NewzIntel.com

Category: Politics

  • MIL-OSI Africa: Food and Agriculture Organization (FAO), Southern African Development Community (SADC) Parliamentarians join forces to advance the Right to Food and agrifood systems transformation

    Source: APO

    Amid growing food insecurity and malnutrition across Southern Africa, parliamentarians are stepping up to drive legislative solutions. From 22 to 24 July 2025, parliamentarians from across the region – are gathering  in Johannesburg, South Africa, for a high-level meeting and training organized by the SADC Parliamentary Forum (SADC PF) and the Food and Agriculture Organization of the United Nations (FAO). The aim is to enhance legislative capacity, foster collaboration, and operationalize the newly formed SADC Parliamentary Alliance on Agrifood Systems, Food Security and Nutrition.

    This initiative comes at a pivotal time, as the region contends with overlapping shocks, from climate extremes to economic pressures, that continue to disrupt agrifood systems and widen inequality. It also builds momentum in the lead-up to the Third Global Parliamentary Summit against Hunger and Malnutrition, to be hosted in 2026 at the Pan-African Parliament headquarters in South Africa.

    The event also commemorates the 20th anniversary of the Right to Food Guidelines, reaffirming the importance of national legal frameworks in securing the fundamental right to adequate food for all. In a region where undernutrition and hunger remain persistent, the meeting offers an opportunity to align parliamentary action with regional and global frameworks such as the African Union’s Agenda 2063, the Comprehensive Africa Agriculture Development Programme (CAADP), and SDG 2 – Zero Hunger.

    The Alliance is envisioned as a platform to foster cross-border cooperation, enabling parliamentarians to share good practices, advocate for sustainable food systems, and shape policy dialogue at national, regional, and global levels.

    FAO’s technical role in strengthening legal foundations

    As the lead technical agency, FAO is supporting this process by providing legal expertise, delivering targeted training, and promoting the domestication of the Pan-African Parliament Model Law on Food Security and Nutrition.

    As part of a global initiative funded by the Federal Ministry of Agriculture, Food and Regional Identity of Germany, FAO is equipping parliamentarians to legislate, monitor, and advance the right to food across diverse national contexts. Beyond the training, FAO’s support includes technical assistance to align national laws with the Model Law’s provisions—ensuring countries have the legal tools needed to address food insecurity through inclusive and rights-based approaches. This is part of FAO’s broader commitment to strengthening governance mechanisms and embedding food systems transformation within sustainable development priorities.

    Building on the establishment of the Alliance in December 2024, supported by FAO and the Spanish cooperation agency (AECID), the adoption of the Alliance’s first work plan and the establishment of its governance structures mark the beginning of a long-term process.

    Realizing the right to food requires sustained political will, robust legal frameworks, and active parliamentary engagement to protect biodiversity, support traditional food systems, and ensure that no one is left behind.

    As the countdown to the 2026 Global Parliamentary Summit begins, FAO remains committed to supporting SADC parliamentarians in translating commitments into concrete, lasting impact. The road to Zero Hunger will require solid laws, inclusive institutions, and continued partnerships rooted in the shared vision of a food-secure future for all.

    Distributed by APO Group on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

    Media files

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    MIL OSI Africa –

  • MIL-OSI United Kingdom: Relaunch of Introductory Veterinary Wholesale Qualified Person Training Course 

    Source: United Kingdom – Government Statements

    News story

    Relaunch of Introductory Veterinary Wholesale Qualified Person Training Course 

    Online training course 11 – 12 November 2025 introducing the role and responsibilities of the Wholesale Qualified Person (WQP) and the legislative requirements for wholesale distribution. 

    Course content

    Delivered by the VMD’s highly experienced inspectors, the event will feature a blend of lectures, discussion, and practical activities.

    Participants will have the opportunity to ask questions and gain practical support and guidance, engage with practical exercises featuring real-life challenges and scenarios, and network with other delegates and share best practice.

    Who is this course for?

    The event is suited to persons who are seeking to become a WQP, existing WQPs wishing to refresh their understanding, and for businesses looking to become wholesale dealers of veterinary medicines.

    The November event is an incredibly popular training course, and part of a series of training courses specially designed with industry needs in mind. Ali Pitfield, Head of the VMD Training Centre Team, said;

    “Our training events offer a unique opportunity for industry professionals and those in the veterinary sector to engage directly with our experts, and receive immediate answers to their questions. It’s fantastic to hear the training is valued by attendees.”

    Feedback from attendees

    Attendees from our previous WQP course said:

    “Every single session was incredibly useful, as each topic covered was directly relevant to the WQP role. There were no fillers, just clear, in-depth, and practical guidance that will help any WQP navigate their responsibilities with confidence”.

    “The inspectors seemed genuinely committed to supporting the industry in achieving compliance. Many thanks for that!”

    “The VMD is committed to providing accessible and supportive training to industry.”

    Dates of the course

    This a two-part online introductory course:

    Part 1: Tuesday 11 November 2025 from 9:00-13:00

    Part 2: Wednesday 12 November 2025 from 9:00-13:00

    Registration

    If you are interested in attending the event, please visit Eventbrite for further information and to book your place.

    Course cost

    £495 per person with certificate of attendance.

    Enquiries

    If you have any questions, training enquiries or would like to contact the VMD Training Team, please email training@vmd.gov.uk.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Rosneft has certified a software package for modeling technological processes

    Translation. Region: Russian Federal

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    The RN-SIMTEP software package received a certificate of conformity stating that the software for modeling the processes of preparation, transportation and primary processing of hydrocarbon raw materials was developed taking into account the requirements of industry standards and GOSTs.

    The functionality of RN-SIMTEP is based on modern mathematical algorithms and methods and allows for precise modeling of the behavior of multicomponent hydrocarbon flows. The advantages of the software package include risk analysis during operation of surface facilities: corrosion, salt deposits, hydrate formation, as well as optimization of equipment operating modes.

    Voluntary certification confirms the high quality of the developed mathematical models and algorithms, as well as the software’s compliance with Russian regulatory documents. The presence of a certificate is a prerequisite for coordinating projects for new field development facilities in Russian government agencies.

    “RN-SIMTEP” was developed by specialists of the Rosneft scientific institute in Ufa. It is used in the work of employees of 27 subsidiaries of the Company.

    Rosneft is the first company in Russia to successfully create science-intensive software covering all key processes of oil and gas production. The Company’s digital solutions are used for production tasks in the field of geology, design, development and operation of fields. They surpass imported analogues in speed, list of tasks solved, use of modern algorithms and clear interface. The unique line of its own software consists of 24 software products.

    Department of Information and AdvertisingPJSC NK RosneftJuly 22, 2025

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

    .

    MIL OSI Russia News –

  • MIL-OSI: Soitec Held Its Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    SOITEC HELD ITS ANNUAL GENERAL MEETING

    Bernin (Grenoble), France – July 22, 2025 – Soitec (Euronext Paris) held its Annual General Meeting today, chaired by Frédéric Lissalde.

    Shareholders approved in particular the following key items:

    • the Company’s statutory and consolidated financial statements for the 2024-2025 fiscal year, as well as the appropriation of earnings;
    • the re-election of Bpifrance Participations, CEA Investissement, and Fonds Stratégique de Participations as Directors for a term of three years;
    • the compensation components paid or granted to corporate officers for the 2024-2025 fiscal year;
    • the compensation policies for corporate officers for the 2025-2026 fiscal year;
    • various financial authorizations and delegations to the Board of Directors; and
    • several by-law amendments.

    The 27th resolution, concerning the amendment to the article of the bylaws defining the thresholds above which shareholders are required to disclose their shareholding to the Company -a matter for the extraordinary general meeting- received 60.15% of the votes and was therefore not adopted.

    Following the non-renewal of Kai Seikku’s term as a Director, Soitec’s Board of Directors is now composed of 13 members, of whom 45% are women and 64% are independent (excluding the employee Directors).

    Kai Seikku is replaced on the Sustainability Committee by Françoise Chombar.

    The presentation given at the General Meeting and the detailed voting results are available on the Company’s website (www.soitec.com) in the section Investors – Shareholders & Analysts – Shareholders’ General Meetings. The summary of the meeting will be made available shortly in the same section of the Company’s website.

    *****
    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of more than 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Nearly 4,300 patents have been registered by Soitec.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

    *****

    Media Relations: media@soitec.com

    Investor Relations: investors@soitec.com

    Attachment

    The MIL Network –

  • MIL-OSI: The University of Ottawa Students’ Union Partners with Bounce to Build a More Inclusive and Connected Campus for 2025-2026

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, July 22, 2025 (GLOBE NEWSWIRE) —  The University of Ottawa Students’ Union (UOSU) is ushering in a bold new chapter for student life on campus. With a new partnership with Bounce for the 2025-2026 academic year, the UOSU executive team is delivering on its promise to create a more inclusive and connected campus experience.

    A Leadership Team Raising the Bar

    Strengthening student life on campus at the University of Ottawa is the cornerstone of the mandate of new UOSU President Jack Coen. This includes every aspect of student life, from better engagement and visibility to a safer campus for students.

    “Our executive team came into this year with a clear mission: make student life more accessible and more visible for everyone,” said Coen. “We know how hard our campus leaders and clubs work to build community, and it’s our job to give them the tools and platform to shine.”

    For many students, one of the biggest barriers to engagement is visibility. Without a centralized platform to showcase their efforts, clubs that work tirelessly to build community often go unnoticed. This year’s UOSU executive team is bringing a new light to this old problem.

    “We knew we had to tackle this challenge in an innovative way,” said Emilia Bah, interim Student Life Commissioner. “There’s so much happening at uOttawa, but it’s often hard for students to find and navigate. When we saw what Bounce could offer, a single place where everything comes together, it became an easy decision.”

    With Bounce, the UOSU will join the top unions in the country who are bringing the entire campus experience under one umbrella in an intuitive, centralized platform.

    For student organizations, this means:

    • Streamlined tools to manage members, recruitment, and communication.
    • Smarter ways to promote events and attract students who align with their mission.
    • Easier coordination of RSVPs, ticketing, and processing payments all in one platform.

    For students themselves, it means:

    • Finding and joining clubs that align with their interests.
    • Easily discovering new campus activities to try.
    • Staying up to date on what’s happening on their campus.

    “If Bounce had existed in my first year, I would have felt way less overwhelmed. There were so many events and clubs happening, but it was hard to know what was actually going on or, when, or where.” said Mari Laviola, a uOttawa undergraduate student, “Now, everything’s going to be in one place, like a living map of campus life. I’m excited because it’s going to change how students meet friends, discover what we are into, and actually become a part of the community much earlier and more easily”.

    Safety, Transparency, and Inclusivity

    The union’s commitment to student well-being also guided this partnership. Bounce includes real-time event safety scoring, anonymous reporting features, and communication tools that prioritize transparency and responsiveness. These features align directly with Coen’s pledge to strengthen campus safety.

    Bounce’s track record at peer student unions, like its role in helping St. Francis Xavier reach the 99th percentile for event safety, offers a strong foundation for what can be achieved by Coen’s team at uOttawa.

    Built for a Better Tomorrow

    As the UOSU navigates an exciting year of transition and renewed purpose, this partnership positions them at the forefront of innovation in student engagement. The whole executive team is united in their goal to build a campus where no student feels left out, and where participation is seamless, safe, and celebrated.

    “This isn’t just about new technology or another tool,” said Coen. “This is about finally solving a problem that students have been facing for years of not knowing where to go or how to get involved. We’re proud to be joining the ranks of the great student unions across the country who are choosing a better, more connected path forward.”

    In addition to student life tools, Bounce also offers centralized, easy-to-use workflows for event approvals, club budget requests, and student elections management. These governance tools are available to any student union looking to save time and money by simplifying their internal processes.

    The UOSU joins a rapidly growing list of top student unions in Canada who are transforming student engagement with Bounce.

    Ready to join the movement and bring your student union to the forefront? Let’s talk.

    https://www.bouncelife.com/admin 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/315832e8-5ea5-40d2-b70f-54cad8b15efc

    The MIL Network –

  • MIL-OSI: The University of Ottawa Students’ Union Partners with Bounce to Build a More Inclusive and Connected Campus for 2025-2026

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, July 22, 2025 (GLOBE NEWSWIRE) —  The University of Ottawa Students’ Union (UOSU) is ushering in a bold new chapter for student life on campus. With a new partnership with Bounce for the 2025-2026 academic year, the UOSU executive team is delivering on its promise to create a more inclusive and connected campus experience.

    A Leadership Team Raising the Bar

    Strengthening student life on campus at the University of Ottawa is the cornerstone of the mandate of new UOSU President Jack Coen. This includes every aspect of student life, from better engagement and visibility to a safer campus for students.

    “Our executive team came into this year with a clear mission: make student life more accessible and more visible for everyone,” said Coen. “We know how hard our campus leaders and clubs work to build community, and it’s our job to give them the tools and platform to shine.”

    For many students, one of the biggest barriers to engagement is visibility. Without a centralized platform to showcase their efforts, clubs that work tirelessly to build community often go unnoticed. This year’s UOSU executive team is bringing a new light to this old problem.

    “We knew we had to tackle this challenge in an innovative way,” said Emilia Bah, interim Student Life Commissioner. “There’s so much happening at uOttawa, but it’s often hard for students to find and navigate. When we saw what Bounce could offer, a single place where everything comes together, it became an easy decision.”

    With Bounce, the UOSU will join the top unions in the country who are bringing the entire campus experience under one umbrella in an intuitive, centralized platform.

    For student organizations, this means:

    • Streamlined tools to manage members, recruitment, and communication.
    • Smarter ways to promote events and attract students who align with their mission.
    • Easier coordination of RSVPs, ticketing, and processing payments all in one platform.

    For students themselves, it means:

    • Finding and joining clubs that align with their interests.
    • Easily discovering new campus activities to try.
    • Staying up to date on what’s happening on their campus.

    “If Bounce had existed in my first year, I would have felt way less overwhelmed. There were so many events and clubs happening, but it was hard to know what was actually going on or, when, or where.” said Mari Laviola, a uOttawa undergraduate student, “Now, everything’s going to be in one place, like a living map of campus life. I’m excited because it’s going to change how students meet friends, discover what we are into, and actually become a part of the community much earlier and more easily”.

    Safety, Transparency, and Inclusivity

    The union’s commitment to student well-being also guided this partnership. Bounce includes real-time event safety scoring, anonymous reporting features, and communication tools that prioritize transparency and responsiveness. These features align directly with Coen’s pledge to strengthen campus safety.

    Bounce’s track record at peer student unions, like its role in helping St. Francis Xavier reach the 99th percentile for event safety, offers a strong foundation for what can be achieved by Coen’s team at uOttawa.

    Built for a Better Tomorrow

    As the UOSU navigates an exciting year of transition and renewed purpose, this partnership positions them at the forefront of innovation in student engagement. The whole executive team is united in their goal to build a campus where no student feels left out, and where participation is seamless, safe, and celebrated.

    “This isn’t just about new technology or another tool,” said Coen. “This is about finally solving a problem that students have been facing for years of not knowing where to go or how to get involved. We’re proud to be joining the ranks of the great student unions across the country who are choosing a better, more connected path forward.”

    In addition to student life tools, Bounce also offers centralized, easy-to-use workflows for event approvals, club budget requests, and student elections management. These governance tools are available to any student union looking to save time and money by simplifying their internal processes.

    The UOSU joins a rapidly growing list of top student unions in Canada who are transforming student engagement with Bounce.

    Ready to join the movement and bring your student union to the forefront? Let’s talk.

    https://www.bouncelife.com/admin 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/315832e8-5ea5-40d2-b70f-54cad8b15efc

    The MIL Network –

  • MIL-OSI China: China’s police chief meets Belarusian interior minister

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

    BEIJING, July 22 — China’s State Councilor and Minister of Public Security Wang Xiaohong met with Ivan Kubrakov, Interior Minister of Belarus, in Beijing on Tuesday.

    Wang said that under the strategic guidance of the presidents of the two countries, China-Belarus relations have been growing soundly and steadily.

    Wang called on both sides, guided by the important consensus between the two heads of state, to deepen practical law enforcement and security cooperation in areas such as safeguarding political security and combating transnational organized crime.

    The two sides should also enhance security for projects of Belt and Road cooperation, and contribute more to the development of the China-Belarus all-weather comprehensive strategic partnership, Wang said.

    For his part, Kubrakov expressed Belarusian side’s willingness to strengthen cooperation and jointly safeguard the security of both countries.

    MIL OSI China News –

  • MIL-OSI Europe: €3.68 Billion Funding Under National Development Plan to Power Irish Enterprise, Innovation, and Tourism

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    22nd July 2025

    The Department of Enterprise, Tourism and Employment (DETE) has announced €3.68 billion in funding under the National Development Plan (NDP) to support transformative enterprise, innovation and tourism programmes through to 2030. The enhanced capital allocation, which includes €400 million in additional funding, has been designed to support Irish enterprises to start up, grow and scale internationally, to drive the competitiveness and productivity of businesses across every region of the country, to provide for the delivery of supports to attract inward investment, to support access to finance and to position Ireland as a destination of choice for tourism through product development and overseas marketing. 

    The funding will enable the Department and its Agencies to invest directly in Irish companies and to strengthen our indigenous base, in the face of potential geopolitical shocks.  This will include new investment funds to support Irish companies where there is currently a funding gap and where business financing can be challenged.  Funding will also enable the development of a national start-up accelerator programme, development of regional incubators and enterprise centres and the positioning of Ireland internationally as a hub for entrepreneurs and start-ups.

    Highlighting the ambition set out in this funding, Minister for Enterprise, Employment and Tourism Peter Burke said, 

    “This €3.68 billion investment is the linchpin in Ireland’s vision to be a global leader in enterprise, innovation and entrepreneurship. It will enable my department to continue its delivery of capital schemes to businesses, focusing on jobs and enterprise development, innovation and tourism programmes, including utilisation of the full extent of income earned by the Department’s Agencies. We find ourselves in uncertain times when it comes to the global marketplace, and we must ensure our investment is well targeted and our family businesses and exporters are supported to focus on productivity, competitiveness and diversification. 

    Importantly, this funding will also ensure that all Irish businesses, large, small and medium, have the support they need to grow, scale and compete internationally, while also attracting the next generation of foreign direct investment to our shores

    Funding will fuel innovation-specific actions to align with opportunities arising at EU level in pursuit of EU innovation and competitiveness, as well as key European funding. “

    Key priorities include continued inward investment with funding to purchase two land banks for the development of Next Generation Sites. These sites will attract companies seeking sites of significant scale and will position Ireland to compete for investment and strengthen competitive advantage globally.

    In respect of the tourism sector, additional funding will increase product development and SME support, targeting new high-growth tourism segments and increased marketing of Ireland as a tourism destination overseas. Funding will also be directed into delivering new Regional Enterprise Plans, helping realise regional enterprise development. 

    Minister of State for Small Business, Retail and Employment Alan Dillon noted how funding would result in a direct investment in jobs, resilience and regional economic development, 

    “This funding represents a powerful investment in Ireland’s future, not just in capital, but in people, ideas, and communities. By expanding support for regional incubators, enterprise centres, and a national start-up accelerator, we’re equipping small businesses, retailers, and entrepreneurs across the country with the tools they need to thrive.

    It’s about unlocking potential by helping Irish companies scale, compete globally, and create high-quality jobs. It’s also about resilience, strengthening local economies and ensuring every region can share in the opportunities of innovation and growth. This is a real boost for enterprise, employment, and regional development.”

    Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation Niamh Smyth went on to say, 

    “Beyond traditional enterprise, we’re exponentially scaling Ireland’s deep‑tech ecosystem and stepping up to be a serious player in the global innovation economy. This funding will power national participation in strategic sectors such as Important Projects of Common European Interest and accelerate R&D in cutting-edge sectors, including microelectronics and advanced tech. We’re building an ecosystem where AI, digital innovation and technological entrepreneurship can flourish.”

    The NDP funding will enhance the Department’s 2025 base of €3.28 billion and will be fully supplemented by income generated by its agencies. It will empower the Department and its agencies to invest strategically in scaling Irish companies, attracting major international investment, advancing national start-up infrastructure, and delivering cutting-edge research and development aligned with EU priorities. Further programme details will be outlined in the Department’s Competitiveness and Productivity Action Plan, to be published in September.

    ENDS

    EDITORS NOTES 

    Capital schemes include:

    • Next‑Generation Sites: Land acquisition for large-scale NextGen sites to attract significant foreign investment.
    • Irish Enterprise & Tourism: Scaling of Irish businesses via a new scaling fund, technology centre expansion, a national start-up accelerator, regional incubators, and tourism competitiveness support.
    • Innovation & IP: Boosting Ireland’s participation in EU Important Projects of Common European Interest (IPCEIs), especially microelectronics and advanced tech, backed by strong IP policy frameworks.

    For further information please contact Press Office, Department of Enterprise, Tourism and Employment, press.office@enterprise.gov.ie or (01) 631-2200

    Back to Department News

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    MIL OSI Europe News –

  • Vadhavan Port to add 23.2 million TEUs to India’s maritime capacity

    Source: Government of India

    Source: Government of India (4)

    The Vadhavan Port, a major infrastructure initiative located on the India-Middle East-Europe Economic Corridor (IMEC), is expected to significantly boost India’s container handling capacity by 23.2 million TEUs (Twenty-foot Equivalent Unit). The development of this deep-draft port is set to strengthen India’s position as a leading global maritime hub.

    The project is not only focused on enhancing port infrastructure but is also creating avenues for skill development and livelihood generation for local communities.

    In a written reply to the Rajya Sabha, Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal shared key updates on the progress of the Vadhavan Port Project. He said that the project is not only focused on expanding maritime infrastructure but also aims to create employment opportunities through targeted skilling initiatives in the region.

    As part of these efforts, a Memorandum of Understanding has been signed between Vadhavan Port Project Ltd (VPPL) and Yashwantrao Chavan Maharashtra Open University (YCMOU) to promote education and training for local communities. Another MoU has been signed between the Jawaharlal Nehru Port Authority and the Directorate General of Shipping to provide skill development training to local residents and project-affected individuals through selected Maritime Training Institutes.

    To support rural entrepreneurship and the agricultural value chain, VPPL has also entered into a strategic partnership with Sahyadri Farms. In addition, skill training programmes for heavy vehicle driving and mechanical work are being conducted in collaboration with non-governmental organisations in the region.

    Further enhancing outreach, VPPL has launched a dedicated WhatsApp Chatbot to connect directly with the youth of Vadhavan. This platform enables interested candidates to easily access information and register for skilling programmes.

  • MIL-OSI USA: Vietnamese national dies in ICE custody

    Source: US Immigration and Customs Enforcement

    SAN ANTONIO — Tien Xuan Phan, a 55-year-old citizen of Vietnam in the custody of U.S. Immigration and Customs Enforcement, was pronounced deceased by the Methodist Hospital Northeast at 5:48 p.m. July 19. The cause of death is still under investigation.

    Phan was being detained at the Karnes County Immigration Processing Center in Karnes City. Phan was taken to Otto Kaiser Memorial Hospital on July 18 for evaluation due to seizures, vomiting and unresponsiveness, and was later airlifted to the Methodist Hospital Northeast for further evaluation. 

    ICE Enforcement and Removal Operations deportation officers arrested Phan June 2. Phan was ordered removed by an immigration judge on April 2, 2012, but failed to leave the U.S. as ordered. 

    Consistent with ICE policy, ERO notified the U.S. Department of Homeland Security, the Office of Inspector General, and the ICE Office of Professional Responsibility via the Integrity Coordination Center. ERO provided notification of the death to the Vietnam Embassy.

    ICE makes official notifications to Congress, nongovernmental organization stakeholders, and the media upon an official report of a detained illegal alien’s death and posts a news release with relevant details on the ICE public website within two business days per agency policy. This information may be accessed in the ICE.gov Newsroom. Additionally, congressional requirements described in the DHS Appropriations Bill of 2018 require ICE to make public all reports regarding an in-custody death within 90 days.

    These reports may be accessed on the Detainee Death Reporting page.

    ICE remains committed to ensuring that all those in its custody reside in safe, secure, and humane environments. Comprehensive medical care is provided from the moment individuals arrive and throughout the entirety of their stay. All people in ICE custody receive medical, dental and mental health intake screening within 12 hours of arriving at each detention facility, a full health assessment within 14 days of entering ICE custody or arrival at a facility, access to medical appointments and 24-hour emergency care. At no time during detention is a detained illegal alien denied emergent care.

    MIL OSI USA News –

  • MIL-OSI China: China unveils regulations on rural roads

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

    Chinese Premier Li Qiang has signed a State Council decree that unveils regulations to promote the high-quality development of rural roads so that they meet the needs of advancing rural revitalization across the board and accelerating the modernization of agriculture and rural areas.

    The new regulations, which will go into effect on Sept. 15, stipulate that the development of rural roads must align with China’s coordinated efforts to promote new urbanization and rural revitalization.

    By emphasizing construction, management, maintenance and operation equally, the country aims to gradually improve rural transportation infrastructure networks, making them inclusive, shared, safe, convenient and efficient, according to the regulations.

    The regulations require improvements in the quality of rural road networks and their connectivity to national and provincial highways to aid the integration of urban and rural transportation. Existing rural roads that do not meet the minimum technical grade standards must be upgraded and renovated.

    Additionally, the regulations stipulate the importance of strengthening the management and maintenance of rural roads by clearly defining responsibilities. There will also be a focus on increasing rural roads inspections and investigating safety hazards.

    Local governments at all levels are required to integrate rural road construction with facilities, industrial parks, and tourist attractions along the routes. This will promote the integrated development of rural passenger transport, freight logistics and postal and express delivery services, enhancing the capacity of rural roads to support economic circulation between urban and rural areas.

    MIL OSI China News –

  • MIL-OSI: ODYSIGHT.AI AND A MULTINATIONAL TECHNOLOGY GROUP SIGN STRATEGIC COLLABORATION AGREEMENT AIMED TO DEPLOY PREDICTIVE MAINTENANCE CAPABILITIES ACROSS MULTIPLE PLATFORMS

    Source: GlobeNewswire (MIL-OSI)

    OMER, Israel, July 22, 2025 (GLOBE NEWSWIRE) — Odysight.AI Inc. (NASDAQ: ODYS) is proud to announce a commercial collaboration agreement with a multinational technology group to deploy one or more proof-of-concepts using Odysight.AI’s systems. The initial deployment will focus on select heavy vehicles across the fields of defense, mining, agriculture and heavy autonomous vehicle sectors. This collaboration marks a significant milestone, aimed to expand Odysight.AI’s predictive maintenance technology beyond the aviation vertical at scale in the multinational technology group’s line of products.

