NewzIntel.com

Category: Taxation

  • MIL-OSI USA: Next Phase of Star Tax Relief Rolls Out

    Source: US State of New York

    overnor Kathy Hochul today announced the start of phase two of the School Tax Relief (STAR) program benefit season. Eligible homeowners in communities with school tax due dates in August or September will start receiving their STAR benefit in the coming weeks. Most homeowners eligible for a STAR credit will receive a check between $350 and $600. Most seniors eligible for an Enhanced STAR credit will receive a check between $700 and $1,500. STAR recipients can visit ny.gov/STAR to track their check delivery or enroll in direct deposit.

    “The STAR program provides needed school tax relief to millions of New York homeowners — and the program is now in full swing,” Governor Hochul said. “During a time of financial uncertainty due to funding cuts by Republicans in Washington, my administration is putting money back in the pockets of families with check and credit deliveries continuing to go out to hundreds of thousands of homeowners statewide.”

    New York State Department of Taxation and Finance Acting Commissioner Amanda Hiller said, “Visit our STAR resource page to sign up for STAR if you are a new homeowner and, if you’re an existing homeowner, to check on when your STAR credit or direct deposit will arrive.”

    Senate Majority Leader Andrea Stewart-Cousins said, “At a time when Republicans in Washington are slashing funding and leaving working families with uncertainty, the STAR program remains a lifeline for millions of homeowners, helping ease the burden of rising property taxes and helping working families stay afloat. With phase two of STAR benefits now underway, checks and credits of up to $1,500 are reaching hundreds of thousands of households. The Senate Democratic Majority worked closely with Governor Hochul and our colleagues in the Assembly to ensure that, in addition to STAR, we also delivered Inflation Rebate Checks, expanded child care assistance, and boosted child tax credits. These initiatives reflect our dedication to putting more money back in the pockets of hardworking New Yorkers.”

    Assembly Speaker Carl Heastie said, “While the administration in Washington is creating financial uncertainty for families across the country, here in New York, we’re working to put money back in the pockets of New York families. Because of the STAR program, more than three million homeowners across the state will receive $2.2 billion in tax relief, easing the financial burden on families and putting money back into our communities.”

    Phase one saw STAR credits and checks delivered to parts of the state with school tax due dates in June and July – including New York City, Yonkers, Buffalo, Rochester, and Syracuse. STAR deliveries to these regions were completed last week.

    The STAR program provides property tax relief to eligible New York State homeowners. During STAR benefit season, which runs from June to November, nearly three million homeowners will receive more than $2.2 billion in property tax relief through the program.

    Homeowners who are eligible and enrolled in the STAR program receive their benefit each year in one of two ways: as an exemption that reduces their school tax bill, or as a credit issued as a check or direct deposit.

    Those who receive the STAR credit as a check or direct deposit can visit the STAR Credit Delivery Schedule to learn when credits will be issued in their area. Property owners who are looking for details about STAR credits that have already been issued should visit the Property Tax Credit Lookup.

    Enroll in STAR Direct Deposit

    Homeowners can enroll in the STAR Credit Direct Deposit program through the Homeowner Benefit Portal within the Tax Department’s secure Online Services system. Homeowners can also use the Homeowner Benefit Portal to manage their STAR benefits easily and efficiently.

    The direct deposit option enables eligible STAR credit recipients to get their STAR credits without having to wait for and cash a check. To ensure they receive their STAR credit by direct deposit this year, homeowners should enroll as soon as possible. Homeowners who enroll fewer than 15 days before their STAR credit is issued will receive a check this year and direct deposit will begin next year. To find out when STAR credits will be issued in your area, use the STAR Credit Delivery Schedule lookup.

    Regional breakdown of this year’s $2.2 billion in STAR tax relief for nearly three million New Yorkers:

    REGION STAR TAX RELIEF RECIPIENTS
    Capital District $144.5 million 242,000
    Central New York $131.1 million 176,000
    Finger Lakes $205.2 million 279,000
    Long Island $698.4 million 582,000
    Mid-Hudson $488.5 million 404,000
    Mohawk Valley $66.3 million 101,000
    New York City $158.6 million 483,000
    North Country $47.2 million 88,000
    Southern Tier $109.6 million 156,000
    Western New York $178.5 million 320,000
    TOTAL $2.2 BILLION 2.83 MILLION

    State Senator Leroy Comrie said, “This next phase of the STAR program is welcome news for homeowners across Southeast Queens. Putting money back in people’s pockets helps ease the burden of rising costs and lets families stay rooted in the communities they’ve built their lives in. I thank Governor Hochul for keeping this commitment to New Yorkers.”

    State Senator Roxanne J. Persaud said, “This vital tax relief means eligible homeowners, especially seniors, can expect to receive their STAR or Enhanced STAR payments in the coming weeks. Nearly three million New Yorkers will receive over $2.2 billion this season, which is real support that eases financial strain and puts money back into our communities.”

    State Senator Luis R. Sepúlveda said, “I am pleased by Governor Kathy Hochul’s announcement of the next phase of the STAR tax relief program, which will directly benefit nearly three million New Yorkers. This program is putting money directly into the pockets of the working families and seniors who need it most. In communities like ours, in the Bronx, where the rising cost of living continues to affect so many people, this assistance means much more than just a check — it is essential financial relief that can make the difference between stability and hardship.”

    State Senator Shelley B. Mayer said, “I am pleased that millions of New Yorkers, including over 400,000 residents in the Hudson Valley, receive tax relief this summer and fall through the New York School Tax Relief (STAR) program. Many families in Westchester struggle with the high cost of living, and the STAR program will offer much-needed assistance. I encourage those eligible for STAR to enroll in direct deposit to simplify the process of receiving your STAR checks. I would also like to thank Governor Kathy Hochul for her commitment towards a hassle-free program that helps alleviate the burden of property taxes.”

    State Senator Rachel May said, “The STAR program helps make homeownership more affordable for seniors and families across New York. In Central New York, this kind of targeted tax relief makes a real difference. I’m grateful to Governor Hochul for continuing to support a program that helps so many of our neighbors stay in their homes.”

    State Senator Robert Jackson said, “In a state where working families shoulder some of the highest property taxes in the nation, this next phase of STAR is more than a benefit—it’s real relief. This is government at its best: directly returning hard-earned dollars to those who sustain our communities. From the Bronx to Buffalo, from seniors relying on fixed incomes to young families striving for stability, these checks aren’t just policy—they embody the principle that public dollars must serve the public good. I commend Governor Hochul and the Legislature for coming together and demonstrating precisely what good governance looks like—putting meaningful resources directly into the hands of the people we represent.”

    State Senator Jeremy Cooney said, “The STAR program is one of many ways we are tackling affordability in New York and making our state a place where everyone is able to live and thrive. With billions in relief being sent out, including over $205 million for the Finger Lakes region, I want to thank Governor Hochul for putting money back in the pockets of New Yorkers and for her commitment to increasing the quality of life across our state.”

    State Senator Michelle Hinchey said, “Over $630 million in property tax relief is headed straight to homeowners in the Mid-Hudson Valley and Capital Region, and I’m proud to have fought for it. For seniors on fixed incomes and working families trying to keep up, putting money back into people’s pockets through the STAR program is critical to making life more affordable. We’ll keep pushing to deliver the tax relief New Yorkers deserve through this program and beyond.”

    State Senator Lea Webb said, “The STAR program continues to be a vital lifeline for hardworking families and seniors across the Southern Tier, and I’m proud to see the second phase of disbursements reaching residents in my district. This additional round of tax relief helps ease the financial burden for millions of New Yorkers. It means more breathing room in family budgets and peace of mind for seniors. Whether it’s paying for essentials, catching up on bills, or planning for the future, this support strengthens our communities and helps people remain in the homes they’ve worked so hard to maintain.”

    State Senator April N.M. Baskin said, “Thanks to Governor Hochul, a substantial number of New York residents, including 320,000 in Western New York, will have more money in their pockets over the next few months because of the STAR tax relief program. In these uncertain economic times, this program is particularly helpful to working families and older residents who benefit from such meaningful financial relief.”

    State Senator Christopher Ryan said, “This is real, meaningful tax relief for Central New York homeowners. More than 176,000 families in our region will see a total of $131 million coming back to them through the STAR program. Whether you’re a senior on a fixed income or a working family trying to stay ahead, this puts money back in your pocket when it’s needed most. I’ll keep fighting to make sure programs like this continue to deliver for our communities.”

    Assemblymember Charles D. Lavine said, “This is welcome news for tens of thousands of hard-working families and seniors right here in Nassau County. Thanks to Governor Hochul’s continued commitment to this program and the economic needs of residents, real money will soon be back in their pockets which they can use however they would like.”

    Assemblymember Harry B. Bronson said, “Making New York more affordable for our seniors and middle-class families is one of my highest priorities. Phase 2 of the STAR Tax Relief Program, funded through the New York State budget, will deliver relief to thousands of residents in Monroe County and the City of Rochester, putting much-needed money back in people’s pockets as we head into the cooler days of fall. I am proud to have worked alongside my State Legislative colleagues and Governor Hochul to continue this critical tax cut.”

    Assemblymember Steve Otis said, “This announcement shares the next phase of STAR tax relief payments funded in this year’s budget by Governor Hochul, the Assembly and Senate. The focus of our adopted state budget was to address affordability issues for New York families through a range of state programs. I continue to focus on delivering state dollars directly to Westchester families and through state assistance to local governments and school districts to help lower the burden of property taxes. Established decades ago, Basic STAR and Enhanced STAR help reduce the burden of school property taxes across the state.”

    Assemblymember Rodneyse Bichotte Hermelyn said, “Governor Hochul’s rollout of Phase 2 of the STAR Tax Relief Program, represents a critical investment in the well-being of New York homeowners – particularly our seniors living on fixed incomes and hardworking families striving every day to make ends meet. At a time when the cost of living continues to rise, this property tax relief helps ensure residents can remain in their homes and maintain long-term financial stability. The STAR program does more than deliver a check—it delivers tranquility and strengthens the very foundation of our neighborhoods. I applaud Governor Hochul for prioritizing this vital support and for ensuring that these benefits are delivered efficiently and equitably to millions of New Yorkers.”

    Assemblymember Al Taylor said, “At a time when working families and seniors are feeling the weight of inflation, the STAR tax relief program is delivering real, tangible help. Phase 2 will bring hundreds of dollars in direct relief to millions of New Yorkers, including nearly half a million right here in New York City. I commend Governor Hochul for advancing this vital program and ensuring that homeowners, especially our seniors on fixed incomes, get the support they deserve. This is what government should do: make life more affordable and help people stay in their homes.”

    Assemblymember Clyde Vanel said, “Queens families continue to face rising costs. This next round of STAR tax relief comes at a critical time for all of them. I applaud Governor Hochul’s commitment to easing the burden on homeowners across New York State. Nearly three million New Yorkers, including thousands right here in Queens, will feel real financial relief this summer and fall.”

    Assemblymember Harvey Epstein said, “As the cost of living continues to increase in our state, it is important to put money back in the pockets of New Yorkers. The STAR tax credit will offer property tax relief to many homeowners who need it.”

    Assemblymember Jenifer Rajkumar said, “Governor Hochul is delivering real, meaningful relief to millions of New Yorkers. At a time when families are feeling the pinch, the Governor’s leadership is putting money back in people’s pockets, making life more affordable, and opening up opportunities for working families. By easing the burden of school property taxes, she is helping New Yorkers build a stronger future — with more financial security and more resources to invest in their families and communities. This is what people-first government looks like.”

    Assemblymember Jessica González-Rojas said, “As the second phase of the STAR Tax Credit rebate check distribution commences, I commend Governor Hochul, Speaker Heastie and my colleagues for ensuring New York homeowners get the support, especially in the midst of economic turmoil. The STAR rebate check disbursement is an opportunity to support homeowners throughout New York State. A $350 check can make a big difference for many families today. Thank you to all who helped make this happen so we can provide more relief to all New Yorkers.”

    Assemblymember Yudelka Tapia said, “Putting money back in the pockets of New Yorkers is one of the most important things we can do to help families put food on the table and keep our state affordable. Here in New York City, nearly half a million homeowners are receiving over $158 million in property tax relief. I applaud Governor Hochul for moving this effort forward and delivering for working families across every corner of our state.”

    Assemblymember Dana Levenberg said, “My constituents are extremely concerned about affordability, especially in light of the devastating cuts to the federal assistance programs on which many households rely to make ends meet. I am proud that in New York, we are looking out for your bottom line providing STAR program tax relief totaling $2.2 billion across the state, with payments coming via direct deposit, credit on your school tax bill, or a check in your mailbox in the coming weeks.”

    Assemblymember Gabriella A. Romero said, “I’m proud to see the successful implementation of phase two of the School Tax Relief (STAR) program across New York State begin this month. This important investment focuses on those most affected by rising school taxes, providing real, lasting relief. I’m honored to stand with Governor Hochul and my colleagues in the State Legislature for securing its place in this year’s budget.”

    Assemblymember MaryJane Shimsky said, “Some recipients have already received the STAR benefit in the form of a tax exemption this year, but many others will receive it by check in the coming weeks and months. With major funding cuts coming from Washington, this benefit will be even more crucial as our households struggle harder to make ends meet. I urge our homeowners to check their eligibility for both Basic STAR and Enhanced STAR, and to consult the delivery schedule for their area.”

    MIL OSI USA News –

  • MIL-OSI Security: Swedish Man Who Licensed Rights to Late Colombian Drug Lord Pablo Escobar Pleads Guilty to Fraud, Money Laundering Charges

    Source: US FBI

    LOS ANGELES – A Swedish national who licensed the rights of the late Colombian narco-terrorist Pablo Escobar pleaded guilty today to six federal criminal charges for defrauding investors by marketing and selling products – including flamethrowers and cellphones – that he never delivered.

    Olof Kyros Gustafsson, 32, a.k.a. “El Silencio,” pleaded guilty to one count of conspiracy to commit wire fraud and mail fraud, one count of wire fraud, one count of mail fraud, one count of conspiracy to commit money laundering, one count of concealment money laundering, and one count of international concealment money laundering.

    Gustafsson has been in federal custody since March 28, when he was extradited to the United States from Spain, where he was arrested in December 2023. 

    According to his plea agreement, Gustafsson was the CEO of Escobar Inc., a corporation registered in Puerto Rico that held successor-in-interest rights to the persona and legacy of Pablo Escobar, the deceased Colombian narco-terrorist and late head of the Medellín Cartel. Escobar Inc. used Pablo Escobar’s likeness and persona to market and sell purported consumer products to the public.

    From July 2019 to November 2023, Gustafsson identified existing products in the marketplace that were being manufactured and sold to the public. He then used the Escobar persona to market and advertise similar and competing products purportedly being sold by Escobar Inc., advertising them at a price substantially lower than existing counterparts being sold by other companies.

    Gustafsson then purportedly sold the products – including an Escobar Flamethrower, an Escobar Fold Phone, an Escobar Gold 11 Pro Phone, and Escobar Cash (marketed as a “physical cryptocurrency”) – to customers, receiving payments via PayPal, Stripe, Coinbase, among other payment processors, as well as bank and wire transfers.

    Despite receiving customer payments, Gustafsson did not deliver the Escobar Inc. products to paying customers because the products did not exist.

    In furtherance of the scheme, Gustafsson sent crudely made samples of the purported Escobar Inc. products to online technology reviewers and social media influencers to attempt to increase the public’s demand for them. For example, Gustafsson sent Samsung Galaxy Fold Phones wrapped in gold foil and disguised as Escobar Inc. phones to online technology reviewers to attempt to induce victims who watched the online reviews into buying the products that never would be delivered.

    Also, rather than sending paying customers the actual products, Gustafsson mailed them a “Certificate of Ownership,” a book, or other Escobar Inc. promotional materials so there was a record of mailing from the company to the customer. When a paying customer attempted to obtain a refund when the product was never delivered, Gustafsson fraudulently referred the payment processor to the proof of mailing for the Certificate of Ownership or other material as proof that the product itself was shipped and that the customer had received it so the refund requests would be denied.

    Gustafsson also caused bank accounts to be opened under his name and entities he controlled to be used as funnel accounts – bank accounts into which he deposited and withdrew proceeds derived from his criminal activities. The purpose was to conceal and disguise the nature, location, source, ownership, and control of the proceeds. The bank accounts were located in the United States, Sweden, and the United Arab Emirates.

    United States District Judge Fernando L. Aenlle-Rocha scheduled a December 5 sentencing hearing, at which time Gustafsson will face a statutory maximum sentence of 20 years in federal prison for each fraud-related count and up to 10 years in federal prison for each money laundering-related count. 

    As part of his plea agreement, Gustafsson agreed to pay up to $1.3 million in restitution to victims, as well as to forfeiture to funds that were proceeds of the fraud schemes, including money currently held in a bank account in Sweden.

    IRS Criminal Investigation, the FBI, and the Federal Deposit Insurance Corporation-Office of Inspector General are investigating this matter, with assistance from the Department of Justice’s Office of International Affairs, the United States Marshals Service, Eurojust, Spanish authorities, and French judicial authorities.

    Assistant United States Attorney Joshua O. Mausner of the Violent and Organized Crime Section is prosecuting this case.

