments in our mortgage banking business, including loan modifications, general demand, and the effects of judicial or regulatory requirements or guidance; (27) fraud or misconduct by internal or external actors (including Origin employees); (28) cybersecurity threats or security breaches and the cost of defending against them; (29) Origin’s ability to maintain adequate internal controls over financial and non-financial reporting; and (30) potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions. For a discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections titled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in Origin’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission and any updates to those sections set forth in Origin’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. If one or more events related to these or other risks or uncertainties materialize, or if Origin’s underlying assumptions prove to be incorrect, actual results may differ materially from what Origin anticipates. Accordingly, you should not place undue reliance on any forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and Origin does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

New risks and uncertainties arise from time to time, and it is not possible for Origin to predict those events or how they may affect Origin. In addition, Origin cannot assess the impact of each factor on Origin’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements, expressed or implied, included in this communication are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Origin or persons acting on Origin’s behalf may issue. Annualized, pro forma, adjusted, projected, and estimated numbers are used for illustrative purposes only, are not forecasts, and may not reflect actual results.

This press release contains projected financial information with respect to Origin, including with respect to certain goals and strategic initiatives of Origin and the anticipated benefits thereof. This projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to significant business, economic (including interest rate), competitive, and other risks and uncertainties. Actual results may differ materially from the results contemplated by the projected financial information contained herein and the inclusion of such projected financial information in this release should not be regarded as a representation by any person that such actions will be taken or accomplished or that the results reflected in such projected financial information with respect thereto will be achieved.

Contact:

Investor Relations
Chris Reigelman
318-497-3177
chris@origin.bank

Media Contact
Ryan Kilpatrick
318-232-7472
rkilpatrick@origin.bank

Origin Bancorp, Inc.
Selected Quarterly Financial Data
(Unaudited)

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

Income statement and share amounts	(Dollars in thousands, except per share amounts)
Net interest income	$	82,136		$	78,459		$	78,349		$	74,804		$	73,890
Provision (benefit) for credit losses		2,862			3,444			(5,398	)		4,603			5,231
Noninterest income (loss)		1,368			15,602			(330	)		15,989			22,465
Noninterest expense		61,983			62,068			65,422			62,521			64,388
Income before income tax expense		18,659			28,549			17,995			23,669			26,736
Income tax expense		4,012			6,138			3,725			5,068			5,747
Net income	$	14,647		$	22,411		$	14,270		$	18,601		$	20,989
PTPP earnings⁽¹⁾	$	21,521		$	31,993		$	12,597		$	28,272		$	31,967
Basic earnings per common share		0.47			0.72			0.46			0.60			0.68
Diluted earnings per common share		0.47			0.71			0.46			0.60			0.67
Dividends declared per common share		0.15			0.15			0.15			0.15			0.15
Weighted average common shares outstanding – basic		31,192,622			31,205,752			31,155,486			31,130,293			31,042,527
Weighted average common shares outstanding – diluted		31,327,818			31,412,010			31,308,805			31,239,877			31,131,829

Balance sheet data
Total LHFI	$	7,684,446		$	7,585,526		$	7,573,713		$	7,956,790		$	7,959,171
Total LHFI excluding MW LOC		7,109,698			7,181,395			7,224,632			7,461,602			7,452,666
Total assets		9,678,158			9,750,372			9,678,702			9,965,986			9,947,182
Total deposits		8,123,036			8,338,412			8,223,120			8,486,568			8,510,842
Total stockholders’ equity		1,205,769			1,180,177			1,145,245			1,145,673			1,095,894

Performance metrics and capital ratios
Yield on LHFI		6.33	%		6.33	%		6.47	%		6.67	%		6.58	%
Yield on interest-earnings assets		5.87			5.79			5.91			6.09			6.04
Cost of interest-bearing deposits		3.20			3.23			3.61			4.01			3.95
Cost of total deposits		2.47			2.52			2.79			3.14			3.08
NIM – fully tax equivalent (“FTE”)		3.61			3.44			3.33			3.18			3.17
Return on average assets (annualized) (“ROAA”)		0.60			0.93			0.57			0.74			0.84
PTPP ROAA (annualized)⁽¹⁾		0.89			1.32			0.50			1.13			1.28
Return on average stockholders’ equity (annualized) (“ROAE”)		4.94			7.79			4.94			6.57			7.79
Return on average tangible common equity (annualized) (“ROATCE”)⁽¹⁾		5.74			9.09			5.78			7.74			9.25
Book value per common share	$	38.62		$	37.77		$	36.71		$	36.76		$	35.23
Tangible book value per common share⁽¹⁾		33.33			32.43			31.38			31.37			29.77
Efficiency ratio⁽²⁾		74.23	%		65.99	%		83.85	%		68.86	%		66.82	%
Core efficiency ratio⁽¹⁾		73.77			65.33			82.79			67.48			65.55
Common equity tier 1 to risk-weighted assets⁽³⁾		13.47			13.57			13.32			12.46			12.15
Tier 1 capital to risk-weighted assets⁽³⁾		13.66			13.77			13.52			12.64			12.33
Total capital to risk-weighted assets⁽³⁾		15.68			15.81			16.44			15.45			15.16
Tier 1 leverage ratio⁽³⁾		11.70			11.47			11.08			10.93			10.70

__________________________

⁽¹⁾	PTPP earnings, PTPP ROAA, tangible book value per common share, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
⁽²⁾	Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.
⁽³⁾	June 30, 2025, ratios are estimated and calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve Board.

Origin Bancorp, Inc.
Selected Year-To-Date Financial Data
(Unaudited)

	Six Months Ended June 30, 2025
(Dollars in thousands, except per share amounts)		2025			2024

Income statement and share amounts
Net interest income	$	160,595		$	147,213
Provision for credit losses		6,306			8,243
Noninterest income		16,970			39,720
Noninterest expense		124,051			123,095
Income before income tax expense		47,208			55,595
Income tax expense		10,150			11,974
Net income	$	37,058		$	43,621
PTPP earnings⁽¹⁾	$	53,514		$	63,838
Basic earnings per common share		1.19			1.41
Diluted earnings per common share		1.18			1.40
Dividends declared per common share		0.30			0.30
Weighted average common shares outstanding – basic		31,199,151			31,011,930
Weighted average common shares outstanding – diluted		31,375,804			31,110,747

Performance metrics
Yield on LHFI		6.33	%		6.58	%
Yield on interest-earning assets		5.83			6.01
Cost of interest-bearing deposits		3.21			3.90
Cost of total deposits		2.49			3.04
NIM-FTE		3.52			3.18
ROAA (annualized)		0.77			0.88
PTPP ROAA (annualized)⁽¹⁾		1.11			1.29
ROAE (annualized)		6.34			8.17
ROATCE (annualized)⁽¹⁾		7.38			9.73
Efficiency ratio⁽²⁾		69.86			65.85
Core efficiency ratio⁽¹⁾		69.29			65.40

____________________________

⁽¹⁾	PTPP earnings, PTPP ROAA, ROATCE, and core efficiency ratio are either non-GAAP financial measures or use a non-GAAP contributor in the formula. For a reconciliation of these alternative financial measures to their most directly comparable GAAP measures, please see the last few pages of this release.
⁽²⁾	Calculated by dividing noninterest expense by the sum of net interest income plus noninterest income.

Origin Bancorp, Inc.
Consolidated Quarterly Statements of Income
(Unaudited)

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

Interest and dividend income	(Dollars in thousands, except per share amounts)
Interest and fees on loans	$	121,239		$	117,075		$	127,021		$	133,195	$	129,879
Investment securities-taxable		7,692			8,076			6,651			6,536		6,606
Investment securities-nontaxable		1,425			968			964			905		893
Interest and dividend income on assets held in other financial institutions		4,281			6,424			5,197			3,621		4,416
Total interest and dividend income		134,637			132,543			139,833			144,257		141,794
Interest expense
Interest-bearing deposits		50,152			51,779			59,511			67,051		65,469
FHLB advances and other borrowings		1,216			96			88			482		514
Subordinated indebtedness		1,133			2,209			1,885			1,920		1,921
Total interest expense		52,501			54,084			61,484			69,453		67,904
Net interest income		82,136			78,459			78,349			74,804		73,890
Provision (benefit) for credit losses		2,862			3,444			(5,398	)		4,603		5,231
Net interest income after provision (benefit) for credit losses		79,274			75,015			83,747			70,201		68,659
Noninterest income
Insurance commission and fee income		6,661			7,927			5,441			6,928		6,665
Service charges and fees		4,927			4,716			4,801			4,664		4,862
Other fee income		2,809			2,301			2,152			2,114		2,404
Mortgage banking revenue		1,369			915			1,151			1,153		1,878
Swap fee income		1,435			533			116			106		44
(Loss) gain on sales of securities, net		(14,448	)		—			(14,617	)		221		—
Limited partnership investment (loss) income		(1,909	)		(1,692	)		(62	)		375		68
Change in fair value of equity investments		—			—			—			—		5,188
Other income		524			902			688			428		1,356
Total noninterest income (loss)		1,368			15,602			(330	)		15,989		22,465
Noninterest expense
Salaries and employee benefits		38,280			37,731			36,405			38,491		38,109
Occupancy and equipment, net		7,187			8,544			7,913			6,298		7,009
Data processing		3,432			2,957			3,414			3,470		3,468
Office and operations		3,337			2,972			2,883			2,984		3,072
Intangible asset amortization		1,768			1,761			1,800			1,905		2,137
Regulatory assessments		1,345			1,392			1,535			1,791		1,842
Advertising and marketing		1,158			1,133			1,929			1,449		1,328
Professional services		1,285			1,250			2,064			2,012		1,303
Electronic banking		1,359			1,354			1,377			1,308		1,238
Loan-related expenses		669			599			431			751		1,077
Franchise tax expense		688			675			884			721		815
Other expenses		1,475			1,700			4,787			1,341		2,990
Total noninterest expense		61,983			62,068			65,422			62,521		64,388
Income before income tax expense		18,659			28,549			17,995			23,669		26,736
Income tax expense		4,012			6,138			3,725			5,068		5,747
Net income	$	14,647		$	22,411		$	14,270		$	18,601	$	20,989

Origin Bancorp, 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	$	113,918		$	112,888		$	132,991		$	159,337		$	137,615
Interest-bearing deposits in banks		220,193			373,314			337,258			161,854			150,435
Total cash and cash equivalents		334,111			486,202			470,249			321,191			288,050
Securities:
AFS		1,126,721			1,161,368			1,102,528			1,160,965			1,160,048
Held to maturity, net of allowance for credit losses		11,093			11,094			11,095			11,096			11,616
Securities carried at fair value through income		6,218			6,512			6,512			6,533			6,499
Total securities		1,144,032			1,178,974			1,120,135			1,178,594			1,178,163
Non-marketable equity securities held in other financial institutions		75,181			71,754			71,643			67,068			64,010
Loans held for sale		8,878			10,191			10,494			7,631			18,291
LHFI		7,684,446			7,585,526			7,573,713			7,956,790			7,959,171
Less: ALCL		92,426			92,011			91,060			95,989			100,865
LHFI, net of ALCL		7,592,020			7,493,515			7,482,653			7,860,801			7,858,306
Premises and equipment, net		122,618			123,847			126,620			126,751			121,562
Cash surrender value of bank-owned life insurance		41,265			41,021			40,840			40,602			40,365
Goodwill		128,679			128,679			128,679			128,679			128,679
Other intangible assets, net		36,444			38,212			37,473			39,272			41,177
Accrued interest receivable and other assets		194,930			177,977			189,916			195,397			208,579
Total assets	$	9,678,158		$	9,750,372		$	9,678,702		$	9,965,986		$	9,947,182
Liabilities and Stockholders’ Equity
Noninterest-bearing deposits	$	1,841,684		$	1,888,808		$	1,900,651		$	1,893,767		$	1,866,622
Interest-bearing deposits excluding brokered interest-bearing deposits, if any		5,450,710			5,536,636			5,301,243			5,137,940			4,984,817
Time deposits		805,642			862,968			941,000			1,023,252			1,022,589
Brokered deposits		25,000			50,000			80,226			431,609			636,814
Total deposits		8,123,036			8,338,412			8,223,120			8,486,568			8,510,842
FHLB advances and other borrowings		127,843			12,488			12,460			30,446			40,737
Subordinated indebtedness		89,657			89,599			159,943			159,861			159,779
Accrued expenses and other liabilities		131,853			129,696			137,934			143,438			139,930
Total liabilities		8,472,389			8,570,195			8,533,457			8,820,313			8,851,288
Stockholders’ equity:
Common stock		156,124			156,220			155,988			155,837			155,543
Additional paid-in capital		537,819			538,790			537,366			535,662			532,950
Retained earnings		585,387			575,578			557,920			548,419			534,585
Accumulated other comprehensive loss		(73,561	)		(90,411	)		(106,029	)		(94,245	)		(127,184	)
Total stockholders’ equity		1,205,769			1,180,177			1,145,245			1,145,673			1,095,894
Total liabilities and stockholders’ equity	$	9,678,158		$	9,750,372		$	9,678,702		$	9,965,986		$	9,947,182

Origin Bancorp, Inc.
Loan Data
(Unaudited)

	At and For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

LHFI	(Dollars in thousands)
Owner occupied commercial real estate	$	972,788		$	937,985		$	975,947		$	991,671		$	959,850
Non-owner occupied commercial real estate		1,455,771			1,445,864			1,501,484			1,533,093			1,563,152
Construction/land/land development		653,748			798,609			864,011			991,545			1,017,389
Residential real estate – single family		1,465,535			1,465,192			1,432,129			1,414,013			1,421,027
Multi-family real estate		529,899			489,765			425,460			434,317			398,202
Total real estate loans		5,077,741			5,137,415			5,199,031			5,364,639			5,359,620
Commercial and industrial		2,011,178			2,022,085			2,002,634			2,074,037			2,070,947
MW LOC		574,748			404,131			349,081			495,188			506,505
Consumer		20,779			21,895			22,967			22,926			22,099
Total LHFI		7,684,446			7,585,526			7,573,713			7,956,790			7,959,171
Less: ALCL		92,426			92,011			91,060			95,989			100,865
LHFI, net	$	7,592,020		$	7,493,515		$	7,482,653		$	7,860,801		$	7,858,306

Nonperforming assets⁽¹⁾
Nonperforming LHFI
Commercial real estate	$	12,814		$	5,465		$	4,974		$	2,776		$	2,196
Construction/land/land development		17,720			17,694			18,505			26,291			26,336
Residential real estate⁽²⁾		37,996			40,749			36,221			14,313			13,493
Commercial and industrial		16,655			17,325			15,120			20,486			33,608
Consumer		130			135			182			407			179
Total nonperforming LHFI		85,315			81,368			75,002			64,273			75,812
Other real estate owned/repossessed assets		1,991			1,990			3,635			6,043			6,827
Total nonperforming assets	$	87,306		$	83,358		$	78,637		$	70,316		$	82,639
Classified assets	$	129,628		$	129,666		$	122,417		$	113,529		$	125,081
Past due LHFI⁽³⁾		67,626			72,774			42,437			38,838			66,276
Past due 30 to 89 days and still accruing		12,495			42,587			18,015			20,170			17,080

