NewzIntel.com

Category: Natural Disasters

  • MIL-OSI Security: Defense News in Brief: US-Philippine Airmen strengthen ties during Cope Thunder 25-2

    Source: United States Airforce

    PACAF participated in Cope Thunder 25-2, a unique platform that integrates U.S. and Philippine Air Forces and enhances interoperability through bilateral fighter training, subject matter expert exchanges and key leadership

    engagements.CLARK AIR BASE, Philippines (AFNS) —  

    U.S. Pacific Air Forces and Philippine Air Force members participated in Cope Thunder 25-2, a bilateral training conducted across multiple locations in the Philippines. The exercise aimed to strengthen partnerships and support the Philippine Air Force’s modernization efforts, promoting regional and global stability.

    Established in the Philippines in 1976, Cope Thunder provides a unique platform to integrate U.S. and Philippine Air Forces and enhance interoperability through bilateral fighter training, subject matter expert exchanges and key leadership engagements. Cope Thunder 25-2 also marked the first time a U.S. Air Force F-35A Lightning II squadron has deployed to the Philippines.

    “It’s obvious that this isn’t a relationship that’s simply on paper,” said Lt. Col. Bryan Mussler, 421st Mission Generation Force Element commander. “We’ve been integrating with them for a long time, and their mentality and approach to operations is very similar to ours.”

    Subject matter expert exchanges during the exercise enabled U.S. and Philippine Airmen in similar career fields to share best practices and effective techniques aimed at improving day-to-day operations for both forces. These exchanges included maintenance, firefighting, airfield operations, electromagnetic warfare and basic fighter maneuvers, with U.S. and Philippine pilots flying side by side.

    U.S. Air Force maintainers, assigned to the 421st Mission Generation Force Element, depart the flightline after conducting preflight operations on an F-35A Lightning II during Cope Thunder 25-2 at Clark Air Base, Philippines, July 7, 2025. The exercise enhances interoperability between the U.S. Air Force and the Philippine Air Force and supported the Armed Forces of the Philippines’ modernization efforts. (U.S. Air Force photo by Airman 1st Class Aden Brown)
    U.S. Air Force Staff Sgt. Arnaldo Puente Mendez, 421st Mission Generation Force Element aerospace ground equipment maintainer, briefs Philippine Air Force airmen on a self-generating nitrogen servicing cart during Cope Thunder 25-2 at Clark Air Base, Philippines, July 9, 2025. During the subject matter expert exchange, U.S. Airmen provided valuable insight into equipment used for aircraft maintenance, supporting Armed Forces of the Philippines’ modernization efforts. (U.S. Air Force photo by Airman 1st Class Aden Brown)
    U.S. Air Force Capt. Tyler Rico, second to the left, and Capt. Toney Fisher, right, 421st Mission Generation Force Element F-35A pilots, coordinate flight plans with Philippine Air Force pilots during the Cope Thunder 25-2 exercise at Clark Air Base, Philippines, July 7, 2025. The training conducted between the U.S. and Philippine Air Force strengthens both the ability to respond together for potential future crises, contingencies and natural disasters. (U.S. Air Force photo by Airman 1st Class Aden Brown) (Image blurred for operational security)

    “We worked closely with the PAF pilots, and it was clear they are professional and highly capable aviators that employ their weapon systems with skill and precision,” said Capt. Tobey Fisher, 421st Mission Generation Force Element F-35A instructor pilot. “Additionally, this exercise afforded the 421st MGFE the opportunity to operate at a remote airfield with minimal support.”

    The F-35A maintenance team supported Cope Thunder 25-2 with a lean, agile team, operating with roughly one-third of the personnel they typically have at their home station.

    “It’s really cool to see such a small team come here and execute the mission,” said Maj. Clinton Bialcak, 421st Fighter Generation Squadron commander, referring to executing the F-35 maintenance mission. “I think everyone in the region, in the world and in the Department of Defense sees that we can do it and they can rely on us.”

    The U.S. Air Force’s participation reflects ongoing efforts to strengthen coordination with regional allies and partners.

    MIL Security OSI –

  • MIL-OSI Security: Defense News in Brief: USS Thomas Hudner Returns from Deployment to 4th and 6th Fleet

    Source: United States Navy

    The Arleigh Burke-class guided-missile destroyer USS Thomas Hudner (DDG 116) returned to Naval Station Mayport July 23, concluding a five-month deployment across multiple geographic theaters, including the U.S. 4th and 6th Fleet areas of operations.

    The crew departed Feb. 18, 2025, with their mission focused on strengthening international maritime security and relations with partner nations in the U.S. Southern Command area of responsibility. Shortly after arrival on station, Thomas Hudner welcomed the Honorable Pete Hegseth, Secretary of Defense, who recognized Thomas Hudner’s high-performing Sailors during his tour of Naval Support Activity (NSA) Guantanamo Bay facilities.

    Upon departing NSA Guantanamo Bay, Thomas Hudner conducted trilateral operations in the Caribbean Sea with the Ticonderoga-class guided-missile cruiser USS Normandy (CG 60), the United Kingdom Royal Navy River-class offshore patrol vessel HMS Medway (P 223) and the Royal Netherlands Navy Holland-class offshore patrol vessel HNLMS Groningen (P843), enhancing interoperability among Allied naval forces. Thomas Hudner also conducted freedom of navigation operations off the coast of Cuba, reinforcing the U.S. Navy’s commitment to unity, security, and stability in the Caribbean, Central and South American maritime regions.

    “The crew of Thomas Hudner has consistently proven their unwavering commitment in safeguarding America’s national security interests and maintaining the U.S. Navy’s maritime dominance worldwide,” said Cmdr. Cameron Ingram, commanding officer of Thomas Hudner. “I could not be more proud of my team!”

    Throughout their deployment in the U.S. European Command area of responsibility, Thomas Hudner’s crew trained and engaged in a variety of activities, from maritime security operations to joint exercises with Allied and partner navies in the European theater.

    Thomas Hudner participated in several notable exercises, including Formidable Shield 2025, executed alongside 11 NATO Allies in the North and Norwegian Seas and North Atlantic Ocean. During Formidable Shield 2025, Thomas Hudner executed joint, live-fire Integrated Air and Missile Defense (IAMD) training utilizing NATO command and control reporting structures to enhance interoperability among Allied naval forces.

    Thomas Hudner also conducted several port visits and collaborative operations with Norway, the United Kingdom, Spain and Greece, reinforcing the U.S. Navy’s commitment to unity, security and stability in the region. During the 81st anniversary of D-Day landings in Normandy, Thomas Hudner also had the honor of representing the U.S. Navy and hosting a reception with Adm. Stuart B. Munsch, commander, U.S. Naval Forces Europe-Africa, and various other distinguished government and military leaders in the European theater.

    Following operations in U.S. 6th Fleet’s northern flank, Thomas Hudner was assigned to conduct national tasking in the Eastern Mediterranean supporting Operation Cobalt Shield. Through this mission, Thomas Hudner successfully conducted maritime security operations and promoted regional stability while executing ballistic missile defense operations.

    Thomas Hudner served as the flagship for multiple distinguished visitors throughout her deployment, including the Honorable Pete Hegseth, U.S. Defense Secretary; Air Force Gen. Dan Caine, Chairman of the Joint Chiefs of Staff; Adm. Christopher Grady, Vice Chairman of the Joint Chiefs of Staff; Adm. Alvin Holsey, commander, U.S. Southern Command; Adm. Stuart B. Munsch, commander, U.S. Naval Forces Europe-Africa; and members of the German, French and Royal navies.

    “Over the course of a five-month deployment, USS Thomas Hudner and her exceptional crew exemplified the strength of American naval power and international cooperation,” said Capt. Aaron Anderson, Commander, Naval Surface Group Southeast. “Their efforts reflect the strength of our commitment to maritime security and cooperation with our Allies.”

    Thomas Hudner is a multi-mission air warfare, undersea warfare, naval surface fire support, surface warfare and ballistic missile defense surface combatant capable of supporting carrier battle groups and amphibious forces, operating independently, or operating as the flagship of a surface action group.

    U.S. 2nd Fleet, reestablished in 2018 in response to the changing global security environment, develops and employs maritime ready forces to fight across multiple domains in the Atlantic and Arctic in order to ensure access, deter aggression and defend U.S., Allied, and partner interests.

    For more U.S. 2nd Fleet news and photos, visit facebook.com/US2ndFleet, https://www.c2f.usff.navy.mil/, X – @US2ndFleet, and https://www.linkedin.com/company/commander-u-s-2nd-fleet.

    MIL Security OSI –

  • MIL-Evening Report: Ultrafast fashion brand Princess Polly has been certified as ‘sustainable’. Is that an oxymoron?

    Source: The Conversation (Au and NZ) – By Harriette Richards, Senior Lecturer, School of Fashion and Textiles, RMIT University

    Carol Yepes/Getty Images

    Last week, the ultrafast fashion brand Princess Polly received B Corp certification. This certification is designed to accredit for-profit businesses that provide social impact and environmental benefit.

    Established on the Gold Coast in 2010, a 50% stake in Princess Polly was acquired by United States-based A.K.A. Brands in 2018.

    Since then, it has grown its global reach as a low-cost, high-turnover online retailer.

    So can ultrafast fashion ever be sustainable?

    Who is Princess Polly?

    Princess Polly distinguishes itself from other fast fashion retailers through a mission to “make on-trend, sustainable fashion accessible to everyone”.

    As part of this mission, Princess Polly is a participant of the United Nations Global Compact, which commits them to sustainable procurement. The 2024 Baptist World Aid Ethical Fashion Report placed them in the top 20% of 460 global brands assessed.

    Yet, on the sustainability rating website Good On You, Princess Polly receives a “Not Good Enough” grade, due to their lack of action on reducing plastic and textile waste or protecting biodiversity in their supply chains, and the absence of evidence that they pay their workers a living wage.

    Regardless of how they make their clothes, Princess Polly produces a lot. At the time of writing, the brand has 3,920 different styles available on their website (excluding shoes and accessories).

    Of those, 34% (1,355 styles) are listed as “lower impact,” which means items are made using materials such as organic cotton and linen, recycled polyester and cellulose fabrics. There are also 720 items on the website currently listed as “new”: their daily new arrivals means they are constantly adding fresh items for sale.

    Overproduction, no matter what the garments are made from, is inherently wasteful. Even when clothes are purchased (and 10–40% of the clothing produced each year is not sold), the poor quality of fast fashion items means that they end up in landfill faster and stay there for longer, contributing to the ongoing environmental disaster.

    Sustainability communication

    In Australia, 1,096 companies are accredited with B Corp status, including 152 fashion businesses.

    B Corp assesses the practices of a company as a whole, rather than focusing on one single social or environmental issue. Businesses must score at least 80 out of a possible 250+ points in the B Impact Assessment to achieve accreditation.

    Organisations are assessed in five key areas – community, customers, environment, governance and workers – and must meet high standards of social and environmental performance, transparency and accountability.

    Third-party accreditations such as B Corp, Fairtrade and Global Organic Textile Standard are often used by brands as a marketing tool.

    These certifications can enhance consumer trust without the need for detailed explanations. For fashion brands, accreditation can help them stand out in a crowded market. They can provide legitimacy, attract ethical fashion consumers and reduce consumer scepticism.

    While B Corp aims to provide assurance to consumers, activists have accused it of greenwashing. In 2022, the organisation came under fire for accrediting Nespresso, a brand owned by Nestlé, which has a reputation for poor worker rights and sourcing policies.

    B Corp is now facing renewed condemnation for issuing certification to Princess Polly.

    Who needs certification?

    Other B Corp certified Australian fashion brands such as Clothing the Gaps and Outland Denim have built their reputations on their ethical credentials. For values-driven fashion-based social enterprises such as these, accreditations can provide valuable guarantees regarding ethical processes.

    According to our research, however, there are several barriers fashion-based social enterprises face when pursuing ethical accreditation.

    The cost of accreditation, both financial and in terms of time, skills and resourcing, is a significant challenge. And there is no certification that covers all aspects of environmental sustainability and ethical production. As a result, fashion-based social enterprises often require multiple accreditations to fully communicate the breadth of their ethical commitments.

    Despite the costs involved, if fashion-based social enterprises don’t acquire certain certifications they risk being ineligible for government grants and tenders, such as social procurement contracts.

    Differences between fashion-based social enterprises and fast fashion brands are stark. While Clothing the Gaps, Outland Denim and Princess Polly now all hold B Corp certification, the former score much more highly on the B Impact Assessment.
    The value and credibility of the certification is diminished when it extends to unsustainable ultrafast fashion.

    Is it possible for fast fashion to ever be sustainable?

    The question of whether fast fashion can ever be sustainable has become increasingly heated since the advent of ultrafast fashion, where brands produce on demand and sell directly online.

    Fast fashion took seasonal trends from high fashion runways and made them available to consumers at low costs within weeks. Ultrafast fashion takes trends from social media and reproduces them extremely cheaply for mass consumption within days.