    MIL Security OSI –

  • MIL-OSI Security: Swedish Man Who Licensed Rights to Late Colombian Drug Lord Pablo Escobar Pleads Guilty to Fraud, Money Laundering Charges

    Source: US FBI

    LOS ANGELES – A Swedish national who licensed the rights of the late Colombian narco-terrorist Pablo Escobar pleaded guilty today to six federal criminal charges for defrauding investors by marketing and selling products – including flamethrowers and cellphones – that he never delivered.

    Olof Kyros Gustafsson, 32, a.k.a. “El Silencio,” pleaded guilty to one count of conspiracy to commit wire fraud and mail fraud, one count of wire fraud, one count of mail fraud, one count of conspiracy to commit money laundering, one count of concealment money laundering, and one count of international concealment money laundering.

    Gustafsson has been in federal custody since March 28, when he was extradited to the United States from Spain, where he was arrested in December 2023. 

    According to his plea agreement, Gustafsson was the CEO of Escobar Inc., a corporation registered in Puerto Rico that held successor-in-interest rights to the persona and legacy of Pablo Escobar, the deceased Colombian narco-terrorist and late head of the Medellín Cartel. Escobar Inc. used Pablo Escobar’s likeness and persona to market and sell purported consumer products to the public.

    From July 2019 to November 2023, Gustafsson identified existing products in the marketplace that were being manufactured and sold to the public. He then used the Escobar persona to market and advertise similar and competing products purportedly being sold by Escobar Inc., advertising them at a price substantially lower than existing counterparts being sold by other companies.

    Gustafsson then purportedly sold the products – including an Escobar Flamethrower, an Escobar Fold Phone, an Escobar Gold 11 Pro Phone, and Escobar Cash (marketed as a “physical cryptocurrency”) – to customers, receiving payments via PayPal, Stripe, Coinbase, among other payment processors, as well as bank and wire transfers.

    Despite receiving customer payments, Gustafsson did not deliver the Escobar Inc. products to paying customers because the products did not exist.

    In furtherance of the scheme, Gustafsson sent crudely made samples of the purported Escobar Inc. products to online technology reviewers and social media influencers to attempt to increase the public’s demand for them. For example, Gustafsson sent Samsung Galaxy Fold Phones wrapped in gold foil and disguised as Escobar Inc. phones to online technology reviewers to attempt to induce victims who watched the online reviews into buying the products that never would be delivered.

    Also, rather than sending paying customers the actual products, Gustafsson mailed them a “Certificate of Ownership,” a book, or other Escobar Inc. promotional materials so there was a record of mailing from the company to the customer. When a paying customer attempted to obtain a refund when the product was never delivered, Gustafsson fraudulently referred the payment processor to the proof of mailing for the Certificate of Ownership or other material as proof that the product itself was shipped and that the customer had received it so the refund requests would be denied.

    Gustafsson also caused bank accounts to be opened under his name and entities he controlled to be used as funnel accounts – bank accounts into which he deposited and withdrew proceeds derived from his criminal activities. The purpose was to conceal and disguise the nature, location, source, ownership, and control of the proceeds. The bank accounts were located in the United States, Sweden, and the United Arab Emirates.

    United States District Judge Fernando L. Aenlle-Rocha scheduled a December 5 sentencing hearing, at which time Gustafsson will face a statutory maximum sentence of 20 years in federal prison for each fraud-related count and up to 10 years in federal prison for each money laundering-related count. 

    As part of his plea agreement, Gustafsson agreed to pay up to $1.3 million in restitution to victims, as well as to forfeiture to funds that were proceeds of the fraud schemes, including money currently held in a bank account in Sweden.

    IRS Criminal Investigation, the FBI, and the Federal Deposit Insurance Corporation-Office of Inspector General are investigating this matter, with assistance from the Department of Justice’s Office of International Affairs, the United States Marshals Service, Eurojust, Spanish authorities, and French judicial authorities.

    Assistant United States Attorney Joshua O. Mausner of the Violent and Organized Crime Section is prosecuting this case.

    MIL Security OSI –

  • MIL-OSI: First Financial Corporation Reports Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., July 22, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2025.

    • Net income was $18.6 million compared to $11.4 million reported for the same period of 2024;
    • Diluted net income per common share of $1.57 compared to $0.96 for the same period of 2024;
    • Return on average assets was 1.34% compared to 0.94% for the three months ended June 30, 2024;
    • Provision for credit losses was $2.0 million compared to provision of $3.0 million for the second quarter 2024; and
    • Pre-tax, pre-provision net income was $24.9 million compared to $16.2 million for the same period in 2024.1

    The Corporation further reported results for the six months ended June 30, 2025:

    • Net income was $37.0 million compared to $22.3 million reported for the same period of 2024;
    • Diluted net income per common share of $3.12 compared to $1.89 for the same period of 2024;
    • Return on average assets was 1.34% compared to 0.93% for the six months ended June 30, 2024;
    • Provision for credit losses was $3.9 million compared to provision of $4.8 million for the six months ended June 30, 2024; and
    • Pre-tax, pre-provision net income was $50.6 million compared to $31.2 million for the same period in 2024.1

    ________________________
    1    Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

    Average Total Loans

    Average total loans for the second quarter of 2025 were $3.88 billion versus $3.20 billion for the comparable period in 2024, an increase of $680 million or 21.25%. On a linked quarter basis, average loans increased $35 million or 0.92% from $3.84 billion as of March 31, 2025. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

    Total Loans Outstanding

    Total loans outstanding as of June 30, 2025, were $3.90 billion compared to $3.20 billion as of June 30, 2024, an increase of $693 million or 21.62%. On a linked quarter basis, total loans increased $42.6 million or 1.11% from $3.85 billion as of March 31, 2025. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our second quarter results, as we have experienced our 7th consecutive quarter of loan growth. We also had another record quarter of net interest income and saw our net margin expand to 4.15%. We expect continued improvement in coming quarters.”

    Average Total Deposits

    Average total deposits for the quarter ended June 30, 2025, were $4.65 billion versus $4.11 billion as of June 30, 2024, an increase of $537 million, or 13.06%. On a linked quarter basis, average deposits remained stable when compared to March 31, 2025. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

    Total Deposits

    Total deposits were $4.66 billion as of June 30, 2025, compared to $4.13 billion as of June 30, 2024. On a linked quarter basis, total deposits increased $22.9 million or 0.49% from $4.64 billion as of March 31, 2025. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $860 million, and time deposits were $710 million as of June 30, 2025, compared to $749 million and $586 million, respectively for the same period of 2024.

    Shareholders’ Equity

    Shareholders’ equity at June 30, 2025, was $587.7 million compared to $530.7 million on June 30, 2024. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.51 per share quarterly dividend in April and declared a $0.51 quarterly dividend, which was paid on July 15, 2025.

    Book Value Per Share

    Book Value per share was $49.59 as of June 30, 2025, compared to $44.92 as of June 30, 2024, an increase of $4.67 per share, or 10.40%. Tangible Book Value per share was $39.74 as of June 30, 2025, compared to $37.12 as of June 30, 2024, an increase of $2.62 per share or 7.06%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 8.58% at June 30, 2025, compared to 9.14% at June 30, 2024.

    Net Interest Income

    Net interest income for the second quarter of 2025 was a record $52.7 million, compared to $39.3 million reported for the same period of 2024, an increase of $13.4 million, or 34.0%. Interest income increased $13.4 million and interest expense increased $29 thousand year over year. As mentioned by in the president’s comments above, loan growth has continued for seven consecutive quarters, which contributed to steadily increasing net interest income.

    Net Interest Margin

    The net interest margin for the quarter ended June 30, 2025, was 4.15% compared to the 3.57% reported at June 30, 2024.

    Nonperforming Loans

    Nonperforming loans as of June 30, 2025, were $9.8 million versus $15.9 million as of June 30, 2024. The ratio of nonperforming loans to total loans and leases was 0.25% as of June 30, 2025, versus 0.50% as of June 30, 2024. On a linked quarter basis, nonperforming loans were $10.2 million, and the ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025.

    Credit Loss Provision

    The provision for credit losses for the three months ended June 30, 2025, was $2.0 million, compared to $3.0 million for the same period 2024.

    Net Charge-Offs

    In the second quarter of 2025 net charge-offs were $1.7 million compared to $4.7 million in the same period of 2024.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of June 30, 2025, was $47.1 million compared to $38.3 million as of June 30, 2024. The allowance for credit losses as a percent of total loans was 1.21% as of June 30, 2025, compared to 1.20% as of June 30, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased one basis point from 1.22% as of March 31, 2025.

    Non-Interest Income

    Non-interest income for the three months ended June 30, 2025 and 2024 was $10.4 million and $9.9 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended June 30, 2025, was $38.3 million compared to $32.7 million in 2024.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 59.37% for the quarter ending June 30, 2025, versus 64.56% for the same period in 2024.

    Income Taxes

    Income tax expense for the three months ended June 30, 2025, was $4.2 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 18.58% compared to 16.29% for 2024.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                                   
        Three Months Ended   Six Months Ended
        June 30,    March 31,   June 30,    June 30,    June 30, 
           2025      2025      2024      2025      2024
    END OF PERIOD BALANCES                              
    Assets   $ 5,602,969   $ 5,549,094   $ 4,891,068   $ 5,602,969   $ 4,891,068
    Deposits   $ 4,662,889   $ 4,640,003   $ 4,132,327   $ 4,662,889   $ 4,132,327
    Loans, including net deferred loan costs   $ 3,896,563   $ 3,854,020   $ 3,204,009   $ 3,896,563   $ 3,204,009
    Allowance for Credit Losses   $ 47,087   $ 46,835   $ 38,334   $ 47,087   $ 38,334
    Total Equity   $ 587,668   $ 571,945   $ 530,670   $ 587,668   $ 530,670
    Tangible Common Equity (a)   $ 470,894   $ 451,874   $ 438,569   $ 470,894   $ 438,569
                                   
    AVERAGE BALANCES                              
    Total Assets   $ 5,529,225   $ 5,508,767   $ 4,813,308   $ 5,518,996   $ 4,808,836
    Earning Assets   $ 5,213,220   $ 5,194,478   $ 4,556,839   $ 5,203,849   $ 4,561,650
    Investments   $ 1,244,208   $ 1,266,300   $ 1,279,278   $ 1,255,254   $ 1,293,800
    Loans   $ 3,877,246   $ 3,841,752   $ 3,197,695   $ 3,859,499   $ 3,188,921
    Total Deposits   $ 4,651,051   $ 4,650,883   $ 4,113,826   $ 4,650,967   $ 4,079,832
    Interest-Bearing Deposits   $ 3,843,143   $ 3,837,679   $ 3,413,752   $ 3,840,411   $ 3,369,921
    Interest-Bearing Liabilities   $ 269,338   $ 261,174   $ 152,303   $ 265,256   $ 186,864
    Total Equity   $ 576,288   $ 564,742   $ 517,890   $ 570,515   $ 520,305
                                   
    INCOME STATEMENT DATA                              
    Net Interest Income   $ 52,671   $ 51,975   $ 39,294   $ 104,646   $ 78,214
    Net Interest Income Fully Tax Equivalent (b)   $ 54,091   $ 53,373   $ 40,673   $ 107,464   $ 80,970
    Provision for Credit Losses   $ 1,950   $ 1,950   $ 2,966   $ 3,900   $ 4,766
    Non-interest Income   $ 10,381   $ 10,511   $ 9,905   $ 20,892   $ 19,336
    Non-interest Expense   $ 38,276   $ 36,759   $ 32,651   $ 75,035   $ 66,073
    Net Income   $ 18,586   $ 18,406   $ 11,369   $ 36,992   $ 22,293
                                   
    PER SHARE DATA                              
    Basic and Diluted Net Income Per Common Share   $ 1.57   $ 1.55   $ 0.96   $ 3.12   $ 1.89
    Cash Dividends Declared Per Common Share   $ 0.51   $ 0.51   $ 0.45   $ 1.02   $ 0.90
    Book Value Per Common Share   $ 49.59   $ 48.26   $ 44.92   $ 49.59   $ 44.92
    Tangible Book Value Per Common Share (c)   $ 38.78   $ 38.13   $ 36.04   $ 39.74   $ 37.12
    Basic Weighted Average Common Shares Outstanding     11,851     11,842     11,814     11,847     11,809

    ________________________
    (a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                                   
    Key Ratios      Three Months Ended     Six Months Ended  
        June 30,         March 31,        June 30,         June 30,         June 30,   
        2025     2025     2024           2025     2024  
    Return on average assets   1.34 %   1.34 %   0.94 %   1.34 %   0.93 %
    Return on average common shareholder’s equity   12.90 %   13.04 %   8.78 %   12.97 %   8.57 %
    Efficiency ratio   59.37 %   57.54 %   64.56 %   58.46 %   65.87 %
    Average equity to average assets   10.42 %   10.25 %   10.76 %   10.34 %   10.82 %
    Net interest margin (a)   4.15 %   4.11 %   3.57 %   4.13 %   3.55 %
    Net charge-offs to average loans and leases   0.18 %   0.19 %   0.59 %   0.18 %   0.39 %
    Credit loss reserve to loans and leases   1.21 %   1.22 %   1.20 %   1.21 %   1.20 %
    Credit loss reserve to nonperforming loans   480.72 %   460.57 %   240.85 %   480.72 %   240.85 %
    Nonperforming loans to loans and leases   0.25 %   0.26 %   0.50 %   0.25 %   0.50 %
    Tier 1 leverage   10.91 %   10.63 %   12.14 %   10.91 %   12.14 %
    Risk-based capital – Tier 1   12.86 %   12.70 %   14.82 %   12.86 %   14.82 %

    ________________________
    (a)   Net interest margin is calculated on a tax equivalent basis.

                                   
    Asset Quality   Three Months Ended   Six Months Ended
           June 30,       March 31,      June 30,       June 30,       June 30, 
        2025   2025   2024   2025   2024
    Accruing loans and leases past due 30-89 days   $ 22,303   $ 17,007   $ 14,913   $ 22,303   $ 14,913
    Accruing loans and leases past due 90 days or more   $ 1,917   $ 1,109   $ 1,353   $ 1,917   $ 1,353
    Nonaccrual loans and leases   $ 7,878   $ 9,060   $ 14,563   $ 7,878   $ 14,563
    Other real estate owned   $ 383   $ 560   $ 170   $ 383   $ 170
    Nonperforming loans and other real estate owned   $ 10,178   $ 10,729   $ 16,086   $ 10,178   $ 16,086
    Total nonperforming assets   $ 13,087   $ 13,631   $ 18,978   $ 13,087   $ 18,978
    Gross charge-offs   $ 2,928   $ 3,241   $ 6,091   $ 6,169   $ 9,283
    Recoveries   $ 1,230   $ 1,394   $ 1,414   $ 2,624   $ 3,084
    Net charge-offs/(recoveries)   $ 1,698   $ 1,847   $ 4,677   $ 3,545   $ 6,199
                   
    Non-GAAP Reconciliations   Three Months Ended June 30, 
           2025      2024
    ($in thousands, except EPS)              
    Income before Income Taxes   $ 22,826     $ 13,582  
    Provision for credit losses     1,950       2,966  
    Provision for unfunded commitments     100       (300 )
    Pre-tax, Pre-provision Income   $ 24,876     $ 16,248  
                   
    Non-GAAP Reconciliations   Six Months Ended June 30, 
           2025      2024
    ($ in thousands, except EPS)              
    Income before Income Taxes   $ 46,603     $ 26,711  
    Provision for credit losses     3,900       4,766  
    Provision for unfunded commitments     100       (300 )
    Pre-tax, Pre-provision Income   $ 50,603     $ 31,177  
     
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
     
           June 30,       December 31, 
        2025   2024
        (unaudited)
    ASSETS            
    Cash and due from banks   $ 97,265     $ 93,526  
    Federal funds sold     853       820  
    Securities available-for-sale     1,169,956       1,195,990  
    Loans:            
    Commercial     2,222,015       2,196,351  
    Residential     987,738       967,386  
    Consumer     681,538       668,058  
          3,891,291       3,831,795  
    (Less) plus:            
    Net deferred loan costs     5,272       5,346  
    Allowance for credit losses     (47,087 )     (46,732 )
          3,849,476       3,790,409  
    Restricted stock     17,528       17,555  
    Accrued interest receivable     25,888       26,934  
    Premises and equipment, net     79,741       81,508  
    Bank-owned life insurance     130,072       128,766  
    Goodwill     98,229       100,026  
    Other intangible assets     18,545       21,545  
    Other real estate owned     383       523  
    Other assets     115,033       102,746  
    TOTAL ASSETS   $ 5,602,969     $ 5,560,348  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing   $ 859,699     $ 859,014  
    Interest-bearing:            
    Certificates of deposit exceeding the FDIC insurance limits     143,780       144,982  
    Other interest-bearing deposits     3,659,410       3,714,918  
          4,662,889       4,718,914  
    Short-term borrowings     149,512       187,057  
    FHLB advances     122,677       28,120  
    Other liabilities     80,223       77,216  
    TOTAL LIABILITIES     5,015,301       5,011,307  
                 
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,190,157 in 2025 and 16,165,023 in 2024            
    Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024     2,020       2,018  
    Additional paid-in capital     146,391       145,927  
    Retained earnings     712,271       687,366  
    Accumulated other comprehensive income/(loss)     (118,234 )     (132,285 )
    Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024     (154,780 )     (153,985 )
    TOTAL SHAREHOLDERS’ EQUITY     587,668       549,041  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 5,602,969     $ 5,560,348  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
     