Allowance for loan credit losses
Balance at beginning of period	$	92,011		$	91,060		$	95,989		$	100,865		$	98,375
Provision (benefit) for loan credit losses		2,715			3,679			(5,489	)		4,644			5,436
Loans charged off		3,700			4,848			2,025			11,226			3,706
Loan recoveries		1,400			2,120			2,585			1,706			760
Net charge-offs (recoveries)		2,300			2,728			(560	)		9,520			2,946
Balance at end of period	$	92,426		$	92,011		$	91,060		$	95,989		$	100,865

Credit quality ratios
Total nonperforming assets to total assets		0.90	%		0.85	%		0.81	%		0.71	%		0.83	%
Nonperforming LHFI to LHFI		1.11			1.07			0.99			0.81			0.95
Past due LHFI to LHFI		0.88			0.96			0.56			0.49			0.83
Past due 30 to 89 days and still accruing to LHFI		0.16			0.56			0.24			0.25			0.21
ALCL to nonperforming LHFI		108.33			113.08			121.41			149.35			133.05
ALCL to total LHFI		1.20			1.21			1.20			1.21			1.27
ALCL to total LHFI, adjusted⁽⁴⁾		1.29			1.28			1.25			1.28			1.34
Net charge-offs (recoveries) to total average LHFI (annualized)		0.12			0.15			(0.03	)		0.48			0.15

____________________________

⁽¹⁾	Nonperforming assets consist of nonperforming/nonaccrual loans and property acquired through foreclosures or repossession, as well as bank-owned property not in use and listed for sale, if any.
⁽²⁾	Includes multi-family real estate.
⁽³⁾	Past due LHFI are defined as loans 30 days or more past due and includes past due nonperforming loans.
⁽⁴⁾	The ALCL to total LHFI, adjusted is calculated by excluding the ALCL for MW LOC loans from the total LHFI ALCL in the numerator and excluding the MW LOC loans from the LHFI in the denominator. Due to their low-risk profile, MW LOC loans require a disproportionately low allocation of the ALCL.

Origin Bancorp, Inc.
Average Balances and Yields/Rates
(Unaudited)

	Three Months Ended
	June 30, 2025				March 31, 2025				June 30, 2024
	Average Balance		Yield/Rate		Average Balance		Yield/Rate		Average Balance		Yield/Rate

Assets	(Dollars in thousands)
Commercial real estate	$	2,407,632	5.78	%	$	2,448,099	5.82	%	$	2,497,490	5.91	%
Construction/land/land development		739,601	6.92			821,754	6.87			1,058,972	6.98
Residential real estate⁽¹⁾		1,955,422	5.62			1,909,922	5.53			1,787,829	5.48
Commercial and industrial (“C&I”)		2,068,175	7.30			2,004,034	7.37			2,128,486	7.87
MW LOC		480,587	6.86			289,521	7.07			430,885	7.57
Consumer		21,851	7.29			22,709	7.45			22,396	8.06
LHFI		7,673,268	6.33			7,496,039	6.33			7,926,058	6.58
Loans held for sale		11,422	6.92			8,590	6.18			14,702	6.84
Loans receivable		7,684,690	6.33			7,504,629	6.33			7,940,760	6.58
Investment securities-taxable		980,430	3.15			1,021,904	3.21			1,046,301	2.54
Investment securities-nontaxable		175,101	3.26			140,875	2.79			143,232	2.51
Non-marketable equity securities held in other financial institutions		77,240	6.63			71,669	2.35			56,270	6.53
Interest-earning balances due from banks		276,372	4.36			543,821	4.48			254,627	5.53
Total interest-earning assets		9,193,833	5.87			9,282,898	5.79			9,441,190	6.04
Noninterest-earning assets		522,090				525,317				567,035
Total assets	$	9,715,923			$	9,808,215			$	10,008,225

Liabilities and Stockholders’ Equity
Liabilities
Interest-bearing liabilities
Savings and interest-bearing transaction accounts	$	5,409,357	3.17	%	$	5,538,710	3.14	%	$	5,130,224	3.80	%
Time deposits		868,703	3.45			972,176	3.69			1,534,679	4.46
Total interest-bearing deposits		6,278,060	3.20			6,510,886	3.23			6,664,903	3.95
FHLB advances and other borrowings		111,951	4.36			14,148	2.75			41,666	4.96
Subordinated indebtedness		89,633	5.07			124,133	7.22			159,973	4.83
Total interest-bearing liabilities		6,479,644	3.25			6,649,167	3.30			6,866,542	3.98
Noninterest-bearing liabilities
Noninterest-bearing deposits		1,881,301				1,837,365				1,894,141
Other liabilities		164,647				154,934				163,273
Total liabilities		8,525,592				8,641,466				8,923,956
Stockholders’ Equity		1,190,331				1,166,749				1,084,269
Total liabilities and stockholders’ equity	$	9,715,923			$	9,808,215			$	10,008,225
Net interest spread			2.62	%			2.49	%			2.06	%
NIM			3.58				3.43				3.15
NIM-FTE⁽²⁾			3.61				3.44				3.17

____________________________

⁽¹⁾	Includes multi-family real estate.
⁽²⁾	In order to present pre-tax income and resulting yields on tax-exempt investments comparable to those on taxable investments, a tax-equivalent adjustment has been computed. This adjustment also includes income tax credits received on Qualified School Construction Bonds.

Origin Bancorp, Inc.
Notable Items
(Unaudited)

	At and For the Three Months Ended
	June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024
	$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾

	(Dollars in thousands, except per share amounts)
Notable interest income items:
Interest income reversal on relationships impacted by questioned banker activity	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(1,206	)	$	(0.03	)
Notable interest expense items:
OID amortization – subordinated debenture redemption		—			—			(681	)		(0.02	)		—			—			—			—			—			—
Notable provision expense items:
Provision release (expense) related to questioned banker activity		—			—			—			—			3,212			0.08			—			—			(3,212	)		(0.08	)
Provision release (expense) on relationships impacted by questioned banker activity		—			—			375			0.01			—			—			—			—			(4,131	)		(0.11	)
Notable noninterest income items⁽²⁾:
(Loss) gain on sales of securities, net		(14,448	)		(0.36	)		—			—			(14,617	)		(0.37	)		221			0.01			—			—
Gain on sub-debt repurchase		—			—			—			—			—			—			—			—			81			—
Positive valuation adjustment on non-marketable equity securities		—			—			—			—			—			—			—			—			5,188			0.13
Net (loss) gain on OREO properties⁽²⁾		(158	)		—			(212	)		(0.01	)		198			—			—			—			800			0.02
BOLI payout		—			—			208			0.01			—			—			—			—			—			—
Notable noninterest expense items:
Operating expense related to questioned banker activity		(530	)		(0.01	)		(543	)		(0.01	)		(4,069	)		(0.10	)		(848	)		(0.02	)		(1,452	)		(0.04	)
Operating expense related to strategic Optimize Origin initiatives		(428	)		(0.01	)		(1,615	)		(0.04	)		(1,121	)		(0.03	)		—			—			—			—
Employee Retention Credit		—			—			213			0.01			1,651			0.04			—			—			—			—
Total notable items	$	(15,564	)		(0.39	)	$	(2,255	)		(0.06	)	$	(14,746	)		(0.37	)	$	(627	)		(0.02	)	$	(3,932	)		(0.10	)

____________________________

⁽¹⁾	The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
⁽²⁾	The $158,000 net loss on OREO properties for the quarter ended June 30, 2025, includes an $8,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and $3,000 in repair costs that was included in noninterest expense. The $212,000 net loss on OREO properties for the quarter ended March 31, 2025, includes a $444,000 expected insurance settlement recovery that was included in noninterest income on the face of the income statement, and a $148,000 repair cost that was included in noninterest expense.

Origin Bancorp, Inc.
Notable Items – Continued
(Unaudited)

	Six Months Ended June 30,
		2025						2024
	$ Impact			EPS Impact⁽¹⁾			$ Impact			EPS Impact⁽¹⁾

	(Dollars in thousands, except per share amounts)
Notable interest income items:
Interest income reversal on relationships impacted by questioned banker activity	$	—		$	—		$	(1,206	)	$	(0.03	)
Notable interest expense items:
OID amortization -subordinated debenture redemption		(681	)		(0.02	)		—			—
Notable provision expense items:
Provision expense related to questioned banker activity		—			—			(3,212	)		(0.08	)
Provision release (expense) on relationships impacted by questioned banker activity		375			0.01			(4,131	)		(0.10	)
Notable noninterest income items:
MSR gain (impairment)		—			—			410			0.01
Loss on sales of securities, net		(14,448	)		(0.36	)		(403	)		(0.01	)
Gain on sub-debt repurchase		—			—			81			—
Positive valuation adjustment on non-marketable equity securities		—			—			5,188			0.13
Net (loss) gain on OREO properties⁽²⁾		(370	)		(0.01	)		800			0.02
BOLI payout		208			0.01			—			—
Notable noninterest expense items:
Operating expense related to questioned banker activity		(1,073	)		(0.03	)		(1,452	)		(0.04	)
Operating expense related to strategic Optimize Origin initiatives		(2,043	)		(0.05	)		—			—
Employee Retention Credit		213			0.01			—			—
Total notable items	$	(17,819	)		(0.45	)	$	(3,925	)		(0.10	)

____________________________

(1)	The diluted EPS impact is calculated using a 21% effective tax rate. The total of the diluted EPS impact of each individual line item may not equal the calculated diluted EPS impact on the total notable items due to rounding.
(2)	The $370,000 net loss on OREO properties for the six months ended June 30, 2025, includes a $452,000 insurance settlement recovery that was included in noninterest income on the face of the income statement and a $151,000 repair cost that was included in noninterest expense.

Origin Bancorp, Inc.
Non-GAAP Financial Measures
(Unaudited)

	At and For the Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

	(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income	$	14,647		$	22,411		$	14,270		$	18,601		$	20,989
Provision (benefit) for credit losses		2,862			3,444			(5,398	)		4,603			5,231
Income tax expense		4,012			6,138			3,725			5,068			5,747
PTPP earnings (non-GAAP)	$	21,521		$	31,993		$	12,597		$	28,272		$	31,967

Calculation of PTPP ROAA:
PTPP earnings	$	21,521		$	31,993		$	12,597		$	28,272		$	31,967
Divided by number of days in the quarter		91			90			92			92			91
Multiplied by the number of days in the year		365			365			366			366			366
PTPP earnings, annualized	$	86,320		$	129,749		$	50,114		$	112,473			128,571
Divided by total average assets		9,715,923			9,808,215			9,978,543			9,985,836			10,008,225
ROAA (annualized) (GAAP)		0.60	%		0.93	%		0.57	%		0.74	%		0.84	%
PTPP ROAA (annualized) (non-GAAP)		0.89			1.32			0.50			1.13			1.28

Calculation of tangible book value per common share:
Total common stockholders’ equity	$	1,205,769		$	1,180,177		$	1,145,245		$	1,145,673		$	1,095,894
Goodwill		(128,679	)		(128,679	)		(128,679	)		(128,679	)		(128,679	)
Other intangible assets, net		(36,444	)		(38,212	)		(37,473	)		(39,272	)		(41,177	)
Tangible common equity		1,040,646			1,013,286			979,093			977,722			926,038
Divided by common shares outstanding at the end of the period		31,224,718			31,244,006			31,197,574			31,167,410			31,108,667
Book value per common share (GAAP)	$	38.62		$	37.77		$	36.71		$	36.76		$	35.23
Tangible book value per common share (non-GAAP)		33.33			32.43			31.38			31.37			29.77

Calculation of ROATCE:
Net income	$	14,647		$	22,411		$	14,270		$	18,601		$	20,989
Divided by number of days in the quarter		91			90			92			92			91
Multiplied by number of days in the year		365			365			366			366			366
Annualized net income	$	58,749		$	90,889		$	56,770		$	74,000		$	84,417

Total average common stockholders’ equity	$	1,190,331		$	1,166,749		$	1,149,228		$	1,125,697		$	1,084,269
Average goodwill		(128,679	)		(128,679	)		(128,679	)		(128,679	)		(128,679	)
Average other intangible assets, net		(37,459	)		(38,254	)		(38,646	)		(40,487	)		(42,563	)
Average tangible common equity		1,024,193			999,816			981,903			956,531			913,027

ROAE (annualized) (GAAP)		4.94	%		7.79	%		4.94	%		6.57	%		7.79	%
ROATCE (annualized) (non-GAAP)		5.74			9.09			5.78			7.74			9.25

Calculation of core efficiency ratio:
Total noninterest expense	$	61,983		$	62,068		$	65,422		$	62,521		$	64,388
Insurance and mortgage noninterest expense		(8,460	)		(8,230	)		(8,497	)		(8,448	)		(8,402	)
Adjusted total noninterest expense		53,523			53,838			56,925			54,073			55,986

Net interest income	$	82,136		$	78,459		$	78,349		$	74,804		$	73,890
Insurance and mortgage net interest income		(2,924	)		(2,815	)		(2,666	)		(2,578	)		(2,407	)
Total noninterest income		1,368			15,602			(330	)		15,989			22,465
Insurance and mortgage noninterest income		(8,030	)		(8,842	)		(6,592	)		(8,081	)		(8,543	)
Adjusted total revenue		72,550			82,404			68,761			80,134			85,405

Efficiency ratio (GAAP)		74.23	%		65.99	%		83.85	%		68.86	%		66.82	%
Core efficiency ratio (non-GAAP)		73.77			65.33			82.79			67.48			65.55

Origin Bancorp, Inc.
Non-GAAP Financial Measures – Continued
(Unaudited)

	Six Months Ended June 30,
		2025			2024

	(Dollars in thousands, except per share amounts)
Calculation of PTPP earnings:
Net income	$	37,058		$	43,621
Provision for credit losses		6,306			8,243
Income tax expense		10,150			11,974
PTPP earnings (non-GAAP)	$	53,514		$	63,838

Calculation of PTPP ROAA:
PTPP Earnings	$	53,514		$	63,838
Divided by the year-to-date number of days		181			182
Multiplied by number of days in the year		365			366
Annualized PTPP Earnings	$	107,915		$	128,378

Divided by total average assets	$	9,761,814		$	9,934,730
ROAA (annualized) (GAAP)		0.77	%		0.88	%
PTPP ROAA (annualized) (non-GAAP)		1.11			1.29

Calculation of ROATCE:
Net income	$	37,058		$	43,621
Divided by the year-to-date number of days		181			182
Multiplied by number of days in the year		365			366
Annualized net income	$	74,730		$	87,721

Total average common stockholders’ equity	$	1,178,605		$	1,073,487
Average goodwill		(128,679	)		(128,679	)
Average other intangible assets, net		(37,854	)		(43,631	)
Average tangible common equity		1,012,072			901,177

ROAE (annualized) (GAAP)		6.34	%		8.17	%
ROATCE (annualized) (non-GAAP)		7.38			9.73

Calculation of core efficiency ratio:
Total noninterest expense	$	124,051		$	123,095
Insurance and mortgage noninterest expense		(16,690	)		(16,447	)
Adjusted total noninterest expense		107,361			106,648

Net interest income	$	160,595		$	147,213
Insurance and mortgage net interest income		(5,739	)		(5,202	)
Total noninterest income		16,970			39,720
Insurance and mortgage noninterest income		(16,872	)		(18,666	)
Adjusted total revenue		154,954			163,065

Efficiency ratio (non-GAAP)		69.86	%		65.85	%
Core efficiency ratio (non-GAAP)		69.29			65.40

The MIL Network –

July 24, 2025

MIL-OSI: Univest Financial Corporation Reports Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

SOUDERTON, Pa., July 23, 2025 (GLOBE NEWSWIRE) — Univest Financial Corporation (“Univest” or the “Corporation”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the “Bank”) and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended June 30, 2025 of $20.0 million, or $0.69 diluted earnings per share, compared to net income of $18.1 million, or $0.62 diluted earnings per share, for the quarter ended June 30, 2024.