    Both fast and ultrafast fashion’s low-cost, high-volume models encourage consumers to value quantity over quality. Using permanent sales and discounts, these brands incentivise multiple purchases of items that may never actually be worn. Online “micro trends” and “haul” videos further spur this overconsumption.

    The overconsumption of fast fashion means lots of it ends up in landfill.
    Dipanjan Pal/Unsplash

    Princess Polly may be using more sustainable textiles and engaging in more ethical forms of production than some of its ultrafast fashion counterparts. But this is not enough when the business model itself is unsustainable. Accreditations such as B Corp are unable to account for this nuance.

    Princess Polly claims to make sustainable fashion, yet it is also proudly trend driven. As an ultrafast fashion brand, it relies on overproduction and overconsumption. The idea that this can ever be “sustainable” is simply an oxymoron.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Ultrafast fashion brand Princess Polly has been certified as ‘sustainable’. Is that an oxymoron? – https://theconversation.com/ultrafast-fashion-brand-princess-polly-has-been-certified-as-sustainable-is-that-an-oxymoron-261561

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Under Cantwell Pressure, Admin Releases Critical Wildfire Funds

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    07.24.25

    Under Cantwell Pressure, Admin Releases Critical Wildfire Funds

    Trump’s Office of Management and Budget had been withholding $20 million already allocated to WA state to prepare for and respond to wildfires

    WASHINGTON, D.C. — The federal Office of Management and Budget (OMB) has approved the Spend Plan for the over $280 million in overdue FY 2025 U.S. Forest Service State, Private and Tribal Forestry (SPTF) funding, including approximately $20 million for the Washington State Department of Natural Resources to use for firefighting training and equipment, forest management, and landscape restoration.

     

    “The State of Washington is in the middle of an active and dangerous wildfire season. After questioning the Chief of the Forest Service and the Secretary of Agriculture, I am pleased that Washington — and all states — are finally receiving the funding they need to prepare for and respond to wildfires this summer and in the future,” said U.S. Senator Maria Cantwell (D-WA), senior member of the Senate Committee on Energy and Natural Resources.

    “Thank you, Senator Cantwell, for your leadership in securing the release of fiscal year (FY) 2025 Forest Service funding for the State, Private, and Tribal Forestry programs,” said George Geissler, State Forester for Washington. “This critical funding was at risk of being included in a recission by the Trump Administration, but because of your efforts will now be put to work in support of forest health protection, private forest landowners, urban and community forests, and wildfire preparedness and response efforts across the State of Washington. On behalf of the Washington State Department of Natural Resources (DNR), we thank you for your tireless advocacy in support of our work.”

    SPTF funding is typically released to states months prior to the start of wildfire season to be used to train and equip state, local, and volunteer emergency responders and firefighters. This includes funding for fire academies, personal protection equipment, fire pumps, hoses, nozzles, and other safety gear. Delays risked the funding being rescinded by the Trump Administration and could degrade state and local efforts to prepare for and respond to wildfires this summer and in the future.

    On July 10, Sen. Cantwell questioned U.S. Forest Service Chief Tom Schultz about why the Trump Administration was withholding the SPTF funding.

    “It’s a budget that’s already been approved. So why aren’t we releasing the funds that go to the community so that they can best prepare for this fire season?” Sen. Cantwell asked during the July 10 Energy and Natural Resources Committee hearing.

    “We have not made a determination yet, but that’s something that is being evaluated,” Schultz responded. “We can’t commit that that’s for sure going to go out yet.”

    Video of Sen. Cantwell’s questioning of Schultz is HERE; a transcript is HERE.

    On July 16, Sen. Cantwell participated in a virtual briefing hosted by U.S. Secretary of Agriculture Brooke Rollins outlining the current wildfire situation and outlook across the western United States. During the briefing, she questioned Rollins on why OMB continued to withhold $280 million in SPTF funds.

    Nationally, state, local, and volunteer fire departments respond to roughly 80% of all wildfires each year. Last year DNR, along with local first responders, successfully kept over 93% of fires in Washington state at 10 acres or less. Funds from the SPTF can also be used for hazardous fuels work on non-federal land in the wildland urban interface (WUI), to recover land that has been burned, and for forest health management.

    The National Interagency Fire Center outlook predicts high wildfire risk across the entirety of Washington state from July through September 2025, and a high risk in Eastern and Central Washington in October. Six wildfires are currently burning in the state, and as of July 22, more than 37,000 acres have burned in the State of Washington this year.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Opening Remarks at Full Committee Mark Up of Interior-Environment and Transportation-Housing and Urban Development Bills

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

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

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, delivered the following opening remarks as the committee meets to consider the draft fiscal year 2026 Interior, Environment, and Related Agencies, and Transportation, Housing and Urban Development, and Related Agencies appropriations acts.

    Senator Murray’s opening remarks, as delivered, are below:

    “Thank you very much, Chair Collins, and thank you to Senator Murkowski and Senator Merkley, our Interior subcommittee leads, and Senators Hyde-Smith and Gillibrand, our THUD subcommittee leaders, for working so hard and working together to hammer out two bipartisan bills.

    “May not be the bills I would have written on my own, certainly more I would love to see us do and investments and accountability measures I’d like to see. But these bills are serious bipartisan compromises that reject many of the truly harmful cuts Trump and House Republicans are pushing for, and maintains crucial programs that help make sure folks back home have a roof over their heads; safe, reliable transportation; and clean air and water.

    “In the Interior bill, we were able to put together a bill that protects public lands and national parks, invests in fighting wildfires, helps live up to our obligations to Tribes, and invests in critical work protecting our environment—and our families.

    “And in the THUD bill, we were able to maintain crucial investments to address the housing crisis reject Trump’s deep cuts to rental assistance programs that make sure millions of families have a roof over their head and invest in transportation infrastructure across the board—including a much needed increase to hire more air traffic controllers.

    “These are worthwhile investments—and they show just what is possible if we work together and exactly why a bipartisan process is a better path for everyone than the Trump bills House Republicans seem intent on writing—or another slush fund CR.

    “Now, Russ Vought may want to break this process—and make it more partisan, he said so. He may want to set Congress on a track for a shutdown. But we, on this committee, can reject that partisan vision that hurts working families everywhere. And we can reject the painful cuts and policies they’re trying to inflict in our communities—just as these bills do.

    “In fact, I think most of us here recognize that we have to reject that path.

    “Because, at the end of the day—passing funding bills here in the Senate takes 60 votes.

    “And that means the Trump-Vought path is choosing a dead end and a shut down.

    “I won’t pretend the work ahead is going to be easy—I think every one of us knows, compromise means doing hard work, making hard choices.

    “And it requires trust—something that unfortunately continues to be chipped away at. I hope that trajectory can be reversed—and I look forward to more discussion on each of the bills before us today.”

    MIL OSI USA News –

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

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

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

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

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

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

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

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

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

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

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

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

    A summary of the bill is available HERE.

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

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

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

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

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

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

    A summary of the bill is available HERE.

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

    MIL OSI USA News –

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

    Source: US State of Oregon

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

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

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

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

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

    MIL OSI USA News –

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

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

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

    First Half 2025 Highlights

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

    Financial Summary

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

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

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

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

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

    Asset Summary

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

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

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

    Credit Quality Summary

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

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

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

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

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

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

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

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

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

    Liability Summary

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

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

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

    Stockholders’ Equity Summary

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

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

     

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

    ______________________________

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

     

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

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

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

    Visit our website at www.glacierbancorp.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

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

    First Half 2025 Highlights

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

    Financial Summary

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

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

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

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

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

    Asset Summary

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

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

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

    Credit Quality Summary

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

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

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

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

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

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

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

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

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

    Liability Summary

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

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

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

    Stockholders’ Equity Summary

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

    Income Summary

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

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

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

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

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

    Non-interest Expense Summary

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

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

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

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

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

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

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

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

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

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

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

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

     

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

    ______________________________

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

     

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

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

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

    Visit our website at www.glacierbancorp.com

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    PR N°C3350C

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

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

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

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

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

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

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

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

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

    Forward-looking Information

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

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

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

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

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

    For further information, please contact:

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

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

    1 Tire Pressure Monitoring Systems.

    Attachment

    The MIL Network –

  • MIL-Evening Report: Miles Franklin 2025: Siang Lu’s Ghost Cities is a haunting comedy about tyranny. Is it the funniest winner ever?

    Source: The Conversation (Au and NZ) – By Joseph Steinberg, Forrest Foundation Postdoctoral Fellow, English & Literary Studies, The University of Western Australia

    Siang Lu David Kelly/UQP

    The Miles Franklin judges described Siang Lu’s Ghost Cities, winner of the 2025 award, as “a grand farce and a haunting meditation on diaspora”. To my mind, it is perhaps the funniest novel ever to have won the Miles Franklin. In the last decade, its closest competitor would be Melissa Lucashenko’s boisterous, brilliant Too Much Lip.

    Turn the clock back a few more years, and it’d square off against the puerile humour of Tim Winton’s Cloudstreet, the zany folly of Peter Carey’s Oscar and Lucinda, and Thea Astley’s biting satire The Acolyte. It’d remain a strong contender even in such company.

    Lu earned a reputation for satire with his first novel, The Whitewash, in which he lampooned the racial politics of the film industry. Ghost Cities extends this skit, while dialling it up to 11.

    “Sitting within a tradition in Australian writing that explores failed expatriation and cultural fraud, Lu’s novel is also something strikingly new,” the judges said, praising its “absurdist bravura”.

    A comedy of tyranny

    Lu’s sense of humour relies on hyperbole. Over some 300 pages, the characters in Ghost Cities tie themselves in knots over a ludicrous series of edicts, demands and directives issued by a pair of dictators who grow crueller and more capricious with every chapter.

    Ghost Cities is a comedy of tyranny in two plots, told via alternating chapters. One begins in a semi-recognisable Sydney, then relocates to the fictitious ghost city of Port Man Tou; the other is a fable set in China’s Imperial City and its labyrinths millennia ago.


    Ghost Cities begins in the latter timeline, with the mock-heroic tale of Emperor Lu Huang Du’s ascension to the imperial throne and the beginning of his dictatorial rule. What defines his character, from the very first page, is his yawning ego; he yearns for an exceptional origin myth, a tale of patricide and regicide. The failure to fabricate myths of this kind later leads him to banish a trio of scholars to the Sixth Level of Hell and burn every book in the Imperial Library. What he wants is a hymn to his own “cunning, ruthless strategy and force of will”. But the truth is ignoble.

    Emperors should not come to power through inaction. They should not do so by “gawping as their purple-faced fathers clawed and sputtered on what would later be determined to be an awkwardly lodged chicken bone”. They should not “wait, in lacklustre fealty, for that final breathless minute to expire”. They should certainly not then proceed to order the death of every chicken in the land, because of the deranged belief “their traitorous bones were conspiring against His Imperial bloodline”. And they would be well advised not then to issue an edict forbidding the “breeding, eating and harbouring of poultry”, which leads the sons of “a hundred fallen agrarians” to swear vengeance.

    Perverse as he is, there is real pleasure to be found in tracking the consequences of Lu Huang Du’s whims. From his banishment of his brother, Lu Dong Pu, for the crime of intercepting an assassin’s blade, to his attempt to elude his prophesied death by conscripting a thousand lookalikes from among his citizens, the emperor is a character governed at every turn by an unspeakable fear of his own mortality.

    Through him, and the chapters that recount the consequences of his wildly temperamental rule in the form of an absurd fable, Lu offers a sharp yet entertaining study in the abuse of state power by the narcissistic and incompetent.

    Ghost Cities’ second dictator is a director named Baby Bao, who embarks on an egotistical undertaking of his own. His ambition is to create a “historical biopic of the infamous Indomitable Emperor Lu Huang Hu”, a self-styled piece of “cinematic history, a twenty-seven hour extravaganza – no intermission – in simultaneous worldwide release!”. Such a biopic would work primarily to reinforce his delusion that he is biologically “destined for greatness”, by illustrating his belief that his lineage can be traced to the emperor. The conceit makes gleefully explicit the egotism buried in so many artistic projects.

    The emperor is later opposed by his brother, Lu Dong Pu, and his nephew, Lu Shan Liang; his counterpart, Xiang Lu (note the resemblance of both their names to their author’s), is a phoney translator hired by the director after he goes viral for his ignorance of Chinese.

    Indecencies on indignities

    Siang Lu shares an interest in anagrams (and chess) with Russian-American writer Vladimir Nabokov, who appears in his own fiction under names such as Vivian Darkbloom and Adam von Librikov.


    Ghost Cities also includes a long, loosely iambic poem titled “Six Levels of Hell”, which narrates Lu Dong Pu’s escape from labyrinthine imprisonment beneath the Imperial City. Lu’s allusions to other texts are too various to properly discuss here. They include John Milton’s Paradise Lost, Dante’s Divine Comedy, Jorge Luis Borges’ Labyrinths, Nabokov’s Pale Fire and Italo Calvino’s Invisible Cities. These references extend Ghost Cities’ concern with the relationship between dictators, architects and artisans, rampaging gods and those humbler deities behind smaller creations.