    The collaboration agreement follows successful trials of Odysight.AI’s system on a critical aviation component manufactured by the global partner and tested under extreme conditions. The trials, conducted at advanced facilities worldwide, validated the system’s robust performance under prolonged stress and harsh environments, confirming its unique value in challenging operational contexts.

    Following the success of the trials, both parties are already exploring expanded deployments in aviation in addition to heavy vehicles with broader collaborative opportunities across a wide range of customers and use cases. Integration of the Odysight.AI solution is expected to provide real-time monitoring and predictive analytics designed to enhance platform safety, reduce maintenance demands, reduce costs and improve overall operational efficiency across the partner’s product lines.

    “As a trusted supplier to leading aerospace and mobility platform manufacturers, our global partner is known for innovation and quality,” said Yehu Ofer, CEO of Odysight.AI. “Their decision to partner with us and lead customer demonstrations is a strong vote of confidence in our technology. This agreement reflects our shared commitment to driving smarter, safer, and more sustainable operations across industries, verticals and target markets at scale.”

    Our global partner plays a key role in delivering engineered materials and smart solutions for mobility and energy applications, as well as high-performance industrial technologies, with aerospace among its core technological pillars. Strongly aligned with our strategic focus on safety, operational efficiency, and technological sophistication in defense mobility, we believe this collaboration with our global partner enhances their offering with advanced predictive maintenance capabilities, which can help customers prevent failures and avoid costly downtime.

    About Odysight.AI

    Odysight.AI is pioneering the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. Providing video sensor-based solutions for critical systems in the aviation, transportation, and energy industries, Odysight.AI leverages proven visual technologies and products from the medical industry. Odysight.AI’s unique video-based sensors, embedded software, and AI algorithms are being deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases. Odysight.AI’s platform allows maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. For more information, please visit: https://www.Odysight.AI or follow us on Twitter, LinkedIn and YouTube.

    Forward-Looking Statements

    Information set forth in this news release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the Company’s expectations regarding its collaboration with a multinational technology group. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Those statements are based on information we have when those statements are made or our management’s current expectation and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward- looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to the following: (i) market acceptance of our existing and new products, including those that utilize our micro Odysight.AI technology or offer Predictive Maintenance and Condition Based Monitoring applications, (ii) lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device and related industries from much larger, multinational companies, (v) product liability claims, product malfunctions and the functionality of Odysight.AI’s solutions under all environmental conditions, (vi) our limited manufacturing capabilities and reliance on third-parties for assistance, (vii) an inability to establish sales, marketing and distribution capabilities to commercialize our products, (viii) an inability to attract and retain qualified personnel, (ix) our efforts obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on a single customer that accounts for a substantial portion of our revenues, (xi) our reliance on single suppliers for certain product components, including for miniature video sensors which are suitable for our Complementary Metal Oxide Semiconductor technology products, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain, (xiii) the impact of computer system failures, cyberattacks or deficiencies in our cybersecurity, (xiv) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical, global supply chain and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction and (xv) political, economic and military instability in Israel, including the impact of Israel’s war against Hamas, Hezbollah and Iran. These and other important factors discussed in Odysight.AI’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 26, 2025, and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Except as required under applicable securities legislation, Odysight.AI undertakes no obligation to publicly update or revise forward-looking information.

    Company Contact:

    Einav Brenner, CFO
    info@Odysight.AI

    Investor Relations Contact:
    Miri Segal
    MS-IR LLC
    msegal@ms-ir.com
    Tel: +1-917-607-8654

    The MIL Network –

  • MIL-OSI: PSB Holdings, Inc. Reports Record Quarterly Earnings of $0.89 Per Diluted Share; Net Interest Margin Improves For Fifth Consecutive Quarter

    Source: GlobeNewswire (MIL-OSI)

    WAUSAU, Wis., July 22, 2025 (GLOBE NEWSWIRE) — PSB Holdings, Inc. (“PSB”) (OTCQX: PSBQ), the holding company for Peoples State Bank (“Peoples”) serving Northcentral and Southeastern Wisconsin reported second quarter earnings ending June 30, 2025 up 48% relative to the prior quarter to $0.89 per diluted common share on net income of $3.8 million, compared to $0.60 per diluted common share on net income of $2.6 million during the first quarter ending March 31, 2025, and $0.56 per diluted common share on net income of $2.4 million during the second quarter ending June 30, 2024.

    PSB’s second quarter 2025 operating results reflected the following changes from the first quarter of 2025: (1) a stronger net interest margin as asset yields rose; (2) higher non-interest income from higher mortgage banking income; and (3) lower non-interest expenses due to lower salaries and employee benefit expenses.

    “We are proud to report record earnings for the second quarter, highlighted by an improving net interest margin and cost controls that have lowered our non-interest expenses and improved our efficiency ratio to 63%. Over the past year, we increased tangible book value per share by 13.1% while paying $0.64 per share in dividends to our shareholders. As loans continue to reprice at higher rates and new loans are originated at higher levels than current yields, we expect our net interest margin to continue to expand from current levels. While non-performing assets have grown, they represent a small number with special circumstances, and we expect favorable resolutions for certain significant non-performing assets by the end of the calendar year,” stated Scott Cattanach, President and CEO.

    June 30, 2025, Highlights:

    • Net interest income increased $470,000 to $10.7 million for the quarter ended June 30, 2025, from $10.3 million for the quarter ended March 31, 2025, due in part to higher yields on loans and one additional day during the quarter.
    • Noninterest income increased $230,000 to $2.1 million for the quarter ended June 30, 2025, compared to $1.9 million the prior quarter due primarily to higher mortgage banking revenues.
    • Noninterest expenses decreased $776,000 to $8.2 million during the quarter ended June 30, 2025 from $9.0 million for the quarter ended March 31, 2025, reflecting lower salary and benefit expenses.
    • Net loans increased $12.9 million, or 1% in the second quarter ended June 30, 2025, to $1.11 billion compared to March 31, 2025, largely due to increased commercial line usage. Allowance for credit losses remained at 1.12% of gross loans.
    • Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 compared to the previous quarter. One existing non-performing loan relationship increased during the quarter as an additional loan in this relationship was moved to non-performing status. The underlying security of these loans is undergoing a sales process by the owner. Additionally, an unrelated new loan relationship was added to non-performing status.
    • Total deposits increased $47.5 million to $1.18 billion at June 30, 2025 from $1.13 billion at March 31, 2025, with the increase largely consisting of non-interest bearing demand deposits and time deposits with balances greater than $250,000. Core deposits increased $32.3 million while brokered deposits decreased $13.7 million. A portion of the overall deposit increase relates to an established customer making a large time deposit near the end of the quarter.
    • Return on average tangible common equity was 13.11% for the quarter ended June 30, 2025, compared to 9.21% the prior quarter and 9.34% in the year ago quarter.
    • Tangible book value per common share was up 13.1% over the past year to $27.77 at June 30, 2025, compared to $24.55 at June 30, 2024. Additionally, PSB paid dividends totaling $0.64 per share during the past year.

    Balance Sheet and Asset Quality Review

    Total assets increased $46.8 million during the second quarter to $1.51 billion at June 30, 2025, compared to $1.46 billion at March 31, 2025. Cash and cash equivalents increased $34.9 million to $57.5 million at June 30, 2025 from $22.7 million at March 31, 2025 as new deposits replenished reserves used to fund new loans. Investment securities available for sale increased $1.7 million to $184.3 million at June 30, 2025, from $182.6 million one quarter earlier.

    Gross loans receivable increased $10.7 million to $1.15 billion at June 30, 2025, compared to one quarter earlier, due primarily to increased commercial & industrial lending. Commercial & industrial loans increased $11.2 million to $135.3 million at June 30, 2025, and commercial real estate loans increased $3.6 million to $566.5 million at June 30, 2025, compared to three months earlier. Commercial real estate construction and development loans decreased $9.2 million to $77.9 million at June 30, 2025, while residential real estate loans increased $3.3 million from the prior quarter to $337.1 million. Agricultural loans increased $1.6 million to $13.2 million at June 30, 2025 compared to three months earlier. The loan portfolio remains well diversified with commercial real estate and construction loans totaling 56.1% of gross loans, followed by residential real estate loans at 29.4% of gross loans, commercial non-real estate loans at 14.1% and consumer loans at 0.4%.

    The allowance for credit losses remained at 1.12% of gross loans at June 30, 2025 while annualized net charge-offs to average loans were zero for the quarter ended June 30, 2025. Non-performing assets increased $2.6 million to $15.6 million, or 1.04% of total assets at June 30, 2025 up from 0.89% at March 31, 2025. The increase reflects a loan relationship that was non-performing in the prior quarter having an additional loan move to non-performing status in the second quarter and a separate loan relationship within the timber industry where the customer has experienced irregular cashflows. Approximately 80% of the non-performing assets consisted of five loan relationships.

    Total deposits increased 4% quarter over quarter, with 23% of the deposit portfolio being uninsured at June 30th. Overall, core deposits increased $32.3 million during the quarter while brokered deposits decreased $13.7 million.

    At June 30, 2025, non-interest bearing demand deposits increased to 23.6% of total deposits from 21.7% the prior quarter, while interest-bearing demand and savings deposits decreased to 27.4% at June 30, 2025 from 29.4% one quarter earlier. The additional deposit inflow helped to decrease FHLB advances during the quarter by $4.3 million and brokered deposits by $13.7 million.

    Tangible stockholder equity as a percentage of total tangible assets decreased to 7.95% at June 30, 2025, compared to 8.05% at March 31, 2025, and 7.32% at June 30, 2024.

    Tangible net book value per common share increased $3.22 during the quarter to $27.77, at June 30, 2025 compared to $24.55 one year earlier, an increase of 13.1% after dividends of $0.64 were paid to shareholders. Relative to the prior quarter’s tangible book value per common share of $26.94, tangible net book value per common share increased primarily due to earnings and an increase in the fair market value of the investment portfolios. The accumulated other comprehensive loss on the investment portfolio was $15.8 million at June 30, 2025, compared to $16.7 million one quarter earlier.

    Operations Review

    Net interest income increased to $10.7 million (on a net margin of 3.09%) for the second quarter of 2025, from $10.3 million (on a net margin of 3.03%) for the first quarter of 2025, and increased from $9.4 million (on a net margin of 2.84%) for the second quarter of 2024. The higher net interest income in the current period primarily relates to higher loan yields during the quarter. Earning asset yields increased to 5.40% during the second quarter of 2025 from 5.35% the prior period and cost of funds increased four basis points to 3.06% compared to 3.02% during the first quarter of 2025. Relative to one year earlier, earning asset yields were up 19 basis points while the overall cost of funds was flat.

    The increase in earning asset yields was due to higher yields on loan originations, loan renewals and security repricing. Loan yields increased during the second quarter of 2025 to 5.91% from 5.82% for the first quarter of 2025. Taxable security yields on a smaller average balance relative to the prior quarter were 3.24% for the quarter ended June 30, 2025, compared to 3.35% for the quarter ended March 31, 2025, while tax-exempt security yields remained at 3.35% for the quarter ended June 30, 2025.

    Total noninterest income increased $230,000 during the second quarter of 2025 to $2.1 million. An increase of $161,000 in mortgage banking income during the quarter accounted for the majority of the change.

    Noninterest expenses decreased $776,000 to $8.2 million for the second quarter of 2025, compared to $9.0 million for the first quarter of 2025, and decreased $202,000 from $8.4 million for the second quarter of 2024. On a linked quarter basis, salary and benefits expense decreased $474,000 as the first quarter results reflected an increase in variable commercial sales incentive expense. Occupancy and facilities costs decreased $67,000, data processing and other office operation expenses decreased $12,000, a gain on the sale of foreclosed real estate was $58,000 and various other noninterest expenses decreased $225,000 during the second quarter ended June 30, 2025. Partially offsetting the expense reductions was an increase in advertising and promotion expenses of $60,000.

    Income taxes increased $279,000 during the second quarter to $752,000, from $473,000 one quarter earlier on higher income levels. The effective tax rate for the quarter ended June 30, 2025, was 16.6% compared to 15.6% for the first quarter ended March 31, 2025.

    About PSB Holdings, Inc.

    PSB Holdings, Inc. is the parent company of Peoples State Bank. Peoples is a community bank headquartered in Wausau, Wisconsin, serving northcentral and southeastern Wisconsin from twelve full-service banking locations in Marathon, Oneida, Vilas, Portage, Milwaukee and Waukesha counties. Peoples also provides investment and insurance products, along with retirement planning services, through Peoples Wealth Management, a division of Peoples. PSB Holdings, Inc. is traded under the stock symbol PSBQ on the OTCQX Market. More information about PSB, its management, and its financial performance may be found at www.psbholdingsinc.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about PSB’s business based, in part, on assumptions made by management and include, without limitation, statements with respect to the potential growth of PSB, its future profits, expected stock repurchase levels, future dividend rates, future interest rates, and the adequacy of its capital position. Forward-looking statements can be affected by known and unknown risks, uncertainties, and other factors, including, but not limited to, strength of the economy, the effects of government policies, including interest rate policies, risks associated with the execution of PSB’s vision and growth strategy, including with respect to current and future M&A activity, and risks associated with global economic instability. The forward-looking statements in this press release speak only as of the date on which they are made and PSB does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

     
    PSB Holdings, Inc.
    Consolidated Balance Sheets
    June 30, and March 31, 2025, September 30, and June 30, 2024, unaudited, December 31, 2024 derived from audited financial statements
                 
        Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
    (dollars in thousands, except per share data)     2025     2025     2024     2024     2024  
                 
    Assets            
                 
    Cash and due from banks   $ 23,022   $ 19,628   $ 21,414   $ 23,554   $ 16,475  
    Interest-bearing deposits     2,890     702     3,724     5,126     251  
    Federal funds sold     31,624     2,351     15,360     58,434     69,249  
                 
    Cash and cash equivalents     57,536     22,681     40,498     87,114     85,975  
    Securities available for sale (at fair value)     184,320     182,594     189,086     174,911     165,177  
    Securities held to maturity (fair values of $75,016, $77,375, $79,654, $82,389 and $79,993 respectively)     83,123     85,373     86,748     86,847     86,825  
    Equity securities     2,885     2,847     2,782     1,752     1,661  
    Loans held for sale     349     734     217     –     2,268  
    Loans receivable, net (allowance for credit losses of $12,553, $12,392, $12,342, $12,598 and $12,597 respectively)     1,109,296     1,096,422     1,078,204     1,057,974     1,074,844  
    Accrued interest receivable     5,006     5,184     5,042     4,837     5,046  
    Foreclosed assets     –     300     –     –     –  
    Premises and equipment, net     13,397     13,522     13,805     14,065     14,048  
    Mortgage servicing rights, net     1,684     1,717     1,742     1,727     1,688  
    Federal Home Loan Bank stock (at cost)     9,297     8,825     8,825     8,825     8,825  
    Cash surrender value of bank-owned life insurance     25,067     24,897     24,732     24,565     24,401  
    Core deposit intangible     330     353     195     212     229  
    Goodwill     3,495     3,495     2,541     2,541     2,541  
    Other assets     10,832     10,828     11,539     10,598     12,111  
                 
    TOTAL ASSETS   $ 1,506,617   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639  
                 
    Liabilities            
                 
    Non-interest-bearing deposits   $ 277,239   $ 245,672   $ 259,515   $ 265,078   $ 250,435  
    Interest-bearing deposits     900,303     884,364     887,834     874,035     901,886  
                 
    Total deposits     1,177,542     1,130,036     1,147,349     1,139,113     1,152,321  
                 
    Federal Home Loan Bank advances     165,950     170,250     162,250     181,250     184,900  
    Other borrowings     6,250     6,343     6,872     6,128     5,775  
    Senior subordinated notes     4,784     4,783     4,781     4,779     4,778  
    Junior subordinated debentures     13,075     13,049     13,023     12,998     12,972  
    Allowance for credit losses on unfunded commitments     622     672     672     477     477  
    Accrued expenses and other liabilities     15,118     13,554     14,723     12,850     13,069  
                 
    Total liabilities     1,383,341     1,338,687     1,349,670     1,357,595     1,374,292  
                 
    Stockholders’ equity            
                 
    Preferred stock – no par value:            
    Authorized – 30,000 shares; Issued – 7,200 shares            
    Outstanding – 7,200 shares, respectively     7,200     7,200     7,200     7,200     7,200  
    Common stock – no par value with a stated value of $1.00 per share:            
    Authorized – 18,000,000 shares; Issued – 5,490,798 shares            
    Outstanding – 4,041,573, 4,084,708, 4,092,977, 4,105,594 and 4,128,382 shares, respectively     1,830     1,830     1,830     1,830     1,830  
    Additional paid-in capital     8,659     8,608     8,610     8,567     8,527  
    Retained earnings     144,548     142,277     139,838     138,142     135,276  
    Accumulated other comprehensive income (loss), net of tax     (15,764 )   (16,692 )   (19,314 )   (15,814 )   (20,503 )
    Treasury stock, at cost – 1,449,225, 1,406,090, 1,397,821, 1,385,204 and 1,362,416 shares, respectively     (23,197 )   (22,138 )   (21,878 )   (21,552 )   (20,983 )
                 
    Total stockholders’ equity     123,276     121,085     116,286     118,373     111,347  
                 
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 1,506,617   $ 1,459,772   $ 1,465,956   $ 1,475,968   $ 1,485,639  
    PSB Holdings, Inc.
    Consolidated Statements of Income
                     
        Quarter Ended Six Months Ended
    (dollars in thousands,   Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30, June
    except per share data – unaudited)     2025     2025     2024     2024     2024     2025     2024  
                     
    Interest and dividend income:                
    Loans, including fees   $ 16,510   $ 15,782   $ 15,646   $ 15,634   $ 15,433   $ 32,292   $ 30,542  
    Securities:                
    Taxable     1,566     1,641     1,545     1,345     1,295     3,207     2,492  
    Tax-exempt     506     517     522     522     521     1,023     1,047  
    Other interest and dividends     332     345     948     699     265     677     608  
                     
    Total interest and dividend income     18,914     18,285     18,661     18,200     17,514     37,199     34,689  
                     
    Interest expense:                
    Deposits     5,934     5,884     6,027     5,905     5,838     11,818     11,920  
    FHLB advances     1,899     1,792     1,890     2,038     1,860     3,691     3,310  
    Other borrowings     48     47     57     57     58     95     118  
    Senior subordinated notes     58     59     59     59     58     117     117  
    Junior subordinated debentures     250     248     252     252     255     498     506  
                     
    Total interest expense     8,189     8,030     8,285     8,311     8,069     16,219     15,971  
                     
    Net interest income     10,725     10,255     10,376     9,889     9,445     20,980     18,718  
    Provision for credit losses     110     117     –     –     100     227     195  
                     
    Net interest income after provision for credit losses     10,615     10,138     10,376     9,889     9,345     20,753     18,523  
                     
    Noninterest income:                
    Service fees     366     358     362     367     350     724     686  
    Mortgage banking income     411     250     414     433     433     661     741  
    Investment and insurance sales commissions     335     326     226     230     222     799     343  
    Net loss on sale of securities     –     (1 )   (511 )   –     –     661     (495 )
    Increase in cash surrender value of life insurance     170     163     166     165     159     (1 )   316  
    Other noninterest income     814     770     620     648     742     1,584     1,359  
                     
    Total noninterest income     2,096     1,866     1,277     1,843     1,906     3,962     2,950  
                     
    Noninterest expense:                
    Salaries and employee benefits     4,828     5,302     4,691     4,771     5,167     10,130     10,290  
    Occupancy and facilities     719     786     691     757     733     1,505     1,454  
    Loss (gain) on foreclosed assets     (58 )   –     –     1     –     (58 )   –  
    Data processing and other office operations     1,189     1,201     1,111     1,104     1,047     2,390     2,069  
    Advertising and promotion     189     129     141     164     171     318     300  
    Core deposit intangible amortization     23     23     17     17     20     46     44  
    Other noninterest expenses     1,303     1,528     1,351     1,337     1,257     2,831     2,563  
                     
    Total noninterest expense     8,193     8,969     8,002     8,151     8,395     17,162     16,720  
                     
    Income before provision for income taxes     4,518     3,035     3,651     3,581     2,856     7,553     4,753  
    Provision for income taxes     752     473     524     593     410     1,225     579  
                     
    Net income   $ 3,766   $ 2,562   $ 3,127   $ 2,988   $ 2,446   $ 6,328   $ 4,174  
    Preferred stock dividends declared   $ 122   $ 122   $ 122   $ 122   $ 122   $ 244   $ 244  
                     
    Net income available to common shareholders   $ 3,644   $ 2,440   $ 3,005   $ 2,866   $ 2,324   $ 6,084   $ 3,930  
    Basic earnings per common share   $ 0.90   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 1.49   $ 0.95  
    Diluted earnings per common share   $ 0.89   $ 0.60   $ 0.73   $ 0.69   $ 0.56   $ 1.49   $ 0.95  
    PSB Holdings, Inc.
    Quarterly Financial Summary
     
    (dollars in thousands, except per share data)   Quarter ended
        Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
    Earnings and dividends:     2025     2025     2024     2024     2024  
                 
    Interest income   $ 18,914   $ 18,285   $ 18,661   $ 18,200   $ 17,514  
    Interest expense   $ 8,189   $ 8,030   $ 8,285   $ 8,311   $ 8,069  
    Net interest income   $ 10,725   $ 10,255   $ 10,376   $ 9,889   $ 9,445  
    Provision for credit losses   $ 110   $ 117   $ –   $ –   $ 100  
    Other noninterest income   $ 2,096   $ 1,866   $ 1,277   $ 1,843   $ 1,906  
    Other noninterest expense   $ 8,193   $ 8,969   $ 8,002   $ 8,151   $ 8,395  
    Net income available to common shareholders   $ 3,644   $ 2,440   $ 3,005   $ 2,866   $ 2,324  
                 
    Basic earnings per common share (3)   $ 0.90   $ 0.60   $ 0.73   $ 0.69   $ 0.56  
    Diluted earnings per common share (3)   $ 0.89   $ 0.60   $ 0.73   $ 0.69   $ 0.56  
    Dividends declared per common share (3)   $ 0.34   $ –   $ 0.32   $ –   $ 0.32  
    Tangible net book value per common share (4)   $ 27.77   $ 26.94   $ 25.98   $ 26.41   $ 24.55  
                 
    Semi-annual dividend payout ratio     22.58 % n/a   23.27 % n/a   33.61 %
    Average common shares outstanding     4,070,721     4,088,824     4,094,360     4,132,218     4,139,456  
                 
                 
    Balance sheet – average balances:            
    Loans receivable, net of allowances for credit loss   $ 1,111,004   $ 1,091,533   $ 1,064,619   $ 1,066,795   $ 1,088,013  
    Assets   $ 1,480,851   $ 1,462,862   $ 1,479,812   $ 1,445,613   $ 1,433,749  
    Deposits   $ 1,142,279   $ 1,140,397   $ 1,151,450   $ 1,110,854   $ 1,111,240  
    Stockholders’ equity   $ 123,077   $ 118,576   $ 118,396   $ 114,458   $ 110,726  
                 
                 
    Performance ratios:            
    Return on average assets (1)     1.02 %   0.71 %   0.84 %   0.82 %   0.69 %
    Return on average common stockholders’ equity (1)     12.61 %   8.88 %   10.75 %   10.63 %   9.03 %
    Return on average tangible common stockholders’ equity (1)(4)     13.11 %   9.21 %   11.07 %   10.96 %   9.34 %
    Net loan charge-offs to average loans (1)     0.00 %   0.02 %   0.02 %   0.00 %   0.00 %
    Nonperforming loans to gross loans     1.39 %   1.15 %   0.95 %   0.97 %   1.15 %
    Nonperforming assets to total assets     1.04 %   0.89 %   0.71 %   0.71 %   0.84 %
    Allowance for credit losses to gross loans     1.12 %   1.12 %   1.13 %   1.18 %   1.16 %
    Nonperforming assets to tangible equity plus the allowance for credit losses (4)     12.64 %   10.71 %   8.85 %   8.71 %   11.09 %
    Net interest rate margin (1)(2)     3.09 %   3.03 %   2.96 %   2.90 %   2.84 %
    Net interest rate spread (1)(2)     2.34 %   2.33 %   2.23 %   2.16 %   2.15 %
    Service fee revenue as a percent of average demand deposits (1)     0.54 %   0.58 %   0.53 %   0.56 %   0.56 %
    Noninterest income as a percent of gross revenue     9.98 %   9.26 %   6.40 %   9.20 %   9.81 %
    Efficiency ratio (2)     63.00 %   72.88 %   67.59 %   68.43 %   72.52 %
    Noninterest expenses to average assets (1)     2.22 %   2.49 %   2.15 %   2.24 %   2.35 %
    Average stockholders’ equity less accumulated other comprehensive income (loss) to average assets     9.31 %   9.22 %   9.08 %   9.06 %   9.03 %
    Tangible equity to tangible assets (4)     7.95 %   8.05 %   7.76 %   7.85 %   7.32 %
                 
    Stock price information:            
                 
    High   $ 25.70   $ 26.50   $ 27.90   $ 25.00   $ 21.40  
    Low   $ 23.65   $ 25.60   $ 25.00   $ 20.30   $ 19.75  
    Last trade value at quarter-end   $ 23.89   $ 25.70   $ 26.50   $ 25.00   $ 20.40  
                 
    (1) Annualized
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    (3) Due to rounding, cumulative quarterly per share performance may not equal annual per share totals.
    (4) Tangible stockholders’ equity excludes goodwill and core deposit intangibles.
    PSB Holdings, Inc.
    Consolidated Statements of Comprehensive Income
                 
        Quarter Ended
        Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
    (dollars in thousands – unaudited)     2025     2025     2024     2024     2024  
                 
    Net income   $ 3,766   $ 2,562   $ 3,127   $ 2,988   $ 2,446  
                 
    Other comprehensive income, net of tax:            
                 
    Unrealized gain (loss) on securities available for sale     972     2,551     (3,955 )   4,738     184  
                 
    Reclassification adjustment for security loss included in net income     –     1     404     –     –  
                 