Loans
Gross loans and leases decreased $31.9 million, or 0.5% (2.0% annualized), from March 31, 2025 and $25.4 million, or 0.4% (0.8% annualized), from December 31, 2024 primarily due to decreases in commercial real estate, residential mortgage loans and lease financings, partially offset by increases in commercial, construction and home equity loans. Gross loans and leases increased $116.3 million, or 1.7%, from June 30, 2024, primarily due to increases in commercial real estate, residential mortgage and home equity loans, partially offset by decreases in commercial and construction loans and lease financings.

Deposits and Liquidity
Total deposits decreased $75.8 million, or 1.1% (4.4% annualized), from March 31, 2025, primarily due to seasonal decreases in public funds deposits and decreases in consumer and brokered deposits, partially offset by an increase in commercial deposits. Excluding decreases of $105.9 million in seasonal public funds deposits and $47.5 million in brokered deposits, deposits increased by $77.5 million during the quarter. Total deposits decreased $176.6 million, or 2.6% (5.2% annualized), from December 31, 2024, due to decreases in consumer and public funds deposits, partially offset by increases in commercial and brokered deposits. Total deposits increased $87.3 million, or 1.3%, from June 30, 2024, due to increases in commercial and public funds deposits, partially offset by decreases in consumer and brokered deposits.

Noninterest-bearing deposits totaled $1.5 billion and represented 22.2% of total deposits at June 30, 2025, compared to $1.4 billion representing 21.5% of total deposits at March 31, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at June 30, 2025 and March 31, 2025. This represented 23.0% of total deposits at June 30, 2025, compared to 21.9% at March 31, 2025.

As of June 30, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $160.4 million and had committed borrowing capacity of $3.6 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $469.0 million at June 30, 2025. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

Net Interest Income and Margin
Net interest income of $59.5 million for the second quarter of 2025 increased $8.5 million, or 16.7%, from the second quarter of 2024 and $2.8 million, or 4.9%, from the first quarter of 2025. The increase in net interest income for the second quarter of 2025 compared to the second quarter of 2024 was driven by higher average balances of loans and higher yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by higher yields on interest earning assets and lower average balances of interest-bearing liabilities and related costs.

Net interest margin, on a tax-equivalent basis, was 3.20% for the second quarter of 2025, compared to 3.09% for the first quarter of 2025 and 2.84% for the second quarter of 2024. Excess liquidity reduced net interest margin by approximately four basis points for the quarter ended June 30, 2025 compared to approximately three basis points for the quarter ended March 31, 2025 and approximately two basis points for the quarter ended June 30, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.24% for the quarter ended June 30, 2025 compared to 3.12% for the first quarter of 2025 and 2.86% for the second quarter of 2024.

Noninterest Income
Noninterest income for the quarter ended June 30, 2025 was $21.5 million, an increase of $521 thousand, or 2.5%, from the comparable period in the prior year.

Other income increased $491 thousand, or 65.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase of $299 thousand in gains on sale of Small Business Administration loans.

Service charges on deposit accounts increased $276 thousand, or 13.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.

Investment advisory commission and fee income increased $222 thousand, or 4.2%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

Net gain on mortgage banking activities decreased $729 thousand, or 42.6%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

Noninterest Expense
Noninterest expense for the quarter ended June 30, 2025 was $50.3 million, an increase of $1.6 million, or 3.3%, from the comparable period in the prior year.

Salaries, benefits and commissions increased $1.3 million, or 4.5%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, due to increases in salary and medical claims expense. Additionally, variable compensation increased due to increased profitability.

Tax Provision
The effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to an effective tax rate of 19.9% for the quarter ended June 30, 2024. The effective tax rates for the three months ended June 30, 2025 and 2024 were favorably impacted by proceeds of BOLI death benefits received in both periods. Excluding the BOLI death benefits, the effective tax rate was 20.2% for the three months ended June 30, 2025 compared to 20.0% for the three months ended June 30, 2024.

Asset Quality and Provision for Credit Losses
Nonperforming assets totaled $50.6 million at June 30, 2025, $34.0 million at March 31, 2025, and $36.6 million at June 30, 2024. During the quarter, a $23.7 million commercial loan relationship was placed on nonaccrual status due to, among other things, suspected fraud. Subsequent to the relationship being placed on nonaccrual status, a $7.3 million charge-off was recognized during the quarter. The remaining $16.4 million carrying value is supported by the appraised value of real estate collateral.

Net loan and lease charge-offs were $7.8 million for the three months ended June 30, 2025 compared to $1.7 million and $809 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The increase in charge-offs for the quarter compared to the prior periods was due to the previously discussed $7.3 million charge-off associated with a nonaccrual commercial loan relationship.

The provision for credit losses was $5.7 million for the three months ended June 30, 2025 compared to $2.3 million and $707 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at June 30, 2025, March 31, 2025, and June 30, 2024.

Dividend and Share Repurchases
On July 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on August 20, 2025 to shareholders of record as of August 6, 2025. During the quarter ended June 30, 2025, the Corporation repurchased 172,757 shares of common stock at an average price of $28.45 per share. Including brokerage fees and excise tax, the average price per share was $28.77. As of June 30, 2025, 1,005,637 shares are available for repurchase under the Share Repurchase Plan.

Conference Call
Univest will host a conference call to discuss second quarter 2025 results on Thursday, July 24, 2025 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login?show=d55d5140&confId=85192. The general public can access the call by dialing 1-833-470-1428; using Access Code 747843. A replay of the conference call will be available through July 31, 2025 by dialing 1-866-813-9403; using Access Code 563521.

About Univest Financial Corporation
Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.9 billion in assets and $5.4 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2025. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

This press release and the reports Univest files with the Securities and Exchange Commission often contain “forward-looking statements” relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest’s future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities; (18) changes in investor sentiment or consumer spending or savings behavior; and/or (19) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

(UVSP – ER)


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2025
(Dollars in thousands)

Balance Sheet (Period End)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24
ASSETS
Cash and due from banks	$	76,624		$	73,319		$	75,998		$	78,346		$	66,808
Interest-earning deposits with other banks		83,741			95,815			252,846			426,354			124,103
Cash and cash equivalents		160,365			169,134			328,844			504,700			190,911
Investment securities held-to-maturity		128,455			130,889			134,111			137,681			140,112
Investment securities available for sale, net of allowance for credit losses		366,421			364,503			357,361			354,100			342,776
Investments in equity securities		1,801			1,667			2,506			2,406			2,995
Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost		36,482			35,732			38,980			40,235			37,438
Loans held for sale		17,774			13,150			16,653			17,131			28,176
Loans and leases held for investment		6,801,185			6,833,037			6,826,583			6,730,734			6,684,837
Less: Allowance for credit losses, loans and leases		(86,989	)		(87,790	)		(87,091	)		(86,041	)		(85,745	)
Net loans and leases held for investment		6,714,196			6,745,247			6,739,492			6,644,693			6,599,092
Premises and equipment, net		47,140			47,175			46,671			47,411			48,174
Operating lease right-of-use assets		27,278			27,182			28,531			29,260			29,985
Goodwill		175,510			175,510			175,510			175,510			175,510
Other intangibles, net of accumulated amortization		7,967			8,061			8,309			7,158			7,701
Bank owned life insurance		140,086			139,482			139,351			138,744			137,823
Accrued interest and other assets		115,581			117,435			112,098			106,708			114,753
Total assets	$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446

LIABILITIES
Noninterest-bearing deposits	$	1,461,189		$	1,433,995		$	1,414,635		$	1,323,953		$	1,397,308
Interest-bearing deposits:		5,121,471			5,224,503			5,344,624			5,530,195			5,098,014
Total deposits		6,582,660			6,658,498			6,759,259			6,854,148			6,495,322
Short-term borrowings		6,271			4,031			11,181			8,256			11,781
Long-term debt		200,000			175,000			225,000			225,000			250,000
Subordinated notes		149,511			149,386			149,261			149,136			149,011
Operating lease liabilities		30,106			30,062			31,485			32,246			33,015
Accrued expenses and other liabilities		53,775			54,718			64,930			59,880			62,180
Total liabilities		7,022,323			7,071,695			7,241,116			7,328,666			7,001,309

SHAREHOLDERS’ EQUITY
Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued		157,784			157,784			157,784			157,784			157,784
Additional paid-in capital		301,640			300,634			302,829			301,262			300,166
Retained earnings		555,403			541,776			525,780			512,938			500,482
Accumulated other comprehensive loss, net of tax benefit		(34,969	)		(37,922	)		(43,992	)		(41,623	)		(54,124	)
Treasury stock, at cost		(63,125	)		(58,800	)		(55,100	)		(53,290	)		(50,171	)
Total shareholders’ equity		916,733			903,472			887,301			877,071			854,137
Total liabilities and shareholders’ equity	$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446


	For the three months ended,															For the six months ended,
Balance Sheet (Average)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25		06/30/24
Assets		7,979,475		$	7,981,043		$	8,163,347		$	8,005,265		$	7,721,540		$	7,980,254	$	7,709,058
Investment securities, net of allowance for credit losses		497,214			500,078			500,748			493,334			493,140			498,638		497,061
Loans and leases, gross		6,846,938			6,856,503			6,758,649			6,730,791			6,640,536			6,851,694		6,608,950
Deposits		6,633,250			6,617,653			6,804,483			6,641,324			6,353,752			6,625,494		6,328,804
Shareholders’ equity		908,536			896,811			880,237			864,406			844,572			902,706		843,559

Univest Financial Corporation
Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
June 30, 2025
(Dollars in thousands)

Summary of Major Loan and Lease Categories (Period End)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24
Commercial, financial and agricultural	$	1,052,246		$	1,034,361		$	1,037,835		$	1,044,043		$	1,055,332
Real estate-commercial		3,485,615			3,546,402			3,530,451			3,442,083			3,373,889
Real estate-construction		302,424			281,785			274,483			285,616			313,229
Real estate-residential secured for business purpose		535,210			536,082			536,095			530,674			532,628
Real estate-residential secured for personal purpose		984,166			992,767			994,972			969,562			952,665
Real estate-home equity secured for personal purpose		195,014			189,119			186,836			182,901			179,150
Loans to individuals		14,069			16,930			21,250			26,794			26,430
Lease financings		232,441			235,591			244,661			249,061			251,514
Total loans and leases held for investment, net of deferred income		6,801,185			6,833,037			6,826,583			6,730,734			6,684,837
Less: Allowance for credit losses, loans and leases		(86,989	)		(87,790	)		(87,091	)		(86,041	)		(85,745	)
Net loans and leases held for investment	$	6,714,196		$	6,745,247		$	6,739,492		$	6,644,693		$	6,599,092


Asset Quality Data (Period End)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24
Nonaccrual loans and leases, including nonaccrual loans held for sale	$	27,909		$	11,126		$	12,667		$	15,319		$	16,200
Accruing loans and leases 90 days or more past due		125			322			321			310			205
Total nonperforming loans and leases		28,034			11,448			12,988			15,629			16,405
Other real estate owned		22,471			22,433			20,141			20,915			20,007
Repossessed assets		80			79			76			79			149
Total nonperforming assets	$	50,585		$	33,960		$	33,205		$	36,623		$	36,561
Nonaccrual loans and leases / Loans and leases held for investment		0.41	%		0.16	%		0.19	%		0.23	%		0.24	%
Nonperforming loans and leases / Loans and leases held for investment		0.41	%		0.17	%		0.19	%		0.23	%		0.25	%
Nonperforming assets / Total assets		0.64	%		0.43	%		0.41	%		0.45	%		0.47	%

Allowance for credit losses, loans and leases	$	86,989		$	87,790		$	87,091		$	86,041		$	85,745
Allowance for credit losses, loans and leases / Loans and leases held for investment		1.28	%		1.28	%		1.28	%		1.28	%		1.28	%
Allowance for credit losses, loans and leases / Nonaccrual loans and leases		311.69	%		789.05	%		687.54	%		561.66	%		529.29	%
Allowance for credit losses, loans and leases / Nonperforming loans and leases		310.30	%		766.86	%		670.55	%		550.52	%		522.68	%


	For the three months ended,															For the six months ended,
	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25			06/30/24
Net loan and lease charge-offs	$	7,807		$	1,686		$	767		$	820		$	809		$	9,493		$	2,215
Net loan and lease charge-offs (annualized)/Average loans and leases		0.46	%		0.10	%		0.05	%		0.05	%		0.05	%		0.28	%		0.07	%

Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2025
(Dollars in thousands, except per share data)
	For the three months ended,										For the six months ended,
For the period:	06/30/25		03/31/25		12/31/24		09/30/24		06/30/24		06/30/25		06/30/24
Interest income	$	105,706	$	103,416	$	107,476	$	106,438	$	99,832	$	209,122	$	198,441
Interest expense		46,165		46,635		52,004		53,234		48,805		92,800		95,947
Net interest income		59,541		56,781		55,472		53,204		51,027		116,322		102,494
Provision for credit losses		5,694		2,311		2,380		1,414		707		8,005		2,139
Net interest income after provision for credit losses		53,847		54,470		53,092		51,790		50,320		108,317		100,355
Noninterest income:
Trust fee income		2,146		2,161		2,265		2,110		2,008		4,307		4,116
Service charges on deposit accounts		2,258		2,194		2,192		2,037		1,982		4,452		3,853
Investment advisory commission and fee income		5,460		5,613		5,457		5,319		5,238		11,073		10,432
Insurance commission and fee income		5,261		6,889		4,743		5,238		5,167		12,150		12,368
Other service fee income		3,147		2,707		3,473		1,815		3,044		5,854		9,459
Bank owned life insurance income		1,012		1,959		1,012		921		1,086		2,971		1,928
Net gain on sales of investment securities		–		–		–		18		–		–		–
Net gain on mortgage banking activities		981		647		1,320		1,296		1,710		1,628		2,649
Other income		1,236		245		868		1,396		745		1,481		1,770
Total noninterest income		21,501		22,415		21,330		20,150		20,980		43,916		46,575
Noninterest expense:
Salaries, benefits and commissions		31,536		30,826		31,518		30,702		30,187		62,362		61,525
Net occupancy		2,739		2,853		2,751		2,723		2,679		5,592		5,551
Equipment		1,043		1,122		1,147		1,107		1,088		2,165		2,199
Data processing		4,408		4,364		4,146		4,154		4,161		8,772		8,656
Professional fees		1,597		1,797		1,669		1,579		1,466		3,394		3,154
Marketing and advertising		498		353		552		490		715		851		1,131
Deposit insurance premiums		1,074		1,151		1,102		1,097		1,098		2,225		2,233
Intangible expenses		131		130		155		164		188		261		375
Other expense		7,306		6,732		7,618		6,536		7,126		14,038		13,958
Total noninterest expense		50,332		49,328		50,658		48,552		48,708		99,660		98,782
Income before taxes		25,016		27,557		23,764		23,388		22,592		52,573		48,148
Income tax expense		5,038		5,162		4,823		4,810		4,485		10,200		9,736
Net income	$	19,978	$	22,395	$	18,941	$	18,578	$	18,107	$	42,373	$	38,412
Net income per share:
Basic	$	0.69	$	0.77	$	0.65	$	0.64	$	0.62	$	1.46	$	1.31
Diluted	$	0.69	$	0.77	$	0.65	$	0.63	$	0.62	$	1.45	$	1.30
Dividends declared per share	$	0.22	$	0.21	$	0.21	$	0.21	$	0.21	$	0.43	$	0.42
Weighted average shares outstanding		28,859,348		29,000,567		29,070,039		29,132,948		29,246,977		28,929,123		29,330,488
Period end shares outstanding		28,810,805		28,962,648		29,045,877		29,081,108		29,190,640		28,810,805		29,190,640


Univest Financial Corporation
Consolidated Selected Financial Data (Unaudited)
June 30, 2025



	For the three months ended,															For the six months ended,
Profitability Ratios (annualized)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25			06/30/24

Return on average assets		1.00	%		1.14	%		0.92	%		0.92	%		0.94	%		1.07	%		1.00	%
Return on average shareholders’ equity		8.82	%		10.13	%		8.56	%		8.55	%		8.62	%		9.47	%		9.16	%
Return on average tangible common equity (1)(3)		11.02	%		12.69	%		10.79	%		10.84	%		11.01	%		11.84	%		11.69	%
Net interest margin (FTE)		3.20	%		3.09	%		2.88	%		2.82	%		2.84	%		3.14	%		2.86	%
Efficiency ratio (2)		61.6	%		61.6	%		65.5	%		65.7	%		67.1	%		61.6	%		65.8	%

Capitalization Ratios

Dividends declared to net income		31.8	%		27.2	%		32.2	%		33.0	%		33.9	%		29.4	%		32.1	%
Shareholders’ equity to assets (Period End)		11.55	%		11.33	%		10.92	%		10.69	%		10.87	%		11.55	%		10.87	%
Tangible common equity to tangible assets (1)		9.52	%		9.31	%		8.92	%		8.71	%		8.81	%		9.52	%		8.81	%
Common equity book value per share	$	31.82		$	31.19		$	30.55		$	30.16		$	29.26		$	31.82		$	29.26
Tangible common equity book value per share (1)	$	25.66		$	25.06		$	24.43		$	24.05		$	23.17		$	25.66		$	23.17

Regulatory Capital Ratios (Period End)
Tier 1 leverage ratio		9.94	%		9.80	%		9.51	%		9.53	%		9.74	%		9.94	%		9.74	%
Common equity tier 1 risk-based capital ratio		11.19	%		10.97	%		10.85	%		10.88	%		10.72	%		11.19	%		10.72	%
Tier 1 risk-based capital ratio		11.19	%		10.97	%		10.85	%		10.88	%		10.72	%		11.19	%		10.72	%
Total risk-based capital ratio		14.58	%		14.35	%		14.19	%		14.27	%		14.09	%		14.58	%		14.09	%

(1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
(2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
(3) Net income before amortization of intangibles to average tangible common equity.


Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Three Months Ended,
Tax Equivalent Basis	June 30, 2025							March 31, 2025
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	131,391		$	1,371	4.19	%	$	119,997		$	1,360	4.60	%
Obligations of state and political subdivisions*		–			–	–			879			4	1.85
Other debt and equity securities		497,214			3,962	3.20			499,199			4,019	3.27
Federal Home Loan Bank, Federal Reserve Bank and other stock		36,711			671	7.33			37,561			687	7.42
Total interest-earning deposits, investments and other interest-earning assets		665,316			6,004	3.62			657,636			6,070	3.74

Commercial, financial, and agricultural loans		1,005,784			17,686	7.05			990,860			17,020	6.97
Real estate—commercial and construction loans		3,692,262			54,165	5.88			3,704,232			52,676	5.77
Real estate—residential loans		1,727,381			21,772	5.06			1,729,146			21,542	5.05
Loans to individuals		15,575			337	8.68			19,438			393	8.20
Tax-exempt loans and leases		228,856			2,966	5.20			230,133			2,861	5.04
Lease financings		177,080			3,192	7.23			182,694			3,240	7.19
Gross loans and leases		6,846,938			100,118	5.86			6,856,503			97,732	5.78
Total interest-earning assets		7,512,254			106,122	5.67			7,514,139			103,802	5.60
Cash and due from banks		55,335							56,690
Allowance for credit losses, loans and leases		(88,127	)						(87,822	)
Premises and equipment, net		47,299							46,852
Operating lease right-of-use assets		26,948							27,761
Other assets		425,766							423,423
Total assets	$	7,979,475						$	7,981,043

Liabilities:
Interest-bearing checking deposits	$	1,216,909		$	7,800	2.57	%	$	1,222,012		$	7,075	2.35	%
Money market savings		1,754,428			16,945	3.87			1,840,194			18,035	3.97
Regular savings		700,762			749	0.43			702,543			763	0.44
Time deposits		1,541,008			16,261	4.23			1,476,495			16,106	4.42
Total time and interest-bearing deposits		5,213,107			41,755	3.21			5,241,244			41,979	3.25

Short-term borrowings		5,254			1	0.08			6,909			14	0.82
Long-term debt		200,549			2,128	4.26			217,500			2,361	4.40
Subordinated notes		149,444			2,281	6.12			149,319			2,281	6.20
Total borrowings		355,247			4,410	4.98			373,728			4,656	5.05
Total interest-bearing liabilities		5,568,354			46,165	3.33			5,614,972			46,635	3.37
Noninterest-bearing deposits		1,420,143							1,376,409
Operating lease liabilities		29,802							30,675
Accrued expenses and other liabilities		52,640							62,176
Total liabilities		7,070,939							7,084,232
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		6,988,497				2.65			6,991,381				2.71

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,016							302,653
Retained earnings and other equity		449,736							436,374
Total shareholders’ equity		908,536							896,811
Total liabilities and shareholders’ equity	$	7,979,475						$	7,981,043
Net interest income				$	59,957						$	57,167

Net interest spread						2.34							2.23
Effect of net interest-free funding sources						0.86							0.86
Net interest margin						3.20	%						3.09	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.91	%						133.82	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $689 thousand and $554 thousand for the three months ended June 30, 2025 and March 31, 2025, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended June 30, 2025 and March 31, 2025 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Three Months Ended June 30,
Tax Equivalent Basis	2025							2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	131,391		$	1,371	4.19	%	$	84,546		$	1,108	5.27	%
Obligations of state and political subdivisions*		–			–	–			1,269			7	2.22
Other debt and equity securities		497,214			3,962	3.20			491,871			3,741	3.06
Federal Home Loan Bank, Federal Reserve Bank and other stock		36,711			671	7.33			37,286			700	7.55
Total interest-earning deposits, investments and other interest-earning assets		665,316			6,004	3.62			614,972			5,556	3.63

Commercial, financial, and agricultural loans		1,005,784			17,686	7.05			983,615			17,447	7.13
Real estate—commercial and construction loans		3,692,262			54,165	5.88			3,549,206			50,577	5.73
Real estate—residential loans		1,727,381			21,772	5.06			1,660,489			20,413	4.94
Loans to individuals		15,575			337	8.68			26,821			542	8.13
Tax-exempt loans and leases		228,856			2,966	5.20			230,495			2,476	4.32
Lease financings		177,080			3,192	7.23			189,910			3,105	6.58
Gross loans and leases		6,846,938			100,118	5.86			6,640,536			94,560	5.73
Total interest-earning assets		7,512,254			106,122	5.67			7,255,508			100,116	5.55
Cash and due from banks		55,335							56,387
Allowance for credit losses, loans and leases		(88,127	)						(86,293	)
Premises and equipment, net		47,299							48,725
Operating lease right-of-use assets		26,948							30,344
Other assets		425,766							416,869
Total assets	$	7,979,475						$	7,721,540

Liabilities:
Interest-bearing checking deposits	$	1,216,909		$	7,800	2.57	%	$	1,094,150		$	7,311	2.69	%
Money market savings		1,754,428			16,945	3.87			1,692,759			19,131	4.55
Regular savings		700,762			749	0.43			759,960			929	0.49
Time deposits		1,541,008			16,261	4.23			1,422,113			16,134	4.56
Total time and interest-bearing deposits		5,213,107			41,755	3.21			4,968,982			43,505	3.52

Short-term borrowings		5,254			1	0.08			29,506			242	2.30
Long-term debt		200,549			2,128	4.26			250,000			2,777	4.47
Subordinated notes		149,444			2,281	6.12			148,943			2,281	6.16
Total borrowings		355,247			4,410	4.98			428,449			5,300	4.98
Total interest-bearing liabilities		5,568,354			46,165	3.33			5,397,431			48,805	3.64
Noninterest-bearing deposits		1,420,143							1,384,770
Operating lease liabilities		29,802							33,382
Accrued expenses and other liabilities		52,640							61,385
Total liabilities		7,070,939							6,876,968
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		6,988,497				2.65			6,782,201				2.89

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,016							299,426
Retained earnings and other equity		449,736							387,362
Total shareholders’ equity		908,536							844,572
Total liabilities and shareholders’ equity	$	7,979,475						$	7,721,540
Net interest income				$	59,957						$	51,311

Net interest spread						2.34							1.91
Effect of net interest-free funding sources						0.86							0.93
Net interest margin						3.20	%						2.84	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.91	%						134.43	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $689 thousand and $698 thousand for the three months ended June 30, 2025 and 2024, respectively.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended June 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Average Balances and Interest Rates (Unaudited)
				For the Six Months Ended June 30,
Tax Equivalent Basis	2025							2024
	Average			Income/		Average		Average			Income/		Average
(Dollars in thousands)	Balance			Expense		Rate		Balance			Expense		Rate
Assets:
Interest-earning deposits with other banks	$	125,725		$	2,731	4.38	%	$	102,696		$	2,717	5.32	%
Obligations of state and political subdivisions*		437			4	1.85			1,610			19	2.37
Other debt and equity securities		498,201			7,981	3.23			495,451			7,388	3.00
Federal Home Loan Bank, Federal Reserve Bank and other stock		37,134			1,358	7.37			38,201			1,424	7.50
Total interest-earning deposits, investments and other interest-earning assets		661,497			12,074	3.68			637,958			11,548	3.64

Commercial, financial, and agricultural loans		998,363			34,706	7.01			959,132			33,970	7.12
Real estate—commercial and construction loans		3,698,214			106,841	5.83			3,562,174			101,218	5.71
Real estate—residential loans		1,728,259			43,314	5.05			1,639,339			39,968	4.90
Loans to individuals		17,495			730	8.41			27,068			1,090	8.10
Tax-exempt loans and leases		229,491			5,827	5.12			231,437			4,940	4.29
Lease financings		179,872			6,432	7.21			189,800			6,274	6.65
Gross loans and leases		6,851,694			197,850	5.82			6,608,950			187,460	5.70
Total interest-earning assets		7,513,191			209,924	5.63			7,246,908			199,008	5.52
Cash and due from banks		56,009							55,628
Allowance for credit losses, loans and leases		(87,975	)						(86,394	)
Premises and equipment, net		47,076							49,659
Operating lease right-of-use assets		27,352							30,733
Other assets		424,601							412,524
Total assets	$	7,980,254						$	7,709,058

Liabilities:
Interest-bearing checking deposits	$	1,219,446		$	14,875	2.46	%	$	1,137,423		$	15,529	2.75	%
Money market savings		1,797,074			34,980	3.93			1,699,025			38,351	4.54
Regular savings		701,648			1,512	0.43			764,943			1,834	0.48
Time deposits		1,508,930			32,367	4.33			1,330,496			29,764	4.50
Total time and interest-bearing deposits		5,227,098			83,734	3.23			4,931,887			85,478	3.49

Short-term borrowings		6,076			15	0.50			19,816			247	2.51
Long-term debt		208,978			4,489	4.33			271,243			5,660	4.20
Subordinated notes		149,382			4,562	6.16			148,881			4,562	6.16
Total borrowings		364,436			9,066	5.02			439,940			10,469	4.79
Total interest-bearing liabilities		5,591,534			92,800	3.35			5,371,827			95,947	3.59
Noninterest-bearing deposits		1,398,396							1,396,917
Operating lease liabilities		30,236							33,774
Accrued expenses and other liabilities		57,382							62,981
Total liabilities		7,077,548							6,865,499
Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)		6,989,930				2.68			6,768,744				2.85

Shareholders’ Equity:
Common stock		157,784							157,784
Additional paid-in capital		301,830							300,052
Retained earnings and other equity		443,092							385,723
Total shareholders’ equity		902,706							843,559
Total liabilities and shareholders’ equity	$	7,980,254						$	7,709,058
Net interest income				$	117,124						$	103,061

Net interest spread						2.28							1.93
Effect of net interest-free funding sources						0.86							0.93
Net interest margin						3.14	%						2.86	%
Ratio of average interest-earning assets to average interest-bearing liabilities		134.37	%						134.91	%

* Obligations of states and political subdivisions are tax-exempt earning assets.
Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
Net interest income includes net deferred costs amortization of $1.2 million for the six months ended June 30, 2025 and 2024.
Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the six months ended June 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.