    Women play an important role in Lu’s twin fables, albeit a comparatively subtle one. Wuer, first Lu Dong Pu’s wife and later (against her will) the Imperial Consort, records her husband’s torment in the poem Six Levels of Hell and mourns the death of Lu Shan Liang’s twin brother in a moving parenthetical aside. Yuan (who shares a name with Siang Lu’s wife), a translator and eventually Xiang Lu’s lover, is an intelligent interlocutor.

    But Ghost Cities is at its best when it piles indecencies on indignities – when it all goes totally wrong. When piglets are appointed to office. When the swine sits in the chair, and rules as it sees fit.

    Joseph Steinberg does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Miles Franklin 2025: Siang Lu’s Ghost Cities is a haunting comedy about tyranny. Is it the funniest winner ever? – https://theconversation.com/miles-franklin-2025-siang-lus-ghost-cities-is-a-haunting-comedy-about-tyranny-is-it-the-funniest-winner-ever-261584

    MIL OSI Analysis – EveningReport.nz –

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

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

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

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

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

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

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

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

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

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

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

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

    How does this deal address antisemitism?

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

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

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

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

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

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

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

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

    Is this a new issue?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    What signal does this agreement send to other universities?

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

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

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

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

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

    MIL OSI Analysis – EveningReport.nz –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Second Quarter 2025 Summary1

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

    CEO Commentary

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

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

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

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

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

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


    REVENUE REVIEW

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

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

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

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

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

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

    Noninterest Income             Change   Change
                2Q25 vs   2Q25 vs
    (Dollars in thousands) 2Q25   1Q25   2Q24   1Q25   2Q24
    Investment services and trust activities $ 3,705     $ 3,544     $ 3,504   5 %   6 %
    Service charges and fees   2,190       2,131       2,156   3 %   2 %
    Card revenue   1,934       1,744       1,907   11 %   1 %
    Loan revenue   1,417       1,194       1,525   19 %   (7)%
    Bank-owned life insurance   677       1,057       668   (36)%   1 %
    Investment securities gains, net   —       33       33   (100)%   (100)%
    Other   326       433       11,761   (25)%   (97)%
    Total noninterest income $ 10,249     $ 10,136     $ 21,554   1 %   (52)%
                       
    MSR adjustment (included above in Loan revenue) $ (264 )   $ (213 )   $ 129   24 %   (305)%

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

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

    EXPENSE REVIEW

    Noninterest Expense             Change   Change
                2Q25 vs   2Q25 vs
    (Dollars in thousands) 2Q25   1Q25   2Q24   1Q25   2Q24
    Compensation and employee benefits $ 21,011   $ 21,212   $ 20,985   (1)%   — %
    Occupancy expense of premises, net   2,540     2,588     2,435   (2)%   4 %
    Equipment   2,550     2,426     2,530   5 %   1 %
    Legal and professional   2,153     2,226     2,253   (3)%   (4)%
    Data processing   1,486     1,698     1,645   (12)%   (10)%
    Marketing   762     552     636   38 %   20 %
    Amortization of intangibles   1,252     1,408     1,593   (11)%   (21)%
    FDIC insurance   851     917     1,051   (7)%   (19)%
    Communications   161     159     191   1 %   (16)%
    Foreclosed assets, net   83     74     138   12 %   (40)%
    Other   2,918     3,033     2,304   (4)%   27 %
    Total noninterest expense $ 35,767   $ 36,293   $ 35,761   (1)%   — %
    Merger-related Expenses          
             
    (Dollars in thousands) 2Q25   1Q25   2Q24
    Compensation and employee benefits $ —   $ —   $ 73
    Equipment   —     —     28
    Legal and professional   —     40     462
    Data processing   —     —     251
    Communications   —     —     8
    Other   —     —     32
    Total merger-related expenses $ —   $ 40   $ 854

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

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

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

    BALANCE SHEET REVIEW

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

    Loans Held for Investment

    (Dollars in thousands)

    		 June 30, 2025   March 31, 2025   June 30, 2024  
    Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Commercial and industrial $ 1,226,265   28.0 % $ 1,140,138   26.5 % $ 1,120,983   26.1 %
    Agricultural   128,717   2.9     131,409   3.1     107,983   2.5  
    Commercial real estate                        
    Construction and development   280,918   6.4     293,280   6.8     351,646   8.2  
    Farmland   186,494   4.3     180,633   4.2     183,641   4.3  
    Multifamily   438,193   10.0     421,204   9.8     430,054   10.0  
    Other   1,407,469   32.1     1,425,062   33.0     1,348,515   31.5  
    Total commercial real estate   2,313,074   52.8     2,320,179   53.8     2,313,856   54.0  
    Residential real estate                        
    One-to-four family first liens   467,970   10.7     471,688   11.0     492,541   11.5  
    One-to-four family junior liens   188,671   4.3     182,346   4.2     176,105   4.1  
    Total residential real estate   656,641   15.0     654,034   15.2     668,646   15.6  
    Consumer   56,491   1.3     58,424   1.4     75,764   1.8  
    Loans held for investment, net of unearned income $ 4,381,188   100.0 % $ 4,304,184   100.0 % $ 4,287,232   100.0 %
                             
    Total commitments to extend credit $ 1,074,935       $ 1,080,300       $ 1,200,605      

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

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

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

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

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

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

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

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

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

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

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

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

    CREDIT QUALITY REVIEW

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

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

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

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


    CONFERENCE CALL DETAILS

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

    ABOUT MIDWESTONE FINANCIAL GROUP, INC.

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

    Cautionary Note Regarding Forward-Looking Statements

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

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


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED BALANCE SHEETS

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


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended   Six Months Ended
    (Dollars in thousands, except per share data) June 30,   March 31,   December 31,   September 30,   June 30,   June 30,   June 30,
      2025     2025     2024     2024       2024     2025     2024
    Interest income                          
    Loans, including fees $ 62,276   $ 59,462   $ 62,458   $ 62,521     $ 61,643   $ 121,738   $ 119,590
    Taxable investment securities   12,928     13,327     11,320     8,779       9,228     26,255     18,688
    Tax-exempt investment securities   699     703     728     1,611       1,663     1,402     3,373
    Other   1,517     1,247     3,761     785       242     2,764     660
    Total interest income   77,420     74,739     78,267     73,696       72,776     152,159     142,311
    Interest expense                          
    Deposits   25,665     25,484     27,324     29,117       28,942     51,149     56,668
    Short-term borrowings   19     25     115     5,043       5,409     44     10,384
    Long-term debt   1,754     1,791     1,890     2,015       2,078     3,545     4,181
    Total interest expense   27,438     27,300     29,329     36,175       36,429     54,738     71,233
    Net interest income   49,982     47,439     48,938     37,521       36,347     97,421     71,078
    Credit loss expense   11,889     1,687     1,291     1,535       1,267     13,576     5,956
    Net interest income after credit loss expense   38,093     45,752     47,647     35,986       35,080     83,845     65,122
    Noninterest income                          
    Investment services and trust activities   3,705     3,544     3,779     3,410       3,504     7,249     7,007
    Service charges and fees   2,190     2,131     2,159     2,170       2,156     4,321     4,300
    Card revenue   1,934     1,744     1,833     1,935       1,907     3,678     3,850
    Loan revenue   1,417     1,194     1,841     760       1,525     2,611     2,381
    Bank-owned life insurance   677     1,057     719     879       668     1,734     1,328
    Investment securities gains (losses), net   —     33     161     (140,182 )     33     33     69
    Other   326     433     345     640       11,761     759     12,369
    Total noninterest income (loss)   10,249     10,136     10,837     (130,388 )     21,554     20,385     31,304
    Noninterest expense                          
    Compensation and employee benefits   21,011     21,212     20,684     19,943       20,985     42,223     41,915
    Occupancy expense of premises, net   2,540     2,588     2,772     2,443       2,435     5,128     5,248
    Equipment   2,550     2,426     2,688     2,486       2,530     4,976     5,130
    Legal and professional   2,153     2,226     2,534     2,261       2,253     4,379     4,312
    Data processing   1,486     1,698     1,719     1,580       1,645     3,184     3,005
    Marketing   762     552     793     619       636     1,314     1,234
    Amortization of intangibles   1,252     1,408     1,449     1,470       1,593     2,660     3,230
    FDIC insurance   851     917     980     923       1,051     1,768     1,993
    Communications   161     159     154     159       191     320     387
    Foreclosed assets, net   83     74     56     330       138     157     496
    Other   2,918     3,033     3,543     3,584       2,304     5,951     4,376
    Total noninterest expense   35,767     36,293     37,372     35,798       35,761     72,060     71,326
    Income (loss) before income tax expense (benefit)   12,575     19,595     21,112     (130,200 )     20,873     32,170     25,100
    Income tax expense (benefit)   2,595     4,457     4,782     (34,493 )     5,054     7,052     6,012
    Net income (loss) $ 9,980   $ 15,138   $ 16,330   $ (95,707 )   $ 15,819   $ 25,118   $ 19,088
                               
    Earnings (loss) per common share                          
    Basic $ 0.48   $ 0.73   $ 0.79   $ (6.05 )   $ 1.00   $ 1.21   $ 1.21
    Diluted $ 0.48   $ 0.73   $ 0.78   $ (6.05 )   $ 1.00   $ 1.20   $ 1.21
    Weighted average basic common shares outstanding   20,816     20,797     20,776     15,829       15,763     20,807     15,743
    Weighted average diluted common shares outstanding   20,843     20,849     20,851     15,829       15,781     20,846     15,775
    Dividends paid per common share $ 0.2425   $ 0.2425   $ 0.2425   $ 0.2425     $ 0.2425   $ 0.4850   $ 0.4850


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FINANCIAL STATISTICS

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

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

      Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average Balance   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost
    ASSETS                                  
    Loans, including fees (1)(2)(3) $ 4,370,196   $ 63,298   5.81 %   $ 4,290,710   $ 60,443   5.71 %   $ 4,419,697   $ 62,581   5.69 %
    Taxable investment securities   1,168,048     12,928   4.44 %     1,207,844     13,327   4.47 %     1,520,253     9,228   2.44 %
    Tax-exempt investment securities (2)(4)   102,792     859   3.35 %     105,563     865   3.32 %     322,092     2,040   2.55 %
    Total securities held for investment(2)   1,270,840     13,787   4.35 %     1,313,407     14,192   4.38 %     1,842,345     11,268   2.46 %
    Other   104,628     1,517   5.82 %     124,133     1,247   4.07 %     20,452     242   4.76 %
    Total interest earning assets(2) $ 5,745,664   $ 78,602   5.49 %   $ 5,728,250   $ 75,882   5.37 %   $ 6,282,494   $ 74,091   4.74 %
    Other assets   426,985             440,296             431,079        
    Total assets $ 6,172,649           $ 6,168,546           $ 6,713,573        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                  
    Interest checking deposits $ 1,221,266   $ 2,101   0.69 %   $ 1,240,586   $ 2,127   0.70 %   $ 1,297,356   $ 3,145   0.97 %
    Money market deposits   986,029     6,057   2.46 %     1,002,743     6,333   2.56 %     1,072,688     7,821   2.93 %
    Savings deposits   843,223     3,161   1.50 %     835,731     3,057   1.48 %     738,773     2,673   1.46 %
    Time deposits   1,436,301     14,346   4.01 %     1,397,595     13,967   4.05 %     1,470,956     15,303   4.18 %
    Total interest bearing deposits   4,486,819     25,665   2.29 %     4,476,655     25,484   2.31 %     4,579,773     28,942   2.54 %
    Securities sold under agreements to repurchase   896     1   0.45 %     2,705     5   0.75 %     5,300     10   0.76 %
    Other short-term borrowings   —     18   — %     —     20   — %     442,546     5,399   4.91 %
    Total short-term borrowings   896     19   8.51 %     2,705     25   3.75 %     447,846     5,409   4.86 %
    Long-term debt   112,035     1,754   6.28 %     113,364     1,791   6.41 %     120,256     2,078   6.95 %
    Total borrowed funds   112,931     1,773   6.30 %     116,069     1,816   6.35 %     568,102     7,487   5.30 %
    Total interest bearing liabilities $ 4,599,750   $ 27,438   2.39 %   $ 4,592,724   $ 27,300   2.41 %   $ 5,147,875   $ 36,429   2.85 %
    Noninterest bearing deposits   912,097             922,164             935,151        
    Other liabilities   73,094             82,280             96,553        
    Shareholders’ equity   587,708             571,378             533,994        
    Total liabilities and shareholders’ equity $ 6,172,649           $ 6,168,546           $ 6,713,573        
    Net interest income(2)     $ 51,164           $ 48,582           $ 37,662    
    Net interest spread(2)         3.10 %           2.96 %           1.89 %
    Net interest margin(2)         3.57 %           3.44 %           2.41 %
                                       
    Total deposits(5) $ 5,398,916   $ 25,665   1.91 %   $ 5,398,819   $ 25,484   1.91 %   $ 5,514,924   $ 28,942   2.11 %
    Cost of funds(6)         2.00 %           2.01 %           2.41 %
                                             
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $272 thousand, $256 thousand, and $337 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Loan purchase discount accretion was $1.1 million, $1.2 million, and $1.3 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Tax equivalent adjustments were $1.0 million, $981 thousand, and $938 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $160 thousand, $162 thousand, and $377 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.    		      