    Accretion of unrealized loss included in net income on securities available for sale deferred tax adjustment for Wisconsin Act 19     (35 )   –     (76 )   –     –  
                 
    Amortization of unrealized loss included in net income on securities available for sale transferred to securities held to maturity     91     89     90     90     89  
                 
    Unrealized gain (loss) on interest rate swap     (87 )   (6 )   65     (101 )   39  
                 
    Reclassification adjustment of interest rate swap settlements included in earnings     (13 )   (13 )   (27 )   (38 )   (40 )
                 
                 
    Other comprehensive income (loss)     928     2,622     (3,499 )   4,689     272  
                 
    Comprehensive income (loss)   $ 4,694   $ 5,184   $ (372 ) $ 7,677   $ 2,718  
    PSB Holdings, Inc.            
    Nonperforming Assets as of:            
                 
        Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,
    (dollars in thousands)     2025     2025     2024     2024     2024  
                 
    Nonaccrual loans (excluding restructured loans)   $ 15,333   $ 12,404   $ 10,109   $ 10,116   $ 12,184  
    Nonaccrual restructured loans     13     17     18     25     28  
    Restructured loans not on nonaccrual     295     280     286     292     299  
    Accruing loans past due 90 days or more     –     –     –     –     –  
                 
    Total nonperforming loans     15,641     12,701     10,413     10,433     12,511  
    Other real estate owned     –     300     –     –     –  
                 
    Total nonperforming assets   $ 15,641   $ 13,001   $ 10,413   $ 10,433   $ 12,511  
                 
    Nonperforming loans as a % of gross loans receivable     1.39 %   1.15 %   0.95 %   0.97 %   1.15 %
    Total nonperforming assets as a % of total assets     1.04 %   0.89 %   0.71 %   0.71 %   0.84 %
    Allowance for credit losses as a % of nonperforming loans     80.26 %   97.57 %   118.52 %   120.75 %   100.69 %
    PSB Holdings, Inc.
    Nonperforming Assets >= $500,000 net book value before specific reserves
    At June 30, 2025
             
    (dollars in thousands)        
          Gross Specific
    Collateral Description   Asset Type Principal Reserves
             
    Real estate – Recreational facility   Nonaccrual   3,940     145  
    Real estate – Equipment dealership   Nonaccrual   2,708     560  
    Real estate – Non owner occupied rental properties   Nonaccrual   4,227     0  
    Real estate – Wood products   Nonaccrual   1,707     271  
             
             
    Total listed nonperforming assets     $ 12,582   $ 976  
    Total bank wide nonperforming assets     $ 15,641   $ 1,180  
    Listed assets as a % of total nonperforming assets       80 %   83 %
    PSB Holdings, Inc.            
    Loan Composition by Collateral Type            
                 
    Quarter-ended (dollars in thousands)   Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
                 
    Commercial:            
    Commercial and industrial   $ 135,313   $ 124,074   $ 116,864   $ 115,234   $ 125,508  
    Agriculture     13,219     11,632     11,568     11,203     11,480  
    Municipal     12,805     12,878     15,733     12,596     11,190  
                 
    Total Commercial     161,337     148,584     144,165     139,033     148,178  
                 
    Commercial Real Estate:            
    Commercial real estate     566,526     562,901     551,641     541,577     544,171  
    Construction and development     77,905     87,080     79,377     60,952     70,540  
                 
    Total Commercial Real Estate     644,431     649,981     631,018     602,529     614,711  
                 
    Residential real estate:            
    Residential     266,203     268,490     271,643     269,954     270,944  
    Construction and development     31,439     26,884     28,959     34,655     36,129  
    HELOC     39,425     38,364     36,887     36,734     33,838  
                 
    Total Residential Real Estate     337,067     333,738     337,489     341,343     340,911  
                 
    Consumer installment     4,886     4,683     5,060     4,770     4,423  
                 
    Subtotals – Gross loans     1,147,721     1,136,986     1,117,732     1,087,675     1,108,223  
    Loans in process of disbursement     (26,496 )   (28,752 )   (27,791 )   (17,836 )   (21,484 )
                 
    Subtotals – Disbursed loans     1,121,225     1,108,234     1,089,941     1,069,839     1,086,739  
    Net deferred loan costs     624     580     605     733     702  
    Allowance for credit losses     (12,553 )   (12,392 )   (12,342 )   (12,598 )   (12,597 )
                 
    Total loans receivable   $ 1,109,296   $ 1,096,422   $ 1,078,204   $ 1,057,974   $ 1,074,844  
    PSB Holdings, Inc.
    Selected Commercial Real Estate Loans by Purpose
     
        Jun 30, Mar 31, Dec 31, Sept 30, June 30,
    (dollars in thousands)     2025     2025     2024     2024     2024  
                           
        Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1) Total Exposure % of Portfolio (1)
    Multi Family   $ 145,523   14.0 % $ 143,674   13.9 % $ 140,087   14.0 % $ 140,307   14.7 % $ 146,873   15.2 %
    Industrial and Warehousing     105,256   10.2     109,366   10.6     103,794   10.4     96,995   10.2     96,286   9.6  
    Retail     29,407   2.8     29,285   2.8     23,438   2.3     25,263   2.7     26,154   2.7  
    Hotels     25,299   2.4     25,719   2.5     25,892   2.6     26,057   2.7     29,035   3.0  
    Office     7,131   0.7     7,254   0.7     6,234   0.6     6,378   0.7     6,518   0.7  
                           
    (1) Percentage of commercial and commercial real estate portfolio and commitments.
    PSB Holdings, Inc.
    Deposit Composition
                           
    Insured and Collateralized Deposits   June 30, March 31, December 31, September 30, June 30,
    (dollars in thousands)     2025     2025     2024     2024     2024  
        $ % $ % $ % $ % $ %
                           
    Non-interest bearing demand   $ 225,916   19.2 % $ 206,562   18.3 % $ 204,167   17.8 % $ 210,534   18.5 % $ 202,343   17.5 %
    Interest-bearing demand and savings     304,779   25.9 %   314,957   27.9 %   315,900   27.6 %   305,631   26.8 %   304,392   26.5 %
    Money market deposits     113,161   9.6 %   118,047   10.4 %   141,024   12.3 %   138,376   12.2 %   137,637   12.0 %
    Retail and local time deposits <= $250     165,368   14.0 %   158,066   14.0 %   155,099   13.5 %   155,988   13.7 %   149,298   13.0 %
                           
    Total core deposits     809,224   68.7 %   797,632   70.6 %   816,190   71.2 %   810,529   71.2 %   793,670   69.0 %
    Retail and local time deposits > $250     28,000   2.4 %   26,750   2.3 %   25,500   2.2 %   23,500   2.1 %   22,500   2.0 %
    Broker & national time deposits <= $250     748   0.1 %   1,241   0.1 %   1,241   0.1 %   1,241   0.1 %   1,490   0.1 %
    Broker & national time deposits > $250     65,917   5.6 %   79,090   7.0 %   56,164   4.9 %   56,164   4.9 %   56,328   4.9 %
                           
    Totals   $ 903,889   76.8 % $ 904,713   80.0 % $ 899,095   78.4 % $ 891,434   78.3 % $ 873,988   76.0 %
                           
                           
    PSB Holdings, Inc.                      
    Deposit Composition                      
                           
    Uninsured Deposits   June 30, March 31, December 31, September 30, June 30,
    (dollars in thousands)     2025     2025     2024     2024     2024  
        $ % $ % $ % $ % $ %
                           
    Non-interest bearing demand   $ 51,323   4.4 % $ 39,110   3.5 % $ 55,348   4.8 % $ 54,544   4.8 % $ 48,092   4.1 %
    Interest-bearing demand and savings     17,983   1.5 %   17,262   1.5 %   20,934   1.8 %   18,317   1.6 %   32,674   2.8 %
    Money market deposits     157,998   13.4 %   150,222   13.3 %   153,334   13.4 %   157,489   13.8 %   177,954   15.4 %
    Retail and local time deposits <= $250     –   0.0 %   –   0.0 %   –   0.0 %   –   0.0 %   –   0.0 %
                           
    Total core deposits     227,304   19.3 %   206,594   18.3 %   229,616   20.0 %   230,350   20.2 %   258,720   22.3 %
    Retail and local time deposits > $250     46,349   3.9 %   18,729   1.7 %   18,638   1.6 %   17,329   1.5 %   19,613   1.7 %
    Broker & national time deposits <= $250     –   0.0 %   –   0.0 %   –   0.0 %   –   0.0 %   –   0.0 %
    Broker & national time deposits > $250     –   0.0 %   –   0.0 %   –   0.0 %   –   0.0 %   –   0.0 %
                           
    Totals   $ 273,653   23.2 % $ 225,323   20.0 % $ 248,254   21.6 % $ 247,679   21.7 % $ 278,333   24.0 %
                           
                           
    PSB Holdings, Inc.                      
    Deposit Composition                      
                           
    Total Deposits   June 30, March 31, December 31, September 30, June 30,
    (dollars in thousands)     2025     2025     2024     2024     2024  
        $ % $ % $ % $ % $ %
                           
    Non-interest bearing demand   $ 277,239   23.6 % $ 245,672   21.7 % $ 259,515   22.6 % $ 265,078   23.3 % $ 250,435   21.6 %
    Interest-bearing demand and savings     322,762   27.4 %   332,219   29.4 %   336,834   29.4 %   323,948   28.4 %   337,066   29.3 %
    Money market deposits     271,159   23.0 %   268,269   23.7 %   294,358   25.7 %   295,865   26.0 %   315,591   27.4 %
    Retail and local time deposits <= $250     165,368   14.0 %   158,066   14.1 %   155,099   13.5 %   155,988   13.7 %   149,298   13.0 %
                           
    Total core deposits     1,036,528   88.0 %   1,004,226   88.9 %   1,045,806   91.2 %   1,040,879   91.4 %   1,052,390   91.3 %
    Retail and local time deposits > $250     74,349   6.3 %   45,479   4.0 %   44,138   3.8 %   40,829   3.6 %   42,113   3.7 %
    Broker & national time deposits <= $250     748   0.1 %   1,241   0.1 %   1,241   0.1 %   1,241   0.1 %   1,490   0.1 %
    Broker & national time deposits > $250     65,917   5.6 %   79,090   7.0 %   56,164   4.9 %   56,164   4.9 %   56,328   4.9 %
                           
    Totals   $ 1,177,542   100.0 % $ 1,130,036   100.0 % $ 1,147,349   100.0 % $ 1,139,113   100.0 % $ 1,152,321   100.0 %
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)
                             
        Quarter ended June 30, 2025   Quarter ended March 31, 2025   Quarter ended June 30, 2024
        Average   Yield /   Average   Yield /   Average   Yield /
        Balance Interest Rate   Balance Interest Rate   Balance Interest Rate
    Assets                        
    Interest-earning assets:                        
    Loans (1)(2)   $ 1,123,460   $ 16,558   5.91 %   $ 1,103,895   $ 15,830   5.82 %   $ 1,100,518   $ 15,520   5.67 %
    Taxable securities     193,926     1,566   3.24 %     198,426     1,641   3.35 %     172,563     1,295   3.02 %
    Tax-exempt securities (2)     76,774     641   3.35 %     79,282     654   3.35 %     79,564     659   3.33 %
    FHLB stock     9,189     166   7.25 %     8,825     241   11.08 %     7,931     182   9.23 %
    Other     14,571     166   4.57 %     8,960     104   4.71 %     8,241     83   4.05 %
                             
    Total (2)     1,417,920     19,097   5.40 %     1,399,388     18,470   5.35 %     1,368,817     17,739   5.21 %
                             
    Non-interest-earning assets:                            
    Cash and due from banks     15,498           16,292           17,345      
    Premises and equipment, net     13,527           13,728           13,930      
    Cash surrender value ins     24,960           24,795           24,297      
    Other assets     21,402           21,021           21,865      
    Allowance for credit losses     (12,456 )         (12,362 )         (12,505 )    
                             
    Total   $ 1,480,851     $ 1,462,862     $ 1,433,749  
                             
    Liabilities & stockholders’ equity                            
    Interest-bearing liabilities:                            
    Savings and demand deposits   $ 315,978   $ 1,450   1.84 %   $ 339,909   $ 1,567   1.87 %   $ 331,740   $ 1,467   1.78 %
    Money market deposits     262,015     1,572   2.41 %     280,396     1,685   2.44 %     271,336     1,835   2.72 %
    Time deposits     294,750     2,912   3.96 %     268,821     2,632   3.97 %     257,006     2,536   3.97 %
    FHLB borrowings     173,080     1,899   4.40 %     164,968     1,792   4.41 %     174,596     1,860   4.28 %
    Other borrowings     8,843     48   2.18 %     6,321     47   3.02 %     6,870     58   3.40 %
    Senior sub notes     4,784     58   4.86 %     4,782     59   5.00 %     4,777     58   4.88 %
    Junior sub. debentures     13,062     250   7.68 %     13,036     248   7.72 %     12,960     255   7.91 %
                             
    Total     1,072,512     8,189   3.06 %     1,078,233     8,030   3.02 %     1,059,285     8,069   3.06 %
                             
    Non-interest-bearing liabilities:                            
    Demand deposits     269,536           251,271           251,158      
    Other liabilities     15,726           14,782           12,580      
    Stockholders’ equity     123,077           118,576           110,726      
                             
    Total   $ 1,480,851     $ 1,462,862     $ 1,433,749  
                             
    Net interest income     $ 10,908         $ 10,440         $ 9,670    
    Rate spread       2.34 %       2.33 %       2.15 %
    Net yield on interest-earning assets           3.09 %       3.03 %       2.84 %
                             
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.
    PSB Holdings, Inc.
    Average Balances ($000) and Interest Rates
    (dollars in thousands)
     
        Six months ended June 30, 2025   Six months ended June 30, 2024
        Average   Yield/   Average   Yield/
        Balance Interest Rate   Balance Interest Rate
    Assets                
    Interest-earning assets:                
    Loans (1)(2)   $ 1,113,731   $ 32,388   5.86 %   $ 1,097,419   $ 30,719   5.63 %
    Taxable securities     196,162     3,207   3.30 %     172,176     2,492   2.91 %
    Tax-exempt securities (2)     78,021     1,295   3.35 %     79,999     1,325   3.33 %
    FHLB stock     9,008     407   9.11 %     7,215     347   9.67 %
    Other     11,790     270   4.62 %     10,562     261   4.97 %
                     
    Total (2)     1,408,712     37,567   5.38 %     1,367,371     35,144   5.17 %
                     
    Non-interest-earning assets:                
    Cash and due from banks     15,893           17,356      
    Premises and equipment, net     13,627           13,557      
    Cash surrender value ins     24,878           24,221      
    Other assets     21,215           21,534      
    Allowance for credit losses     (12,409 )         (12,445 )    
                     
    Total   $ 1,471,916     $ 1,431,594  
                     
    Liabilities & stockholders’ equity Interest-bearing liabilities:                
    Savings and demand deposits   $ 327,878   $ 3,017   1.86 %   $ 341,119   $ 3,139   1.85 %
    Money market deposits     270,785     3,257   2.43 %     272,591     3,732   2.75 %
    Time deposits     281,857     5,544   3.97 %     260,832     5,049   3.89 %
    FHLB borrowings     169,046     3,691   4.40 %     158,761     3,310   4.19 %
    Other borrowings     7,589     95   2.52 %     7,712     118   3.08 %
    Senior sub. notes     4,783     117   4.93 %     4,776     117   4.93 %
    Junior sub. debentures     13,049     498   7.70 %     12,947     506   7.86 %
                     
    Total     1,074,987     16,219   3.04 %     1,058,738     15,971   3.03 %
                     
    Non-interest-bearing liabilities:                    
    Demand deposits     260,522           249,909      
    Other liabilities     15,492           12,881      
    Stockholders’ equity     120,915           110,066      
                     
    Total   $ 1,471,916     $ 1,431,594  
                     
    Net interest income     $ 21,348         $ 19,173    
    Rate spread       2.34 %       2.14 %
    Net yield on interest-earning assets   3.06 %       2.82 %
                     
    (1) Nonaccrual loans are included in the daily average loan balances outstanding.
    (2) The yield on federally tax-exempt loans and securities is computed on a tax-equivalent basis using a federal tax rate of 21%.

    Investor Relations Contact
    PSB Holdings, Inc.
    1905 Stewart Avenue
    Wausau, WI 54401
    888.929.9902
    InvestorRelations@bankpeoples.com

    The MIL Network –

  • MIL-OSI: Micron Launches Space-Qualified Portfolio to Power Mission-Critical Data for Aerospace Innovation

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, July 22, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU), the only-U.S. based memory manufacturer, announced today that it is launching the industry’s highest-density, radiation-tolerant single-layer cell (SLC) NAND product. With a die capacity of 256 gigabits (Gb), this product is the first in a portfolio that will include space-qualified NAND, NOR and DRAM solutions. The product is available now and represents the first in its class to be offered by any major memory manufacturer.

    The space economy is skyrocketing, fueled by rapid growth in commercial and government missions. As computing and AI evolve, demand is rising for high-performance technology capable of processing data directly in orbit. AI-enabled edge computing is transforming space operations: allowing spacecraft to analyze sensor data, detect anomalies and make decisions autonomously, reducing reliance on Earth-based systems and preserving bandwidth.

    “Micron’s radiation-tolerant memory is essential for storing and processing data as we push the boundaries of computing in space,” said Kris Baxter, corporate vice president and general manager of Micron’s Automotive and Embedded Business Unit. “As AI expands in space operations — from autonomous navigation to real-time analysis — Micron is increasing our focus on delivering solutions that enable the resilience and intelligence needed for next-gen aerospace missions.”

    A Media Snippet accompanying this announcement is available by clicking on this link.

    Micron SLC NAND: Tested for space’s extreme environment and ready for launch 

    Spaceborne technologies must withstand harsh environmental conditions to deliver successful mission results. These challenges include extreme temperatures, shock and vibration, vacuum pressure, and radiation exposure from solar energetic particles and galactic cosmic rays.

    To verify its radiation-tolerant NAND can meet customers’ requirements, Micron arranges:

    • Extended quality and performance testing, aligned with NASA’s PEM-INST-001 Level 2 flow, which subjects components to a yearlong screening, including extreme temperature cycling, defect inspections and 590 hours of dynamic burn-in to enable spaceflight reliability.
    • Radiation characterization for total ionizing dose (TID) testing, aligned with U.S. military standard MIL-STD-883 TM1019 condition D, which measures the cumulative amount of gamma radiation that a product can absorb in a standard operating environment in orbit and remain functional, a measurement that is critical in determining mission life cycle.
    • Radiation characterization for single event effects (SEE) testing, aligned with the American Society for Testing Materials flow ASTM F1192 and the Joint Electronic Device Engineering Council (JEDEC) standard JESD57. SEE testing evaluates the impact of high-energy particles on semiconductors and verifies that components can operate safely and reliably in harsh radiation environments, reducing the risk of mission failure. This profiling information enables space engineers and architects to design in a way that mitigates the risk and disruption to the mission.

    Micron in action: Powering Earth science research for NASA’s Jet Propulsion Laboratory

    With its DNA in the industrial and automotive markets, Micron has deep expertise in ruggedizing embedded memory and storage for operations at the edge — from factory automation to intelligent vehicles.

    While this is its first officially space-qualified product, Micron’s NAND flash is already flying on missions through collaborations and customer testing.

    One key partner, Mercury Systems, uses Micron memory in its solid-state data recorders (SSDRs) — equipment that captures and stores vast amounts of scientific and engineering data critical for missions. These SSDRs are currently aboard NASA’s Earth Surface Mineral Dust Source Investigation (EMIT), an imaging spectrometer built by NASA’s Jet Propulsion Laboratory and launched to the International Space Station in 2022. The spectrometer’s original mission was to gather data on the world’s arid regions, mapping the composition of mineral dust to better understand the effects on Earth and human populations. EMIT’s spectroscopic data has also proven useful for studying such varied topics as water resources, rare earth elements and agriculture.

    “Modern space systems are capturing higher volumes of more complex data, demanding solutions that provide vastly more capacity in compact packages — all while operating reliably in space’s high-radiation environment for many years,” said Vincent Pribble, principal product manager at Mercury Systems. “At the heart of Mercury’s data recorders, Micron’s flash memory has proven to be highly reliable in orbit — helping us enable groundbreaking missions and scientific research that is expanding our understanding of our planet and beyond.”

    With EMIT capturing 100,000 spectra per second, Micron’s high-density, radiation-tolerant memory provides reliable, long-term data storage and processing vital for mission success.

    Micron’s strategy: Expanding aerospace industry support with end-to-end supply chain 

    As the only U.S.-based memory manufacturer, Micron provides the end-to-end supply chain control paramount for aerospace and government sectors, providing quality, longevity, security, traceability and supply continuity. This advantage is bolstered by recently announced plans to strengthen Micron’s U.S.-based manufacturing. These plans include modernizing the company’s Manassas, Virginia, facility and expanding its portfolio of NOR, SLC NAND and DDR3, with longevity supply of DDR4 and LPDDR4 for critical applications such as aerospace.

    Leveraging Micron’s decades of experience in customer engineering labs that enable collaboration, the company is extending its capabilities to support the rapidly growing aerospace industry by building specialized regional customer labs and technical support and architecture teams. Micron is also optimizing a manufacturing process for aerospace solutions, enabling quality — from precision engineering to raw wafer selection to compliance — and addressing critical challenges faced by space platform developers.

    Building on its newly launched aerospace portfolio, Micron plans to introduce additional space-qualified memory and storage solutions in the coming year and beyond to address the evolving demands of next-generation space missions.

    Additional resources:

    About Micron Technology, Inc.
    Micron Technology, Inc. is an industry leader in innovative memory and storage solutions, transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Micron Product and Technology Communications Contact:
    Mengxi Liu Evensen
    +1 (408) 444-2276
    productandtechnology@micron.com

    Micron Investor Relations Contact
    Satya Kumar
    +1 (408) 450-6199
    satyakumar@micron.com    

    The MIL Network –

  • MIL-OSI: Fortinet Advances Quantum-Safe Security to Guard against Emerging Quantum Threats

    Source: GlobeNewswire (MIL-OSI)

    SUNNYVALE, Calif., July 22, 2025 (GLOBE NEWSWIRE) —

    News Summary
    Fortinet® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced expanded innovations within its unified operating system, FortiOS, that protect against quantum-computing threats to current encryption standards. The latest FortiOS capabilities help organizations with highly sensitive data deploy encryption algorithms and key distribution methods that can withstand quantum-powered attacks, stack algorithms for more robust protection, and easily transition to post-quantum security.

    “At Fortinet, we’re committed to arming customers with cutting-edge technology to protect against new and emerging threats. As quantum computing advances, organizations can trust Fortinet’s technology innovation and leadership to safeguard their critical data and future-proof their infrastructures,” said Michael Xie, Founder, President, and Chief Technology Officer at Fortinet. “Many enterprises are eager to take action to protect their networks from quantum-powered threats. That’s why we’ve made cutting-edge, quantum-safe features available today for FortiGate NGFW and Fortinet Secure SD-WAN customers, so they can confidently transition to post-quantum security.”

    Organizations Handling Sensitive Information Need Quantum-Safe Encryption Now
    Quantum computers can perform complex calculations at unprecedented speeds and can easily break current encryption standards. Cybercriminals are already storing encrypted traffic to decrypt in the future, with a particular focus on industries that handle highly sensitive data that remains relevant over long periods, such as telecommunications, financial services, government, and healthcare.

    • FortiOS: ready for the post-quantum world
      With FortiOS 7.6, organizations, such as those using FortiGate next-generation firewall (NGFW) and Fortinet Secure SD-WAN, can now leverage built-in quantum-safe features designed to defend against emerging threats, including harvest-now, decrypt-later (HNDL) attacks. These capabilities help secure network traffic, simplify deployment, and support a smooth transition to post-quantum security. Customers have access to the following quantum-safe features at no additional cost: Post-quantum cryptography (PQC) methods, including National Institute of Standards and Technology (NIST)-approved algorithms like ML-KEM and emerging algorithms like BIKE, HQC, and Frodo.
    • Quantum key distribution (QKD), leveraging quantum mechanics to enable the secure exchange of encryption keys, ensures that any eavesdropping attempts are detectable. Fortinet introduced support for QKD integrations starting with FortiOS 7.4, enabling interoperability with leading QKD vendors via standardized interfaces. This capability underscores Fortinet’s proactive approach to quantum-resilient network security by integrating quantum-safe key exchange mechanisms into its NGFW architecture.
    • Algorithm stacking, which combines multiple cryptographic algorithms to create a more resilient solution and enhance network infrastructure security.
    • A hybrid mode for gradual transition to post-quantum security that enables seamless integration of traditional public-key cryptography and QKD.
    • An enhanced user interface that simplifies the configuration and management of quantum-safe settings so that network administrators can implement quantum-safe security easily.

    Proven Innovation You Can Trust
    Fortinet was founded on the principle of converging networking and security through a single operating system. This unique approach enables Fortinet to deploy cutting-edge updates, such as quantum-safe innovations, across its unified operating system, helping customers future-proof their security postures.

    Additional Resources

    About Fortinet
    Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTS”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

    Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAgent, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiStack, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR and Lacework FortiCNAPP. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

    The MIL Network –

  • MIL-OSI: Blue Mantis Expands Federal IT Services Portfolio Under GSA Contract

    Source: GlobeNewswire (MIL-OSI)

    PORTSMOUTH, N.H., July 22, 2025 (GLOBE NEWSWIRE) — Blue Mantis, a leading provider of digital strategy and services specializing in managed services, cybersecurity, and cloud solutions, today announced its expanded service offerings under the U.S. General Services Administration (GSA) Multiple Award Schedule (MAS), specifically under Special Item Number (SIN) 54151S for Information Technology Professional Services.

    This award enables Blue Mantis to deliver a broad range of IT services to federal, state and local agencies, including cybersecurity architecture, enterprise network engineering, technical support, compliance and governance consulting. The SIN 54151S designation affirms Blue Mantis’ qualifications to support complex public sector IT initiatives with scalable, secure, and standards-aligned solutions.

