Category: Pandemic

  • MIL-OSI USA: Hawley to Introduce Legislation Sending Rebate Check to Every Working American

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Friday, July 25, 2025

    Today, U.S. Senator Josh Hawley (R-Mo.) announced he will introduce legislation to send a rebate check to every working American. President Trump voiced support for this policy as recently as this morning when he discussed record-breaking tariff revenue.

    “Working people need relief now,” Senator Hawley tweeted. “They’ve earned it. Let’s return their money to them asap.”

    Senator Hawley has long advocated for working Americans and has introduced legislation to protect unionized blue-collar workers. Senator Hawley also successfully fought to include direct payments in COVID-19 relief packages during the pandemic. 

    MIL OSI USA News

  • MIL-OSI Security: Southern District of Texas charges 204 this week alone in relation to border enforcement efforts

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

    HOUSTON – A total of 201 new cases have been filed related to immigration and border security from July 18-24, announced U.S. Attorney Nicholas J. Ganjei.

    Among those are 87 people who face charges of illegally reentering the country. The majority have prior felony convictions for narcotics, violent crime, prior immigration crimes and more. A total of 98 people are charged with illegally entering the country, while 11 cases allege various instances of human smuggling with the remainder involving other immigration crimes and assault of officers.

    Some of those facing new criminal charges are five Mexican nationals, all of whom have previous felony convictions, according to their charges. One is Cristian Jesus Rodriguez-Cuarenta who allegedly has a prior conviction for conspiracy to transport an illegal alien and had just been removed in January. Four others – Juan Manuel Perez-Tamez, Ramiro Rodriguez-Esquivel, Jose Martinez-Lemus and Hector Esael Gonzalez-Garcia – are also alleged to be convicted felons of crimes including drug trafficking, multiple driving while intoxicated instances or illegal reentry. Despite their previous removals on varying dates between 2019 – 2022, authorities allegedly discovered all five men in the Edinburg area without any authorization to be in the United States. They face up to 20 years in federal prison, if convicted.

    Also in the McAllen area this week, a suspicious vehicle led to the arrest of three, two of whom are Mexican nationals, and the discovery of nearly three dozen illegal aliens. They are now charged with human smuggling after authorities discovered 24 illegal aliens hidden in a tractor trailer at a Border Patrol (BP) checkpoint, which included defendant Elbis Lisandro Moreno Uruqia. Joe Michael Cruz and Uruqia allegedly transported the aliens from Mission to Hebbronville. According to the charges, Uruqia and Cruz smuggled 18 aliens two weeks earlier. A related search at a Mission residence led to the arrest of Jesus Felipe Hernandez Rangel and the discovery of 10 additional illegal aliens, according to the complaint. If convicted, each faces up to 10 years in federal prison.

    In addition to the new cases, Laredo resident Juan Francisco Reyna was ordered to federal prison. He led a multi-year human smuggling operation that used social media, inclement weather and the Covid-19 pandemic to transport over 100 illegal aliens, including minors, across the United States. Reyna coordinated the scheme through Facebook, paid drivers to monitor checkpoints and scheduled crossings during storms to avoid detection. Authorities linked him to stash houses in Laredo and San Antonio where they seized over $56,000 in U.S. currency and ammunition. He received a sentence of 63 months.

    “Over the past six months, the Department of Justice has made securing our national border the number one priority, and the Southern District is putting that promise into action,” said Ganjei. “Human smugglers may have had an easy time over the past few years, but those days are over. If you engage in these crimes, if you break our nation’s immigration laws, you will be caught and you will be punished. Simple as that.”

    An armed cartel carjacker was also sentenced this week. Mexican national Johnathan Mata-Espinoza received 108 months for two counts of armed carjacking. On July 27, 2023, he threatened two adults and a child, stealing their vehicle after they refused to give him a ride to the bus station, saying, “You better take me because if not, I will kill you all.” Authorities later linked him to a second armed encounter that same night, during which he threatened another victim and displayed a concealed firearm.

    In Corpus Christi, a 40-year-old Mexican national illegally living in Houston pleaded guilty to leading a human smuggling organization and unlawfully reentering the United States. Edgar-Ruiz-Briones coordinated transportation of illegal aliens crossing the southern border, recruited drivers from as far as Kansas and managing over 100 smuggling trips into the United States over an 18-month period. He handled payments from aliens and paid drivers to move them from stash houses to destinations across the country. Ruiz-Briones, who had previously been removed multiple times, now faces up to 30 years in federal prison.

    Jose Pascual Soliz received a sentence of 240 months in federal prison after admitting to recruiting Clara Miranda Aleman and others as well as coordinating the transportation of methamphetamine hidden in a vehicle’s gas tank. Aleman helped smuggle the drugs into the United States as part of a Laredo-based trafficking operation tied to Cartel De Noreste. Authorities seized more than 11.85 kilograms of methamphetamine from the pair, noting it was part of a larger shipment. The court also found Soliz had multiple felony convictions, including one for narcotics trafficking. Aleman previously received a 41-month sentence.

    Corpus Christi jury also convicted a former Texas National Guard soldier of smuggling illegal aliens. Mario Sandoval coordinated smuggling trips in the Rio Grande Valley and sent text messages to a co-conspirator about law enforcement activity. The defense attempted to convince the jury no conspiracy existed, and his text messages were out of context. The jury did not believe those claims and found him guilty. He faces up to 10 years in federal prison.

    In Houston, a 32-year-old Mexican national was ordered to serve 42 months after again illegally reentering the country. Juan Medina-Garcia has felony convictions for possession, aggravated assault and illegal reentry. He also has two prior removals from the United States. In handing down the sentence, the court noted the sentence should serve as a significant deterrence to prevent any future illegal reentries.

    These cases were referred or supported by federal law enforcement partners, including Immigration and Customs Enforcement (ICE) – Homeland Security Investigations, ICE – Enforcement and Removal Operations, BP, Drug Enforcement Administration, FBI, U.S. Marshals Service and Bureau of Alcohol, Tobacco, Firearms and Explosives with additional assistance from state and local law enforcement partners.

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

    Under current leadership, public safety and a secure border are the top priorities for this district. Enhanced enforcement both at the border and in the interior of the district have yielded aliens engaged in unlawful activity or with serious criminal history, including human trafficking, sexual assault and violence against children.  

    The U.S. Attorney’s Office for the Southern District of Texas remains one of the busiest in the nation. It represents 43 counties and more than nine million people covering 44,000 square miles. Assistant U.S. Attorneys from all seven divisions including Houston, Galveston, Victoria, Corpus Christi, Brownsville, McAllen and Laredo work directly with our law enforcement partners on the federal, state and local levels to prosecute the suspected offenders of these and other federal crimes. 

    An indictment or criminal complaint is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI

  • MIL-OSI Analysis: How to reduce the hidden environmental costs of supply chains

    Source: The Conversation – UK – By Benjamin Selwyn, Professor of International Relations and International Development, Department of International Relations, University of Sussex

    Me dia/Shutterstock

    Global supply chains account for 70% of world trade. They are the arteries of global capitalism, moving goods and services across borders multiple times before reaching consumers.

    Since the early 1990s — as part of economic globalisation — these networks have enabled mass consumption by delivering cheap goods made using cheap labour and shipped globally at minimal cost. But this convenience comes at a catastrophic environmental price.

    The infrastructure that supports global supply chains — ports, highways, railways, data servers — has expanded dramatically, increasing the distance goods travel from production to consumption to disposal. These “supply chain miles” are a major contributor to ecological degradation.

    Worse still, managing these sprawling networks depends on energy-intensive digital technologies, produced and distributed through global supply chains. Electronic waste is soaring, reaching 62 million tonnes in 2022 and projected to increase to 82 million tonnes by 2030.

    Global supply chains have also driven the expansion of global markets. Argentina’s soy industry is a case in point: production surged from under 30,000 tonnes in 1970 to over 60 million tonnes in 2015, largely to feed the world’s growing livestock population.

    Consequently, much of the Argentinian pampas region – previously renowned for its rich biodiversity – has been decimated by soy monocultures.

    As an expert on global supply chains, I study what can be done to remedy this environmentally damaging situation. My research shows that this problem runs deeper than logistics.

    Global supply chains are a key part of the capitalist system that thrives on endless economic growth. Competitive capital accumulation (where profits are reinvested to generate more profits) drives this cycle.

    The global economy is forecast to more than double by 2050. This entails an accelerated use of resources and waste generation, in a world that has already transcended an increasing number of planetary boundaries or safe limits of consumption.




    Read more:
    Society needs a systems update to cope with climate crisis – my new film explains why


    While green technologies can hypothetically make supply chains more efficient, enhanced efficiency under capitalism often leads to more production, not less. Efficiency gains can reduce costs, make goods more profitable and stimulate greater investment. Energy-saving lightbulbs and digital tools, for example, have led to broader adoption and higher overall energy use, rather than a decrease in energy demand.

    Better tech alone won’t reduce environmental harm. We need a shift toward a low-energy economy that prioritises human and ecological wellbeing over profit.

    Public transport, healthcare, open-source software and urban food systems are examples of social provision that are often cheaper, more inclusive and more environmentally sustainable than their profit-orientated alternatives.

    Greening supply chains

    I’ve identified five practical steps that can reduce the environmental footprint of supply chains.

    First, accelerating the transition from fossil fuels to renewables is essential. The Danish Island of Samsø went from fossil fuel dependence to 100% renewable energy by the early 2000s in the space of a decade by constructing and deploying on- and off-shore wind-power and biomass boilers. Scaling up such transitions could power cleaner supply chain infrastructure.

    Second, the electrification of shipping means that battery-powered shipping is no longer science fiction. The Yara Birkeland, the world’s first fully electric cargo ship, recently launched with a 100-container capacity. One study suggests that 40% of container traffic could be electrified this decade using existing technology.

    Third, by designing for durability and repair, digital and electronic products can be built to last and easy to repair. The “right to repair” movement advocates for consumer rights to fix and repair products rather than having to buy new ones and is gaining traction.

    It is challenging corporate control over who can fix what. Six US states have passed laws giving consumers the right to repair their own devices. In the UK, a community initiative called the Restart Project is pushing for stronger regulations and promoting community-based repair initiatives and digital technology sharing.

    Designing products that last and can easily be repaired helps create a more circular and less wasteful economy.
    Natali Ximich/Shutterstock

    Fourth, urban transport needs a rethink. Road transport accounts for about 12% of global greenhouse gas emissions. That sector could be streamlined by shifting supply chains from manufacturing millions of cars to investing in efficient and affordable bus, train and bike networks. Car-free cities and expanded electric public transport networks could slash emissions from road transport. This is already happening in places like Ghent in Belgium, Amsterdam in the Netherlands, Lamu Island in Kenya and Fes el Bali in Morocco.

    Fifth, supply chains can be shortened by shifting diets. Reducing meat consumption could shrink the global feed-livestock chain the vast complex of animal feed production (such as soy) underpinning the burgeoning world cattle population and its associated transport emissions.

    Countries such as Germany, the Netherlands and Denmark have already seen declines in meat consumption over the past decade as plant-based diets have gained popularity. The UK is also experiencing a fall in per capita meat consumption

    These strategies are all tiny steps in the right direction. But, as the US author and environmentalist Bill McKibben says, “winning slowly is the same as losing”. We need much greater and more rapid transformations.

    So, while parts of supply chains can become more sustainable, any efforts will be counterproductive as long as governments and firms continue chasing endless economic growth. What’s needed now is the political and cultural will to prioritise people and the planet over profit.


    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.


    Benjamin Selwyn 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. How to reduce the hidden environmental costs of supply chains – https://theconversation.com/how-to-reduce-the-hidden-environmental-costs-of-supply-chains-259595

    MIL OSI Analysis

  • MIL-OSI Analysis: Cuban government scrambling to deal with outrage about country’s economic crisis

    Source: The Conversation – UK – By Emily Morris, Research Associate, Institute of the Americas, UCL

    Cuba doesn’t have any beggars, according to the country’s minister of labour, Marta Elena Feitó Cabrera. In a speech to the national assembly on July 15, she denied the existence of destitution in the communist country, claiming the problem was actually people “disguised as beggars”.

    Her words were greeted by public outcry on social media. They also prompted a swift rebuke from her peers and the president, Miguel Díaz-Canel, who said leadership could not “act with condescension”. The next day, the Cuban government published an official note saying Feitó Cabrera had resigned.

    The political vulnerability of the Cuban government explains the urgent need to respond to missteps such as Feitó Cabrera’s. The country is enduring an acute economic crisis, which has seen living standards plummet and over 1 million Cubans leave the country since 2020.

    Cubans are leaving en masse:

    A severe economic crisis in Cuba has prompted a mass exodus from the island.
    Oficina Nacional de Estadísticas e Información

    The recession has severely strained the system of social protection that the government points to as one of its main achievements since taking power more than 60 years ago. Despite food subsidies and the efforts of welfare services, a growing number of people are now going hungry.

    Public confidence in the government has been severely weakened as a result, particularly among young Cubans. The risk of escalating popular protest is magnified by the proliferation of social media channels, emanating from inside and outside the country.

    These channels air the many complaints about daily frustrations in Cuba and highlight any failings or signs of hypocrisy on the part of officials. So when Feitó Cabrera’s speech went viral, it was met with inevitable public outrage.

    Díaz-Canel’s reaction can be seen as urgent damage limitation. But it is also consistent with his broader approach to managing the crisis facing his country. He has worked tirelessly to try and defuse anger through engagement, touring Cuba for local meetings to search for solutions.

    In his comments after Feitó Cabrera’s speech, he insisted that officials should acknowledge the scale of hardship being suffered, and “help, support and show solidarity” with the disadvantaged and most vulnerable.

    This need to reach out was all the more important given the grim tone of the national assembly meeting where Feitó Cabrera made her remarks. Ministers appeared one after the other to present dismal reports on the state of almost all sectors of the Cuban economy.

    The electricity system remains plagued by breakdowns caused by chronic underinvestment as well as difficulties in obtaining fuel and spare parts. The resulting daily power outages ensure that the sense of crisis is ever-present and frustrate all efforts to boost production.

    Doubting official data

    While full official national income data for 2024 has not yet been released, Cuba’s economy ministry estimates that real national income contracted by 1.1% in 2024. This leaves it more than 10% below its pre-pandemic level, and 2025 is not expected to show much improvement.

    The decline in real disposable income for Cuban households since 2021 has, in reality, been far greater. The official inflation rate indicates that consumer prices have risen fourfold over the past five years. At this rate, living costs would have increased broadly in line with salaries.

    Consumer prices have risen fourfold since 2020:

    Official inflation data for Cuba. The spike in early 2021 was the result of a monetary reform, which involved a big jump in wages in December 2020 followed by a currency reform in January 2021.
    Oficina Nacional de Estadísticas e Información

    But official figures systematically understate the actual increase in prices faced by Cuban households, due to the weightings used. In 2021, for example, research estimated the inflation rate to be between 174% and 700% – well above the government’s estimate (77.3%).

    The rising market prices have put many essential goods beyond the reach of most people who depend on state incomes. This has forced many households to depend on remittances or the informal economy to survive.

    Thanks to tight fiscal restraint, the official annual rate of inflation eased to 15% in June. But the wide gap between the increase in the actual cost of living and official inflation index continues to compound distrust of the government and the perception that the country’s leaders are out of touch.

    A lack of transparency and long delays in the publication of economic data, together with restrictions on the scope for private enterprise, are widely attributed to the government’s incompetence and reluctance to enact liberalising reforms.

    Recovery blocked by US sanctions

    For these reasons, the government’s insistence that US sanctions are to blame for limiting the possibilities for economic recovery is increasingly regarded with scepticism. However, the constraint on economic growth imposed by US measures is real and severe.

    It is also the deliberate aim of US policy. The unilateral sanctions not only block trade, as well as financial and international travel between the US and Cuba. They also severely hamper all kinds of transactions between Cuba and the rest of the world.

    Every branch of the Cuban economy has been affected, including the health service, social safety nets, agriculture and industry. And the lack of hard currency has, in turn, limited the scope for the investments and reforms needed for economic recovery.

    The easing inflation rate, together with some new investments in renewable energy, an improved fiscal balance and a recent small increase in pensions, may signal that the end of the economic downturn may be approaching. But neither the government nor the population have any confidence that the crisis will come to an end this year.

    No one is expecting US sanctions to be lifted while Donald Trump is president. Before Trump first stood for the presidency he hadn’t given Cuba his attention, but as president he has aligned himself firmly with hardliners.

    In his first term, Trump reversed the opening with Cuba initiated by Barack Obama. And his current secretary of state, Marco Rubio, is one of the architects and leading proponents of economic sanctions against Cuba. Trade and investment will thus remain depressed, while shortages, power cuts, a lack of transport and crumbling public services will persist.

    But by demanding the resignation of the minister of labour, perhaps Díaz-Canel hopes to demonstrate that his government understands what that the economic asphyxiation means for a majority of Cubans struggling to survive.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Emily Morris 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. Cuban government scrambling to deal with outrage about country’s economic crisis – https://theconversation.com/cuban-government-scrambling-to-deal-with-outrage-about-countrys-economic-crisis-261702

    MIL OSI Analysis

  • MIL-OSI Submissions: Cuban government scrambling to deal with outrage about country’s economic crisis

    Source: The Conversation – UK – By Emily Morris, Research Associate, Institute of the Americas, UCL

    Cuba doesn’t have any beggars, according to the country’s minister of labour, Marta Elena Feitó Cabrera. In a speech to the national assembly on July 15, she denied the existence of destitution in the communist country, claiming the problem was actually people “disguised as beggars”.

    Her words were greeted by public outcry on social media. They also prompted a swift rebuke from her peers and the president, Miguel Díaz-Canel, who said leadership could not “act with condescension”. The next day, the Cuban government published an official note saying Feitó Cabrera had resigned.

    The political vulnerability of the Cuban government explains the urgent need to respond to missteps such as Feitó Cabrera’s. The country is enduring an acute economic crisis, which has seen living standards plummet and over 1 million Cubans leave the country since 2020.

    Cubans are leaving en masse:

    A severe economic crisis in Cuba has prompted a mass exodus from the island.
    Oficina Nacional de Estadísticas e Información

    The recession has severely strained the system of social protection that the government points to as one of its main achievements since taking power more than 60 years ago. Despite food subsidies and the efforts of welfare services, a growing number of people are now going hungry.

    Public confidence in the government has been severely weakened as a result, particularly among young Cubans. The risk of escalating popular protest is magnified by the proliferation of social media channels, emanating from inside and outside the country.

    These channels air the many complaints about daily frustrations in Cuba and highlight any failings or signs of hypocrisy on the part of officials. So when Feitó Cabrera’s speech went viral, it was met with inevitable public outrage.

    Díaz-Canel’s reaction can be seen as urgent damage limitation. But it is also consistent with his broader approach to managing the crisis facing his country. He has worked tirelessly to try and defuse anger through engagement, touring Cuba for local meetings to search for solutions.

    In his comments after Feitó Cabrera’s speech, he insisted that officials should acknowledge the scale of hardship being suffered, and “help, support and show solidarity” with the disadvantaged and most vulnerable.

    This need to reach out was all the more important given the grim tone of the national assembly meeting where Feitó Cabrera made her remarks. Ministers appeared one after the other to present dismal reports on the state of almost all sectors of the Cuban economy.

    The electricity system remains plagued by breakdowns caused by chronic underinvestment as well as difficulties in obtaining fuel and spare parts. The resulting daily power outages ensure that the sense of crisis is ever-present and frustrate all efforts to boost production.

    Doubting official data

    While full official national income data for 2024 has not yet been released, Cuba’s economy ministry estimates that real national income contracted by 1.1% in 2024. This leaves it more than 10% below its pre-pandemic level, and 2025 is not expected to show much improvement.