Univest Financial Corporation
Loan Portfolio Overview (Unaudited)
June 30, 2025

(Dollars in thousands)
Industry Description	Total Outstanding Balance		% of Commercial Loan Portfolio
CRE – Retail	$	453,445	8.4	%
Animal Production		401,946	7.5
CRE – Multi-family		360,345	6.7
CRE – 1-4 Family Residential Investment		279,322	5.2
CRE – Office		262,374	4.9
Hotels & Motels (Accommodation)		222,878	4.1
CRE – Industrial / Warehouse		222,234	4.1
Specialty Trade Contractors		197,138	3.7
Nursing and Residential Care Facilities		167,978	3.1
Homebuilding (tract developers, remodelers)		154,166	2.9
Merchant Wholesalers, Durable Goods		140,876	2.6
Repair and Maintenance		135,318	2.5
Motor Vehicle and Parts Dealers		132,852	2.5
Crop Production		113,684	2.1
CRE – Mixed-Use – Residential		113,422	2.1
Wood Product Manufacturing		99,041	1.8
Food Services and Drinking Places		88,822	1.7
Real Estate Lenders, Secondary Market Financing		87,750	1.6
Administrative and Support Services		86,092	1.6
Professional, Scientific, and Technical Services		85,567	1.6
Merchant Wholesalers, Nondurable Goods		81,836	1.5
Private Equity & Special Purpose Entities (except 52592)		76,957	1.4
CRE – Mixed-Use – Commercial		76,067	1.4
Fabricated Metal Product Manufacturing		72,635	1.4
Amusement, Gambling, and Recreation Industries		69,971	1.3
Education		65,839	1.2
Religious Organizations, Advocacy Groups		65,568	1.2
Personal and Laundry Services		63,886	1.2
Miniwarehouse / Self-Storage		63,531	1.2
Food Manufacturing		53,682	1.0
Industries with >$50 million in outstandings	$	4,495,222	83.6	%
Industries with <$50 million in outstandings	$	880,273	16.4	%
Total Commercial Loans	$	5,375,495	100.0	%


Consumer Loans and Lease Financings	Total Outstanding Balance
Real Estate-Residential Secured for Personal Purpose		984,166
Real Estate-Home Equity Secured for Personal Purpose		195,014
Loans to Individuals		14,069
Lease Financings		232,441
Total – Consumer Loans and Lease Financings	$	1,425,690

Total	$	6,801,185

Univest Financial Corporation
Non-GAAP Reconciliation
June 30, 2025

Non-GAAP to GAAP Reconciliation
Management uses non-GAAP measures in its analysis of the Corporation’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.

	As of or for the three months ended,															As of or for the six months ended,
(Dollars in thousands)	06/30/25			03/31/25			12/31/24			09/30/24			06/30/24			06/30/25			06/30/24
Net income	$	19,978		$	22,395		$	18,941		$	18,578		$	18,107		$	42,373		$	38,412
Amortization of intangibles, net of tax		103			103			122			130			149			206			296
Net income before amortization of intangibles	$	20,081		$	22,498		$	19,063		$	18,708		$	18,256		$	42,579		$	38,708

Shareholders’ equity	$	916,733		$	903,472		$	887,301		$	877,071		$	854,137		$	916,733		$	854,137
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,040	)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,040	)		(2,157	)
Tangible common equity	$	739,183		$	725,858		$	709,528		$	699,414		$	676,470		$	739,183		$	676,470

Total assets	$	7,939,056		$	7,975,167		$	8,128,417		$	8,205,737		$	7,855,446		$	7,939,056		$	7,855,446
Goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Other intangibles (a)		(2,040	)		(2,104	)		(2,263	)		(2,147	)		(2,157	)		(2,040	)		(2,157	)
Tangible assets	$	7,761,506		$	7,797,553		$	7,950,644		$	8,028,080		$	7,677,779		$	7,761,506		$	7,677,779

Average shareholders’ equity	$	908,536		$	896,811		$	880,237		$	864,406		$	844,572		$	902,706		$	843,559
Average goodwill		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)		(175,510	)
Average other intangibles (a)		(2,068	)		(2,162	)		(2,146	)		(2,086	)		(2,222	)		(2,114	)		(2,271	)
Average tangible common equity	$	730,958		$	719,139		$	702,581		$	686,810		$	666,840		$	725,082		$	665,778

(a) Amount does not include mortgage servicing rights

The MIL Network –

July 24, 2025

MIL-OSI: Greystone Housing Impact Investors LP Schedules Second Quarter 2025 Earnings Conference Call for Thursday, August 7, 2025 at 4:30 p.m. Eastern Time

Source: GlobeNewswire (MIL-OSI)

OMAHA, Neb., July 23, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that it will host a conference call for investors on Thursday, August 7, 2025 at 4:30 p.m. Eastern Time to discuss the Partnership’s Second Quarter 2025 results.

For those interested in participating in the question-and-answer session, participants may dial-in toll free at (877) 407-8813. International participants may dial-in at +1 (201) 689-8521. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership’s website under “Events & Presentations” or via the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=I97G2goh

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

Safe Harbor Statement

Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Ken Rogozinski
Chief Executive Officer
402-952-1235

The MIL Network –

July 24, 2025

MIL-OSI: American Coastal Insurance Corporation Schedules Second Quarter Financial Results and Conference Call

Source: GlobeNewswire (MIL-OSI)

ST. PETERSBURG, Fla., July 23, 2025 (GLOBE NEWSWIRE) — American Coastal Insurance Corporation (Nasdaq Ticker: ACIC) (“the Company”, “American Coastal” or “ACIC”), the insurance holding company of American Coastal Insurance Company (“AmCoastal”), announced today that it expects to release its financial results for the second quarter ended June 30, 2025, on Wednesday, August 6, 2025, after the close of the market, and will conduct its quarterly conference call at 5:00 p.m. ET.

The conference call will include live remarks followed by a question and answer (Q&A) session. Interested parties are invited to participate in the conference call and should dial-in 10 minutes before the conference call is scheduled to begin.

Second Quarter 2025 Conference Call Details:
Wednesday, August 6, 2025 – 5:00 p.m. ET

Participant Dial-In Numbers:

United States:	877-445-9755
International:	201-493-6744

To listen to the conference call via webcast, please visit the Company website and click on the webcast link at the top of the page or click here. The webcast will be archived and accessible for approximately 30 days following the call.

About American Coastal Insurance Corporation:
American Coastal Insurance Corporation (amcoastal.com) is the holding company of the insurance carrier, American Coastal Insurance Company, which was founded in 2007 for the purpose of insuring Condominium and Homeowner Association properties, and apartments in the state of Florida. American Coastal Insurance Company has an exclusive partnership for distribution of Condominium Association properties in the state of Florida with AmRisc Group (amriscgroup.com), one of the largest Managing General Agents in the country specializing in hurricane-exposed properties. American Coastal Insurance Company has earned a Financial Stability Rating of “A”, Exceptional’ from Demotech, and maintains an “A-” insurance financial strength rating with a Positive outlook by Kroll. ACIC maintains a ‘BBB-’ issuer rating with a Positive outlook by Kroll.

Contact Information:
Alexander Baty
Vice President, Finance & Investor Relations, American Coastal Insurance Corporation
investorrelations@amcoastal.com
(727) 425-8076

Karin Daly
Investor Relations, Vice President, The Equity Group
kdaly@theequitygroup.com
(212) 836-9623

The MIL Network –

July 24, 2025

MIL-OSI: Oportun to Report Second Quarter 2025 Financial Results on Wednesday, August 6, 2025

Source: GlobeNewswire (MIL-OSI)

SAN CARLOS, Calif., July 23, 2025 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven financial services company, will release financial results for its second quarter 2025 on Wednesday, August 6, 2025, after market close.

Oportun will host a conference call and earnings webcast to discuss results on Wednesday, August 6, 2025, at 5:00 pm ET / 2:00 pm PT. A live webcast of the call will be accessible from Oportun’s investor relations website at investor.oportun.com, and a webcast replay of the call will be available for one year. The dial-in number for the conference call is 1-866-604-1698 (toll-free) or 1-201-389-0844 (international). Participants should call in 10 minutes prior to the scheduled start time.

About Oportun

Oportun (Nasdaq: OPRT) is a mission-driven financial services company that puts its members’ financial goals within reach. With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $20.3 billion in responsible and affordable credit, saved its members more than $2.4 billion in interest and fees, and helped its members set aside an average of more than $1,800 annually. For more information, visit Oportun.com.

Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com

Media Contact
Michael Azzano
Cosmo PR for Oportun
michael@cosmo-pr.com
(415) 596-1978

The MIL Network –

July 24, 2025

MIL-OSI: Northrim BanCorp Earns $11.8 Million, or $2.09 Per Diluted Share, in Second Quarter 2025

Source: GlobeNewswire (MIL-OSI)

ANCHORAGE, Alaska, July 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $11.8 million, or $2.09 per diluted share, in the second quarter of 2025, compared to $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, and $9.0 million, or $1.62 per diluted share, in the second quarter a year ago. The increase in second quarter 2025 profitability as compared to the second quarter a year ago was primarily the result of an increase in net interest income, higher purchased receivable income, and increased mortgage banking income, which were partially offset by a higher provision for credit losses, higher other operating expenses, and a higher provision for income taxes. Net interest income increased primarily due to higher loan balances and higher yields on earning assets. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

Dividends per share in the second quarter of 2025 remained consistent with the first quarter of 2025 at $0.64 per share as compared to $0.61 per share in the second quarter of 2024.

“Strong loan growth, increasing asset yields, and stable funding costs drove record net interest income in the second quarter of this year,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We continue to attract new customers to Northrim and believe we have an opportunity to steadily increase our market share over the next few years.”

Second Quarter 2025 Highlights:

Net interest income in the second quarter of 2025 increased 7% to $33.6 million compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024.
Net interest margin on a tax equivalent basis (“NIMTE”)^* was 4.72% for the second quarter of 2025, up 11-basis points from the first quarter of 2025 and up 42-basis points from the second quarter a year ago.
Return on average assets (“ROAA”) was 1.48% and return on average equity (“ROAE”) was 16.37% for the second quarter of 2025 compared to ROAA of 1.76 and ROAE of 19.70 in the prior quarter and ROAA of 1.31% and ROAE of 14.84% for the second quarter of 2024.
Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”). The Company sold $61 million in consumer mortgages in the second quarter of 2025 that were included in loans held for investment as of the end of 2024 to reduce the concentration of residential real estate loans and to provide additional liquidity for future commercial and construction loan growth.
Total deposits were $2.81 billion at June 30, 2025, up 1% from the preceding quarter, and up 14% from $2.46 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 10% year-over-year to $777.9 million at June 30, 2025 and represent 28% of total deposits.
The average cost of interest-bearing deposits was 2.04% at June 30, 2025, up slightly from 2.01% at March 31, 2025 and down from 2.21% at June 30, 2024.
Mortgage loan originations were $277.1 million in the second quarter of 2025, up from $121.6 million in the first quarter of 2025 and up from $181.5 million in the second quarter a year ago. Mortgage loans funded for sale were $249.7 million in the second quarter of 2025, compared to $108.5 million in the first quarter of 2025 and $152.3 million in the second quarter of 2024.

Financial Highlights	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Total portfolio loans	$	2,202,115		$	2,124,330		$	2,129,263		$	2,007,565		$	1,875,907
Total deposits	$	2,809,170		$	2,777,977		$	2,680,189		$	2,625,567		$	2,463,806
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Net income	$	11,778		$	13,324		$	10,927		$	8,825		$	9,020
Diluted earnings per share	$	2.09		$	2.38		$	1.95		$	1.57		$	1.62
Return on average assets		1.48	%		1.76	%		1.43	%		1.22	%		1.31	%
Return on average shareholders’ equity		16.37	%		19.70	%		16.32	%		13.69	%		14.84	%
NIM		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%
NIMTE^*		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%
Efficiency ratio		64.68	%		63.54	%		66.96	%		66.11	%		68.78	%
Total shareholders’ equity/total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%
Tangible common equity/tangible assets^*		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%
Book value per share	$	52.55		$	50.67		$	48.41		$	47.27		$	44.93
Tangible book value per share^*	$	43.35		$	41.47		$	39.17		$	44.36		$	42.03
Dividends per share	$	0.64		$	0.64		$	0.62		$	0.62		$	0.61
Common stock outstanding		5,522,271			5,520,892			5,518,210			5,501,943			5,501,562

^* References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

Alaska Economic Update
(Note: sources for information included in this section are included on page 14.)

The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in May of 2025 was 4.7% compared to the U.S. rate of 4.2%. The rate has held steady in Alaska at 4.7% for eight consecutive months. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.1% or 3,800 jobs between May of 2024 and May of 2025.

According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 8.8% through May of this year compared to the prior year, up 700 direct jobs. The Construction sector added 700 positions for a year-over-year growth rate of 3.7% through May of 2025. The larger Health Care sector grew by 1,200 jobs for an annual growth rate of 2.9%. Transportation, Warehousing and Utilities added 600 jobs for a 2.3% growth rate over the same period. Professional and Business Services increased 500 jobs year-over-year through May of 2025, up 1.7%.

The Government sector grew by 200 jobs for 0.2% growth, adding 400 State positions while losing 200 Federal jobs in Alaska over the same period. Declining sectors between May 2024 and May 2025 were Information down 100 jobs or (-2.3%), Manufacturing (primarily seafood processing) shrinking 200 positions (-2.1%), Wholesale Trade lost 100 jobs (-1.5%) and Financial Activities, down 100 jobs (-0.9%).

Alaska’s seasonally adjusted personal income was $57.4 billion in the first quarter of 2025 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the first quarter of 6.4% for Alaska, compared to the national average of 6.7%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6^th best in the nation. The $885 million increase in personal income in the first quarter of 2025 in Alaska came from a $352 million increase in net earnings from wages, $440 million growth in government transfer receipts, and a $92 million increase in investment income.

Alaska’s Gross State Product (“GSP”) in the first quarter of 2025 reached $72 billion according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and decreased -1.8% annualized in the first quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2025 and -0.5% in the first quarter of 2025. Alaska’s real GSP decrease in the first quarter of 2025 was primarily caused by a decrease in the Mining, Oil & Gas sector, somewhat offset by improvements in the Construction sector.