    Delivering Expertise Across the Federal IT Landscape
    With over 30 years of experience supporting public sector and enterprise clients, Blue Mantis brings deep technical expertise and a collaborative, outcome-driven approach to every engagement. Services available under SIN 54151S include:

    • Cybersecurity Architecture & Risk Management: Design and implementation of secure IT environments aligned with NIST, SOC 2, and ISO 9001:2015 standards.
    • Enterprise Network & Infrastructure Engineering: Scalable solutions for network modernization, virtualization, and cloud integration.
    • Technical Support & Operations: Responsive, high-quality support services tailored to agency-specific operational environments.
    • Compliance & Governance Consulting: Advisory services to ensure alignment with federal acquisition regulations and evolving cybersecurity mandates.

    A Trusted Partner for Federal Agencies
    “Being awarded a GSA contract is a significant milestone that reflects our commitment to delivering secure, innovative, and mission-critical IT services to federal, state and local governments,” said Josh Dinneen, CEO of Blue Mantis. “We look forward to helping agencies modernize their infrastructure, strengthen their cybersecurity posture, and achieve measurable outcomes.”

    Contract Highlights:

    • Nationwide Availability: Streamlined professional services procurement for federal agencies through the GSA MAS program.
    • Tailored Engagements: Flexible service delivery models to support projects of all sizes and complexities.
    • Proven Track Record: A history of successful engagements across federal, state, and local government sectors.

    For more information about Blue Mantis’ GSA award, visit www.bluemantis.com.

    About Blue Mantis
    Blue Mantis is a security-first IT solutions and services provider with a 30+ year history of successfully helping clients achieve business modernization by applying next-generation technologies including managed services, cybersecurity, cloud and collaboration. Headquartered in Portsmouth, New Hampshire, with offices in Charlestown, Massachusetts, the company provides digital technology services and strategic guidance to ensure clients quickly adapt and grow through automation and innovation. Blue Mantis partners with more than 1,500 leading mid-market and enterprise organizations in a multitude of vertical industries and is backed by leading private equity firm, Recognize. For more information, please visit www.bluemantis.com.

    Inquiries:
    David Knox
    Director of Public Sector
    Blue Mantis
    david.knox@bluemantis.com
    (781) 987-2013

    The MIL Network –

  • MIL-OSI Australia: City of Wanneroo adopts 2025/26 budget

    Source: South Australia Police

    The City of Wanneroo has adopted its 2025/26 budget, prioritising a range of services and facilities to keep our community connected, safe and sustainable.

    Council adopted a 3.5 per cent rate increase across all rating categories, and a 3 per cent increase for residential ratepayers which amounts to less than $1 per week for most homeowners.

    Mayor Linda Aitken said the $353.4 million budget included a $132.6 million capital works program and investment in a range of community services and facilities to benefit all residents.

    “We are committed to providing the programs, services, facilities and infrastructure our community needs and expects, while remaining mindful of the cost-of-living challenges people are facing,” she said.

    “As one of Australia’s fastest-growing local government areas, we have a duty to ensure value for money for our ratepayers. Half of this year’s budget is funded from sources beyond rates, thanks to strong partnerships and a strategic focus on alternative revenue streams.”

    “The City looks forward to delivering on this budget and continuing to build a thriving, inclusive and sustainable City for the generations to come.”

    2025/26 capital works program highlights

    Community recreation and facilities

    Over the next 12 months, the City will spend $60.9 million on upgrades to existing sporting facilities and the construction of new facilities to ensure local families and sporting clubs can stay healthy, active and connected.

    This includes $48.9 million to progress the construction of the Alkimos Aquatic and Recreation Centre.

    A $1.3 million investment will progress the design of a new sports hub for the Wanneroo Recreation Centre, a further $470,000 will progress a new amenities building at Abbeville Park in Mindarie, and $230,000 for an extension to the existing Wanneroo Showgrounds Clubrooms.

    Construction of the highly anticipated Dordaak Kepup library and youth innovation hub is scheduled for completion, with the $18 million Landsdale facility set to open its doors in December 2025.

    $1.6 million will support upgrades to Gumblossom Community Centre in Quinns Rocks, Yanchep Community Centre, Carramar Community and Butler Community Centre.

    An additional $1 million will support the Girrawheen Hub Redevelopment project.

    Waste management

    We’ve allocated $4.4 million to support more sustainable and efficient waste management processes. Funding will progress the development of a recycling centre in Neerabup and waste transfer stations in Neerabup and Wangara.

    Community safety

    We’re investing $3.7 million to community safety measures this year, including $1.6 million to upgrade the Two Rocks Bush Fire Brigade.

    We’ll also spend $1.6 million to commence detailed design for the Wanneroo Emergency Services Precinct, to ensure the City is better prepared for bushfires and other emergencies.

    Parks, playgrounds and pathways

    We’re committing $6.7 million towards park and playground upgrades, to ensure the community can enjoy our City’s natural environment. This work will include replacing playground equipment, shade structures, picnic shelters, barbecues and drink fountains.

    A $515,000 investment will provide new play spaces at Rotary Park, and $320,000 will complete the construction of new toilet facilities at Amery Park in Hocking.

    We’ve allocated $6.7 million to new and upgraded pathways and trails across the City, including new shared paths in Alexander Heights and from Butler to Alkimos Station.

    A further $815,000 will provide pathway lighting at Kingsbridge, Chesterfield, Brampton, Lighthouse and Delamere parks.

    Local roads

    With a focus on creating a safe and connected City, we’ve allocated $18.2 million this year to road upgrades and traffic treatments.

    This includes $4.8 million for Flynn Drive upgrades between Mather Drive and Old Yanchep Road.

    We’re also spending $1.3 million on upgrades to the intersection of Marangaroo Drive and Girrawheen Avenue, and $750,000 on the construction of a dual carriageway between Marmion Avenue to Spinnaker Boulevard on Yanchep Beach Road.

    In additional to the budget, the City is launching a new online payment portal this August, providing residents with a more flexible and user-friendly way to manage their rates.

    The portal offers a variety of automated payment options, such as weekly, fortnightly or monthly direct debit payments, depending on what suits your budget.

    For more information on the City’s 2025/26 budget and or the online payment portal, visit wanneroo.wa.gov.au/budget.

    Please note, some figures have been rounded to nearest decimal whole number.

     

    MIL OSI News –

  • MIL-OSI Africa: Durban strengthens creative industry through strategic Mou signings

    Source: Government of South Africa

    In a move set to bolster the city’s creative economy, the eThekwini Municipality’s Economic Development Directorate has signed three Memorandums of Understanding (MOUs) with key stakeholders to strengthen Durban’s film and television sector.

    The three-year agreements were recently signed with the Film and Publications Board (FPB), the Companies and Intellectual Property Commission (CIPC), and the KwaMashu Community Advancement Projects (KCAP).

    These strategic partnerships aim to enhance skills development, promote regulatory compliance, and create economic opportunities for emerging creatives in the region.

    Chairperson of the Economic Development and Planning Committee, Thembo Ntuli, said the MOUs signify a shared commitment to sustainable industry growth, leveraging collective expertise to uplift communities and foster transformation.

    “This initiative aligns with the municipality’s vision of building an inclusive, vibrant, and economically active creative industry,” Ntuli said.

    Ntuli also highlighted the practical importance of the agreement, noting “these MOUs are more than symbolic, they are living frameworks.”

    “Through coordinated action, we will strengthen compliance, intellectual property education, enhance training, and ensure that our storytellers are equipped to compete on national and global stages,” Ntuli said.

    Guided by the District Development Model (DDM), the initiative aligns with the city’s integrated approach to planning and service delivery. It seeks to unlock opportunities for sustainable development through intergovernmental cooperation.

    The MOU with CIPC focuses on public education and outreach around intellectual property rights, while the FPB partnership promotes content classification and regulatory compliance.

    The KCAP agreement will enhance community engagement through initiatives such as film screenings, audience development, scriptwriting labs, and the KwaZulu-Natal African Film Festival.

    “These partnerships reflect our collective resolve to grow Durban’s creative economy while creating a safe, inclusive, and enabling environment. Together, we are shaping a future where the film sector contributes meaningfully to social development and economic transformation,” Director of the Economic Development Directorate, Shunnon Tulsiram said. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Nigel Topping CMG appointed Chair of the Climate Change Committee

    Source: United Kingdom – Government Statements

    News story

    Nigel Topping CMG appointed Chair of the Climate Change Committee

    Nigel Topping CMG has been appointed as Chair of the Climate Change Committee.

    Nigel Topping CMG has been appointed as Chair of the Climate Change Committee (CCC) by the UK and devolved governments today (22 July). 

    This follows the Secretary of State, Ed Miliband, and the Northern Irish, Welsh and Scottish devolved government Ministers selecting Nigel Topping as the preferred candidate for the role, as well as a successful pre-appointment hearing in front of the Energy Security and Net Zero and Environmental Audit Committees on Wednesday 16 July.   

    The Energy Secretary has written to Nigel Topping to confirm his appointment, welcoming him to the role and confirming his confidence in him to lead the Climate Change Committee. He has also written to Professor Piers Forster, to thank him for his leadership as interim Chair of the CCC following Lord Deben’s departure in 2023. 

    The Chair will play a key role in the committee’s work of advising government on the delivery of its carbon budgets, with a critical few years ahead as the government accelerates to net zero as part of its clean energy superpower mission. 

    Energy Secretary, Ed Miliband, said: 

    I want to congratulate Nigel Topping on his appointment as Chair of the Climate Change Committee.  

    We highly value the Climate Change Committee’s independent advice on how we can achieve net zero, so I am thrilled to have Nigel in this important role – as he brings extensive experience, including from his time serving as the UN High Level Climate Action Champion for COP26.  

    Net zero is the economic opportunity of the 21st century and Nigel’s business expertise will help us to maximise on this opportunity as we deliver our clean energy superpower mission – boosting energy security, creating good jobs, bringing down bills and tackling the climate crisis.

    Nigel Topping, Chair of the Climate Change Committee, said: 

    It is an honour to be appointed Chair of the Climate Change Committee at this pivotal moment. The UK has an opportunity to deliver on its climate commitments in a way that reduces costs for households, powers our industries forward, and makes our economy more successful. It’s also important to ensure resilience against growing climate impacts and I look forward to working with Baroness Brown who leads our adaptation work.    

    I’d like to offer my sincere thanks to Professor Piers Forster, who has been our interim Chair since Lord Deben stepped down. He has led the Committee through an incredibly busy period overseeing advice on the UK’s Seventh Carbon Budget, three devolved carbon budgets, and a number of key progress reports to government.   

    I am committed to upholding the rigour and independent nature of the Committee’s advice, while harnessing our country’s wealth of scientific, financial and business talent.

    Nigel Topping’s selection follows a competitive recruitment process in line with the Governance Code for Public Appointments. 

    Notes to Editors

    The UK government, Scottish Government, Welsh Government, and Northern Ireland Executive agreed to appoint Nigel Topping. The decision-making Ministers were: 

    • Ed Miliband MP, Secretary of State for Energy Security and Net Zero 

    • Andrew Muir MLA, Minister of Agriculture, Environment, and Rural Affairs, Northern Ireland Executive 

    • Gillian Martin MSP, Cabinet Secretary for Climate Action and Energy, Scottish Government 

    • Huw Irranca-Davies MS, Deputy First Minister of Wales and Cabinet Secretary for Climate Change and Rural Affairs, Welsh Government 

    Nigel Topping’s term as Chair will begin on Wednesday 23 July.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Security: IAEA Reviews Progress of Sri Lanka’s Nuclear Infrastructure Development

    Source: International Atomic Energy Agency – IAEA

    INIR mission team leader John Haddad presents the draft report to Thushara Rathnayake, Chairperson of the Sri Lanka Atomic Energy Board, at the closing meeting on 18 July. (Photo: Ministry of Energy of Sri Lanka)

    As Sri Lanka embarks on the development of its nuclear power programme, the country is making progress in establishing the necessary nuclear infrastructure, according to an International Atomic Energy Agency (IAEA) review mission that recently concluded.

    The follow-up Integrated Nuclear Infrastructure Review (INIR) mission, conducted at the request of the Government of Sri Lanka, took place from 14 to 18 July 2025.

    The mission team, comprising two international experts from Bulgaria and Türkiye and two IAEA staff,  assessed the progress made to address the recommendations and suggestions of the Phase 1 2022 INIR mission. A Phase 1 INIR mission assesses the readiness of a country to make a knowledgeable commitment to a nuclear power programme using the Phase 1 criteria of the IAEA Milestones Approach and Evaluation Methodology. The 2022 mission made 26 recommendations and 6 suggestions to assist Sri Lanka in advancing its infrastructure development.

    In 2010, Sri Lanka’s Cabinet approved the initiation of studies for implementing a nuclear power programme in the country. In 2019, a Nuclear Energy Programme Implementing Organization (NEPIO) was established to coordinate related efforts, which included the Ministry of Energy, the Sri Lanka Atomic Energy Board (SLAEB), the Ceylon Electricity Board (CEB) and the Sri Lanka Atomic Energy Regulatory Council (SLAERC). In 2024, the government decided on further actions to consider a nuclear power programme.

    The INIR team concluded that Sri Lanka has made good progress to address recommendations and suggestions from the Phase 2 INIR mission in 2022. Sri Lanka has already identified five candidate sites for the nuclear power plant, established a management structure to oversee the procurement process for nuclear reactors, drafted a comprehensive nuclear law and included nuclear power in its current long-term energy planning for the period 2025-2044.

    Sri Lanka hosted a national workshop on nuclear law in November 2023, as well as an IAEA  Site and External Events Design Review Service (SEED) mission in 2024, which reviewed the country’s selection process to identify candidate sites to build its first nuclear power plant. A SEED follow up mission was also conducted, which took place in July this year.

    “Sri Lanka is actively working on addressing the recommendations and suggestions from the main INIR mission in 2022,” said mission team leader John Haddad from IAEA’s Nuclear Infrastructure Development Section. “This indicates the level of commitment of Sri Lanka to conduct the required studies and make a knowledgeable decision regarding the nuclear power programme.”

    In the opening ceremony for the INIR Mission, Hon. Eng. Kumara Jayakody, Cabinet Minister of Energy, welcomed the INIR mission as “a significant milestone in Sri Lanka’s journey towards a secure, sustainable and forward-looking energy future as we take decisive steps forward in exploring the role of nuclear power in our national energy mix.”

    Nuclear Power is included as an energy source within the CEB Least Cost Long Term Generation and Expansion Plan 2025-2044. According to the plan, accommodating a nuclear power unit above 600 MWe to the Sri Lankan network will be technically challenging due to the network’s condition, projected demand growth, and the generation mix which is expected to be dominated by variable renewable energy sources. The team said that further work is needed related to the finalization of strategies and studies in various areas of infrastructure development such as, among others, management, human resource development, stakeholder involvement, radioactive waste management and industrial involvement.

    About Integrated Nuclear Infrastructure Review (INIR) Missions

    INIR missions are based on the IAEA Milestones Approach, with its 19 infrastructure issues, three phases (consider, prepare and construct) and three milestones (decide, contract and operate). INIR missions enable IAEA Member State representatives to have in-depth discussions with international experts about experiences and best practices in different countries.

    In developing its recommendations, the INIR team considers the comments made by the relevant national organizations. Implementation of any of the team’s recommendations and suggestions is at the discretion of the Member State requesting the mission. The results of the INIR mission are expected to help the Member State develop an action plan to fill any gaps, which in turn will help the development of the national nuclear infrastructure.

    INIR follow-up missions assess the implementation of the recommendations and suggestions provided during the main mission.

    MIL Security OSI –

  • MIL-OSI NGOs: IAEA Reviews Progress of Sri Lanka’s Nuclear Infrastructure Development

    Source: International Atomic Energy Agency (IAEA) –

    INIR mission team leader John Haddad presents the draft report to Thushara Rathnayake, Chairperson of the Sri Lanka Atomic Energy Board, at the closing meeting on 18 July. (Photo: Ministry of Energy of Sri Lanka)

    As Sri Lanka embarks on the development of its nuclear power programme, the country is making progress in establishing the necessary nuclear infrastructure, according to an International Atomic Energy Agency (IAEA) review mission that recently concluded.

    The follow-up Integrated Nuclear Infrastructure Review (INIR) mission, conducted at the request of the Government of Sri Lanka, took place from 14 to 18 July 2025.

    The mission team, comprising two international experts from Bulgaria and Türkiye and two IAEA staff,  assessed the progress made to address the recommendations and suggestions of the Phase 1 2022 INIR mission. A Phase 1 INIR mission assesses the readiness of a country to make a knowledgeable commitment to a nuclear power programme using the Phase 1 criteria of the IAEA Milestones Approach and Evaluation Methodology. The 2022 mission made 26 recommendations and 6 suggestions to assist Sri Lanka in advancing its infrastructure development.

    In 2010, Sri Lanka’s Cabinet approved the initiation of studies for implementing a nuclear power programme in the country. In 2019, a Nuclear Energy Programme Implementing Organization (NEPIO) was established to coordinate related efforts, which included the Ministry of Energy, the Sri Lanka Atomic Energy Board (SLAEB), the Ceylon Electricity Board (CEB) and the Sri Lanka Atomic Energy Regulatory Council (SLAERC). In 2024, the government decided on further actions to consider a nuclear power programme.

    The INIR team concluded that Sri Lanka has made good progress to address recommendations and suggestions from the Phase 2 INIR mission in 2022. Sri Lanka has already identified five candidate sites for the nuclear power plant, established a management structure to oversee the procurement process for nuclear reactors, drafted a comprehensive nuclear law and included nuclear power in its current long-term energy planning for the period 2025-2044.

    Sri Lanka hosted a national workshop on nuclear law in November 2023, as well as an IAEA  Site and External Events Design Review Service (SEED) mission in 2024, which reviewed the country’s selection process to identify candidate sites to build its first nuclear power plant. A SEED follow up mission was also conducted, which took place in July this year.

    “Sri Lanka is actively working on addressing the recommendations and suggestions from the main INIR mission in 2022,” said mission team leader John Haddad from IAEA’s Nuclear Infrastructure Development Section. “This indicates the level of commitment of Sri Lanka to conduct the required studies and make a knowledgeable decision regarding the nuclear power programme.”

    In the opening ceremony for the INIR Mission, Hon. Eng. Kumara Jayakody, Cabinet Minister of Energy, welcomed the INIR mission as “a significant milestone in Sri Lanka’s journey towards a secure, sustainable and forward-looking energy future as we take decisive steps forward in exploring the role of nuclear power in our national energy mix.”

    Nuclear Power is included as an energy source within the CEB Least Cost Long Term Generation and Expansion Plan 2025-2044. According to the plan, accommodating a nuclear power unit above 600 MWe to the Sri Lankan network will be technically challenging due to the network’s condition, projected demand growth, and the generation mix which is expected to be dominated by variable renewable energy sources. The team said that further work is needed related to the finalization of strategies and studies in various areas of infrastructure development such as, among others, management, human resource development, stakeholder involvement, radioactive waste management and industrial involvement.

    About Integrated Nuclear Infrastructure Review (INIR) Missions

    INIR missions are based on the IAEA Milestones Approach, with its 19 infrastructure issues, three phases (consider, prepare and construct) and three milestones (decide, contract and operate). INIR missions enable IAEA Member State representatives to have in-depth discussions with international experts about experiences and best practices in different countries.

    In developing its recommendations, the INIR team considers the comments made by the relevant national organizations. Implementation of any of the team’s recommendations and suggestions is at the discretion of the Member State requesting the mission. The results of the INIR mission are expected to help the Member State develop an action plan to fill any gaps, which in turn will help the development of the national nuclear infrastructure.

    INIR follow-up missions assess the implementation of the recommendations and suggestions provided during the main mission.

    MIL OSI NGO –

  • MIL-OSI Africa: The Food and Agriculture Organization of the United Nations (FAO) hosts Digital Village twinning event in Rwanda to advance digital agriculture

    Source: APO


    .

    The Food and Agriculture Organization of the United Nations (FAO), in collaboration with Rwanda’s Ministry of Agriculture and Animal Resources (MINAGRI), hosted a Digital Village twinning event as part of the Fostering Digital Villages through Innovative Advisory and Profitable Market Services in Africa (FDiVi) project.

    The event brought together more than 130 participants, including representatives from farmer organizations, private sector partners, digital ambassadors, and officials from the Ministry of ICT and Innovation (MINICT), MINAGRI, and the Rwanda Information Society Authority (RISA). The gathering served as a platform for sharing experiences and best practices in leveraging digital technologies to enhance agricultural productivity, market access, advisory services, and access to real-time data and knowledge.

    A key highlight of the event was a Peer Learning Session, during which members from 48 farmer cooperatives shared testimonies and best practices on how digital tools have transformed their daily lives. These stories illustrated the real-world impact of digital transformation in agriculture, particularly in improving efficiency, profitability, and market connectivity.

    During a panel discussion, district authorities from Musanze, Nyanza, Ngororero, and Nyagatare reflected on the opportunities and challenges of scaling digital agriculture in rural communities. The four districts expressed their commitment to integrating the FDiVi project into local development plans and emphasized the importance of cross-district collaboration and peer learning both within Rwanda and as a model for other countries.

    FAO Representative a.i in Rwanda Nomathemba Mhlanga commended the role of digital ambassadors in guiding farmers through the digital literacy journey and underscored the need for continued support from local governments.

    “District and sector authorities must remain the bridge between policy and practice, between strategy and implementation,” she said.

    As part of the event, outstanding farmer cooperatives were recognized during an awards ceremony.  FAO provided 99 smartphones to selected farmer organizations to support access to digital tools.

    “This smartphone will transform how our cooperative accesses information, connects with markets, receives digital advisory services, and promotes our agricultural products using technology,” said Nyirabakiga Immaculée, one of the recipients.

    Through the FDiVi project, FAO continues to empower rural communities by fostering inclusive digital ecosystems that drive innovation, market integration, and improved livelihoods across Rwanda.

    FAO’s FDiVi project, launched in April 2024, empowers around 150 farmer groups in Malawi, Rwanda, and Zimbabwe by using digital tools such as tablets, AI‑chatbots, and social media to enhance agricultural advisory services, improve market access, and boost rural livelihoods.

    Distributed by APO Group on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

    MIL OSI Africa –

  • MIL-OSI United Kingdom: Derby praised for work to keep children safe outside the school gates

    Source: City of Derby

    Children are enjoying safer journeys to and from school thanks to a pioneering Council scheme, which has now won a nationally recognised award for helping to keep children safe by the school gates.

    School Safe Haven Zones operate outside of schools, using temporary road closures or restrictions to limit the use of cars for school drop-offs and pick-ups. Enforced by ANPR cameras, the zones restrict vehicles during peak hours to improve air quality and safety for students.

    The zones, which have been trialled in multiple locations across the city, have brought tangible benefits to both school children and local residents. Not only are there fewer hazards caused by moving and dangerously parked vehicles, but air quality has improved, and active travel – such as walking and cycling – has increased. Residents living close to the zones have also seen reductions in traffic ‘rat-runs’ and felt that their communities were safer, more pleasant places to be.

    Data collected through the scheme is used to identify high-risk locations, monitor compliance and enhance the technology, making sure that any enforcement is fair and accurate. Data collected in Derby has shown significant reductions of Nitrogen Dioxide (NO2) concentrations, with reductions of up to 48.8% in some locations.

    The pioneering zones been formally recognised with Derby’s parking and transport teams winning Best Service Team of the Year at this year’s MJ Awards, which recognise and celebrate the vital, but often unseen, work that happens across local government. The first local authority to implement this type of scheme outside of London and Wales, the award highlighted the Derby City Council’s innovative and strategic approach, such as the positive impact on child safety, use of active travel methods and the improvements in air quality around schools across the city.

    Councillor Carmel Swan, Cabinet Member for Climate Change, Transport and Sustainability said:

    “We’re incredibly proud of the positive impact that our School Safe Havens have brought to Derby, and I’m so pleased that this work has been recognised on a national level.

    “This isn’t just about reducing traffic; it’s about making sure that our children are safe outside the school gates and enabling healthy habits from a young age by promoting active travel and contributing to a healthier generation.

    “By partnering with other local authorities to share our expertise, we’re not just making Derby safer, we’re also helping other councils do the same.”

    Following overwhelming success in trials, the Council has teamed up with councils in Walsall, Coventry and Hull to roll out the project and improve safety elsewhere in the UK. Income of around £500,000 has been generated through this roll-out that is being reinvested into the project and other local services, such as providing cycle training and bicycles for school children as well as supporting other highways projects and the work of the school crossing patrol team.

    More information about School Safe Haven Zones can be found on the Council’s website.

    MIL OSI United Kingdom –

  • MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

    QUARTER HIGHLIGHTS (2ndQuarter 2025 versus 1stQuarter 2025)

    Income Statement

    • Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
      • Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
    • Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
    • Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
    • Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

    Balance Sheet

    • Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
    • Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
      • Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
    • Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

    “Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”                          

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

    For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

    Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

    Noninterest Income and Noninterest Expense

    Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

    For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.   

    Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense.   Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

    For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

    Income Taxes

    We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

    Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

    Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

    Allowance for Credit Losses

    At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

    Deposits

    Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024.   Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

    At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

    Liquidity

    We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

    At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

    We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

    Capital

    Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

    At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402.8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
    Shareowners’ Equity (GAAP)   $ 526,423 $ 512,575 $ 495,317   476,499 $ 460,999
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Shareowners’ Equity (non-GAAP) A   433,730   419,842   402,544   383,686   368,146
    Total Assets (GAAP)     4,391,753   4,461,233   4,324,932   4,225,316   4,225,695
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Assets (non-GAAP) B $ 4,299,060 $ 4,368,500 $ 4,232,159   4,132,503 $ 4,132,842
    Tangible Common Equity Ratio (non-GAAP) A/B   10.09%   9.61%   9.51%   9.28%   8.91%
    Actual Diluted Shares Outstanding (GAAP) C   17,097,986   17,072,330   17,018,122   16,980,686   16,970,228
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 25.37 $ 24.59 $ 23.65   22.60 $ 21.69
     
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Six Months Ended  
    (Dollars in thousands, except per share data)   Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 15,044 $ 16,858 $ 14,150 $ 31,902 $ 26,707  
    Diluted Net Income Per Share $ 0.88 $ 0.99 $ 0.83 $ 1.87 $ 1.57  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.38 % 1.58 % 1.33 % 1.48 % 1.27 %
    Return on Average Equity (annualized)   11.44   13.32   12.23   12.36   11.66  
    Net Interest Margin   4.30   4.22   4.02   4.26   4.01  
    Noninterest Income as % of Operating Revenue   31.67   32.39   33.30   32.03   32.69  
    Efficiency Ratio   67.26 % 62.93 % 68.61 % 65.13 % 69.81 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   18.38 % 18.01 % 16.31 % 18.38 % 16.31 %
    Total Capital   19.60   19.20   17.50   19.60   17.50  
    Leverage   11.14   11.17   10.51   11.14   10.51  
    Common Equity Tier 1   16.81   16.08   14.44   16.81   14.44  
    Tangible Common Equity(1)   10.09   9.61   8.91   10.09   8.91  
    Equity to Assets   11.99 % 11.49 % 10.91 % 11.99 % 10.91 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   463.01 % 692.10 % 529.79 % 463.01 % 529.79 %
    Allowance as a % of Loans HFI   1.13   1.12   1.09   1.13   1.09  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.09   0.18   0.09   0.20  
    Nonperforming Assets as % of Loans HFI and OREO   0.25   0.17   0.23   0.25   0.23  
    Nonperforming Assets as % of Total Assets   0.15 % 0.10 % 0.15 % 0.15 % 0.15 %
    STOCK PERFORMANCE                      
    High $ 39.82 $ 38.27 $ 28.58 $ 39.82 $ 31.34  
    Low   32.38   33.00   25.45   32.38   25.45  
    Close $ 39.35 $ 35.96 $ 28.44 $ 39.35 $ 28.44  
    Average Daily Trading Volume   27,397   24,486   29,861   25,988   30,433  
                           
    (1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.        
     