    The decline in real disposable income for Cuban households since 2021 has, in reality, been far greater. The official inflation rate indicates that consumer prices have risen fourfold over the past five years. At this rate, living costs would have increased broadly in line with salaries.

    Consumer prices have risen fourfold since 2020:

    Official inflation data for Cuba. The spike in early 2021 was the result of a monetary reform, which involved a big jump in wages in December 2020 followed by a currency reform in January 2021.
    Oficina Nacional de Estadísticas e Información

    But official figures systematically understate the actual increase in prices faced by Cuban households, due to the weightings used. In 2021, for example, research estimated the inflation rate to be between 174% and 700% – well above the government’s estimate (77.3%).

    The rising market prices have put many essential goods beyond the reach of most people who depend on state incomes. This has forced many households to depend on remittances or the informal economy to survive.

    Thanks to tight fiscal restraint, the official annual rate of inflation eased to 15% in June. But the wide gap between the increase in the actual cost of living and official inflation index continues to compound distrust of the government and the perception that the country’s leaders are out of touch.

    A lack of transparency and long delays in the publication of economic data, together with restrictions on the scope for private enterprise, are widely attributed to the government’s incompetence and reluctance to enact liberalising reforms.

    Recovery blocked by US sanctions

    For these reasons, the government’s insistence that US sanctions are to blame for limiting the possibilities for economic recovery is increasingly regarded with scepticism. However, the constraint on economic growth imposed by US measures is real and severe.

    It is also the deliberate aim of US policy. The unilateral sanctions not only block trade, as well as financial and international travel between the US and Cuba. They also severely hamper all kinds of transactions between Cuba and the rest of the world.

    Every branch of the Cuban economy has been affected, including the health service, social safety nets, agriculture and industry. And the lack of hard currency has, in turn, limited the scope for the investments and reforms needed for economic recovery.

    The easing inflation rate, together with some new investments in renewable energy, an improved fiscal balance and a recent small increase in pensions, may signal that the end of the economic downturn may be approaching. But neither the government nor the population have any confidence that the crisis will come to an end this year.

    No one is expecting US sanctions to be lifted while Donald Trump is president. Before Trump first stood for the presidency he hadn’t given Cuba his attention, but as president he has aligned himself firmly with hardliners.

    In his first term, Trump reversed the opening with Cuba initiated by Barack Obama. And his current secretary of state, Marco Rubio, is one of the architects and leading proponents of economic sanctions against Cuba. Trade and investment will thus remain depressed, while shortages, power cuts, a lack of transport and crumbling public services will persist.

    But by demanding the resignation of the minister of labour, perhaps Díaz-Canel hopes to demonstrate that his government understands what that the economic asphyxiation means for a majority of Cubans struggling to survive.


    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Emily Morris 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. Cuban government scrambling to deal with outrage about country’s economic crisis – https://theconversation.com/cuban-government-scrambling-to-deal-with-outrage-about-countrys-economic-crisis-261702

    MIL OSI

  • India proud to be most trusted friend of Maldives: PM Modi

    Source: Government of India

    Source: Government of India (4)

    India takes great pride in being the Maldives’ “most trusted friend,” Prime Minister Narendra Modi said on Friday, reaffirming New Delhi’s deep-rooted partnership with the Indian Ocean nation. Speaking alongside Maldivian President Mohamed Muizzu during a joint press statement in Male, PM Modi emphasised the Maldives’ central role in India’s Neighbourhood First policy and its MAHASAGAR vision for maritime cooperation.

    The remarks came as PM Modi visited the Maldives as the Guest of Honour for the country’s 60th Independence Day celebrations. Congratulating the people of Maldives on the historic milestone, he thanked President Muizzu for the warm invitation and recalled the long-standing ties between the two nations.

    “This year, India and Maldives are also celebrating 60 years of their diplomatic relations. But, the roots of our relations are older than history and as deep as the sea,” PM Modi said. He highlighted the release of commemorative stamps featuring traditional boats of both countries as a symbolic reflection of shared heritage and neighbourly ties.

    PM Modi underscored India’s unwavering support to the Maldives in times of crisis. “Be it a natural disaster or a pandemic, India has always stood with Maldives as a first responder. From providing essential commodities to supporting economic recovery post-COVID, our relationship is built on friendship first,” he said.

    Stressing on mutual trust in the defence and security partnership, PM Modi noted the inauguration of the Maldives Defence Ministry building as a concrete symbol of that trust. A giant portrait of PM Modi displayed on the building marked the occasion.

    To bolster economic ties, PM Modi announced a new Line of Credit of USD 565 million to the Maldives. He said both nations are now seeing results from the vision shared in October last year during President Muizzu’s visit to India, including significant progress in infrastructure and housing projects.

    He cited key projects such as 4,000 social housing units built with Indian assistance, the Greater Male Connectivity Project, Addu Road Development Project, and the redevelopment of Hanimaadhoo International Airport as transformative initiatives that would boost connectivity and economic growth across the archipelago.

    “With the ferry system soon in place, island connectivity will become faster and easier. We’ll measure distances by ferry time, not GPS coordinates,” PM Modi said.

    In the economic sphere, the Prime Minister said efforts are underway to finalise a Bilateral Investment Treaty and to explore a Free Trade Agreement. He added that direct Rupee-Rufiyaa trade through a local currency settlement system will strengthen bilateral trade, while the growing popularity of UPI in Maldives will support tourism and retail sectors.

    On regional and global issues, PM Modi reaffirmed India’s commitment to maritime security through the Colombo Security Conclave and highlighted climate change as a shared concern. “We will promote renewable energy and share India’s expertise with the Maldives,” he said.

    PM Modi’s visit, his third to the Maldives, also marks the first by any head of state or government since President Muizzu took office.

    -IANS

  • MIL-OSI Analysis: Deportation tactics from 4 US presidents have done little to reduce the undocumented immigrant population

    Source: The Conversation – USA – By Kevin Johnson, Dean and Professor of Public Interest Law and Chicana/o Studies, University of California, Davis

    Immigration and Customs Enforcement agents escort a detained immigrant into an elevator on June 17, 2025, in New York. AP Photo/Olga Fedorova

    All modern U.S. presidents, both Republican and Democratic, have attempted to reduce the population of millions of undocumented immigrants. But their various strategies have not had significant results, with the population hovering around 11 million from 2005 to 2022.

    President Donald Trump seeks to change that.

    With harsh rhetoric that has sowed fear in immigrant communities, and policies that ignore immigrants’ due process rights, Trump has pursued deportation tactics that differ dramatically from those of any other modern U.S. president.

    As a scholar who examines the history of U.S. immigration law and enforcement, I believe that it remains far from clear whether the Trump White House will significantly reduce the undocumented population. But even if the administration’s efforts fail, the fear and damage to the U.S. immigrant community will remain.

    Presidents Bush and Obama

    To increase deportations, in 2006 President George W. Bush began using workplace raids. Among these sweeps was the then-largest immigration workplace operation in U.S. history at a meat processing plant in Postville, Iowa in 2008.

    U.S. Immigration and Customs Enforcement deployed 900 agents in Postville and arrested 398 employees, 98% of whom were Latino. They were chained together and arraigned in groups of 10 for felony criminal charges of aggravated identity theft, document fraud and use of stolen Social Security numbers. Some 300 were convicted, and 297 of them served jail sentences before being deported.

    Men wait in a holding cell on June 21, 2006, in Nogales, Arizona.
    Spencer Platt/Getty Images

    In 2008, Bush also initiated Secure Communities, a policy that sought to deport noncitizens – both lawful permanent residents as well as undocumented immigrants – who had been arrested for crimes. Some 2 million immigrants were deported during Bush’s two terms in office.

    The Obama administration limited Secure Communities to focus on the removal of noncitizens convicted of felonies. It deported a record 400,000 noncitizens in fiscal year 2013, which led detractors to refer to President Barack Obama as the “Deporter in Chief.”

    Obama also targeted recent entrants and national security threats and pursued criminal prosecutions for illegal reentry to the U.S. Almost all of these policies built on Bush’s, although Obama virtually abandoned workplace raids.

    Despite these enforcement measures, Obama also initiated Deferred Action for Childhood Arrivals, or DACA, in 2012. The policy provided relief from deportation and gave work authorization to more than 500,000 undocumented immigrants who came to the United States as children.

    Obama deported about 3 million noncitizens, but the size of the undocumented population did not decrease dramatically.

    The first Trump administration and Biden

    Trump’s first administration broke new immigration enforcement ground in several ways.

    He began his presidency by issuing what was called a “Muslim ban” to restrict the entry into the U.S. of noncitizens from predominantly Muslim nations.

    Early in Trump’s first administration, federal agents expanded immigration operations to include raids at courthouses, which previously had been off-limits.

    In 2017, Trump tried to rescind DACA, but the Supreme Court rejected Trump’s effort in 2020.

    In 2019, Trump implemented the Remain in Mexico policy that for the first time forced noncitizens who came to the U.S. border seeking asylum to wait in Mexico while their claims were being decided. He also invoked Title 42 in 2020 to close U.S. borders during the COVID-19 pandemic.

    Trump succeeded in reducing legal immigration numbers during his first term. However, there is no evidence that his enforcement policies reduced the size of the overall undocumented population.

    President Joe Biden sought to relax – although not abandon – some immigration enforcement measures implemented during Trump’s first term.

    His administration slowed construction of the border wall championed by Trump. Biden also stopped workplace raids in 2021, and in 2023, he ended Title 42.

    In 2023, Biden sought to respond to migration surges in a measured fashion, by temporarily closing ports of entry and increasing arrests.

    In attempting to enforce the borders, his administration at times pursued tough measures. Biden continued deportation efforts directed at criminal noncitizens. Immigrant rights groups criticized his administration when armed Border Patrol officers on horseback were videotaped chasing Haitian migrants on the U.S.-Mexico border.

    As of 2022, the middle of the Biden’s term, an estimated 11 million undocumented immigrants lived in the U.S.

    Immigration-rights activists stage a rally outside President Barack Obama’s Democratic Congressional Campaign Committee fundraiser in Los Angeles, after the president signed a bill that tightened security at the Mexico border in August 2010.
    Mark Ralston/AFP via Getty Images

    A second chance

    Since his second inauguration, Trump has pursued a mass deportation campaign through executive orders that are unprecedented in their scope.

    In January 2025, he announced an expanded, expedited removal process for any noncitizen apprehended anywhere in the country – not just the border region, as had been U.S. practice since 1996.

    In March, Trump issued a presidential proclamation to deport Venezuelan nationals who were members of the Tren de Aragua gang, designated a foreign terrorist organization by the State Department. In doing so, he invoked the Alien Enemies Act of 1798 – an act used three times in U.S. history during declared wars that empowers presidents to remove foreign nationals from countries at war with the U.S.

    Declaring an “invasion” of migrants into the U.S. in June, Trump deployed the military to assist in immigration enforcement in Los Angeles.

    Trump also sought to dramatically upend birthright citizenship, the Constitutional provision that guarantees citizenship to any person born in the U.S. He issued an executive order in January that would bar citizenship to people born in the U.S. to undocumented parents.

    California National Guard members stand in formation during a protest in Los Angeles on June 14, 2025.
    David Pashaee/Middle East Images/AFP via Getty Images

    The birthright executive order has been challenged in federal court and is mostly likely working its way up to the Supreme Court.

    Under the second Trump administration, immigration arrests are up, but actual deportation numbers are in flux.

    ICE in June arrested the most people in a month in at least five years, roughly 30,000 immigrants. But deportations of noncitizens – roughly 18,000 – lagged behind those during the Obama administration’s record-setting year of 2013 in which more than 400,000 noncitizens were deported.

    The gap between arrests and deportations shows the challenges the Trump administration faces in making good on his promised mass deportation campaign.

    Undocumented immigrants often come to the U.S. to work or seek safety from natural disasters and mass violence.

    These issues have not been seriously addressed by any modern U.S. president. Until it is, we can expect the undocumented population to remain in the millions.

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

    ref. Deportation tactics from 4 US presidents have done little to reduce the undocumented immigrant population – https://theconversation.com/deportation-tactics-from-4-us-presidents-have-done-little-to-reduce-the-undocumented-immigrant-population-261640

    MIL OSI Analysis

  • MIL-OSI Submissions: Fears that falling birth rates in US could lead to population collapse are based on faulty assumptions

    Source: The Conversation – USA (3) – By Leslie Root, Assistant Professor of Research, Institute of Behavioral Science, University of Colorado Boulder

    Unfortunately for demographers, birth rates are hard to predict far into the future. gremlin/E+ via Getty Images

    Pronatalism – the belief that low birth rates are a problem that must be reversed – is having a moment in the U.S.

    As birth rates decline in the U.S. and throughout the world, voices from Silicon Valley to the White House are raising concerns about what they say could be the calamitous effects of steep population decline on the economy. The Trump administration has said it is seeking ideas on how to encourage Americans to have more children as the U.S. experiences its lowest total fertility rate in history, down about 25% since 2007.

    As demographers who study fertility, family behaviors and childbearing intentions, we can say with certainty that population decline is not imminent, inevitable or necessarily catastrophic.

    The population collapse narrative hinges on three key misunderstandings. First, it misrepresents what standard fertility measures tell us about childbearing and makes unrealistic assumptions that fertility rates will follow predictable patterns far into the future. Second, it overstates the impact of low birth rates on future population growth and size. Third, it ignores the role of economic policies and labor market shifts in assessing the impacts of low birth rates.

    Fertility fluctuations

    Demographers generally gauge births in a population with a measure called the total fertility rate. The total fertility rate for a given year is an estimate of the average number of children that women would have in their lifetime if they experienced current birth rates throughout their childbearing years.

    Fertility rates are not fixed – in fact, they have changed considerably over the past century. In the U.S., the total fertility rate rose from about 2 births per woman in the 1930s to a high of 3.7 births per woman around 1960. The rate then dipped below 2 births per woman in the late 1970s and 1980s before returning to 2 births in the 1990s and early 2000s.

    Since the Great Recession that lasted from late 2007 until mid-2009, the U.S. total fertility rate has declined almost every year, with the exception of very small post-COVID-19 pandemic increases in 2021 and 2022. In 2024, it hit a record low, falling to 1.6. This drop is primarily driven by declines in births to people in their teens and early 20s – births that are often unintended.

    But while the total fertility rate offers a snapshot of the fertility landscape, it is not a perfect indicator of how many children a woman will eventually have if fertility patterns are in flux – for example, if people are delaying having children.

    Picture a 20-year-old woman today, in 2025. The total fertility rate assumes she will have the same birth rate as today’s 40-year-olds when she reaches 40. That’s not likely to be the case, because birth rates 20 years from now for 40-year-olds will almost certainly be higher than they are today, as more births occur at older ages and more people are able to overcome infertility through medically assisted reproduction.

    A more nuanced picture of childbearing

    These problems with the total fertility rate are why demographers also measure how many total births women have had by the end of their reproductive years. In contrast to the total fertility rate, the average number of children ever born to women ages 40 to 44 has remained fairly stable over time, hovering around two.

    Americans continue to express favorable views toward childbearing. Ideal family size remains at two or more children, and 9 in 10 adults either have, or would like to have, children. However, many Americans are unable to reach their childbearing goals. This seems to be related to the high cost of raising children and growing uncertainty about the future.

    In other words, it doesn’t seem to be the case that birth rates are low because people are uninterested in having children; rather, it’s because they don’t feel it’s feasible for them to become parents or to have as many children as they would like.

    The challenge of predicting future population size

    Standard demographic projections do not support the idea that population size is set to shrink dramatically.

    One billion people lived on Earth 250 years ago. Today there are over 8 billion, and by 2100 the United Nations predicts there will be over 10 billion. That’s 2 billion more, not fewer, people in the foreseeable future. Admittedly, that projection is plus or minus 4 billion. But this range highlights another key point: Population projections get more uncertain the further into the future they extend.

    Predicting the population level five years from now is far more reliable than 50 years from now – and beyond 100 years, forget about it. Most population scientists avoid making such long-term projections, for the simple reason that they are usually wrong. That’s because fertility and mortality rates change over time in unpredictable ways.

    The U.S. population size is also not declining. Currently, despite fertility below the replacement level of 2.1 children per woman, there are still more births than deaths. The U.S. population is expected to grow by 22.6 million by 2050 and by 27.5 million by 2100, with immigration playing an important role.

    Despite a drop in fertility rates, there are still more births than deaths in the U.S.
    andresr/E+ via Getty Images

    Will low fertility cause an economic crisis?

    A common rationale for concern about low fertility is that it leads to a host of economic and labor market problems. Specifically, pronatalists argue that there will be too few workers to sustain the economy and too many older people for those workers to support. However, that is not necessarily true – and even if it were, increasing birth rates wouldn’t fix the problem.

    As fertility rates fall, the age structure of the population shifts. But a higher proportion of older adults does not necessarily mean the proportion of workers to nonworkers falls.

    For one thing, the proportion of children under age 18 in the population also declines, so the number of working-age adults – usually defined as ages 18 to 64 – often changes relatively little. And as older adults stay healthier and more active, a growing number of them are contributing to the economy. Labor force participation among Americans ages 65 to 74 increased from 21.4% in 2003 to 26.9% in 2023 — and is expected to increase to 30.4% by 2033. Modest changes in the average age of retirement or in how Social Security is funded would further reduce strains on support programs for older adults.

    What’s more, pronatalists’ core argument that a higher birth rate would increase the size of the labor force overlooks some short-term consequences. More babies means more dependents, at least until those children become old enough to enter the labor force. Children not only require expensive services such as education, but also reduce labor force participation, particularly for women. As fertility rates have fallen, women’s labor force participation rates have risen dramatically – from 34% in 1950 to 58% in 2024. Pronatalist policies that discourage women’s employment are at odds with concerns about a diminishing number of workers.

    Research shows that economic policies and labor market conditions, not demographic age structures, play the most important role in determining economic growth in advanced economies. And with rapidly changing technologies like automation and artificial intelligence, it is unclear what demand there will be for workers in the future. Moreover, immigration is a powerful – and immediate – tool for addressing labor market needs and concerns over the proportion of workers.

    Overall, there’s no evidence for Elon Musk’s assertion that “humanity is dying.” While the changes in population structure that accompany low birth rates are real, in our view the impact of these changes has been dramatically overstated. Strong investments in education and sensible economic policies can help countries successfully adapt to a new demographic reality.

    Leslie Root receives funding from the Eunice Kennedy Shriver National Institute of Child Health and Development (NICHD) for work on fertility rates.

    Karen Benjamin Guzzo has received funding from the Eunice Kennedy Shriver National Institute of Child Health and Human Development in the United States.

    Shelley Clark receives funding from the Social Sciences and Humanities Research Council of Canada.

    ref. Fears that falling birth rates in US could lead to population collapse are based on faulty assumptions – https://theconversation.com/fears-that-falling-birth-rates-in-us-could-lead-to-population-collapse-are-based-on-faulty-assumptions-261031

    MIL OSI

  • MIL-OSI United Kingdom: Student with rare disorder graduates after nine years

    Source: Anglia Ruskin University

    Theo Hanson on the day of his ARU graduation ceremony

    Theo Hanson, an Anglia Ruskin University (ARU) student who suffers from a rare genetic disorder, is celebrating his graduation after first beginning his degree in 2016.

    Theo, 28, has lived with hereditary sensory neuropathy (HSN) all his life, leaving him unable to feel pain or touch. This lack of feeling in his body puts him at risk of accidental injury or infections.

    Despite the risks associated with his condition, his parents encouraged him to try and live independently, and he joined ARU in 2016 through Clearing.

    Theo, who lives in Cambridge, initially found that living away from home threw up challenges he had not anticipated. In 2018, his tutors encouraged him to take a year out and he flourished on rejoining ARU.

    He became a course representative and even took on a “parental” role to students during the Covid pandemic, helping students who were struggling with the restrictions.