Alaska exported $5.9 billion in goods to foreign countries in 2024 according to the U.S. International Trade Administration. China is the largest importer of Alaska’s products at $1.5 billion, followed by Australia at $804 million, Japan at $674 million and South Korea at $634 million in 2024. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores at $2 billion, and primary metals at $992 million in 2024. Oil & Gas exports are $380 million because the majority of Alaska’s production is refined and consumed in the United States. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run. Alaska’s Legislature just passed a bill HJR-11 with an approval vote of 33-4 titled, Recognizing and honoring the relationship between Canada and Alaska. It highlights the deeply interconnected friendship between Alaska and Canada culturally, economically, and militarily.”

According to the US Bureau of Labor Statistics, the Consumer Price Index (“CPI”) for the U.S. increased 2.7% between June of 2024 and June of 2025. In Alaska, the rate of CPI increase was lower at 1.6% for the same time period. Food and beverage, housing costs, and medical care costs were the largest causes for inflation. Declining motor fuel prices, transportation, recreation and household furnishing costs have helped moderate inflationary pressures in Alaska.

The monthly average price of Alaska North Slope (“ANS”) crude oil has ranged between $76.39 a barrel in January of 2025 and $67.07 in May of the prior year. The June 2025 average was $72.62. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024. Production rose to 469 thousand bpd in fiscal year ending June 30, 2025. In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is developing the large new Willow field. There are also a number of smaller new fields in the ANS that are contributing to the State of Alaska’s production growth estimates.

The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of May 31, 2025 the fund’s value was $83.13 billion. According to the DOR it is scheduled to contribute $3.7 billion to Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,064, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases. Through June of 2025 prices have continued to increase on average 2.6% to $523,059.

The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. Through June of 2025 prices have continued to increase on average 6.9% to $441,463. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. The first six months of 2025 has seen a 4.8% increase in home sales compared to the first half of 2024 in Anchorage.

There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%. In the first six months of 2025 the number of units sold has increased 13.1% in the Matanuska Susitna Borough compared to the first half of 2024.

Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

Review of Income Statement

Consolidated Income Statement

In the second quarter of 2025, Northrim generated a ROAA of 1.48% and a ROAE of 16.37%, compared to 1.76% and 19.70%, respectively, in the first quarter of 2025 and 1.31% and 14.84%, respectively, in the second quarter a year ago.

Net Interest Income/Net Interest Margin

Net interest income increased 7% to $33.6 million in the first quarter of 2025 compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024. Interest expense on deposits increased to $10.3 million in the second quarter of 2025 compared to $9.9 million in the first quarter of 2025 and compared to $9.5 million in the second quarter of 2024.

NIMTE^* was 4.72% in the second quarter of 2025 up from 4.61% in the preceding quarter and 4.30% in the second quarter a year ago. NIMTE^* increased 42 basis points in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher yields on those assets as variable rate loans reset at higher rates which were only partially offset by an increase in borrowings. The weighted average interest rate for new loans booked in the second quarter of 2025 was 7.27% compared to 7.30% in the first quarter of 2025 and 7.90% in the second quarter a year ago. The yield on the investment portfolio in the second quarter of 2025 increased to 3.07% from 2.97% in the first quarter of 2025 and 2.82% in the second quarter of 2024. “We are continuing to see some benefits from the repricing of our loan portfolio and new production increasing our margin” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE^* continues to remain above the peer average of 3.26% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of March 31, 2025.

Provision for Credit Losses

Northrim recorded a provision for credit losses of $2.0 million in the second quarter of 2025, which was comprised of a provision for credit losses on loans of $1.8 million, a $157,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $18,000. This compares to a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. In the second quarter a year ago, Northrim recorded a benefit to the provision for credit losses of $120,000 which was comprised of a $134,000 provision for credit losses on loans and a $254,000 benefit to the provision for credit losses on unfunded commitments.

The increase to the provision for credit losses on loans in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. The increase to the provision for unfunded commitments in the second quarter of 2025 was primarily due to an increase in estimated loss rates which was only partially offset by changes in mix of unfunded commitments.

Nonperforming assets, net of government guarantees, decreased during the quarter to $11.9 million at June 30, 2025, compared to $12.3 million at March 31, 2025, and increased compared to $5.1 million at June 30, 2024. The increase in nonperforming assets, net of government guarantees at June 30, 2025 compared to June 30, 2024 is primarily the result of the acquisition of Sallyport in the fourth quarter of 2024.

The allowance for credit losses on loans was 290% of nonperforming loans, net of government guarantees, at the end of the second quarter of 2025, compared to 262% three months earlier and 365% a year ago.

Other Operating Income

In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $16.6 million, or 33% of total second quarter 2025 revenues, as compared to $13.0 million, or 29% of revenues in the first quarter of 2025, and $9.6 million, or 26% of revenues in the second quarter of 2024. The increase in other operating income in the second quarter of 2025 as compared to the second quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. Mortgage banking income in the second quarter of 2025 increased as compared to the first quarter of 2025 and second quarter of 2024 due to a higher volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.

Other Operating Expenses

Operating expenses were $32.5 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025, and $25.2 million in the second quarter of 2024. The increase in other operating expenses in the second quarter of 2025 compared to the first quarter of 2025 was primarily due to an increase in salaries and other personnel expense, including $980,000 in higher mortgage commissions expense due to higher mortgage volume, $763,000 in higher salary expense, a $760,000 increase in group medical expenses, and increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions. The increase in total other operating expenses in the second quarter of 2025 compared to the second quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, and an increase in data processing expense. Total other operating expense increased $2.1 million in the Specialty Finance segment in the second quarter of 2025 compared to the second quarter of 2024 due to the acquisition of Sallyport on October 31, 2024.

Income Tax Provision

In the second quarter of 2025, Northrim recorded $4.0 million in state and federal income tax expense for an effective tax rate of 25.3%, compared to $4.3 million, or 24.2% in the first quarter of 2025 and $2.5 million, or 21.9% in the second quarter a year ago. The increase in the tax rate in the second quarter of 2025 as compared to the first quarter of 2025 and second quarter of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

Community Banking

Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

Net interest income in the Community Banking segment totaled $30.0 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025 and $24.3 million in the second quarter of 2024. Net interest income increased $5.7 million or 23% in the second quarter of 2025 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by lower interest income on investments and higher interest expense on deposits and borrowings.

The provision for credit losses in the Community Banking segment was $1.3 million in the second quarter of 2025 compared to a benefit to the provision for credit losses of $1.8 million in the first quarter of 2025 and a benefit to the provision for credit losses of $184,000 in the same quarter a year ago. The increase to the provision for credit losses in the Community Banking segment in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. In the first quarter of 2025, the Company recorded a net benefit for credit losses in the Community Banking segment primarily due to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions and an increase for higher loan balances.

Other operating expenses in the Community Banking segment totaled $21.8 million in the second quarter of 2025, up $3.2 million or 17% from $18.6 million in the first quarter of 2025, and up $3.7 million or 20% from $18.1 million in the second quarter a year ago. The increase in the second quarter of 2025 as compared to the prior quarter and compared to the same quarter a year ago was primarily due to increases in salaries and other personnel expense, including $667,000 in higher salary expense, an $873,000 increase in group medical expenses, as well as increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions.

The following tables provide highlights of the Community Banking segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024		September 30, 2024		June 30, 2024
Net interest income	$	29,971	$	28,151		$	27,643	$	25,928	$	24,318
(Benefit) provision for credit losses		1,319		(1,768	)		771		1,492		(184	)
Other operating income		3,268		2,703			2,535		3,507		2,451
Other operating expense		21,764		18,581			19,116		18,723		18,069
Income before provision for income taxes		10,156		14,041			10,291		9,220		8,884
Provision for income taxes		2,413		3,253			1,474		2,133		1,786
Net income	$	7,743	$	10,788		$	8,817	$	7,087	$	7,098
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889		5,583,055		5,558,580
Diluted earnings per share attributable to Community Banking	$	1.37	$	1.93		$	1.58	$	1.26	$	1.27

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Net interest income	$	58,122		$	48,533
(Benefit) provision for credit losses		(449	)		13
Other operating income		5,971			4,919
Other operating expense		40,345			35,247
Income before provision for income taxes		24,197			18,192
Provision for income taxes		5,666			3,752
Net income Community Banking segment	$	18,531		$	14,440
Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	3.30		$	2.59

Home Mortgage Lending

During the second quarter of 2025, mortgage loans funded for sale were $249.7 million, compared to $108.5 million in the first quarter of 2025, and $152.3 million in the second quarter of 2024.

During the second quarter of 2025, the Bank purchased loans of $27.5 million from its subsidiary, Residential Mortgage, of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.71%, as compared to $13.1 million and 6.39% in the first quarter of 2025, and $29.2 million and 6.82% in the second quarter of 2024. Net interest income contributed $3.5 million to total Home Mortgage Lending revenue in the second quarter of 2025, up from $3.0 million in the prior quarter, and up from $2.8 million in the second quarter a year ago.

The Company reclassified $100 million in consumer mortgages held for investment to held for sale in the first quarter of 2025 and recorded unrealized losses of $1.2 million related to this portfolio in the first quarter of 2025. In the second quarter of 2025, the Company sold $61 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $545,000.

The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 22% of Residential Mortgage’s $216 million total production in the second quarter of 2025 (excluding the $61 million in mortgages sold noted above), 20% of $122 million total production in the first quarter of 2025, and 22% of $182 million total production in the second quarter of 2024.

The provision for credit losses in the Home Mortgage Lending segment was $639,000 in the second quarter of 2025 compared to a benefit to the provision for credit losses of $307,000 in the first quarter of 2025 and a provision for credit loses of $64,000 in the second quarter of 2024. The increase in the provision for credit losses in the second quarter of 2025 in the Home Mortgage Lending segment as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances. The benefit to the provision for loan losses in the Home Mortgage Lending segment in the first quarter of 2025 was primarily the result of the reclassification of $100 million in mortgage loans to loans held for sale, which was only partially offset by an increase in the provision for loan losses due to changes in the Company’s loss rate regression models for home mortgage loans.

The net change in fair value of mortgage servicing rights decreased mortgage banking income by $818,000 during the second quarter of 2025 compared to a decrease of $855,000 for the first quarter of 2025 and a decrease of $81,000 for the second quarter of 2024. Mortgage servicing revenue increased to $3.0 million in the second quarter of 2025 from $2.7 million in the prior quarter and increased from $2.2 million in the second quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the second quarter of 2025, the Company’s servicing portfolio increased $69.3 million compared to a $24.0 million increase in the first quarter of 2025, and an increase of $41.8 million in the second quarter of 2024.

As of June 30, 2025, Northrim serviced 6,458 loans in its $1.55 billion home-mortgage-servicing portfolio, a 5% increase compared to the $1.48 billion serviced as of the end of the first quarter of 2025, and a 41% increase from the $1.10 billion serviced a year ago.

The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Mortgage commitments	$	73,198		$	68,258		$	32,299		$	77,591		$	88,006

Mortgage loans funded for sale	$	249,680		$	108,499		$	162,530		$	209,960		$	152,339
Mortgage loans funded for investment		27,455			13,061			23,380			38,087			29,175
Total mortgage loans funded	$	277,135		$	121,560		$	185,910		$	248,047		$	181,514
Mortgage loan refinances to total fundings		10	%		11	%		11	%		6	%		6	%
Mortgage loans serviced for others	$	1,553,987		$	1,484,714		$	1,460,720		$	1,166,585		$	1,101,800

Net realized and unrealized gains on mortgage loans sold and held for sale	$	5,091		$	1,580		$	3,747		$	5,079		$	3,189
Change in fair value of mortgage loan commitments, net		(110	)		660			(665	)		60			390
Total production revenue		4,981			2,240			3,082			5,139			3,579
Mortgage servicing revenue		2,957			2,696			2,847			2,583			2,164
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(355	)		(322	)		1,372			(566	)		239
Other²		(463	)		(533	)		(499	)		(402	)		(320	)
Total mortgage servicing revenue, net		2,139			1,841			3,720			1,615			2,083
Other mortgage banking revenue		280			170			238			293			222
Total mortgage banking income	$	7,400		$	4,251		$	7,040		$	7,047		$	5,884

Net interest income	$	3,507		$	3,046		$	3,280		$	2,941		$	2,775
Provision (benefit) for credit losses		639			(307	)		305			571			64
Mortgage banking income		7,400			4,251			7,040			7,047			5,884
Other operating expense		7,593			6,490			7,198			7,643			6,697
Income before provision for income taxes		2,675			1,114			2,817			1,774			1,898
Provision for income taxes		746			310			842			497			532
Net income	$	1,929		$	804		$	1,975		$	1,277		$	1,366

Weighted average shares outstanding, diluted		5,611,558			5,608,102			5,597,889			5,583,055			5,558,580
Diluted earnings per share attributable to Home Mortgage Lending	$	0.34		$	0.14		$	0.35		$	0.23		$	0.25

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025			June 30, 2024
Mortgage loans funded for sale	$	358,179		$	236,663
Mortgage loans funded for investment		40,516			46,578
Total mortgage loans funded	$	398,695		$	283,241
Mortgage loan refinances to total fundings		10	%		6	%

Net realized and unrealized gains on mortgage loans sold and held for sale	$	6,671		$	5,168
Change in fair value of mortgage loan commitments, net		550			777
Total production revenue		7,221			5,945
Mortgage servicing revenue		5,653			3,725
Change in fair value of mortgage servicing rights:
Due to changes in model inputs of assumptions¹		(677	)		528
Other²		(996	)		(634	)
Total mortgage servicing revenue, net		3,980			3,619
Other mortgage banking revenue		450			351
Total mortgage banking income	$	11,651		$	9,915

Net interest income	$	6,553		$	5,007
Provision for credit losses		332			16
Mortgage banking income		11,651			9,915
Other operating expense		14,083			12,783
Income before provision for income taxes		3,789			2,123
Provision for income taxes		1,056			595
Net income Home Mortgage Lending segment	$	2,733		$	1,528

Weighted average shares outstanding, diluted		5,611,734			5,562,025
Diluted earnings per share	$	0.48		$	0.28

¹Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
²Represents changes due to collection/realization of expected cash flows over time.

Specialty Finance

The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income from loans and other fee income.