    MIDWEST    ONE FINANCIAL GROUP, INC.
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

      Six Months Ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost
    ASSETS                      
    Loans, including fees (1)(2)(3) $ 4,330,659   $ 123,741   5.76 %   $ 4,358,957   $ 121,448   5.60 %
    Taxable investment securities   1,187,836     26,255   4.46 %     1,538,928     18,688   2.44 %
    Tax-exempt investment securities (2)(4)   104,170     1,724   3.34 %     325,414     4,137   2.56 %
    Total securities held for investment(2)   1,292,006     27,979   4.37 %     1,864,342     22,825   2.46 %
    Other   114,327     2,764   4.88 %     25,529     660   5.20 %
    Total interest earning assets(2) $ 5,736,992   $ 154,484   5.43 %   $ 6,248,828   $ 144,933   4.66 %
    Other assets   433,617             425,648        
    Total assets $ 6,170,609           $ 6,674,476        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest checking deposits $ 1,230,873   $ 4,228   0.69 %   $ 1,299,413   $ 6,035   0.93 %
    Money market deposits   994,340     12,390   2.51 %     1,087,616     15,886   2.94 %
    Savings deposits   839,498     6,218   1.49 %     716,458     4,720   1.32 %
    Time deposits   1,417,054     28,313   4.03 %     1,458,969     30,027   4.14 %
    Total interest bearing deposits   4,481,765     51,149   2.30 %     4,562,456     56,668   2.50 %
    Securities sold under agreements to repurchase   1,795     6   0.67 %     5,315     21   0.79 %
    Other short-term borrowings   —     38   — %     426,036     10,363   4.89 %
    Total short-term borrowings   1,795     44   4.94 %     431,351     10,384   4.84 %
    Long-term debt   112,696     3,545   6.34 %     121,761     4,181   6.91 %
    Total borrowed funds   114,491     3,589   6.32 %     553,112     14,565   5.30 %
    Total interest bearing liabilities $ 4,596,256   $ 54,738   2.40 %   $ 5,115,568   $ 71,233   2.80 %
    Noninterest bearing deposits   917,103             935,564        
    Other liabilities   77,662             92,581        
    Shareholders’ equity   579,588             530,763        
    Total liabilities and shareholders’ equity $ 6,170,609           $ 6,674,476        
    Net interest income(2)     $ 99,746           $ 73,700    
    Net interest spread(2)         3.03 %           1.86 %
    Net interest margin(2)         3.51 %           2.37 %
                           
    Total deposits(5) $ 5,398,868   $ 51,149   1.91 %   $ 5,498,020   $ 56,668   2.07 %
    Cost of funds(6)         2.00 %           2.37 %
                               
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $528 thousand and $574 thousand for the six months ended June 30, 2025 and June 30, 2024, respectively. Loan purchase discount accretion was $2.3 million and $2.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Tax equivalent adjustments were $2.0 million and $1.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $0.3 million and $0.8 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.    		  


    Non-GAAP Measures

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

    Tangible Common Equity/Tangible Book Value                    
    per Share/Tangible Common Equity Ratio   June 30,   March 31,   December 31,   September 30,   June 30,
    (Dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Total shareholders’ equity   $ 589,040     $ 579,625     $ 559,696     $ 562,238     $ 543,286  
    Intangible assets, net     (92,147 )     (93,399 )     (94,807 )     (96,257 )     (97,327 )
    Tangible common equity   $ 496,893     $ 486,226     $ 464,889     $ 465,981     $ 445,959  
                         
    Total assets   $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  
    Intangible assets, net     (92,147 )     (93,399 )     (94,807 )     (96,257 )     (97,327 )
    Tangible assets   $ 6,068,626     $ 6,160,995     $ 6,141,522     $ 6,456,225     $ 6,484,331  
                         
    Book value per share   $ 28.36     $ 27.85     $ 26.94     $ 27.06     $ 34.44  
    Tangible book value per share(1)   $ 23.92     $ 23.36     $ 22.37     $ 22.43     $ 28.27  
    Shares outstanding     20,769,577       20,815,715       20,777,485       20,774,919       15,773,468  
                         
    Common equity ratio     9.56 %     9.27 %     8.97 %     8.58 %     8.25 %
    Tangible common equity ratio(2)     8.19 %     7.89 %     7.57 %     7.22 %     6.88 %
       
    (1) Tangible common equity divided by shares outstanding.
    (2) Tangible common equity divided by tangible assets.    		  
       
        Three Months Ended   Six Months Ended
    Return on Average Tangible Equity   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Net income   $ 9,980     $ 15,138     $ 15,819     $ 25,118     $ 19,088  
    Intangible amortization, net of tax(1)     931       1,047       1,195       1,978       2,423  
    Tangible net income   $ 10,911     $ 16,185     $ 17,014     $ 27,096     $ 21,511  
                         
    Average shareholders’ equity   $ 587,708     $ 571,378     $ 533,994     $ 579,588     $ 530,763  
    Average intangible assets, net     (92,733 )     (94,169 )     (99,309 )     (93,447 )     (97,302 )
    Average tangible equity   $ 494,975     $ 477,209     $ 434,685     $ 486,141     $ 433,461  
                         
    Return on average equity     6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(2)     8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
       
    (1) The income tax rate utilized was the blended marginal tax rate.
    (2) Annualized tangible net income divided by average tangible equity.    		  
    Net Interest Margin, Tax Equivalent/
    Core Net Interest Margin    		   Three Months Ended   Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Net interest income   $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Tax equivalent adjustments:                    
    Loans(1)     1,022       981       938       2,003       1,858  
    Securities(1)     160       162       377       322       764  
    Net interest income, tax equivalent   $ 51,164     $ 48,582     $ 37,662     $ 99,746     $ 73,700  
    Loan purchase discount accretion     (1,142 )     (1,166 )     (1,261 )     (2,308 )     (2,413 )
    Core net interest income   $ 50,022     $ 47,416     $ 36,401     $ 97,438     $ 71,287  
                         
    Net interest margin     3.49 %     3.36 %     2.33 %     3.42 %     2.29 %
    Net interest margin, tax equivalent(2)     3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Core net interest margin(3)     3.49 %     3.36 %     2.33 %     3.42 %     2.29 %
    Average interest earning assets   $ 5,745,664     $ 5,728,250     $ 6,282,494     $ 5,736,992     $ 6,248,828  
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent net interest income divided by average interest earning assets.
    (3) Annualized core net interest income divided by average interest earning assets.         		  
          Three Months Ended   Six Months Ended
    Loan Yield, Tax Equivalent / Core Yield on Loans   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Loan interest income, including fees     $ 62,276     $ 59,462     $ 61,643     $ 121,738     $ 119,590  
    Tax equivalent adjustment(1)       1,022       981       938       2,003       1,858  
    Tax equivalent loan interest income     $ 63,298     $ 60,443     $ 62,581     $ 123,741     $ 121,448  
    Loan purchase discount accretion       (1,142 )     (1,166 )     (1,261 )     (2,308 )     (2,413 )
    Core loan interest income     $ 62,156     $ 59,277     $ 61,320     $ 121,433     $ 119,035  
                           
    Yield on loans       5.72 %     5.62 %     5.61 %     5.67 %     5.52 %
    Yield on loans, tax equivalent(2)       5.81 %     5.71 %     5.69 %     5.76 %     5.60 %
    Core yield on loans(3)       5.70 %     5.60 %     5.58 %     5.65 %     5.49 %
    Average loans     $ 4,370,196     $ 4,290,710     $ 4,419,697     $ 4,330,659     $ 4,358,957  
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent loan interest income divided by average loans.
    (3) Annualized core loan interest income divided by average loans.    		  
          Three Months Ended   Six Months Ended
    Efficiency Ratio   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Total noninterest expense     $ 35,767     $ 36,293     $ 35,761     $ 72,060     $ 71,326  
    Amortization of intangibles       (1,252 )     (1,408 )     (1,593 )     (2,660 )     (3,230 )
    Merger-related expenses       —       (40 )     (854 )     (40 )     (2,168 )
    Noninterest expense used for efficiency ratio     $ 34,515     $ 34,845     $ 33,314     $ 69,360     $ 65,928  
                           
    Net interest income, tax equivalent(1)     $ 51,164     $ 48,582     $ 37,662     $ 99,746     $ 73,700  
    Plus: Noninterest income       10,249       10,136       21,554       20,385       31,304  
    Less: Investment securities gains, net       —       33       33       33       69  
    Net revenues used for efficiency ratio     $ 61,413     $ 58,685     $ 59,183     $ 120,098     $ 104,935  
                           
    Efficiency ratio (2)       56.20 %     59.38 %     56.29 %     57.75 %     62.83 %
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.    		  
        Three Months Ended   Six Months Ended
    Adjusted Earnings   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands, except per share data)     2025       2025       2024     2025       2024  
    Net income   $ 9,980     $ 15,138     $ 15,819   $ 25,118     $ 19,088  
    Less: Investment securities gains, net of tax(1)     —       25       24     24       51  
    Less: Mortgage servicing rights (loss) gain, net of tax(1)     (196 )     (158 )     96     (355 )     (177 )
    Plus: Merger-related expenses, net of tax(1)     —       30       634     30       1,608  
    Less: Gain on branch sale, net of tax(1)     —       —       8,201     —       8,201  
    Adjusted earnings   $ 10,176     $ 15,301     $ 8,132   $ 25,479     $ 12,621  
                         
    Weighted average diluted common shares outstanding     20,843       20,849       15,781     20,846       15,775  
                         
    Earnings per common share – diluted   $ 0.48     $ 0.73     $ 1.00   $ 1.20     $ 1.21  
    Adjusted earnings per common share(2)   $ 0.49     $ 0.73     $ 0.52   $ 1.22     $ 0.80  
       
    (1) The income tax rate utilized was the blended marginal tax rate.
    (2) Adjusted earnings divided by weighted average diluted common shares outstanding.    		  
        For the Three Months Ended   Year Ended
    Pre-tax Pre-provision Net Revenue   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)   2025       2025       2024       2025       2024  
    Net interest income   $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Noninterest income     10,249       10,136       21,554       20,385       31,304  
    Noninterest expense     (35,767 )     (36,293 )     (35,761 )     (72,060 )     (71,326 )
    Pre-tax Pre-provision Net Revenue   $ 24,464     $ 21,282     $ 22,140     $ 45,746     $ 31,056  

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

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

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

    The MIL Network –

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

    US Senate News:

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

    MIL OSI USA News –

  • MIL-OSI USA: Issa, Stefanik Introduce the Modern Firearm Safety Act

    Source: United States House of Representatives – Congressman Darrell Issa (CA-50)

    WASHINGTON, D.C. – Today, Congressman Darrell Issa (CA-48) and Congresswoman Elise Stefanik (NY-21) reintroduced legislation to eliminate unconstitutional handgun rosters that prevent law-abiding citizens in California and New York from freely purchasing modern handgun models.   

    “For decades, the clear Constitutional rights of law-abiding gun owners have been targeted for elimination, and handgun rosters are only one of the cynical schemes used to undermine the Second Amendment through the pretense of firearm safety,” said Rep. Issa. “These rosters impose excessive and unnecessary requirements that actually restrict access to firearms equipped with the most up-to-date safety features, and that’s why I’m proud to partner with my friend Rep. Stefanik to defend sacred rights and end these unjust restrictions.”

    The Modern Firearm Safety Act prohibits all states from requiring gun manufacturers to adopt costly and unnecessary features – including loaded chamber indicators, magazine disconnect mechanisms, and microstamping – to sell firearms nationwide.  

    “I am proud to re-introduce the Modern Firearm Safety Act to end the unconstitutional gun-grabbing agenda thrust on law-abiding New York residents by Far-Left Democrats like Kathy Hochul. This legislation would ban Albany Democrats from imposing illegal handgun roster requirements meant to deter gun ownership. I will always protect American citizens’ Second Amendment rights and provide a critical check to any entity attempting to encroach on their liberties,” said Chairwoman Stefanik. 

    “Liberal states use handgun rosters to violate the Second Amendment rights of law-abiding citizens. The Modern Firearm Safety Act will put a stop to these unconstitutional rosters and uphold Americans’ right to bear arms,” said Rep. Gooden. 