    There were further personal and health challenges to overcome. The death of someone who helped look after him when he was young impacted Theo’s studies, and he needed to have his toes amputated due to a severe bone infection.

    However, Theo has now finally crossed the stage to formally receive his BA (Hons) degree in Computer Games Design – and he did so on the very same day his younger brother graduated from his degree in History at ARU.

    “Most people with HSN don’t even get to enter higher education, let alone to complete it. The main reason for that is that, by my age, they are usually too injured or impaired. Luckily, my version of the condition has manifested itself in a way that my brain function and level of injury is not as impaired or as severe as some others that have the condition.

    “There are two ways of dealing with someone like me, you either coddle them completely or, as my parents did, treat me like the rest of my brothers and I was encouraged to live independently. University seemed a natural step.

    “Finally finishing my degree feels incredible – I didn’t think I would ever get here. I have seen friends go on to become lecturers and I have had other friends come back to do a Masters.

    “Socially I have learned a lot. I lived in student accommodation and so I met new people every year, and the course was amazing. The lecturers were really helpful and always on hand to provide advice, and all the support staff too who helped me with submissions were lovely.”

    ARU Computer Games Design graduate Theo Hanson

    Theo has already had some of his work highlighted in PC Gamer magazine and following graduation, he’s keen to pursue work to improve accessibility in gaming.

    MIL OSI United Kingdom

  • MIL-OSI USA: Governor Newsom statement on the Ninth Circuit striking down one of California’s pivotal voter-approved gun safety laws

    Source: US State of California 2

    Jul 24, 2025

    Sacramento, CaliforniaGovernor Gavin Newsom issued the following statement today on a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit striking down California’s ammunition background check law, which was passed by voters in 2016:

    Strong gun laws save lives – and today’s decision is a slap in the face to the progress California has made in recent years to keep its communities safer from gun violence. Californians voted to require background checks on ammunition and their voices should matter.

    Governor Gavin Newsom

    Most major polls show overwhelming bipartisan support for universal background checks and other gun safety measures, with support typically ranging from 85% to 90%. A 2023 Fox News poll found that 87% of American voters back criminal background checks for all gun buyers. In California, voters approved background checks for ammunition purchases in 2016 by a 63% to 36% margin.

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    News What you need to know: The number of reported stolen vehicles in California has dropped by 13% – the first year-over-year decrease since before the pandemic. Sacramento, California – California continues to lead the way out of the COVID-induced crime surge, as…

    MIL OSI USA News

  • MIL-OSI Analysis: 3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth

    Source: The Conversation – Global Perspectives – By Jean-Nicolas Bordeleau, Research Fellow, Jeff Bleich Centre for Democracy and Disruptive Technologies, Flinders University

    Conspiracy theories are a widespread occurrence in today’s hyper connected and polarised world.

    Events such as Brexit, the 2016 and 2020 United States presidential elections, and the COVID pandemic serve as potent reminders of how easily these narratives can infiltrate public discourse.

    The consequences for society are significant, given a devotion to conspiracy theories can undermine key democratic norms and weaken citizens’ trust in critical institutions. As we know from the January 6 riot at the US Capitol, it can also motivate political violence.

    But who is most likely to believe these conspiracies?

    My new study with Daniel Stockemer of the University of Ottawa provides a clear and perhaps surprising answer. Published in Political Psychology, our research shows age is one of the most significant predictors of conspiracy beliefs, but not in the way many might assume.

    People under 35 are consistently more likely to endorse conspiratorial ideas.

    This conclusion is built on a solid foundation of evidence. First, we conducted a meta analysis, a “study of studies”, which synthesised the results of 191 peer-reviewed articles published between 2014 and 2024.

    This massive dataset, which included over 374,000 participants, revealed a robust association between young age and belief in conspiracies.

    To confirm this, we ran our own original multinational survey of more than 6,000 people across six diverse countries: Australia, Brazil, Canada, Germany, the US and South Africa.

    The results were the same. In fact, age proved to be a more powerful predictor of conspiracy beliefs than any other demographic factor we measured, including a person’s gender, income, or level of education.

    Why are young people more conspiratorial?

    Having established conspiracy beliefs are more prevalent among younger people, we set out to understand why.

    Our project tested several potential factors and found three key reasons why younger generations are more susceptible to conspiracy theories.

    1. Political alienation

    One of the most powerful drivers we identified is a deep sense of political disaffection among young people.

    A majority of young people feel alienated from political systems run by politicians who are two or three generations older than them.

    This under representation can lead to frustration and the feeling democracy isn’t working for them. In this context, conspiracy theories provide a simple, compelling explanation for this disconnect: the system isn’t just failing, it’s being secretly controlled and manipulated by nefarious actors.

    2. Activist style of participation

    The way young people choose to take part in politics also plays a significant role.

    While they may be less likely to engage in traditional practices such as voting, they are often highly engaged in unconventional forms of participation, such as protests, boycotts and online campaigns.

    These activist environments, particularly online, can become fertile ground for conspiracy theories to germinate and spread. They often rely on similar “us versus them” narratives that pit a “righteous” in-group against a “corrupt” establishment.

    3. Low self-esteem

    Finally, our research confirmed a crucial psychological link to self-esteem.

    For individuals with lower perceptions of self worth, believing in a conspiracy theory – blaming external, hidden forces for their problems – can be a way of coping with feelings of powerlessness.

    This is particularly relevant for young people. Research has long shown self esteem tends to be lower in youth, before steadily increasing with age.

    What can be done?

    Understanding these root causes is essential because it shows simply debunking false claims is not a sufficient solution.

    To truly address the rise of conspiracy theories and limit their consequences, we must tackle the underlying issues that make these narratives so appealing in the first place.

    Given the role played by political alienation, a critical step forward is to make our democracies more representative. This is best illustrated by the recent election of Labor Senator Charlotte Walker, who is barely 21.

    By actively working to increase the presence of young people in our political institutions, we can help give them faith that the system can work for them, reducing the appeal of theories which claim it is hopelessly corrupt.

    More inclusive democracy

    This does not mean discouraging the passion of youth activism. Rather, it is about empowering young people with the tools to navigate today’s complex information landscape.

    Promoting robust media and digital literacy education could help individuals critically evaluate the information they encounter in all circles, including online activist spaces.

    The link to self-esteem also points to a broader societal responsibility.

    By investing in the mental health and wellbeing of young people, we can help boost the psychological resilience and sense of agency that makes them less vulnerable to the simplistic blame games offered by conspiracy theories.

    Ultimately, building a society that is resistant to misinformation is not about finding fault with a particular generation.

    It is about creating a stronger, more inclusive democracy where all citizens, especially the young, feel represented, empowered, and secure.

    Jean-Nicolas Bordeleau receives funding from Social Sciences and Humanities Research Council of Canada.

    ref. 3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth – https://theconversation.com/3-reasons-young-people-are-more-likely-to-believe-conspiracy-theories-and-how-we-can-help-them-discover-the-truth-261074

    MIL OSI Analysis

  • MIL-Evening Report: Gangs are going global and so is the illegal gun trade – NZ can do more to fight it

    Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato

    According to the Global Organised Crime Index, international criminal activity has increased over the past two years. And the politically fractured post-pandemic world has made this even harder for nations to combat.

    New Zealand is far from immune. According to official advice in late March to Minister of Customs and Associate Minister of Police Casey Costello:

    The threat posed by organised crime in New Zealand has increased substantially in the last five years. Even with the best of will, New Zealand is losing the fight.

    New criminal groups are becoming active here – from Burma via Malaysia, to the Comancheros and Mongols gangs. Each brings new networks, violent tactics and the potential to corrupt institutions in New Zealand and throughout the Pacific.

    As of October 2024, the national gang list contained 9,460 names. While there is debate about the accuracy of the figures, gang membership has grown considerably. This is fuelled by the global trade in illegal drugs, with local criminal profits conservatively estimated at NZ$500–600 million annually.

    The one relative bright spot is that New Zealand hasn’t yet seen the levels of firearms-related violence driven by organised crime overseas. For example, European research shows the illegal trade in guns and drugs becoming increasingly intertwined.

    But waiting to catch up with those trends should not be an option. New Zealand already has a lot firearms. In the past six years, police conducting routine patrols have reportedly encountered 17,000 guns, or nearly ten every day, nationwide.

    In 2022, official figures showed, on average, approximately one firearms offence had been committed daily by gang members since 2019.

    The risk had become apparent much earlier, in 2016, with the discovery of fourteen military assault-grade AK47s and M16s in an Auckland house being used to manufacture methamphetamine. This year, another firearms cache, including assault rifles and semiautomatics, was found in Auckland.

    Progress and problems

    On the legal front, the main avenues New Zealand gangs use to obtain illegal firearms are being closed off. Under the Arms Act, members or close affiliates of a gang or an organised criminal group cannot be considered “fit and proper” to lawfully possess a firearm.

    These people may have specific firearms prohibition orders added against them, which allow the police additional powers to ensure firearms don’t fall into the wrong hands.

    The firearms registry is key to this. There are now more than 400,000 firearms fully accounted for, making it harder for so-called “straw buyers” to onsell them to gangs.

    Despite the progress, several challenges remain. In particular, the nature of the gun registry has been politicised, with the ACT and National parties disagreeing over a review of the system’s scope.

    Arguments over the types of firearms covered and which agency looks after the registry risk undermining its central purpose of preventing criminals getting guns.

    Theft of firearms from lawful owners needs more attention, too. Making it a specific offence – not just illegal possession – would be an added deterrent.

    Tighter and targeted policy

    Accounting for all the estimated 1.5 million firearms in New Zealand will be very difficult – especially with the buy-back and amnesty for prohibited firearms after the Christchurch terror attack likely being far from complete.

    There are also tens of thousands of non-prohibited firearms in the hands of unlicensed but not necessarily criminal owners.

    Given all firearms must be registered by the end of August 2028, there should be another buy-back (at market rates) of all guns that should be on the register. This might be expensive, but the cost of opening a large pipeline to criminals would be worse.

    There needs to be greater investment in staff, education and technology within intelligence services and customs. This will help inform evidence-based policy, and support targeted law enforcement. A recent European Union initiative to track gun violence in real time is an example of how data can help in this way.

    New Zealand is a party to the United Nations Convention against Transnational Organised Crime (and its two protocols on people trafficking and migrant smuggling). But it is not a party to a supplementary protocol covering the illicit manufacturing and trafficking of firearms and ammunition.

    That should change. Amendments to the Arms Act since 2019 mean New Zealand law and policy fit the protocol perfectly. By joining, New Zealand could strengthen regional cooperation and increase public safety, given the scale of the problem and its potential to get worse.

    Alexander Gillespie is a member of the Ministerial Arms Advisory Group (MAAG). He is also the 2024 recipient of the Borrin Justice Fellowship, and is researching revision of the NZ Arms Act. His views and opinions here are independent of both the MAAG and the Borrin Foundation.

    ref. Gangs are going global and so is the illegal gun trade – NZ can do more to fight it – https://theconversation.com/gangs-are-going-global-and-so-is-the-illegal-gun-trade-nz-can-do-more-to-fight-it-261827

    MIL OSI AnalysisEveningReport.nz

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 25, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 25, 2025.

    Gangs are going global and so is the illegal gun trade – NZ can do more to fight it
    Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato According to the Global Organised Crime Index, international criminal activity has increased over the past two years. And the politically fractured post-pandemic world has made this even harder for nations to combat. New Zealand is far from immune. According

    Historic ICJ climate ruling ‘just the beginning’, says Vanuatu’s Regenvanu
    By Ezra Toara in Port Vila Vanuatu’s Minister of Climate Change Adaptation, Ralph Regenvanu, has welcomed the historic International Court of Justice (ICJ) climate ruling, calling it a “milestone in the fight for climate justice”. The ICJ has delivered a landmark advisory opinion on states’ obligations under international law to act on climate change. The

    3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth
    Source: The Conversation (Au and NZ) – By Jean-Nicolas Bordeleau, Research Fellow, Jeff Bleich Centre for Democracy and Disruptive Technologies, Flinders University Conspiracy theories are a widespread occurrence in today’s hyper connected and polarised world. Events such as Brexit, the 2016 and 2020 United States presidential elections, and the COVID pandemic serve as potent reminders

    Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it
    Source: The Conversation (Au and NZ) – By Santosh Tadakamadla, Professor and Head of Dentistry and Oral Health, La Trobe University Just over one-third of Australians are eligible for public dental services, which provide free or low cost dental treatment. Yet demand for these services continues to exceed supply. As a result, many Australian adults

    Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough?
    Source: The Conversation (Au and NZ) – By Alan Renwick, Professor of Agricultural Economics, Lincoln University, New Zealand RobynRoper/Getty Images The alarming rise of butter prices has become a real source of frustration for New Zealand consumers, as well as a topic of political recrimination. The issue has become so serious that Miles Hurrell, chief

    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

    AI will soon be able to audit all published research – what will that mean for public trust in science?
    Source: The Conversation (Au and NZ) – By Alexander Kaurov, PhD Candidate in Science and Society, Te Herenga Waka — Victoria University of Wellington Jamillah Knowles & Digit/Better Images of AI, CC BY-SA Self-correction is fundamental to science. One of its most important forms is peer review, when anonymous experts scrutinise research before it is

    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

    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

    Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds
    Asia Pacific Report Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons. Speaking on her reflections on four decades after the bombing

    Business coalition calls for 25% cut in the cost of red tape by 2030
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Business, universities, and investors have jointly urged the federal government to commit to cutting the cost of red tape by 25% by 2030, in a submission for next month’s Economic Reform Roundtable. The push to reduce regulation is in line

    Grattan on Friday: net zero battle has net zero positives for Sussan Ley
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target. The issue is a microcosm of her wider problems. The Nationals,

    The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed

    The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed

    Reserve Bank says unemployment rise was not a shock, inflation on track
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month. In a speech today to the Anika Foundation, Bullock said there has been:

    Reserve Bank says unemployment rise was not a shock, inflation on track
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month. In a speech today to the Anika Foundation, Bullock said there has been:

    Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief
    This is Democracy Now!. I’m Amy Goodman. More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory. The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and

    Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief
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    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Kennedy introduces bill to open door to homeownership for American families

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)

    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today introduced the Build Now Act, which would incentivize new home construction by tying federal funds to cities’ rates of homebuilding. Sen. Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking Committee, joined Kennedy in introducing the bill.

    “In my book, homeownership shouldn’t be a pipe dream for the average American family. Unfortunately, not everyone agrees with me. Government overregulation has brought homebuilding to a grinding halt and left ordinary people twisting in the wind as existing home prices went through the roof. I’m proud to introduce the Build Now Act to discourage pointless roadblocks and incentivize cities to help make the American Dream possible again,” said Kennedy. 

    “Americans are suffering under sky-high housing prices caused by a worsening housing shortage. The Federal government should use the tools at our disposal to reward communities that are taking bold action to build more housing and reduce families’ biggest monthly expense. It’s time for Congress to act—and this bipartisan proposal is a call to action to communities across the country to build housing now,” said Warren.

    The United States today faces a housing crisis. Since 2021, the annual income needed to qualify for a mortgage has increased by 60%, driving the median age of a first-time home buyer to a record-high 38 years old.

    By May 2025, new home construction rates had collapsed to their lowest level since the pandemic. On an annual basis, new home construction has fallen nearly 5%. 

    Currently, the Department of Housing and Urban Development (HUD)’s Community Development Block Grant Program (CDBG) provides annual grants to states, cities and counties irrespective of their rate of homebuilding.

    The Build Now Act would:

    • Require HUD to remove 10% of CDBG funding from cities that fail to improve their rate of homebuilding above the national median.
    • Order HUD to proportionally reallocate those CDBG funds to cities that exceeded the national median rate of homebuilding. Under the Build Now Act, cities with the highest rates of growth would receive larger shares as funds are reallocated.
    • Allow metropolitan areas two years to start building homes before HUD determines their level of CDBG funding.

    The bill would not apply to cities where the median home value is below the national median or cities that issued an emergency disaster declaration in the last year.

    In his role on the Senate Banking Committee, Kennedy has championed the cause of making homeownership easier for families, raising the issue frequently during recent hearings:

    • In Jan. 2025, Kennedy questioned then-HUD Secretary nominee Scott Turner about the failures of previous affordable housing policies. During this hearing, he suggested an approach that would incentivize localities to allow more new home construction without affording excessive power to the federal government.
    • At a hearing one week later, Kennedy outlined a potential “carrot-and-stick” system that would spur new home construction while allowing local governments to determine their exact means of doing so.
    • In Feb. 2025, Kennedy questioned then-Director of the Federal Housing Finance Agency nominee Bill Pulte on the consequences of Americans borrowing large amounts of money to buy homes, noting that “we’ve got a house of cards here.”

    Full text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI USA: Warner, Thune Reintroduce Legislation to Expand Seniors’ Options for Care

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON — U.S. Sens. Mark R. Warner (D-VA) and John Thune (R-SD) today reintroduced the Equitable Community Access to Pharmacist Services (ECAPS) Act, bipartisan legislation that would ensure seniors can continue to access important clinical services from their pharmacist. The bill would allow Medicare to reimburse for certain pharmacist-administered tests, treatments, and vaccinations for illnesses like influenza, respiratory syncytial virus (RSV), and strep throat, in accordance with state scope-of-practice laws. 
    “Seniors across South Dakota rely on the care and support they receive from their community pharmacists,” said Thune. “I am proud to lead this commonsense legislation that would allow these services and other important treatments to remain a reliable option for seniors, particularly in our rural communities.” 
    “During the pandemic, we saw firsthand how pharmacists stepped up to meet urgent health care needs, especially in underserved and rural communities,” said Warner. “This bill builds on that progress by making sure seniors can continue to count on their local pharmacists for routine tests, vaccines, and treatments for common illnesses like flu and COVID. This is a practical step to improve access to care, reduce the burden on hospitals and clinics, and make our health system work better for seniors.”
    “In rural states like South Dakota, pharmacists are often the most accessible – and sometimes the only – health care provider available to patients,” said Amanda Bacon, executive director of the South Dakota Pharmacists Association. “The ECAPS Act recognizes the vital role pharmacists play on the front lines of care, especially in areas where access is limited by geography, provider shortages, or both. The South Dakota Pharmacists Association strongly supports this legislation and the critical role it plays in strengthening our rural health care system. The ECAPS Act helps keep care close to home – and in South Dakota, that makes all the difference.” 
    “We applaud Senator Warner and Senator Thune for championing the reintroduction of the ECAPS Act,” said Jamie Fisher, executive director of the Virginia Pharmacy Association. “This bipartisan legislation recognizes what patients across Virginia already know – pharmacists are vital, trusted, and accessible members of the health care team. By ensuring Medicare beneficiaries can receive essential services like flu, COVID-19, RSV, and strep testing and treatment from their local pharmacist, the ECAPS Act will improve health outcomes, particularly in rural and underserved communities where access to care is often limited. We strongly support this effort to expand access and equity in health care.” 
    “The Future of Pharmacy Care Coalition commends Senate Majority Leader John Thune and Senator Mark Warner for championing the ECAPS Act to ensure seniors, including those living in rural areas and vulnerable communities, can turn to their local pharmacists for testing and treatment services that can protect them from certain common respiratory conditions,” said the Future of Pharmacy Care Coalition. “Congress must move with urgency to provide seniors with Medicare coverage in states where pharmacists can offer testing and treatment services for conditions that, although common, can quickly become life-threatening if not properly managed.”

    MIL OSI USA News

  • MIL-OSI United Kingdom: expert reaction to systematic review and meta-analysis of long-term air pollution exposure and dementia

    Source: United Kingdom – Executive Government & Departments

    A systematic review and meta analysis published in Lancet Planetary Health looks at long-term air pollution exposure and dementia incidence.