The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the second quarter of 2025 was $1.3 million compared to $1.3 million in the first quarter of 2025 and $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

Average purchased receivables and loan balances at Sallyport were $71.0 million for the second quarter of 2025 with a yield of 27.23% compared to average balances of $59.9 million for the first quarter of 2025 and a yield of 35.8%. The yield in the first quarter of 2025 included the recognition of $899,000 in nonaccrual fee income collected during the quarter related to two nonperforming receivables and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

The following tables provide highlights of the Specialty Finance segment of Northrim:

	Three Months Ended
(Dollars in thousands, except per share data)	June 30, 2025		March 31, 2025			December 31, 2024			September 30, 2024		June 30, 2024
Purchased receivable income	$	5,897	$	6,150		$	3,526		$	1,033	$	1,242
Other operating income		75		(64	)		(68	)		—		—
Interest income		782		596			407			158		170
Total revenue		6,754		6,682			3,865			1,191		1,412
Provision for credit losses		18		666			125			—		—
Compensation expense – SCF acquisition payments		600		600			—			—		—
Other operating expense		2,531		2,500			3,063			362		428
Interest expense		668		496			489			185		210
Total expense		3,817		4,262			3,677			547		638
Income before provision for income taxes		2,937		2,420			188			644		774
Provision for income taxes		831		688			53			183		218
Net income Specialty Finance segment	$	2,106	$	1,732		$	135		$	461	$	556
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,597,889			5,583,055		5,558,580
Diluted earnings per share attributable to Specialty Finance	$	0.38	$	0.31		$	0.02		$	0.08	$	0.10

	Year-to-date
(Dollars in thousands, except per share data)	June 30, 2025		June 30, 2024
Purchased receivable income	$	12,047	$	2,587
Other operating income		11		—
Interest income		1,378		382
Total revenue		13,436		2,969
Provision for credit losses		684		—
Compensation expense – SCF acquisition payments		1,200		—
Other operating expense		5,031		802
Interest expense		1,164		422
Total expense		8,079		1,224
Income before provision for income taxes		5,357		1,745
Provision for income taxes		1,519		494
Net income Specialty Finance segment	$	3,838	$	1,251
Weighted average shares outstanding, diluted		5,611,734		5,562,025
Diluted earnings per share	$	0.69	$	0.23

Balance Sheet Review

Northrim’s total assets were $3.24 billion at June 30, 2025, up 3% from the preceding quarter and up 15% from a year ago. Northrim’s loan-to-deposit ratio was 78% at June 30, 2025, up from 76% at both March 31, 2025 and June 30, 2024.

At June 30, 2025, liquid assets, investments, and loans maturing within one year were $1.15 billion and our funds available for borrowing under our existing lines of credit were $507.9 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

Average interest-earning assets were $2.89 billion in the second quarter of 2025, up 4% from $2.78 billion in the first quarter of 2025 and up 12% from $2.57 billion in the second quarter a year ago. The average yield on interest-earning assets was 6.27% in the second quarter of 2025, up from 6.10% in the preceding quarter and up from 5.83% in the second quarter of 2024.

Average investment securities decreased to $515.9 million in the second quarter of 2025, compared to $523.8 million in the first quarter of 2025 and $640.0 million in the second quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.07% for the second quarter of 2025, up from 2.97% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at June 30, 2025, was approximately 2.4 years compared to approximately 2.5 years at June 30, 2024. As of June 30, 2025, $55.7 million of available for sale securities with a weighted average yield of 1.40% are scheduled to mature in the next six months, $106.8 million with a weighted average yield of 1.28% are scheduled to mature in six months to one year, and $145.0 million with a weighted average yield of 1.96% are scheduled to mature in the following year, representing a total of $307.5 million or 11% of earning assets that are scheduled to mature in the next 24 months.

Total unrealized losses, net of tax, on available for sale securities decreased by $1.9 million in the second quarter of 2025 resulting in total unrealized loss, net of tax, of $3.6 million compared to $5.5 million at March 31, 2025, and $15.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $711,000 at June 30, 2025, compared to $1.1 million at March 31, 2025, and $3.0 million a year ago.

Average interest bearing deposits in other banks decreased to $27.2 million in the second quarter of 2025 from $38.0 million in the first quarter of 2025 and increased from $17.4 million in the second quarter of 2024, as cash was used to fund loan growth and provide liquidity.

Loans held for sale decreased to $127.1 million at June 30, 2025, compared to $159.6 million at March 31, 2025, largely due to the sale of $61 million consumer mortgage loans in the second quarter of 2025 that had been reclassified to loans held for sale from portfolio loans in the first quarter of 2025, and increased from $85.9 million a year ago, due to higher loan production by Residential Mortgage.

Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.00 billion at June 30, 2025, up $59.1 million or 3% from the preceding quarter and up 21% from a year ago. This increase in the second quarter of 2025 was diversified throughout the loan portfolio including consumer mortgage loans increasing by $19 million, construction loans increasing by $31.2 million, commercial real estate owner-occupied loans increasing $17.1 million, and nonowner-occupied commercial real estate and multi-family loans increasing by $6.5 million from the preceding quarter. These increases were partially offset by a $3.8 million decrease in commercial loans. Average portfolio loans in the second quarter of 2025 were $2.17 billion, which was consistent with the preceding quarter after the sale of $61 million in consumer mortgage loans, and up 18% from a year ago. Yields on average portfolio loans in the second quarter of 2025 increased to 6.99% from 6.89% in the first quarter and increased from 6.87% in the second quarter of 2024. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.45% in the second quarter of 2025 as compared to 7.43% in the first quarter of 2025 and 8.26% in the second quarter of 2024.

Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $39.4 million at June 30, 2025. At June 30, 2025, Northrim had 22 relationships totaling $504.0 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.81 billion at June 30, 2025, up 1% from $2.78 billion at March 31, 2025, and up 14% from $2.46 billion a year ago. “The increase in deposits in the second quarter of 2025 was consistent with our customers’ normal business cycles which typically result in increases in deposit balances in the second and third quarters and decreases in the first and fourth quarters,” said Ballard. At June 30, 2025, 75% of total deposits were held in business accounts and 25% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $60,000 as of June 30, 2025. Northrim had 27 customers with balances over $10 million as of June 30, 2025, which accounted for $731.1 million, or 27%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 10% from the prior year to $777.9 million at June 30, 2025. Demand deposits were 28% of total deposits at June 30, 2025 up from 27% at March 31, 2025 and were down from 29% of total deposits at June 30, 2024. Average interest-bearing deposits were up 1% to $2.03 billion with an average cost of 2.04% in the second quarter of 2025, compared to $2.00 billion and an average cost of 2.01% in the first quarter of 2025, and up 18% compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024. Uninsured deposits totaled $1.02 billion or 36% of total deposits as of June 30, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

Shareholders’ equity was $290.2 million, or $52.55 book value per share, at June 30, 2025, compared to $279.8 million, or $50.67 book value per share, at March 31, 2025 and $247.2 million, or $44.93 book value per share, a year ago. Tangible book value per share^* was $43.35 at June 30, 2025, compared to $41.47 at March 31, 2025, and $42.03 per share a year ago. The increase in shareholders’ equity in the second quarter of 2025 as compared to the first quarter of 2025 was largely the result of earnings of $11.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $1.9 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the second quarter of 2025 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets^* was 7.50% as of June 30, 2025, compared to 7.41% as of March 31, 2025 and 8.24% as of June 30, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.80% at June 30, 2025, compared to 9.76% at March 31, 2025, and 11.68% at June 30, 2024.

Asset Quality

Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

Nonperforming assets (“NPAs”) net of government guarantees were $11.9 million at June 30, 2025, down from $12.3 million at March 31, 2025 and up from $5.1 million a year ago. Of the NPAs at June 30, 2025, $4.2 million are attributable to the Community Banking segment and $7.5 million are attributable to the Specialty Finance segment.

Net adversely classified loans were $35.8 million at June 30, 2025, as compared to $20.4 million at March 31, 2025, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at June 30, 2025 as compared to the prior quarter is mostly attributable to two commercial relationships totaling $16.0 million. Net loan charge-offs were $140,000 in the second quarter of 2025, compared to net loan recoveries of $34,000 in the first quarter of 2025, and net loan recoveries of $26,000 in the second quarter of 2024. Additionally, Northrim had 13 loan modifications to borrowers experiencing financial difficulty totaling $3.3 million, net of government guarantees that had been modified in the last twelve months as of June 30, 2025.

Northrim had $141.2 million, or 6% of portfolio loans, in the Healthcare sector, $127.2 million, or 6% of portfolio loans, in the Tourism sector, $121.0 million, or 5% of portfolio loans, in the Accommodations sector, $93.4 million, or 4% of portfolio loans, in the Retail sector, $84.2 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $76.2 million, or 3% of portfolio loans, in the Fishing sector, and $59.5 million, or 3% in the Restaurants and Breweries sector as of June 30, 2025.

Northrim estimates that $105.9 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of June 30, 2025, and $1.5 million of these loans are adversely classified. As of June 30, 2025, Northrim has an additional $76.9 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

About Northrim BanCorp

Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

www.northrim.com

Forward-Looking Statement

This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the war in Ukraine and the conflict in the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
References:

https://www.bea.gov/

http://almis.labor.state.ak.us/

http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

http://www.tax.state.ak.us/

https://www.bls.gov/regions/west/news-release/consumerpriceindex_anchorage.htm

https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

https://www.trade.gov/data-visualization/tradestats-express-trade-partner-state

https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

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https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

Contact:	Mike Huston, President, CEO, and COO
	(907) 261-8750
	Jed Ballard, Chief Financial Officer
	(907) 261-3539

Income Statement
(Dollars in thousands, except per share data)	Three Months Ended								Year-to-date
(Unaudited)	June 30,		March 31,			June 30,			June 30,		June 30,
		2025		2025			2024			2025		2024
Interest Income:
Interest and fees on loans	$	40,519	$	37,470		$	32,367		$	77,989	$	62,817
Interest on portfolio investments		3,765		3,675			4,310			7,440		8,830
Interest on deposits in banks		515		416			232			931		1,070
Total interest income		44,799		41,561			36,909			86,360		72,717
Interest Expense:
Interest expense on deposits		10,304		9,935			9,476			20,239		18,656
Interest expense on borrowings		903		329			380			1,232		561
Total interest expense		11,207		10,264			9,856			21,471		19,217
Net interest income		33,592		31,297			27,053			64,889		53,500

Provision (benefit) for credit losses		1,976		(1,409	)		(120	)		567		29
Net interest income after provision for credit losses		31,616		32,706			27,173			64,322		53,471

Other Operating Income:
Mortgage banking income		7,400		4,251			5,884			11,651		9,915
Purchased receivable income		5,897		6,100			1,242			12,047		2,587
Bankcard fees		1,153		1,074			1,105			2,227		2,022
Service charges on deposit accounts		726		677			572			1,403		1,121
Unrealized gain (loss) on marketable equity securities		78		(50	)		(60	)		28		254
Other income		1,386		988			834			2,324		1,522
Total other operating income		16,640		13,040			9,577			29,680		17,421

Other Operating Expense:
Salaries and other personnel expense		20,854		17,223			16,627			38,077		32,044
Data processing expense		3,366		3,104			2,601			6,470		5,260
Occupancy expense		2,104		1,889			1,843			3,993		3,805
Professional and outside services		1,113		1,115			726			2,228		1,481
Marketing expense		1,042		672			690			1,714		1,203
Insurance expense		756		1,017			692			1,773		1,471
Compensation expense – SCF acquisition payments		600		600			—			1,200		—
OREO expense, net rental income and gains on sale		2		3			2			5		(389	)
Other expense		2,651		2,548			2,013			5,199		3,957
Total other operating expense		32,488		28,171			25,194			60,659		48,832

Income before provision for income taxes		15,768		17,575			11,556			33,343		22,060
Provision for income taxes		3,990		4,251			2,536			8,241		4,841
Net income	$	11,778	$	13,324		$	9,020		$	25,102	$	17,219

Basic EPS	$	2.13	$	2.41		$	1.64		$	4.54	$	3.13
Diluted EPS	$	2.09	$	2.38		$	1.62		$	4.47	$	3.10
Weighted average shares outstanding, basic		5,521,811		5,519,998			5,500,588			5,520,905		5,500,083
Weighted average shares outstanding, diluted		5,611,558		5,608,102			5,558,580			5,611,734		5,562,025

Balance Sheet
(Dollars in thousands)
(Unaudited)	June 30,			March 31,			June 30,
		2025			2025			2024

Assets:
Cash and due from banks	$	43,734		$	29,671		$	33,364
Interest bearing deposits in other banks		97,549			35,852			21,058
Investment securities available for sale, at fair value		429,421			463,096			584,964
Investment securities held to maturity		36,750			36,750			36,750
Marketable equity securities, at fair value		8,747			8,669			12,381
Investment in Federal Home Loan Bank stock		8,343			5,342			4,929
Loans held for sale		127,116			159,603			85,926

Portfolio loans		2,202,115			2,124,330			1,875,907
Allowance for credit losses, loans		(22,585	)		(20,922	)		(17,694	)
Net portfolio loans		2,179,530			2,103,408			1,858,213
Purchased receivables, net		109,098			95,489			25,722
Mortgage servicing rights, at fair value		27,506			26,814			21,077
Other real estate owned, net		—			—			—
Premises and equipment, net		36,501			37,070			40,393
Lease right of use asset		7,033			7,632			8,244
Goodwill and intangible assets		50,824			50,824			15,967
Other assets		81,608			80,740			72,680
Total assets	$	3,243,760		$	3,140,960		$	2,821,668

Liabilities:
Demand deposits	$	777,948		$	742,560		$	704,471
Interest-bearing demand		1,196,048			1,187,465			906,010
Savings deposits		248,141			256,650			238,156
Money market deposits		196,166			193,842			195,159
Time deposits		390,867			397,460			420,010
Total deposits		2,809,170			2,777,977			2,463,806
Other borrowings		63,026			13,136			43,961
Junior subordinated debentures		10,310			10,310			10,310
Lease liability		7,077			7,682			8,269
Other liabilities		63,958			52,099			48,122
Total liabilities		2,953,541			2,861,204			2,574,468

Shareholders’ Equity:
Total shareholders’ equity		290,219			279,756			247,200
Total liabilities and shareholders’ equity	$	3,243,760		$	3,140,960		$	2,821,668

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Composition of Portfolio Loans
	June 30, 2025					March 31, 2025					December 31, 2024					September 30, 2024					June 30, 2024
	Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total		Balance			% of total
Commercial loans	$	569,753		27	%	$	573,593		27	%	$	518,148		24	%	$	492,414		24	%	$	495,781		26	%
Commercial real estate:
Owner occupied properties		447,561		20	%		430,442		20	%		420,060		20	%		412,827		20	%		383,832		20	%
Nonowner occupied and
multifamily properties		696,766		31	%		690,277		32	%		619,431		29	%		584,302		31	%		551,130		30	%
Residential real estate:
1-4 family properties
secured by first liens		206,905		9	%		188,219		9	%		270,535		13	%		248,514		12	%		222,026		12	%
1-4 family properties
secured by junior liens &
revolving secured by first liens		60,118		3	%		53,836		3	%		48,857		2	%		45,262		2	%		41,258		2	%
1-4 family construction		36,005		2	%		34,017		2	%		39,789		2	%		39,794		2	%		29,510		2	%
Construction loans		187,442		8	%		156,211		7	%		214,068		10	%		185,362		9	%		154,009		8	%
Consumer loans		7,570		—	%		7,424		—	%		7,562		—	%		7,836		—	%		6,679		—	%
Subtotal		2,212,120					2,134,019					2,138,450					2,016,311					1,884,225
Unearned loan fees, net		(10,005	)				(9,689	)				(9,187	)				(8,746	)				(8,318	)
Total portfolio loans	$	2,202,115				$	2,124,330				$	2,129,263				$	2,007,565				$	1,875,907