    “Gun control governors are far too ready and willing to sign into law antigun policies sent to their desks by legislatures that do not respect the Second Amendment rights of law-abiding Americans. That includes policies passed under the guise of ‘gun safety,’ that penalize responsible and lawful gun owners while doing nothing to improve community safety or hold criminals accountable,” said Lawrence G. Keane, NSSF Senior Vice President for Government and Public Affairs. “The Modern Firearm Safety Act, sponsored by Congressman Darrell Issa (R-CA) and House Republican Leadership Chairwoman Elise Stefanik (R-NY), would ban states from enacting laws mandating unproven and unconstitutional infringements and would instead protect the Constitutional rights of law-abiding citizens and the highly regulated, lawful businesses that provide the means necessary for citizens to exercise their right to keep and bear arms. NSSF thanks Congressman Issa and Chairwoman Stefanik for their leadership on this effort.”

    “By eliminating outdated, burdensome, and unnecessary restrictions, the Modern Firearm Safety Act ensures access to safer, more advanced firearms for law-abiding citizens,” said Brian R. Marvel, President of the Peace Officers Research Association of California (PORAC). “We appreciate Representative Issa’s leadership on this critical legislation that upholds constitutional rights while ensuring peace officers and responsible citizens have access to modern, safe firearms essential for their duties and personal safety.”

    For too long, states like California and New York have attempted to end-run the rights of law-abiding Americans by requiring them to select from a limited, pre-approved “handgun roster,” solely designed to restrict the sale of new semi-automatic handguns. These rosters mandate unwanted and unnecessary features that go beyond the industry standard, driving up costs while limiting the ability to purchase a safe and reliable firearm best suited for that individual’s situation,” said John Commerford, Executive Director of NRA-ILA. “The NRA thanks Representatives Darrell Issa and Elise Stefanik for their leadership on this issue and applauds the introduction of this vital legislation that would ensure the ability of NRA members and lawful firearm owners everywhere to exercise their Second Amendment rights as they see fit.”

    Cosponsors include: Congresswoman Claudia Tenney (NY-24), Congressman Mike Collins (GA-10), Congressman Lance Gooden (TX-05), Congressman Andy Biggs (AZ-05), Congressman Pat Fallon (TX-04), Congressman Cory Mills (FL-07), and Congressman Chuck Fleischmann (TN-03). 

    The bill text can be found here.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Rejects Lifetime Judicial Appointment of Unfit Trump Loyalist Emil Bove

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), a member of the Senate Judiciary Committee, issued the following statement after voting against advancing the nomination of Third Circuit Court of Appeals nominee Emil Bove, one of Trump’s personal lawyers with an extensive track record of spreading misinformation and enacting political retribution:

    “With their votes today, Republicans turned a blind eye to Emil Bove’s lies, vindictiveness, and abuse of power to rubber-stamp one of President Trump’s most dangerous judicial nominees.

    “This is a man who dropped the charges against New York Mayor Eric Adams in exchange for his cooperation with the President’s cruel anti-immigrant agenda. A man who fired the investigators and prosecutors uncovering the truth about the January 6 insurrection. A man who has vowed to ignore courts’ lawful orders when they keep the President from doing what he wants.

    “President Trump’s litmus test for selecting his nominees is not experience or dedication to our country, or commitment to the truth or the rule of law — it’s only loyalty to him and his extreme agenda. Bove has made it clear that he won’t let the law prevent him from satisfying the President’s whims. My colleagues have one last chance to uphold their advice and consent responsibilities and reject Bove’s final confirmation.”

    Last week, Padilla and Senate Judiciary Committee Democrats boycotted Bove’s markup vote in response to Republicans’ flagrant violation of Committee rules to jam the nominees through without debate. Padilla also joined CNN’s “The Lead with Jake Tapper” to speak out against Bove’s extensive track record of unethical and unprofessional conduct and political retaliation.

    During Bove’s Senate Judiciary Committee nomination hearing, Padilla slammed him for his role in firing dozens of Department of Justice (DOJ) prosecutors who worked on January 6 cases and the DOJ’s decision to drop the corruption charges against New York Mayor Eric Adams in exchange for assistance with President Trump’s mass deportations. Last week, Padilla joined Senate Judiciary Committee Democrats in calling for Chairman Chuck Grassley (R-Iowa) to schedule a hearing to collect testimony from Mr. Erez Reuveni, former Acting Deputy Director for the Office of Immigration Litigation at the Department of Justice, who disclosed allegations of misconduct and documentation regarding Bove. Previously, Padilla joined Senate Judiciary Democrats in requesting personnel records relevant to Bove from Interim U.S. Attorney for the Southern District of New York Jay Clayton. Padilla and Senate Judiciary Democrats also filed a professional misconduct complaint against Bove with the New York State Bar, citing reported misconduct in moving to dismiss charges against Mayor Adams.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Shortcomings in the EU’s support to firefighters and the need to improve training and stability for volunteer firefighters – E-002873/2025

    Source: European Parliament

    Question for written answer  E-002873/2025
    to the Commission
    Rule 144
    Aldo Patriciello (PfE)

    In recent years, according to the European Forest Fire Information System, more than 500 000 hectares of natural area have been destroyed by forest fires in the EU, with Italy, Spain, Greece and Portugal among the most affected countries.

    The EU promotes initiatives such as the exchange of good practices and the Civil Protection Mechanism, but these instruments are insufficient and fragmented, and do not have any structural impact on the most vulnerable territories.

    In particular, volunteer firefighters, who are key to managing forest fires, suffer from lack of training, recognition and job stability, limiting their ability to work effectively and safely.

    In the light of this:

    • 1.Will the Commission fund training courses and specific programmes to offer stable conditions to volunteer firefighters and professionally integrate them into the Member States’ national bodies?
    • 2.Will it allocate dedicated resources for the training, support and stable employment of volunteer firefighters, especially in the countries most affected by forest fires?

    Submitted: 15.7.2025

    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Kelly, Morelle, Langworthy, Houlahan lead bipartisan effort to squash the invasive Spotted Lanternfly

    Source: United States House of Representatives – Representative Mike Kelly (R-PA)

    WASHINGTON, D.C. — This week, U.S. Representatives Mike Kelly (R, PA-16), Joe Morelle (D, NY-25), Chrissy Houlahan (D, PA-06), and Nick Langworthy (R, NY-23) introduced bipartisan legislation to stop the spread of the Spotted Lanternfly, an invasive species that poses a significant threat to the American agricultural economy.

    “Agriculture plays a vital role in Pennsylvania’s economy, especially in my district which is home to many family farms and agricultural businesses,” said Rep. Kelly. “In Pennsylvania alone, the Spotted Lanternfly could cost hundreds of millions of dollars in economic damage and eliminate thousands of agricultural jobs. We must protect our farmers and harvesters from this invasive and dangerous threat.”

    “It’s hard to visit the Finger Lakes without enjoying our amazing vineyards and orchards, but sadly, they’re under serious threat from the Spotted Lanternfly,” said Congressman Morelle. “My legislation would provide additional support for both local and national organizations committed to fighting back against this invasive, destructive pest. I’m grateful to Representatives Kelly, Houlahan, and Langworthy for joining me in supporting this critical bill, and I hope to see it passed and signed into law soon.”

    “Across our community, I hear time and again about how devastating these pests can be. Whether you’re a farmer, a homeowner, or just someone who enjoys the delicious produce grown by our community’s farmers, the invasive Spotted Lanternfly poses a serious problem,” said Rep. Houlahan. “I’m glad to join this bipartisan group of leaders who are once again stepping up to unlock new research funding on eradicating these insects. I was thrilled to see this legislation included last year in both the House and Senate drafts of the Farm Bill and remain optimistic that this year, we will be able to push this legislation forward to deliver these badly needed funds.”

    “The Spotted Lanternfly infestation continues to wreak havoc across Western New York and the Southern Tier, especially devastating our grape crops,” said Congressman Langworthy. “Year after year, this invasive pest inflicts severe damage, threatening not only our crops but the livelihoods of hardworking farmers and the very future of our agricultural communities. This crisis can no longer be ignored. I’m proud to lead this bipartisan effort to safeguard our crops, protect our local farmers’ livelihoods, and preserve the future of our agricultural communities.”

    BACKGROUND

    The Spotted Lanternfly Research and Development Act designates the Spotted Lanternfly as a high-priority research and extension initiative under the National Institute of Food and Agriculture. This designation authorizes the Secretary of Agriculture to make competitive grants available for research projects related to the mitigation of this invasive species so we can find creative solutions to stop the spread before Pennsylvania’s cash crops are further decimated.

    How you can help stop the spread:

    • Learn how to identify the Spotted Lanternfly.
    • Inspect outdoor items such as firewood, vehicles, and furniture for egg masses.
    • If you visit other states with Spotted Lanternfly, be sure to check all equipment and gear before leaving and scrape off any egg masses.
    • Report sightings by completing this form.
    • If you see a Spotted Lanternfly, kill it immediately by stepping on it or crushing it.

    MIL OSI USA News –

  • MIL-OSI USA: Bacon, Tonko, Fitzpatrick, and Markey Introduce Community Mental Wellness & Resilience Act

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Bacon, Tonko, Fitzpatrick, and Markey Introduce Community Mental Wellness & Resilience Act

    Bipartisan legislation bolsters mental wellness & resilience to traumas caused by natural disasters

    WASHINGTON, DC — Representatives Don Bacon (R-NE), Paul D. Tonko (D-NY), Brian Fitzpatrick (R-PA), and Senator Edward Markey (D-MA) today reintroduced H.R. 4744, the Community Mental Wellness & Resilience Act, a bipartisan bill that tackles the nation’s mental health crisis by addressing the extensive community trauma caused by natural disasters. This innovative legislation will empower communities through a new federal grant program to craft their own locally specific responses to the mental health problems caused by disasters and toxic stresses.

    “The mental health crisis affecting our communities is one of the most serious challenges of our time. We need comprehensive, community-driven solutions that empower local leaders to develop and implement programs that work for their specific needs,” said Congressman Don Bacon. “The bipartisan Community Mental Wellness and Resilience Act puts the power back in the hands of our communities to create meaningful, lasting change in mental health care.” 

    “Extreme weather disasters don’t just wreak havoc on our homes, economies, and infrastructure — they inflict lasting trauma and mental harm for those both directly impacted and far beyond the affected area,” Congressman Tonko said. “We need to provide compassionate, evidence-informed solutions to support our communities. That’s why I’m leading this bipartisan legislation in partnership with my colleagues. We’ll continue working to further mental wellness and equip our communities with the resources they need to meet and overcome these traumas.”

    “Communities are struggling to meet the current need for mental health services, and as the climate crisis worsens, unprecedented disasters will only cause more unprecedented harm to our physical and mental health,” said Senator Markey.“Heat waves, flash floods, wildfires, and droughts leave devastation and trauma in their wake. My Community Mental Wellness and Resilience Act would give communities the help they need to protect residents’ mental health, especially those in rural and underserved communities that are getting hit first and worst by disasters and have the fewest resources to deal with them.”

    “For too long, our disaster response has focused solely on physical recovery, while the mental and emotional toll has gone unaddressed. This bipartisan legislation corrects that imbalance by treating mental health as a core component of our public health and emergency preparedness strategy. By investing in evidence-based, community-driven solutions, we’re not just helping communities rebuild—we’re helping them heal,” said Congressman Brian Fitzpatrick.  

    In 2024, Mental Health America reported that nearly 23 percent of U.S. adults (~60 million people) experienced a diagnosed mental illness, with more than 5 percent facing severe conditions. Natural disasters only exacerbate the problem. Consequently, the number of people who experience a mental health problem as a result of a natural disaster often outweigh those with physical injuries by 40 to 1.

    The Community Mental Wellness and Resilience Act will:

    • Establish a competitive grant program at the Department of Health and Human Services (HHS) to create, operate, or expand community-based programs that use a public health approach to build mental wellness and resilience
    • These programs will work to enhance the capacity of all residents for mental wellness and resilience to prevent and heal mental health problems generated by disasters and toxic stresses
      • Incorporates a set-aside to help address rural mental health disparities
    • Community initiatives will build their own strategies to enhance and sustain population-level mental wellness and resilience, with specific attention to high-risk individuals

    More than 110 organizations support Rep. Tonko’s legislation, including: Alliance of Nurses for Healthy Environments, American Foundation for Suicide Prevention, American Lung Association, American Psychiatric Association, American Public Health Association, International Transformational Resilience Coalition,  Mental Health America, Moms Clean Air Force, National Association of Pediatric Nurse Practitioners, National Association of Social Workers, National League for Nursing, Rural Opportunity Institute, The Kennedy Forum, and YMCA of the USA.

    A full list of supporting organizations and their quotes can be found HERE.

    A fact sheet on the legislation can be found HERE.