    Dr Mark Dallas, Associate Professor in Cellular Neuroscience, University of Reading, said:

    “While air pollution joined dementia’s 14 modifiable risk factors in 2024, the specific culprits remain unclear. This new research examined existing data and identified three main culprits: tiny particles from car exhaust, nitrogen dioxide from vehicles and power plants, and black carbon from diesel engines. These findings strengthen the evidence that we can protect brain health through cleaner policies targeting diesel pollution and better city planning. However, we still need to understand exactly how these pollutants damage the brain and increase the diversity in dementia research participants. This will help us learn more about how air pollution affects different types of dementia and whether some communities face higher risks than others.”

     

    Dr Tom Russ, Reader in Old Age Psychiatry, University of Edinburgh, said:

    “This high quality article summarises the evidence in this rapidly-expanding area up to October 2023. This article improves on many previous reviews but is subject to similar limitations because of the way this research is often conducted; this reflects the quality of the studies it summarises rather than any shortcomings of this specific article. The review includes articles which examine the association of exposure to air pollution for at least one year (described as ‘long-term’ exposure) with the emergence of dementia diagnosed by a doctor. It includes more studies than any previous article and because of the large number of studies included, the authors can be more accurate in their estimate of the size of the effect of dementia – for instance, their data suggest that the risk of dementia resulting from exposure to air pollution would be 9% lower in Edinburgh compared to London.

    “It is helpful to see the effects of different pollutants examined – though the authors acknowledges that these pollutants may, in fact, interact with each other in having their harmful effects. This speaks to an area this article cannot deal with – if exposure to air pollution does indeed increase the risk of someone developing dementia, what is the mechanism by which this happens? This question has not yet been addressed – in contrast to air pollution and the cardiovascular system where we have a clear mechanistic understanding of the effects of air pollution exposure on the body through experiments where people are exposed to controlled levels of air pollution. We need a similar body of research focused on the brain.

    “The authors try to examine air pollution in relation to different subtypes of dementia – an important area – but because this is often poorly recorded in medical records, they were not able to really tackle this. Most of the time, dementia is simply recorded as ‘dementia’ rather than the specific diagnosis (e.g., Alzheimer dementia, vascular dementia, dementia with Lewy bodies). A further complication is that around half of people with dementia never receive a diagnosis and so don’t appear in medical records.

    “One limitation of all the studies included in the review is that they estimate the amount of air pollution exposure based on someone’s home address. This is not the most accurate measure of air pollution exposure but I am not aware of any studies which have done this any other way, though a better approach is sorely needed.

    “Finally, since we know that many conditions which result in dementia have their origins decades before the emergence of symptoms, studies really need to look at truly long-term air pollution exposure – much longer than one year. Researching this is challenging because few long-term studies have people’s home addresses from their whole lives and measurement or modelling of air pollution levels is rare before the 1990s.

    “This article answers the question of whether air pollution exposure is associated with dementia better than previous work, but we still need better research to clarify how and why air pollution might be bad for the brain. Dementia remains a public health priority but air pollution is just one of several important risk factors and stopping smoking, controlling diabetes, controlling blood pressure and cholesterol in mid-life (amongst other things) are crucial for individuals who want to reduce their own risk of dementia, as well as minimising exposure to air pollution.”

    Dr Ian Mudway, Associate Professor of Environmental Toxicology and Visiting Professor for Environmental Health, Gresham College, Imperial College London, said:

    “This aligns very closely with previous attempts to examine the association between air pollution and dementia. I worked on this back in 2019, and at that time, given the available evidence, we concluded it was too premature to perform a meta-analysis. There were simply too many inconsistencies between studies, particularly concerning exposure assessment.

    “While I believe the evidence base has improved since then, inherent challenges remain in linking long-term air pollution changes to dementia incidence due to the decades-long prodromal period of the disease. It raises the crucial question: “How far back must we look to capture the relevant long-term exposures impacting brain health?”

    “Additionally, as the authors acknowledge, distinguishing between vascular dementia and Alzheimer’s disease purely from medical records remains quite difficult, despite their efforts.

    “The robust associations observed for NO2, black carbon/PM2.5 absorbance, and PM2.5 itself suggest that the effect is related to both local-scale traffic emissions and more regional particulate matter sources. Overall, this paper strongly supports the contention outlined in the Lancet Commission’s dementia reviews that air pollution is a significant and modifiable risk factor for dementia, and addressing it would substantially improve brain health.”

    Prof Roy Harrison FRS, Professor of Environmental Health, University of Birmingham, said:

    “This combined analysis of 51 previously conducted independent studies gives a clear signal that the risk of developing dementia is strongly influenced by air pollution exposure.  This finding is consistent with other research showing associations between a number of measures of brain function and air pollution, and is particularly important given the devastating impacts of dementia both upon individuals and their families, and society as a whole.  It adds to our ever-increasing knowledge of the many diverse harmful effects of air pollution upon health and strengthens the case for firm action to further improve air quality.

    Dr Samuel Cai, Lecturer in Environmental Epidemiology, University of Leicester, said:

    “The press release is accurate, although it could also be mentioned that studies included in this meta-analysis are quite heterogeneous.

    “This is a comprehensive and timely review, including latest primary studies published over the last few years. The conclusion was generally backed by the data presented.

    “Air pollution was only recently identified as a new risk factor for dementia in a Lancet-commissioned research. At the time, evidence for the harmful effects of PM2.5  on dementia seems to be more certain, but evidence  for other pollutants is less conclusive. This review has significantly strengthened the current knowledge base, reporting that PM2.5, NO2 and soot are all adversely linked to dementia development, based on some of most recent publications.

    “This is a systematic review and meta-analysis, and therefore consideration of confounders are usually not applicable in this type of articles. There are two more limitations which may worth further investigation. First, in the studies included in this review, did the effects of air pollution on dementia incidence have been adjusted for other environmental exposures such as greenspace and traffic noise? These two exposures may interact with air pollution in a complex way, and therefore may affect the risk posed by air pollution leading to dementia onset?

    “Second, it is not very clear, at which life stage that air pollution exposure is relatively more important in triggering dementia?  There is some evidence that late-life air pollution exposures seem to be more relevant to dementia incidence, as compared to mid-life or early-life. I think the current evidence pool is still weak on this question, but certainly a direction warranting more research.

    “The implications mentioned by the authors are correct. Air pollution needs to be formally recognised as a risk factor for dementia in clinical practices, and that societal-wide policy actions are needed to tackle air pollution, particularly that from traffic in UK cities and towns, to protect brain health as UK population is ageing.”

     

    Prof Barbara Maher FRS, Professor of Environmental Magnetism, Lancaster University, said:

    “This is another meticulous and large study (~30 million people over 4 continents), which reviews and analyses other painstaking studies, attesting to the damage being done to our brains by breathing in air pollution particles. While this study links outdoor PM2.5 (fine particles less than 2.5 micrometres diameter) with increased dementia incidence, this might represent just the tip of the iceberg. Air pollution contains huge numbers of ultrafine particles (

    “It’s now 9 years since our discovery of huge numbers of traffic-derived, metal-rich nanoparticles inside the frontal cortex of human brains…anywhere between 900 million and 40 billion particles in a gramme of brain tissue. Similar particles have been found directly associated with the amyloid plaques typical of Alzheimer’s disease. And the likely health impacts of exposure to such small, toxic particles don’t end with the brain. They have now been found in human blood, heart, placenta, kidney, bone joints…the body has no effective defense against the ultrafine particle cocktails we generate outdoors, especially from traffic, and indoors, for example, in heating our homes using stoves.

    “What’s more, of course, the nanoparticle ‘mix’ varies from place to place and city to city, so the full scale of the dementia/air pollution pandemic will only become more obvious when epidemiological studies take particle composition, as well as ultrafine size, into account.”

    Dr Isolde Radford, Senior Policy Manager at Alzheimer’s Research UK, said:    
      
    “Air pollution is not just an environmental issue – it’s a serious and growing threat to our brain health. If no one were exposed to air pollution, there would be three fewer cases of dementia for every 100 people who develop it now. This rigorous review adds to mounting evidence that exposure to air pollution – from traffic fumes to wood burners – increases the risk of developing dementia.  
      
    “But poor air quality doesn’t affect all communities equally. As this analysis highlights, marginalised groups are often exposed to higher levels of pollution, yet remain underrepresented in research. Future studies must reflect the full diversity of society – because those most at risk could stand to benefit the most from action.  
     
    “What’s still unclear is exactly how air pollution affects the brain. There are several biological pathways that could explain the link, and to prevent dementia in the future, we need to deepen our understanding of these mechanisms.  
     
    “Air pollution is one of the major modifiable risk factors for dementia – but it’s not something individuals can solve alone. That’s where government leadership is vital. While the 10-Year Health Plan acknowledges the health harms of air pollution, far more needs to be done to tackle this invisible threat. Alzheimer’s Research UK is calling for a bold, cross-government approach to health prevention — one that brings together departments beyond health, including DEFRA, to take coordinated action on the drivers of dementia risk.  
     
    “The UK is still working to meet the World Health Organization’s air pollution limits by 2040 – but that timeline simply isn’t good enough. We have the evidence and the means to reach these targets by 2030. Doing so could help prevent thousands more people from developing dementia. The Government must act now to set stronger, health-based air quality targets – ones that protect our brains as well as our lungs.”

    Long-term air pollution exposure and incident dementia: a systematic review and meta-analysis’ by Clare B Best Rogowski et al. was published in The Lancet Planetary Health at 23:30 UK time on Thursday 24th July. 

    DOI: https://doi.org/10.1016/S2542-5196(25)00118-4

    Declared interests

    Dr Mark Dallas: Dr Dallas receives research funding from the Medical Research Council and Carbon Monoxide Research Trust.

    Dr Tom Russ: I don’t have any conflicts as such but am active in research in this area.

    Prof Roy Harrison: Roy Harrison is a member of the Defra Air Quality Expert Group and the DHSC Committee on the Medical Effects of Air Pollutants. He has research funding from UKRI, Defra and the European Union Horizon Programme.

    Dr Samuel Cai: I do not have any conflict of interest to declare.

    Prof Barbara Maher: None to declare

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom

  • MIL-OSI: Athabasca Oil Announces 2025 Second Quarter Results Highlighted by Strong Operational Results, Continued Share Buybacks and a Pristine Financial Position

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 24, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its second quarter results marked by strong operational performance, consistent financial results and execution on return of capital commitments. With low corporate break-evens, differentiated long-life assets and a pristine balance sheet, the Company is well positioned to advance its strategic priorities.

    Q2 2025 Consolidated Corporate Results

    • Production: Average production of 39,088 boe/d (98% Liquids), representing 4% (15% per share) growth year-over-year.
    • Cash Flow: Adjusted Funds Flow of $128 million ($0.25 per share). Cash Flow from Operating Activities of $101 million. Free Cash Flow of $66 million from Athabasca (Thermal Oil).
    • Capital Program: $73 million total capital expenditures including $54 million at Leismer to support the 40,000 bbl/d phased growth project.
    • Shareholder Returns: Purchased 24 million shares through its buy-back program year-to-date. The Company is committed to returning 100% of Free Cash Flow (Thermal Oil) to shareholders in 2025 and has completed ~$600 million in share buybacks since March 31, 2023, reducing its fully diluted share count by 21%.

    Operations Highlights

    • Leismer: Production currently ~28,000 bbl/d (June 2025) with four sustaining well pairs expected to be placed on production through the balance of the year. The progressive growth project remains on time and on budget. The Company expects production to stay flat until the next growth plateau of 32,000 bbl/d in H2 2026.
    • Hangingstone: Production currently ~8,900 bbl/d (June 2025) following the start-up of two extended reach well pairs which are outperforming management’s expectations. The asset continues to deliver meaningful free cash flow generation.
    • Duvernay Energy (“DEC”): A four well pad (30% working interest) with ~5,000 meter laterals was completed in mid July and will be placed on production in August. Completion operations are expected to commence on a three well pad (100% working interest) in September. DEC is positioned for strong operational momentum into year end with an exit target of ~6,000 boe/d.

    Resilient Producer

    • Pristine Financial Position: The Company has a Net Cash position of $119 million, Liquidity of $437 million (including $304 million cash) and a long-dated maturity of 2029 on its term debt. The Company also has $2.2 billion of tax pools (~80% high-value and immediately deductible).
    • Low Break-evens: Long-life, low decline assets afford Athabasca with a sustaining capital advantage. The Company’s 2025 Thermal Oil capital program which includes growth initiatives is fully funded within cash flow below US$50/bbl WTI. Long term sustaining capital investment is estimated at ~C$8/bbl (five‐year annual average) to hold production flat.

    2025 Corporate Guidance

    • Consolidated Production Outlook: The Company anticipates production at the upper end of guidance of 37,500 – 39,500 boe/d with an exit rate of ~41,000 boe/d. Thermal Oil production is trending at the upper end of its prior guidance of 33,500 – 35,500 bbl/d. Duvernay Energy is expected to average ~4,000 boe/d with an exit target of ~6,000 boe/d following the tie-in of two multi-well pads.
    • Thermal Capital: The forecast capital budget for Thermal oil is unchanged at ~$250 million, including sustaining capital and the Leismer expansion project. This $300 million expansion project (over three years) is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027. Athabasca’s Thermal Oil capital projects are flexible, highly economic and have phased optionality on timing based on the macroeconomic environment. By year-end 2025, the Company anticipates being ~50% complete of total capital exposure for the expansion project.
    • Duvernay Energy Corporation Capital: The 2025 capital program of ~$75 million will drive production momentum in H2 2025. The capital program in DEC is flexible and designed to be self-funded. The Company has a deep inventory of ~444 gross future drilling locations with no near-term land expiries.
    • Free Cash Flow Focus: The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million1, including $475 – $500 million from its Thermal Oil assets. 2025 Thermal Oil Free Cash Flow is forecasted at ~$250 million and is planned to be returned to shareholders through share buybacks. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively.

    Corporate Consolidated Strategy

    • Value Creation: The Company’s Thermal Oil division provides a differentiated liquids weighted growth platform supported by financial resiliency to execute on return of capital initiatives. Athabasca’s subsidiary company, Duvernay Energy Corporation, is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and DEC have independent strategies and capital allocation frameworks.
    • Steadfast Focus on Cash Flow Per Share Growth: Athabasca’s disciplined capital allocation framework is designed to unlock shareholder value by prioritizing multi-year cash flow per share growth. The Company forecasts ~20% compounded annual cash flow per share growth between 2025-2029 driven by investing in attractive capital projects and prioritizing share buybacks with 100% of Free Cash Flow. The Company sees significant intrinsic value not reflected in the current share price and intends to remain active with its share buyback strategy.

    Athabasca (Thermal Oil) Strategy

    • Large Resource Base: Athabasca’s top-tier assets underpin a strong Free Cash Flow outlook with low sustaining capital requirements. The long life, low decline asset base includes ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion barrels of Contingent Resource.
    • Strong Financial Position: Prudent balance sheet management is a core tenet of Athabasca’s strategy. The Company has a Net Cash position of $119 million, Liquidity of $437 million (including $304 million cash) and a long-dated maturity of 2029 on its term debt.
    • Leismer Progressive Growth: This $300 million expansion project (over three years) is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027. On completion of the expansion project, the Company can maintain Leismer at 40,000 bbl/d for approximately fifty years (Proved plus Probable Reserves).
    • Sustaining Hangingstone: The Hangingstone asset is very competitive and continues to deliver meaningful cash flow contributions to the Company. The objective is to sustain production and maintain competitive netbacks ($36.51/bbl H1 2025 Operating Netback).
    • Corner – Future Optionality: The Company’s Corner asset is a large de-risked oil sands asset adjacent to Leismer with 351 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage, with reservoir qualities similar to or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company has updated its development plans and is finalizing facility cost estimates, with a focus on capital efficient modular design.
    • Significant Multi-Year Free Cash Flow: Inclusive of the progressive growth at Leismer, Athabasca (Thermal Oil) expects to generate in excess of $1.8 billion of Free Cash Flow1 during the five-year time frame of 2025-29. Free Cash Flow will continue to support the Company’s return of capital initiatives.
    • Sound Heavy Oil Fundamentals: Canadian heavy oil markets remain strong supported by the Trans Mountain Expansion pipeline and sustained global refining demand. This has resulted in tighter and less volatile WCS heavy differentials with August index pricing at ~US$10/bbl. Athabasca is a direct beneficiary of structurally tighter differentials that are forecasted to hold in the coming years.
    • Thermal Oil Royalty Advantage: Athabasca has significant unrecovered capital balances on its Thermal Oil Assets that ensure a low Crown royalty framework (~6%1). Leismer is forecasted to remain pre-payout until late 20271 and Hangingstone is forecasted to remain pre-payout beyond 20301.
    • Tax Free Horizon Advantage: Athabasca (Thermal Oil) has $2.2 billion of valuable tax pools and does not forecast paying cash taxes this decade.

    Duvernay Energy Strategy

    • Accelerating Value: DEC is an operated, private subsidiary of Athabasca (owned 70% by Athabasca and 30% by Cenovus Energy). DEC accelerates value realization for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth without compromising Athabasca’s capacity to fund its Thermal Oil assets or its return of capital strategy.
    • Kaybob Duvernay Focused: Exposure to ~200,000 gross acres in the liquids rich and oil windows with ~444 gross future well locations, including ~46,000 gross acres with 100% working interest.
    • Self-Funded Growth: Near-term activity will be funded within Adjusted Funds Flow, initial seed capital and the DEC credit facility. The Company has growth potential to in excess of ~20,000 boe/d (75% Liquids) by the late 2020s1.

    Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.
    1 Pricing assumptions: H1 2025 actualized and US$65 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX for H2 2025. 2026+ US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX

    Financial and Operational Highlights

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025     2024     2025     2024    
    CORPORATE CONSOLIDATED(1)                
    Petroleum and natural gas production (boe/d)(2)   39,088       37,621       38,404       35,546    
    Petroleum, natural gas and midstream sales $ 360,070     $ 401,738     $ 727,914     $ 712,854    
    Operating Income(2) $ 141,707     $ 179,751     $ 287,297     $ 284,886    
    Operating Income Net of Realized Hedging(2)(3) $ 142,101     $ 178,176     $ 286,048     $ 284,756    
    Operating Netback ($/boe)(2) $ 38.81     $ 52.46     $ 41.30     $ 44.77    
    Operating Netback Net of Realized Hedging ($/boe)(2)(3) $ 38.92     $ 52.00     $ 41.12     $ 44.75    
    Capital expenditures $ 73,066     $ 48,453     $ 136,399     $ 124,464    
    Cash flow from operating activities $ 101,432     $ 135,083     $ 224,785     $ 211,721    
    per share – basic $ 0.20     $ 0.24     $ 0.44     $ 0.38    
    Adjusted Funds Flow(2) $ 127,591     $ 165,746     $ 257,266     $ 253,518    
    per share – basic $ 0.25     $ 0.30     $ 0.51     $ 0.45    
    ATHABASCA (THERMAL OIL)                
    Bitumen production (bbl/d)(2)   36,476       33,765       35,613       32,651    
    Petroleum, natural gas and midstream sales $ 355,160     $ 395,279     $ 717,535     $ 700,320    
    Operating Income(2) $ 135,803     $ 161,694     $ 271,119     $ 262,143    
    Operating Netback ($/bbl)(2) $ 39.79     $ 52.59     $ 42.02     $ 44.91    
    Capital expenditures $ 56,110     $ 34,084     $ 106,486     $ 76,203    
    Adjusted Funds Flow(2) $ 122,097     $ 149,413     $ 243,450     $ 233,126    
    Free Cash Flow(2) $ 65,987     $ 115,329     $ 136,964     $ 156,923    
    DUVERNAY ENERGY(1)                
    Petroleum and natural gas production (boe/d)(2)   2,612       3,856       2,791       2,895    
    Percentage Liquids (%)(2) 72 %   80 %   73 %   77 %  
    Petroleum, natural gas and midstream sales $ 13,526     $ 26,749     $ 31,145     $ 38,287    
    Operating Income(2) $ 5,904     $ 18,057     $ 16,178     $ 22,743    
    Operating Netback ($/boe)(2) $ 24.84     $ 51.46     $ 32.03     $ 43.17    
    Capital expenditures $ 16,956     $ 14,369     $ 29,913     $ 48,261    
    Adjusted Funds Flow(2) $ 5,494     $ 16,333     $ 13,816     $ 20,392    
    Free Cash Flow(2) $ (11,462 )   $ 1,964     $ (16,097 )   $ (27,869 )  
    NET INCOME AND COMPREHENSIVE INCOME                
    Net income and comprehensive income(4) $ 56,870     $ 96,076     $ 128,874     $ 134,685    
    per share – basic(4) $ 0.11     $ 0.17     $ 0.25     $ 0.24    
    per share – diluted(4) $ 0.11     $ 0.17     $ 0.25     $ 0.24    
    COMMON SHARES OUTSTANDING                
    Weighted average shares outstanding – basic   502,593,860       557,299,962       508,393,229       562,188,451    
    Weighted average shares outstanding – diluted   510,591,132       566,559,671       512,076,328       569,058,329    
      June 30,   December 31,  
    As at ($ Thousands) 2025   2024  
    LIQUIDITY AND BALANCE SHEET (CONSOLIDATED)        
    Cash and cash equivalents $ 304,048   $ 344,836  
    Available credit facilities(5) $ 133,074   $ 136,324  
    Face value of term debt $ 200,000   $ 200,000  
     
    (1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
    (2) Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
    (3) Includes realized commodity risk management gain of $0.4 million and loss of $1.2 million for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 – loss of $1.6 million and $0.1 million).
    (4) Net income and comprehensive income per share amounts are based on net income and comprehensive income attributable to shareholders of the Parent Company. In the calculation of diluted net income per share for the three months ended June 30, 2025 net income was increased by $0.4 million, to account for the impact to net income had the outstanding warrants been converted to equity. In the calculation of diluted net income per share for the three months ended June 30, 2024 net income was reduced by $0.4 million, to account for the impact to net income had the outstanding warrants been converted to equity.
    (5) Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.
     

    Athabasca (Thermal Oil) Q2 2025 Highlights and Operations Update

    • Production: Production of 36,476 bbl/d (27,818 bbl/d at Leismer and 8,658 bbl/d at Hangingstone).
    • Cash Flow: Adjusted Funds Flow of $122.1 million; Operating Income of $135.8 million with an Operating Netback of $39.79/bbl ($42.02/bbl H1 2025).
    • Capital: $56.1 million of capital expenditures in Q2, with $53.9 million at Leismer as the Company advances the 40,000 bbl/d progressive growth project.
    • Free Cash Flow: $66.0 million of Free Cash Flow supporting return of capital commitment.

    Leismer

    Earlier this year, the Company brought six extended reach redrills on Pad L1 (1,000 – 1,700 meter laterals) on production supporting current production of ~28,000 bbl/d (June 2025). Four well pairs on Pad L10 are expected to maintain production rates at facility capacity for the balance of 2025. The first two wells started steaming in April with production expected in Q3, and the final two will begin steaming this summer with first production expected in Q4. Another six well pairs will be drilled on Pad 11 in H2 2025.

    Activity at Leismer remains focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The project cost is estimated at $300 million generating a capital efficiency of approximately $25,000/bbl/d. The $300 million will be spent between 2025 and 2027 and includes an estimated $190 million for facility capital and an estimated $110 million for growth wells. By year-end 2025, the Company anticipates being ~50% complete of total capital exposure for the expansion project. The project remains on budget and on schedule with the original sanction plans announced in July 2024. The progressive build provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 following the next planned turnaround, and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027.

    Hangingstone

    At Hangingstone, two extended reach sustaining well pairs (~1,400 meter average laterals) were placed on production in March with production of ~8,900 bbl/d (June 2025). The well pairs ramped up faster than anticipated, benefiting from favorable reservoir temperatures and pressure supported by offsetting wells. Current well pair performance between 800 – 1,000 bbl/d per well has exceeded management’s expectations. Hangingstone continues to deliver meaningful cash flow contributions to the Company.

    Duvernay Energy Corporation Q2 2025 Highlights and Operations Update

    • Production: Production of 2,612 boe/d (72% Liquids).
    • Cash Flow: Adjusted Funds Flow of $5.5 million with an Operating Netback of $24.84/boe ($32.03/boe H1 2025).
    • Capital: $17.0 million of capital expenditures including completions on a 30% working interest four-well pad.  

    During the quarter completions operations commenced on a four well pad (30% working interest) with average laterals of ~5,000 meters. Completion operations on this pad were completed in mid July and the wells are expected to be on production in early August. A three well pad (100% working interest) is scheduled to be completed in early Fall and on production shortly thereafter. Earlier in 2025, a strategic gathering system was completed connecting the operated wells to existing operated infrastructure.

    Production from new wells drilled in 2024 continue to validate DEC’s type curve expectations. The five wells placed on production have averaged IP30’s of ~1,200 boe/d per well (86% Liquids) and IP90s of ~940 boe/d (86% Liquids) per well.

    DEC retains significant operational flexibility with no near-term land expiries and the ability to adjust spending in response to commodity price movements.

    About Athabasca Oil Corporation

    Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

    For more information, please contact:

    Reader Advisory:

    This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; break-even metrics, our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

    In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the “McDaniel Report”).

    Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

    Also included in this News Release are estimates of Athabasca’s 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

    Oil and Gas Information

    “BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    Initial Production Rates 

    Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

    Reserves Information

    The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

    Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

    The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

    Non-GAAP and Other Financial Measures, and Production Disclosure

    The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

    Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

    Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

      Three months ended
    June 30, 2025
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 101,142   $ 290   $ 101,432  
    Changes in non-cash working capital   20,922     5,207     26,129  
    Settlement of provisions   33     (3 )   30  
    ADJUSTED FUNDS FLOW   122,097     5,494     127,591  
    Capital expenditures   (56,110 )   (16,956 )   (73,066 )
    FREE CASH FLOW $ 65,987   $ (11,462 ) $ 54,525  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
      Six months ended
    June 30, 2025
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 214,569   $ 10,216   $ 224,785  
    Changes in non-cash working capital   28,152     3,595     31,747  
    Settlement of provisions   729     5     734  
     ADJUSTED FUNDS FLOW   243,450     13,816     257,266  
    Capital expenditures   (106,486 )   (29,913 )   (136,399 )
     FREE CASH FLOW $ 136,964   $ (16,097 ) $ 120,867  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
      Three months ended
    June 30, 2024
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 124,027   $ 11,056   $ 135,083  
    Changes in non-cash working capital   25,375     5,390     30,765  
    Settlement of provisions   11     (113 )   (102 )
    ADJUSTED FUNDS FLOW   149,413     16,333     165,746  
    Capital expenditures   (34,084 )   (14,369 )   (48,453 )
    FREE CASH FLOW $ 115,329   $ 1,964   $ 117,293  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
      Six months ended
    June 30, 2024
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 197,068   $ 14,653   $ 211,721  
    Changes in non-cash working capital   34,761     5,535     40,296  
    Settlement of provisions   1,297     204     1,501  
     ADJUSTED FUNDS FLOW   233,126     20,392     253,518  
    Capital expenditures   (76,203 )   (48,261 )   (124,464 )
     FREE CASH FLOW $ 156,923   $ (27,869 ) $ 129,054  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
     

    Duvernay Energy Operating Income and Operating Netback

    The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

    The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025   2024   2025   2024  
    Petroleum and natural gas sales $ 13,526   $ 26,749   $ 31,145   $ 38,287  
    Royalties   (1,792 )   (3,498 )   (4,553 )   (5,812 )
    Operating expenses   (4,870 )   (4,063 )   (8,656 )   (7,703 )
    Transportation and marketing   (960 )   (1,131 )   (1,758 )   (2,029 )
    DUVERNAY ENERGY OPERATING INCOME $ 5,904   $ 18,057   $ 16,178   $ 22,743  
                             

    Athabasca (Thermal Oil) Operating Income and Operating Netback

    The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets.

    The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025   2024   2025   2024  
    Heavy oil (blended bitumen) and midstream sales $ 355,160   $ 395,279   $ 717,535   $ 700,320  
    Cost of diluent   (147,065 )   (148,166 )   (299,197 )   (282,026 )
    Total bitumen and midstream sales   208,095     247,113     418,338     418,294  
    Royalties   (9,431 )   (28,823 )   (25,395 )   (40,360 )
    Operating expenses – non-energy   (26,810 )   (24,417 )   (51,697 )   (47,542 )
    Operating expenses – energy   (13,621 )   (11,635 )   (27,128 )   (28,193 )
    Transportation and marketing(1)   (22,430 )   (20,544 )   (42,999 )   (40,056 )
    ATHABASCA (THERMAL OIL) OPERATING INCOME $ 135,803   $ 161,694   $ 271,119   $ 262,143  
    (1) Transportation and marketing excludes non-cash costs of $0.6 million and $1.1 million for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 – $0.6 million and $1.1 million).
     

    Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

    The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025   2024   2025   2024  
    Petroleum, natural gas and midstream sales(1) $ 368,686   $ 422,028   $ 748,680   $ 738,607  
    Royalties   (11,223 )   (32,321 )   (29,948 )   (46,172 )
    Cost of diluent(1)   (147,065 )   (148,166 )   (299,197 )   (282,026 )
    Operating expenses   (45,301 )   (40,115 )   (87,481 )   (83,438 )
    Transportation and marketing(2)   (23,390 )   (21,675 )   (44,757 )   (42,085 )
    Operating Income   141,707     179,751     287,297     284,886  
    Realized gain (loss) on commodity risk mgmt. contracts   394     (1,575 )   (1,249 )   (130 )
    OPERATING INCOME NET OF REALIZED HEDGING $ 142,101   $ 178,176   $ 286,048   $ 284,756  
    (1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
    (2) Transportation and marketing excludes non-cash costs of $0.6 million and $1.1 million for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 – $0.6 million and $1.1 million).
     

    Cash Transportation and Marketing Expense

    The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

    Net Cash

    Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

    Liquidity

    Liquidity is defined as cash and cash equivalents plus available credit capacity.

    Production volumes details

        Three months ended
    June 30,
      Six months ended
    June 30,
     
    Production   2025   2024   2025   2024  
    Duvernay Energy:                  
    Oil and condensate NGLs(1) bbl/d   1,608     2,806     1,723     2,006  
    Other NGLs bbl/d   282     266     304     223  
    Natural gas(2) mcf/d   4,329     4,706     4,585     3,998  
    Total Duvernay Energy boe/d   2,612     3,856     2,791     2,895  
    Total Thermal Oil bitumen bbl/d   36,476     33,765     35,613     32,651  
    Total Company production boe/d   39,088     37,621     38,404     35,546  
    (1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
    (2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.
     

    This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 65% tight oil, 25% shale gas and 10% NGLs.

    Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

    Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

    The MIL Network

  • MIL-OSI: Athabasca Oil Announces 2025 Second Quarter Results Highlighted by Strong Operational Results, Continued Share Buybacks and a Pristine Financial Position

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, July 24, 2025 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its second quarter results marked by strong operational performance, consistent financial results and execution on return of capital commitments. With low corporate break-evens, differentiated long-life assets and a pristine balance sheet, the Company is well positioned to advance its strategic priorities.

    Q2 2025 Consolidated Corporate Results

    • Production: Average production of 39,088 boe/d (98% Liquids), representing 4% (15% per share) growth year-over-year.
    • Cash Flow: Adjusted Funds Flow of $128 million ($0.25 per share). Cash Flow from Operating Activities of $101 million. Free Cash Flow of $66 million from Athabasca (Thermal Oil).
    • Capital Program: $73 million total capital expenditures including $54 million at Leismer to support the 40,000 bbl/d phased growth project.
    • Shareholder Returns: Purchased 24 million shares through its buy-back program year-to-date. The Company is committed to returning 100% of Free Cash Flow (Thermal Oil) to shareholders in 2025 and has completed ~$600 million in share buybacks since March 31, 2023, reducing its fully diluted share count by 21%.

    Operations Highlights

    • Leismer: Production currently ~28,000 bbl/d (June 2025) with four sustaining well pairs expected to be placed on production through the balance of the year. The progressive growth project remains on time and on budget. The Company expects production to stay flat until the next growth plateau of 32,000 bbl/d in H2 2026.
    • Hangingstone: Production currently ~8,900 bbl/d (June 2025) following the start-up of two extended reach well pairs which are outperforming management’s expectations. The asset continues to deliver meaningful free cash flow generation.
    • Duvernay Energy (“DEC”): A four well pad (30% working interest) with ~5,000 meter laterals was completed in mid July and will be placed on production in August. Completion operations are expected to commence on a three well pad (100% working interest) in September. DEC is positioned for strong operational momentum into year end with an exit target of ~6,000 boe/d.

    Resilient Producer

    • Pristine Financial Position: The Company has a Net Cash position of $119 million, Liquidity of $437 million (including $304 million cash) and a long-dated maturity of 2029 on its term debt. The Company also has $2.2 billion of tax pools (~80% high-value and immediately deductible).
    • Low Break-evens: Long-life, low decline assets afford Athabasca with a sustaining capital advantage. The Company’s 2025 Thermal Oil capital program which includes growth initiatives is fully funded within cash flow below US$50/bbl WTI. Long term sustaining capital investment is estimated at ~C$8/bbl (five‐year annual average) to hold production flat.

    2025 Corporate Guidance

    • Consolidated Production Outlook: The Company anticipates production at the upper end of guidance of 37,500 – 39,500 boe/d with an exit rate of ~41,000 boe/d. Thermal Oil production is trending at the upper end of its prior guidance of 33,500 – 35,500 bbl/d. Duvernay Energy is expected to average ~4,000 boe/d with an exit target of ~6,000 boe/d following the tie-in of two multi-well pads.
    • Thermal Capital: The forecast capital budget for Thermal oil is unchanged at ~$250 million, including sustaining capital and the Leismer expansion project. This $300 million expansion project (over three years) is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027. Athabasca’s Thermal Oil capital projects are flexible, highly economic and have phased optionality on timing based on the macroeconomic environment. By year-end 2025, the Company anticipates being ~50% complete of total capital exposure for the expansion project.
    • Duvernay Energy Corporation Capital: The 2025 capital program of ~$75 million will drive production momentum in H2 2025. The capital program in DEC is flexible and designed to be self-funded. The Company has a deep inventory of ~444 gross future drilling locations with no near-term land expiries.
    • Free Cash Flow Focus: The Company forecasts consolidated Adjusted Funds Flow between $525 – $550 million1, including $475 – $500 million from its Thermal Oil assets. 2025 Thermal Oil Free Cash Flow is forecasted at ~$250 million and is planned to be returned to shareholders through share buybacks. Every +US$1/bbl move in West Texas Intermediate (“WTI”) and Western Canadian Select (“WCS”) heavy oil impacts annual Adjusted Funds Flow by ~$10 million and ~$17 million, respectively.

    Corporate Consolidated Strategy

    • Value Creation: The Company’s Thermal Oil division provides a differentiated liquids weighted growth platform supported by financial resiliency to execute on return of capital initiatives. Athabasca’s subsidiary company, Duvernay Energy Corporation, is designed to enhance value for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth in the Kaybob Duvernay resource play. Athabasca (Thermal Oil) and DEC have independent strategies and capital allocation frameworks.
    • Steadfast Focus on Cash Flow Per Share Growth: Athabasca’s disciplined capital allocation framework is designed to unlock shareholder value by prioritizing multi-year cash flow per share growth. The Company forecasts ~20% compounded annual cash flow per share growth between 2025-2029 driven by investing in attractive capital projects and prioritizing share buybacks with 100% of Free Cash Flow. The Company sees significant intrinsic value not reflected in the current share price and intends to remain active with its share buyback strategy.

    Athabasca (Thermal Oil) Strategy

    • Large Resource Base: Athabasca’s top-tier assets underpin a strong Free Cash Flow outlook with low sustaining capital requirements. The long life, low decline asset base includes ~1.2 billion barrels of Proved plus Probable reserves and ~1 billion barrels of Contingent Resource.
    • Strong Financial Position: Prudent balance sheet management is a core tenet of Athabasca’s strategy. The Company has a Net Cash position of $119 million, Liquidity of $437 million (including $304 million cash) and a long-dated maturity of 2029 on its term debt.
    • Leismer Progressive Growth: This $300 million expansion project (over three years) is highly economic (~$25,000/bbl/d capital efficiency) and provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027. On completion of the expansion project, the Company can maintain Leismer at 40,000 bbl/d for approximately fifty years (Proved plus Probable Reserves).
    • Sustaining Hangingstone: The Hangingstone asset is very competitive and continues to deliver meaningful cash flow contributions to the Company. The objective is to sustain production and maintain competitive netbacks ($36.51/bbl H1 2025 Operating Netback).
    • Corner – Future Optionality: The Company’s Corner asset is a large de-risked oil sands asset adjacent to Leismer with 351 million barrels of Proved plus Probable reserves and 520 million barrels Contingent Resource (Best Estimate Unrisked). There are over 300 delineation wells and ~80% seismic coverage, with reservoir qualities similar to or better than Leismer. The asset has a 40,000 bbl/d regulatory approval for development with the existing pipeline corridor passing through the Corner lease. The Company has updated its development plans and is finalizing facility cost estimates, with a focus on capital efficient modular design.
    • Significant Multi-Year Free Cash Flow: Inclusive of the progressive growth at Leismer, Athabasca (Thermal Oil) expects to generate in excess of $1.8 billion of Free Cash Flow1 during the five-year time frame of 2025-29. Free Cash Flow will continue to support the Company’s return of capital initiatives.
    • Sound Heavy Oil Fundamentals: Canadian heavy oil markets remain strong supported by the Trans Mountain Expansion pipeline and sustained global refining demand. This has resulted in tighter and less volatile WCS heavy differentials with August index pricing at ~US$10/bbl. Athabasca is a direct beneficiary of structurally tighter differentials that are forecasted to hold in the coming years.
    • Thermal Oil Royalty Advantage: Athabasca has significant unrecovered capital balances on its Thermal Oil Assets that ensure a low Crown royalty framework (~6%1). Leismer is forecasted to remain pre-payout until late 20271 and Hangingstone is forecasted to remain pre-payout beyond 20301.
    • Tax Free Horizon Advantage: Athabasca (Thermal Oil) has $2.2 billion of valuable tax pools and does not forecast paying cash taxes this decade.

    Duvernay Energy Strategy

    • Accelerating Value: DEC is an operated, private subsidiary of Athabasca (owned 70% by Athabasca and 30% by Cenovus Energy). DEC accelerates value realization for Athabasca’s shareholders by providing a clear path for self-funded production and cash flow growth without compromising Athabasca’s capacity to fund its Thermal Oil assets or its return of capital strategy.
    • Kaybob Duvernay Focused: Exposure to ~200,000 gross acres in the liquids rich and oil windows with ~444 gross future well locations, including ~46,000 gross acres with 100% working interest.
    • Self-Funded Growth: Near-term activity will be funded within Adjusted Funds Flow, initial seed capital and the DEC credit facility. The Company has growth potential to in excess of ~20,000 boe/d (75% Liquids) by the late 2020s1.

    Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Net Cash, Liquidity) and production disclosure.
    1 Pricing assumptions: H1 2025 actualized and US$65 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.725 C$/US$ FX for H2 2025. 2026+ US$70 WTI, US$12.50 WCS heavy differential, C$3 AECO, and 0.725 C$/US$ FX

    Financial and Operational Highlights

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025     2024     2025     2024    
    CORPORATE CONSOLIDATED(1)                
    Petroleum and natural gas production (boe/d)(2)   39,088       37,621       38,404       35,546    
    Petroleum, natural gas and midstream sales $ 360,070     $ 401,738     $ 727,914     $ 712,854    
    Operating Income(2) $ 141,707     $ 179,751     $ 287,297     $ 284,886    
    Operating Income Net of Realized Hedging(2)(3) $ 142,101     $ 178,176     $ 286,048     $ 284,756    
    Operating Netback ($/boe)(2) $ 38.81     $ 52.46     $ 41.30     $ 44.77    
    Operating Netback Net of Realized Hedging ($/boe)(2)(3) $ 38.92     $ 52.00     $ 41.12     $ 44.75    
    Capital expenditures $ 73,066     $ 48,453     $ 136,399     $ 124,464    
    Cash flow from operating activities $ 101,432     $ 135,083     $ 224,785     $ 211,721    
    per share – basic $ 0.20     $ 0.24     $ 0.44     $ 0.38    
    Adjusted Funds Flow(2) $ 127,591     $ 165,746     $ 257,266     $ 253,518    
    per share – basic $ 0.25     $ 0.30     $ 0.51     $ 0.45    
    ATHABASCA (THERMAL OIL)                
    Bitumen production (bbl/d)(2)   36,476       33,765       35,613       32,651    
    Petroleum, natural gas and midstream sales $ 355,160     $ 395,279     $ 717,535     $ 700,320    
    Operating Income(2) $ 135,803     $ 161,694     $ 271,119     $ 262,143    
    Operating Netback ($/bbl)(2) $ 39.79     $ 52.59     $ 42.02     $ 44.91    
    Capital expenditures $ 56,110     $ 34,084     $ 106,486     $ 76,203    
    Adjusted Funds Flow(2) $ 122,097     $ 149,413     $ 243,450     $ 233,126    
    Free Cash Flow(2) $ 65,987     $ 115,329     $ 136,964     $ 156,923    
    DUVERNAY ENERGY(1)                
    Petroleum and natural gas production (boe/d)(2)   2,612       3,856       2,791       2,895    
    Percentage Liquids (%)(2) 72 %   80 %   73 %   77 %  
    Petroleum, natural gas and midstream sales $ 13,526     $ 26,749     $ 31,145     $ 38,287    
    Operating Income(2) $ 5,904     $ 18,057     $ 16,178     $ 22,743    
    Operating Netback ($/boe)(2) $ 24.84     $ 51.46     $ 32.03     $ 43.17    
    Capital expenditures $ 16,956     $ 14,369     $ 29,913     $ 48,261    
    Adjusted Funds Flow(2) $ 5,494     $ 16,333     $ 13,816     $ 20,392    
    Free Cash Flow(2) $ (11,462 )   $ 1,964     $ (16,097 )   $ (27,869 )  
    NET INCOME AND COMPREHENSIVE INCOME                
    Net income and comprehensive income(4) $ 56,870     $ 96,076     $ 128,874     $ 134,685    
    per share – basic(4) $ 0.11     $ 0.17     $ 0.25     $ 0.24    
    per share – diluted(4) $ 0.11     $ 0.17     $ 0.25     $ 0.24    
    COMMON SHARES OUTSTANDING                
    Weighted average shares outstanding – basic   502,593,860       557,299,962       508,393,229       562,188,451    
    Weighted average shares outstanding – diluted   510,591,132       566,559,671       512,076,328       569,058,329    
      June 30,   December 31,  
    As at ($ Thousands) 2025   2024  
    LIQUIDITY AND BALANCE SHEET (CONSOLIDATED)        
    Cash and cash equivalents $ 304,048   $ 344,836  
    Available credit facilities(5) $ 133,074   $ 136,324  
    Face value of term debt $ 200,000   $ 200,000  
     
    (1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
    (2) Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
    (3) Includes realized commodity risk management gain of $0.4 million and loss of $1.2 million for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 – loss of $1.6 million and $0.1 million).
    (4) Net income and comprehensive income per share amounts are based on net income and comprehensive income attributable to shareholders of the Parent Company. In the calculation of diluted net income per share for the three months ended June 30, 2025 net income was increased by $0.4 million, to account for the impact to net income had the outstanding warrants been converted to equity. In the calculation of diluted net income per share for the three months ended June 30, 2024 net income was reduced by $0.4 million, to account for the impact to net income had the outstanding warrants been converted to equity.
    (5) Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.
     

    Athabasca (Thermal Oil) Q2 2025 Highlights and Operations Update

    • Production: Production of 36,476 bbl/d (27,818 bbl/d at Leismer and 8,658 bbl/d at Hangingstone).
    • Cash Flow: Adjusted Funds Flow of $122.1 million; Operating Income of $135.8 million with an Operating Netback of $39.79/bbl ($42.02/bbl H1 2025).
    • Capital: $56.1 million of capital expenditures in Q2, with $53.9 million at Leismer as the Company advances the 40,000 bbl/d progressive growth project.
    • Free Cash Flow: $66.0 million of Free Cash Flow supporting return of capital commitment.

    Leismer

    Earlier this year, the Company brought six extended reach redrills on Pad L1 (1,000 – 1,700 meter laterals) on production supporting current production of ~28,000 bbl/d (June 2025). Four well pairs on Pad L10 are expected to maintain production rates at facility capacity for the balance of 2025. The first two wells started steaming in April with production expected in Q3, and the final two will begin steaming this summer with first production expected in Q4. Another six well pairs will be drilled on Pad 11 in H2 2025.

    Activity at Leismer remains focused on advancing progressive growth to 40,000 bbl/d by the end of 2027. The project cost is estimated at $300 million generating a capital efficiency of approximately $25,000/bbl/d. The $300 million will be spent between 2025 and 2027 and includes an estimated $190 million for facility capital and an estimated $110 million for growth wells. By year-end 2025, the Company anticipates being ~50% complete of total capital exposure for the expansion project. The project remains on budget and on schedule with the original sanction plans announced in July 2024. The progressive build provides flexibility with interim growth targets to ~32,000 bbl/d in H2 2026 following the next planned turnaround, and ~35,000 bbl/d in H1 2027 before achieving the regulatory approved 40,000 bbl/d capacity at the end of 2027.

    Hangingstone

    At Hangingstone, two extended reach sustaining well pairs (~1,400 meter average laterals) were placed on production in March with production of ~8,900 bbl/d (June 2025). The well pairs ramped up faster than anticipated, benefiting from favorable reservoir temperatures and pressure supported by offsetting wells. Current well pair performance between 800 – 1,000 bbl/d per well has exceeded management’s expectations. Hangingstone continues to deliver meaningful cash flow contributions to the Company.

    Duvernay Energy Corporation Q2 2025 Highlights and Operations Update

    • Production: Production of 2,612 boe/d (72% Liquids).
    • Cash Flow: Adjusted Funds Flow of $5.5 million with an Operating Netback of $24.84/boe ($32.03/boe H1 2025).
    • Capital: $17.0 million of capital expenditures including completions on a 30% working interest four-well pad.  

    During the quarter completions operations commenced on a four well pad (30% working interest) with average laterals of ~5,000 meters. Completion operations on this pad were completed in mid July and the wells are expected to be on production in early August. A three well pad (100% working interest) is scheduled to be completed in early Fall and on production shortly thereafter. Earlier in 2025, a strategic gathering system was completed connecting the operated wells to existing operated infrastructure.

    Production from new wells drilled in 2024 continue to validate DEC’s type curve expectations. The five wells placed on production have averaged IP30’s of ~1,200 boe/d per well (86% Liquids) and IP90s of ~940 boe/d (86% Liquids) per well.

    DEC retains significant operational flexibility with no near-term land expiries and the ability to adjust spending in response to commodity price movements.

    About Athabasca Oil Corporation

    Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

    For more information, please contact:

    Reader Advisory:

    This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools; Adjusted Funds Flow and Free Cash Flow over various periods; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; break-even metrics, our outlook in respect of the Company’s business environment, including in respect of commodity pricing; and other matters.

    In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2024 (which is respectively referred to herein as the “McDaniel Report”).

    Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated March 5, 2025 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.

    Also included in this News Release are estimates of Athabasca’s 2025 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

    Oil and Gas Information

    “BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

    Initial Production Rates 

    Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.

    Reserves Information

    The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2024. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

    Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2024 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2025.

    The 444 gross Duvernay drilling locations referenced include: 87 proved undeveloped locations and 85 probable undeveloped locations for a total of 172 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2024 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.

    Non-GAAP and Other Financial Measures, and Production Disclosure

    The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.

    Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow

    Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:

      Three months ended
    June 30, 2025
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 101,142   $ 290   $ 101,432  
    Changes in non-cash working capital   20,922     5,207     26,129  
    Settlement of provisions   33     (3 )   30  
    ADJUSTED FUNDS FLOW   122,097     5,494     127,591  
    Capital expenditures   (56,110 )   (16,956 )   (73,066 )
    FREE CASH FLOW $ 65,987   $ (11,462 ) $ 54,525  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
      Six months ended
    June 30, 2025
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 214,569   $ 10,216   $ 224,785  
    Changes in non-cash working capital   28,152     3,595     31,747  
    Settlement of provisions   729     5     734  
     ADJUSTED FUNDS FLOW   243,450     13,816     257,266  
    Capital expenditures   (106,486 )   (29,913 )   (136,399 )
     FREE CASH FLOW $ 136,964   $ (16,097 ) $ 120,867  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
      Three months ended
    June 30, 2024
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 124,027   $ 11,056   $ 135,083  
    Changes in non-cash working capital   25,375     5,390     30,765  
    Settlement of provisions   11     (113 )   (102 )
    ADJUSTED FUNDS FLOW   149,413     16,333     165,746  
    Capital expenditures   (34,084 )   (14,369 )   (48,453 )
    FREE CASH FLOW $ 115,329   $ 1,964   $ 117,293  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
      Six months ended
    June 30, 2024
     
     ($ Thousands) Athabasca
    (Thermal Oil)
      Duvernay Energy(1)   Corporate
    Consolidated(1)
     
    Cash flow from operating activities $ 197,068   $ 14,653   $ 211,721  
    Changes in non-cash working capital   34,761     5,535     40,296  
    Settlement of provisions   1,297     204     1,501  
     ADJUSTED FUNDS FLOW   233,126     20,392     253,518  
    Capital expenditures   (76,203 )   (48,261 )   (124,464 )
     FREE CASH FLOW $ 156,923   $ (27,869 ) $ 129,054  
    (1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
     

    Duvernay Energy Operating Income and Operating Netback

    The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.

    The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025   2024   2025   2024  
    Petroleum and natural gas sales $ 13,526   $ 26,749   $ 31,145   $ 38,287  
    Royalties   (1,792 )   (3,498 )   (4,553 )   (5,812 )
    Operating expenses   (4,870 )   (4,063 )   (8,656 )   (7,703 )
    Transportation and marketing   (960 )   (1,131 )   (1,758 )   (2,029 )
    DUVERNAY ENERGY OPERATING INCOME $ 5,904   $ 18,057   $ 16,178   $ 22,743  
                             

    Athabasca (Thermal Oil) Operating Income and Operating Netback

    The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets.

    The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025   2024   2025   2024  
    Heavy oil (blended bitumen) and midstream sales $ 355,160   $ 395,279   $ 717,535   $ 700,320  
    Cost of diluent   (147,065 )   (148,166 )   (299,197 )   (282,026 )
    Total bitumen and midstream sales   208,095     247,113     418,338     418,294  
    Royalties   (9,431 )   (28,823 )   (25,395 )   (40,360 )
    Operating expenses – non-energy   (26,810 )   (24,417 )   (51,697 )   (47,542 )
    Operating expenses – energy   (13,621 )   (11,635 )   (27,128 )   (28,193 )
    Transportation and marketing(1)   (22,430 )   (20,544 )   (42,999 )   (40,056 )
    ATHABASCA (THERMAL OIL) OPERATING INCOME $ 135,803   $ 161,694   $ 271,119   $ 262,143  
    (1) Transportation and marketing excludes non-cash costs of $0.6 million and $1.1 million for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 – $0.6 million and $1.1 million).
     

    Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks

    The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).

      Three months ended
    June 30,
      Six months ended
    June 30,
     
    ($ Thousands, unless otherwise noted) 2025   2024   2025   2024  
    Petroleum, natural gas and midstream sales(1) $ 368,686   $ 422,028   $ 748,680   $ 738,607  
    Royalties   (11,223 )   (32,321 )   (29,948 )   (46,172 )
    Cost of diluent(1)   (147,065 )   (148,166 )   (299,197 )   (282,026 )
    Operating expenses   (45,301 )   (40,115 )   (87,481 )   (83,438 )
    Transportation and marketing(2)   (23,390 )   (21,675 )   (44,757 )   (42,085 )
    Operating Income   141,707     179,751     287,297     284,886  
    Realized gain (loss) on commodity risk mgmt. contracts   394     (1,575 )   (1,249 )   (130 )
    OPERATING INCOME NET OF REALIZED HEDGING $ 142,101   $ 178,176   $ 286,048   $ 284,756  
    (1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
    (2) Transportation and marketing excludes non-cash costs of $0.6 million and $1.1 million for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 – $0.6 million and $1.1 million).
     

    Cash Transportation and Marketing Expense

    The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.

    Net Cash

    Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.

    Liquidity

    Liquidity is defined as cash and cash equivalents plus available credit capacity.

    Production volumes details

        Three months ended
    June 30,
      Six months ended
    June 30,
     
    Production   2025   2024   2025   2024  
    Duvernay Energy:                  
    Oil and condensate NGLs(1) bbl/d   1,608     2,806     1,723     2,006  
    Other NGLs bbl/d   282     266     304     223  
    Natural gas(2) mcf/d   4,329     4,706     4,585     3,998  
    Total Duvernay Energy boe/d   2,612     3,856     2,791     2,895  
    Total Thermal Oil bitumen bbl/d   36,476     33,765     35,613     32,651  
    Total Company production boe/d   39,088     37,621     38,404     35,546  
    (1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
    (2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.
     

    This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 65% tight oil, 25% shale gas and 10% NGLs.

    Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.

    Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow.

    The MIL Network

  • MIL-OSI: Landmark Bancorp, Inc. Announces Second Quarter 2025 Earnings per Share of $0.75 Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, July 24, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.75 for the second quarter of 2025, compared to $0.81 per share in the first quarter of 2025 and $0.52 per share in the same quarter of the prior year. Net earnings for the second quarter totaled $4.4 million, compared to $4.7 million in the prior quarter and $3.0 million in the second quarter of 2024. For the three months ended June 30, 2025, the return on average assets was 1.11%, the return on average equity was 12.25% and the efficiency ratio(1) was 62.8%.

    For the first six months of 2025, diluted earnings per share totaled $1.56 compared to $1.01 during the same period in 2024. Net earnings for the first six months of 2025 totaled $9.1 million, compared to $5.8 million in the first six months of 2024. For the six months ended June 30, 2025, the return on average assets was 1.16%, the return on average equity was 12.96%, and the efficiency ratio(1) was 63.4%.

    Second Quarter 2025 Performance Highlights

      Total gross loans increased in the second quarter 2025 by $42.9 million, an annualized increase of 16.0% over the prior quarter.
      The net interest margin improved 7 basis points to 3.83% compared to 3.76% in prior quarter and 3.25% in the second quarter of the prior year.
      Net interest income increased $564,000, or 4.3%, in the second quarter of 2025, and increased $2.7 million, or 24.7%, from the same quarter of the prior year.
      Deposits increased $23.4 million, or 1.9%, from the same quarter of the prior year, and declined $61.9 million from the prior quarter.
      Total assets increased $46.7 million, or 11.9% annualized, compared to the prior quarter.
      Credit quality remained stable with net charge-offs totaling $40,000 in the second quarter.
      Stockholders’ equity increased $5.7 million, and the ratio of equity to assets increased to 9.13% in the second quarter.
         

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report continued strong net earnings this quarter driven by growth in loans and net interest income. Loan demand remained strong in the second quarter of 2025, especially for commercial, commercial real estate and residential mortgage loans as total gross loans increased by $42.9 million or 16.0% annualized. Despite a decrease in total deposits in the second quarter, we have sustained year-over-year growth of $23.4 million, or 1.9%. The strong growth in our loan portfolio led to net interest income growth of 24.7% over the previous year and continued expansion in our net interest margin, which increased to 3.83%. Non-interest income increased by 8.0% this quarter compared to the prior quarter and expenses were well controlled. Credit quality remained solid overall with minimal net charge-offs. A provision for credit losses of $1.0 million was recorded this quarter to reflect the growth in loans and higher reserves against individually evaluated loans on non-accrual. Our strong performance is a direct result of the daily commitment and effort our associates put into making Landmark the top choice for both customers and investors.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid August 27, 2025, to common stockholders of record as of the close of business on August 13, 2025.

    Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Friday, July 25, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 703723. A replay of the call will be available through August 1, 2025, by dialing (855) 762-8306 and using access code 160217.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation. 

    Net Interest Income

    Net interest income in the second quarter of 2025 totaled $13.7 million representing an increase of $564,000, or 4.3%, compared to the previous quarter and an increase of $2.7 million, or 24.7%, in the same quarter of the prior year. The increase in net interest income this quarter was driven by higher interest income on loans and lower interest expense on deposits. The net interest margin increased to 3.83% during the second quarter from 3.76% during the prior quarter and 3.25% in the second quarter of the prior year. Compared to the previous quarter, interest income on loans increased $791,000 to $17.2 million, due to higher average balances combined with higher yields on loans. Average loan balances increased $33.3 million, while the average tax-equivalent yield on the loan portfolio increased 3 basis points to 6.37%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the first quarter of 2025, interest on deposits decreased $92,000, or 1.8%, due to lower rates and balances. Interest on other borrowed funds increased by $284,000, due to higher average balances. The average rate on interest-bearing deposits decreased 3 basis points to 2.14% while the average rate on other borrowed funds decreased 11 basis points to 4.98% in the second quarter of 2025.

    Non-Interest Income

    Non-interest income totaled $3.6 million for the second quarter of 2025, an increase of $268,000 from the previous quarter. The increase in non-interest income during the second quarter of 2025 was primarily due to increases of $178,000 in gains on sales of loans and $88,000 in fees and service charges.

    Non-Interest Expense

    During the second quarter of 2025, non-interest expense totaled $11.0 million, an increase of $200,000, or 1.9%, compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $233,000 in data processing expense and $101,000 in other non-interest expense. The increase in data processing expense resulted from the implementation of additional services added and account growth, while the increase in other non-interest expense was primarily due to higher losses at our captive insurance subsidiary. Partially offsetting those increases was a decline in professional fees related to lower consulting and legal expenses during the quarter.

    Income Tax Expense

    Landmark recorded income tax expense of $944,000 in the second quarter of 2025 compared to $1.0 million in the first quarter of 2025. The effective tax rate was 17.7% in the second quarter of 2025 compared to 17.8% in the first quarter of 2025.

    Balance Sheet Highlights

    As of June 30, 2025, gross loans totaled $1.1 billion, an increase of $42.9 million, or 16.0% annualized since March 31, 2025. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $21.5 million), commercial (growth of $13.4 million) and commercial real estate (growth of $10.9 million). Investment securities available-for-sale decreased $3.6 million during the second quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $17.1 million at March 31, 2025, to $13.9 million at June 30, 2025, mainly due to lower market rates for these securities at June 30, 2025.