        Three Months Ended   Six Months Ended
        June 30,    June 30, 
           2025      2024      2025      2024
                      (unaudited)
    INTEREST INCOME:                          
    Loans, including related fees   $ 64,775     $ 51,459     $ 128,387     $ 101,511  
    Securities:                           
    Taxable     5,915       5,833       11,917       11,764  
    Tax-exempt     2,622       2,601       5,226       5,204  
    Other     865       878       1,679       1,695  
    TOTAL INTEREST INCOME     74,177       60,771       147,209       120,174  
    INTEREST EXPENSE:                              
    Deposits     18,495       19,694       36,694       37,425  
    Short-term borrowings     1,398       959       3,091       1,935  
    Other borrowings     1,613       824       2,778       2,600  
    TOTAL INTEREST EXPENSE     21,506       21,477       42,563       41,960  
    NET INTEREST INCOME     52,671       39,294       104,646       78,214  
    Provision for credit losses     1,950       2,966       3,900       4,766  
    NET INTEREST INCOME AFTER PROVISION                              
    FOR LOAN LOSSES     50,721       36,328       100,746       73,448  
    NON-INTEREST INCOME:                             
    Trust and financial services     1,490       1,318       2,883       2,652  
    Service charges and fees on deposit accounts     7,554       6,730       15,139       13,437  
    Other service charges and fees     256       286       572       509  
    Securities gains (losses), net     (3 )     —       (3 )     —  
    Interchange income     180       135       394       314  
    Loan servicing fees     326       414       492       683  
    Gain on sales of mortgage loans     430       299       655       475  
    Other     148       723       760       1,266  
    TOTAL NON-INTEREST INCOME     10,381       9,905       20,892       19,336  
    NON-INTEREST EXPENSE:                              
    Salaries and employee benefits     19,689       17,380       38,937       34,710  
    Occupancy expense     2,472       2,201       5,148       4,560  
    Equipment expense     4,587       4,312       9,092       8,456  
    FDIC Expense     795       501       1,545       1,163  
    Other     10,733       8,257       20,313       17,184  
    TOTAL NON-INTEREST EXPENSE     38,276       32,651       75,035       66,073  
    INCOME BEFORE INCOME TAXES     22,826       13,582       46,603       26,711  
    Provision for income taxes     4,240       2,213       9,611       4,418  
    NET INCOME     18,586       11,369       36,992       22,293  
    OTHER COMPREHENSIVE INCOME (LOSS)                              
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes     2,946       3,535       14,046       (7,561 )
    Change in funded status of post retirement benefits, net of taxes     2       74       5       147  
    COMPREHENSIVE INCOME (LOSS)   $ 21,534     $ 14,978     $ 51,043     $ 14,879  
    PER SHARE DATA                              
    Basic and Diluted Earnings per Share   $ 1.57     $ 0.96     $ 3.12     $ 1.89  
    Weighted average number of shares outstanding (in thousands)     11,851       11,814       11,847       11,809  

    The MIL Network –

  • MIL-OSI: Presidio Appoints Tina McNulty as Chief Marketing Officer to Lead Global Marketing and Fuel Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 22, 2025 (GLOBE NEWSWIRE) — Presidio, a leading technology services and solutions provider, today announced the appointment of Tina McNulty as Chief Marketing Officer (CMO). A transformational marketing leader with a proven track record of driving revenue growth and brand leadership, McNulty will report to Vince Trama, Chief Revenue Officer (CRO) and lead Presidio’s global marketing strategy as the company continues to expand its focus on helping clients accelerate innovation and achieve meaningful business outcomes.

    “Tina’s data-driven marketing and technical audience engagement expertise makes her the ideal leader to elevate Presidio’s brand and transform our go-to-market strategy,” said Trama. “Her ability to align marketing innovation with business outcomes will be instrumental as we continue to help clients harness the power of AI, cloud, and digital transformation.”

    McNulty brings over two decades of experience scaling marketing operations for high-growth software and cybersecurity companies. Most recently, she served as CMO at ScienceLogic and has held senior marketing roles at leading technology firms such as BitSight, Cisco, and BMC, consistently delivering measurable business impact through strategic marketing campaigns, compelling positioning, and customer journey optimization.

    “I’m excited to join Presidio as our clients face some of their toughest technology challenges yet,” said Tina McNulty, Chief Marketing Officer. “What drew me here is the deep trust Presidio has earned over time. In an AI-driven world, that trust is invaluable—and when paired with our ability to innovate at scale, it uniquely positions us to lead clients through transformation with confidence. I’m eager to help more organizations discover how that trusted partnership can accelerate their success.”

    In her new role, McNulty will oversee Presidio’s global marketing team and drive integrated marketing strategies that support the company’s continued growth trajectory. She will focus on expanding market awareness, deepening client engagement, and positioning Presidio as the premier partner for enterprise digital transformation and cloud initiatives.

    Presidio has experienced significant growth over the past year, expanding its AI and cloud capabilities while strengthening its position as a trusted advisor to enterprise clients seeking to modernize their technology infrastructure and accelerate business outcomes.

    About Presidio

    At Presidio, speed and quality meet technology and innovation. Presidio is a trusted ally for organizations across industries with a decades-long history of building traditional IT foundations and deep expertise in AI and automation, security, networking, digital transformation, and cloud computing. Presidio fills gaps, removes hurdles, optimizes costs, and reduces risk. Presidio’s expert technical team develops custom applications, provides managed services, enables actionable data insights, and builds forward-thinking solutions that drive strategic outcomes for clients globally. For more information, visit www.presidio.com.

    The MIL Network –

  • MIL-OSI: AutoScheduler Receives Investment from Ben Gordon, Founder of Cambridge Capital LLC

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, July 22, 2025 (GLOBE NEWSWIRE) — AutoScheduler.AI, a leader in Agentic AI Warehouse Orchestration, announces receiving a strategic investment from Benjamin Gordon, a leading investor in logistics and supply chain technology companies. This investment marks a significant milestone in AutoScheduler’s continued growth and commitment to transforming warehouse orchestration through Agentic AI.

    “Ben Gordon brings unmatched expertise in logistics technology and a proven track record of scaling high-growth supply chain innovators,” says Keith Moore, CEO of AutoScheduler.AI. “Ben understands that we’re entering a new era in warehousing, where Agentic AI enables proactive, intelligent decision-making across operations, driving speed, agility, and performance. This strategic partnership will help us accelerate our roadmap, enhance customer outcomes, and bring Agentic AI warehouse orchestration to even more enterprises.”

    “In a world where disruptions are the norm, companies need intelligent, responsive systems that can orchestrate warehouse operations in real time and AutoScheduler delivers exactly that and more,” says Benjamin Gordon. “We are impressed with the team, technology, and leadership at the company and look forward to supporting their continued growth.”

    Benjamin Gordon is Managing Partner of Cambridge Capital, an investor in niche supply chain leaders. He is also Managing Partner of BGSA Holdings LLC (BGSA), an investment banking firm focused on the supply chain industry. Prior to founding BGSA, Ben founded 3PLex and led strategy projects in transportation and technology at Mercer Management consulting. Ben received a Masters in Business Administration from Harvard Business School and a Bachelor of Arts degree from Yale College.

    AutoScheduler continues to partner with global brands seeking to modernize warehouse operations and boost efficiencies and productivity within the warehouse environment. The investment will support AutoScheduler’s continued expansion, including enhancements to its product suite, growth of its leadership and engineering teams, and increased go-to-market efforts. Previous investments & follow on investments were also made by core AutoScheduler partners Noro-Moseley Partners and Blue Impact LLC.

    About AutoScheduler.AI
    AutoScheduler.AI empowers your supply chain with its Agentic AI-based warehouse orchestration platform that integrates with your existing WMS/LMS/YMS or any other solution to drive value across the supply chain by improving throughput, cutting labor costs, and ensuring customer service goals are met. AutoScheduler automates critical tasks for the warehouse like labor scheduling, task sequencing, and dock management, ensuring everything runs smoothly and efficiently. Our Agentic AI-based platform makes better decisions to create an adaptive, living supply chain. For more information, visit: http://www.AutoScheduler.AI.

    About Cambridge Capital
    Cambridge Capital is a leading investment firm focused on the supply chain sector. Based in West Palm Beach, FL, the firm invests in high-growth companies in logistics, transportation, and supply chain technology. Learn more at www.cambridgecapital.com.

    Contact:
    Becky Boyd
    MediaFirst PR
    Becky@MediaFirst.Net
    Cell: (404) 421-8497

    The MIL Network –

  • MIL-OSI Security: Illinois Tax Preparer Sentenced for Role in $3.6M Covid-19 Fraud Scheme

    Source: United States Department of Justice Criminal Division

    An Illinois man was sentenced yesterday to 42 months in prison for his role in a scheme to fraudulently obtain over $3.6 million in small business loans under the Coronavirus Aid, Relief, and Economic Security Act Paycheck Protection Program (PPP) and COVID19 Economic Injury Disaster Loan (EIDL) program implemented by the Small Business Administration (SBA). 

    According to court documents, Farooq Khan, 31, of Chicago, owned and operated Hannan Tax Services (Hannan Tax), a tax preparation company located in Chicago. From approximately May 2020 through October 2021, through Hannan Tax, Khan prepared and facilitated the submission of at least 30 fraudulent applications for loans through the PPP and EIDL program. At the time Kahn prepared and submitted the applications, he knew that the companies for which he sought the loans were non-operational and did not qualify. He also knowingly falsified the information contained in the applications, including the number of employees and tax records attributed to the defunct companies. Khan caused approximately $3.6 million to be fraudulently distributed by the SBA and PPP lenders. He also attempted to obtain at least an additional $588,900 in loans through other EIDL applications that were never funded for nonexistent companies. He personally obtained approximately $1.2 million of the fraudulent loan proceeds.     

    Khan pleaded guilty to one count of wire fraud on Feb. 19. At sentencing, he was also ordered to pay $3,645,104 in restitution. 

    Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division, Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office, and Special Agent-in-Charge Matthew J. Scarpino of Immigration and Customs Enforcement Homeland Security Investigations (ICE-HSI) Chicago made the announcement.   

    The FBI Chicago Field Office and ICE-HSI are investigating the case. 

    Trial Attorney Claire Sobczak Pacelli of the Criminal Division’s Fraud Section is prosecuting the case. 

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 8667205721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. 

    MIL Security OSI –

  • MIL-OSI USA: Illinois Tax Preparer Sentenced for Role in $3.6M Covid-19 Fraud Scheme

    Source: US State of North Dakota

    An Illinois man was sentenced yesterday to 42 months in prison for his role in a scheme to fraudulently obtain over $3.6 million in small business loans under the Coronavirus Aid, Relief, and Economic Security Act Paycheck Protection Program (PPP) and COVID19 Economic Injury Disaster Loan (EIDL) program implemented by the Small Business Administration (SBA). 

    According to court documents, Farooq Khan, 31, of Chicago, owned and operated Hannan Tax Services (Hannan Tax), a tax preparation company located in Chicago. From approximately May 2020 through October 2021, through Hannan Tax, Khan prepared and facilitated the submission of at least 30 fraudulent applications for loans through the PPP and EIDL program. At the time Kahn prepared and submitted the applications, he knew that the companies for which he sought the loans were non-operational and did not qualify. He also knowingly falsified the information contained in the applications, including the number of employees and tax records attributed to the defunct companies. Khan caused approximately $3.6 million to be fraudulently distributed by the SBA and PPP lenders. He also attempted to obtain at least an additional $588,900 in loans through other EIDL applications that were never funded for nonexistent companies. He personally obtained approximately $1.2 million of the fraudulent loan proceeds.     

    Khan pleaded guilty to one count of wire fraud on Feb. 19. At sentencing, he was also ordered to pay $3,645,104 in restitution. 

    Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division, Special Agent in Charge Douglas S. DePodesta of the FBI Chicago Field Office, and Special Agent-in-Charge Matthew J. Scarpino of Immigration and Customs Enforcement Homeland Security Investigations (ICE-HSI) Chicago made the announcement.   

    The FBI Chicago Field Office and ICE-HSI are investigating the case. 

    Trial Attorney Claire Sobczak Pacelli of the Criminal Division’s Fraud Section is prosecuting the case. 

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Justice Department’s National Center for Disaster Fraud (NCDF) Hotline at 8667205721 or via the NCDF Web Complaint Form at www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form. 

    MIL OSI USA News –

  • MIL-OSI Security: U.S. Attorney’s Office, Law Enforcement, Community Partners to Host National Night Out Event in East St. Louis

    Source: US FBI

    EAST ST. LOUIS, Ill. – To strengthen relationships between residents and law enforcement, the U.S. Attorney’s Office in the Southern District of Illinois, event organizers and police officials are inviting the East St. Louis community to a free event with activities for attendees of all ages to celebrate National Night Out.

    The event will be held from 5 to 7:30 p.m. on Tuesday, Aug. 5 at 8206 State St. in East St. Louis.

    Community partners will give out school supplies to students, provide food to families and offer an array of activities like competitive games, police demonstrations, and a live DJ. This National Night Out is a free event for East St. Louis residents.

    Ameren Illinois, ATF, Catholic Urban Programs, the City of East St. Louis, Community Development Sustainable Solutions, Community Life Line, DEA, the East St. Louis Police Department, the FBI Springfield Field Office, Illinois State Police, IRS Criminal Investigation, the U.S. Attorney’s Office and the U.S. Marshals Service are partnering to host the event.

    National Night Out is an annual community-building campaign that promotes community partnerships with police and neighborhood camaraderie.

    MIL Security OSI –

  • 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: HomeTrust Bancshares, Inc. Announces Financial Results for the Second Quarter of the Year Ending December 31, 2025 and Declaration of a Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., July 22, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NYSE: HTB) (“Company”), the holding company of HomeTrust Bank (“Bank”), today announced preliminary net income for the second quarter of the year ending December 31, 2025 and approval of its quarterly cash dividend.

    For the quarter ended June 30, 2025 compared to the quarter ended March 31, 2025:

    • net income was $17.2 million compared to $14.5 million;
    • diluted earnings per share (“EPS”) were $1.00 compared to $0.84;
    • annualized return on assets (“ROA”) was 1.58% compared to 1.33%;
    • annualized return on equity (“ROE”) was 11.97% compared to 10.52%;
    • net interest margin was 4.32% compared to 4.18%;
    • provision for credit losses was $1.3 million compared to $1.5 million;
    • gain on the sale of our two Knoxville, Tennessee branches was $1.4 million compared to $0;
    • quarterly cash dividends continued at $0.12 per share totaling $2.1 million for both periods; and
    • 78,412 shares of Company common stock were repurchased during the current quarter at an average price of $35.74 compared to 14,800 shares repurchased at an average price of $33.64 in the prior quarter.

    For the six months ended June 30, 2025 compared to the six months ended June 30, 2024:

    • net income was $31.7 million compared to $27.5 million;
    • diluted EPS were $1.84 compared to $1.61;
    • annualized ROA was 1.46% compared to 1.25%;
    • annualized ROE was 11.26% compared to 10.73%;
    • net interest margin was 4.25% compared to 4.08%;
    • provision for credit losses was $2.8 million compared to $5.4 million;
    • tax-free death benefit proceeds from life insurance were $0 compared to $1.1 million;
    • cash dividends of $0.24 per share totaling $4.1 million compared to $0.22 per share totaling $3.7 million; and
    • 93,212 shares of Company common stock were repurchased during the six months at an average price of $35.41 compared to 23,483 shares repurchased at an average price of $27.48 in the same period last year.

    The Company also announced today that its Board of Directors declared a quarterly cash dividend of $0.12 per common share payable on August 28, 2025 to shareholders of record as of the close of business on August 14, 2025.

    “Given the current economic uncertainty, we are pleased to report another quarter of strong financial results,” said C. Hunter Westbrook, President and Chief Executive Officer. “These results reflect HTB’s commitment to remain nimble and be prudent balance sheet managers. Our earnings story over recent quarters has primarily been driven by our top quartile net interest margin, which expanded to 4.32% this quarter, and our ability to limit growth in our expense base.

    “HTB previously set a goal to be a consistently high-performing regional community bank that is a regionally and nationally recognized ‘Best Place to Work.’ As a result of this strong financial performance, for the second year in a row, the Company was named one of Forbes’ America’s Best Banks for 2025 and recognized as a Top 50 Community Bank in the 2024 S&P Global Market Intelligence annual rankings, awards based on the overall financial performance and strength of financial institutions. The Company was also recently included in the coveted 2025 KBW Bank Honor Roll, a distinction granted to only 5% of eligible banks based on their best-in-class earnings growth over the past ten years. Over the last year, HTB has been recognized as a best place to work in all five states we serve as well as nationally by Newsweek and American Banker.

    “Lastly, during the quarter we completed the previously announced sale of our two Knoxville, Tennessee branches. This transaction reflects our efforts to tighten our geographic footprint, improve our branch efficiencies, and allow us to better allocate capital to support long-term growth in other core markets.”