    CAPITAL CITY BANK GROUP, INC.                    
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION            
    Unaudited                    
                         
      2025   2024
    (Dollars in thousands) Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,485   $ 78,521   $ 70,543   $ 83,431   $ 75,304  
    Funds Sold and Interest Bearing Deposits   394,917     446,042     321,311     261,779     272,675  
    Total Cash and Cash Equivalents   473,402     524,563     391,854     345,210     347,979  
                         
    Investment Securities Available for Sale   533,457     461,224     403,345     336,187     310,941  
    Investment Securities Held to Maturity   462,599     517,176     567,155     561,480     582,984  
    Other Equity Securities   3,242     2,315     2,399     6,976     2,537  
    Total Investment Securities   999,298     980,715     972,899     904,643     896,462  
                         
    Loans Held for Sale (“HFS”):   19,181     21,441     28,672     31,251     24,022  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   180,008     184,393     189,208     194,625     204,990  
    Real Estate – Construction   174,115     192,282     219,994     218,899     200,754  
    Real Estate – Commercial   802,504     806,942     779,095     819,955     823,122  
    Real Estate – Residential   1,046,368     1,040,594     1,028,498     1,023,485     1,012,541  
    Real Estate – Home Equity   228,201     225,987     220,064     210,988     211,126  
    Consumer   197,483     206,191     199,479     213,305     234,212  
    Other Loans   1,552     3,227     14,006     461     2,286  
    Overdrafts   1,259     1,154     1,206     1,378     1,192  
    Total Loans Held for Investment   2,631,490     2,660,770     2,651,550     2,683,096     2,690,223  
    Allowance for Credit Losses   (29,862 )   (29,734 )   (29,251 )   (29,836 )   (29,219 )
    Loans Held for Investment, Net   2,601,628     2,631,036     2,622,299     2,653,260     2,661,004  
                         
    Premises and Equipment, Net   79,906     80,043     81,952     81,876     81,414  
    Goodwill and Other Intangibles   92,693     92,733     92,773     92,813     92,853  
    Other Real Estate Owned   132     132     367     650     650  
    Other Assets   125,513     130,570     134,116     115,613     121,311  
    Total Other Assets   298,244     303,478     309,208     290,952     296,228  
    Total Assets $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,332,080   $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606  
    NOW Accounts   1,284,137     1,292,654     1,285,281     1,174,585     1,177,180  
    Money Market Accounts   408,666     445,999     404,396     401,272     413,594  
    Savings Accounts   504,331     511,265     506,766     507,604     514,560  
    Certificates of Deposit   175,639     170,233     169,280     164,901     159,624  
    Total Deposits   3,704,853     3,783,890     3,671,977     3,579,077     3,608,564  
                         
    Repurchase Agreements   21,800     22,799     26,240     29,339     22,463  
    Other Short-Term Borrowings   12,741     14,401     2,064     7,929     3,307  
    Subordinated Notes Payable   42,582     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   680     794     794     794     1,009  
    Other Liabilities   82,674     73,887     75,653     71,974     69,987  
    Total Liabilities   3,865,330     3,948,658     3,829,615     3,742,000     3,758,217  
                         
    Temporary Equity   –     –     –     6,817     6,479  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     171     170     169     169  
    Additional Paid-In Capital   39,527     38,576     37,684     36,070     35,547  
    Retained Earnings   487,665     476,715     463,949     454,342     445,959  
    Accumulated Other Comprehensive Loss, Net of Tax   (940 )   (2,887 )   (6,486 )   (14,082 )   (20,676 )
    Total Shareowners’ Equity   526,423     512,575     495,317     476,499     460,999  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,044,886   $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382  
    Interest Bearing Liabilities   2,450,576     2,511,032     2,447,708     2,339,311     2,344,624  
    Book Value Per Diluted Share $ 30.79   $ 30.02   $ 29.11   $ 28.06   $ 27.17  
    Tangible Book Value Per Diluted Share(1)   25.37     24.59     23.65     22.60     21.69  
    Actual Basic Shares Outstanding   17,066     17,055     16,975     16,944     16,942  
    Actual Diluted Shares Outstanding   17,098     17,072     17,018     16,981     16,970  
    (1)Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.
     
    CAPITAL CITY BANK GROUP, INC.                            
    CONSOLIDATED STATEMENT OF OPERATIONS                      
    Unaudited                            
                                 
        2025   2024   Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025   2024
    INTEREST INCOME                            
    Loans, including Fees $ 40,872 $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 81,350 $ 81,821
    Investment Securities   6,678   5,808   4,694     4,155   4,004   12,486   8,248
    Federal Funds Sold and Interest Bearing Deposits   3,909   3,496   3,596     3,514   3,624   7,405   5,517
    Total Interest Income   51,459   49,782   49,743     49,328   48,766   101,241   95,586
    INTEREST EXPENSE                            
    Deposits   7,405   7,383   7,766     8,223   8,579   14,788   16,173
    Repurchase Agreements   156   164   199     221   217   320   418
    Other Short-Term Borrowings   179   117   83     52   68   296   107
    Subordinated Notes Payable   530   560   581     610   630   1,090   1,258
    Other Long-Term Borrowings   5   11   11     11   3   16   6
    Total Interest Expense   8,275   8,235   8,640     9,117   9,497   16,510   17,962
    Net Interest Income   43,184   41,547   41,103     40,211   39,269   84,731   77,624
    Provision for Credit Losses   620   768   701     1,206   1,204   1,388   2,124
    Net Interest Income after Provision for Credit Losses   42,564   40,779   40,402     39,005   38,065   83,343   75,500
    NONINTEREST INCOME                            
    Deposit Fees   5,320   5,061   5,207     5,512   5,377   10,381   10,627
    Bank Card Fees   3,774   3,514   3,697     3,624   3,766   7,288   7,386
    Wealth Management Fees   5,206   5,763   5,222     4,770   4,439   10,969   9,121
    Mortgage Banking Revenues   4,190   3,820   3,118     3,966   4,381   8,010   7,259
    Other   1,524   1,749   1,516     1,641   1,643   3,273   3,310
    Total Noninterest Income   20,014   19,907   18,760     19,513   19,606   39,921   37,703
    NONINTEREST EXPENSE                            
    Compensation   26,490   26,248   26,108     25,800   24,406   52,738   48,813
    Occupancy, Net   7,071   6,793   6,893     7,098   6,997   13,864   13,991
    Other   8,977   5,660   8,781     10,023   9,038   14,637   17,808
    Total Noninterest Expense   42,538   38,701   41,782     42,921   40,441   81,239   80,612
    OPERATING PROFIT   20,040   21,985   17,380     15,597   17,230   42,025   32,591
    Income Tax Expense   4,996   5,127   4,219     2,980   3,189   10,123   6,725
    Net Income   15,044   16,858   13,161     12,617   14,041   31,902   25,866
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   –   (71 )   501   109   –   841
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 15,044 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 31,902 $ 26,707
    PER COMMON SHARE                            
    Basic Net Income $ 0.88 $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 1.87 $ 1.58
    Diluted Net Income   0.88   0.99   0.77     0.77   0.83   1.87   1.57
    Cash Dividend $ 0.24 $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.48 $ 0.42
    AVERAGE SHARES                            
    Basic   17,056   17,027   16,946     16,943   16,931   17,042   16,941
    Diluted   17,088   17,044   16,990     16,979   16,960   17,067   16,964
     
    CAPITAL CITY BANK GROUP, INC.                            
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)                        
    AND CREDIT QUALITY                            
    Unaudited                            
                                 
        2025     2024     Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025     2024  
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,251   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     –     –     (50 )
    Provision for Credit Losses   718     1,083     1,085     1,879     1,129     1,801     2,061  
    Net Charge-Offs (Recoveries)   590     600     1,670     1,262     1,239     1,190     2,733  
    Balance at End of Period $ 29,862   $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,862   $ 29,219  
    As a % of Loans HFI   1.13 %   1.12 %   1.10 %   1.11 %   1.09 %   1.13 %   1.09 %
    As a % of Nonperforming Loans   463.01 %   692.10 %   464.14 %   452.64 %   529.79 %   463.01 %   529.79 %
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   1,832   $ 2,155   $ 2,522   $ 3,139   $ 3,121   $ 2,155   $ 3,191  
    Provision for Credit Losses   (94 )   (323 )   (367 )   (617 )   18     (417 )   (52 )
    Balance at End of Period(1)   1,738     1,832     2,155     2,522     3,139     1,738     3,139  
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (4 ) $ 8   $ (17 ) $ (56 ) $ 57   $ 4   $ 115  
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 74   $ 168   $ 499   $ 331   $ 400   $ 242   $ 682  
    Real Estate – Construction   –     –     47     –     –     –     –  
    Real Estate – Commercial   –     –     –     3     –     –     –  
    Real Estate – Residential   49     8     44     –     –     57     17  
    Real Estate – Home Equity   24     –     33     23     –     24     76  
    Consumer   914     865     1,307     1,315     1,061     1,779     2,611  
    Overdrafts   437     570     574     611     571     1,007     1,209  
    Total Charge-Offs $ 1,498   $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 3,109   $ 4,595  
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 117   $ 75   $ 103   $ 176   $ 59   $ 192   $ 100  
    Real Estate – Construction   –     –     3     –     –     –     –  
    Real Estate – Commercial   6     3     33     5     19     9     223  
    Real Estate – Residential   65     119     28     88     23     184     60  
    Real Estate – Home Equity   42     9     17     59     37     51     61  
    Consumer   456     481     352     405     313     937     723  
    Overdrafts   222     324     298     288     342     546     695  
    Total Recoveries $ 908   $ 1,011   $ 834   $ 1,021   $ 793   $ 1,919   $ 1,862  
    NET CHARGE-OFFS (RECOVERIES) $ 590   $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,190   $ 2,733  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.09 %   0.25 %   0.19 %   0.18 %   0.09 %   0.20 %
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,449   $ 4,296   $ 6,302   $ 6,592   $ 5,515          
    Other Real Estate Owned   132     132     367     650     650          
    Total Nonperforming Assets (“NPAs”) $ 6,581   $ 4,428   $ 6,669   $ 7,242   $ 6,165          
                                 
    Past Due Loans 30-89 Days $ 4,523   $ 3,735   $ 4,311   $ 9,388   $ 5,672          
    Classified Loans   28,623     19,194     19,896     25,501     25,566          
                                 
    Nonperforming Loans as a % of Loans HFI   0.25 %   0.16 %   0.24 %   0.25 %   0.21 %        
    NPAs as a % of Loans HFI and Other Real Estate   0.25 %   0.17 %   0.25 %   0.27 %   0.23 %        
    NPAs as a % of Total Assets   0.15 %   0.10 %   0.15 %   0.17 %   0.15 %        
                                 
    (1)Recorded in other liabilities                            
    (2)Annualized                            
     
    CAPITAL CITY BANK GROUP, INC.                                                                                        
    AVERAGE BALANCE AND INTEREST RATES                                                                                        
    Unaudited                                                                                                    
                                                                                                         
        Second Quarter 2025     First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024       June 2025 YTD     June 2024 YTD  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		       Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                                                    
    Loans Held for Sale $ 22,668   $ 475   8.40 % $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570     720   7.49 % $ 26,281   $ 517   5.26 %   $ 23,692   $ 965   8.21 % $ 26,797   $ 1,080   5.62 %
    Loans Held for Investment(1)   2,652,572     40,436   6.11     2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03       2,659,204     80,465   6.10     2,727,688     80,879   5.99  
                                                                                                         
    Investment Securities                                                                                                    
    Taxable Investment Securities   1,006,514     6,666   2.65     981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74       994,068     12,468   2.52     935,658     8,237   1.76  
    Tax-Exempt Investment Securities(1)   1,467     17   4.50     845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36       1,158     26   4.43     850     18   4.35  
                                                                                                         
    Total Investment Securities   1,007,981     6,683   2.65     982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74       995,226     12,494   2.52     936,508     8,255   1.76  
                                                                                                         
    Federal Funds Sold and Interest Bearing Deposits   348,787     3,909   4.49     320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56       334,944     7,405   4.46     201,454     5,517   5.51  
                                                                                                         
    Total Earning Assets   4,032,008   $ 51,503   5.12 %   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %     4,013,066   $ 101,329   5.09 %   3,892,447   $ 95,731   4.94 %
                                                                                                         
    Cash and Due From Banks   65,761               73,467               73,992               70,994               74,803                 69,593               75,283            
    Allowance for Credit Losses   (30,492 )             (30,008 )             (30,107 )             (29,905 )             (29,564 )               (30,251 )             (29,797 )          
    Other Assets   302,984               297,660               293,884               291,359               291,669                 300,336               293,473            
                                                                                                         
    Total Assets $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    LIABILITIES:                                                                                                    
    Noninterest Bearing Deposits $ 1,342,304             $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546               $ 1,329,933             $ 1,345,367            
    NOW Accounts   1,225,697   $ 3,750   1.23 %   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %     1,237,759   $ 7,604   1.24 %   1,204,337   $ 8,922   1.49 %
    Money Market Accounts   431,774     2,340   2.17     420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72       425,949     4,527   2.14     380,489     4,737   2.50  
    Savings Accounts   507,950     174   0.14     507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14       507,813     350   0.14     529,374     364   0.14  
    Time Deposits   172,982     1,141   2.65     170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08       171,682     2,307   2.71     149,203     2,150   2.90  
    Total Interest Bearing Deposits   2,338,403     7,405   1.27     2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50       2,343,203     14,788   1.27     2,263,403     16,173   1.44  
    Total Deposits   3,680,707     7,405   0.81     3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95       3,673,136     14,788   0.81     3,608,770     16,173   0.90  
    Repurchase Agreements   22,557     156   2.78     29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24       26,169     320   2.47     26,362     418   3.19  
    Other Short-Term Borrowings   10,503     179   6.82     7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16       8,978     296   6.64     5,176     107   4.16  
    Subordinated Notes Payable   51,981     530   4.03     52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71       52,432     1,090   4.13     52,887     1,258   4.70  
    Other Long-Term Borrowings   792     5   2.41     794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31       793     16   4.04     270     6   4.56  
    Total Interest Bearing Liabilities   2,424,236   $ 8,275   1.37 %   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %     2,431,575   $ 16,510   1.37 %   2,348,098   $ 17,962   1.54 %
                                                                                                         
    Other Liabilities   76,138               65,211               73,130               73,767               72,634                 70,705               70,464            
                                                                                                         
    Total Liabilities   3,842,678               3,821,632               3,761,763               3,729,282               3,800,398                 3,832,213               3,763,929            
    Temporary Equity   –               –               6,763               6,443               6,493                 –               6,821            
                                                                                                         
    SHAREOWNERS’ EQUITY:   527,583               513,401               491,143               480,137               465,297                 520,531               460,656            
                                                                                                         
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    Interest Rate Spread     $ 43,228   3.75 %     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %       $ 84,819   3.72 %     $ 77,769   3.40 %
                                                                                                         
    Interest Income and Rate Earned(1)       51,503   5.12         49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99           101,329   5.09         95,731   4.94  
    Interest Expense and Rate Paid(2)       8,275   0.82         8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97           16,510   0.83         17,962   0.93  
                                                                                                         
    Net Interest Margin     $ 43,228   4.30 %     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %       $ 84,819   4.26 %     $ 77,769   4.01 %
                                                                                                         
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                                                  
    (2)Rate calculated based on average earning assets.                                                                       

    The MIL Network –

  • MIL-OSI: Capital City Bank Group, Inc. Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., July 22, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $15.0 million, or $0.88 per diluted share, for the second quarter of 2025 compared to $16.9 million, or $0.99 per diluted share, for the first quarter of 2025, and $14.2 million, or $0.83 per diluted share, for the second quarter of 2024.

    QUARTER HIGHLIGHTS (2ndQuarter 2025 versus 1stQuarter 2025)

    Income Statement

    • Tax-equivalent net interest income totaled $43.2 million compared to $41.6 million for the first quarter of 2025
      • Net interest margin increased eight basis points to 4.30% (earning asset yield increased by six basis points and cost of funds decreased two basis points to 82 basis points)
    • Provision for credit losses decreased by $0.1 million to $0.6 million for the second quarter – net loan charge-offs were comparable to the first quarter of 2025 at nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.13% at June 30, 2025
    • Noninterest income increased by $0.1 million, or 0.5%, reflecting higher deposit and bankcard fees as well as mortgage fees partially offset by lower wealth management fees
    • Noninterest expense increased by $3.8 million, or 9.9%, primarily due to a $3.9 million net gain from the sale of our operations center building (reflected in other expense) in the first quarter of 2025

    Balance Sheet

    • Loan balances decreased by $13.3 million, or 0.5% (average), and decreased by $29.3 million, or 1.1% (end of period)
    • Deposit balances increased by $15.2 million, or 0.4% (average), and decreased by $79.0 million, or 2.1% (end of period) due to the seasonal decrease in our public fund balances
      • Noninterest bearing deposits averaged 36.5% of total deposits for the second quarter and 36.2% for the year
    • Tangible book value per diluted share (non-GAAP financial measure) increased by $0.78, or 3.2%

    “Capital City delivered another strong quarter, highlighted by sustained revenue growth and continued credit strength,” said William G. Smith, Jr, Capital City Bank Group Chairman and CEO. “Our second quarter results reflect a 3.9% increase in net interest income and an 8 basis point expansion in the net interest margin to 4.30%. Tangible book value per share increased by 3.2%, and we further strengthened our capital position, with our tangible capital ratio increasing to 10.1%. We remain focused on executing strategies that drive consistent, profitable growth, supported by a fortress balance sheet that provides resilience and strategic flexibility.”                          

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the second quarter of 2025 totaled $43.2 million compared to $41.6 million for the first quarter of 2025 and $39.3 million for the second quarter of 2024. Compared to the first quarter of 2025, the increase was driven by a $0.9 million increase in investment securities income and a $0.4 million increase in overnight funds income. One additional calendar day in the second quarter of 2025 contributed to the increase. Compared to the second quarter of 2024, the increase was primarily due to a $2.7 million increase in investment securities income and a $1.2 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income for both prior period comparisons. Further, the decrease in deposit interest expense from the prior year period reflected the gradual decrease in our deposit rates, as short term rates began declining in the second half of 2024.

    For the first six months of 2025, tax-equivalent net interest income totaled $84.8 million compared to $77.8 million for the same period of 2024 with the increase primarily attributable to a $4.2 million increase in investment securities income, a $1.9 million increase in overnight funds income, and a $1.4 million decrease in deposit interest expense. New investment purchases at higher yields drove the increase in investment securities income. Higher average deposit balances contributed to the increase in overnight funds income. The decrease in deposit interest expense reflected the aforementioned decrease in our deposit rates.

    Our net interest margin for the second quarter of 2025 was 4.30%, an increase of eight basis points over the first quarter of 2025 and an increase of 28 basis points over the second quarter of 2024. For the month of June 2025, our net interest margin was 4.36%. For the first six months of 2025, our net interest margin increased by 25 basis points to 4.26% compared to the same period of 2024. The increase in net interest margin over all prior periods reflected a higher yield in the investment portfolio driven by new purchases at higher yields. Lower deposit cost also contributed to the improvement over both prior year periods. For the second quarter of 2025, our cost of funds was 82 basis points, a decrease of two basis points from the first quarter of 2025 and a 15-basis point decrease from the second quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 81 basis points, 82 basis points, and 95 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.6 million for the second quarter of 2025 compared to $0.8 million for the first quarter of 2025 and $1.2 million for the second quarter of 2024. For the first six months of 2025, we recorded a provision expense for credit losses of $1.4 million compared to $2.1 million for the first six months of 2024. Activity within the components of the provision (loans held for investment (“HFI”) and unfunded loan commitments) for each reported period is provided in the table on page 14. We discuss the various factors that impacted our provision expense for Loans HFI in further detail below under the heading Allowance for Credit Losses.

    Noninterest Income and Noninterest Expense

    Noninterest income for the second quarter of 2025 totaled $20.0 million compared to $19.9 million for the first quarter of 2025 and $19.6 million for the second quarter of 2024. The $0.1 million, or 0.5%, increase over the first quarter of 2025 was primarily due to a $0.4 million increase in mortgage banking revenues and a $0.3 million increase in deposit fees, partially offset by a $0.6 million decrease in wealth management fees. The increase in mortgage revenues was driven by an increase in production volume. Fee adjustments made late in the second quarter of 2025 led to the increase in deposit fees. The decrease in wealth management fees was attributable to a decrease in insurance commission revenue. Compared to the second quarter of 2024, the $0.4 million, or 2.1%, increase was primarily due to a $0.8 million increase in wealth management fees, partially offset by a $0.2 million decrease in mortgage banking revenues and a $0.1 million decrease in other income. The increase in wealth management fees reflected a $0.5 million increase in trust fees and a $0.4 million increase in retail brokerage fees, partially offset by a $0.1 million decrease in insurance commission revenue. A combination of new business, higher account valuations, and fee increases implemented in early 2025 drove the improvement in trust and retail brokerage fees.

    For the first six months of 2025, noninterest income totaled $39.9 million compared to $37.7 million for the same period of 2024, primarily attributable to a $1.8 million increase in wealth management fees and a $0.7 million increase in mortgage banking revenues that was partially offset by a $0.2 million decrease in deposit fees. The increase in wealth management fees reflected increases in retail brokerage fees of $1.0 million, trust fees of $0.7 million, and insurance commission revenue of $0.1 million. The increases in retail brokerage and trust fees were attributable to a combination of new business, higher account valuations, and fee increases implemented in early 2025. The increase in mortgage banking revenues was due to a higher gain on sale margin.   

    Noninterest expense for the second quarter of 2025 totaled $42.5 million compared to $38.7 million for the first quarter of 2025 and $40.4 million for the second quarter of 2024. The $3.8 million, or 9.9%, increase over the first quarter of 2025, reflected a $3.3 million increase in other expense, a $0.3 million increase in occupancy expense, and a $0.2 million increase in compensation expense. The increase in other expense was driven by a $4.5 million increase in other real estate expense which reflected lower gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million decrease in charitable contribution expense and a $0.6 million decrease in miscellaneous expense. The slight increase in occupancy expense was due to higher software maintenance agreement expense and maintenance/repairs for buildings and furniture/fixtures. The slight increase in compensation expense reflected a $0.1 million increase in salary expense and a $0.1 million increase in associate benefit expense.   Compared to the second quarter of 2024, the $2.1 million, or 5.2%, increase was primarily due to a $2.1 million increase in compensation expense which reflected a $1.3 million increase in salary expense and a $0.8 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $0.9 million and base salaries of $0.4 million (merit based). The increase in associate benefit expense was attributable to a $0.6 million increase in associate insurance expense and a $0.2 million increase in stock compensation expense.

    For the first six months of 2025, noninterest expense totaled $81.2 million compared to $80.6 million for the same period of 2024 with the $0.6 million, or 0.8%, increase due to a $3.9 million increase in compensation expense that was partially offset by a $3.2 million decrease in other expense and a $0.1 million decrease in occupancy expense. The increase in compensation was due to a $2.5 million increase in salary expense and a $1.4 million increase in associate benefit expense. The increase in salary expense was primarily due to increases in incentive plan expense of $1.2 million, base salaries of $0.9 million (merit based), and commissions of $0.7 million (retail brokerage and mortgage). The increase in associate benefit expense was attributable to a higher cost for associate insurance. The decrease in other expense was primarily due to a $4.5 million decrease in other real estate expense due to lower gains from the sale of banking facilities, and a $1.0 million decrease in miscellaneous expense (non-service component of pension expense), partially offset by increases in processing expense of $1.1 million (outsource of core processing system), charitable contribution expense of $0.7 million, and professional fees of $0.5 million.

    Income Taxes

    We realized income tax expense of $5.0 million (effective rate of 24.9%) for the second quarter of 2025 compared to $5.1 million (effective rate of 23.3%) for the first quarter of 2025 and $3.2 million (effective rate of 18.5%) for the second quarter of 2024. For the first six months of 2025, we realized income tax expense of $10.1 million (effective rate of 24.1%) compared to $6.7 million (effective rate of 20.6%) for the same period of 2024. A lower level of tax benefit accrued from a solar tax credit equity fund drove the increase in our effective tax rate for all prior period comparisons. Absent discrete items or new tax credit investments, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $4.032 billion for the second quarter of 2025, an increase of $38.1 million, or 1.0%, over the first quarter of 2025, and an increase of $110.1 million, or 2.8%, over the fourth quarter of 2024. The increase over both prior periods was driven by higher average deposit balances (see below – Deposits). Compared to the first quarter of 2025, the change in the earning asset mix reflected a $27.8 million increase in overnight funds and a $25.7 million increase in investment securities that was partially offset by a $13.3 million decrease in loans HFI and a $2.1 million decrease in loans held for sale (“HFS”). Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $92.8 million increase in investment securities and a $50.5 million increase in overnight funds sold partially offset by a $24.8 million decrease in loans HFI and a $8.4 million decrease in loans HFS.

    Average loans HFI decreased by $13.3 million, or 0.5%, from the first quarter of 2025 and decreased by $24.8 million, or 0.9%, from the fourth quarter of 2024. Compared to the first quarter of 2025, the decrease was due to decreases in construction loans of $24.6 million, consumer loans (primarily indirect auto) of $1.9 million, and commercial loans of $3.4 million, partially offset by increases to residential real estate loans of $10.2 million, commercial real estate loans of $2.1 million, and home equity loans of $4.1 million. Compared to the fourth quarter of 2024, the decline was primarily attributable to decreases in construction loans of $33.2 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $4.0 million, partially offset by increases in home equity loans of $10.8 million, residential real estate loans of $9.9 million, and commercial real estate loans of $1.9 million.

    Loans HFI at June 30, 2025 decreased by $29.3 million, or 1.1%, from March 31, 2025 and decreased by $20.1 million, or 0.8%, from December 31, 2024. Compared to the first quarter of 2025, the decline was primarily due to decreases in construction loans of $18.2 million, consumer loans (primarily indirect auto) of $8.7 million, commercial loans of $4.4 million, and commercial real estate loans of $4.4 million, partially offset by increases in residential real estate loans of $5.8 million and home equity loans of $2.2 million. Compared to December 31, 2024, the decrease was primarily attributable to decreases in construction loans of $45.9 million, commercial loans of $9.2 million, and consumer loans (primarily indirect auto) of $2.0 million, partially offset by increases in commercial real estate loans of $23.4 million, residential real estate loans of $17.9 million, and home equity loans of $8.1 million.

    Allowance for Credit Losses

    At June 30, 2025, the allowance for credit losses for loans HFI totaled $29.9 million compared to $29.7 million at March 31, 2025 and $29.3 million at December 31, 2024. Activity within the allowance is provided on Page 14. The slight increase in the allowance over March 31, 2025 and December 31, 2024 was primarily attributable to qualitative factor adjustments that were partially offset by lower loan balances. Net loan charge-offs for both the second quarter of 2025 and the first quarter of 2025 were comparable at nine basis points of average loans. At June 30, 2025, the allowance represented 1.13% of loans HFI compared to 1.12% at March 31, 2025, and 1.10% at December 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $6.6 million at June 30, 2025 compared to $4.4 million at March 31, 2025 and $6.7 million at December 31, 2024. At June 30, 2025, nonperforming assets as a percentage of total assets was 0.15%, compared to 0.10% at March 31, 2025 and 0.15% at December 31, 2024. Nonaccrual loans totaled $6.4 million at June 30, 2025, a $2.2 million increase over March 31, 2025 and a $0.1 million increase over December 31, 2024 with the increase over the first quarter of 2025 primarily attributable to two home equity loans totaling $1.8 million. Classified loans totaled $28.6 million at June 30, 2025, a $9.4 million increase over March 31, 2025 and a $8.7 million increase over December 31, 2024. The increase over the prior periods was primarily due to the downgrade of four residential real estate loans totaling $4.2 million and two commercial real estate loans totaling $4.3 million.

    Deposits

    Average total deposits were $3.681 billion for the second quarter of 2025, an increase of $15.2 million, or 0.4%, over the first quarter of 2025 and an increase of $80.3 million, or 2.2%, over the fourth quarter of 2024.   Compared to the first quarter of 2025, the increase was attributable to higher core deposit balances (primarily noninterest bearing checking and money market), partially offset by a decline in public funds balances (primarily NOW accounts) due to the seasonal reduction in those balances. The increase over the fourth quarter of 2024 reflected strong growth in core deposit balances and a seasonal increase in public funds balances (primarily NOW) which are received/deposited by those clients starting in December and peak on average in the first quarter.

    At June 30, 2025, total deposits were $3.705 billion, a decrease of $79.0 million, or 2.1%, from March 31, 2025, and an increase of $32.9 million, or 0.9%, over December 31, 2024. The decrease from March 31, 2025 was primarily due to a seasonal decline in public funds balances, (primarily money market and noninterest bearing). The increase over December 31, 2024 reflected higher core deposit balances, primarily noninterest bearing accounts. Public funds totaled $596.6 million at June 30, 2025, $648.0 million at March 31, 2025, and $660.9 million at December 31, 2024.

    Liquidity

    We maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $348.8 million in the second quarter of 2025 compared to $320.9 million in the first quarter of 2025 and $298.3 million in the fourth quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits and lower average loans.

    At June 30, 2025, we had the ability to generate approximately $1.603 billion (excludes overnight funds position of $395 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.

    We also view our investment portfolio as a liquidity source, as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits and/or to sell selected securities in our portfolio. Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities. At June 30, 2025, the weighted-average maturity and duration of our portfolio were 2.66 years and 2.14 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $13.4 million.

    Capital

    Shareowners’ equity was $526.4 million at June 30, 2025 compared to $512.6 million at March 31, 2025 and $495.3 million at December 31, 2024. For the first six months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $31.9 million, a net $5.5 million decrease in the accumulated other comprehensive loss, the issuance of common stock of $2.8 million, and stock compensation accretion of $0.9 million. The net favorable change in accumulated other comprehensive loss reflected a $6.4 million decrease in the investment securities loss that was partially offset by a $0.9 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by common stock dividends of $8.2 million ($0.48 per share) and net adjustments totaling $1.8 million related to transactions under our stock compensation plans.

    At June 30, 2025, our total risk-based capital ratio was 19.60% compared to 19.20% at March 31, 2025 and 18.64% at December 31, 2024. Our common equity tier 1 capital ratio was 16.81%, 16.08%, and 15.54%, respectively, on these dates. Our leverage ratio was 11.14%, 11.17%, and 11.05%, respectively, on these dates. At June 30, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 10.09% at June 30, 2025 compared to 9.61% and 9.51% at March 31, 2025 and December 31, 2024, respectively. If the unrealized loss for held-to-maturity securities of $9.9 million (after-tax) was recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.86%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.4 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services, and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 107 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit https://www.ccbg.com/.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the costs and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (https://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:
    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402.8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because they allow investors to more easily compare our capital adequacy to other companies in the industry. Non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024
    Shareowners’ Equity (GAAP)   $ 526,423 $ 512,575 $ 495,317   476,499 $ 460,999
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Shareowners’ Equity (non-GAAP) A   433,730   419,842   402,544   383,686   368,146
    Total Assets (GAAP)     4,391,753   4,461,233   4,324,932   4,225,316   4,225,695
    Less: Goodwill and Other Intangibles (GAAP)     92,693   92,733   92,773   92,813   92,853
    Tangible Assets (non-GAAP) B $ 4,299,060 $ 4,368,500 $ 4,232,159   4,132,503 $ 4,132,842
    Tangible Common Equity Ratio (non-GAAP) A/B   10.09%   9.61%   9.51%   9.28%   8.91%
    Actual Diluted Shares Outstanding (GAAP) C   17,097,986   17,072,330   17,018,122   16,980,686   16,970,228
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 25.37 $ 24.59 $ 23.65   22.60 $ 21.69
     
    CAPITAL CITY BANK GROUP, INC.                      
    EARNINGS HIGHLIGHTS                      
    Unaudited                      
                           
        Three Months Ended   Six Months Ended  
    (Dollars in thousands, except per share data)   Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024  
    EARNINGS                      
    Net Income Attributable to Common Shareowners $ 15,044 $ 16,858 $ 14,150 $ 31,902 $ 26,707  
    Diluted Net Income Per Share $ 0.88 $ 0.99 $ 0.83 $ 1.87 $ 1.57  
    PERFORMANCE                      
    Return on Average Assets (annualized)   1.38 % 1.58 % 1.33 % 1.48 % 1.27 %
    Return on Average Equity (annualized)   11.44   13.32   12.23   12.36   11.66  
    Net Interest Margin   4.30   4.22   4.02   4.26   4.01  
    Noninterest Income as % of Operating Revenue   31.67   32.39   33.30   32.03   32.69  
    Efficiency Ratio   67.26 % 62.93 % 68.61 % 65.13 % 69.81 %
    CAPITAL ADEQUACY                      
    Tier 1 Capital   18.38 % 18.01 % 16.31 % 18.38 % 16.31 %
    Total Capital   19.60   19.20   17.50   19.60   17.50  
    Leverage   11.14   11.17   10.51   11.14   10.51  
    Common Equity Tier 1   16.81   16.08   14.44   16.81   14.44  
    Tangible Common Equity(1)   10.09   9.61   8.91   10.09   8.91  
    Equity to Assets   11.99 % 11.49 % 10.91 % 11.99 % 10.91 %
    ASSET QUALITY                      
    Allowance as % of Non-Performing Loans   463.01 % 692.10 % 529.79 % 463.01 % 529.79 %
    Allowance as a % of Loans HFI   1.13   1.12   1.09   1.13   1.09  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.09   0.18   0.09   0.20  
    Nonperforming Assets as % of Loans HFI and OREO   0.25   0.17   0.23   0.25   0.23  
    Nonperforming Assets as % of Total Assets   0.15 % 0.10 % 0.15 % 0.15 % 0.15 %
    STOCK PERFORMANCE                      
    High $ 39.82 $ 38.27 $ 28.58 $ 39.82 $ 31.34  
    Low   32.38   33.00   25.45   32.38   25.45  
    Close $ 39.35 $ 35.96 $ 28.44 $ 39.35 $ 28.44  
    Average Daily Trading Volume   27,397   24,486   29,861   25,988   30,433  
                           
    (1)Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.        
     
    CAPITAL CITY BANK GROUP, INC.                    
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION            
    Unaudited                    
                         
      2025   2024
    (Dollars in thousands) Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,485   $ 78,521   $ 70,543   $ 83,431   $ 75,304  
    Funds Sold and Interest Bearing Deposits   394,917     446,042     321,311     261,779     272,675  
    Total Cash and Cash Equivalents   473,402     524,563     391,854     345,210     347,979  
                         
    Investment Securities Available for Sale   533,457     461,224     403,345     336,187     310,941  
    Investment Securities Held to Maturity   462,599     517,176     567,155     561,480     582,984  
    Other Equity Securities   3,242     2,315     2,399     6,976     2,537  
    Total Investment Securities   999,298     980,715     972,899     904,643     896,462  
                         
    Loans Held for Sale (“HFS”):   19,181     21,441     28,672     31,251     24,022  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   180,008     184,393     189,208     194,625     204,990  
    Real Estate – Construction   174,115     192,282     219,994     218,899     200,754  
    Real Estate – Commercial   802,504     806,942     779,095     819,955     823,122  
    Real Estate – Residential   1,046,368     1,040,594     1,028,498     1,023,485     1,012,541  
    Real Estate – Home Equity   228,201     225,987     220,064     210,988     211,126  
    Consumer   197,483     206,191     199,479     213,305     234,212  
    Other Loans   1,552     3,227     14,006     461     2,286  
    Overdrafts   1,259     1,154     1,206     1,378     1,192  
    Total Loans Held for Investment   2,631,490     2,660,770     2,651,550     2,683,096     2,690,223  
    Allowance for Credit Losses   (29,862 )   (29,734 )   (29,251 )   (29,836 )   (29,219 )
    Loans Held for Investment, Net   2,601,628     2,631,036     2,622,299     2,653,260     2,661,004  
                         
    Premises and Equipment, Net   79,906     80,043     81,952     81,876     81,414  
    Goodwill and Other Intangibles   92,693     92,733     92,773     92,813     92,853  
    Other Real Estate Owned   132     132     367     650     650  
    Other Assets   125,513     130,570     134,116     115,613     121,311  
    Total Other Assets   298,244     303,478     309,208     290,952     296,228  
    Total Assets $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,332,080   $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606  
    NOW Accounts   1,284,137     1,292,654     1,285,281     1,174,585     1,177,180  
    Money Market Accounts   408,666     445,999     404,396     401,272     413,594  
    Savings Accounts   504,331     511,265     506,766     507,604     514,560  
    Certificates of Deposit   175,639     170,233     169,280     164,901     159,624  
    Total Deposits   3,704,853     3,783,890     3,671,977     3,579,077     3,608,564  
                         
    Repurchase Agreements   21,800     22,799     26,240     29,339     22,463  
    Other Short-Term Borrowings   12,741     14,401     2,064     7,929     3,307  
    Subordinated Notes Payable   42,582     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   680     794     794     794     1,009  
    Other Liabilities   82,674     73,887     75,653     71,974     69,987  
    Total Liabilities   3,865,330     3,948,658     3,829,615     3,742,000     3,758,217  
                         
    Temporary Equity   –     –     –     6,817     6,479  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     171     170     169     169  
    Additional Paid-In Capital   39,527     38,576     37,684     36,070     35,547  
    Retained Earnings   487,665     476,715     463,949     454,342     445,959  
    Accumulated Other Comprehensive Loss, Net of Tax   (940 )   (2,887 )   (6,486 )   (14,082 )   (20,676 )
    Total Shareowners’ Equity   526,423     512,575     495,317     476,499     460,999  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,391,753   $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,044,886   $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382  
    Interest Bearing Liabilities   2,450,576     2,511,032     2,447,708     2,339,311     2,344,624  
    Book Value Per Diluted Share $ 30.79   $ 30.02   $ 29.11   $ 28.06   $ 27.17  
    Tangible Book Value Per Diluted Share(1)   25.37     24.59     23.65     22.60     21.69  
    Actual Basic Shares Outstanding   17,066     17,055     16,975     16,944     16,942  
    Actual Diluted Shares Outstanding   17,098     17,072     17,018     16,981     16,970  
    (1)Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 10.
     
    CAPITAL CITY BANK GROUP, INC.                            
    CONSOLIDATED STATEMENT OF OPERATIONS                      
    Unaudited                            
                                 
        2025   2024   Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025   2024
    INTEREST INCOME                            
    Loans, including Fees $ 40,872 $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 81,350 $ 81,821
    Investment Securities   6,678   5,808   4,694     4,155   4,004   12,486   8,248
    Federal Funds Sold and Interest Bearing Deposits   3,909   3,496   3,596     3,514   3,624   7,405   5,517
    Total Interest Income   51,459   49,782   49,743     49,328   48,766   101,241   95,586
    INTEREST EXPENSE                            
    Deposits   7,405   7,383   7,766     8,223   8,579   14,788   16,173
    Repurchase Agreements   156   164   199     221   217   320   418
    Other Short-Term Borrowings   179   117   83     52   68   296   107
    Subordinated Notes Payable   530   560   581     610   630   1,090   1,258
    Other Long-Term Borrowings   5   11   11     11   3   16   6
    Total Interest Expense   8,275   8,235   8,640     9,117   9,497   16,510   17,962
    Net Interest Income   43,184   41,547   41,103     40,211   39,269   84,731   77,624
    Provision for Credit Losses   620   768   701     1,206   1,204   1,388   2,124
    Net Interest Income after Provision for Credit Losses   42,564   40,779   40,402     39,005   38,065   83,343   75,500
    NONINTEREST INCOME                            
    Deposit Fees   5,320   5,061   5,207     5,512   5,377   10,381   10,627
    Bank Card Fees   3,774   3,514   3,697     3,624   3,766   7,288   7,386
    Wealth Management Fees   5,206   5,763   5,222     4,770   4,439   10,969   9,121
    Mortgage Banking Revenues   4,190   3,820   3,118     3,966   4,381   8,010   7,259
    Other   1,524   1,749   1,516     1,641   1,643   3,273   3,310
    Total Noninterest Income   20,014   19,907   18,760     19,513   19,606   39,921   37,703
    NONINTEREST EXPENSE                            
    Compensation   26,490   26,248   26,108     25,800   24,406   52,738   48,813
    Occupancy, Net   7,071   6,793   6,893     7,098   6,997   13,864   13,991
    Other   8,977   5,660   8,781     10,023   9,038   14,637   17,808
    Total Noninterest Expense   42,538   38,701   41,782     42,921   40,441   81,239   80,612
    OPERATING PROFIT   20,040   21,985   17,380     15,597   17,230   42,025   32,591
    Income Tax Expense   4,996   5,127   4,219     2,980   3,189   10,123   6,725
    Net Income   15,044   16,858   13,161     12,617   14,041   31,902   25,866
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   –   (71 )   501   109   –   841
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 15,044 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 31,902 $ 26,707
    PER COMMON SHARE                            
    Basic Net Income $ 0.88 $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 1.87 $ 1.58
    Diluted Net Income   0.88   0.99   0.77     0.77   0.83   1.87   1.57
    Cash Dividend $ 0.24 $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.48 $ 0.42
    AVERAGE SHARES                            
    Basic   17,056   17,027   16,946     16,943   16,931   17,042   16,941
    Diluted   17,088   17,044   16,990     16,979   16,960   17,067   16,964
     
    CAPITAL CITY BANK GROUP, INC.                            
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)                        
    AND CREDIT QUALITY                            
    Unaudited                            
                                 
        2025     2024     Six Months Ended June 30,
    (Dollars in thousands, except per share data)   Second Quarter   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   2025     2024  
    ACL – HELD FOR INVESTMENT LOANS                            
    Balance at Beginning of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,251   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     –     –     (50 )
    Provision for Credit Losses   718     1,083     1,085     1,879     1,129     1,801     2,061  
    Net Charge-Offs (Recoveries)   590     600     1,670     1,262     1,239     1,190     2,733  
    Balance at End of Period $ 29,862   $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,862   $ 29,219  
    As a % of Loans HFI   1.13 %   1.12 %   1.10 %   1.11 %   1.09 %   1.13 %   1.09 %
    As a % of Nonperforming Loans   463.01 %   692.10 %   464.14 %   452.64 %   529.79 %   463.01 %   529.79 %
    ACL – UNFUNDED COMMITMENTS                            
    Balance at Beginning of Period   1,832   $ 2,155   $ 2,522   $ 3,139   $ 3,121   $ 2,155   $ 3,191  
    Provision for Credit Losses   (94 )   (323 )   (367 )   (617 )   18     (417 )   (52 )
    Balance at End of Period(1)   1,738     1,832     2,155     2,522     3,139     1,738     3,139  
    ACL – DEBT SECURITIES                            
    Provision for Credit Losses $ (4 ) $ 8   $ (17 ) $ (56 ) $ 57   $ 4   $ 115  
    CHARGE-OFFS                            
    Commercial, Financial and Agricultural $ 74   $ 168   $ 499   $ 331   $ 400   $ 242   $ 682  
    Real Estate – Construction   –     –     47     –     –     –     –  
    Real Estate – Commercial   –     –     –     3     –     –     –  
    Real Estate – Residential   49     8     44     –     –     57     17  
    Real Estate – Home Equity   24     –     33     23     –     24     76  
    Consumer   914     865     1,307     1,315     1,061     1,779     2,611  
    Overdrafts   437     570     574     611     571     1,007     1,209  
    Total Charge-Offs $ 1,498   $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 3,109   $ 4,595  
    RECOVERIES                            
    Commercial, Financial and Agricultural $ 117   $ 75   $ 103   $ 176   $ 59   $ 192   $ 100  
    Real Estate – Construction   –     –     3     –     –     –     –  
    Real Estate – Commercial   6     3     33     5     19     9     223  
    Real Estate – Residential   65     119     28     88     23     184     60  
    Real Estate – Home Equity   42     9     17     59     37     51     61  
    Consumer   456     481     352     405     313     937     723  
    Overdrafts   222     324     298     288     342     546     695  
    Total Recoveries $ 908   $ 1,011   $ 834   $ 1,021   $ 793   $ 1,919   $ 1,862  
    NET CHARGE-OFFS (RECOVERIES) $ 590   $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,190   $ 2,733  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.09 %   0.25 %   0.19 %   0.18 %   0.09 %   0.20 %
    CREDIT QUALITY                            
    Nonaccruing Loans $ 6,449   $ 4,296   $ 6,302   $ 6,592   $ 5,515          
    Other Real Estate Owned   132     132     367     650     650          
    Total Nonperforming Assets (“NPAs”) $ 6,581   $ 4,428   $ 6,669   $ 7,242   $ 6,165          
                                 
    Past Due Loans 30-89 Days $ 4,523   $ 3,735   $ 4,311   $ 9,388   $ 5,672          
    Classified Loans   28,623     19,194     19,896     25,501     25,566          
                                 
    Nonperforming Loans as a % of Loans HFI   0.25 %   0.16 %   0.24 %   0.25 %   0.21 %        
    NPAs as a % of Loans HFI and Other Real Estate   0.25 %   0.17 %   0.25 %   0.27 %   0.23 %        
    NPAs as a % of Total Assets   0.15 %   0.10 %   0.15 %   0.17 %   0.15 %        
                                 
    (1)Recorded in other liabilities                            
    (2)Annualized                            
     
    CAPITAL CITY BANK GROUP, INC.                                                                                        
    AVERAGE BALANCE AND INTEREST RATES                                                                                        
    Unaudited                                                                                                    
                                                                                                         
        Second Quarter 2025     First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024       June 2025 YTD     June 2024 YTD  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		       Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                                                    
    Loans Held for Sale $ 22,668   $ 475   8.40 % $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570     720   7.49 % $ 26,281   $ 517   5.26 %   $ 23,692   $ 965   8.21 % $ 26,797   $ 1,080   5.62 %
    Loans Held for Investment(1)   2,652,572     40,436   6.11     2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03       2,659,204     80,465   6.10     2,727,688     80,879   5.99  
                                                                                                         
    Investment Securities                                                                                                    
    Taxable Investment Securities   1,006,514     6,666   2.65     981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74       994,068     12,468   2.52     935,658     8,237   1.76  
    Tax-Exempt Investment Securities(1)   1,467     17   4.50     845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36       1,158     26   4.43     850     18   4.35  
                                                                                                         
    Total Investment Securities   1,007,981     6,683   2.65     982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74       995,226     12,494   2.52     936,508     8,255   1.76  
                                                                                                         
    Federal Funds Sold and Interest Bearing Deposits   348,787     3,909   4.49     320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56       334,944     7,405   4.46     201,454     5,517   5.51  
                                                                                                         
    Total Earning Assets   4,032,008   $ 51,503   5.12 %   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %     4,013,066   $ 101,329   5.09 %   3,892,447   $ 95,731   4.94 %
                                                                                                         
    Cash and Due From Banks   65,761               73,467               73,992               70,994               74,803                 69,593               75,283            
    Allowance for Credit Losses   (30,492 )             (30,008 )             (30,107 )             (29,905 )             (29,564 )               (30,251 )             (29,797 )          
    Other Assets   302,984               297,660               293,884               291,359               291,669                 300,336               293,473            
                                                                                                         
    Total Assets $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    LIABILITIES:                                                                                                    
    Noninterest Bearing Deposits $ 1,342,304             $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546               $ 1,329,933             $ 1,345,367            
    NOW Accounts   1,225,697   $ 3,750   1.23 %   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %     1,237,759   $ 7,604   1.24 %   1,204,337   $ 8,922   1.49 %
    Money Market Accounts   431,774     2,340   2.17     420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72       425,949     4,527   2.14     380,489     4,737   2.50  
    Savings Accounts   507,950     174   0.14     507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14       507,813     350   0.14     529,374     364   0.14  
    Time Deposits   172,982     1,141   2.65     170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08       171,682     2,307   2.71     149,203     2,150   2.90  
    Total Interest Bearing Deposits   2,338,403     7,405   1.27     2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50       2,343,203     14,788   1.27     2,263,403     16,173   1.44  
    Total Deposits   3,680,707     7,405   0.81     3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95       3,673,136     14,788   0.81     3,608,770     16,173   0.90  
    Repurchase Agreements   22,557     156   2.78     29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24       26,169     320   2.47     26,362     418   3.19  
    Other Short-Term Borrowings   10,503     179   6.82     7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16       8,978     296   6.64     5,176     107   4.16  
    Subordinated Notes Payable   51,981     530   4.03     52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71       52,432     1,090   4.13     52,887     1,258   4.70  
    Other Long-Term Borrowings   792     5   2.41     794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31       793     16   4.04     270     6   4.56  
    Total Interest Bearing Liabilities   2,424,236   $ 8,275   1.37 %   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %     2,431,575   $ 16,510   1.37 %   2,348,098   $ 17,962   1.54 %
                                                                                                         
    Other Liabilities   76,138               65,211               73,130               73,767               72,634                 70,705               70,464            
                                                                                                         
    Total Liabilities   3,842,678               3,821,632               3,761,763               3,729,282               3,800,398                 3,832,213               3,763,929            
    Temporary Equity   –               –               6,763               6,443               6,493                 –               6,821            
                                                                                                         
    SHAREOWNERS’ EQUITY:   527,583               513,401               491,143               480,137               465,297                 520,531               460,656            
                                                                                                         
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,370,261             $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188               $ 4,352,744             $ 4,231,406            
                                                                                                         
    Interest Rate Spread     $ 43,228   3.75 %     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %       $ 84,819   3.72 %     $ 77,769   3.40 %
                                                                                                         
    Interest Income and Rate Earned(1)       51,503   5.12         49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99           101,329   5.09         95,731   4.94  
    Interest Expense and Rate Paid(2)       8,275   0.82         8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97           16,510   0.83         17,962   0.93  
                                                                                                         
    Net Interest Margin     $ 43,228   4.30 %     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %       $ 84,819   4.26 %     $ 77,769   4.01 %
                                                                                                         
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.                                                                  
    (2)Rate calculated based on average earning assets.                                                                       

    The MIL Network –

  • MIL-OSI: Bitfarms Announces Corporate Share Buyback Program

    Source: GlobeNewswire (MIL-OSI)

    This news release constitutes a “designated news release” for the purposes of the Company’s second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario, July 22, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (Nasdaq/TSX: BITF) (“Bitfarms” or the “Company”), a global energy and compute infrastructure company, today announced that the Board of Directors has approved effective immediately the commencement of a corporate share buyback program. Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to establish a normal course issuer bid program (the “Program”).

    Under the Program, the Company is authorized to purchase up to 49,943,031 of its common shares (out of the 557,548,857 common shares outstanding as at July 14, 2025) representing up to 10% of the Company’s public float of 499,430,313 common shares, during the period starting on July 28, 2025 and ending on July 27, 2026.

    CEO Ben Gagnon stated, “We believe that Bitfarms’ shares are currently undervalued because our Bitcoin business is underappreciated by the market, with little to no value being associated with our HPC potential. This Program demonstrates our confidence in Bitfarms’ business, our management team, and most importantly our high-performance computing data center growth strategy. We strongly believe our unique and highly desirable energy portfolio in Pennsylvania will drive long-term, sustainable growth that is financeable and enables management to leverage its balance sheet strength to drive shareholder value with this buyback program while simultaneously pursuing growth opportunities in HPC/AI to best capitalize on our substantial US energy pipeline.”

    The timing, price and volume of repurchases will depend on a variety of factors including corporate liquidity requirements and priorities, as well as general market conditions, the share price, regulatory requirements and limitations, and other factors.

    Bitfarms may purchase shares, from time to time, through the facilities of the TSX and/or the Nasdaq Stock Market (the “Nasdaq”), or by such other means as may be permitted by the TSX and/or Nasdaq or under applicable law. Daily repurchases on the TSX will be limited to a maximum of 494,918 common shares, representing 25% of the average daily trading volume for the six months ended June 30, 2025 (being 1,979,673 common shares), except where purchases are made in accordance with the “block purchase exception” of the TSX rules. Purchases of common shares through the Nasdaq will be made in the normal course and will not, during the twelve-month period ending July 27, 2026 exceed, in the aggregate, 5% of the outstanding common shares as at the commencement of the Program. All shares purchased by the Company under the Program will be cancelled.

    Purchases will be made by the Company in accordance with the requirements of the TSX and/or the Nasdaq and the price which the Company will pay for any such common shares will be the market price of any such common shares at the time of acquisition, or such other price as may be permitted by the TSX and/or the Nasdaq.

    In connection with the Program, the Company has entered into an automatic repurchase arrangement with its designated broker to allow for purchases of its common shares during certain pre-determined blackout periods, based on Company instructions provided when not in blackout. Outside of these pre-determined blackout periods, any repurchases of common shares will be in accordance with management’s discretion, subject to applicable law. Although the Company has a present intention to acquire its common shares pursuant to the Program, the Company will not be obligated to make any purchases under said Program.

    About Bitfarms Ltd.
    Founded in 2017, Bitfarms is a North American energy and compute infrastructure company that develops, owns, and operates vertically integrated data centers. Bitfarms currently operates 15 data centers situated in four countries, which currently mine Bitcoin: the United States, Canada, Argentina and Paraguay.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    http://x.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Forward-Looking Statements
    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding potential purchases under the Program, growth opportunities and prospects for the Company, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: an inability to apply the Company’s data centers to HPC/AI opportunities on a profitable basis; a failure to secure long-term contracts associated with HPC/AI customers on terms which are economic or at all; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; an inability to satisfy the Panther Creek location related milestones which are conditions to loan drawdowns under the Macquarie Group financing facility; an inability to deploy the proceeds of the Macquarie Group financing facility to generate positive returns at the Panther Creek location; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the former Stronghold plants which entail environmental risk and certain additional risk factors particular to the former business and operations of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms operates and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; the risks of debt leverage and the ability to service and eventually repay the Macquarie Group financing facility; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; risks related to the Company ceasing to qualify as an “emerging growth company”; risks related to unsolicited investor interest, takeover proposals, shareholder activism or proxy contests relating to the election of directors; risks relating to lawsuits and other legal proceedings and challenges; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC“) at www.sec.gov), including the Company’s annual information form for the year ended December 31, 2024, management’s discussion & analysis for the year-ended December 31, 2024 and the management’s discussion and analysis for the three months ended March 31, 2025. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contact:
    Laine Yonker
    lyonker@bitfarms.com

    Media Contact:
    Caroline Brady Baker
    cbaker@bitfarms.com

    The MIL Network –

  • MIL-OSI: Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted1basis, respectively.


    CEO COMMENTARY    :

    “Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses,” said Chairman and CEO Jim Ryan. “Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.”

    “We are thrilled to welcome Tim Burke as Old National’s President and Chief Operating Officer,” said Chairman and CEO Jim Ryan. “Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve.”


    SECOND     QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares1 of $190.9 million
    • Earnings per diluted common share (“EPS”) of $0.34; adjusted EPS1 of $0.53
       
    Net Interest Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $521.9 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.53%, up 26 basis points (“bps”)
       
    Operating Performance
    • Pre-provision net revenue1 (“PPNR”) of $269.6 million; adjusted PPNR1 of $289.9 million
    • Noninterest expense of $384.8 million; adjusted noninterest expense1 of $343.6 million
    • Efficiency ratio1 of 55.8%; adjusted efficiency ratio1 of 50.2%
       
    Deposits and Funding
    • Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion
      • Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation (“Bremer”)
    • Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps
       
    Loans and Credit Quality
    • End-of-period total loans3 of $48.0 billion, up $11.5 billion
      • End-of-period loans3 up 3.7% annualized excluding loans acquired from Bremer
    • Provision for credit losses4 (“provision”) of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss (“CECL”) Day 1 non-purchased credit deteriorated (“non-PCD”) provision expense5
    • Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans
     
    Return Profile & Capital
    • Return on average tangible common equity1 (“ROATCE”) of 12.0%; adjusted ROATCE1 of 18.1%
    • Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps
       
    Notable Items
    • Closing of Bremer partnership on May 1, 2025
    • $75.6 million of pre-tax CECL Day 1 non-PCD provision expense5
    • $41.2 million of pre-tax merger-related charges
    • $21.0 million of pre-tax pension plan gain6

    1 Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release 2 Comparisons are on a linked-quarter basis, unless otherwise noted 3 Includes loans held-for-sale 4 Includes the provision for unfunded commitments 5 Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses 6 Includes a gain associated with freezing benefits of the Bremer pension plan

    TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
    Timothy M. Burke, Jr. will join Old National Bancorp (“Old National”) on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.

    Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.

    “I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”

    As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.

    RESULTS OF OPERATIONS2
    Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.

    Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income1 was $190.9 million, or $0.53 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.

    • Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
      • Period-end core deposits up 0.8% annualized excluding Bremer.
    • On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
    • Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
    • A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.

    • Period-end total loans3 were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
      • Excluding loans3 acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
    • Commercial loans, excluding Bremer, grew 4.6% annualized
      • Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
    • Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense5 related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
    • Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
    • 30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
    • Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
    • The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense5 related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

    NET INTEREST INCOME AND MARGIN
    Higher reflective of larger balance sheet and higher asset yields.

    • Net interest income on a fully taxable equivalent basis1 increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
    • Net interest margin on a fully taxable equivalent basis1 increased 26 bps to 3.53%.
    • Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.

    NONINTEREST INCOME
    Increase driven by Bremer and organic growth of fee-based businesses.

    • Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
    • Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

    NONINTEREST EXPENSE
    Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.

    • Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
    • Excluding merger-related charges, adjusted noninterest expense1 was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
    • The efficiency ratio1 was 55.8%, while the adjusted efficiency ratio1 was 50.2% compared to 53.7% and 51.8%, respectively.

    INCOME TAXES

    • Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.6% compared to 22.5%.
      • The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
    • Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
    • Tangible common equity to tangible assets was 7.26%, down 6.4%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

    CONTACTS:    
    Media: Rick Jillson   Investors: Lynell Durchholz
    (812) 465-7267   (812) 464-1366
    Rick.Jillson@oldnational.com   Lynell.Durchholz@oldnational.com
                   
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Income Statement                
    Net interest income $ 514,790   $ 387,643   $ 394,180   $ 391,724   $ 388,421     $ 902,433   $ 744,879  
    FTE adjustment1,3   7,063     5,360     5,777     6,144     6,340       12,423     12,593  
    Net interest income – tax equivalent basis3   521,853     393,003     399,957     397,868     394,761       914,856     757,472  
    Provision for credit losses   106,835     31,403     27,017     28,497     36,214       138,238     55,105  
    Noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Noninterest expense   384,766     268,471     276,824     272,283     282,999       653,237     545,316  
    Net income available to common shareholders $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Per Common Share Data                
    Weighted average diluted shares   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Cash dividends   0.14     0.14     0.14     0.14     0.14       0.28     0.28  
    Dividend payout ratio2   41 %   32 %   30 %   32 %   38 %     36 %   36 %
    Book value $ 20.12   $ 19.71   $ 19.11   $ 19.20   $ 18.28     $ 20.12   $ 18.28  
    Stock price   21.34     21.19     21.71     18.66     17.19       21.34     17.19  
    Tangible book value3   12.60     12.54     11.91     11.97     11.05       12.60     11.05  
    Performance Ratios                
    ROAA   0.77 %   1.08 %   1.14 %   1.08 %   0.92 %     0.91 %   0.95 %
    ROAE   6.7 %   9.1 %   9.8 %   9.4 %   8.2 %     7.8 %   8.4 %
    ROATCE3   12.0 %   15.0 %   16.4 %   16.0 %   14.1 %     13.4 %   14.5 %
    NIM (FTE)3   3.53 %   3.27 %   3.30 %   3.32 %   3.33 %     3.41 %   3.31 %
    Efficiency ratio3   55.8 %   53.7 %   54.4 %   53.8 %   57.2 %     54.9 %   57.7 %
    NCOs to average loans   0.24 %   0.24 %   0.21 %   0.19 %   0.16 %     0.24 %   0.15 %
    ACL on loans to EOP loans   1.18 %   1.10 %   1.08 %   1.05 %   1.01 %     1.18 %   1.01 %
    ACL4 to EOP loans   1.24 %   1.16 %   1.14 %   1.12 %   1.08 %     1.24 %   1.08 %
    NPLs to EOP loans   1.24 %   1.29 %   1.23 %   1.22 %   0.94 %     1.24 %   0.94 %
    Balance Sheet (EOP)                
    Total loans $ 47,902,819   $ 36,413,944   $ 36,285,887   $ 36,400,643   $ 36,150,513     $ 47,902,819   $ 36,150,513  
    Total assets   70,979,805     53,877,944     53,552,272     53,602,293     53,119,645       70,979,805     53,119,645  
    Total deposits   54,357,683     41,034,572     40,823,560     40,845,746     39,999,228       54,357,683     39,999,228  
    Total borrowed funds   7,346,098     5,447,054     5,411,537     5,449,096     6,085,204       7,346,098     6,085,204  
    Total shareholders’ equity   8,126,387     6,534,654     6,340,350     6,367,298     6,075,072       8,126,387     6,075,072  
    Capital Ratios3                
    Risk-based capital ratios (EOP):                
    Tier 1 common equity   10.74 %   11.62 %   11.38 %   11.00 %   10.73 %     10.74 %   10.73 %
    Tier 1 capital   11.20 %   12.23 %   11.98 %   11.60 %   11.33 %     11.20 %   11.33 %
    Total capital   12.59 %   13.68 %   13.37 %   12.94 %   12.71 %     12.59 %   12.71 %
    Leverage ratio (average assets)   9.26 %   9.44 %   9.21 %   9.05 %   8.90 %     9.26 %   8.90 %
    Equity to assets (averages)   11.38 %   12.01 %   11.78 %   11.60 %   11.31 %     11.66 %   11.31 %
    TCE to TA   7.26 %   7.76 %   7.41 %   7.44 %   6.94 %     7.26 %   6.94 %
    Nonfinancial Data                
    Full-time equivalent employees   5,313     4,028     4,066     4,105     4,267       5,313     4,267  
    Banking centers   351     280     280     280     280       351     280  
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.          
    2 Cash dividends per common share divided by net income per common share (basic).          
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        June 30, 2025 capital ratios are preliminary.    		      
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.          
                     
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets      
                     
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Interest income $ 824,961   $ 630,399   $ 662,082   $ 679,925   $ 663,663     $ 1,455,360   $ 1,259,644  
    Less: interest expense   310,171     242,756     267,902     288,201     275,242       552,927     514,765  
    Net interest income   514,790     387,643     394,180     391,724     388,421       902,433     744,879  
    Provision for credit losses   106,835     31,403     27,017     28,497     36,214       138,238     55,105  
    Net interest income
    after provision for credit losses    		   407,955     356,240     367,163     363,227     352,207       764,195     689,774  
    Wealth and investment services fees   35,817     29,648     30,012     29,117     29,358       65,465     57,662  
    Service charges on deposit accounts   23,878     21,156     20,577     20,350     19,350       45,034     37,248  
    Debit card and ATM fees   12,922     9,991     10,991     11,362     10,993       22,913     21,047  
    Mortgage banking revenue   10,032     6,879     7,026     7,669     7,064       16,911     11,542  
    Capital markets income   7,114     4,506     5,244     7,426     4,729       11,620     7,629  
    Company-owned life insurance   6,625     5,381     6,499     5,315     5,739       12,006     9,173  
    Other income   36,170     16,309     15,539     12,975     10,036       52,479     20,506  
    Debt securities gains (losses), net   (41 )   (76 )   (122 )   (76 )   2       (117 )   (14 )
    Total noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Salaries and employee benefits   202,112     148,305     146,605     147,494     159,193       350,417     308,996  
    Occupancy   30,432     29,053     29,733     27,130     26,547       59,485     53,566  
    Equipment   12,566     8,901     9,325     9,888     8,704       21,467     17,375  
    Marketing   13,759     11,940     12,653     11,036     11,284       25,699     21,918  
    Technology   31,452     22,020     21,429     23,343     24,002       53,472     44,025  
    Communication   5,014     4,134     4,176     4,681     4,480       9,148     8,480  
    Professional fees   21,931     7,919     11,055     7,278     10,552       29,850     16,958  
    FDIC assessment   13,409     9,700     11,970     11,722     9,676       23,109     20,989  
    Amortization of intangibles   19,630     6,830     7,237     7,411     7,425       26,460     12,880  
    Amortization of tax credit investments   5,815     3,424     4,556     3,277     2,747       9,239     5,496  
    Other expense   28,646     16,245     18,085     19,023     18,389       44,891     34,633  
    Total noninterest expense   384,766     268,471     276,824     272,283     282,999       653,237     545,316  
    Income before income taxes   155,706     181,563     186,105     185,082     156,479       337,269     309,251  
    Income tax expense   30,298     36,904     32,232     41,280     35,250       67,202     67,738  
    Net income $ 125,408   $ 144,659   $ 153,873   $ 143,802   $ 121,229     $ 270,067   $ 241,513  
    Preferred dividends   (4,033 )   (4,034 )   (4,034 )   (4,034 )   (4,033 )     (8,067 )   (8,067 )
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
                     
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Weighted Average Common Shares Outstanding                
    Basic   360,155     315,925     315,673     315,622     315,585       338,162     303,283  
    Diluted   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    (EOP)   391,818     319,236     318,980     318,955     318,969       391,818     318,969  
                     
                     
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      June 30, March 31, December 31, September 30, June 30,
        2025     2025     2024     2024     2024  
    Assets          
    Cash and due from banks $ 637,556   $ 486,061   $ 394,450   $ 498,120   $ 428,665  
    Money market and other interest-earning investments   1,171,015     753,719     833,518     693,450     804,381  
    Investments:          
    Treasury and government-sponsored agencies   2,445,733     2,364,170     2,289,903     2,335,716     2,207,004  
    Mortgage-backed securities   9,632,206     6,458,023     6,175,103     6,085,826     5,890,371  
    States and political subdivisions   1,590,272     1,589,555     1,637,379     1,665,128     1,678,597  
    Other securities   852,687     755,348     781,656     783,079     775,623  
    Total investments   14,520,898     11,167,096     10,884,041     10,869,749     10,551,595  
    Loans held-for-sale, at fair value   77,618     40,424     34,483     62,376     66,126  
    Loans:          
    Commercial   14,662,916     10,650,615     10,288,560     10,408,095     10,332,631  
    Commercial and agriculture real estate   21,879,785     16,135,327     16,307,486     16,356,216     16,016,958  
    Residential real estate   8,212,242     6,771,694     6,797,586     6,757,896     6,894,957  
    Consumer   3,147,876     2,856,308     2,892,255     2,878,436     2,905,967  
    Total loans   47,902,819     36,413,944     36,285,887     36,400,643     36,150,513  
    Allowance for credit losses on loans   (565,109 )   (401,932 )   (392,522 )   (380,840 )   (366,335 )
    Premises and equipment, net   682,539     584,664     588,970     599,528     601,945  
    Goodwill and other intangible assets   2,944,372     2,289,268     2,296,098     2,305,084     2,306,204  
    Company-owned life insurance   1,046,693     859,211     859,851     863,723     862,032  
    Accrued interest receivable and other assets   2,561,404     1,685,489     1,767,496     1,690,460     1,714,519  
    Total assets $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 12,652,556   $ 9,186,314   $ 9,399,019   $ 9,429,285   $ 9,336,042  
    Interest-bearing:          
    Checking and NOW accounts   9,194,738     7,736,014     7,538,987     7,314,245     7,680,865  
    Savings accounts   5,058,819     4,715,329     4,753,279     4,781,447     4,983,811  
    Money market accounts   16,564,125     11,638,653     11,807,228     11,601,461     10,485,491  
    Other time deposits   7,613,377     6,212,898     5,819,970     6,010,070     5,688,432  
    Total core deposits   51,083,615     39,489,208     39,318,483     39,136,508     38,174,641  
    Brokered deposits   3,274,068     1,545,364     1,505,077     1,709,238     1,824,587  
    Total deposits   54,357,683     41,034,572     40,823,560     40,845,746     39,999,228  
               
    Federal funds purchased and interbank borrowings   340,246     170     385     135,263     250,154  
    Securities sold under agreements to repurchase   297,637     290,256     268,975     244,626     240,713  
    Federal Home Loan Bank advances   5,835,918     4,514,354     4,452,559     4,471,153     4,744,560  
    Other borrowings   872,297     642,274     689,618     598,054     849,777  
    Total borrowed funds   7,346,098     5,447,054     5,411,537     5,449,096     6,085,204  
    Accrued expenses and other liabilities   1,149,637     861,664     976,825     940,153     960,141  
    Total liabilities   62,853,418     47,343,290     47,211,922     47,234,995     47,044,573  
    Preferred stock, common stock, surplus, and retained earnings   8,725,995     7,183,163     7,086,393     6,971,054     6,866,480  
    Accumulated other comprehensive income (loss), net of tax   (599,608 )   (648,509 )   (746,043 )   (603,756 )   (791,408 )
    Total shareholders’ equity   8,126,387     6,534,654     6,340,350     6,367,298     6,075,072  
    Total liabilities and shareholders’ equity $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        June 30, 2025   March 31, 2025   June 30, 2024
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 1,424,700   $ 14,791 4.16 %   $ 791,067   $ 8,815 4.52 %   $ 814,944   $ 11,311 5.58 %
    Investments:                        
    Treasury and government-sponsored agencies     2,396,691     20,820 3.47 %     2,318,869     20,019 3.45 %     2,208,935     21,531 3.90 %
    Mortgage-backed securities     8,567,318     87,734 4.10 %     6,287,825     54,523 3.47 %     5,828,225     47,904 3.29 %
    States and political subdivisions     1,596,899     13,402 3.36 %     1,610,819     13,242 3.29 %     1,686,994     14,290 3.39 %
    Other securities     970,581     15,770 6.50 %     770,839     10,512 5.45 %     788,571     12,583 6.38 %
    Total investments     13,531,489     137,726 4.07 %     10,988,352     98,296 3.58 %     10,512,725     96,308 3.66 %
    Loans:2                        
    Commercial     13,240,876     219,446 6.63 %     10,397,991     165,595 6.37 %     10,345,098     183,425 7.09 %
    Commercial and agriculture real estate     20,022,403     316,422 6.32 %     16,213,606     245,935 6.07 %     15,870,809     260,407 6.56 %
    Residential real estate loans     7,792,440     88,852 4.56 %     6,815,091     67,648 3.97 %     6,952,942     67,683 3.89 %
    Consumer     3,049,341     54,787 7.21 %     2,871,213     49,470 6.99 %     2,910,331     50,869 7.03 %
    Total loans     44,105,060     679,507 6.16 %     36,297,901     528,648 5.83 %     36,079,180     562,384 6.24 %
                             
    Total earning assets   $ 59,061,249   $ 832,024 5.64 %   $ 48,077,320   $ 635,759 5.30 %   $ 47,406,849   $ 670,003 5.66 %
                             
    Less: Allowance for credit losses on loans     (404,871 )         (398,765 )         (331,043 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 426,513         $ 372,428         $ 430,256      
    Other assets     6,403,239           5,394,600           5,341,022      
                             
    Total assets   $ 65,486,130         $ 53,445,583         $ 52,847,084      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 8,594,591   $ 29,291 1.37 %   $ 7,526,294   $ 23,850 1.29 %   $ 8,189,454   $ 34,398 1.69 %
    Savings accounts     4,968,232     3,777 0.30 %     4,692,239     3,608 0.31 %     5,044,800     5,254 0.42 %
    Money market accounts     15,055,735     110,933 2.96 %     11,664,650     88,381 3.07 %     10,728,156     102,560 3.84 %
    Other time deposits     7,092,124     67,204 3.80 %     5,996,108     56,485 3.82 %     5,358,103     56,586 4.25 %
    Total interest-bearing core deposits     35,710,682     211,205 2.37 %     29,879,291     172,324 2.34 %     29,320,513     198,798 2.73 %
    Brokered deposits     2,530,726     28,883 4.58 %     1,546,756     18,171 4.76 %     1,244,237     17,008 5.50 %
    Total interest-bearing deposits     38,241,408     240,088 2.52 %     31,426,047     190,495 2.46 %     30,564,750     215,806 2.84 %
                             
    Federal funds purchased and interbank borrowings     88,603     953 4.31 %     148,130     1,625 4.45 %     148,835     1,986 5.37 %
    Securities sold under agreements to repurchase     295,948     636 0.86 %     272,961     551 0.82 %     249,939     639 1.03 %
    Federal Home Loan Bank advances     6,037,462     59,042 3.92 %     4,464,590     41,896 3.81 %     4,473,978     44,643 4.01 %
    Other borrowings     828,214     9,452 4.58 %     675,759     8,189 4.91 %     891,609     12,168 5.49 %
    Total borrowed funds     7,250,227     70,083 3.88 %     5,561,440     52,261 3.81 %     5,764,361     59,436 4.15 %
                             
    Total interest-bearing liabilities   $ 45,491,635   $ 310,171 2.73 %   $ 36,987,487   $ 242,756 2.66 %   $ 36,329,111   $ 275,242 3.05 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 11,568,854         $ 9,096,676         $ 9,558,675      
    Other liabilities     973,525           944,935           980,322      
    Shareholders’ equity     7,452,116           6,416,485           5,978,976      
                             
    Total liabilities and shareholders’ equity   $ 65,486,130         $ 53,445,583         $ 52,847,084      
                             
    Net interest rate spread       2.91 %       2.64 %       2.61 %
                             
    Net interest margin (GAAP)       3.49 %       3.23 %       3.28 %
                             
    Net interest margin (FTE)3       3.53 %       3.27 %       3.33 %
                             
    FTE adjustment     $ 7,063       $ 5,360       $ 6,340  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
                     
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                     
                     
        Six Months Ended   Six Months Ended
        June 30, 2025   June 30, 2024
        Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 1,109,634   $ 23,606 4.29 %   $ 786,094   $ 21,296 5.45 %
    Investments:                
    Treasury and government-sponsored agencies     2,357,995     40,839 3.46 %     2,285,706     44,797 3.92 %
    Mortgage-backed securities     7,433,868     142,257 3.83 %     5,592,655     86,792 3.10 %
    States and political subdivisions     1,603,821     26,644 3.32 %     1,683,585     28,266 3.36 %
    Other securities     871,262     26,282 6.03 %     779,504     24,756 6.35 %
    Total investments   $ 12,266,946   $ 236,022 3.85 %   $ 10,341,450   $ 184,611 3.57 %
    Loans:2                
    Commercial     11,827,287     385,041 6.51 %     9,942,741     350,688 7.05 %
    Commercial and agriculture real estate     18,128,526     562,357 6.20 %     15,119,590     490,493 6.49 %
    Residential real estate loans     7,306,465     156,500 4.28 %     6,823,378     130,686 3.83 %
    Consumer     2,960,769     104,257 7.10 %     2,777,711     94,463 6.84 %
    Total loans     40,223,047     1,208,155 6.01 %     34,663,420     1,066,330 6.16 %
                     
    Total earning assets   $ 53,599,627   $ 1,467,783 5.48 %   $ 45,790,964   $ 1,272,237 5.56 %
                     
    Less: Allowance for credit losses on loans     (401,835 )         (322,256 )    
                     
    Non-earning Assets:                
    Cash and due from banks   $ 399,620         $ 396,466      
    Other assets     5,901,705           5,151,308      
                     
    Total assets   $ 59,499,117         $ 51,016,482      
                     
    Interest-Bearing Liabilities:                
    Checking and NOW accounts   $ 8,063,393   $ 53,141 1.33 %   $ 7,665,327   $ 59,650 1.56 %
    Savings accounts     4,830,998     7,385 0.31 %     5,035,100     10,271 0.41 %
    Money market accounts     13,369,560     199,314 3.01 %     10,322,808     196,773 3.83 %
    Other time deposits     6,547,143     123,689 3.81 %     5,023,620     104,018 4.16 %
    Total interest-bearing core deposits     32,811,094     383,529 2.36 %     28,046,855     370,712 2.66 %
    Brokered deposits     2,041,459     47,054 4.65 %     1,145,744     30,533 5.36 %
    Total interest-bearing deposits     34,852,553     430,583 2.49 %     29,192,599     401,245 2.76 %
                     
    Federal funds purchased and interbank borrowings     118,202     2,578 4.40 %     108,962     2,947 5.44 %
    Securities sold under agreements to repurchase     284,518     1,187 0.84 %     273,088     1,556 1.15 %
    Federal Home Loan Bank advances     5,255,372     100,938 3.87 %     4,430,236     85,810 3.90 %
    Other borrowings     752,408     17,641 4.73 %     858,727     23,207 5.43 %
    Total borrowed funds     6,410,500     122,344 3.85 %     5,671,013     113,520 4.03 %
                     
    Total interest-bearing liabilities     41,263,053     552,927 2.70 %     34,863,612     514,765 2.97 %
                     
    Noninterest-Bearing Liabilities and Shareholders’ Equity              
    Demand deposits   $ 10,339,594         $ 9,408,406      
    Other liabilities     959,309           972,205      
    Shareholders’ equity     6,937,161           5,772,259      
                     
    Total liabilities and shareholders’ equity   $ 59,499,117         $ 51,016,482      
                     
    Net interest rate spread       2.78 %       2.59 %
                     
    Net interest margin (GAAP)       3.37 %       3.25 %
                     
    Net interest margin (FTE)3       3.41 %       3.31 %
                     
    FTE adjustment     $ 12,423       $ 12,593  
                     
    1 Interest income is reflected on a FTE.
    2 Includes loans held-for-sale.                
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.    
     
                     
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Allowance for credit losses:                
    Beginning allowance for credit losses on loans $ 401,932   $ 392,522   $ 380,840   $ 366,335   $ 319,713     $ 392,522   $ 307,610  
    Allowance established for acquired PCD loans   90,442     —     —     2,803     23,922       90,442     23,922  
    Provision for credit losses on loans   99,263     31,026     30,417     29,176     36,745       130,289     60,598  
    Gross charge-offs   (29,954 )   (24,540 )   (21,278 )   (18,965 )   (17,041 )     (54,494 )   (31,061 )
    Gross recoveries   3,426     2,924     2,543     1,491     2,996       6,350     5,266  
    NCOs   (26,528 )   (21,616 )   (18,735 )   (17,474 )   (14,045 )     (48,144 )   (25,795 )
    Ending allowance for credit losses on loans $ 565,109   $ 401,932   $ 392,522   $ 380,840   $ 366,335     $ 565,109   $ 366,335  
    Beginning allowance for credit losses on unfunded commitments $ 22,031   $ 21,654   $ 25,054   $ 25,733   $ 26,264     $ 21,654   $ 31,226  
    Provision (release) for credit losses on unfunded commitments   7,572     377     (3,400 )   (679 )   (531 )     7,949     (5,493 )
    Ending allowance for credit losses on unfunded commitments $ 29,603   $ 22,031   $ 21,654   $ 25,054   $ 25,733     $ 29,603   $ 25,733  
    Allowance for credit losses $ 594,712   $ 423,963   $ 414,176   $ 405,894   $ 392,068     $ 594,712   $ 392,068  
    Provision for credit losses on loans $ 99,263   $ 31,026   $ 30,417   $ 29,176   $ 36,745     $ 130,289   $ 60,598  
    Provision (release) for credit losses on unfunded commitments   7,572     377     (3,400 )   (679 )   (531 )     7,949     (5,493 )
    Provision for credit losses $ 106,835   $ 31,403   $ 27,017   $ 28,497   $ 36,214     $ 138,238   $ 55,105  
    NCOs / average loans1   0.24 %   0.24 %   0.21 %   0.19 %   0.16 %     0.24 %   0.15 %
    Average loans1 $ 44,075,472   $ 36,284,059   $ 36,410,414   $ 36,299,544   $ 36,053,845     $ 40,201,289   $ 34,648,292  
    EOP loans1   47,902,819     36,413,944     36,285,887     36,400,643     36,150,513       47,902,819     36,150,513  
    ACL on loans / EOP loans1   1.18 %   1.10 %   1.08 %   1.05 %   1.01 %     1.18 %   1.01 %
    ACL / EOP loans1   1.24 %   1.16 %   1.14 %   1.12 %   1.08 %     1.24 %   1.08 %
    Underperforming Assets:                
    Loans 90 days and over (still accruing) $ 16,893   $ 6,757   $ 4,060   $ 1,177   $ 5,251     $ 16,893   $ 5,251  
    Nonaccrual loans   594,709     469,211     447,979     443,597     340,181       594,709     340,181  
    Foreclosed assets   7,986     6,301     4,294     4,077     8,290       7,986     8,290  
    Total underperforming assets $ 619,588   $ 482,269   $ 456,333   $ 448,851   $ 353,722     $ 619,588   $ 353,722  
    Classified and Criticized Assets:                
    Nonaccrual loans $ 594,709   $ 469,211   $ 447,979   $ 443,597   $ 340,181     $ 594,709   $ 340,181  
    Substandard loans (still accruing)   1,969,260     1,479,630     1,073,413     1,074,243     841,087       1,969,260     841,087  
    Loans 90 days and over (still accruing)   16,893     6,757     4,060     1,177     5,251       16,893     5,251  
    Total classified loans – “problem loans”   2,580,862     1,955,598     1,525,452     1,519,017     1,186,519       2,580,862     1,186,519  
    Other classified assets   43,495     53,239     58,954     59,485     60,772       43,495     60,772  
    Special Mention   1,008,716     828,314     908,630     837,543     967,655       1,008,716     967,655  
    Total classified and criticized assets $ 3,633,073   $ 2,837,151   $ 2,493,036   $ 2,416,045   $ 2,214,946     $ 3,633,073   $ 2,214,946  
    Loans 30-89 days past due (still accruing) $ 128,771   $ 72,517   $ 93,141   $ 91,750   $ 51,712     $ 128,771   $ 51,712  
    Nonaccrual loans / EOP loans1   1.24 %   1.29 %   1.23 %   1.22 %   0.94 %     1.24 %   0.94 %
    ACL / nonaccrual loans   100 %   90 %   92 %   92 %   115 %     100 %   115 %
    Under-performing assets/EOP loans1   1.29 %   1.32 %   1.26 %   1.23 %   0.98 %     1.29 %   0.98 %
    Under-performing assets/EOP assets   0.87 %   0.90 %   0.85 %   0.84 %   0.67 %     0.87 %   0.67 %
    30+ day delinquencies/EOP loans1   0.30 %   0.22 %   0.27 %   0.26 %   0.16 %     0.30 %   0.16 %
                     
    1 Excludes loans held-for-sale.            
                     
                     
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Earnings Per Share:                
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Adjustments:                
    CECL Day 1 non-PCD provision expense   75,604     —     —     —     15,312       75,604     15,312  
    Tax effect1   (20,802 )   —     —     —     (3,476 )     (20,802 )   (3,476 )
    CECL Day 1 non-PCD provision expense, net   54,802     —     —     —     11,836       54,802     11,836  
    Merger-related charges   41,206     5,856     8,117     6,860     19,440       47,062     22,348  
    Tax effect1   (11,337 )   (1,089 )   (2,058 )   (1,528 )   (4,413 )     (12,426 )   (5,123 )
    Merger-related charges, net   29,869     4,767     6,059     5,332     15,027       34,636     17,225  
    Pension plan gain   (21,001 )   —     —     —     —       (21,001 )   —  
    Tax effect1   5,778     —     —     —     —       5,778     —  
    Pension plan gain, net   (15,223 )   —     —     —     —       (15,223 )   —  
    Debt securities (gains) losses   41     76     122     76     (2 )     117     14  
    Tax effect1   (11 )   (14 )   (31 )   (17 )   1       (25 )   (3 )
    Debt securities (gains) losses, net   30     62     91     59     (1 )     92     11  
    Separation expense   —     —     —     2,646     —       —     —  
    Tax effect1   —     —     —     (589 )   —       —     —  
    Separation expense, net   —     —     —     2,057     —       —     —  
    Distribution of excess pension assets   —     —     —     —     —   —   —     13,318  
    Tax effect1   —     —     —     —     —   —   —     (3,250 )
    Distribution excess pension assets, net   —     —     —     —     —       —     10,068  
    FDIC special assessment   —     —     —     —     —       —     2,994  
    Tax effect1   —     —     —     —     —       —     (731 )
    FDIC special assessment, net   —     —     —     —     —       —     2,263  
    Total adjustments, net   69,478     4,829     6,150     7,448     26,862       74,307     41,403  
    Net income applicable to common shares, adjusted $ 190,853   $ 145,454   $ 155,989   $ 147,216   $ 144,058     $ 336,307   $ 274,849  
    Weighted average diluted common shares outstanding   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Adjusted EPS, diluted $ 0.53   $ 0.45   $ 0.49   $ 0.46   $ 0.46     $ 0.99   $ 0.90  
    NIM:                
    Net interest income $ 514,790   $ 387,643   $ 394,180   $ 391,724   $ 388,421     $ 902,433   $ 744,879  
    Add: FTE adjustment2   7,063     5,360     5,777     6,144     6,340       12,423     12,593  
    Net interest income (FTE) $ 521,853   $ 393,003   $ 399,957   $ 397,868   $ 394,761     $ 914,856   $ 757,472  
    Average earning assets $ 59,061,249   $ 48,077,320   $ 48,411,803   $ 47,905,463   $ 47,406,849     $ 53,599,627   $ 45,790,964  
    NIM (GAAP)   3.49 %   3.23 %   3.26 %   3.27 %   3.28 %     3.37 %   3.25 %
    NIM (FTE)   3.53 %   3.27 %   3.30 %   3.32 %   3.33 %     3.41 %   3.31 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    PPNR:                
    Net interest income (FTE)2 $ 521,853   $ 393,003   $ 399,957   $ 397,868   $ 394,761     $ 914,856   $ 757,472  
    Add: Noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Total revenue (FTE)   654,370     486,797     495,723     492,006     482,032       1,141,167     922,265  
    Less: Noninterest expense   (384,766 )   (268,471 )   (276,824 )   (272,283 )   (282,999 )     (653,237 )   (545,316 )
    PPNR $ 269,604   $ 218,326   $ 218,899   $ 219,723   $ 199,033     $ 487,930   $ 376,949  
    Adjustments:                
    Pension plan termination gain $ (21,001 ) $ —   $ —   $ —   $ —     $ (21,001 ) $ —  
    Debt securities (gains) losses $ 41   $ 76   $ 122   $ 76   $ (2 )   $ 117   $ 14  
    Noninterest income adjustments   (20,960 )   76     122     76     (2 )     (20,884 )   14  
    Adjusted noninterest income   111,557     93,870     95,888     94,214     87,269       205,427     164,807  
    Adjusted revenue $ 633,410   $ 486,873   $ 495,845   $ 492,082   $ 482,030     $ 1,120,283   $ 922,279  
    Adjustments:                
    Merger-related charges $ 41,206   $ 5,856   $ 8,117   $ 6,860   $ 19,440     $ 47,062   $ 22,348  
    Separation expense   —     —     —     2,646     —       —     —  
    Distribution of excess pension assets   —     —     —     —     —       —     13,318  
    FDIC Special Assessment   —     —     —     —     —       —     2,994  
    Noninterest expense adjustments   41,206     5,856     8,117     9,506     19,440       47,062     38,660  
    Adjusted total noninterest expense   (343,560 )   (262,615 )   (268,707 )   (262,777 )   (263,559 )     (606,175 )   (506,656 )
    Adjusted PPNR $ 289,850   $ 224,258   $ 227,138   $ 229,305   $ 218,471     $ 514,108   $ 415,623  
    Efficiency Ratio:                
    Noninterest expense $ 384,766   $ 268,471   $ 276,824   $ 272,283   $ 282,999     $ 653,237   $ 545,316  
    Less: Amortization of intangibles   (19,630 )   (6,830 )   (7,237 )   (7,411 )   (7,425 )     (26,460 )   (12,880 )
    Noninterest expense, excl. amortization of intangibles   365,136     261,641     269,587     264,872     275,574       626,777     532,436  
    Less: Amortization of tax credit investments   (5,815 )   (3,424 )   (4,556 )   (3,277 )   (2,747 )     (9,239 )   (5,496 )
    Less: Noninterest expense adjustments   (41,206 )   (5,856 )   (8,117 )   (9,506 )   (19,440 )     (47,062 )   (38,660 )
    Adjusted noninterest expense, excluding amortization $ 318,115   $ 252,361   $ 256,914   $ 252,089   $ 253,387     $ 570,476   $ 488,280  
    Total revenue (FTE)2 $ 654,370   $ 486,797   $ 495,723   $ 492,006   $ 482,032     $ 1,141,167   $ 922,265  
    Less: Debt securities (gains) losses   41     76     122     76     (2 )     117     14  
    Less: Pension plan gain   (21,001 )   —     —     —     —       (21,001 )   —  
    Total adjusted revenue $ 633,410   $ 486,873   $ 495,845   $ 492,082   $ 482,030     $ 1,120,283   $ 922,279  
    Efficiency Ratio   55.8 %   53.7 %   54.4 %   53.8 %   57.2 %     54.9 %   57.7 %
    Adjusted Efficiency Ratio   50.2 %   51.8 %   51.8 %   51.2 %   52.6 %     50.9 %   52.9 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    ROAE and ROATCE:                
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Amortization of intangibles   19,630     6,830     7,237     7,411     7,425       26,460     12,880  
    Tax effect1   (4,908 )   (1,708 )   (1,809 )   (1,853 )   (1,856 )     (6,615 )   (3,220 )
    Amortization of intangibles, net   14,722     5,122     5,428     5,558     5,569       19,845     9,660  
    Net income applicable to common shares, excluding intangibles amortization   136,097     145,747     155,267     145,326     122,765       281,845     243,106  
    Total adjustments, net (see pg.12)   69,478     4,829     6,150     7,448     26,862       74,307     41,403  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 205,575   $ 150,576   $ 161,417   $ 152,774   $ 149,627     $ 356,152   $ 284,509  
    Average shareholders’ equity $ 7,452,116   $ 6,416,485   $ 6,338,953   $ 6,190,071   $ 5,978,976     $ 6,937,161   $ 5,772,259  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )     (243,719 )   (243,719 )
    Average shareholders’ common equity $ 7,208,397   $ 6,172,766   $ 6,095,234   $ 5,946,352   $ 5,735,257     $ 6,693,442   $ 5,528,540  
    Average goodwill and other intangible assets   (2,670,710 )   (2,292,526 )   (2,301,177 )   (2,304,597 )   (2,245,405 )     (2,482,663 )   (2,171,872 )
    Average tangible shareholder’s common equity $ 4,537,687   $ 3,880,240   $ 3,794,057   $ 3,641,755   $ 3,489,852     $ 4,210,779   $ 3,356,668  
    ROAE   6.7 %   9.1 %   9.8 %   9.4 %   8.2 %     7.8 %   8.4 %
    ROAE, adjusted   10.6 %   9.4 %   10.2 %   9.9 %   10.0 %     10.0 %   9.9 %
    ROATCE   12.0 %   15.0 %   16.4 %   16.0 %   14.1 %     13.4 %   14.5 %
    ROATCE, adjusted   18.1 %   15.5 %   17.0 %   16.8 %   17.1 %     16.9 %   17.0 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      June 30, March 31, December 31, September 30, June 30,
        2025     2025     2024     2024     2024  
    Tangible Common Equity:          
    Shareholders’ equity $ 8,126,387   $ 6,534,654   $ 6,340,350   $ 6,367,298   $ 6,075,072  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 7,882,668   $ 6,290,935   $ 6,096,631   $ 6,123,579   $ 5,831,353  
    Less: Goodwill and other intangible assets   (2,944,372 )   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )
    Tangible shareholders’ common equity $ 4,938,296   $ 4,001,667   $ 3,800,533   $ 3,818,495   $ 3,525,149  
               
    Total assets $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
    Less: Goodwill and other intangible assets   (2,944,372 )   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )
    Tangible assets $ 68,035,433   $ 51,588,676   $ 51,256,174   $ 51,297,209   $ 50,813,441  
               
    Risk-weighted assets3 $ 52,517,871   $ 40,266,670   $ 40,314,805   $ 40,584,608   $ 40,627,117  
               
    Tangible common equity to tangible assets   7.26 %   7.76 %   7.41 %   7.44 %   6.94 %
    Tangible common equity to risk-weighted assets3   9.40 %   9.94 %   9.43 %   9.41 %   8.68 %
    Tangible Common Book Value:          
    Common shares outstanding   391,818     319,236     318,980     318,955     318,969  
    Tangible common book value $ 12.60   $ 12.54   $ 11.91   $ 11.97   $ 11.05  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 June 30, 2025 figures are preliminary.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e11c9d1-b9ea-4a5c-a250-cb6dc83091a5

    The MIL Network –

  • MIL-OSI: Gilat Awarded Approximately $60 Million to Provide Digital Inclusion Solutions in Peru

    Source: GlobeNewswire (MIL-OSI)

    PETAH TIKVA, Israel, July 22, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that its Peruvian subsidiary, Gilat Perú, has been awarded approximately $60 million in orders from Pronatel (Programa Nacional de Telecomunicaciones), Peru’s national telecommunications program. The orders are for upgrading the Regional Broadband infrastructure across the regions of Apurímac, Huancavelica and Ayacucho. Migration is expected to take place over the next 12 months and the service will be delivered over 4 years.

    This major infrastructure modernization will bring high-speed internet of 200 Mbps directly to nearly 800 public institutions, including schools, health centers, and police stations across 280 localities. The award marks a significant step forward in closing the digital divide and empowering rural communities in Peru with the connectivity they need to access education, healthcare, and public services, laying a strong, scalable foundation for future bandwidth growth in rural areas that need it most.

    The project reflects Gilat’s continued partnership with the Peruvian State and long-standing commitment to digital access for all, strengthening public services in some of the most remote areas of Peru.

    “With extensive experience implementing complex connectivity projects throughout Peru, we are uniquely qualified to carry out this critical migration in record time,” said Arieh Rohrstock, Corporate Senior Vice President and President, Gilat Peru. “Together with Pronatel, we’re advancing our shared goal of increasing digital inclusion in the most remote regions of the country by delivering the high-speed infrastructure needed to support essential public services.”

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to Israel’s preemptive strike against Iran’s nuclear project and the continued hostilities between Israel and Iran, and the hostilities between Israel and Hamas. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks

    Hagay Katz, Chief Product and Marketing Officer

    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    The MIL Network –

  • Trump’s Golden Dome looks for alternatives to Musk’s SpaceX

    Source: Government of India

    Source: Government of India (4)

    The Trump administration is expanding its search for partners to build the Golden Dome missile defense system, courting Amazon.com’s Project Kuiper and big defense contractors as tensions with Elon Musk threaten SpaceX’s dominance in the program, according to three sources familiar with the matter.

    The shift marks a strategic pivot away from reliance on Musk’s SpaceX, whose Starlink and Starshield satellite networks have become central to U.S. military communications.

    It comes amid a deteriorating relationship between Trump and Musk, which culminated in a public falling-out on June 5. Even before the spat, officials at the Pentagon and White House had begun exploring alternatives to SpaceX, wary of over-reliance on a single partner for huge portions of the ambitious, $175 billion space-based defense shield, two of the sources said.

    Musk and SpaceX did not respond to requests for comment. After Reuters reported initially that SpaceX was a frontrunner to build parts of Golden Dome, Musk said on X that the company had “not tried to bid for any contract in this regard. Our strong preference would be to stay focused on taking humanity to Mars.”

    Due to its size, track record of launching more than 9,000 of its own Starlink satellites, and experience in government procurement, SpaceX still has the inside track to assist with major portions of the Golden Dome, especially launch contracts, sources say.

    Project Kuiper, which has launched just 78 of a planned constellation of 3,000 low-earth orbit satellites, has been approached by the Pentagon to join the effort, signaling the administration’s openness to integrating commercial tech firms into national defense infrastructure and going beyond traditional defense players.

    Jeff Bezos, Amazon’s executive chairman, told Reuters in January that Kuiper would be “primarily commercial,” but acknowledged “there will be defense uses for these [low-earth orbit] constellations, no doubt.”

    A spokesperson for Project Kuiper declined to comment for this story. The Pentagon declined to comment. The White House did not respond to requests for comment.

    Golden Dome’s ambitions mirror those of Israel’s Iron Dome – a homeland missile defense shield – but a larger, more complex layered defense system requires a vast network of orbiting satellites covering more territory.

    In the search for more vendors for the satellite layers of Golden Dome, “Kuiper is a big one,” a U.S. official said.

    While SpaceX remains a frontrunner due to its unmatched launch capabilities, its share of the program could shrink, two of the people said. Officials have reached out to new entrants like rocket companies Stoke Space and Rocket Lab RKLB.O are gaining traction and will be able to bid on individual launches as the program matures, according to the U.S. official.

    Later in the development of Golden Dome “each individual launch is going to get bid, and we have to actually give bids to other people,” besides SpaceX, the official said.

    NEED FOR SATELLITES

    There is an urgent need for more satellite production. Last year Congress gave Space Force a $13 billion mandate – up from $900 million – to buy satellite-based communication services in what was widely seen as one of many efforts to stimulate private sector satellite production.

    Amazon’s Project Kuiper, a $10 billion initiative led by former Starlink managers dismissed by Musk for slow progress, Reuters has reported, has lagged behind SpaceX in deployment. But its potential defense applications – such as communications that could aid missile tracking – have drawn renewed interest as the administration prepares to allocate the first $25 billion tranche of funding authorized under Trump’s sweeping tax and spending bill.

    Traditional defense giants Northrop Grumman, Lockheed Martin, and L3Harris are also in talks to support Golden Dome. L3Harris CFO Kenneth Bedingfield told Reuters in an interview the company has seen a surge in interest in its missile warning and tracking technologies, which are expected to play a key role in the system.

    Northrop, meanwhile, is pursuing several efforts including a space-based interceptor, a component that would enable missile strikes from orbit, Robert Flemming, the head of the company’s space business, told Reuters in an interview.

    “Lockheed Martin is ready to support Golden Dome for America as a proven mission partner,” Robert Lightfoot, president of Lockheed Martin Space, said in a statement.

    Golden Dome’s initial outreach this spring invited smaller, newer Silicon Valley firms seen as nimbler, more sophisticated and potentially less expensive alternatives to the big defense firms to the table – but that was before the Musk-Trump feud upended that calculus.

    Several with close ties to Trump aside from SpaceX, including Palantir and Anduril – were considered early frontrunners to win big pieces of the $175 billion project.

    But the Musk-Trump feud has reshaped the competitive landscape. Musk recently launched the “America Party,” a tech-centric, centrist political movement aimed at defeating Republicans who backed Trump’s tax-and-spend agenda.

    RAPID TIMEFRAME

    Trump launched the Golden Dome initiative just a week into his second term, pushing for rapid deployment. Space Force General Michael Guetlein, confirmed by the Senate on July 17, is set to lead the program with sweeping authority.

    Under a previously unreported directive from Defense Secretary Pete Hegseth, Guetlein has 30 days from confirmation to build a team, 60 days to deliver an initial system design, and 120 days to present a full implementation plan, including satellite and ground station details, two people briefed on the memo said.

    The inclusion of commercial platforms like Kuiper raises security concerns. Its satellites would need to be hardened against cyberattacks and electronic warfare, a challenge that has plagued even SpaceX’s Starlink network. In May 2024, Elon Musk said SpaceX was spending “significant resources combating Russian jamming efforts. This is a tough problem.”

    Beyond the technical and political challenges, Golden Dome could reshape global security dynamics. A fully operational space-based missile shield may prompt adversaries to develop new offensive capabilities or accelerate the militarization of space.

    (Reuters)

  • MIL-Evening Report: View from The Hill: How much can Jim Chalmers get out of the economic reform roundtable?

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    We’re now less than a month away from the start of the Albanese government’s “economic reform” (aka “productivity”) roundtable, but it has become quite hard to get a fix on exactly what this gathering will amount to.

    The guest list for the August 19-21 summit is obviously tight, given the government decided it wanted the meeting to fit into the cabinet room (so avoiding a more extensive “talkfest”).

    But excluding the states and territories from a meeting that discusses deregulation and taxation means major players in these policy areas are not in the room (the NSW treasurer, Daniel Mookhey, chair of the board of treasurers, is the only state government representative invited). Treasurer Jim Chalmers says he will meet state treasurers beforehand, but that doesn’t quite cover their omission.

    The government has flagged that industrial relations isn’t on the table, although the unions will be at that table. Yet IR is a major issue in productivity, so that excludes a central area from discussion. The unions are being given a level of protection other players potentially do not have.

    Tax reform is a central topic at the roundtable, the themes of which are productivity, budget sustainability and economic resilience. But the scope of what is up for serious consideration is limited.

    The government is not willing to consider changing the GST, even if it is not formally ruling out it being canvassed.

    When it was put to him that he opposed altering the GST, Prime Minister Anthony Albanese told the ABC this week what he would not do was “go to an election and secure a majority because our government concentrated on cost-of-living measures in our first term […] and immediately we get elected and we say, we’re going to put up the price of everything that you buy.

    “That is not something that’s tenable. That’s something which would have represented a breach of trust upon which we were elected on May 3rd.”

    Rejecting an overhaul of the GST kyboshes, for better or worse, a major tax switch from our over-reliance on personal income tax to putting more of the tax burden on indirect tax. This is a change many tax experts advocate.

    Despite the hype around the pre-roundtable discussion of broad tax reform, what appears likely to find favour with the government are tax changes affecting wealth (but excluding the family home) and the resources sector.

    It remains unclear to what extent Chalmers will seek to define the outcome beforehand. That is: will he, after reviewing the submissions, go into the roundtable with a firm idea of what he wants to get out of it, and then see how much he can get over the “consensus” line?

    Helpfully for everyone at the roundtable, the Productivity Commission is about to release a series of reports on various aspects of productivity, which will provide data and ideas.

    These cover economic resilience, improving workforce skills and adaptability, harnessing digital technology, improving care delivery, and investing in the net zero transformation.

    Meanwhile business, which felt it was made something of a patsy in the 2022 jobs and skills summit, with the government using that meeting to gain traction for what it already wanted to do, is being cautious this time.

    Even before the formal announcement of the roundtable, it set up a group following the government’s nomination of productivity as a central priority for this term. The umbrella body’s first meeting was attended by more than 20 groups representing businesses of all sizes, universities and the investment community. This body is ongoing. It includes the Business Council of Australia, the Australian Industry Group, the Australian Chamber of Commerce and Industry, the Minerals Council of Australia and the Council of Small Business Organisations.

    The umbrella body will put forward a suite of recommendations for the roundtable including on investment, innovation, reducing red tape, planning and approval processes, tax, education and employment.

    We now have the full list of roundtable participants. It’s interesting for who’s there and who’s not. Ken Henry, of the seminal Henry taxation report – of which Chalmers has vivid memories from his days as a staffer of former treasurer Wayne Swan – will be present. Henry last week gave a strong presentation at the National Press Club about the pressing need for reform of the environment protection regime.

    Also scoring an invitation is teal crossbencher Allegra Spender, who made tax reform one of her core issues last term. Spender is holding her own “tax reform roundtable” on Friday, with a who’s who of experts.

    But left off the Treasurer’s invitation list list was the Minerals Council of Australia. This despite the fact that tax changes in the resources area seem a ripe area for discussion.

    Michelle Grattan 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. View from The Hill: How much can Jim Chalmers get out of the economic reform roundtable? – https://theconversation.com/view-from-the-hill-how-much-can-jim-chalmers-get-out-of-the-economic-reform-roundtable-261095

    MIL OSI Analysis – EveningReport.nz –