    Period end deposit balances decreased $61.9 million to $1.3 billion at June 30, 2025. The decline in deposits was driven by decreases in money market and checking accounts (decrease of $50.5 million), non-interest-bearing demand deposits (decrease of $16.5 million) and savings (decrease of $1.1 million), partially offset by an increase in certificates of deposit (increase of $6.2 million). The decrease in deposits was primarily driven by a decline in brokered deposits as well as lower core deposit balances at June 30, 2025. Total borrowings increased $105.9 million during the second quarter 2025 to fund asset growth and to offset lower deposit balances. At June 30, 2025, the loan to deposits ratio was 86.6% compared to 79.5% in the prior quarter.

    Stockholders’ equity increased to $148.4 million (book value of $25.66 per share) as of June 30, 2025, from $142.7 million (book value of $24.69 per share) as of March 31, 2025. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings during the quarter. The ratio of equity to total assets increased to 9.13% on June 30, 2025, from 9.04% on March 31, 2025.

    The allowance for credit losses totaled $13.8 million, or 1.23% of total gross loans on June 30, 2025, compared to $12.8 million, or 1.19% of total gross loans on March 31, 2025. Net loan charge-offs totaled $40,000 in the second quarter of 2025, compared to $23,000 during the first quarter of 2025 and net recoveries of $52,000 in the second quarter of the prior year. A provision for credit losses on loans of $1.0 million was recorded in the second quarter of 2025 compared to no provision in the first quarter of 2025.

    Non-performing loans totaled $17.0 million, or 1.52% of gross loans, at June 30, 2025, compared to $13.3 million, or 1.24% of gross loans, at March 31, 2025. Loans 30-89 days delinquent totaled $4.3 million, or 0.39% of gross loans, as of June 30, 2025, compared to $10.0 million, or 0.93% of gross loans, as of March 31, 2025.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. 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,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and other governmental agencies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, DEI and ESG initiatives, consumer protection, foreign policy and tax regulations; ; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) rapid and expensive 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; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (x) the loss of key executives or employees; (xi) changes in consumer spending; (xii) integration of acquired businesses; (xiii) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xiv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xv) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvi) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xvii) fluctuations in the value of securities held in our securities portfolio; (xviii) concentrations within our loan portfolio and large loans to certain borrowers (including commercial real estate loans); (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xx) the level of non-performing assets on our balance sheets; (xxi) the ability to raise additional capital; (xxii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) declines in real estate values; (xxiv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxv) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (unaudited)

        June 30,     March 31,     December 31,     September 30,     June 30,  
    (Dollars in thousands)   2025     2025     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 25,038     $ 21,881     $ 20,275     $ 21,211     $ 23,889  
    Interest-bearing deposits at other banks     3,463       3,973       4,110       4,363       4,881  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     51,624       58,424       64,458       83,753       89,325  
    Municipal obligations, tax exempt     100,802       101,812       107,128       112,126       114,047  
    Municipal obligations, taxable     75,037       70,614       71,715       75,129       74,588  
    Agency mortgage-backed securities     124,979       125,142       129,211       140,004       142,499  
    Total investment securities available-for-sale     352,442       355,992       372,512       411,012       420,459  
    Investment securities held-to-maturity     3,730       3,701       3,672       3,643       3,613  
    Bank stocks, at cost     10,946       6,225       6,618       7,894       9,647  
    Loans:                                        
    One-to-four family residential real estate     377,133       355,632       352,209       344,380       332,090  
    Construction and land     26,373       28,645       25,328       23,454       30,480  
    Commercial real estate     370,455       359,579       345,159       324,016       318,850  
    Commercial     204,303       190,881       192,325       181,652       178,876  
    Agriculture     100,348       101,808       100,562       91,986       84,523  
    Municipal     6,938       7,082       7,091       7,098       6,556  
    Consumer     32,234       31,297       29,679       29,263       29,200  
    Total gross loans     1,117,784       1,074,924       1,052,353       1,001,849       980,575  
    Net deferred loan (fees) costs and loans in process     (615 )     (426 )     (307 )     (63 )     (583 )
    Allowance for credit losses     (13,762 )     (12,802 )     (12,825 )     (11,544 )     (10,903 )
    Loans, net     1,103,407       1,061,696       1,039,221       990,242       969,089  
    Loans held for sale, at fair value     4,773       2,997       3,420       3,250       2,513  
    Bank owned life insurance     39,607       39,329       39,056       39,176       38,826  
    Premises and equipment, net     19,654       19,886       20,220       20,976       20,986  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,275       2,426       2,578       2,729       2,900  
    Mortgage servicing rights     3,082       3,045       3,061       3,041       2,997  
    Real estate owned, net     167       167       167       428       428  
    Other assets     23,904       24,894       26,855       23,309       28,149  
    Total assets   $ 1,624,865     $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     351,993       368,480       351,595       360,188       360,631  
    Money market and checking     562,919       613,459       636,963       565,629       546,385  
    Savings     148,092       149,223       145,514       145,825       150,996  
    Certificates of deposit     210,897       204,660       194,694       203,860       192,470  
    Total deposits     1,273,901       1,335,822       1,328,766       1,275,502       1,250,482  
    FHLB and other borrowings     155,110       48,767       53,046       92,050       131,330  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     5,825       6,256       13,808       9,528       8,745  
    Accrued interest and other liabilities     20,002       23,442       20,656       25,229       20,292  
    Total liabilities     1,476,489       1,435,938       1,437,927       1,423,960       1,432,500  
    Stockholders’ equity:                                        
    Common stock     58       58       58       55       55  
    Additional paid-in capital     95,266       95,148       95,051       89,532       89,469  
    Retained earnings     63,612       60,422       56,934       60,549       57,774  
    Treasury stock, at cost                       (396 )     (330 )
    Accumulated other comprehensive loss     (10,560 )     (12,977 )     (15,828 )     (10,049 )     (18,714 )
    Total stockholders’ equity     148,376       142,651       136,215       139,691       128,254  
    Total liabilities and stockholders’ equity   $ 1,624,865     $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754  


    LANDMARK BANCORP, INC. AND SUBSIDIARIES

    Consolidated Statements of Earnings (unaudited)

        Three months ended,     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  
    Interest income:                                        
    Loans   $ 17,186     $ 16,395     $ 15,022     $ 33,581     $ 29,512  
    Investment securities:                                        
    Taxable     2,163       2,180       2,359       4,343       4,787  
    Tax-exempt     701       719       759       1,420       1,523  
    Interest-bearing deposits at banks     48       48       40       96       103  
    Total interest income     20,098       19,342       18,180       39,440       35,925  
    Interest expense:                                        
    Deposits     5,144       5,236       5,673       10,380       11,130  
    FHLB and other borrowings     861       565       1,027       1,426       2,049  
    Subordinated debentures     358       357       418       715       830  
    Repurchase agreements     52       65       88       117       195  
    Total interest expense     6,415       6,223       7,206       12,638       14,204  
    Net interest income     13,683       13,119       10,974       26,802       21,721  
    Provision for credit losses     1,000                   1,000       300  
    Net interest income after provision for credit losses     12,683       13,119       10,974       25,802       21,421  
    Non-interest income:                                        
    Fees and service charges     2,476       2,388       2,691       4,864       5,152  
    Gains on sales of loans, net     740       562       648       1,302       1,160  
    Bank owned life insurance     278       272       248       550       493  
    Losses on sales of investment securities, net           (2 )           (2 )      
    Other     132       138       133       270       315  
    Total non-interest income     3,626       3,358       3,720       6,984       7,120  
    Non-interest expense:                                        
    Compensation and benefits     6,234       6,154       5,504       12,388       11,036  
    Occupancy and equipment     1,244       1,252       1,294       2,496       2,684  
    Data processing     629       396       492       1,025       973  
    Amortization of mortgage servicing rights and other intangibles     238       239       256       477       668  
    Professional fees     540       745       649       1,285       1,296  
    Valuation allowance on real estate held for sale                 979             1,108  
    Other     2,076       1,975       1,921       4,051       3,881  
    Total non-interest expense     10,961       10,761       11,095       21,722       21,646  
    Earnings before income taxes     5,348       5,716       3,599       11,064       6,895  
    Income tax expense     944       1,015       587       1,959       1,105  
    Net earnings   $ 4,404     $ 4,701     $ 3,012     $ 9,105     $ 5,790  
                                             
    Net earnings per share (1)                                        
    Basic   $ 0.76     $ 0.81     $ 0.52     $ 1.58     $ 1.01  
    Diluted     0.75       0.81       0.52       1.56       1.01  
    Dividends per share (1)     0.21       0.21       0.20       0.42       0.40  
    Shares outstanding at end of period (1)     5,783,312       5,778,610       5,743,044       5,783,312       5,743,044  
    Weighted average common shares outstanding – basic (1)     5,782,555       5,777,593       5,745,310       5,780,930       5,744,381  
    Weighted average common shares outstanding – diluted (1)     5,840,923       5,814,650       5,748,053       5,827,844       5,748,332  
                                             
    Tax equivalent net interest income   $ 13,851     $ 13,291     $ 11,167     $ 27,142     $ 22,075  
                                             

    (1) Share and per share values at or for the periods ended June 30, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.


    LANDMARK BANCORP, INC. AND SUBSIDIARIES

    Select Ratios and Other Data (unaudited)

        As of or for the     As of or for the  
        three months ended,     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  
    Performance ratios:                                        
    Return on average assets (1)     1.11 %     1.21 %     0.78 %     1.16 %     0.75 %
    Return on average equity (1)     12.25 %     13.71 %     9.72 %     12.96 %     9.30 %
    Net interest margin (1)(2)     3.83 %     3.76 %     3.21 %     3.80 %     3.16 %
    Effective tax rate     17.7 %     17.8 %     16.3 %     17.7 %     16.0 %
    Efficiency ratio (3)     62.8 %     64.1 %     67.9 %     63.4 %     70.0 %
    Non-interest income to total income (3)     20.9 %     20.4 %     25.3 %     20.7 %     24.7 %
                                             
    Average balances:                                        
    Investment securities   $ 363,878     $ 377,845     $ 437,136     $ 370,823     $ 447,034  
    Loans     1,081,865       1,048,585       955,104       1,065,317       950,420  
    Assets     1,592,939       1,574,295       1,545,816       1,583,669       1,550,739  
    Interest-bearing deposits     965,214       979,787       936,237       972,460       935,827  
    FHLB and other borrowings     74,007       48,428       72,875       61,288       72,747  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,683       8,634       11,524       7,653       12,947  
    Stockholders’ equity   $ 144,151     $ 139,068     $ 124,624     $ 141,623     $ 125,235  
                                             
    Average tax equivalent yield/cost (1):                                        
    Investment securities     3.34 %     3.29 %     3.04 %     3.32 %     2.99 %
    Loans     6.37 %     6.34 %     6.33 %     6.36 %     6.25 %
    Total interest-bearing assets     5.60 %     5.53 %     5.29 %     5.56 %     5.20 %
    Interest-bearing deposits     2.14 %     2.17 %     2.44 %     2.15 %     2.39 %
    FHLB and other borrowings     4.67 %     4.73 %     5.67 %     4.69 %     5.66 %
    Subordinated debentures     6.63 %     6.69 %     7.76 %     6.66 %     7.71 %
    Repurchase agreements     3.12 %     3.05 %     3.07 %     3.08 %     3.03 %
    Total interest-bearing liabilities     2.41 %     2.38 %     2.78 %     2.40 %     2.74 %
                                             
    Capital ratios:                                        
    Equity to total assets     9.13 %     9.04 %     8.22 %                
    Tangible equity to tangible assets (3)     7.15 %     6.99 %     6.09 %                
    Book value per share   $ 25.66     $ 24.69     $ 22.33                  
    Tangible book value per share (3)   $ 19.66     $ 18.66     $ 16.19                  
                                             
    Rollforward of allowance for credit losses (loans):                                        
    Beginning balance   $ 12,802     $ 12,825     $ 10,851     $ 12,825     $ 10,608  
    Charge-offs     (103 )     (108 )     (119 )     (211 )     (260 )
    Recoveries     63       85       171       148       305  
    Provision for credit losses for loans     1,000                   1,000       250  
    Ending balance   $ 13,762     $ 12,802     $ 10,903     $ 13,762     $ 10,903  
                                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300                  
                                             
    Non-performing assets:                                        
    Non-accrual loans   $ 16,984     $ 13,280     $ 5,007                  
    Accruing loans over 90 days past due                                  
    Real estate owned     167       167       428                  
    Total non-performing assets   $ 17,151     $ 13,447     $ 5,435                  
                                             
    Loans 30-89 days delinquent   $ 4,321     $ 9,977     $ 1,872                  
                                             
    Other ratios:                                        
    Loans to deposits     86.62 %     79.48 %     77.50 %                
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.39 %     0.93 %     0.19 %                
    Total non-performing loans to gross loans outstanding     1.52 %     1.24 %     0.51 %                
    Total non-performing assets to total assets     1.06 %     0.85 %     0.35 %                
    Allowance for credit losses to gross loans outstanding     1.23 %     1.19 %     1.11 %                
    Allowance for credit losses to total non-performing loans     81.03 %     96.40 %     217.76 %                
    Net loan charge-offs to average loans (1)     0.01 %     0.01 %     -0.02 %     0.01 %     -0.01 %
    (1 ) Information is annualized.
    (2 ) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3 ) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
         

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)

        As of or for the     As of or for the  
        three months ended,     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  
                                   
    Non-GAAP financial ratio reconciliation:                                        
    Total non-interest expense   $ 10,961     $ 10,761     $ 11,095     $ 21,722     $ 21,646  
    Less: foreclosure and real estate owned expense     49       (50 )     39       (1 )     (11 )
    Less: amortization of other intangibles     (151 )     (152 )     (171 )     (303 )     (341 )
    Less: valuation allowance on real estate held for sale                 (979 )           (1,108 )
    Adjusted non-interest expense (A)     10,859       10,559       9,984       21,418       20,186  
                                             
    Net interest income (B)     13,683       13,119       10,974       26,802       21,721  
                                             
    Non-interest income     3,626       3,358       3,720       6,984       7,120  
    Less: losses on sales of investment securities, net           2             2        
    Less: gains on sales of premises and equipment and foreclosed assets     (9 )                 (9 )     9  
    Adjusted non-interest income (C)   $ 3,617     $ 3,360     $ 3,720     $ 6,977     $ 7,129  
                                             
    Efficiency ratio (A/(B+C))     62.8 %     64.1 %     67.9 %     63.4 %     70.0 %
    Non-interest income to total income (C/(B+C))     20.9 %     20.4 %     25.3 %     20.7 %     24.7 %
                                             
    Total stockholders’ equity   $ 148,376     $ 142,651     $ 128,254                  
    Less: goodwill and other intangible assets     (34,652 )     (34,803 )     (35,277 )                
    Tangible equity (D)   $ 113,724     $ 107,848     $ 92,977                  
                                             
    Total assets   $ 1,624,865     $ 1,578,589     $ 1,560,754                  
    Less: goodwill and other intangible assets     (34,652 )     (34,803 )     (35,277 )                
    Tangible assets (E)   $ 1,590,213     $ 1,543,786     $ 1,525,477                  
                                             
    Tangible equity to tangible assets (D/E)     7.15 %     6.99 %     6.09 %                
                                             
    Shares outstanding at end of period (F)     5,783,312       5,778,610       5,743,044                  
                                             
    Tangible book value per share (D/F)   $ 19.66     $ 18.66     $ 16.19                  

    The MIL Network

  • MIL-Evening Report: 3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth

    Source: The Conversation (Au and NZ) – By Jean-Nicolas Bordeleau, Research Fellow, Jeff Bleich Centre for Democracy and Disruptive Technologies, Flinders University

    Conspiracy theories are a widespread occurrence in today’s hyper connected and polarised world.

    Events such as Brexit, the 2016 and 2020 United States presidential elections, and the COVID pandemic serve as potent reminders of how easily these narratives can infiltrate public discourse.

    The consequences for society are significant, given a devotion to conspiracy theories can undermine key democratic norms and weaken citizens’ trust in critical institutions. As we know from the January 6 riot at the US Capitol, it can also motivate political violence.

    But who is most likely to believe these conspiracies?

    My new study with Daniel Stockemer of the University of Ottawa provides a clear and perhaps surprising answer. Published in Political Psychology, our research shows age is one of the most significant predictors of conspiracy beliefs, but not in the way many might assume.

    People under 35 are consistently more likely to endorse conspiratorial ideas.

    This conclusion is built on a solid foundation of evidence. First, we conducted a meta analysis, a “study of studies”, which synthesised the results of 191 peer-reviewed articles published between 2014 and 2024.

    This massive dataset, which included over 374,000 participants, revealed a robust association between young age and belief in conspiracies.

    To confirm this, we ran our own original multinational survey of more than 6,000 people across six diverse countries: Australia, Brazil, Canada, Germany, the US and South Africa.

    The results were the same. In fact, age proved to be a more powerful predictor of conspiracy beliefs than any other demographic factor we measured, including a person’s gender, income, or level of education.

    Why are young people more conspiratorial?

    Having established conspiracy beliefs are more prevalent among younger people, we set out to understand why.

    Our project tested several potential factors and found three key reasons why younger generations are more susceptible to conspiracy theories.

    1. Political alienation

    One of the most powerful drivers we identified is a deep sense of political disaffection among young people.

    A majority of young people feel alienated from political systems run by politicians who are two or three generations older than them.

    This under representation can lead to frustration and the feeling democracy isn’t working for them. In this context, conspiracy theories provide a simple, compelling explanation for this disconnect: the system isn’t just failing, it’s being secretly controlled and manipulated by nefarious actors.

    2. Activist style of participation

    The way young people choose to take part in politics also plays a significant role.

    While they may be less likely to engage in traditional practices such as voting, they are often highly engaged in unconventional forms of participation, such as protests, boycotts and online campaigns.

    These activist environments, particularly online, can become fertile ground for conspiracy theories to germinate and spread. They often rely on similar “us versus them” narratives that pit a “righteous” in-group against a “corrupt” establishment.

    3. Low self-esteem

    Finally, our research confirmed a crucial psychological link to self-esteem.

    For individuals with lower perceptions of self worth, believing in a conspiracy theory – blaming external, hidden forces for their problems – can be a way of coping with feelings of powerlessness.

    This is particularly relevant for young people. Research has long shown self esteem tends to be lower in youth, before steadily increasing with age.

    What can be done?

    Understanding these root causes is essential because it shows simply debunking false claims is not a sufficient solution.

    To truly address the rise of conspiracy theories and limit their consequences, we must tackle the underlying issues that make these narratives so appealing in the first place.

    Given the role played by political alienation, a critical step forward is to make our democracies more representative. This is best illustrated by the recent election of Labor Senator Charlotte Walker, who is barely 21.

    By actively working to increase the presence of young people in our political institutions, we can help give them faith that the system can work for them, reducing the appeal of theories which claim it is hopelessly corrupt.

    More inclusive democracy

    This does not mean discouraging the passion of youth activism. Rather, it is about empowering young people with the tools to navigate today’s complex information landscape.

    Promoting robust media and digital literacy education could help individuals critically evaluate the information they encounter in all circles, including online activist spaces.

    The link to self-esteem also points to a broader societal responsibility.

    By investing in the mental health and wellbeing of young people, we can help boost the psychological resilience and sense of agency that makes them less vulnerable to the simplistic blame games offered by conspiracy theories.

    Ultimately, building a society that is resistant to misinformation is not about finding fault with a particular generation.

    It is about creating a stronger, more inclusive democracy where all citizens, especially the young, feel represented, empowered, and secure.