    WEBSITE: WWW.HTB.COM

    Comparison of Results of Operations for the Three Months Ended June 30, 2025 and March 31, 2025
    Net Income.  Net income totaled $17.2 million, or $1.00 per diluted share, for the three months ended June 30, 2025 compared to $14.5 million, or $0.84 per diluted share, for the three months ended March 31, 2025, an increase of $2.7 million, or 18.4%. Results for the three months ended June 30, 2025 benefited from a $1.3 million increase in net interest income and a $2.1 million increase in noninterest income due to a $1.4 million gain on the sale of two branch locations. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Three Months Ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,804,502     $ 60,440   6.37 %   $ 3,802,003     $ 58,613   6.25 %
    Debt securities available for sale   149,611       1,658   4.45       152,659       1,787   4.75  
    Other interest-earning assets(2)   149,175       1,543   4.15       206,242       3,235   6.36  
    Total interest-earning assets   4,103,288       63,641   6.22       4,160,904       63,635   6.20  
    Other assets   263,603               266,141          
    Total assets $ 4,366,891             $ 4,427,045          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 563,817     $ 1,251   0.89 %   $ 573,316     $ 1,324   0.94 %
    Money market accounts   1,329,973       9,004   2.72       1,345,575       9,177   2.77  
    Savings accounts   182,340       37   0.08       183,354       38   0.08  
    Certificate accounts   868,321       8,564   3.96       951,715       9,824   4.19  
    Total interest-bearing deposits   2,944,451       18,856   2.57       3,053,960       20,363   2.70  
    Junior subordinated debt   10,154       206   8.14       10,129       205   8.21  
    Borrowings   31,154       350   4.51       12,301       160   5.28  
    Total interest-bearing liabilities   2,985,759       19,412   2.61       3,076,390       20,728   2.73  
    Noninterest-bearing deposits   744,585               719,522          
    Other liabilities   59,973               70,821          
    Total liabilities   3,790,317               3,866,733          
    Stockholders’ equity   576,574               560,312          
    Total liabilities and stockholders’ equity $ 4,366,891             $ 4,427,045          
    Net earning assets $ 1,117,529             $ 1,084,514          
    Average interest-earning assets to average interest-bearing liabilities   137.43 %             135.25 %        
    Non-tax-equivalent                      
    Net interest income     $ 44,229           $ 42,907    
    Interest rate spread         3.61 %           3.47 %
    Net interest margin(3)         4.32 %           4.18 %
    Tax-equivalent(4)                      
    Net interest income     $ 44,660           $ 43,325    
    Interest rate spread         3.65 %           3.51 %
    Net interest margin(3)         4.37 %           4.22 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $431 and $418 for the three months ended June 30, 2025 and March 31, 2025, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the three months ended June 30, 2025 did not vary significantly when compared to the three months ended March 31, 2025. Regarding the components of this income, loan interest income increased $1.8 million, or 3.1%, primarily due to an increase in yield on loans and an additional day in the current quarter, which was offset by a $1.7 million, or 52.3%, decrease in other investments and interest-bearing deposits income, mainly due to a $1.0 million, or 78.9%, decrease in SBIC investment income where significant investment appreciation was recognized in the prior quarter. Accretion income on acquired loans of $1.0 million and $322,000 was recognized during the same periods, respectively, and was included in interest income on loans.

    Total interest expense for the three months ended June 30, 2025 decreased $1.3 million, or 6.3%, compared to the three months ended March 31, 2025. The decrease was primarily the result of a decline in the average balance of certificate accounts, specifically brokered deposits, and a decline in the average cost of funds across funding categories.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ 703     $ 1,124     $ 1,827  
    Debt securities available for sale   (17 )     (112 )     (129 )
    Other interest-earning assets   (878 )     (814 )     (1,692 )
    Total interest-earning assets   (192 )     198       6  
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (8 )     (65 )     (73 )
    Money market accounts   (7 )     (166 )     (173 )
    Savings accounts   —       (1 )     (1 )
    Certificate accounts   (767 )     (493 )     (1,260 )
    Junior subordinated debt   3       (2 )     1  
    Borrowings   249       (59 )     190  
    Total interest-bearing liabilities   (530 )     (786 )     (1,316 )
    Increase in net interest income         $ 1,322  


    Provision for Credit Losses.      The provision for credit losses is the amount of expense that, based on our judgment, is required to maintain the allowance for credit losses (“ACL”) at an appropriate level under the current expected credit losses model.

    The following table presents a breakdown of the components of the provision for credit losses:

      Three Months Ended    
    (Dollars in thousands) June 30, 2025   March 31, 2025   $ Change   % Change
    Provision for credit losses              
    Loans $ 1,385     $ 800     $ 585     73 %
    Off-balance-sheet credit exposure   (82 )     740       (822 )   (111 )
    Total provision for credit losses $ 1,303     $ 1,540     $ (237 )   (15 )%

    For the quarter ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $2.0 million during the quarter:

    • $0.3 million benefit driven by changes in the loan mix.
    • $1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
    • $1.3 million increase in specific reserves on individually evaluated loans.

    For the quarter ended March 31, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $1.3 million during the quarter:

    • $0.6 million benefit driven by changes in the loan mix.
    • A slight improvement in the projected economic forecast, specifically the national unemployment rate, was offset by changes in qualitative adjustments.
    • $0.1 million increase in specific reserves on individually evaluated loans.

    For the quarter ended June 30, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments offset by changes in the projected economic forecast and qualitative allocation as outlined above. For the quarter ended March 31, 2025, the amount recorded for off-balance-sheet credit exposure was the result of an increase in the balance of loan commitments and changes in the loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the three months ended June 30, 2025 increased $2.1 million, or 26.5%, when compared to the quarter ended March 31, 2025. Changes in the components of noninterest income are discussed below:

      Three Months Ended    
    (Dollars in thousands) June 30, 2025   March 31, 2025   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 2,502     $ 2,244     $ 258     11 %
    Loan income and fees   548       721       (173 )   (24 )
    Gain on sale of loans held for sale   2,109       1,908       201     11  
    Bank owned life insurance (“BOLI”) income   852       842       10     1  
    Operating lease income   1,876       1,379       497     36  
    Gain on sale of branches   1,448       —       1,448     100  
    Gain on sale of premises and equipment   28       —       28     100  
    Other   794       933       (139 )   (15 )
    Total noninterest income $ 10,157     $ 8,027     $ 2,130     27 %
    • Gain on sale of loans held for sale: The increase was primarily driven by sales of the guaranteed portion of SBA commercial loans during the period. There were $7.3 million in sales of the guaranteed portion of SBA commercial loans with gains of $570,000 for the current quarter compared to $4.6 million sold and gains of $366,000 for the prior quarter. There were $108.8 million of HELOCs originated for sale which were sold during the current quarter with gains of $954,000 compared to $89.4 million sold with gains of $1.1 million in the prior quarter. There were $30.3 million of residential mortgage loans sold for gains of $558,000 during the current quarter compared to $18.8 million sold with gains of $473,000 in the prior quarter. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $27,000 for the current quarter compared to a net gain of $13,000 for the prior quarter.
    • Operating lease income: The increase was primarily the result of a reduction in losses recognized on the sale of previously leased equipment. We recognized net losses of $358,000 and $745,000 during the three months ended June 30, 2025 and March 31, 2025, respectively.
    • Gain on sale of branches: On May 23, 2025, we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million. The gain was primarily the result of a premium received on the deposits assumed by the purchasing institution, partially offset by expenses associated with the transaction.

    Noninterest Expense.  Noninterest expense for the three months ended June 30, 2025 increased $294,000, or 0.9%, when compared to the three months ended March 31, 2025. Changes in the components of noninterest expense are discussed below:

      Three Months Ended    
    (Dollars in thousands) June 30, 2025   March 31, 2025   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 18,208     $ 17,699     $ 509     3 %
    Occupancy expense, net   2,375       2,511       (136 )   (5 )
    Computer services   2,488       2,805       (317 )   (11 )
    Operating lease depreciation expense   1,789       1,868       (79 )   (4 )
    Telephone, postage and supplies   561       546       15     3  
    Marketing and advertising   442       452       (10 )   (2 )
    Deposit insurance premiums   473       511       (38 )   (7 )
    Core deposit intangible amortization   411       515       (104 )   (20 )
    Other   4,508       4,054       454     11  
    Total noninterest expense $ 31,255     $ 30,961     $ 294     1 %
    • Computer services: At the end of the prior calendar year, we finalized the multiyear renewal of our largest core processing contract. The decrease in expense quarter-over-quarter is a reflection of the improved vendor pricing negotiated through this effort.
    • Other: The change was driven by an increase in loan workout expenses in addition to smaller increases across several other expense categories.

    Income Taxes.  The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rates for the three months ended June 30, 2025 and March 31, 2025 were 21.2% and 21.1%, respectively.

    Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024
    Net Income.  Net income totaled $31.7 million, or $1.84 per diluted share, for the six months ended June 30, 2025 compared to $27.5 million, or $1.61 per diluted share, for the six months ended June 30, 2024, an increase of $4.3 million, or 15.5%. The results for the six months ended June 30, 2025 were positively impacted by a $3.2 million increase in net interest income, a decrease of $2.6 million in the provision for credit losses, a $1.3 million increase in noninterest income, partially offset by a $1.6 million increase in noninterest expense. Details of the changes in the various components of net income are further discussed below.

    Net Interest Income.  The following table presents the distribution of average assets, liabilities and equity, as well as interest income earned on average interest-earning assets and interest expense paid on average interest-bearing liabilities. All average balances are daily average balances. Nonaccruing loans have been included in the table as loans carrying a zero yield.

      Six Months Ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate    		   Average
    Balance
    Outstanding    		   Interest
    Earned /
    Paid    		   Yield /
    Rate
    Assets                      
    Interest-earning assets                      
    Loans receivable(1) $ 3,803,259     $ 119,053   6.31 %   $ 3,874,740     $ 122,113   6.34 %
    Debt securities available for sale   151,127       3,445   4.60       130,510       2,808   4.33  
    Other interest-earning assets(2)   177,551       4,778   5.43       135,936       3,848   5.69  
    Total interest-earning assets   4,131,937       127,276   6.21       4,141,186       128,769   6.25  
    Other assets   264,865               282,550          
    Total assets $ 4,396,802             $ 4,423,736          
    Liabilities and equity                      
    Interest-bearing liabilities                      
    Interest-bearing checking accounts $ 568,540     $ 2,575   0.91 %   $ 588,567     $ 2,870   0.98 %
    Money market accounts   1,337,731       18,180   2.74       1,289,758       19,340   3.02  
    Savings accounts   182,844       75   0.08       189,887       84   0.09  
    Certificate accounts   909,787       18,389   4.08       895,242       19,162   4.30  
    Total interest-bearing deposits   2,998,902       39,219   2.64       2,963,454       41,456   2.81  
    Junior subordinated debt   10,142       411   8.17       10,042       470   9.41  
    Borrowings   21,780       510   4.72       95,235       2,902   6.13  
    Total interest-bearing liabilities   3,030,824       40,140   2.67       3,068,731       44,828   2.94  
    Noninterest-bearing deposits   732,123               789,565          
    Other liabilities   65,367               50,224          
    Total liabilities   3,828,314               3,908,520          
    Stockholders’ equity   568,488               515,216          
    Total liabilities and stockholders’ equity $ 4,396,802             $ 4,423,736          
    Net earning assets $ 1,101,113             $ 1,072,455          
    Average interest-earning assets to average interest-bearing liabilities   136.33 %             134.95 %        
    Non-tax-equivalent                      
    Net interest income     $ 87,136           $ 83,941    
    Interest rate spread         3.54 %           3.31 %
    Net interest margin(3)         4.25 %           4.08 %
    Tax-equivalent(4)                      
    Net interest income     $ 87,985           $ 84,645    
    Interest rate spread         3.58 %           3.35 %
    Net interest margin(3)         4.29 %           4.11 %

    (1)  Average loans receivable balances include loans held for sale and nonaccruing loans.
    (2)  Average other interest-earning assets consist of FRB stock, FHLB stock, SBIC investments and deposits in other banks.
    (3)  Net interest income divided by average interest-earning assets.
    (4)  Tax-equivalent results include adjustments to interest income of $849 and $704 for the six months ended June 30, 2025 and June 30, 2024, respectively, calculated based on a combined federal and state tax rate of 24%.

    Total interest and dividend income for the six months ended June 30, 2025 decreased $1.5 million, or 1.2%, compared to the six months ended June 30, 2024, which was driven by a $3.1 million, or 2.5%, decrease in interest income on loans, partially offset by a combined $1.6 million, or 23.5%, increase in interest income on debt securities available for sale and other interest-bearing assets. Accretion income on acquired loans of $1.3 million and $1.4 million was recognized during the same periods, respectively, and was included in interest income on loans. The overall decrease in average yield on interest-earning assets was mainly the result of a decline in average balances, specifically for the loan portfolio where we continue to be focused on prudent loan growth.

    Total interest expense for the six months ended June 30, 2025 decreased $4.7 million, or 10.5%, compared to the six months ended June 30, 2024. The change was primarily the result of a decrease in the average balance of borrowings in addition to the cost of funds across all funding sources.

    The following table shows the effects that changes in average balances (volume), including the difference in the number of days in the periods compared, and average interest rates (rate) had on the interest earned on interest-earning assets and interest paid on interest-bearing liabilities:

      Increase / (Decrease)
    Due to    		   Total
    Increase /
    (Decrease)
    (Dollars in thousands) Volume   Rate  
    Interest-earning assets          
    Loans receivable $ (2,583 )   $ (477 )   $ (3,060 )
    Debt securities available for sale   434       203       637  
    Other interest-earning assets   1,165       (235 )     930  
    Total interest-earning assets   (984 )     (509 )     (1,493 )
    Interest-bearing liabilities          
    Interest-bearing checking accounts   (105 )     (190 )     (295 )
    Money market accounts   669       (1,829 )     (1,160 )
    Savings accounts   (3 )     (6 )     (9 )
    Certificate accounts   260       (1,033 )     (773 )
    Junior subordinated debt   4       (63 )     (59 )
    Borrowings   (2,240 )     (152 )     (2,392 )
    Total interest-bearing liabilities   (1,415 )     (3,273 )     (4,688 )
    Increase in net interest income         $ 3,195  


    Provision for Credit Losses.      The following table presents a breakdown of the components of the provision for credit losses:

      Six Months Ended      
    (Dollars in thousands) June 30, 2025   June 30, 2024   $ Change   % Change  
    Provision for credit losses                
    Loans $ 2,185     $ 5,445     $ (3,260 )   (60 )%
    Off-balance-sheet credit exposure   658       (20 )     678     3,390  
    Total provision for credit losses $ 2,843     $ 5,425     $ (2,582 )   (48 )%

    For the six months ended June 30, 2025, the “loans” portion of the provision for credit losses was the result of the following, offset by net charge-offs of $3.3 million during the period.

    • $0.9 million benefit driven by changes in the loan mix.
    • $1.6 million benefit due to changes in qualitative adjustments, partially offset by a slight worsening of the projected economic forecast, specifically the national unemployment rate. Of note, we released the $2.2 million qualitative allocation previously established for the potential impact of Hurricane Helene upon our loan portfolio which had been established in the quarter ended September 30, 2024. Any residual impact of the Hurricane is believed to have now been reflected elsewhere within the ACL calculation.
    • $1.4 million increase in specific reserves on individually evaluated loans.

    For the six months ended June 30, 2024, the “loans” portion of the provision for credit losses was the result of the following, in addition to net charge-offs of $4.9 million during the period:

    • $1.3 million benefit due to changes in the projected economic forecast, specifically the national unemployment rate, and changes in qualitative adjustments.
    • $1.8 million increase in specific reserves on individually evaluated loans which was proportional to the increase in the associated loan balances which increased from $8.1 million to $16.3 million during the six month period, concentrated in the equipment finance and SBA portfolios.

    For the six months ended June 30, 2025 and June 30, 2024, the amounts recorded for off-balance-sheet credit exposure were the result of changes in the balance of loan commitments, loan mix and projected economic forecast as outlined above.

    Noninterest Income.  Noninterest income for the six months ended June 30, 2025 increased $1.3 million, or 7.4%, when compared to the same period last year. Changes in the components of noninterest income are discussed below:

      Six Months Ended    
    (Dollars in thousands) June 30, 2025   June 30, 2024   $ Change   % Change
    Noninterest income              
    Service charges and fees on deposit accounts $ 4,746     $ 4,503     $ 243     5 %
    Loan income and fees   1,269       1,325       (56 )   (4 )
    Gain on sale of loans held for sale   4,017       3,285       732     22  
    BOLI income   1,694       2,642       (948 )   (36 )
    Operating lease income   3,255       3,450       (195 )   (6 )
    Gain on sale of branches   1,448       —       1,448     100  
    Gain (loss) on sale of premises and equipment   28       (9 )     37     411  
    Other   1,727       1,728       (1 )   —  
    Total noninterest income $ 18,184     $ 16,924     $ 1,260     7 %
                                 
    • Gain on sale of loans held for sale: The increase in the gain on sale of loans held for sale was primarily driven by HELOCs and residential mortgage loans sold during the period. During the six months ended June 30, 2025, there were $198.2 million of HELOCs sold during the current period for gains of $2.0 million compared to $40.7 million sold and gains of $473,000 for the corresponding period in the prior year. There were $49.1 million of residential mortgage loans originated for sale which were sold with gains of $1.0 million compared to $36.6 million sold with gains of $667,000 for the corresponding period in the prior year. There were $11.9 million of sales of the guaranteed portion of SBA commercial loans with gains of $936,000 compared to $25.6 million sold and gains of $2.1 million for the corresponding period in the prior year. Our hedging of mandatory commitments on the residential mortgage loan pipeline resulted in a net gain of $40,000 for the six months ended June 30, 2025 versus a net loss of $3,000 for the six months ended June 30, 2024.
    • BOLI income: The decrease was due to $1.1 million in tax-free gains on death benefit proceeds in excess of the cash surrender value of the policies recognized in the prior period, partially offset by higher yielding policies as a result of restructuring the portfolio at the end of the prior calendar year.
    • Gain on sale of branches: As discussed earlier, during the current period we completed the previously announced sale of our two Knoxville, Tennessee branches, recognizing a gain of $1.4 million in the current period.