    ###

    MIL OSI USA News –

  • MIL-OSI Canada: Canada and Manitoba announce support for livestock producers affected by drought conditions  

    Source: Government of Canada News (2)

    July 24, 2025 – Winnipeg, Manitoba – Agriculture and Agri-Food Canada

    The governments of Canada and Manitoba are announcing support measures to aid Manitoba’s livestock producers affected by drought conditions, federal Minister of Agriculture and Agri-Food Heath MacDonald and Manitoba Agriculture Minister Ron Kostyshyn announced today.

    Manitoba Agricultural Services Corporation (MASC) will provide support measures through its AgriInsurance program, improving cashflow for livestock producers needing to secure additional feed.

    For claim calculation purposes, MASC will be applying a quality adjustment factor to reduce yield appraisals by 40% for drought-stricken cereal crops (all varieties of wheat, oats, barley, fall rye, triticale, and grain corn) that are converted to livestock feed. This quality adjustment was last implemented in 2021 and contributed to over 100,000 acres of grain crops being converted to livestock feed.

    Changes for producers with AgriInsurance coverage on forage and pastures include:

    • Deferred premium deductions on payments for Forage Insurance claims made prior to October 1, 2025
    • Partial claim payments on Forage Insurance and Pasture Days Insurance claims, when feasible
    • Ability for livestock to graze on insured forages after the first cut without impact on claim calculation

    MASC will also offer lending clients an opportunity to defer loan payments and will provide guidance on appropriate options to finance feed purchases, if needed.

    AgriInsurance is a federal-provincial-producer cost-shared program. Support for the program is provided by the governments of Canada and Manitoba under the Sustainable Canadian Agricultural Partnership. 

    MIL OSI Canada News –

  • MIL-OSI Security: Little Water Man Charged with Assault for 2024 Incident

    Source: US FBI

    ALBUQUERQUE – A Little Water man has been charged with assault resulting in serious bodily injury following an incident in 2024.

    According to court documents, on July 29, 2024, Anthony Sandoval, 40, an enrolled member of the Navajo nation, assaulted the victim with a rifle and the assault resulted in serious bodily injury.

    Sandoval is charged with assault with a dangerous weapon, assault resulting in serious bodily injury and using and carrying a firearm during and in relation to a crime of violence. Sandoval will remain in third party custody pending trial, which has not yet been scheduled. If convicted of the current charges, Sandoval faces up to 10 years in prison.

    U.S. Attorney Ryan Ellison and Philip Russell, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Nation Police Department and Navajo Department of Criminal Investigations. Assistant U.S. Attorney Nicholas J. Marshall is prosecuting the case.

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

    MIL Security OSI –

  • MIL-OSI Canada: Top guns return, nationals on target in Taber

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  

    Source: Republic of China Taiwan

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-07-01
    President Lai meets delegation from 2025 Taiwan International Ocean Forum
    On the afternoon of July 1, President Lai Ching-te met with a delegation from the 2025 Taiwan International Ocean Forum (TIOF). In remarks, President Lai noted that the people of Taiwan will continue to work with democratic partners throughout the world in a maritime spirit of freedom and openness to contribute to ocean governance and jointly ensure maritime security. He expressed hope that their visit will help forge stronger friendships between Taiwan and international maritime partners, so that all can work together to spur shared maritime prosperity and sustainable development for the next generation. A translation of President Lai’s remarks follows: I want to thank our guests for coming here to the Presidential Office. The 2025 TIOF will take place tomorrow and the day after, and I thank you all for making the long trip to Taiwan to attend the event and share your valuable insights and experiences. This year’s forum will focus on strategies for strengthening maritime security and pathways to achieving a sustainable blue economy. By attending this forum, our guests are highlighting their commitment to safeguarding the oceans, and beyond that, taking concrete action to demonstrate support for Taiwan. I once again offer deepest gratitude on behalf of the people of Taiwan. Taiwan holds a key position on the first island chain, is one of the world’s top 10 shipping nations, and accounts for close to 10 percent of global container shipping by volume. As such, Taiwan occupies a unique and important position in maritime strategy. For Taiwan, the ocean is more than just a basis for survival and development; it is also an important driver of national prosperity. In my inaugural address last year, I spoke of a threefold approach to further Taiwan’s development. One of these involves further developing our strengths as a maritime nation. Our government must actively help deepen our connections with the ocean, and must continue to promote green shipping, a sustainable fishing industry, marine renewable energy, and other forms of industrial transformation. It must also make use of marine technology and digital innovation to create a new paradigm that balances environmental, economic, and social inclusion concerns. This will help enhance Taiwan’s responsibilities and competitiveness as a maritime nation. Taiwan is surrounded by ocean, and our territorial waters are a natural protective barrier. However, continued gray-zone aggression from China creates serious threats and challenges to peace and stability in the Taiwan Strait. Our government continues to invest resources to deal with increasingly complex maritime security issues. In addition to building coast guard patrol vessels, we must also step up efforts to build underwater, surface, and airborne unmanned vehicles and smart reconnaissance equipment, so as to demonstrate Taiwan’s determination to defend democracy and freedom and commitment to maintaining peace and stability in the Taiwan Strait. Oceans are Taiwan’s roots, and provide the channels by which we engage with the world. The people of Taiwan will continue to work with democratic partners throughout the world in a maritime spirit of freedom and openness to contribute to ocean governance and jointly ensure maritime security. The TIOF was first launched in 2020, and has now become an important platform for enhancement of cooperation between Taiwan and other countries. I hope that our distinguished guests will reap great benefits at this year’s forum, and further hope that this visit will help forge stronger friendships between Taiwan and international maritime partners, so that all can work together to spur shared maritime prosperity and sustainable development for the next generation. Chairman of The Washington Times Thomas McDevitt, a member of the delegation, then delivered remarks, noting first that July 4th, this Friday, is Independence Day in America. Independence is a sacred, powerful word which has great meaning in this part of the world, he said. Chairman McDevitt indicated that Taiwan has truly become a global beacon of democracy and a key partner for many nations. He then quoted President Lai’s 2024 inaugural address: “We will work together to combat disinformation, strengthen democratic resilience, address challenges, and allow Taiwan to become the MVP of the democratic world.” Chairman McDevitt went on to say that he appreciated the president’s speech with regard to his philosophical depth, sensitivity, and both moral and political clarity. He said that he was deeply moved by the speech, but within a few days of it, China responded with military activities and many threats. The chairman then emphasized that we are in a civilization crisis. Chairman McDevitt mentioned that President Lai has begun a series of 10 lectures, and remarked that they would help the world to understand the identity and the nature of Taiwan, as well as the situation we are in in the world. On behalf of all the delegation, Chairman McDevitt thanked the president for his leadership in dealing with these issues thoughtfully. Chairman McDevitt concluded with a line from the Old Testament which states that if the people have no vision, they will perish. He said that he believes Taiwan’s president has led the people of Taiwan, and the world, with a vision of how to navigate this great civilization crisis together. The delegation also included Members of the Japanese House of Representatives Kikawada Hitoshi, Aoyama Yamato, and Genma Kentaro, and Member of Parliament of the United Kingdom Gavin Williamson.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

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

    Source: The Conversation – USA (2) – By Brendan Cantwell, Associate Professor of Higher, Adult, and Lifelong Education, Michigan State University

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

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

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

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

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

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

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

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

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

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

    How does this deal address antisemitism?

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

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

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

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

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

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

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

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

    Is this a new issue?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    What signal does this agreement send to other universities?

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

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

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

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

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

    MIL OSI –

  • MIL-OSI USA: News 07/24/2025 VIDEO: Blackburn Slams Democrats for Obstructing President Trump’s Agenda and Will of the American People

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)

    WASHINGTON, D.C. – U.S. Senator Marsha Blackburn (R-Tenn.) delivered remarks on the Senate floor slamming Democrats for obstructing the voting process on President Trump’s nominees, his efforts to enforce our immigration laws and secure the border, and his America First policies in the courts:

    Click here to download Senator Blackburn’s remarks on the Senate floor. 

    REMARKS AS PREPARED

    While Republicans Work to Deliver Wins for the American People, Democrats Are Obstructing President Trump’s Agenda

    In November, President Trump and Republicans received a powerful mandate from the American people to secure our border, strengthen our economy, rein in wasteful spending, and Make America Great Again.

    By passing the One Big Beautiful Bill, we delivered on this mandate by securing…

    The largest tax cut in U.S. history—including reduced taxes on tips and overtime, a $6,000 bonus deduction for seniors, and the permanent extension of President Trump’s 2017 tax cuts;

    It also reduces the burden of the death tax for millions, providing critical relief for family-owned businesses and farmers;

    It bolsters our Armed Forces with a $150 billion increase in military spending;

    It provides the largest-ever investment in border security so that we can complete the border wall and hire thousands of new Border Patrol Agents;

    It strengthens Medicaid by rooting out waste, fraud, and abuse in the program;

    It restores fiscal sanity by eliminating hundreds of billions of dollars in far-left spending;

    And it accomplishes so much more.

    These are huge wins for the American people. But our work is far from finished.

    Democrats Are Hurting Americans by Obstructing President Trump’s Nominees

    At the top of the list: confirming President Trump’s nominees.

    The President deserves to have his team in place to enact his America First agenda.

    But instead of working with us to carry out the will of the American people, our colleagues across the aisle have chosen to obstruct at any cost.

    Right now, we have 135 pending nominations in the Senate.

    There is absolutely zero reason we should have this backlog—especially with such important nominations:

    U.S. ambassadorships to the Vatican, the Netherlands, Chile, Greece, and the European Union;

    Seven federal judgeships;

    U.S. Attorneys;

    Under Secretaries for the Departments of Veterans Affairs and the Navy;

    The Commissioner of the Securities and Exchange Commission;

    And much more.

    Democrats, however, are trying to slow down the voting process on these qualified nominees as much as possible.

    They’re losing at the ballot box, in the halls of Congress, and in the courts—so stalling is all they have left to spite the President.

    They might think that they are hurting Republicans. In reality, they are hurting the American people.

    Every single day that goes by with stalled nomination votes is another day that these qualified nominees are unable to get to work on behalf of our country.

    Democrats’ Obstruction Is Nothing New – Recent Disclosures Show Obama Manufactured Russia Collusion Hoax to Derail President Trump

    Unfortunately, this obstruction is nothing new.

    With the recent disclosures from Director of National Intelligence Gabbard, we are learning even more about how President Obama and Democrats manufactured the Russia Hoax to try to derail President Trump’s first term.

    Activist Judges Have Blocked Lawful Orders from President Trump in Attempts to Obstruct His Agenda

    For months, far-left activist judges undermined our Constitution by blocking lawful orders from the Trump administration in a brazen effort to decide nationwide policy.

    Their abuse of power only came to an end when the Supreme Court reined in the use of nationwide injunctions.

    Democrats Have Obstructed ICE Agents from Enforcing Immigration Law

    And more recently, we’ve seen Democrats try their best to obstruct a core part of the America First agenda: Securing our border.

    Americans want our border to be secure. And they want criminal illegal aliens removed from their communities. 

    Across the country, ICE and Border Patrol agents have been hard at work carrying out this mandate and arresting criminals who have no right to be in our country.

    Yet Democrats are working to vilify and undermine our brave federal law enforcement.

    We’ve seen congressional Democrats try to storm ICE facilities—including a House member who faces federal charges for assaulting an ICE officer.

    They’ve smeared ICE agents who are risking their lives to protect our country, comparing them to “secret police” and the Nazis.

    They’ve pushed legislation that would prohibit officers from wearing masks, exposing them and their families to targeted harassment.

    This is all happening as ICE officers face an 830 percent surge in assaults.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: TARIFFS UP, TOURISM DOWN – AND UPSTATE NY IS PAYING THE PRICE; NEW DATA SHOWS CANADIAN BORDER CROSSINGS CONTINUE TO PLUMMET AS TRUMP THREATENS TO FURTHER INCREASE TARIFFS NEXT WEEK, CROSSINGS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer

    Trump Is Threatening AGAIN To Raise Tariffs On Canada Up To 35% Next Week, And New Data Shows It Is Upstate New Yorkers’ Wallets & Small Businesses Paying The Price For These Threats & Insulting Comments To Our Neighbors To The North

    Schumer Reveals New Data That Shows 376,000 Fewer Canadian Border Crossings Last Month Compared To Last Year’s Summer Tourism Season, Putting Billions For NY’s Main Streets And Local Jobs At Risk – Says We Must End This Ill-Conceived Trade War And Demands NY House Republicans Stand Up For Upstate NY

    Schumer: Trump’s Tariff War Is Cratering Upstate NY’s Summer Tourism Economy, This Must Stop 

    As Trump proposes increasing tariffs on Canadian goods up to 35% next week, with the chaos from his ill-conceived and irregularly implemented trade war continuing, U.S. Senator Chuck Schumer revealed new data showing border crossings continue to plummet at all major land ports of entry in New York. New data shows approximately 376,000 fewer travelers crossed the Upstate NY-Canada border via land in June 2025 compared to June 2024, according to CBP, a more than 21% decrease.