Composition of Deposits
	June 30, 2025				March 31, 2025				December 31, 2024				September 30, 2024				June 30, 2024
	Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total		Balance		% of total
Demand deposits	$	777,948	28	%	$	742,560	27	%	$	706,225	27	%	$	763,595	29	%	$	704,471	29	%
Interest-bearing demand		1,196,048	42	%		1,187,465	43	%		1,108,404	41	%		979,238	37	%		906,010	36	%
Savings deposits		248,141	9	%		256,650	9	%		250,900	9	%		245,043	9	%		238,156	10	%
Money market deposits		196,166	7	%		193,842	7	%		196,290	7	%		204,821	8	%		195,159	8	%
Time deposits		390,867	14	%		397,460	14	%		418,370	16	%		435,870	17	%		420,010	17	%
Total deposits	$	2,809,170			$	2,777,977			$	2,680,189			$	2,628,567			$	2,463,806

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Asset Quality	June 30,		March 31,		June 30,
		2025		2025		2024
Nonaccrual loans – Community Banking	$	4,180	$	4,274	$	4,233
Nonaccrual loans – Home Mortgage Lending		197		221		253
Nonaccrual loans – Specialty Finance		3,484		3,573		344
Nonaccrual loans – Total		7,861		8,068		4,830
Loans 90 days past due and accruing – Community Banking		—		—		17
Loans 90 days past due and accruing – Total		—		—		17
Total nonperforming loans – Community Banking		4,180		4,274		4,250
Total nonperforming loans – Home Mortgage Lending		197		221		253
Total nonperforming loans – Specialty Finance		3,484		3,573		344
Total nonperforming loans – Total		7,861		8,068		4,847
Nonperforming loans guaranteed by gov’t – Community Banking		70		80		—
Nonperforming loans guaranteed by gov’t – Total		70		80		—
Net nonperforming loans – Community Banking		4,110		4,194		4,250
Net nonperforming loans – Home Mortgage Lending		197		221		253
Net nonperforming loans – Specialty Finance		3,484		3,573		344
Net nonperforming loans – Total		7,791		7,988		4,847

Repossessed assets – Community Banking		50		297		297
Repossessed assets – Total		50		297		297

Nonperforming purchased receivables – Specialty Finance		4,017		4,007		—

Net nonperforming assets – Community Banking		4,160		4,491		4,547
Net nonperforming assets – Home Mortgage Lending		197		221		253
Net nonperforming assets – Specialty Finance		7,501		7,580		344
Net nonperforming assets – Total	$	11,858	$	12,292	$	5,144

Adversely classified loans, net of gov’t guarantees – Community Banking	$	32,128	$	16,592	$	6,006
Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending		223		252		718
Adversely classified loans, net of gov’t guarantees – Specialty Finance		3,484		3,573		344
Adversely classified loans, net of gov’t guarantees – Total	$	35,835	$	20,417	$	7,068

Special mention loans, net of gov’t guarantees – Community Banking	$	3,966	$	14,496	$	8,902
Special mention loans, net of gov’t guarantees – Home Mortgage Lending		790		637		—
Special mention loans, net of gov’t guarantees – Total	$	4,756	$	15,133	$	8,902

Asset Quality, Continued	June 30,				March 31,				June 30,
		2025				2025				2024
Nonperforming loans, net of government guarantees / portfolio loans		0.35		%		0.38		%		0.26		%
Nonperforming loans, net of government guarantees / portfolio loans,
net of government guarantees		0.38		%		0.40		%		0.28		%
Nonperforming assets, net of government guarantees / total assets		0.37		%		0.39		%		0.18		%
Nonperforming assets, net of government guarantees / total assets
net of government guarantees		0.38		%		0.41		%		0.19		%

Loans 30-89 days past due and accruing, net of government guarantees /								%
portfolio loans		0.06		%		0.04		%		0.03		%
Loans 30-89 days past due and accruing, net of government guarantees /
portfolio loans, net of government guarantees		0.06		%		0.04		%		0.04		%

Allowance for credit losses for loans / portfolio loans		1.03		%		0.98		%		0.94		%
Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees		1.10		%		1.06		%		1.01		%
Allowance for credit losses for loans / nonperforming loans, net of
government guarantees		290		%		262		%		365		%

Gross loan charge-offs for the quarter – Community Banking	$3				$50				$—
Gross loan charge-offs for the quarter – Specialty Finance		152				—				—
Gross loan charge-offs for the quarter – Total		155				50				—

Gross loan recoveries for the quarter – Community Banking		(15	)			(84	)			(26	)
Gross loan recoveries for the quarter – Home Mortgage Lending		—				—				—
Gross loan recoveries for the quarter – Specialty Finance		—				—				—
Gross loan recoveries for the quarter – Total	($15		)		($84		)		($26		)

Net loan (recoveries) charge-offs for the quarter – Community Banking	($12		)		($34		)		($26		)
Net loan (recoveries) charge-offs for the quarter – Specialty Finance		152				—				—
Net loan (recoveries) charge-offs for the quarter – Total	$140				($34		)		($26		)

Net loan charge-offs (recoveries) year-to-date – Community Banking	($46		)		($34		)		($68		)
Net loan charge-offs (recoveries) year-to-date – Specialty Finance		152				—				—
Net loan charge-offs (recoveries) year-to-date – Total	$106				($34		)		($68		)

Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter		0.01		%		—		%		—		%

Net loan charge-offs (recoveries) year-to-date / average loans,
year-to-date annualized		0.01		%		(0.01	)	%		(0.01	)	%

Allowance for credit losses for purchased receivables / purchased receivables		3.05		%		3.72		%		—		%

Net purchased receivable charge-offs (recoveries) for the quarter	$281				$—				$—

Net purchased receivable charge-offs (recoveries) year-to-date	$281				$—				$—

Net purchased receivable charge-offs (recoveries) for the quarter /
average purchased receivables, for the quarter		0.27		%	NA				NA

Net purchased receivable charge-offs (recoveries) year-to-date / average
purchased receivables, year-to-date annualized		0.61		%	NA				NA

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Three Months Ended
	June 30, 2025					March 31, 2025					June 30, 2024
				Average					Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	27,216		7.60	%	$	37,969		4.44	%	$	17,352		5.27	%
Portfolio investments		515,916		3.07	%		523,753		2.97	%		639,980		2.82	%
Loans held for sale		173,675		6.50	%		46,223		5.86	%		65,102		6.08	%
Portfolio loans		2,172,482		6.99	%		2,173,425		6.89	%		1,845,832		6.87	%
Total interest-earning assets		2,889,289		6.27	%		2,781,370		6.10	%		2,568,266		5.83	%
Nonearning assets		306,206					293,415					204,509
Total assets	$	3,195,495				$	3,074,785				$	2,772,775

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,029,100		2.04	%	$	2,002,594		2.01	%	$	1,725,013		2.21	%
Borrowings		86,404		4.14	%		37,081		3.55	%		38,390		3.92	%
Total interest-bearing liabilities		2,115,504		2.12	%		2,039,675		2.04	%		1,763,403		2.25	%

Noninterest-bearing demand deposits		737,112					697,534					706,339
Other liabilities		54,320					63,348					58,549
Shareholders’ equity		288,559					274,228					244,484
Total liabilities and shareholders’ equity	$	3,195,495				$	3,074,785				$	2,772,775
Net spread				4.15	%				4.06	%				3.58	%
NIM				4.66	%				4.55	%				4.24	%
NIMTE^*				4.72	%				4.61	%				4.30	%
Cost of funds				1.57	%				1.52	%				1.60	%
Average portfolio loans to average
interest-earning assets		75.19	%				78.14	%				71.87	%
Average portfolio loans to average total deposits		78.54	%				80.49	%				75.92	%
Average non-interest deposits to average
total deposits		26.65	%				25.83	%				29.05	%
Average interest-earning assets to average
interest-bearing liabilities		136.58	%				136.36	%				145.64	%

Additional Financial Information
(Dollars in thousands)
(Unaudited)

Average Balances, Yields, and Rates
	Year-to-date
	June 30, 2025					June 30, 2024
				Average					Average
	Average			Tax Equivalent		Average			Tax Equivalent
	Balance			Yield/Rate		Balance			Yield/Rate
Assets
Interest bearing deposits in other banks	$	32,563		5.77	%	$	39,457		5.36	%
Portfolio investments		519,813		3.02	%		655,458		2.82	%
Loans held for sale		110,301		6.35	%		48,868		6.10	%
Portfolio loans		2,172,950		6.94	%		1,819,629		6.81	%
Total interest-earning assets		2,835,627		6.19	%		2,563,412		5.76	%
Nonearning assets		299,848					202,819
Total assets	$	3,135,475				$	2,766,231

Liabilities and Shareholders’ Equity
Interest-bearing deposits	$	2,015,920		2.02	%	$	1,728,468		2.17	%
Borrowings		61,879		3.96	%		31,167		3.55	%
Total interest-bearing liabilities		2,077,799		2.08	%		1,759,635		2.19	%

Noninterest-bearing demand deposits		717,432					705,736
Other liabilities		58,809					59,478
Shareholders’ equity		281,435					241,382
Total liabilities and shareholders’ equity	$	3,135,475				$	2,766,231
Net spread				4.11	%				3.57	%
NIM				4.61	%				4.20	%
NIMTE^*				4.66	%				4.26	%
Cost of funds				1.55	%				1.57	%
Average portfolio loans to average interest-earning assets		76.63	%				70.98	%
Average portfolio loans to average total deposits		79.50	%				74.75	%
Average non-interest deposits to average total deposits		26.25	%				28.99	%
Average interest-earning assets to average interest-bearing liabilities		136.47	%				145.68	%

Additional Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Capital Data (At quarter end)
	June 30, 2025				March 31, 2025				June 30, 2024
Book value per share	$52.55				$50.67				$44.93
Tangible book value per share^*	$43.35				$41.47				$42.03
Total shareholders’ equity/total assets		8.95		%		8.91		%		8.76		%
Tangible Common Equity/Tangible Assets^*		7.50		%		7.41		%		8.24		%
Tier 1 Capital / Risk Adjusted Assets		9.80		%		9.76		%		11.68		%
Total Capital / Risk Adjusted Assets		10.71		%		10.62		%		12.58		%
Tier 1 Capital / Average Assets		7.99		%		8.02		%		9.17		%
Shares outstanding		5,522,271				5,520,892				5,501,562
Total unrealized loss on AFS debt securities, net of income taxes	($3,571		)		($5,452		)		($15,197		)
Total unrealized gain on derivatives and hedging activities, net of income taxes	$1,026				$1,097				$1,212

Profitability Ratios
	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024
For the quarter:
NIM	4.66	%	4.55	%	4.41	%	4.29	%	4.24	%
NIMTE^*	4.72	%	4.61	%	4.47	%	4.35	%	4.30	%
Efficiency ratio	64.68	%	63.54	%	66.96	%	66.11	%	68.78	%
Return on average assets	1.48	%	1.76	%	1.43	%	1.22	%	1.31	%
Return on average equity	16.37	%	19.70	%	16.32	%	13.69	%	14.84	%

	June 30, 2025		June 30, 2024
Year-to-date:
NIM	4.61	%	4.20	%
NIMTE^*	4.66	%	4.26	%
Efficiency ratio	64.14	%	68.85	%
Return on average assets	1.61	%	1.25	%
Return on average equity	17.99	%	14.35	%

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

Net interest margin on a tax equivalent basis

Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

	Three Months Ended
	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
Net interest margin (“NIM”)²		4.66	%		4.55	%		4.41	%		4.29	%		4.24	%

Net interest income	$	33,592		$	31,297		$	30,841		$	28,842		$	27,053
Plus: reduction in tax expense related to
tax-exempt interest income		409			379			379			385			378
	$	34,001		$	31,676		$	31,220		$	29,227		$	27,431
Divided by average interest-bearing assets		2,889,289			2,781,370			2,787,517			2,674,291			2,568,266
NIMTE²		4.72	%		4.61	%		4.47	%		4.35	%		4.30	%

	Year-to-date
	June 30, 2025			June 30, 2024
Net interest income	$	64,889		$	53,500
Divided by average interest-bearing assets		2,835,627			2,563,412
Net interest margin (“NIM”)³		4.61	%		4.20	%

Net interest income	$	64,889		$	53,500
Plus: reduction in tax expense related to
tax-exempt interest income		788			757
	$	65,677		$	54,257
Divided by average interest-bearing assets		2,835,627			2,563,412
NIMTE³		4.66	%		4.26	%

²Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

³Calculated using actual days in the year divided by 365 for year-to-date period in 2025 and 366 for year-to-date period in 2024, respectively.

*Non-GAAP Financial Measures
(Dollars and shares in thousands, except per share data)
(Unaudited)

Tangible Book Value Per Share

Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Book value per share	$	52.55	$	50.68	$	48.41	$	47.26	$	44.93

	June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024

Total shareholders’ equity	$	290,219	$	279,756	$	267,116	$	260,050	$	247,200
Less: goodwill and intangible assets		50,824		50,824		50,968		15,967		15,967
	$	239,395	$	228,932	$	216,148	$	244,083	$	231,233
Divided by shares outstanding		5,522		5,521		5,518		5,502		5,502
Tangible book value per share	$	43.35	$	41.47	$	39.17	$	44.36	$	42.03

Tangible Common Equity to Tangible Assets

Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024

Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Total assets		3,243,760			3,140,960			3,041,869			2,963,392			2,821,668
Total shareholders’ equity to total assets		8.95	%		8.91	%		8.78	%		8.78	%		8.76	%

Northrim BanCorp, Inc.	June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024
Total shareholders’ equity	$	290,219		$	279,756		$	267,116		$	260,050		$	247,200
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible common shareholders’ equity	$	239,395		$	228,932		$	216,148		$	244,083		$	231,233

Total assets	$	3,243,760		$	3,140,960		$	3,041,869		$	2,963,392		$	2,821,668
Less: goodwill and other intangible assets, net		50,824			50,824			50,968			15,967			15,967
Tangible assets	$	3,192,936		$	3,090,136		$	2,990,901		$	2,947,425		$	2,805,701
Tangible common equity ratio		7.50	%		7.41	%		7.23	%		8.28	%		8.24	%

Note Transmitted on GlobeNewswire on July 23, 2025, at 12:15 pm Alaska Standard Time.

The MIL Network –

July 24, 2025

Category: KB

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