    Noninterest Expense.  Noninterest expense for the six months ended June 30, 2025 increased $2.1 million, or 3.6%, when compared to the same period last year. Changes in the components of noninterest expense are discussed below:

      Six Months Ended    
    (Dollars in thousands) June 30, 2025   June 30, 2024   $ Change   % Change
    Noninterest expense              
    Salaries and employee benefits $ 35,907     $ 33,584     $ 2,323     7 %
    Occupancy expense, net   4,886       4,856       30     1  
    Computer services   5,293       6,204       (911 )   (15 )
    Operating lease depreciation expense   3,657       3,565       92     3  
    Telephone, postage and supplies   1,107       1,165       (58 )   (5 )
    Marketing and advertising   894       1,251       (357 )   (29 )
    Deposit insurance premiums   984       1,085       (101 )   (9 )
    Core deposit intangible amortization   926       1,329       (403 )   (30 )
    Other   8,562       7,580       982     13  
    Total noninterest expense $ 62,216     $ 60,619     $ 1,597     3 %
                                 
    • Salaries and employee benefits: The increase was primarily the result of increases in both pay and incentive compensation.
    • Computer services: As discussed earlier, the decrease in expense year-over-year is a reflection of the improved vendor pricing associated with the multiyear renewal of our largest core processing contract.
    • Marketing and advertising: The decrease was the result of a reduction in spending in the six months ended June 30, 2025 when compared to the same period of the prior year, as we re-evaluated our marketing strategy for future periods.
    • Core deposit intangible amortization: The intangible recorded associated with the Quantum merger is being amortized on an accelerated basis, so the rate of amortization slowed year-over-year.
    • Other: The increase period-over-period was driven by increases of $274,000 in losses on the sale repossessed equipment, $234,000 in community association banking deposit line of business referral fees, and $224,000 in consulting fees.

    Income Taxes. The amount of income tax expense is influenced by the amount of pre-tax income, tax-exempt income, changes in the statutory rate and the effect of changes in valuation allowances maintained against deferred tax benefits. The effective tax rate was 21.1% for both the six months ended June 30, 2025 and June 30, 2024.

    Balance Sheet Review
    Total assets decreased by $17.4 million to $4.6 billion and total liabilities decreased by $44.9 million to $4.0 billion, respectively, at June 30, 2025 as compared to December 31, 2024. These changes can be traced to the use of the proceeds of both loan sales and the maturities of debt securities and certificates of deposit to fund loan growth. Total deposits declined by $113.0 million over the same period. The decrease was mainly the result of a reduction in brokered deposits of $96.5 million and $34.3 million of deposits which were assumed by the purchaser of our two Knoxville, Tennessee branches. Borrowings increased by $77.0 million to provide additional liquidity.

    Stockholders’ equity increased $27.5 million to $579.3 million at June 30, 2025 as compared to December 31, 2024. Activity within stockholders’ equity included $31.8 million in net income and $2.2 million in stock-based compensation and stock option exercises, partially offset by $4.1 million in cash dividends declared and $3.3 million in stock repurchases. In addition, accumulated other comprehensive income improved by $1.4 million due to a reduction in the unrealized loss on available for sale securities due to changes in market interest rates.

    As of June 30, 2025, the Bank was considered “well capitalized” in accordance with its regulatory capital guidelines and exceeded all regulatory capital requirements.

    Asset Quality
    The ACL on loans was $44.1 million, or 1.20% of total loans, at June 30, 2025 compared to $45.3 million, or 1.24% of total loans, at December 31, 2024. The drivers of this change are discussed in the “Comparison of Results of Operations for the Six Months Ended June 30, 2025 and June 30, 2024 – Provision for Credit Losses” section above.

    Net loan charge-offs totaled $3.3 million for the six months ended June 30, 2025 compared to $4.9 million for the same period last year. Annualized net charge-offs as a percentage of average loans were 0.18% for the six months ended June 30, 2025 as compared to 0.25% for the six months ended June 30, 2024.

    Nonperforming assets, made up of nonaccrual loans and repossessed assets, increased by $2.5 million, or 8.9%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.0 million, or 0.61% of total assets, at March 31, 2025. Owner occupied commercial real estate (“CRE”) made up the largest portion of nonperforming assets at $8.9 million and $8.6 million, respectively, at these same dates. One relationship made up $5.0 million of the totals at both dates but no loss is anticipated. In addition, equipment finance loans made up $6.0 million and $5.1 million, respectively, at these same dates, concentrated in the transportation sector. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.74% at March 31, 2025.

    Nonperforming assets increased by $1.7 million, or 6.1%, to $30.5 million, or 0.67% of total assets, at June 30, 2025 compared to $28.8 million, or 0.63% of total assets, at December 31, 2024, with the composition of nonperforming assets remaining consistent between periods. The ratio of nonperforming loans to total loans was 0.81% at June 30, 2025 compared to 0.76% at December 31, 2024.

    Classified assets increased by $8.2 million, or 20.0%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $40.7 million, or 0.89% of total assets, at March 31, 2025. The drivers of the change were increases of $3.2 million in Equipment Finance loans, $2.3 million in commercial and industrial loans, and $1.6 million in owner-occupied CRE loans. Classified assets increased by $69,000, or 0.14%, to $48.8 million, or 1.07% of total assets, as of June 30, 2025 when compared to the balance of $48.8 million, or 1.06% of total assets, at December 31, 2024. The largest portfolios of classified assets at June 30, 2025 included $14.5 million of owner-occupied CRE loans, $8.6 million of equipment finance loans, $6.5 million of both 1-4 family residential real estate and commercial and industrial loans, $5.4 million of HELOCs, and $4.7 million of non-owner occupied CRE loans.

    Lastly, in an effort to assist customers in their post-Hurricane Helene recovery and clean-up efforts, at the end of the prior calendar year we granted payment deferrals of up to six months to provide short-term relief to impacted customers. The outstanding balance of these deferrals declined from $136.0 million at December 31, 2024 to $18.9 million at June 30, 2025. As stated earlier, after reassessing the remaining exposure and the sufficiency of the ACL in place, in the current quarter we released the $2.2 million qualitative allocation previously established for the storm upon our loan portfolio which had been established in the quarter ended September 30, 2024. To date, $27,000 in charge-offs have been recognized which were directly related to Hurricane Helene.

    About HomeTrust Bancshares, Inc.
    HomeTrust Bancshares, Inc. (NYSE: HTB), headquartered in Asheville, North Carolina, is the holding company for HomeTrust Bank, a state-chartered community bank operating over 30 locations across North Carolina, South Carolina, East Tennessee, Southwest Virginia, and Georgia. With total assets of $4.6 billion as of June 30, 2025, the Company’s goal is to continue to be recognized as a high-performing, regional community bank, while our strategy to reach that goal is to be a best place to work. As a reflection of these efforts, the Company has been named one of Bank Director’s “Best U.S. Banks,” one of Forbes’ “America’s Best Banks”, one of S&P Global’s “Top 50 Community Banks”, and named to the 2025 KBW Honor Roll. In addition, the Company has been recognized as one of American Banker’s “Best Banks to Work For”, received a “Most Loved Workplace” certification by Best Practices Institute, named as one of Best Companies Group’s “America’s Best Workplaces”, as well as being named a “Best Place to Work” in all five states in which the Company operates.

    Forward-Looking Statements
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, natural disasters, including the lingering effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Consolidated Balance Sheets (Unaudited)

    (Dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    (1)    		   September 30,
    2024    		   June 30,
    2024
    Assets                  
    Cash $ 16,662     $ 14,303     $ 18,778     $ 18,980     $ 18,382  
    Interest-bearing deposits   280,547       285,522       260,441       274,497       275,808  
    Cash and cash equivalents   297,209       299,825       279,219       293,477       294,190  
    Certificates of deposit in other banks   23,319       25,806       28,538       29,290       32,131  
    Debt securities available for sale, at fair value   143,942       150,577       152,011       140,552       134,135  
    FHLB and FRB stock   15,263       13,602       13,630       18,384       19,637  
    SBIC investments, at cost   17,720       17,746       15,117       15,489       15,462  
    Loans held for sale, at fair value   1,106       2,175       4,144       2,968       1,614  
    Loans held for sale, at the lower of cost or fair value   169,835       151,164       202,018       189,722       224,976  
    Total loans, net of deferred loan fees and costs   3,671,951       3,648,609       3,648,299       3,698,892       3,701,454  
    Allowance for credit losses – loans   (44,139 )     (44,742 )     (45,285 )     (48,131 )     (49,223 )
    Loans, net   3,627,812       3,603,867       3,603,014       3,650,761       3,652,231  
    Premises and equipment held for sale, at the lower of cost or fair value   616       8,240       616       616       616  
    Premises and equipment, net   62,706       62,347       69,872       69,603       69,880  
    Accrued interest receivable   16,554       18,269       18,336       17,523       18,412  
    Deferred income taxes, net   9,968       9,288       10,735       10,100       10,512  
    BOLI   92,576       91,715       90,868       90,021       89,176  
    Goodwill   34,111       34,111       34,111       34,111       34,111  
    Core deposit intangibles, net   5,670       6,080       6,595       7,162       7,730  
    Other assets   59,646       63,248       66,606       67,514       66,051  
    Total assets $ 4,578,053     $ 4,558,060     $ 4,595,430     $ 4,637,293     $ 4,670,864  
    Liabilities and stockholders’ equity                  
    Liabilities                  
    Deposits $ 3,666,178     $ 3,736,360     $ 3,779,203     $ 3,761,588     $ 3,707,779  
    Junior subordinated debt   10,170       10,145       10,120       10,096       10,070  
    Borrowings   265,000       177,000       188,000       260,013       364,513  
    Other liabilities   57,431       69,106       66,349       65,592       64,874  
    Total liabilities   3,998,779       3,992,611       4,043,672       4,097,289       4,147,236  
    Stockholders’ equity                  
    Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued or outstanding   —       —       —       —       —  
    Common stock, $0.01 par value, 60,000,000 shares authorized(2)   175       176       175       175       175  
    Additional paid in capital   174,900       176,682       176,693       175,495       172,907  
    Retained earnings   408,178       393,026       380,541       368,383       357,147  
    Unearned Employee Stock Ownership Plan (“ESOP”) shares   (3,703 )     (3,835 )     (3,966 )     (4,099 )     (4,232 )
    Accumulated other comprehensive income (loss)   (276 )     (600 )     (1,685 )     50       (2,369 )
    Total stockholders’ equity   579,274       565,449       551,758       540,004       523,628  
    Total liabilities and stockholders’ equity $ 4,578,053     $ 4,558,060     $ 4,595,430     $ 4,637,293     $ 4,670,864  

    (1)  Derived from audited financial statements.
    (2)  Shares of common stock issued and outstanding were 17,492,143 at June 30, 2025; 17,552,626 at March 31, 2025; 17,527,709 at December 31, 2024; 17,514,922 at September 30, 2024; and 17,437,326 at June 30, 2024.


    Consolidated Statements of Income (Unaudited)

      Three Months Ended   Six Months Ended
    (Dollars in thousands) June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Interest and dividend income              
    Loans $ 60,440     $ 58,613     $ 119,053     $ 122,113  
    Debt securities available for sale   1,658       1,787       3,445       2,808  
    Other investments and interest-bearing deposits   1,543       3,235       4,778       3,848  
    Total interest and dividend income   63,641       63,635       127,276       128,769  
    Interest expense              
    Deposits   18,856       20,363       39,219       41,456  
    Junior subordinated debt   206       205       411       470  
    Borrowings   350       160       510       2,902  
    Total interest expense   19,412       20,728       40,140       44,828  
    Net interest income   44,229       42,907       87,136       83,941  
    Provision for credit losses   1,303       1,540       2,843       5,425  
    Net interest income after provision for credit losses   42,926       41,367       84,293       78,516  
    Noninterest income              
    Service charges and fees on deposit accounts   2,502       2,244       4,746       4,503  
    Loan income and fees   548       721       1,269       1,325  
    Gain on sale of loans held for sale   2,109       1,908       4,017       3,285  
    BOLI income   852       842       1,694       2,642  
    Operating lease income   1,876       1,379       3,255       3,450  
    Gain on sale of branches   1,448       —       1,448       —  
    Gain (loss) on sale of premises and equipment   28       —       28       (9 )
    Other   794       933       1,727       1,728  
    Total noninterest income   10,157       8,027       18,184       16,924  
    Noninterest expense              
    Salaries and employee benefits   18,208       17,699       35,907       33,584  
    Occupancy expense, net   2,375       2,511       4,886       4,856  
    Computer services   2,488       2,805       5,293       6,204  
    Operating lease depreciation expense   1,789       1,868       3,657       3,565  
    Telephone, postage and supplies   561       546       1,107       1,165  
    Marketing and advertising   442       452       894       1,251  
    Deposit insurance premiums   473       511       984       1,085  
    Core deposit intangible amortization   411       515       926       1,329  
    Other   4,508       4,054       8,562       7,580  
    Total noninterest expense   31,255       30,961       62,216       60,619  
    Income before income taxes   21,828       18,433       40,261       34,821  
    Income tax expense   4,618       3,894       8,512       7,336  
    Net income $ 17,210     $ 14,539     $ 31,749     $ 27,485  

    Per Share Data

        Three Months Ended    Six Months Ended
        June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Net income per common share(1)                
    Basic   $ 1.01     $ 0.84     $ 1.85     $ 1.61  
    Diluted   $ 1.00     $ 0.84     $ 1.84     $ 1.61  
    Average shares outstanding                
    Basic     17,006,141       17,011,359       17,008,699       16,871,383  
    Diluted     17,106,448       17,113,424       17,109,842       16,888,550  
    Book value per share at end of period   $ 33.12     $ 32.21     $ 33.12     $ 30.03  
    Tangible book value per share at end of period(2)   $ 30.92     $ 30.00     $ 30.92     $ 27.73  
    Cash dividends declared per common share   $ 0.12     $ 0.12     $ 0.24     $ 0.22  
    Total shares outstanding at end of period     17,492,143       17,552,626       17,492,143       17,437,326  

    (1)  Basic and diluted net income per common share have been prepared in accordance with the two-class method.
    (2)  See Non-GAAP reconciliations below for adjustments.


    Selected Financial Ratios and Other Data

      Three Months Ended   Six Months Ended
      June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Performance ratios(1)          
    Return on assets (ratio of net income to average total assets) 1.58 %   1.33 %   1.46 %   1.25 %
    Return on equity (ratio of net income to average equity) 11.97     10.52     11.26     10.73  
    Yield on earning assets 6.22     6.20     6.21     6.25  
    Rate paid on interest-bearing liabilities 2.61     2.73     2.67     2.94  
    Average interest rate spread 3.61     3.47     3.54     3.31  
    Net interest margin(2) 4.32     4.18     4.25     4.08  
    Average interest-earning assets to average interest-bearing liabilities 137.43     135.25     136.33     134.95  
    Noninterest expense to average total assets 2.87     2.84     2.85     2.76  
    Efficiency ratio 57.47     60.79     59.07     60.10  
    Efficiency ratio – adjusted(3) 58.59     60.29     59.43     60.36  

    (1)  Ratios are annualized where appropriate.
    (2)  Net interest income divided by average interest-earning assets.
    (3)  See Non-GAAP reconciliations below for adjustments.

      At or For the Three Months Ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Asset quality ratios                  
    Nonperforming assets to total assets(1) 0.67 %   0.61 %   0.63 %   0.64 %   0.54 %
    Nonperforming loans to total loans(1) 0.81     0.74     0.76     0.78     0.68  
    Total classified assets to total assets 1.07     0.85     1.06     0.99     0.91  
    Allowance for credit losses to nonperforming loans(1) 147.98     165.96     163.68     166.51     194.80  
    Allowance for credit losses to total loans 1.20     1.23     1.24     1.30     1.33  
    Net charge-offs to average loans (annualized) 0.21     0.14     0.19     0.42     0.27  
    Capital ratios                  
    Equity to total assets at end of period 12.65 %   12.41 %   12.01 %   11.64 %   11.21 %
    Tangible equity to total tangible assets(2) 11.91     11.65     11.25     10.88     10.44  
    Average equity to average assets 13.20     12.66     12.28     12.02     11.78  

    (1)  Nonperforming assets include nonaccruing loans and repossessed assets. There were no accruing loans more than 90 days past due at the dates indicated. At June 30, 2025, $6.1 million, or 20.4%, of nonaccruing loans were current on their loan payments as of that date.
    (2)  See Non-GAAP reconciliations below for adjustments.