    “Across Upstate NY, tariffs are up and raising prices for families, and tourism is way down thanks to Trump’s impulsive, ill-conceived trade war. This new data shows how Trump’s tariffs and insults are driving our closest ally and key trading partner Canada away. Hurting Upstate NY’s summer tourism industry and leaving emptier Main Streets and stores paying the price,” said Senator Schumer. “Meanwhile, Trump is threatening to throw even more fuel on this fire, threatening to raise tariffs on Canada to a whopping 35% next week, which could burn Upstate NY’s tourism industry to the ground. From Buffalo to the Thousand Islands to Plattsburgh, and everywhere in between, Upstate NY can’t afford for Trump’s tariff chaos to continue. I am fighting back to give Upstate NY businesses the relief they need, and NY House Republicans should get off the sidelines and stand up for our Main Street shops, restaurants, and small businesses before it’s too late.”

    According to new data from CBP, Upstate NY and Canada saw approximately 1.4 million border crossings in June 2025, compared to 1.75 million during the same month in 2024, a 21.5% decrease across land (both road and bridge) crossings frequented by tourists. This follows a months-long trend since Trump took office of Canadian border crossings plummeting, meaning fewer tourists at NY’s hotels, shops, & restaurants. Nationally, border crossings have decreased from approximately 5 million to 3.9 million over the same period.

    A breakdown bridge-by-bridge from the Bridge and Tunnel Operators Association of June 2025 crossings shows just how steeply tourism is declining across all the major bridge ports of entry between Upstate NY and Canada:

    NY-Canada Bridge

    Region

    June 2024 Auto Crossings

    June 2025 Auto Crossings

    Percentage Decline

    Peace Bridge

    Western NY

    450,836

    382,448

    -15.17%

    Rainbow Bridge

    Western NY

    222,654

    165,135

    -25.83%

    Lewiston-Queenstown Bridge

    Western NY

    254,200

    238,694

    -6.10%

    Whirlpool Rapids Bridge

    Western NY

    38,378

    27,252

    -28.99%

    Ogdensburg-Prescott International Bridge

    North Country

    51,083

    37,378

    -26.83%

    Thousand Islands Bridge

    North Country

    192,476

    165,057

    -14.25%

    Seaway Bridge

    North Country

    226,409

    224,655

    -0.77%

    Since taking office in January, Trump has damaged the United States’ relationship with Canada by threatening to annex Canada and levying 25% tariffs on Canadian goods, and is now threatening even higher tariffs at 35%. Schumer said Canadians are canceling trips to the United States because of Trump’s tariff war and threats to annex Canada as the 51st state, hurting Main Street businesses that rely on a busy summer tourism season and are already slammed by higher prices.

    Trump’s tariffs are raising costs for families, with households with lower incomes hit hardest because they tend to buy more goods in industries being tariffed. According to the Budget Lab at Yale, Trump’s tariffs are expected to cost families more than $2,700 every year. Americans are already seeing higher prices; In June 2025, prices increased by 2.7% compared to the previous year. With Trump’s threats of even higher tariffs, that means even higher costs for Upstate NY families and small businesses. In addition, with the threat of costs increasing even more, many families feel pressure to make big purchases this year, when prices are lower, but they are less financially prepared, and in some cases, taking on debt to do so.

    Schumer continues to be one of the leading advocates in Congress to end this unnecessary, damaging trade war with Canada that is decimating Upstate NY’s economy, tourism, small businesses, and local jobs.

    • Earlier this year, the Senate passed a bipartisan resolution to end tariffs on Canada, and Schumer said now more than ever, this new data should be a wake-up call to House Republicans and show the urgency to take up and pass it as well.
    • Schumer and Senate Democrats have introduced legislation exempting small businesses from tariffs.
    • Schumer has co-led amicus briefs in a lawsuit challenging Trump’s authority to levy tariffs.

    Schumer said ending this costly trade war is key to protecting American families from price increases and job losses as a result of tariffs on Canada.

    MIL OSI USA News –

  • PM Modi expresses grief over Russia plane crash, offers condolences to victims’ families

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Thursday expressed grief over the loss of lives in the tragic plane crash in Russia and offered his condolences to the families of the victims.

    In a statement shared on X, PM Modi wrote, “Deeply saddened at the loss of lives in the tragic plane crash in Russia. Extend our deepest condolences to the families of the victims. We stand in solidarity with Russia and its people.”

    His remarks came after a Russian An-24 aircraft, carrying 49 people including five children and six crew members, crashed in the mountainous Amur region on Thursday, killing all on board, according to local media reports.

    The ill-fated flight, operated by the Siberia-based Angara Airlines, had departed from Blagoveshchensk and was en route to Tynda, near the Russia-China border, when it lost contact with air traffic controllers shortly before its scheduled landing.

    According to Russia’s state news agency TASS, the aircraft reportedly caught fire mid-air and vanished from radar. Rescue helicopters later located the burning wreckage on a remote mountainside, approximately 16 kilometres from Tynda.

    Officials from the Amur Centre for Civil Defence and Fire Safety confirmed that “no survivors were found when a Mi-8 search helicopter flew over the crash site.”

    “The aircraft caught fire upon crashing,” a spokesperson said. “Rescue operations have been hampered by the extremely difficult terrain, as the crash site lies on a steep, inaccessible slope.”

    The region’s dense taiga forests and swampy landscape further complicated rescue efforts.

    Notably, the aircraft did not send any distress signals before disappearing, raising concerns over the cause of the incident.

    Preliminary reports suggest the An-24 may have been attempting a second approach to land at Tynda Airport when it went off the radar.

    A Rosaviatsia aircraft and multiple rescue teams were immediately dispatched after receiving the alert. Investigators from the Far Eastern Transport Prosecutor’s Office have launched a probe into the crash.

    The cause of the accident remains unknown. Officials are expected to begin ground-based recovery operations and retrieve the black box once access to the site is possible.

  • MIL-OSI USA: Pressley Condemns GOP Gutting of Dodd-Frank & CFPB, Affirms Need for Strong Consumer Protections

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    “2008 was an avoidable economic crisis – a direct result of greed, reckless speculation, and weak regulation. That’s why Dodd-Frank was essential.”

    “If we, as members of Congress, forget the visceral harm that families across the country suffered from in 2008, then we risk rolling back the very regulations and defunding the very agencies that could prevent the next financial crash.”

    Video (YouTube)

    WASHINGTON – In a House Financial Services Committee hearing, Congresswoman Ayanna Pressley (MA-07) made plain the vital role of the Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act following the 2008 financial crisis, in protecting consumers from predatory lenders and big banks, and preventing a future financial crash.

    Rep. Pressley condemned Republicans’ rollbacks of Dodd-Frank and the Trump Administration’s dismantling of the CFPB, which will put Wall Street profits before the financial recovery and wellbeing of everyday people.

    A full transcript of her remarks as delivered is available below, and the full video is available here.

    Transcript: Pressley Condemns GOP Gutting of Dodd-Frank and CFPB, Affirms Need for Strong Consumer Protections

    House of Representatives

    July 15, 2025

    REP. PRESSLEY: Thank you to our witnesses for joining us today.

    In 2008, families across this country lost everything during the Great Recession. It was an economic catastrophe. Millions of people lost homes, lost jobs, and lost hard-earned savings. 

    Now, the majority of Gen Z who will see this hearing later were just babies 17 years ago, so I can’t fault them that they are completely unaware of the foreclosures and the pink slips.

    But I know my Republican colleagues and I certainly do remember.

    Republicans remember the heartache and pain that our country went through. It is estimated there were more than 5,000 suicides as a result of the financial crisis.

    2008 was an avoidable economic crisis – a direct result of greed, reckless speculation, and weak regulation.

    That’s why Dodd-Frank was essential. I do want to acknowledge the good work of our very own Massachusetts Congressman Barney Frank in this drafting of this seminal piece of legislation.

    It created basic guardrails: stronger capital requirements so banks couldn’t gamble with our livelihoods. The CFPB – the only agency dedicated solely to protecting consumers. Regular stress tests for banks so we would never be caught off guard again.

    But just ten years later, in 2018, while 65% of families still hadn’t financially recovered from the crash, Republicans rolled back key parts of Dodd-Frank. They sent a clear message to their constituents: Wall Street’s profits margins matter more than your recovery and well-being.

    Now they’re at it again by dismantling the CFPB.

    Just look at how Townstone, a mortgage lender, would repeatedly disparage Black neighborhoods in Chicago with racist comments. The CFPB rightly held them accountable for discrimination in housing in a case that was settled last November.

    And when the Trump administration tried to reverse CFPB’s win, a federal judge denied that outrageous request, affirming the critical role of the CFPB in stopping racial discrimination in mortgage lending.

    This is just one example of how Republicans’ dismantling the CFPB has real-world consequences, like letting mortgage lenders off the hook for illegal redlining.

    To all of our witnesses, loud and proud, yes or no – do you support mortgage lenders getting away with breaking the law discriminating against Black people? Just for the record.

    KEN BENTSEN: I do not.

    TOM QUAADMAN: We don’t represent mortgage lenders, but personally, I don’t.

    PAUL KUPIEC: Not my area of expertise. I don’t want them to discriminate against anybody but –

    REP. PRESSLEY: I had a colleague across the aisle a moment ago, who said that it’s just a matter of following the rule of law, basic law. So, this is not even a controversial thing.

    Racial discrimination is illegal. So, this is not, this is not a, you know, a trick question. So really quickly, loud and proud, yes or no –

    PAUL KUPIEC: I think people should follow the law.

    REP. PRESSLEY: Okay, I’ll take that as a no.

    DENNIS KELLEHER: I agree.

    REP. PRESSLEY: All right, good.

    So, [since] its creation in Dodd-Frank, the CFPB, has returned $21 billion to more than 205 million consumers – who were exploited by predatory lenders and big banks.

    But today, Trump has fired nearly 90% of CFPB staff, and the agency under his administration has withdrawn over 60 guidance documents, dropped enforcement cases and brought the agency to a halt – leaving hard working Americans vulnerable to exploitation.

    To all my witnesses, yes or no – do you agree with the CFPB returning $21 billion to 205 million victims of deceptive and predatory financial practices? Yes or no?

    KEN BENTSEN: We don’t engage with the CFPB. So I can’t really comment, because I don’t have a background in the case that you’re citing. So I apologize.

    LINDSEY JOHNSON: When a company breaks the law and consumers are harmed, they should have redress. But I have to say – the CFPB’s use of penalties has got to have some parameters. I can tell you firsthand that there are multiple times when they go after salacious headlines and outlandish sums of money, when the company either didn’t break the law or they claimed a U-debt violation on something that was –

    REP. PRESSLEY: Okay. So, I’ll take that as a no. Reclaiming my time, because I got to get everyone else on the record here.

    Okay, yes or no – do you agree with the CFPB returning $21 billion to 205 million victims of deceptive and predatory financial practices?

    TOM QUAADMAN: ICI’s members aren’t regulated by the CFPB,

    PAUL KUPIEC: Not my area. No comment.

    DENNIS KELLEHER: My only disagreement is it should have been higher.

    REP. PRESSLEY: If we, as members of Congress, forget the visceral harm that families across the country suffered from in 2008, then we risk rolling back the very regulations and defunding the very agencies that could prevent the next financial crash.

    Thank you and I yield back.

    ###

    MIL OSI USA News –

  • MIL-OSI NGOs: Fossil Fuel Polluters Want You To Clean Up Their Mess. We Can Stop Them.

    Source: Greenpeace Statement –

    A team of Greenpeace USA activists hold up a “Make Polluters Pay” banner outside the California State Capitol Building. © Andri Tambunan / Greenpeace

    The climate crisis is here, and we are already paying for it. You. Me. Everyone. 

    The past two years were the hottest ever recorded in the modern era. The city of Phoenix, AZ suffered through 100 straight days of greater than 100°F weather in 2024. Hurricane Helene sent catastrophic floods tearing through parts of Tennessee and North Carolina. California’s wildfire “season” continues to expand into a year-round phenomenon, extending into the winter months. In January of this year, devastating fires near Los Angeles destroyed 16,000 structures and killed 29 people. 

    The human impact of these events alone is unfathomable. The economic price tag in the aftermath is growing ever larger. In 2024 alone, NOAA documented 27 weather or climate disaster events with losses exceeding $1 billion, leading to $184.8 billion in total damages and 568 deaths.

    © NOAA

    While climate disasters are costing us billions we don’t have, the oil and gas industry is comfortably earning trillions. In 2023, the industry earned an estimated $2.7 trillion in income globally.

    Corporate and political elites across the world have foolishly wasted decades on inaction, delay and expensive propaganda. In truth, delaying the necessary reductions in planet warming pollution is similar to refusing to pay your credit card when it is due. Before too long, the penalties and interest charges start piling up, and you can find yourself in a real mess.