    Jean-Nicolas Bordeleau receives funding from Social Sciences and Humanities Research Council of Canada.

    ref. 3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth – https://theconversation.com/3-reasons-young-people-are-more-likely-to-believe-conspiracy-theories-and-how-we-can-help-them-discover-the-truth-261074

    MIL OSI AnalysisEveningReport.nz

  • 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-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: Booker, Lee, McIver Introduce Bill to Expand Legal Representation for Tenants Facing Eviction

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) along with U.S. Representatives Summer L. Lee (D-PA-12) and LaMonica McIver (D-NJ-10), reintroduced the Eviction Right to Counsel Act, a bold effort to combat the growing eviction crisis by ensuring that low-income tenants facing eviction have access to free legal representation.
    The Eviction Right to Counsel Act would establish a federal grant program through the Department of Housing and Urban Development (HUD) to support state, local, and Tribal governments that pass legislation guaranteeing a right to counsel in eviction proceedings. The bill prioritizes funding for jurisdictions that also implement additional tenant protections like just cause eviction laws, longer notice periods, emergency rental assistance, and eviction diversion programs—creating a comprehensive strategy to prevent displacement and housing instability.
    “Millions of Americans are living paycheck to paycheck while facing rapidly increasing rent prices,” said Senator Booker. “Renters facing eviction are often left defenseless without an attorney to represent them. By creating a grant program to support communities that offer a right to counsel for those facing eviction, we will make our housing system more equitable and provide substantial cost savings to both local governments and overburdened housing services across the country.”
    “Right now, in eviction courtrooms across America, 90% of landlords have lawyers while most tenants have none. And it’s no coincidence that Black families, women, and parents are bearing the brunt of it. No one should lose their home simply because they couldn’t afford a lawyer,” said Representative Lee. “In Western Pennsylvania and across PA-12, families are being crushed by rising rents, stagnant wages, and eviction threats. This bill is about supporting working people and ensuring they have a fighting chance—and that starts with legal representation. I am proud to partner with Senator Booker and Rep. McIver on this bill to help keep people in their homes.”
    “No one should lose their home because they can’t afford to hire a lawyer to take on their case,” said Representative McIver. “The Eviction Right to Counsel Act gives people a fair shot—a chance to fight their cases in court and keep families from falling into the spiral of poverty. Housing is a human right, and this bill takes a critical step toward making sure that right is a reality that people feel.”
    “Not only is housing a basic human need, but loss of housing can lead to a cascade of harms to other needs such as health, safety, and liberty. This bill would support states and cities enacting a right to counsel for tenants facing eviction, an evidence-based approach to increasing housing stability and reducing homelessness that has been adopted by cities and states across the country,” said John Pollock, Coordinator of the National Coalition for a Civil Right to Counsel.
    “For years, NLIHC has called for a national right to counsel fund to help renters stay in their homes and mitigate harm when eviction is avoidable,” said Renee Willis, NLIHC president and CEO. “I applaud Senator Booker for introducing the Eviction Right to Counsel Act to ensure low-income tenants have legal representation when their housing is most at risk. Eviction defense attorneys can make the difference between a renter staying in safe, stable housing or homelessness, and the right to counsel helps tenants know their rights and find support in navigating the complicated eviction process.”
    “We applaud Senator Booker’s leadership on this issue and very glad to see this legislation introduced today. Eviction is a policy failure and the federal government must support mechanisms that keep people safely and stably housed. We look forward to working with the Senator to see this legislation enacted,” said Arnold Cohen, Senior Policy Advisor, Housing and Community Development Network of New Jersey.
    The legislation comes amid skyrocketing rents and surging eviction filings. Nearly half of all renters in America are considered cost-burdened, spending more than 30 percent of their income on rent. Since the pandemic, rents have risen over 12 percent year-over-year, while the protections that temporarily shielded tenants from eviction have largely expired. The imbalance of legal power in eviction proceedings leaves many tenants—particularly Black renters and families with children—vulnerable to homelessness, economic instability, and trauma.
    Studies show that providing tenants with legal representation dramatically improves outcomes, often preventing eviction altogether and saving local governments millions in emergency shelter, health care, and social services costs. Cities that have invested in right to counsel programs have seen estimated cost savings of more than three times their annual investment.
    The Eviction Right to Counsel Act of 2025:
    Authorizes the Secretary of Housing and Urban Development to create a grant program for state, local, and Tribal governments that enact right to counsel legislation.
    Defines “covered individuals” as tenants with income at or below 200 percent of the federal poverty line.
    Covers civil legal actions in court or administrative forums related to:
    Eviction: Forcible removal from a tenant’s primary residence.
    Termination of Housing Subsidy: Loss of subsidies that help tenants afford their homes, which often functions as a de facto eviction.
    Requires jurisdictions receiving funding to provide full legal representation at no cost to covered individuals in these proceedings.
    Prioritizes funding for jurisdictions that have enacted additional tenant protections, including just cause eviction laws, extended notice periods, and eviction diversion programs.
    Allows grantees to use funds for implementation costs such as attorney training and legal resources.
    Authorizes $100 million in federal funding annually for five years.
    The bill is endorsed by: the National Low-Income Housing Coalition, National Coalition for a Civil Right to Counsel, National Housing Law Project, and the Housing and Community Development Network of New Jersey.
    The bill is co-sponsored by U.S. Senators Ron Wyden (D-OR), Chris Van Hollen (D-MD), Bernie Sanders (I-VT), and Richard Blumenthal (D-CT).
    To read the full text of the bill, click here.

    MIL OSI USA News

  • MIL-OSI USA: NEWS: Sanders Introduces Legislation to Address America’s Teacher Pay Crisis, Holds Town Hall with Public School Educators

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, July 24 — Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), today introduced the Pay Teachers Act after hearing from more than 200 teachers and educational leaders from across the country during a town hall at the U.S. Capitol. At a time when school districts nationwide report serious staffing shortages — largely due to unprecedented levels of stress, burnout and low pay — this legislation begins to address the teacher pay crisis in America and ensure that all public school teachers earn a livable and competitive wage that is at least $60,000 a year and increases over the course of their career.
    In addition to Sanders, Sens. Ed Markey (D-Mass.), Mazie Hirono (D-Hawaii), Ben Ray Lujan (D-N.M.), Peter Welch (D-Vt.), John Fetterman (D-Pa.), Jeff Merkley (D-Ore.), Elizabeth Warren (D-Mass.) and Alex Padilla (D-Calif.) also cosponsored this legislation. Joining Sanders at the town hall today were Markey; Randi Weingarten, president of the American Federation of Teachers (AFT); Princess Moss, vice president of the National Education Association (NEA); and educators from across the country.
    “If we are serious about the need for a bright and hopeful future for America, we must understand that there is no more important job in our country than educating our young people. And yet, public school teachers in America have one of the toughest, one of the most demanding and one of the most under-appreciated jobs in America,” Sanders said. “The situation has become so absurd that just four hedge fund managers on Wall Street make more money in a single year than every kindergarten teacher in America combined – over 120,000 teachers. Far too many of our nation’s public schools are under-funded, under-resourced and in major need of repair. Far too many of our public school teachers are under-paid, under-appreciated and overwhelmed. And, as a result of the so-called ‘Big Beautiful Bill’ that Trump signed into law a few weeks ago, a bad situation is about to get even worse. If we are going to have the best public school system in the world, we have got to radically change our attitude toward education and make sure that every teacher in America receives the compensation that they deserve for the enormously important and difficult work that they do. No public school teacher in America should make less than $60,000 a year.”
    Today in America, nearly one in eight teaching jobs is vacant or filled by a teacher who is not fully certified. Approximately one-third of all public school teachers make less than $60,000 a year — including more than 90% of starting teachers. Hundreds of thousands of teachers have to work two or three jobs during the school year to make ends meet. Meanwhile, the average weekly wage for public school teachers has decreased by 5% over the past 30 years, adjusted for inflation. Today, 44% of public school teachers quit the profession within five years.
    The pandemic only made things worse for educators, with the historic staffing shortages disproportionately affecting schools primarily serving students of color and students from low-income backgrounds. Recent studies show that, of all workers, K-12 public school teachers were the most likely to report higher levels of anxiety, stress and burnout during the pandemic. Further, as badly as public school teachers are paid, our school custodians, food service workers and paraprofessionals earn even less. In America today, nearly 35% of paraprofessionals and school staff earn less than $25,000 a year.
    Unacceptably, the Republican reconciliation bill recently signed into law is disastrous for public education and for public school teachers. While it provides a $900 billion tax cut to large, profitable corporations and a $1 trillion tax cut to the top 1%, it cuts over $300 billion in education funding for millions of students and educators throughout America and provides over $50 billion a year for private school vouchers.
    “If we are going to attract the best and brightest young people into teaching, if we are going to encourage teachers to teach in underserved communities, if we are going to improve teacher retention and morale, and if we are going to improve student academic outcomes, then we need to pay teachers in America decent wages and decent benefits,” Sanders continued. “We need to make it clear that high-quality public education is a major priority. That is why I am introducing the Pay Teachers Act. Because if we can provide over a trillion dollars in tax breaks to the top 1% and large corporations, please don’t tell me that we cannot afford to make sure that every teacher in America is paid at least $60,000 a year. I look forward to working with teachers and schools all across the country — some of whom I had the pleasure of hearing from today — to make that happen.”
    The bill would also provide all teachers with at least $1,000 annually for classroom supply expenses and help schools create well-paid career ladders that allow teachers to advance without leaving the classroom. Additionally, it includes Markey’s Pay Paraprofessionals and Education Support Staff Act, which would raise pay for paraprofessionals and education support personnel to at least $45,000 a year or $30 an hour. In addition to requiring that states establish a minimum teacher’s salary of $60,000 a year and pay all teachers a livable and competitive salary that increases as experience and responsibilities grow, the Pay Teachers Act would significantly increase federal investments in teachers and public schools, including tripling Title I-A funding and funding for rural education programs, diversifying and expanding the teacher pipeline, and strengthening leadership and advancement opportunities for educators.
    “Sen. Sanders’s bill, the Pay Teachers Act, will help close the pay gap by significantly increasing federal investments in public schools and raising annual teacher salaries to at least $60,000—as well as providing increases throughout teachers’ careers—to help ensure they are paid a livable and competitive salary,” said AFT President Randi Weingarten. “It would also invest in the teacher pipeline and leadership opportunities. This is a crucial federal investment to help sustain the teaching profession, which will directly help us provide greater opportunities to our students. At a time when others are abandoning public schools and our students, Sen. Sanders is proposing a necessary strategic remedy that will help attract teachers to the profession and retain them.”
    “Across the country, most of us across race, place and background want the same thing – strong public schools where every student can thrive and strong communities that support them. In order to attract and retain the passionate, qualified educators that inspire our students, give them the one-on-one support, and do everything in their power to help each student succeed, we need to pay teachers like the professionals they are. America’s educators applaud Sen. Bernie Sanders for introducing the Pay Teachers Act, which takes steps to ensure that our nation’s committed public school educators and educator support personnel receive professional recognition, including appropriate pay while also augmenting the current federal programs that support the educator pipeline. We urge Senators to support educators and cosponsor this common-sense legislation that invests in our students, educators, and public schools,” said NEA Vice President Princess Moss.
    The reintroduction of the Pay Teachers Act comes as the Trump administration continues to illegally withhold nearly $5.5 billion in critical funding for public education that was appropriated by Congress, including funds that states use to provide professional development for teachers and to pay teacher salaries. Sanders and his colleagues have repeatedly pushed for the administration to immediately release these funds.
    More than 30 organizations endorsed the Teacher Pay Act, including American Federation of Teachers, National Education Association, National PTA and The Education Trust.
    Read the bill text here.
    Read a summary of the bill here.

    MIL OSI USA News

  • MIL-OSI USA: Senator Baldwin Statement on Governor Evers’ Retirement

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin (D-WI) released the following statement on Governor Tony Evers’ announcement that he will not seek reelection in 2026:

    “Wisconsin is lucky to have had Tony Evers leading our state. He has always put Wisconsin – and Wisconsin’s children – first, and we will continue to see those benefits for generations to come. The Governor’s commitment to every kid’s education, our teachers, and public schools will undoubtedly shape our future for the better and be a cornerstone of his legacy. His steady hand led us through a once-in-a-generation pandemic, and Wisconsin came out the other side with a strong economy, record low unemployment, and a strong sense of community that bonds us all.

    “Tony embodies the best of the Wisconsin way – he knows what is right and is willing to fight for it, but is level-headed, Midwestern nice, and always willing to bridge divides if it’s right for our state. The Governor faced tough headwinds to progress, but it never stopped him. I am grateful to call Tony a friend and am ‘jazzed as hell’ to see what comes next for him and Kathy. Thank you for all you have done for Wisconsin, Tony.”
     

    MIL OSI USA News

  • MIL-OSI USA: Registration Now Open for 2025 Oregon Women Veterans Conference

    Source: US State of Oregon

    egistration is now open for the 2025 Oregon Women Veterans Conference, the state’s largest gathering dedicated to honoring and supporting women who have served in the U.S. Armed Forces. The biennial event, hosted by the Oregon Department of Veterans’ Affairs, will bring together women veterans from across Oregon for a weekend of connection, resources and recognition.

    The event is free and open to all women veterans, but registration is required. The 2025 Oregon Women Veterans Conference is being held on Saturday, September 27, 2025, at the Riverhouse Lodge in Bend, which was the planned location of the 2020 event that was canceled due to the COVID-19 pandemic.

    “This year’s theme, ‘Stronger Together: Community and Connection,’ reflects the heart of what this conference is all about,” said Dr. Nakeia Council Daniels, director of the Oregon Department of Veterans’ Affairs. “Women veterans have long served with distinction, strength and resilience — often in the face of tremendous challenges and barriers.

    “This conference is an opportunity to honor our service, share our stories, and ensure every woman who has worn the uniform feels seen, valued and supported. We are stronger when we stand together, and united, we will continue to drive the ODVA mission forward.”

    The Oregon Women Veterans Conference began nearly 30 years ago as a grassroots effort by a small group of women veterans seeking connection, support, and resources. Since the first event in 1998, the conference has grown into a unique statewide gathering that brings together women veterans from across Oregon to access benefits, build meaningful connections, and amplify their voices.

    The 2025 conference will continue that legacy with inspiring keynote speakers, engaging workshops, fantastic networking opportunities and assistance for women veterans connecting to the full range of benefits and resources they have earned. It is a supportive space where women who have served can connect, grow, and thrive beyond their military service.

    This year’s keynote speaker is Erin McMahon, director of the Oregon Department of Emergency Management and a retired U.S. Army brigadier general, attorney and combat veteran. During her 24-year career in the U.S. Army, McMahon served as the principal deputy general counsel for the National Guard Bureau, advising senior leaders through a wide variety of domestic disaster responses and serving as the first female Army National Guard general officer in the Office of the General Counsel.

    Registration is free and may be completed online at www.eventbrite.com/e/odva-women-veterans-conference-tickets-1407725487829. Generous support from Oregon Lottery and other sponsors help ensure this conference is open to all women veterans free of charge.

    Registration for the Women Veterans Conference covers the event only; attendees are expected to make their own lodging and travel arrangements. More information about the Women Veterans Conference, including local lodging, donations and sponsorship opportunities, can be found online at wvc.oregondva.com.

    MIL OSI USA News

  • PM Modi to attend Maldives Independence Day, pushes forward India-Maldives ties

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi is currently on a two-nation visit to the United Kingdom and the Maldives from July 23 to 26. Following his engagements in London, the Prime Minister will arrive in Malé on July 25 for the second leg of his tour, marking his third visit to the Maldives and the first by any head of government during President Mohamed Muizzu’s tenure.

    The visit is expected to build on the strong bilateral ties between the two nations, particularly in the context of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, which was adopted during President Muizzu’s visit to India in October 2024.

    India and the Maldives have long shared close ethnic, linguistic, cultural, and religious bonds. Diplomatic relations between the two countries were established soon after the Maldives gained independence in 1965, with India being one of the first countries to recognize the island nation. The geographical proximity-barely 70 nautical miles from India’s Minicoy Island-gives the Maldives strategic importance in the Indian Ocean Region (IOR), particularly in the context of maritime security and commercial sea-lanes.

    Under India’s “Neighbourhood First” foreign policy and the SAGAR (Security and Growth for All in the Region) vision, the Maldives continues to occupy a special place. India has consistently responded to the Maldives’ needs, be it during the 1988 coup attempt, the 2004 tsunami, the 2014 water crisis, or the COVID-19 pandemic, earning its reputation as a trusted partner and first responder.

    The current visit is expected to provide fresh momentum to the bilateral agenda. Prime Minister Modi and President Muizzu will review the implementation of the “India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership,” which was adopted during President Muizzu’s state visit to India in October 2024.

    Over the past few years, both countries have maintained a high frequency of exchanges at various levels. In June 2024, President Muizzu had travelled to India to attend the swearing-in ceremony of Prime Minister Modi and the Council of Ministers. This was followed by several ministerial visits, including by External Affairs Minister Dr. S. Jaishankar, who inaugurated key projects supported by India, such as water and sewerage networks across 28 islands, and community development initiatives in sectors like mental health and special education.

    The bilateral engagement has been marked by robust cooperation in areas of defence, economic development, infrastructure, health, and capacity building. India has extended multiple Lines of Credit and grant assistance to the Maldives. Initiatives like the construction of social housing units in Hulhumale, restoration of heritage sites, gifting of vessels and vehicles to the Maldivian armed forces, and the introduction of India’s UPI digital payment system in the Maldives highlight the comprehensive nature of the partnership.

    Recent interactions between ministers of both countries have furthered collaboration in sectors ranging from disaster management and cybersecurity to fisheries and civil services training. The introduction of MoUs in these areas demonstrates India’s continued commitment to the socio-economic development of the Maldives.

  • PM Modi to attend Maldives Independence Day, pushes forward India-Maldives ties

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi is currently on a two-nation visit to the United Kingdom and the Maldives from July 23 to 26. Following his engagements in London, the Prime Minister will arrive in Malé on July 25 for the second leg of his tour, marking his third visit to the Maldives and the first by any head of government during President Mohamed Muizzu’s tenure.

    The visit is expected to build on the strong bilateral ties between the two nations, particularly in the context of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, which was adopted during President Muizzu’s visit to India in October 2024.

    India and the Maldives have long shared close ethnic, linguistic, cultural, and religious bonds. Diplomatic relations between the two countries were established soon after the Maldives gained independence in 1965, with India being one of the first countries to recognize the island nation. The geographical proximity-barely 70 nautical miles from India’s Minicoy Island-gives the Maldives strategic importance in the Indian Ocean Region (IOR), particularly in the context of maritime security and commercial sea-lanes.

    Under India’s “Neighbourhood First” foreign policy and the SAGAR (Security and Growth for All in the Region) vision, the Maldives continues to occupy a special place. India has consistently responded to the Maldives’ needs, be it during the 1988 coup attempt, the 2004 tsunami, the 2014 water crisis, or the COVID-19 pandemic, earning its reputation as a trusted partner and first responder.

    The current visit is expected to provide fresh momentum to the bilateral agenda. Prime Minister Modi and President Muizzu will review the implementation of the “India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership,” which was adopted during President Muizzu’s state visit to India in October 2024.

    Over the past few years, both countries have maintained a high frequency of exchanges at various levels. In June 2024, President Muizzu had travelled to India to attend the swearing-in ceremony of Prime Minister Modi and the Council of Ministers. This was followed by several ministerial visits, including by External Affairs Minister Dr. S. Jaishankar, who inaugurated key projects supported by India, such as water and sewerage networks across 28 islands, and community development initiatives in sectors like mental health and special education.

    The bilateral engagement has been marked by robust cooperation in areas of defence, economic development, infrastructure, health, and capacity building. India has extended multiple Lines of Credit and grant assistance to the Maldives. Initiatives like the construction of social housing units in Hulhumale, restoration of heritage sites, gifting of vessels and vehicles to the Maldivian armed forces, and the introduction of India’s UPI digital payment system in the Maldives highlight the comprehensive nature of the partnership.

    Recent interactions between ministers of both countries have furthered collaboration in sectors ranging from disaster management and cybersecurity to fisheries and civil services training. The introduction of MoUs in these areas demonstrates India’s continued commitment to the socio-economic development of the Maldives.