    Loans

    (Dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Commercial real estate                  
    Construction and land development $ 267,494     $ 247,539     $ 274,356     $ 300,905     $ 316,050  
    Commercial real estate – owner occupied   561,623       570,150       545,490       544,689       545,631  
    Commercial real estate – non-owner occupied   877,440       867,711       866,094       881,340       892,653  
    Multifamily   113,416       118,094       120,425       114,155       92,292  
    Total commercial real estate   1,819,973       1,803,494       1,806,365       1,841,089       1,846,626  
    Commercial                  
    Commercial and industrial   367,359       349,085       316,159       286,809       266,136  
    Equipment finance   360,499       380,166       406,400       443,033       461,010  
    Municipal leases   168,623       163,554       165,984       158,560       152,509  
    Total commercial   896,481       892,805       888,543       888,402       879,655  
    Residential real estate                  
    Construction and land development   53,020       56,858       53,683       63,016       70,679  
    One-to-four family   640,287       631,537       630,391       627,845       621,196  
    HELOCs   205,918       199,747       195,288       194,909       188,465  
    Total residential real estate   899,225       888,142       879,362       885,770       880,340  
    Consumer   56,272       64,168       74,029       83,631       94,833  
    Total loans, net of deferred loan fees and costs   3,671,951       3,648,609       3,648,299       3,698,892       3,701,454  
    Allowance for credit losses – loans   (44,139 )     (44,742 )     (45,285 )     (48,131 )     (49,223 )
    Loans, net $ 3,627,812     $ 3,603,867     $ 3,603,014     $ 3,650,761     $ 3,652,231  


    Deposits

    (Dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Core deposits                  
    Noninterest-bearing accounts $ 698,843     $ 721,814     $ 680,926     $ 684,501     $ 683,346  
    NOW accounts   561,524       573,745       575,238       534,517       561,789  
    Money market accounts   1,323,762       1,357,961       1,341,995       1,345,289       1,311,940  
    Savings accounts   179,980       184,396       181,317       179,762       185,499  
    Total core deposits   2,764,109       2,837,916       2,779,476       2,744,069       2,742,574  
    Certificates of deposit   902,069       898,444       999,727       1,017,519       965,205  
    Total $ 3,666,178     $ 3,736,360     $ 3,779,203     $ 3,761,588     $ 3,707,779  

    Non-GAAP Reconciliations
    In addition to results presented in accordance with generally accepted accounting principles utilized in the United States (“GAAP”), this earnings release contains certain non-GAAP financial measures, which include: the efficiency ratio, tangible book value, tangible book value per share and the tangible equity to tangible assets ratio. The Company believes these non-GAAP financial measures and ratios as presented are useful for both investors and management to understand the effects of certain items and provide an alternative view of its performance over time and in comparison to its competitors. These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for total stockholders’ equity or operating results determined in accordance with GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

    Set forth below is a reconciliation to GAAP of the Company’s efficiency ratio:

        Three Months Ended   Six Months Ended
    (Dollars in thousands)   June 30, 2025   March 31, 2025   June 30, 2025   June 30, 2024
    Noninterest expense   $ 31,255     $ 30,961     $ 62,216     $ 60,619  
                     
    Net interest income   $ 44,229     $ 42,907     $ 87,136     $ 83,941  
    Plus: tax-equivalent adjustment     431       418       849       704  
    Plus: noninterest income     10,157       8,027       18,184       16,924  
    Less: BOLI death benefit proceeds in excess of cash surrender value     —       —       —       1,143  
    Less: gain on sale of branches     1,448       —       1,448       —  
    Less: gain (loss) on sale of premises and equipment     28       —       28       (9 )
    Net interest income plus noninterest income – adjusted   $ 53,341     $ 51,352     $ 104,693     $ 100,435  
    Efficiency ratio   57.47 %   60.79 %   59.07 %   60.10 %
    Efficiency ratio – adjusted   58.59 %   60.29 %   59.43 %   60.36 %

    Set forth below is a reconciliation to GAAP of tangible book value and tangible book value per share:

        As of
    (Dollars in thousands, except per share data)   June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Total stockholders’ equity   $ 579,274     $ 565,449     $ 551,758     $ 540,004     $ 523,628  
    Less: goodwill, core deposit intangibles, net of taxes     38,477       38,793       39,189       39,626       40,063  
    Tangible book value   $ 540,797     $ 526,656     $ 512,569     $ 500,378     $ 483,565  
    Common shares outstanding     17,492,143       17,552,626       17,527,709       17,514,922       17,437,326  
    Book value per share   $ 33.12     $ 32.21     $ 31.48     $ 30.83     $ 30.03  
    Tangible book value per share   $ 30.92     $ 30.00     $ 29.24     $ 28.57     $ 27.73  

    Set forth below is a reconciliation to GAAP of tangible equity to tangible assets:

        As of
    (Dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Tangible equity(1)   $ 540,797     $ 526,656     $ 512,569     $ 500,378     $ 483,565  
    Total assets     4,578,053       4,558,060       4,595,430       4,637,293       4,670,864  
    Less: goodwill, core deposit intangibles, net of taxes     38,477       38,793       39,189       39,626       40,063  
    Total tangible assets   $ 4,539,576     $ 4,519,267     $ 4,556,241     $ 4,597,667     $ 4,630,801  
    Tangible equity to tangible assets   11.91 %   11.65 %   11.25 %   10.88 %   10.44 %

    (1)  Tangible equity (or tangible book value) is equal to total stockholders’ equity less goodwill and core deposit intangibles, net of related deferred tax liabilities.

    The MIL Network –

  • MIL-OSI: AAS MINER launches free BTC cloud mining platform, one-stop mining of DOGE and XRP, real-time withdrawal of income

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, California, July 22, 2025 (GLOBE NEWSWIRE) —

    Join AAS MINER’s free BTC mining cloud mining platform(www.aas8.com)—claim your $10 welcome bonus, leverage AI-powered hashrate allocation across BTC, DOGE & XRP, and withdraw earnings instantly with zero fees.The principal and returns are 100% guaranteed, with a daily yield of 1.88%-5.20%, and cash can be withdrawn at any time 365 days a year.AAS MINER removes the high cost and complexity of traditional rigs by launching a zero-cost cloud mining platform for BTC mining, with one-click support for DOGE and XRP. Get started in minutes using a $10 free trial, AI-driven strategies, and real-time withdrawals—no hardware required.Key Advantages

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    Disclaimer: The information provided in this press release is for reference only and does not constitute an investment invitation, financial advice, or trade recommendation. Cryptocurrency mining and staking involve risks and may result in financial losses. We strongly recommend conducting thorough due diligence and consulting professional financial advisors before engaging in cryptocurrency or securities investments and trades.

    Attachment

    The MIL Network –

  • MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Commission experts receive training to improve coordination towards accelerated reform of digital trade

    Source: APO


    .

    ECOWAS, with the support of UN Trade and Development (UNCTAD), organized an e-trade reform tracker (eTRT) training in Lagos, Nigeria, on Monday 14th July, 2025.

    The eTRT is an innovative digital tool that will support implementing agencies in tracking progress, coordinating actions, and enhancing accountability in the implementation of e-commerce reforms.

    In his remarks at the opening ceremony of the training, Mr. Kolawole Sofola, Director of Trade at ECOWAS Commission, on behalf of Madame Massandjé TOURE-LITSE, ECOWAS Commissioner for Economic Affairs and Agriculture,  stated that this session offers a hands-on opportunity to explore how the Tracker works, how it can be used to streamline internal and inter-departmental coordination, and how it can help generate reliable data for monitoring and evaluation. This will be especially valuable as ECOWAS moves toward the operationalization of the Regional E-Commerce Committee, which will serve as the broader governance platform for the regional e-commerce agenda.

    “I encourage all participants, particularly our focal points from key implementing directorates and agencies, to engage actively, ask questions, and explore how the tool can be applied within your respective mandates. I am confident that today’s training will equip us with a shared understanding of how to work smarter, together, to deliver the ambitions of the ECOWAS E-Commerce strategy”.

    The objective of the E-Trade Reform Tracker training and workshop was to familiarize key directorates in the ECOWAS Commission with the structure and functionalities of the eTRT, promote utilization of the eTRT in the regular follow-up of the ECOWAS ECS implementation, and strengthen coordination of the implementation of the ECS.

    The training was conducted for the ECOWAS internal working group on e-commerce with the following key agencies and directorates from the ECOWAS Commission in attendance: Directorates of Trade, Free Movement of Persons and Migration, Customs Union and Taxation, Private Sector, Macroeconomic Stability and Multilateral Surveillance, Communications,  as well as the ECOWAS Regional Competition Authority, the ECOWAS Gender Development Center and the ECOWAS Youth and Sports Center who were in attendance.

    Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

    MIL OSI Africa –

  • 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: CW Petroleum Corp (OTCQB: CWPE) Reports Revenues for Q2-2025

    Source: GlobeNewswire (MIL-OSI)

    Katy, Texas, July 22, 2025 (GLOBE NEWSWIRE) — CW Petroleum Corp (OTCQB: CWPE) (the “Company”), a leading provider of Specialty Renewable and Hydrocarbon Motor Fuels, today announces to its investors and future investors unaudited financial results for Q2-2025.

    Key Financial Highlights for Three Months Ended June 30, 2025, Compared to Prior Year Period:

    • 2025 Revenues of $2.14 Million vs 2024 Revenues of $2.14 Million
    • 2025 EBITDA of $114,461 vs 2024 EBITDA of $58,173
    • 2025 Net Income of $69,133 vs 2024 Net Income (loss) of $(5,299)

    Our SEC Form 1-SA (Semiannual Report) will be published on or before September 29, 2025.

    Additional accurate information about the Company can be found on the OTC Markets website at the following links and on the EDGAR filing website provided by the Securities and Exchange Commission:

    CWPE Overview
    CWPE Security Detail
    CWPE Financials
    CWPE News
    CWPE Disclosures

    SEC Filings

    For additional information, visit our website at cwpetroleumcorp.com, email: investor@cwpetroleumcorp.com , or call 281-817-8099

    About CW Petroleum Corp

    CW Petroleum Corp, a Texas corporation, began operations in 2011. CW Petroleum Corp, a Wyoming corporation, was incorporated in April 2018 and has acquired the Texas corporation as a wholly-owned subsidiary. CW Petroleum Corp supplies and distributes Biodiesel, Biodiesel Blends, Renewable Gasoline, and a 92 Octane Reformulated No Ethanol Gasoline to distributors, convenience stores, marinas, and end-users. The EPA licenses the Company to create its proprietary gasoline blends. CW Petroleum Corp is licensed to distribute Diesel Fuel & Gasoline by the States of Texas, Louisiana, Oklahoma, California, Colorado, New Jersey, Maryland, Pennsylvania, and Arizona.

    Forward-Looking Statements

    Certain statements in this press release may contain “forward-looking statements” regarding future events and our future results. All statements other than statements of historical facts are statements that could be deemed to be forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the oil and gas markets, energy markets, and other markets in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned that these forward-looking statements are subject to a number of risks, uncertainties, and assumptions that are difficult to predict, estimate, or verify. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Such risks and uncertainties include those factors described in the Company’s most recent annual report on Form 1-K, which may be amended or supplemented by subsequent semiannual reports on Form 1-SA or other reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements. For more information, please refer to the Company’s filings with the Securities and Exchange Commission.

    No Offer or Solicitation

    This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    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: Manhattan Bridge Capital, Inc. Reports Second Quarter Results for 2025

    Source: GlobeNewswire (MIL-OSI)

    GREAT NECK, N.Y., July 22, 2025 (GLOBE NEWSWIRE) — Manhattan Bridge Capital, Inc. (Nasdaq: LOAN) (the “Company”) announced today that its total revenues for the three months ended June 30, 2025 were approximately $2,355,000, compared to approximately $2,443,000 for the three months ended June 30, 2024, a decrease of $88,000, or 3.6%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period, partially offset by an increase of origination fees. For the three months ended June 30, 2025 and 2024, approximately $1,899,000 and $2,033,000, respectively, of the Company’s revenues were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $456,000 and $411,000, respectively, of its revenues were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the three months ended June 30, 2025 was approximately $1,413,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $1,409,000, or $0.12 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the three months ended June 30, 2024, an increase of $4,000.

    Total revenues for the six months ended June 30, 2025 were approximately $4,629,000, compared to approximately $5,016,000 for the six months ended June 30, 2024, a decrease of $387,000, or 7.7%. The decrease in revenue was primarily attributable to lower interest income, resulting from a reduction in loans receivable, period-over-period. For the six months ended June 30, 2025 and 2024, revenues of approximately $3,733,000 and $4,175,000, respectively, were attributable to interest income on secured commercial loans that the Company offered to real estate investors, and approximately $896,000 and $841,000, respectively, were attributable to origination fees on such loans. The loans are principally secured by collateral consisting of real estate and accompanied by personal guarantees from the principals of the borrowers.

    Net income for the six months ended June 30, 2025 was approximately $2,786,000, or $0.24 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), as compared to approximately $2,885,000, or $0.25 per basic and diluted share (based on approximately 11.44 million weighted-average outstanding common shares), for the six months ended June 30, 2024, a decrease of $99,000, or 3.4%. This decrease is primarily attributable to the decrease in interest income from loans, partially offset by a decrease in interest expense.

    As of June 30, 2025, total shareholders’ equity was approximately $43,427,000.

    Assaf Ran, Chairman of the Board and Chief Executive Officer of the Company, stated, “Interest rates are still weighing on the real estate markets; therefore, we’re experiencing a slower pace of loan closings versus our typical pace, and longer loan terms, reflected by a higher amount of extended loans over the initial ultra short term of one year. Yet, we managed to deliver another quarter with net earnings of $0.12.”

    About Manhattan Bridge Capital, Inc.

    Manhattan Bridge Capital, Inc. offers short-term secured, non–banking loans (sometimes referred to as ‘‘hard money’’ loans) to real estate investors to fund their acquisition, renovation, rehabilitation or improvement of properties located in the New York metropolitan area, including New Jersey and Connecticut, and in Florida. We operate the website: https://www.manhattanbridgecapital.com.

    Forward Looking Statements

    This press release and the statements of the Company’s representatives related thereto contain or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “plan,” “project,” “potential,” “seek,” “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” or “continue” are intended to identify forward-looking statements. For example, when the Company discusses the impact of interest rates on the real estate markets, including on pace of closings and terms of loans, it is using forward looking statements. Readers are cautioned that certain important factors may affect the Company’s actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected, expressed or implied in the forward-looking statements as a result of various factors, including but not limited to the following: (i) our loan origination activities, revenues and profits are limited by available funds; (ii) we operate in a highly competitive market and competition may limit our ability to originate loans with favorable interest rates; (iii) our Chief Executive Officer is critical to our business and our future success may depend on our ability to retain him; (iv) if we overestimate the yields on our loans or incorrectly value the collateral securing the loan, we may experience losses; (v) we may be subject to “lender liability” claims; (vi) our due diligence may not uncover all of a borrower’s liabilities or other risks to its business; (vii) borrower concentration could lead to significant losses; (viii) we may choose to make distributions in our own stock, in which case you may be required to pay income taxes in excess of the cash dividends you receive; (ix) an increase in interest rates may impact our profitability; (x) we may be unsuccessful in our efforts to extend or replace our existing credit line; and (xi) we may be unsuccessful in our efforts to refinance our 6% senior secured notes, due April 22, 2026. The risk factors contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission identify important factors that could cause such differences. These forward-looking statements speak only as of the date of this press release, and we caution potential investors not to place undue reliance on such statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED BALANCE SHEETS
     
    Assets June 30, 2025
    (unaudited)    		   December 31, 2024
    (audited)
    Loans receivable, net of deferred origination and other fees $ 65,217,737     $ 65,405,731  
    Interest and other fees receivable on loans   1,877,218       1,521,033  
    Cash   208,767       178,012  
    Cash – restricted   875       23,750  
    Other assets   153,112       62,080  
    Right-of-use asset – operating lease, net   127,633       154,039  
    Deferred financing costs, net   9,240       16,171  
    Total assets $ 67,594,582     $ 67,360,816  

    Liabilities and Stockholders’ Equity

    Liabilities:      
    Line of credit $ 16,523,205     $ 16,427,874  
    Senior secured notes (net of deferred financing costs of $59,443 and $96,985, respectively)   5,940,557       5,903,015  
    Accounts payable and accrued expenses   198,622       232,236  
    Operating lease liability   139,882       167,119  
    Loan holdback   50,000       50,000  
    Dividends payable   1,315,445       1,315,445  
    Total liabilities   24,167,711       24,095,689  
    Commitments and contingencies      
           
    Stockholders’ equity:      
    Preferred shares – $.01 par value; 5,000,000 shares authorized; none issued and outstanding   —       —  
    Common shares – $.001 par value; 25,000,000 shares authorized; 11,757,058 issued; 11,438,651 outstanding   11,757       11,757  
    Additional paid-in capital   45,568,473       45,561,941  
    Less: Treasury stock, at cost – 318,407 shares   (1,070,406 )     (1,070,406 )
    Accumulated deficit   (1,082,953 )     (1,238,165 )
    Total stockholders’ equity   43,426,871       43,265,127  
    Total liabilities and stockholders’ equity $ 67,594,582     $ 67,360,816  
                   
    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      Three Months
    Ended June 30,    		 Six Months
    Ended June 30,
        2025     2024     2025     2024  
    Revenue:                        
    Interest income from loans $ 1,899,403   $ 2,032,687   $ 3,733,317   $ 4,175,174  
    Origination fees   455,833     410,528     895,632     841,119  
    Total revenue   2,355,236     2,443,215     4,628,949     5,016,293  
                           