    Our climate bill is overdue, but the fossil fuel industry is doing everything they can to avoid paying. They want to avoid any liability for their actions, all the while pushing the rising costs off on to taxpayers; or energy ratepayers; or just ordinary families stuck with higher bills, an unhealthy environment, looming climate hazards, and a failing insurance market.

    This is unjust and unacceptable. We have to make the polluters pay.

    All The Ways that Fossil Fuels Take Money Out of Your Pocket

    Over and over, the media and politicians have conditioned us to think that protecting the environment is a “luxury” that sadly we just can’t afford – as if a healthy biosphere that sustains life could ever be separated from “the economy.” The reality is just the opposite: saving the planet is a bargain compared to the insanely expensive climate crisis.

    Fossil fuels and climate change are forcing us to spend top-dollar in multiple ways.

    • Direct Climate Impacts. Climate science has established that climate change is driving numerous impacts both in the U.S. and around the globe – from sea-level rise to heat waves to a melting Arctic. A 2023 report from the U.S. Treasury focused on three impacts that could harm the household finances of Americans in certain parts of the county: flooding, wildfire, and exposure to high heat.
    © U.S. Global Change Research Program (USCGRP)

    The Treasury report found that these climate hazards can destroy property and public infrastructure, close businesses and eliminate jobs, spike gas and energy prices, interfere with banking and emergency services, and send people to the hospital. Public polling shows that more than one-third of U.S. adults say they have been affected by an extreme weather event in the past 2 years.

    To top it all off, it is becoming increasingly clear that climate change is driving the insurance market toward collapse.

    Insurance Collapse

    Donald Trump may not believe in climate change, but your insurance company sure does. Insurance companies can’t afford to be blinded by climate denier propaganda, which is why real, physical climate damages are now being reflected in insurance premiums and decisions about coverage.

    Data from the insurance industry suggests that from 2002 to 2022, over one-third of insurance losses (or $600 billion) were attributed to climate change, and that those losses were increasing. One recent study predicts that climate change could reduce American home values by a staggering $1.47 trillion over the next 30 years – with the losses concentrated in places with the largest climate impacts. As climate impacts expand, even places that were once dubbed “climate havens” are no longer safe from harm.

    In December 2024, the Senate Budget Committee released a report showing that climate risk is already increasing insurance “non-renewal rates” across the United States. Analysis of the data shows that areas with higher risk of fire and hurricanes had higher rates of insurance non-renewal. 

    © Kenny Stancil / Revolving Door Project and Jay Bowen / GIS developer

    Industry insiders are warning that if temperatures continue to rise, the insurance industry will simply be unable to offer coverage for many risks, which would then spread through other parts of the economy. For example, if you cannot get insurance on a house, you probably can’t get a mortgage either. This could lead to “a systemic risk that threatens the very foundation of the financial sector” in the words of one expert. Such a scenario could also lead to large migration of people away from the uninsurable parts of the country.

    We are already seeing parts of this dynamic play out in California. The January 2025 California fires will likely be the most expensive disaster in American history, with insured losses costing as much as $75 billion and total losses potentially greater than $250 billion. As a result, insurers have requested large rate hikes or have left the state entirely, leaving the state-run FAIR plan as the only option for many.

    Good News, We’ve Found the Culprits

    We don’t have to scour the planet to figure out who is to blame for these mounting crises. Independent researcher Rick Heede and colleagues have created a database ranking which coal, oil and gas corporations and state-owned companies are responsible for the majority of historic carbon emissions. Topping the list are the former U.S.S.R. and China’s coal production, but the corporations Saudi Aramco, Chevron and ExxonMobil take the #3, #4 and #5 spots on the list.

    Peer-reviewed studies have taken the next step to actually attribute certain climate impacts to specific climate polluters. Studies have linked these corporate polluters to a rise in CO2 and surface temperature, sea-level rise, ocean acidification, wildfire risk, and more. A recent study has even outlined a methodology to establish “an ‘end-to-end’ attribution that links fossil fuel producers to specific damages from warming.”

    With this data in hand, citizens, cities, states, and nations have turned to the courts to hold these corporate polluters accountable for the damages from their products. Some lawsuits have focused on investigations showing that Exxon and other oil companies had long known about the risks of climate change but acted to halt climate action. Other lawsuits are more focused on recouping the costs of local climate damages. In May, the daughter of a woman who died from extreme heat during a climate-amplified heat wave sued seven oil and gas companies for wrongful death.

    At the federal level, the Trump administration is busy firing scientists, illegally ending grants, halting data collection, and reversing what progress we have made on fighting climate pollution. But even while the federal government refuses to show true climate leadership, states and local governments have an opportunity to keep hope alive for climate sanity. States such as Vermont and New York have begun passing laws to make polluters pay directly. Sometimes called “climate superfund” laws, the idea is to impose a fee, or a climate damage tax, on fossil fuel companies in order to fund needed climate adaptation programs. Other states like California, New Jersey, and Oregon have similar pieces of legislation moving through their State Congresses. 

    No Polluter Pardons

    These lawsuits and state laws are gaining momentum, so naturally, these corporate cronies are doing everything they can to shirk their responsibilities. The fossil fuel industry may attempt to slip some form of “immunity” from liability into must-pass legislation, similar to the shield law that protects gun manufacturers. 

    People in positions of power, like President Trump, are even going a step further and doing what they can to shield polluters from scrutiny. Trump issued an Executive Order to protect fossil fuels against state overreach, and even directed the DOJ to try to block these lawsuits and laws in court. And infuriatingly, Trump recently eliminated NOAA’s database of climate disasters, depriving us of even basic information about the crisis. Moves like these can try to obscure the consequences of climate chaos, but they cannot erase real pain and suffering felt by communities experiencing these disasters.

    It’s time we stand together, hold these brazen culprits accountable and demand they pay for the damage they’ve caused. Take action with us and sign the Polluters Pay Pact today.

    MIL OSI NGO –

  • MIL-OSI USA: Schatz: National Housing Shortage Is A Problem The Government Has Created; We Can Fix It

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) spoke on the Senate floor today about the national housing shortage in the United States and the urgent need to cut onerous regulations that stand in the way of building more housing. Schatz introduced three bipartisan housing bills this week, including the Build More Housing Near Transit Act and the YIMBY Act. The Build More Housing Near Transit Act incentivizes local governments to build housing near federally-funded transit projects. The YIMBY Act encourages localities to cut regulations and adopt pro-housing policies.

    “When it comes to one of the most basic necessities in life for people – housing – both political parties have failed,” said Senator Schatz. “This crisis was not inevitable. It is a problem that the government has created. There is not enough housing in this country because we have made it virtually impossible to build housing. But the good news is this if the government got us into this mess in the first place, it can help to get us out. And mainly that means getting out of our own way and not preventing the very things that we say that we like.

    Senator Schatz added, “We can and we do disagree about almost everything. But on this we should all be able to agree: in the richest country in the history of the world, people should not have to worry about having a roof over their heads. We can fix this, and we must.”

    A transcript of Senator Schatz’s remarks is below. Video is available here.

    When it comes to one of the most basic necessities in life for people – housing – both political parties have failed. Housing costs more than ever today, with the median home costing five times as much as the median income for your average American. First time home buyers are fewer and older than ever. 1 in 4 renters are being forced to spend more than half of their income on rent, and homelessness is plaguing more people than ever before.

    This crisis was not inevitable. It is a problem that the government has created. There is not enough housing in this country because we have made it virtually impossible to build housing. Ask anyone who has tried to build anything a shed, a patio, or an accessory dwelling unit for their in-laws. They will tell you that the moment you try to do something, there are endless procedural hurdles and regulatory barriers that immediately get in the way. Exclusionary zoning. Minimum lot sizes. Height restrictions. Requirements for multiple staircases, environmental reviews, dozens of public meetings where the grouchiest people in your neighborhood can stop the most virtuous project in your neighborhood. Extensive permitting paperwork. Yearslong battles with community organizations and boards. And if you want to expedite your permit. You can pay a permit expediter. If you’ve got ten grand, they’ll put your thing on the top of the pile.

    Nobody should like this system. I cannot think of something so essential to American life: housing. Whether you rent or you want to own, so essential to American life, where the government has created the shortage on purpose. And then it strokes its chin, confused as to why there is a shortage there is a shortage. There is a shortage because of the government itself, making it hard to construct the thing that we all say we want.

    But the good news is this if the government got us into this mess in the first place, it can help to get us out. And mainly that means getting out of our own way and not preventing the very things that we say that we like. A lot of progressives in my own party like to say we’re for housing, we’re for clean energy, we’re for transit and infrastructure. But you can’t be for something if you don’t want it near you. If you’re for housing, you’ve got to see the housing. If you’re for clean energy, you’re going to see a windmill or a wind farm or a nuclear power plant somewhere. As we envision a just and sustainable and wealthy country, we have to actually make the things that make us more sustainable and wealthy.

    There is nothing progressive about preventing a nurse, or a firefighter, or a teacher, or a small business owner from actually living in the community in which they work. There is nothing progressive about making people drive an hour to work or in Hawaii, forcing people to leave the state. Lawn sizes and building heights don’t make neighborhoods – people do.

    And yet, you’ll often hear people who oppose new housing say things like, ‘Well, we want to preserve the unique character of the neighborhood.’ And this is something that I’m embarrassed to say I didn’t know until I came to the United States Senate. Understand what those words mean and where they came from. They are echoing a dark time in American history: the Jim Crow era. It was a time when communities specifically codified into law language that prohibited Black people and other racial minorities from moving into certain neighborhoods. The racial covenants would literally say, “No lot covered by this indenture, or any part thereof, shall ever be sold, resold, conveyed, granted, devised, leased or rented to or occupied by, or in any way used by, any person or persons not of the Caucasian Race.” That’s from a covenant in St. Louis from 1949. And there were contracts just like that one in neighborhoods all across the country.

    And then racial covenants were outlawed. But their legacy continues today, because what happened was the racists, after this was outlawed, figured out a proxy for race. Figured out a way to keep people separated and figured out a way to keep people out of their neighborhoods. Figured out a way to make housing more constrained. And that’s exclusionary zoning. That’s minimum lot sizes. That means you need interior staircases. All of these things that sound virtuous: safety, sanitation, environmental review, historic preservation – all of those things actually matter. But understand that they are being weaponized against the working class.

    And I’m not sure if this is permissible under the rules, but I’m looking at a bunch of Senate pages, all 16 years old, trying to figure out: ‘Where am I going to live when I get a job? Do I have to live with my folks? And for how long? Am I going to be able to move to a suburb, or a city, or stay in my hometown? Where am I going to live?’

    So how do we fix it? First of all, government has a role that is not just getting out of the way. On the financing side, on the public housing stock side, on vouchers, on Section 8, on HUD-VASH – there are lots of programs that work. A lot of government – things that we do – that have helped and can help more.

    But the truth is that the throughput capacity of the system is being constrained by the government itself. We could allocate $3 trillion to affordable housing. And if it’s still hard to build a house in an individual neighborhood, all that money would get stuck. Actually, the state of California tried that. They allocated an enormous amount of money to housing, and they didn’t get very much built. The County of Maui many years ago said no new housing unless it’s affordable. Which kind of lands on the ears in a wonderful way, right? No new housing unless it’s affordable. You know what happened? There was no new housing at all for a full decade.

    The reason I care about this is because I think it is the single most impactful economic policy that we can implement to make it easier to build housing for working people, for students, for the disabled, for the elderly, for the entrepreneurs, for cities, for towns, for rural neighborhoods. This is important because I care about that. Now, if you are a conservative, the basic principle is almost even more simple, which is it’s your damn property. You should be permitted to do what you want with your property, within certain safety boundaries and all the rest of it. But if it’s your property and if you’ve got a quarter of an acre and you want to build an accessory dwelling unit for your kids because they’re adults and they just had a baby, you should be allowed to do pretty much whatever you want with your property.

    But we have inverted the presumption so that it’s your neighbors that get to decide what you get to do with your property. So if you’re a private property rights person, you should love the idea of deregulating the housing market. And if you are a progressive and you see how much people are struggling right now, you should love the idea of deregulating the housing market. We need to reform land use laws for upzoning to allow higher density, reduce minimum lot sizes, deploy manufactured homes, enable single room occupancy development wherever multifamily housing is allowed. And we know all of this works because it’s working in certain places.

    It’s hard to keep any issue out of the partisan crossfire, where everyone retreats to their own corner and starts talking past each other and trying to light the algorithm on fire. Our ability to come together, use common sense, and find a way forward will affect how people live and succeed for generations to come. Just this week, Senator Banks and I introduced legislation to incentivize local governments to build more housing near federally funded transit projects. Senator Young and I introduced the YIMBY Act – the Yes in My Backyard Act – which encourages localities to cut onerous regulations and adopt pro-housing policies.

    We can and we do disagree about almost everything. But on this we should all be able to agree: in the richest country in the history of the world, people should not have to worry about having a roof over their heads. We can fix this, and we must.

    MIL OSI USA News –