    Operating costs and expenses:        
    Interest and amortization of deferred financing costs   506,250     603,230     957,615     1,293,819  
    Referral fees   1,523     500     1,667     1,000  
    General and administrative expenses   437,785     434,282     891,355     844,560  
    Total operating costs and expenses   945,558     1,038,012     1,850,637     2,139,379  
    Income from operations   1,409,678     1,405,203     2,778,312     2,876,914  
    Other income   4,500     4,500     9,000     9,000  
    Income before income tax expense   1,414,178     1,409,703     2,787,312     2,885,914  
    Income tax expense   (1,210 )   (650 )   (1,210 )   (650 )
    Net income $ 1,412,968   $ 1,409,053   $ 2,786,102   $ 2,885,264  
             
    Basic and diluted net income per common
    share outstanding:    		        
    –Basic $                 0.12   $                 0.12   $                   0.24   $                   0.25  
    –Diluted $                 0.12   $                 0.12   $                 0.24   $                 0.25  
             
    Weighted average number of common shares outstanding:        
    –Basic   11,438,651     11,438,651     11,438,651     11,438,662  
    –Diluted   11,438,651     11,438,651     11,438,651     11,438,662  
                             

    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
    (unaudited)

    FOR THE THREE MONTHS ENDED JUNE 30, 2025

      Common Shares Additional Paid
    in Capital    		 Treasury Stock Accumulated
    Deficit    		 Totals
      Shares Amount   Shares Cost    
    Balance, April 1, 2025 11,757,058 $11,757 $45,565,207 318,407 $(1,070,406) $(1,180,476) $43,326,082
    Non-cash compensation     3,266       3,266
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 1,412,968 1,412,968
    Balance, June 30, 2025 11,757,058 $11,757 $45,568,473 318,407 $(1,070,406) $(1,082,953) $43,426,871

    FOR THE THREE MONTHS ENDED JUNE 30, 2024

      Common Shares Additional Paid
    in Capital    		 Treasury Stock Accumulated
    Deficit    		 Totals
      Shares Amount   Shares Cost    
    Balance, April 1, 2024 11,757,058 $11,757 $45,552,142 318,407 $(1,070,406) $(1,406,555) $43,086,938
    Non-cash compensation     3,266       3,266
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 1,409,053 1,409,053
    Balance, June 30, 2024 11,757,058 $11,757 $45,555,408 318,407 $(1,070,406) $(1,312,947) $43,183,812

    FOR THE SIX MONTHS ENDED JUNE 30, 2025

      Common Shares Additional Paid
    in Capital    		 Treasury Stock Accumulated
    Deficit    		 Totals
      Shares Amount   Shares Cost    
    Balance, January 1, 2025 11,757,058 $11,757 $45,561,941 318,407 $(1,070,406) $(1,238,165) $ 43,265,127
    Non-cash compensation     6,532       6,532
    Dividends paid           (1,315,445) (1,315,445)
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 2,786,102 2,786,102
    Balance, June 30, 2025 11,757,058 $11,757 $45,568,473 318,407 $(1,070,406) $(1,082,953) $43,426,871

    FOR THE SIX MONTHS ENDED JUNE 30, 2024

      Common Shares Additional Paid
    in Capital    		 Treasury Stock Accumulated
    Deficit    		 Totals
      Shares Amount   Shares Cost    
    Balance, January 1, 2024 11,757,058 $11,757 $45,548,876 316,407 $(1,060,606) $(1,567,321) $42,932,706
    Purchase of treasury shares       2,000 (9,800)   (9,800)
    Non-cash compensation     6,532       6,532
    Dividends paid           (1,315,445) (1,315,445)
    Dividends declared and payable           (1,315,445) (1,315,445)
    Net income . . . . . 2,885,264 2,885,264
    Balance, June 30, 2024 11,757,058 $11,757 $45,555,408 318,407 $(1,070,406) $(1,312,947) $43,183,812
    MANHATTAN BRIDGE CAPITAL, INC. AND SUBSIDIARY
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (unaudited)
     
        Six Months
    Ended June 30,
          2025       2024  
    Cash flows from operating activities:        
    Net income   $ 2,786,102     $ 2,885,264  
    Adjustments to reconcile net income to net cash provided by operating activities –        
    Amortization of deferred financing costs     44,473       44,191  
    Adjustment to right-of-use asset – operating lease and liability     (831 )     190  
    Depreciation     2,790       2,209  
    Non-cash compensation expense     6,532       6,532  
    Changes in operating assets and liabilities:        
    Interest and other fees receivable on loans     (369,307 )     (315,399 )
    Other assets     (93,403 )     (71,703 )
    Accounts payable and accrued expenses     (33,614 )     (53,044 )
    Deferred origination and other fees     64,338       (72,992 )
    Net cash provided by operating activities     2,407,080       2,425,248  
             
    Cash flows from investing activities:        
    Issuance of short-term loans     (23,482,540 )     (19,455,000 )
    Collections received from loans     23,619,317       25,866,190  
    Purchase of fixed assets     (418 )     (1,191 )
    Net cash provided by investing activities     136,359       6,409,999  
             
    Cash flows from financing activities:        
    Repayment of line of credit     (26,365,153 )     (27,543,007 )
    Proceeds from line of credit     26,460,484       19,736,179  
    Dividends paid     (2,630,890 )     (2,602,518 )
    Purchase of treasury shares     —       (9,800 )
    Deferred financing costs incurred     —       (2,167 )
    Net cash used in financing activities     (2,535,559 )     (10,421,313 )
             
    Net increase (decrease) in cash                     7,880                       (1,586,066 )
    Cash and restricted cash, beginning of period(1)     201,762       1,691,995  
    Cash and restricted cash, end of period(2)   $          209,642     $          105,929  
             
    Supplemental Disclosure of Cash Flow Information:        
    Cash paid during the period for taxes   $ 1,210     $ 650  
    Cash paid during the period for interest   $ 903,251     $ 1,297,587  
    Cash paid during the period for operating leases   $ 31,982     $ 32,208  
    Supplemental Schedule of Noncash Financing Activities:        
    Dividend declared and payable   $ 1,315,445     $ 1,315,445  
             
    Supplemental Schedule of Noncash Operating and Investing Activities:        
    Reduction in interest receivable in connection with the increase in loans receivable   $ 13,122     $ 222,520  

    (1) At December 31, 2024 and 2023, cash and restricted cash included $23,750 and $1,587,773, respectively, of restricted cash.
    (2) At June 30, 2025, cash and restricted cash included $875 of restricted cash.

    SOURCE: Manhattan Bridge Capital, Inc.

    The MIL Network –

  • 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 –

  • MIL-OSI United Kingdom: Check your business rates agent’s name

    Source: United Kingdom – Government Statements

    News story

    Check your business rates agent’s name

    Make sure your business rates agent’s name in our system matches your contract.

    If you want to use an agent to manage your business rates, you need to appoint them in our Check and Challenge service. 

    But if the agent’s name in our service does not match the name on your contract, you should be cautious. You should tell us by contacting agentstandards@voa.gov.uk.  

    You can also find out how long an agent has been using their current business name. You can get information about a company for free. 

    Some rogue agents may change their name often. 

    Our  VOA agent standards set out clear expectations for agents regarding:  

    • their behaviour   

    • their professional practice   

    • the service they provide to their customers   

    We take breaches of our agent standards very seriously. We will always take action if we substantiate a breach of the standards.  

    You should be cautious of any agent who:   

    • tries to pressure you to make a decision or sign a contract   

    • says they are acting on behalf of the VOA or forwards emails they claim are from the VOA   

    • demands large sums of money up front   

    • makes claims about ‘unclaimed credits’ or similar   

    Remember – you don’t have to use an agent to manage your business rates.   

    You can challenge your rateable value through our online service. This service is free to use.   

    If you want an agent to manage your business rates, use our checklist to choose an agent. Don’t let an agent choose you.  

    Using an agent who is a member of a professional body may provide extra reassurance as they will be subject to that body’s rules and regulations. The Institute of Revenues, Rating, Valuation, Royal Institution of Chartered Surveyors and Rating Surveyors’ Association have published joint standards that their members should follow. 

    We also have guidance on staying safe from scammers.   

    We collect evidence of poor agent behaviour and practices in the course of our work. This evidence allows us to proactively address issues or concerns.   

    If you are concerned about poor behaviour by agents, send any evidence to agentstandards@voa.gov.uk. 

    We cannot advise you on contractual issues you may have with any agent. You should contact the Citizens Advice Consumer Service. They have a helpline you can call on 0808 223 1133, Monday to Friday, 9am to 5pm. 

    If you think a business has broken the law or acted unfairly, you can also report them to Trading Standards via Citizens Advice. 

    If you believe you are a victim of fraud, you can make a report to Action Fraud.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Inland Revenue Department launches three new tax portals under eTAX

    Source: Hong Kong Government special administrative region – 4

         The Inland Revenue Department (IRD) launched three new tax portals under eTAX today (July 22), namely the Individual Tax Portal (ITP), Business Tax Portal (BTP) and Tax Representative Portal (TRP), to further enhance the efficiency and user experience of electronic tax services.

         An IRD spokesman said, “The IRD is committed to promoting tax digitalisation and has been upgrading electronic tax services to provide convenience to taxpayers and enhance the efficiency, reliability and accuracy of return filing. The three new tax portals provide electronic tax services to individuals, businesses, and tax service agents respectively, allowing them to handle tax matters conveniently and efficiently.”

         The ITP offers a centralised platform for users to manage their personal tax matters, providing functions such as tax return filing, personal particulars updates and viewing of tax positions. Individual users may also use the ITP on their mobile devices anytime, anywhere via the “eTAX” mobile application launched by the IRD today.

         The BTP is specifically designed for businesses to handle tax matters and compliance obligations electronically, including tax return filing and business registration.

         The TRP caters to tax service agents (tax representatives, company secretaries and other tax service providers) to facilitate them in managing clients’ tax matters, including tax return filing and compliance tracking.

         “Profiles of existing eTAX users have been migrated to the ITP. They can use their registered information to log into the ITP. Businesses and service agents are encouraged to open an eTAX account as early as possible to handle tax matters electronically through the BTP and TRP in a safe, convenient and environmentally friendly way,” the spokesman said.

         Details about the three new tax portals are available on the IRD’s website.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Special traffic and transport arrangements for football matches and training sessions at Kai Tak Sports Park and Hong Kong Stadium between July 24 and 31

    Source: Hong Kong Government special administrative region – 4

         The Transport Department (TD) today (July 22) said that, to facilitate the holding of football matches and training sessions on specific dates in designated venues between July 24 and 31, the following special traffic and transport arrangements will be implemented in the vicinity of the Kai Tak Sports Park (KTSP) and the Hong Kong Stadium (HKS) to provide convenience for spectators to travel to and from the venues:

    Open training sessions

    Prior to the matches, open training sessions of the football clubs will be held at the KTSP around the evening of July 24, 29 and 30 and the HKS on the evening of July 25.

    As the dispersal time of the events will fall within the evening peak hours, the MTR will enhance the service headway of the Tuen Ma Line (TML) and the Island Line on respective days as needed to meet the passenger demand. The Police will implement temporary road closure and traffic diversion measures in the vicinity of the KTSP (depending on actual traffic and crowd conditions) and the HKS. Members of the public should heed advice from on-site police.

    Football matches

         Football matches will be held on the evening of July 26 and 31 at the KTSP. As the traffic in the vicinity is expected to be heavy, spectators should opt for public transport and avoid taking private cars (including cross-boundary private cars).

         The TD has co-ordinated with local and cross-boundary public transport operators (PTOs) to strengthen their services during dispersal. The MTR will enhance the interval between trains of the TML. Franchised bus companies will provide a total of 11 special bus routes at the Sung Wong Toi Road Pick-up/Drop-off Area (PUDOA) to Lok Ma Chau (San Tin) Public Transport Interchange (PTI), the Hong Kong-Zhuhai-Macao Bridge (HZMB) Hong Kong Port and Airport, and major districts across the territory.

         In addition, the KTSP will arrange cross-boundary coach services during dispersal to facilitate travellers’ return to the Mainland via the Lok Ma Chau/Huanggang (LMC/HG) Port, the HZMB and the Shenzhen Bay Port. Passengers should purchase tickets in advance. On-site ticket sales will not be available during dispersal. They should refer to the operators’ website (Eternal East Bus: www.myeebus.com/eebusfans; CTG Bus: m.hkctgbus.com/#/layout/home) for the latest ticket information.

         For taxi services, the Kai Tak Stadium Taxi PUDOA will be open for taxi pick-up and drop-off. The Sung Wong Toi Road PUDOA will be open for taxi drop-off only during admission (4pm to 7.30pm) and suspended from taxi pick-up/drop-off during dispersal. The expected waiting time will be longer amid an outflux of spectators and passengers’ patience is appreciated.

         Spectators who plan to return to the Mainland on the same day after the matches should pay special attention that, if they use the Lo Wu Control Point, they should catch the last relevant MTR TML train departing from Sung Wong Toi Station at 10.59pm and Kai Tak Station at 11.01pm, followed by interchanging at Tai Wai Station on the East Rail Line (ERL) to Lo Wu Station. Travellers should plan their journeys ahead and arrive at the station platform in advance.

         Travellers who opt for LMC/HG Port (operating 24 hours daily) may also take the ERL to Sheung Shui Station and then the KMB route No. 276B or N73, or take the special bus route No. SP12 directly at the Sung Wong Toi Road PUDOA to the Lok Ma Chau (San Tin) PTI, and transfer to the LMC-HG cross-boundary shuttle bus (Yellow Bus) for their journey to the Mainland.

    For details of the special traffic and transport arrangements, members of the public may refer to the TD’s website (www.td.gov.hk), the “HKeMobility” mobile application or passenger notices issued by PTOs as well as the latest traffic news through radio and television broadcasts. Spectators at the KTSP are advised to heed the real-time information via the on-site broadcast and the “Easy Leave” platform (easyleave.police.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI NGOs: Oxfam reaction to the communiqué of the third meeting of G20 Finance Ministers and Central Bank Governors under South African presidency

    Source: Oxfam –

    Reacting to the communique issued at the conclusion of 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the South African presidency, Nkateko Chauke, Interim Executive Director at Oxfam South Africa said:

    “Although the G20 acknowledged the need to reform the international tax system, it ignored the elephant in the room: the super-rich continue to evade taxes through legal loopholes and tax havens. Meanwhile governments in Africa and other low-income countries are forced to institute regressive taxes like VAT to raise more revenues, hence fuelling inequality and worsening poverty.

    “A fair global tax system must start by supporting the efforts of UN Tax Convention and ending the veto power of tax havens.

    “As droughts, floods, and climate devastation threaten the Global South and beyond, the G20’s inaction is a betrayal. They must urgently deliver on the Baku-to-Belém roadmap by securing public, grant-based climate finance, led by the richest polluters. Their focus on private finance and carbon markets dangerously evades responsibility, burdening the poorest. The money is there—it’s time to tax the super-rich and fossil fuel excessive profits.

    “We urge the G20 to follow the South African G20 Presidency’s call for solidarity, equality and sustainability. That includes backing bold proposals like taxing the super-rich, as supported in the Brazilian G20 Leaders’ Declaration and the recent UN Conference on Financing for Development in Seville. Fair taxation is essential to fight inequality and fund public services.”
     

    Oxfam’s latest report Africa’s inequality crisis and the rise of the super-rich reveals that at present, just four of Africa’s richest billionaires hold more wealth than half of the continent’s population combined.

    The report finds that the richest 5% in Africa hold nearly $4 trillion in wealth — more than double the combined wealth of the remaining 95%.

    It shows that an extra tax of 1% on wealth and 10% on income of Africa’s richest 1% could raise $66 billion annually — enough to close the funding gaps for free quality education and universal access to electricity.

    Despite worsening poverty, African governments remain the least committed globally to tackling inequality, and many are cutting spending on health, education and social protection to repay debt.

    Read the full report here.
     

    MIL OSI NGO –

  • MIL-OSI United Kingdom: Check your agent’s name

    Source: United Kingdom – Executive Government & Departments

    News story

    Check your agent’s name

    Make sure your agent’s name in our system matches your contract.

    If you want to use an agent to manage your business rates, you need to appoint them in our Check and Challenge service. 

    But if the agent’s name in our service does not match the name on your contract, you should be cautious. You should tell us by contacting agentstandards@voa.gov.uk.  

    You can also find out how long an agent has been using their current business name. You can get information about a company for free. 

    Some rogue agents may change their name often. 

    Our  VOA agent standards set out clear expectations for agents regarding:  

    • their behaviour   

    • their professional practice   

    • the service they provide to their customers   

    We take breaches of our agent standards very seriously. We will always take action if we substantiate a breach of the standards.  

    You should be cautious of any agent who:   

    • tries to pressure you to make a decision or sign a contract   

    • says they are acting on behalf of the VOA or forwards emails they claim are from the VOA   

    • demands large sums of money up front   

    • makes claims about ‘unclaimed credits’ or similar   

    Remember – you don’t have to use an agent to manage your business rates.   

    You can challenge your rateable value through our online service. This service is free to use.   

    If you want an agent to manage your business rates, use our checklist to choose an agent. Don’t let an agent choose you.  

    Using an agent who is a member of a professional body may provide extra reassurance as they will be subject to that body’s rules and regulations. The Institute of Revenues, Rating, Valuation, Royal Institution of Chartered Surveyors and Rating Surveyors’ Association have published joint standards that their members should follow. 

    We also have guidance on staying safe from scammers.   

    We collect evidence of poor agent behaviour and practices in the course of our work. This evidence allows us to proactively address issues or concerns.   

    If you are concerned about poor behaviour by agents, send any evidence to agentstandards@voa.gov.uk. 

    We cannot advise you on contractual issues you may have with any agent. You should contact the Citizens Advice Consumer Service. They have a helpline you can call on 0808 223 1133, Monday to Friday, 9am to 5pm. 

    If you think a business has broken the law or acted unfairly, you can also report them to Trading Standards via Citizens Advice. 

    If you believe you are a victim of fraud, you can make a report to Action Fraud.

    Updates to this page

    Published 22 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: New tax portals launched

    Source: Hong Kong Information Services

    The Inland Revenue Department (IRD) today launched three new tax portals under eTAX – Individual Tax Portal, Business Tax Portal and Tax Representative Portal – to provide electronic tax services to individuals, businesses, and tax service agents respectively, enabling them to handle tax matters conveniently and efficiently.

     

    The Individual Tax Portal offers a centralised platform for individual users to manage their personal tax matters, providing functions such as tax return filing, personal particulars updates and viewing of tax positions. They may also use the portal on their mobile devices via the “eTAX” app, also launched today by the IRD.

     

    The Business Tax Portal is specifically designed for businesses to handle tax matters and compliance obligations electronically, including tax return filing and business registration.

     

    As for the Tax Representative Portal, it caters to tax service agents (tax representatives, company secretaries and other tax service providers) to facilitate the management of their clients’ tax matters, including tax return filing and compliance tracking.

     

    The IRD explained that profiles of existing eTAX users have been migrated to the Individual Tax Portal, and they can use their registered information to log in to the portal.

     

    The department encourages businesses and service agents to open an eTAX account as early as possible to handle tax matters electronically via the other two portals in a safe, convenient and environmentally friendly way.

     

    Click here for more details.

    MIL OSI Asia Pacific News –

  • UAE Introduces Sugar-Based Tax on Sweetened Beverages to Promote Healthier Choices

    Source: Government of India

    Source: Government of India (4)

    The United Arab Emirates (UAE) is set to implement a paradigm shift in its policy regarding excise tax on sugar-sweetened beverages (SSBs) from January 2026, announced the Ministry of Finance and Federal Tax Authority (FTA) .The new rule will shift from a flat 50% tax rate to a tiered volumetric model, where the tax per liter is directly linked to the sugar content per 100ml of a beverage. This move aims to reduce sugar consumption, promote healthier dietary habits, and combat lifestyle-related diseases such as obesity and Type 2 diabetes.

    Under the current system, introduced in 2017 and expanded in 2019, all sweetened beverages—including carbonated drinks, energy drinks, and products with added sugars or sweeteners, are subject to a uniform 50% excise tax. The new tiered system will impose higher taxes on beverages with greater sugar content, incentivizing manufacturers to reformulate their products to lower sugar levels. “The updated mechanism encourages manufacturers to reduce added sugars and empowers consumers to make more informed dietary choices,” the Ministry of Finance stated.

    Health experts have praised the initiative as a significant step toward addressing public health challenges in the UAE, where the prevalence of diabetes among adults is approximately 20.7%, according to 2024 statistics from the International Diabetes Federation. This policy is commendable in the fight against obesity, metabolic syndrome, and Type 2 diabetes.”The policy aligns with the UAE’s broader health strategy and sustainable development goals, developed in coordination with the Ministry of Health and Prevention.The UAE’s innovative approach to taxing sweetened beverages based on sugar content positions the country as a leader in using fiscal policy to drive public health outcomes, with potential ripple effects across the region.

     

  • GST at Eight Years: Report Highlights Growth in Revenue and growing Women’s Inclusion in Formal Economy

    Source: Government of India

    Source: Government of India (4)

    There are over 1.52 crore active Goods and Services Tax (GST) registrations and one-fifth of registered GST taxpayers in India now have at least one woman, and 14 per cent of registered taxpayers have all female members (on the basis of the constitution of business), an SBI report revealed on Tuesday.

    This representation is substantially high in limited liability partnership (LLP) and private limited companies and the vectors of increased formalization and momentum in corporate playbook augur well for equitable representation in the offing, according to the SBI’s Economic Research Department report.

    “This data, along-with 15 per cent share of women in overall income taxpayers and 40 per cent in overall deposits, mirrors women empowerment,” said Dr Soumya Kanti Ghosh, Group Chief Economic Advisor, SBI.

    In just five years (FY21-FY25), gross GST collection doubled and even average monthly gross GST collection is now Rs 2 lakh crore. Top five states account for 41 per cent of gross revenue and six states have crossed Rs 1 lakh crore mark, Dr Ghosh added.

    States having GST collection of more than Rs 1 lakh crore have Integrated Goods and Service Tax (IGST) share of more than 30 per cent in their total domestic collection, emphasising the contribution of larger states in pushing GST collection across other states.

    On July 1, the GST completed eight years since its rollout. Introduced in 2017 as a major step towards economic integration, GST replaced a maze of indirect taxes with a single, unified system.

    It made tax compliance easier, reduced costs for businesses, and allowed goods to move freely across states. By improving transparency and efficiency, GST helped lay the foundation for a stronger, more integrated economy.

    “Our results indicate that convergence pattern strengthens over time, peaking in FY25 across all quantiles. By FY25, convergence is strong across the spectrum, indicating a broad-based equalising effect of GST,” said Dr Ghosh.

    Surprisingly, some of the larger and richer states like Telangana, Tamil Nadu, Kerala, Andhra Pradesh and even Karnataka have low share in active GST taxpayers vis-a-vis the state’s share in overall GSDP (Gross State Domestic Product).

    “Interestingly, states like Uttar Pradesh, Bihar and Gujarat share in total GST taxpayers is larger than the state’s share in overall GSDP. This indicate that there is still a vast untapped potential in GST in these states,” the report mentioned.

    (IANS)

  • MIL-Evening Report: Are screenwriters paid for a product or a service? The definition matters for their workplace rights

    Source: The Conversation (Au and NZ) – By Kim Goodwin, Lecturer in Arts Management and Human Resources, The University of Melbourne

    Vitaly Gariev/Unsplash

    The film and television sector in Australia employs over 26,000 workers and generated more than A$4.5 billion in income in 2021–22. TV dramas generate a large part of this revenue.

    Australian screen workers, including screenwriters, have traditionally been classified by productions as freelancers or contractors. In many cases, this means they have not been paid entitlements most other workers in Australia have access to.

    A December ruling by the Australian Taxation Office defined many Australian screenwriters as employees, and therefore they should be paid superannuation. Now, the Australian Writers Guild and Screen Producers Australia are each “seeking legal advice” on what this ruling could mean for scriptwriters and Australia’s screen sector.

    Mandated superannuation

    The superannuation guarantee mandates employers make superannuation contributions for eligible employees in line with the minimum contribution rate (now 12%).

    Historically, scriptwriters, like other arts workers, have been mainly engaged as freelancers, not employees. This means they are not always paid superannuation and other legal entitlements that come from being an employee.

    But a December 2024 tax office ruling specifically defined many screen workers as employees.

    This ruling advises that someone who sells an existing script (such as someone who wrote a film at their own initiative, and then sold the script to a producer) is not an employee, but “selling property”. These writers are not eligible for super payments.

    But the ruling found people who are regularly working scriptwriters (such as those working in a writers’ room for a TV series) may be legally considered employees, and are eligible for payments and protections offered to employees.

    Screen Producers Australia sees things differently. Information provided to their members argues scriptwriters are paid for the intellectual property rights associated with their product – meaning they are selling property.

    Opposing this, the Australian Writers Guild argue scriptwriters on long-running TV programs or in writers’ rooms are performing services and are employees of the production companies.

    If the screen production companies do not fall in line with the tax office ruling, the Australian Writers Guild have not ruled out undertaking legal action through a class action suit, or a strike.

    As the guild is not a union, they cannot undertake protected industrial action. But the guild could encourage a “wildcat strike”: a spontaneous work stoppage without union leadership. They recognise, however, this would have the impact on member livelihoods.

    What does this mean for scriptwriters?

    The ruling from the tax office outlines how it would apply the legislation, but it has not yet been tested legally. If the ruling is tested legally – by, say, legal action from scriptwriters seeking superannuation payments – and scriptwriters are found to be employees, it could greatly affect their work and pay.

    Not only could this lead to mandated superannuation contributions, but access to other entitlements such as parental leave, holiday pay and redundancy provisions.

    Australian artists earn on average 26% below the workforce norm, with incomes decreasing in real terms.

    Working conditions for Australians in the screen industries are difficult. Those working in the sector suffer from high levels of burnout and face systemic barriers when not white, male and able-bodied.

    Scriptwriters in Australia often struggle to achieve sustainable careers.
    Aman Upadhyay/Unsplash

    Scriptwriters in Australia often struggle to achieve sustainable careers. Scriptwriting fees often don’t fully cover the research and writing involved in script development, and the rise of streaming services has seen residuals – money made from licence fees of past work – all but disappear.

    Secure work in writers’ rooms for television series is also diminishing as these shrink in both team size and duration, limiting opportunities for emerging writers.

    Freelance scriptwriters may lack basic worker rights like minimum wage, job security, union bargaining and workers’ compensation insurance.

    For those lucky enough to secure work, superannuation and other entitlements can be negotiated into individual contracts. Until now, this has relied on individuals having the power and ability to engage in contract negotiation.

    Creative Workplaces – the division of Creative Australia formed in 2023 to address issues of pay, safety and welfare across the arts – recently launched a website. It offers industrial resources for arts organisations and workers to understand their rights and obligations.

    This is an important tool for all in the creative industries to ensure they receive the minimums under the law. But it is not a regulatory body. The onus is on organisations and workers to put into practice the relevant contracts and employment relationships.

    As the writers guild argues, it should not be up to individual workers to negotiate for basic worker entitlements. The recent tax office ruling, they say, means entitlements should include superannuation for many scriptwriters.

    A sustainable screen career

    As with other workplace issues impacting artists in recent years, scriptwriters deserve basic legal protections. They also deserve the safety and security that comes from being recognised as employees.

    TV drama provides a valuable training ground for Australian creatives. Fostering talent includes the creation of liveable working conditions.

    Initiatives such as Creative Workplaces can provide information, but leaders within creative organisations, production companies and other decision makers must act.

    Producers may choose now to pay super, in line with the tax office ruling, or they may wait for legal precedent to be set. And while they must adhere to legal minimums, production companies must also consider whether those working with them can earn a sustainable living on these minimums, or if they should offer better employment terms.

    If we want a future for screen stories in Australia, support for those working in the sector to build an enduring career is essential.

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

    – ref. Are screenwriters paid for a product or a service? The definition matters for their workplace rights – https://theconversation.com/are-screenwriters-paid-for-a-product-or-a-service-the-definition-matters-for-their-workplace-rights-261463

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: The One Big Beautiful Bill Cuts Taxes for Workers

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–The One Big Beautiful Bill Act invests in workers, delivering on President Trump’s promises to end tax on tips and overtime for millions of hardworking Americans. It also lessens the administrative burden on gig workers and small businesses.
    “This legislation enables the tipped and hourly workers who keep our economy running to keep more of each hard-earned paycheck,” said Finance Committee Chairman Mike Crapo (R-Idaho).
    Key wins:
    No tax on tips for millions of tipped workers.
    No tax on overtime for millions of America’s hourly workers.
    Repeals the Democrats’ onerous IRS reporting requirements on gig workers.
    Increases the 1099-MISC threshold, reducing the paperwork burden for small businesses and workers.
    What they are saying:
    “We greatly appreciate the Senate’s inclusion of other AICPA priorities in its bill, particularly: repealing the American Rescue Plan Act’s lowered threshold for Form 1099-K to $600 for an unlimited number of transactions; and increasing the filing threshold for Forms 1099-NEC and Forms 1099-MISC from $600 to $2,000, adjusted for inflation.” – AICPA
    “The Coalition for 1099-K Fairness strongly supports the Senate Finance package’s inclusion of language to raise the 1099-K reporting threshold. This commonsense provision would increase the threshold to over $20,000 in total payments and more than 200 transactions per calendar year—effectively stopping the implementation of a burdensome $600 threshold, regardless of transaction count, scheduled to take effect in 2026 under the American Rescue Plan Act (ARP).” – Coalition for 1099K Fairness
     

    MIL OSI USA News –

  • MIL-OSI: PBK Miner launches the first XRP cloud mining platform, leading the Ripple cloud mining revolution, using XRP to earn daily passive income

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom , July 21, 2025 (GLOBE NEWSWIRE) — A new US stablecoin bill passed in July 2025 is further improving regulatory clarity and opening the door to institutional adoption. Ripple’s USD-backed stablecoin, RLUSD, is fully collateralized by cash and US Treasuries and issued on the XRP Ledger.
    For investors who hold a large amount of XRP, PBKMiner provides a safe, compliant and scalable way to convert their assets into a high-yield passive income source. Users do not need to sell their positions or bear the risk of currency price fluctuations. They only need to top up and purchase computing power contracts to automatically obtain stable income every day. How to make money through cloud mining? Traditional cryptocurrency mining requires high hardware investment, complex technical configuration and continuous electricity consumption, but now, cloud mining has completely changed all this. Users can easily participate in mining by simply renting remote computing power through an online platform.

    Against the backdrop of the continued rise in the global cryptocurrency market, PBKMiner officially launched the XRP mining new user incentive plan, with “zero threshold, high returns” as the core, to help new and old users easily participate in digital currency mining. The platform quickly became the focus of the industry with its innovative reward mechanism, flexible contract selection, and transparent profit model.
    XRP Cloud Mining Now Available—Easy, Smart, and Profitable
    XRP has long been recognized for its role in cross-border payments and institutional financing, and now PBKMiner’s latest innovation – user-friendly cloud mining, takes XRP to the next level.
    Users can mine XRP directly or take advantage of PBKMiner’s intelligent AI engine, which automatically transfers mining power to the highest-yielding assets, including BTC, ETH, DOGE, USDC, and more. Earnings will be paid daily in the cryptocurrency of your choice, providing a reliable source of income regardless of market fluctuations.
    Whether you are a novice or an experienced investor, the PBKMiner platform allows you to earn continuous cryptocurrency income anytime, anywhere.
    Why does PBKMiner’s XRP mining stand out?
    – Available to Everyone: No technical skills, no hardware, no complications — just click to earn.
    – XRP Native: Handle XRP from deposits to withdrawals in one ecosystem.
    – Smart, Stable Returns: AI Mining Strategies Deliver Stable Yields Across Assets.
    – Built-in Flexibility: Choose to mine XRP or diversify into other top cryptocurrencies — all from one contract.
    – Global Instant Access: Start mining securely from anywhere in the world via your browser or app.
    Start earning income in just three easy steps:
    1. Sign up – Create an account and get a $10 welcome bonus.
    2. Choose a plan – Choose a short-term or long-term contract (1-55 days available).
    3. Start earning – Track your daily rewards and withdraw them in your preferred token.

    Main features of PBKMiner’s XRP cloud mining contract
    – Full XRP Ecosystem Integration: Deposit, mine, and withdraw XRP seamlessly on the platform.
    – Multi-currency mining support: Earn XRP, BTC, ETH, DOGE, USDC, USDT, SOL, LTC, BCH, and more.
    – AI Revenue Optimization: Proprietary algorithms optimize mining allocations for peak profitability.
    – 100% Remote Access: No hardware required – fully accessible via the PBKMiner app or browser.
    – Capital Protection: All contracts return full principal at expiration, minimizing risk while maximizing potential.
    Flexible mining contracts to meet various budget needs
    PBKMiner offers a variety of XRP-based cloud mining contracts designed for flexibility, predictable income, and effective risk management:
    $10 contract – 1 day – earn $0.6
    $100 contract – 2 days – earn $3.5 per day
    $500 contract – 5 days – earn $6.5 per day
    $5,000 contract – 30 days – earn $77.50 per day
    $30,000 contract – 50 days – earn $525.00 per day
    Whether you are investing for the first time or building a long-term portfolio, PBKMiner offers transparent, low-risk contracts that bring a steady daily XRP income.
    Click here to explore all XRP contracts.
    About PBKMiner
    Founded in 2019, PBKMiner represents a new generation of AI-driven cloud mining technology, with data, performance, and trust as pillars. The platform supports cloud mining of XRP, BTC, ETH, LTC, DOGE, and SOL. It has helped millions of users around the world earn passive crypto income through secure, AI-driven cloud mining. With the launch of XRP mining, the platform now combines retail-level accessibility with institutional-grade technology. Users can choose to mine XRP directly, or invest in the best performing digital assets – all in a secure, fully remote environment.
    A PBKMiner spokesperson said:
    “XRP has always been fast, efficient and scalable. Now, it can also be mined securely, remotely and profitably. We have removed all barriers so that anyone can participate in the future of XRP.”
    The market may rise and fall, but your mining income can remain stable. Especially suitable for investors who seek sustainable long-term returns rather than speculative gains.
    For full details and participation options please visit: https://pbkminer.com
    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or a trading recommendation. Cryptocurrency mining and staking involve risks and may result in the loss of funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –