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Category: Taxation

  • MIL-OSI Canada: Canada Partners With Trees For Life to Grow Southern Ontario’s Urban and Suburban Canopy

    Source: Government of Canada News (2)

    July 17, 2025                                                        Whitby, Ontario                                                               Natural Resources Canada

    Canada and Trees For Life are driving urban and suburban tree-planting projects that will expand local green spaces, improve air and water quality and provide natural shade to cool our cities and communities, making them healthier and more climate resilient.

    Today, Ryan Turnbull, Parliamentary Secretary to the Minister of Finance and National Revenue and to the Secretary of State (Canada Revenue Agency and Financial Institutions) and Member of Parliament for Whitby, highlighted a $4-million federal investment for tree-planting projects in urban and suburban areas in southern Ontario. Trees For Life will collaborate with planting partners to plant an average of 24,000 trees annually over five years, for a total of 120,000 trees in communities across southern Ontario.

    The collaboration with Trees For Life is already ahead of target, supporting the planting of 83,000 trees in southern Ontario with 35,000 trees planted in 2024 and 48,000 trees planted across 40 projects in 2025 to date.

    This project builds on a successful regional model piloted in the Durham Region. Trees For Life worked with local municipalities, conservation authorities, non-profits and other partners to assess how many more trees could be planted, as well as how to meet the unique tree-planting needs of each area. With strong support across the Durham Region and funding from the 2 Billion Trees Program (2BT), Canadian Trees for Life is now expanding this successful model to other regions.

    By investing in greener communities today, the federal government is planting the seeds for a more sustainable Canada. Through collaboration and long-term commitment, these efforts will leave a lasting legacy for future generations.

    MIL OSI Canada News –

    July 18, 2025

  • MIL-OSI USA: Homeland Security Task Force created in Houston

    Source: US Immigration and Customs Enforcement

    HOUSTON — U.S. Immigration and Customs Enforcement’s Homeland Security Investigations Houston field office and FBI Houston announced the establishment of a regional Homeland Security Task Force July 17 to combat emerging threats from transnational criminal organizations in Southeast Texas.

    The task force was created as a regional component to the national Homeland Security Task Force established by the Department of Homeland Security and Department of Justice pursuant to an executive order issued by President Donald J. Trump on Jan. 29 to protect the American people from invasion by transnational criminals.

    The Houston HSTF’s objective is to end the presence of criminal cartels, foreign gangs and transnational criminal organizations operating in Southeast Texas through a collaborative, whole-of-government approach. To accomplish this mission, the HSTF will conduct intelligence-driven, multijurisdictional investigations targeting drug trafficking, money laundering, weapons trafficking, human trafficking, alien smuggling, homicide, extortion, kidnapping, child exploitation and other transnational crimes. The Houston HSTF will work closely with state and local partners to identify, investigate and eliminate violent criminal organizations and associates operating in communities throughout Southeast Texas.

    “As transnational criminal organizations, foreign terrorist organizations, drug cartels, foreign gangs and other bad actors continue to evolve and become more sophisticated, it’s vital that we work together as a law enforcement community to find transformative ways to confront emerging threats,” said HSI Houston Special Agent in Charge Chad Plantz. “This is especially true in Southeast Texas, where we face a myriad of unique border-related challenges and threats from transnational criminal organizations. By establishing this permanently integrated multiagency task force with dedicated personnel from federal, state and local law enforcement working side-by-side with a common mission, we will be better postured to detect and respond to any type of threat we might face.”

    “Foreign terror organizations who profit off violence, drugs and human lives now face a united front unseen before in Houston,” said FBI Houston Special Agent in Charge Douglas Williams. “For the first time, law enforcement and intelligence agencies are focused on hunting down and eradicating transnational criminals within Houston communities. Federal, state and local police will coordinate with the U.S. Intelligence Community and overseas partners to efficiently eliminate newly designated terrorists wreaking havoc in our neighborhoods.”

    The HSTF will be headquartered in Houston and have a satellite office in Corpus Christi. The heads of HSI Houston and FBI Houston will co-lead the task force with input from a regional executive committee comprised of leaders from participating agencies. Task force personnel will include law enforcement agents, intelligence analysts and professional staff.

    Participating agencies will include the Drug Enforcement Administration, the ATF, the U.S. Marshals Service, the IRS’ Criminal Investigative Division, the U.S. Postal Inspection Service, U.S. Customs and Border Protection’s Office of Field Operations, the High Intensity Drug Trafficking Area director, U.S. attorneys from the Southern and Eastern Districts of Texas, and other federal, state and local partners.

    For more news and information on HSI Houston and the Houston Homeland Security Task Force follow us on X at @HSIHouston or at @FBIHouston.

    MIL OSI USA News –

    July 18, 2025

  • MIL-OSI Security: Charleston Woman Pleads Guilty to Aiding and Abetting Money Laundering in Relation to a COVID-19 Fraud Scheme

    Source: US FBI

    CHARLESTON, W.Va. – Shamiese Wright, 32, of Charleston, pleaded guilty to aiding and abetting monetary laundering.

    According to court documents and statements made in court, Wright received $15,625 in proceeds from a criminally derived Paycheck Protection Plan (PPP) loan, guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). On April 19, 2021, co-defendant Kisha Sutton submitted a PPP loan application on Wright’s behalf, listing Wright as a self-employed individual who received $75,000 in gross income in 2020. The application was filed with an Internal Revenue Service (IRS) Form 1040, Schedule C Profit or Loss from Business, reflecting that Wright had earned $75,000 in 2020.

    As part of her guilty plea, Wright admitted that she was not self-employed, that she never earned $75,000 in any year, and that the IRS Form 1040 submitted with her application was fraudulent and created solely to obtain the PPP loan.

    A PPP lender in Florida approved Wright’s loan application, and $15,625 in fraudulent loan proceeds were electronically deposited in Wright’s personal bank account in Charleston on or about May 7, 2021. As part of her guilty plea, Wright admitted that she transferred $3,000 to Sutton from the fraudulent PPP loan proceeds using a digital wallet application between May 7, and May 21, 2021. Wright further admitted that the transfers were compensation for facilitating the submission of Wright’s fraudulent loan as they had agreed, and that she staggered her payments to Sutton and provided misleading transfer descriptions for them to conceal and disguise the nature and the source of the money. Wright spent the remainder of the fraudulent loan proceeds on personal expenses.

    The CARES Act made forgivable PPP loans available to qualifying sole proprietors, independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other eligible expenses. Applicants were required to certify that they were in operation on February 15, 2020, and provide documentation showing their prior gross income from either 2019 or 2020.

    Wright is scheduled to be sentenced on October 29, 2025, and faces a maximum penalty of 20 years in prison, up to three years of supervised release, and a $500,000 fine. Wright also owes up to $18,736.73 in restitution.

    Wright and Sutton, 44, of Jersey City, New Jersey, are among several individuals indicted by a federal grand jury on charges alleging they and others conspired, as well as aided and abetted one another, to obtain fraudulent PPP loans totaling $140,625. Co-defendants William Powell and Damisha Brown each pleaded guilty to conspiracy to commit bank fraud. Powell, 35, of Huntington, is scheduled to be sentenced on August 14, 2025 and Brown, 32, of Charleston, is scheduled to be sentenced on October 2, 2025. Co-defendant Jasmine Spencer, 32, of Charleston, pleaded guilty on March 25, 2025, to aiding and abetting bank fraud and is scheduled to be sentenced on August 21, 2025.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI), the West Virginia State Police – Bureau of Criminal Investigation (BCI), and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

    United States District Judge Irene C. Berger presided over the hearing. Assistant United States Attorneys Jonathan T. Storage and Jennifer D. Gordon and former Assistant United States Attorney Holly Wilson have prosecuted the case.

    Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-192.

    MIL Security OSI –

    July 18, 2025

  • MIL-OSI Security: Federal Jury Convicts New Jersey Woman for Crimes Related to COVID-19 Fraud Scheme

    Source: US FBI

    CHARLESTON, W.Va. – After two days of trial, a federal jury convicted Kisha Sutton, 44, of Jersey City, New Jersey, of aiding and abetting bank fraud (Count one) and aiding and abetting laundering of monetary instruments (Count two).

    Evidence at trial proved that Sutton and co-defendant Shamiese Wright aided and abetted one another to obtain a fraudulent $15,625 Paycheck Protection Plan (PPP) loan on behalf of Wright, guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Sutton received $3,000 in fraudulent PPP loan proceeds from Wright as part of their scheme.

    On April 19, 2021, Sutton submitted the PPP loan application on Wright’s behalf, listing Wright as a self-employed individual who received $75,000 in gross income in 2020. The application was filed with an Internal Revenue Service (IRS) Form 1040, Schedule C Profit or Loss from Business, reflecting that Wright had earned $75,000 in 2020. Evidence at trial showed that Wright was not self-employed, had never earned $75,000 in any year, had received unemployment benefits in 2020, and that the IRS Form 1040 submitted with Wright’s application was fraudulent and created solely to obtain the PPP loan.

    A PPP lender in Florida approved Wright’s loan application, and $15,625 in fraudulent loan proceeds were electronically deposited in Wright’s personal bank account in Charleston on or about May 7, 2021. Wright transferred the $3,000 to Sutton from the fraudulent PPP loan proceeds using a digital wallet application between May 7, and May 21, 2021. Wright staggered her payments to Sutton and provided misleading transfer descriptions for them to conceal and disguise the nature and the source of the money.

    The CARES Act made forgivable PPP loans available to qualifying sole proprietors, independent contractors and self-employed individuals adversely impacted by the COVID-19 pandemic, to replace their normal income and for certain other eligible expenses. Applicants were required to certify that they were in operation on February 15, 2020, and provide documentation showing their prior gross income from either 2019 or 2020.

    Sutton is scheduled to be sentenced on November 13, 2025, and faces a maximum penalty of 50 years in prison. Sutton owes restitution in an amount to be determined by the Court.

    “The CARES Act offered emergency assistance to struggling small businesses that were impacted by the pandemic. The defendant chose to exploit that lifeline for personal enrichment,” said Acting United States Attorney Lisa G. Johnston. “The United States Attorney’s Office for the Southern District of West Virginia is glad to have played a significant role teaming with our law enforcement partners to hold the defendant accountable.”

    Johnston commended the excellent investigative work of the Federal Bureau of Investigation (FBI), the West Virginia State Police – Bureau of Criminal Investigation (BCI), and the West Virginia State Auditor’s Office (WVSAO) Public Integrity and Fraud Unit (PIFU).

    Sutton and Wright and are among several individuals indicted by a federal grand jury on charges alleging they and others conspired, as well as aided and abetted one another, to obtain fraudulent PPP loans totaling $140,625. Wright, 32, of Charleston, pleaded guilty on July 14, 2025, to aiding and abetting the laundering of monetary instruments and is scheduled to be sentenced on October 29, 2025. William Powell and Damisha Brown each pleaded guilty to conspiracy to commit bank fraud. Powell, 35, of Huntington, is scheduled to be sentenced on August 14, 2025 and Brown, 32, of Charleston, is scheduled to be sentenced on October 2, 2025. Jasmine Spencer, 32, of Charleston, pleaded guilty on March 25, 2025, to aiding and abetting bank fraud and is scheduled to be sentenced on August 21, 2025.

    United States District Judge Irene C. Berger presided over the jury trial. Assistant United States Attorneys Jonathan T. Storage and Jennifer D. Gordon and former Assistant United States Attorney Holly Wilson have prosecuted the case.

    Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 2:24-cr-192.

    MIL Security OSI –

    July 18, 2025

  • MIL-OSI USA: IAM Union Issues Statement on Delta Air Lines’ Settlement for Misuse of Taxpayer Pandemic Funds

    Source: US GOIAM Union

    WASHINGTON, July 16, 2025 – Brian Bryant, International President of the 600,000-member IAM Union, and Richie Johnsen, IAM Union Air Transport Territory General Vice President, issued the following statement in response to the U.S. Attorney’s Office for the Northern District of Georgia ordering Delta Air Lines to pay $8.1 million to settle alleged false claims act violations related to the Payroll Support Program:  

    “This settlement confirms what the IAM has said since 2020—Delta Air Lines took billions in taxpayer-funded relief money under the condition that workers’ jobs, pay and benefits would be protected, and then violated that agreement. 

    “The U.S. government has now validated our long-standing concerns: Delta’s actions were not just unethical but unlawful. The airline may not have reduced hourly wages, but it used mandatory unpaid leave and reduced scheduling to slash weekly and monthly pay, gutting the very protections the CARES  Act was designed to uphold.

    “In letters to the CEOs of Delta and JetBlue in 2020, 13 Senators led by Elizabeth Warren (D-MA) wrote,  “Your workers supported relief for airlines on the condition that their jobs, pay, and benefits would be protected. On April 23, 2020, the International Association of Machinists and Aerospace Workers wrote you a letter opposing your mandatory time off policy, and noting that, ‘The IAM, along with the all the other AFL-CIO affiliated transportation unions, and Delta JetBlue workers, fought for the federal stimulus to protect airline workers and save the airline industry from the ravages of the novel coronavirus pandemic,’ but that your company is ‘using that good faith support of airline workers around the country and at every carrier to [undermine the interest of your own workforces].’

    “Delta arrogantly ignored the law, its workers, and even direct appeals from members of Congress. This $8.1 million penalty is long overdue, but still falls short of fully compensating the workers and families who were financially harmed.

    “This is just one of many reasons why the IAM is organizing Delta workers across the country. Without a union contract, Delta management alone holds the power. Delta workers deserve a real voice on the job, legal protections, and a union that will fight for them in moments like this.

    “The IAM remains committed to holding any employer accountable for misuse of public funds at the expense of working people. This case should serve as a warning: workers’ rights are not optional, and corporations are not above the law.”

    The International Association of Machinists and Aerospace Workers (IAM) is one of North America’s largest and most diverse industrial trade unions, representing approximately 600,000 active and retired members in the aerospace, defense, airlines, railroad, transit, healthcare, automotive, and other industries across the United States and Canada.

    The post IAM Union Issues Statement on Delta Air Lines’ Settlement for Misuse of Taxpayer Pandemic Funds appeared first on IAM Union.

    MIL OSI USA News –

    July 18, 2025

  • MIL-OSI Security: Carbon County Couple Charged With Defrauding A Senior Citizen

    Source: Office of United States Attorneys

    SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Christen Lee Cosgrove, age 40, and Brian Cosgrove, age 37, both of Weatherly, Pennsylvania were indicted by a federal grand jury on conspiracy, bank fraud, wire fraud and money laundering charges.

    According to Acting United States Attorney John C. Gurganus, the 59-count indictment alleges that between October 2022 and May 2023, the Cosgroves conspired to defraud financial institutions which had possession of money from an estate and from a 93-year-old individual totaling approximately $1,000,000. It is further alleged that the Cosgroves used and caused wire transactions to fraudulently obtain the money which they spent on personal items including a house, recreational vehicle, boat, vacations, and paying off personal and business debt. The indictment also alleges that they used the fraudulently obtained money in multiple unlawful monetary transactions.

    The case was investigated by the Internal Revenue Service and the Luzerne County District Attorney’s Office. Assistant U.S. Attorney Jenny P. Roberts is prosecuting the case.

    The maximum penalty under federal law for bank fraud is 30 years of imprisonment and the maximum penalty under federal law for wire fraud is 20 years of imprisonment, a term of supervised release following imprisonment, and a fine. A sentence following a finding of guilt is imposed by the Judge after consideration of the applicable federal sentencing statutes and the Federal Sentencing Guidelines.

    Indictments are only allegations. All persons charged are presumed to be innocent unless and until found guilty in court.

    # # #

    MIL Security OSI –

    July 18, 2025

  • MIL-OSI: Westamerica Bancorporation Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN RAFAEL, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Westamerica Bancorporation (Nasdaq: WABC), parent company of Westamerica Bank, generated net income for the second quarter 2025 of $29.1 million and diluted earnings per common share (“EPS”) of $1.12. Second quarter 2025 results compare to first quarter 2025 net income of $31.0 million and EPS of $1.16.

    “Westamerica’s second quarter 2025 results benefited from the Company’s low-cost operating principles. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025. The Company recognized no provision for credit losses in the second quarter 2025. At June 30, 2025, nonperforming assets were $5.0 million and the allowance for credit losses on loans was $13.8 million. Westamerica operated efficiently, spending 39 percent of its revenue on operating costs in the second quarter 2025”, said Chairman, President and CEO David Payne. “Second quarter 2025 results generated an annualized 11.2 percent return on average common equity. Westamerica paid a $0.46 per common share dividend during the second quarter 2025, and retired 773 thousand common shares using its share repurchase plan. Westamerica’s capital ratios remain at historically high levels exceeding the highest regulatory guidelines,” concluded Payne.

    Net interest income on a fully-taxable equivalent (FTE) basis was $54.6 million for the second quarter 2025, compared to $56.4 million for the first quarter 2025. The annualized yield earned on loans, bonds and cash for the second quarter 2025 was 4.07 percent, compared to 4.14 percent for the first quarter 2025. The annualized cost of funding interest-earning loans, bonds and cash was 0.22 percent for the second quarter 2025, compared to 0.24 percent for the first quarter 2025.

    The Company provided no provision for credit losses in the second quarter 2025 compared to a $550 thousand reversal of provision for credit losses in the first quarter of 2025. The allowance for credit losses on loans was $13.8 million at June 30, 2025 compared to $13.9 million at March 31, 2025.

    Noninterest income for the second quarter 2025 totaled $10.3 million compared to $10.3 million for the first quarter 2025.

    Noninterest expenses were $25.5 million for the second quarter 2025 and $25.1 million for the first quarter 2025. The increase in noninterest expense is primarily due to higher salaries and benefits expense due to more business days in the second quarter 2025 compared to the first quarter 2025 and higher occupancy and equipment expense.

    The income tax provision (FTE) for the second quarter 2025 was $10.3 million compared to $11.1 million for the first quarter 2025.

    Westamerica Bancorporation’s wholly owned subsidiary Westamerica Bank, operates commercial banking and trust offices throughout Northern and Central California.

    Westamerica Bancorporation Web Address: www.westamerica.com

    For additional information contact:
    Westamerica Bancorporation
    1108 Fifth Avenue, San Rafael, CA 94901
    Robert A. Thorson – Investor Relations Contact
    707-863-6090
    investments@westamerica.com 

    FORWARD-LOOKING INFORMATION:

    The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

    This press release may contain forward-looking statements about the Company, including descriptions of plans or objectives of its management for future operations, products or services, and forecasts of its revenues, earnings or other measures of economic performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”

    Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors — many of which are beyond the Company’s control — could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s most recent reports filed with the Securities and Exchange Commission, including the annual report for the year ended December 31, 2024 filed on Form 10-K and quarterly report for the quarter ended March 31, 2025 filed on Form 10-Q, describe some of these factors, including certain credit, interest rate, operational, liquidity and market risks associated with the Company’s business and operations. Other factors described in these reports include changes in business and economic conditions, competition, fiscal and monetary policies, disintermediation, cyber security risks, legislation including the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the Sarbanes-Oxley Act of 2002 and the Gramm-Leach-Bliley Act of 1999, and mergers and acquisitions.

    Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date forward looking statements are made.

        Public Information July 17, 2025  
    WESTAMERICA BANCORPORATION        
    FINANCIAL HIGHLIGHTS        
    June 30, 2025        
               
    1. Net Income Summary.        
        (in thousands except per-share amounts)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
      Net Interest and Loan Fee        
      Income (FTE) $ 54,562   $ 64,100   -14.9 % $ 56,390  
      Reversal of Provision        
      for Credit Losses   –     –   n/m   (550 )
      Noninterest Income   10,315     10,500   -1.8 %   10,321  
      Noninterest Expense   25,529     26,130   -2.3 %   25,127  
      Income Before Taxes (FTE)   39,348     48,470   -18.8 %   42,134  
      Income Tax Provision (FTE)   10,282     13,008   -21.0 %   11,097  
      Net Income $ 29,066   $ 35,462   -18.0 % $ 31,037  
               
      Average Common Shares        
      Outstanding   25,889     26,680   -3.0 %   26,642  
      Diluted Average Common        
      Shares Outstanding   25,889     26,681   -3.0 %   26,642  
               
      Operating Ratios:        
      Basic Earnings Per Common        
      Share $ 1.12   $ 1.33   -15.8 % $ 1.16  
      Diluted Earnings Per        
      Common Share   1.12     1.33   -15.8 %   1.16  
      Return On Assets (a)   1.93 %   2.18 %     2.03 %
      Return On Common        
      Equity (a)   11.2 %   14.4 %     11.9 %
      Net Interest Margin (FTE) (a)   3.85 %   4.15 %     3.90 %
      Efficiency Ratio (FTE)   39.3 %   35.0 %     37.7 %
               
      Dividends Paid Per Common        
      Share $ 0.46   $ 0.44   4.5 % $ 0.44  
      Common Dividend Payout        
      Ratio   41 %   33 %     38 %
               
            %  
        6/30’25YTD 6/30’24YTD Change  
      Net Interest and Loan Fee        
      Income (FTE) $ 110,952   $ 130,194   -14.8 %  
      (Reversal of) Provision        
      for Credit Losses   (550 )   300   n/m  
      Noninterest Income   20,636     20,597   0.2 %  
      Noninterest Expense   50,656     52,229   -3.0 %  
      Income Before Taxes (FTE)   81,482     98,262   -17.1 %  
      Income Tax Provision (FTE)   21,379     26,383   -19.0 %  
      Net Income $ 60,103   $ 71,879   -16.4 %  
               
      Average Common Shares        
      Outstanding   26,263     26,677   -1.6 %  
      Diluted Average Common        
      Shares Outstanding   26,263     26,678   -1.6 %  
               
      Operating Ratios:        
      Basic Earnings Per Common        
      Share $ 2.29   $ 2.69   -14.9 %  
      Diluted Earnings Per        
      Common Share   2.29     2.69   -14.9 %  
      Return On Assets (a)   1.98 %   2.21 %    
      Return On Common        
      Equity (a)   11.6 %   14.8 %    
      Net Interest Margin (FTE) (a)   3.87 %   4.23 %    
      Efficiency Ratio (FTE)   38.5 %   34.6 %    
               
      Dividends Paid Per Common        
      Share $ 0.90   $ 0.88   2.3 %  
      Common Dividend Payout        
      Ratio   39 %   33 %    
               
    2. Net Interest Income.        
        (dollars in thousands)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
      Interest and Loan Fee        
      Income (FTE) $ 57,751   $ 69,407   -16.8 % $ 59,786  
      Interest Expense   3,189     5,307   -39.9 %   3,396  
      Net Interest and Loan Fee        
      Income (FTE) $ 54,562   $ 64,100   -14.9 % $ 56,390  
               
      Average Earning Assets $ 5,652,443   $ 6,145,626   -8.0 % $ 5,794,836  
      Average Interest-Bearing        
      Liabilities   2,693,505     3,001,786   -10.3 %   2,770,099  
               
      Yield on Earning Assets        
      (FTE) (a)   4.07 %   4.50 %     4.14 %
      Cost of Funds (a)   0.22 %   0.35 %     0.24 %
      Net Interest Margin (FTE) (a)   3.85 %   4.15 %     3.90 %
      Interest Expense /        
      Interest-Bearing        
      Liabilities (a)   0.48 %   0.71 %     0.50 %
      Net Interest Spread (FTE) (a)   3.59 %   3.79 %     3.64 %
               
            %  
        6/30’25YTD 6/30’24YTD Change  
      Interest and Loan Fee        
      Income (FTE) $ 117,537   $ 138,502   -15.1 %  
      Interest Expense   6,585     8,308   -20.7 %  
      Net Interest and Loan Fee        
      Income (FTE) $ 110,952   $ 130,194   -14.8 %  
               
      Average Earning Assets $ 5,723,246   $ 6,132,497   -6.7 %  
      Average Interest-Bearing        
      Liabilities   2,731,590     2,978,676   -8.3 %  
               
      Yield on Earning Assets        
      (FTE) (a)   4.11 %   4.50 %    
      Cost of Funds (a)   0.24 %   0.27 %    
      Net Interest Margin (FTE) (a)   3.87 %   4.23 %    
      Interest Expense /        
      Interest-Bearing        
      Liabilities (a)   0.49 %   0.56 %    
      Net Interest Spread (FTE) (a)   3.62 %   3.94 %    
               
    3. Loans & Other Earning Assets.        
        (average volume, dollars in thousands)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
               
      Total Assets $ 6,042,100   $ 6,549,203   -7.7 % $ 6,187,321  
      Total Earning Assets   5,652,443     6,145,626   -8.0 %   5,794,836  
      Total Loans   762,216     838,016   -9.0 %   789,935  
      Commercial Loans   115,943     133,605   -13.2 %   120,189  
      Commercial Real Estate        
      Loans   488,960     487,209   0.4 %   497,379  
      Consumer Loans   157,313     217,202   -27.6 %   172,367  
      Total Investment Securities   4,236,303     4,944,191   -14.3 %   4,395,565  
      Debt Securities Available for        
      Sale   3,400,199     4,079,896   -16.7 %   3,553,755  
      Debt Securities Held to        
      Maturity   836,104     864,295   -3.3 %   841,810  
      Total Interest-Bearing Cash   653,924     363,419   79.9 %   609,336  
               
      Loans / Deposits   15.7 %   16.1 %     15.9 %
               
            %  
        6/30’25YTD 6/30’24YTD Change  
               
      Total Assets $ 6,114,310   $ 6,537,562   -6.5 %  
      Total Earning Assets   5,723,246     6,132,497   -6.7 %  
      Total Loans   775,999     845,785   -8.3 %  
      Commercial Loans   118,054     133,514   -11.6 %  
      Commercial Real Estate        
      Loans   493,146     488,099   1.0 %  
      Consumer Loans   164,799     224,172   -26.5 %  
      Total Investment Securities   4,315,494     5,021,365   -14.1 %  
      Debt Securities Available for        
      Sale   3,476,553     4,152,185   -16.3 %  
      Debt Securities Held to        
      Maturity   838,941     869,180   -3.5 %  
      Total Interest-Bearing Cash   631,753     265,347   138.1 %  
               
      Loans / Deposits   15.8 %   16.0 %    
               
    4. Deposits, Other Interest-Bearing Liabilities & Equity.    
        (average volume, dollars in thousands)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
               
      Total Deposits $ 4,841,803   $ 5,202,620   -6.9 % $ 4,958,554  
      Noninterest Demand   2,245,077     2,485,023   -9.7 %   2,293,059  
      Interest-Bearing Transaction   908,367     981,703   -7.5 %   935,054  
      Savings   1,611,845     1,642,806   -1.9 %   1,649,631  
      Time greater than $100K   27,306     34,721   -21.4 %   29,460  
      Time less than $100K   49,208     58,367   -15.7 %   51,350  
      Total Short-Term Borrowings   96,779     284,189   -65.9 %   104,604  
      Bank Term Funding Program        
      Borrowings   –     200,000   n/m   –  
      Securities Sold under        
      Repurchase Agreements   96,779     84,189   15.0 %   104,604  
      Shareholders’ Equity   1,037,185     990,927   4.7 %   1,055,925  
               
      Demand Deposits /        
      Total Deposits   46.4 %   47.8 %     46.2 %
      Transaction & Savings        
      Deposits / Total Deposits   98.4 %   98.2 %     98.4 %
               
            %  
        6/30’25YTD 6/30’24YTD Change  
               
      Total Deposits $ 4,899,856   $ 5,290,840   -7.4 %  
      Noninterest Demand   2,268,936     2,508,702   -9.6 %  
      Interest-Bearing Transaction   921,637     1,019,998   -9.6 %  
      Savings   1,630,633     1,667,261   -2.2 %  
      Time greater than $100K   28,377     35,427   -19.9 %  
      Time less than $100K   50,273     59,452   -15.4 %  
      Total Short-Term Borrowings   100,670     196,538   -48.8 %  
      Bank Term Funding Program        
      Borrowings   –     131,291   n/m  
      Securities Sold under        
      Repurchase Agreements   100,670     65,247   54.3 %  
      Shareholders’ Equity   1,046,504     978,384   7.0 %  
               
      Demand Deposits /        
      Total Deposits   46.3 %   47.4 %    
      Transaction & Savings        
      Deposits / Total Deposits   98.4 %   98.2 %    
               
    5. Interest Yields Earned & Rates Paid.        
        (dollars in thousands)  
        Q2’2025  
        Average Income/ Yield (a) /  
        Volume Expense Rate (a)  
               
      Interest & Loan Fee Income Earned:        
      Total Earning Assets (FTE) $ 5,652,443   $ 57,751   4.07 %  
      Total Loans (FTE)   762,216     10,591   5.57 %  
      Commercial Loans (FTE)   115,943     1,833   6.34 %  
      Commercial Real Estate        
      Loans   488,960     6,452   5.29 %  
      Consumer Loans   157,313     2,306   5.88 %  
      Total Investments (FTE)   4,236,303     39,887   3.75 %  
      Total Debt Securities        
      Available for Sale (FTE)   3,400,199     31,354   3.67 %  
      Corporate Securities   1,945,959     12,898   2.65 %  
      Collateralized Loan        
      Obligations   792,914     12,405   6.19 %  
      Agency Mortgage Backed        
      Securities   273,083     2,334   3.42 %  
      Securities of U.S.        
      Government Sponsored        
      Entities   311,923     2,777   3.56 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   62,093     506   3.26 %  
      Other Debt Securities        
      Available for Sale (FTE)   14,227     434   12.21 %  
      Total Debt Securities Held to        
      Maturity (FTE)   836,104     8,533   4.08 %  
      Agency Mortgage Backed        
      Securities   51,839     304   2.35 %  
      Corporate Securities   737,787     7,816   4.24 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   46,478     413   3.56 %  
      Total Interest-Bearing Cash   653,924     7,273   4.40 %  
               
      Interest Expense Paid:        
      Total Earning Assets   5,652,443     3,189   0.22 %  
      Total Interest-Bearing        
      Liabilities   2,693,505     3,189   0.48 %  
      Total Interest-Bearing        
      Deposits   2,596,726     3,045   0.47 %  
      Interest-Bearing Transaction   908,367     44   0.02 %  
      Savings   1,611,845     2,950   0.73 %  
      Time less than $100K   49,208     37   0.30 %  
      Time greater than $100K   27,306     14   0.21 %  
      Total Short-Term Borrowings   96,779     144   0.60 %  
      Securities Sold under        
      Repurchase Agreements   96,779     144   0.60 %  
               
      Net Interest Income and        
      Margin (FTE)   $ 54,562   3.85 %  
               
        Q2’2024  
        Average Income/ Yield (a) /  
        Volume Expense Rate (a)  
      Interest & Loan Fee Income Earned:        
      Total Earning Assets (FTE) $ 6,145,626   $ 69,407   4.50 %  
      Total Loans (FTE)   838,016     11,441   5.49 %  
      Commercial Loans (FTE)   133,605     2,418   7.28 %  
      Commercial Real Estate        
      Loans   487,209     6,014   4.96 %  
      Consumer Loans   217,202     3,009   5.57 %  
      Total Investments (FTE)   4,944,191     53,005   4.27 %  
      Total Debt Securities        
      Available for Sale (FTE)   4,079,896     44,236   4.31 %  
      Corporate Securities   2,090,829     14,366   2.75 %  
      Collateralized Loan        
      Obligations   1,347,475     24,620   7.23 %  
      Agency Mortgage Backed        
      Securities   241,391     1,465   2.43 %  
      Securities of U.S.        
      Government sponsored        
      entities   309,395     2,777   3.59 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   72,319     543   3.01 %  
      U.S. Treasury Securities   4,260     54   5.08 %  
      Other Debt Securities        
      Available for Sale (FTE)   14,227     411   11.55 %  
      Total Debt Securities Held to        
      Maturity (FTE)   864,295     8,769   4.06 %  
      Agency Mortgage Backed        
      Securities   70,804     401   2.27 %  
      Corporate Securities   730,978     7,815   4.28 %  
      Obligations of States and        
      Political Subdivisions        
      (FTE)   62,513     553   3.54 %  
      Total Interest-Bearing Cash   363,419     4,961   5.40 %  
               
      Interest Expense Paid:        
      Total Earning Assets   6,145,626     5,307   0.35 %  
      Total Interest-Bearing        
      Liabilities   3,001,786     5,307   0.71 %  
      Total Interest-Bearing        
      Deposits   2,717,597     2,460   0.36 %  
      Interest-Bearing Transaction   981,703     69   0.03 %  
      Savings   1,642,806     2,322   0.57 %  
      Time less than $100K   58,367     49   0.34 %  
      Time greater than $100K   34,721     20   0.23 %  
      Total Short-Term Borrowings   284,189     2,847   4.02 %  
      Bank Term Funding Program        
      Borrowings   200,000     2,692   5.40 %  
      Securities Sold under        
      Repurchase Agreements   84,189     155   0.74 %  
               
      Net Interest Income and        
      Margin (FTE)   $ 64,100   4.15 %  
               
    6. Noninterest Income.        
        (dollars in thousands except per-share amounts)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
      Service Charges on Deposit        
      Accounts $ 3,368   $ 3,469   -2.9 % $ 3,381  
      Merchant Processing        
      Services   2,687     2,733   -1.7 %   2,733  
      Debit Card Fees   1,664     1,706   -2.5 %   1,581  
      Trust Fees   867     811   6.9 %   899  
      ATM Processing Fees   482     540   -10.7 %   463  
      Other Service Fees   450     450   0.0 %   429  
      Life Insurance Gains   106     –   n/m   102  
      Other Noninterest Income   691     791   -12.6 %   733  
      Total Noninterest Income $ 10,315   $ 10,500   -1.8 % $ 10,321  
               
      Operating Ratios:        
      Total Revenue (FTE) $ 64,877   $ 74,600   -13.0 % $ 66,711  
      Noninterest Income /        
      Revenue (FTE)   15.9 %   14.1 %     15.5 %
      Service Charges /        
      Avg. Deposits (a)   0.28 %   0.27 %     0.28 %
      Total Revenue (FTE) Per        
      Avg. Common Share (a) $ 10.05   $ 11.25   -10.6 % $ 10.16  
               
            %  
        6/30’25YTD 6/30’24YTD Change  
      Service Charges on Deposit        
      Accounts $ 6,749   $ 6,939   -2.7 %  
      Merchant Processing        
      Services   5,420     5,240   3.4 %  
      Debit Card Fees   3,245     3,249   -0.1 %  
      Trust Fees   1,766     1,605   10.0 %  
      ATM Processing Fees   945     1,131   -16.4 %  
      Other Service Fees   879     888   -1.0 %  
      Life Insurance Gains   208     –   n/m  
      Other Noninterest Income   1,424     1,545   -7.8 %  
      Total Noninterest Income $ 20,636   $ 20,597   0.2 %  
               
      Operating Ratios:        
      Total Revenue (FTE) $ 131,588   $ 150,791   -12.7 %  
      Noninterest Income /        
      Revenue (FTE)   15.7 %   13.7 %    
      Service Charges /        
      Avg. Deposits (a)   0.28 %   0.26 %    
      Total Revenue (FTE) Per        
      Avg. Common Share (a) $ 10.10   $ 11.37   -11.1 %  
               
    7. Noninterest Expense.        
        (dollars in thousands)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
               
      Salaries and Related Benefits $ 12,303   $ 12,483   -1.4 % $ 12,126  
      Occupancy and Equipment   5,154     5,158   -0.1 %   5,038  
      Outsourced Data Processing   2,709     2,511   7.9 %   2,697  
      Limited Partnership        
      Operating Losses   915     1,440   -36.5 %   915  
      Professional Fees   386     362   6.6 %   395  
      Courier Service   687     686   0.1 %   688  
      Other Noninterest Expense   3,375     3,490   -3.3 %   3,268  
      Total Noninterest Expense $ 25,529   $ 26,130   -2.3 % $ 25,127  
               
      Operating Ratios:        
      Noninterest Expense /        
      Avg. Earning Assets (a)   1.81 %   1.71 %     1.76 %
      Noninterest Expense /        
      Revenues (FTE)   39.3 %   35.0 %     37.7 %
               
            %  
        6/30’25YTD 6/30’24YTD Change  
               
      Salaries and Related Benefits $ 24,429   $ 25,069   -2.6 %  
      Occupancy and Equipment   10,192     10,198   -0.1 %  
      Outsourced Data Processing   5,406     5,047   7.1 %  
      Limited Partnership        
      Operating Losses   1,830     2,880   -36.5 %  
      Professional Fees   781     764   2.2 %  
      Courier Service   1,375     1,335   3.0 %  
      Other Noninterest Expense   6,643     6,936   -4.2 %  
      Total Noninterest Expense $ 50,656   $ 52,229   -3.0 %  
               
      Operating Ratios:        
      Noninterest Expense /        
      Avg. Earning Assets (a)   1.78 %   1.71 %    
      Noninterest Expense /        
      Revenues (FTE)   38.5 %   34.6 %    
               
    8. Allowance for Credit Losses.        
        (dollars in thousands)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
               
      Average Total Loans $ 762,216   $ 838,016   -9.0 % $ 789,935  
               
      Beginning of Period        
      Allowance for Credit        
      Losses on Loans (ACLL) $ 13,914   $ 15,879   -12.4 % $ 14,780  
      Reversal of Provision for        
      Credit Losses   –     –   n/m   (550 )
      Net ACLL (Losses)        
      Recoveries   (127 )   73   n/m   (316 )
      End of Period ACLL $ 13,787   $ 15,952   -13.6 % $ 13,914  
               
      Gross ACLL Recoveries /        
      Gross ACLL Losses   87 %   105 %     82 %
      Net ACLL (Losses)        
      Recoveries/        
      Avg. Total Loans (a)   -0.07 %   0.04 %     -0.16 %
               
            %  
        6/30’25YTD 6/30’24YTD Change  
               
      Average Total Loans $ 775,999   $ 845,785   -8.3 %  
               
      Beginning of Period ACLL $ 14,780   $ 16,867   -12.4 %  
      (Reversal of) Provision for        
      Credit Losses   (550 )   300   n/m  
      Net ACLL Losses   (443 )   (1,215 ) -63.5 %  
      End of Period ACLL $ 13,787   $ 15,952   -13.6 %  
               
      Gross ACLL Recoveries /        
      Gross ACLL Losses   83 %   66 %    
      Net ACLL Losses /        
      Avg. Total Loans (a)   -0.12 %   -0.29 %    
               
        (dollars in thousands)
            %  
        6/30/25 6/30/24 Change 3/31/25
      Allowance for Credit Losses        
      on Loans $ 13,787   $ 15,952   -13.6 % $ 13,914  
      Allowance for Credit Losses        
      on Held to Maturity        
      Securities   1     1   0.0 %   1  
      Total Allowance for Credit        
      Losses $ 13,788   $ 15,953   -13.6 % $ 13,915  
               
      Allowance for Unfunded        
      Credit Commitments $ 201   $ 201   0.0 % $ 201  
               
    9. Credit Quality.        
        (dollars in thousands)
            %  
        6/30/25 6/30/24 Change 3/31/25
      Nonperforming Loans:        
      Nonperforming Nonaccrual        
      Loans $ –   $ 971   n/m $ –  
      Performing Nonaccrual        
      Loans   4,553     –   n/m   –  
      Total Nonaccrual Loans   4,553     971   368.9 %   –  
      Accruing Loans 90+ Days        
      Past Due   411     580   -29.1 %   277  
      Total Nonperforming Loans $ 4,964   $ 1,551   220.1 % $ 277  
               
      Total Loans Outstanding $ 748,264   $ 831,842   -10.0 % $ 771,030  
               
      Total Assets   5,825,069     6,312,145   -7.7 %   5,966,624  
               
      Loans:        
      Allowance for Credit Losses        
      on Loans $ 13,787   $ 15,952   -13.6 % $ 13,914  
      Allowance for Credit Losses        
      on Loans / Loans   1.84 %   1.92 %     1.80 %
      Nonperforming Loans /        
      Total Loans   0.66 %   0.19 %     0.04 %
               
    10. Liquidity.        
               
      At June 30, 2025, the Company had $626,437 thousand in cash balances. During the twelve months ending June 30, 2026, the Company expects to receive $288,000 thousand in principal payments from its debt securities. If additional operational liquidity is required, the Company can pledge debt securities as collateral for borrowing purposes; at June 30, 2025, the Company’s debt securities which qualify as collateral for borrowing totaled $3,522,823 thousand. In the ordinary course of business, the Company pledges debt securities as collateral for certain depository customers; at June 30, 2025, the Company had pledged $715,788 thousand in debt securities for depository customers. In the ordinary course of business, the Company pledges debt securities as collateral for borrowing from the Federal Reserve Bank; at June 30, 2025, the Company had pledged $703,398 thousand in debt securities at the Federal Reserve Bank. During the six months ended June 30, 2025, the Company’s average borrowings from the Federal Reserve Bank and correspondent banks were $-0- thousand and $-0- thousand, respectively, and at June 30, 2025, the Company had no borrowings from the Federal Reserve Bank or other correspondent banks. At June 30, 2025, the Company had access to borrowing from the Federal Reserve up to $703,398 thousand based on collateral pledged at June 30, 2025. At June 30, 2025, the Company’s estimated unpledged collateral qualifying debt securities totaled $1,683,788 thousand. Debt securities eligible as collateral are shown at market value.
               
              (in thousands)
              6/30/25
      Debt Securities Eligible as        
      Collateral:        
      Corporate Securities       $ 2,517,133  
      Collateralized Loan        
      Obligations rated AAA         257,649  
      Obligations of States and        
      Political Subdivisions         106,428  
      Agency Mortgage Backed        
      Securities         339,710  
      Securities of U.S. Government        
      Sponsored Entities         301,903  
      Total Debt Securities Eligible        
      as Collateral       $ 3,522,823  
               
      Debt Securities Pledged        
      as Collateral:        
      Debt Securities Pledged        
      at the Federal Reserve Bank       ($ 703,398 )
      Deposits by Public Entities         (715,788 )
      Securities Sold under        
      Repurchase Agreements         (412,956 )
      Other         (6,893 )
      Total Debt Securities Pledged        
      as Collateral       ($ 1,839,035 )
               
      Estimated Debt Securities        
      Available to Pledge       $ 1,683,788  
               
    11. Capital.        
        (in thousands, except per-share amounts)
            %  
        6/30/25 6/30/24 Change 3/31/25
               
      Shareholders’ Equity $ 921,783   $ 815,600   13.0 % $ 923,138  
      Total Assets   5,825,069     6,312,145   -7.7 %   5,966,624  
      Shareholders’ Equity/        
      Total Assets   15.82 %   12.92 %     15.47 %
      Shareholders’ Equity/        
      Total Loans   123.19 %   98.05 %     119.73 %
      Tangible Common Equity        
      Ratio   14.03 %   11.21 %     13.71 %
      Common Shares Outstanding   25,587     26,683   -4.1 %   26,360  
      Common Equity Per Share $ 36.03   $ 30.57   17.9 % $ 35.02  
      Market Value Per Common        
      Share   48.44     48.53   -0.2 %   50.63  
               
        (shares in thousands)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
      Share Retirements (Issuances):        
      Total Shares Retired   773     –   n/m   361  
      Average Retirement Price $ 49.61   $ –   n/m $ 50.96  
      Net Shares Retired (Issued)   773     (5 ) n/m   348  
               
            %  
        6/30’25YTD 6/30’24YTD Change  
               
      Total Shares Retired   1,134     4   n/m  
      Average Retirement Price $ 49.88   $ 45.58   n/m  
      Net Shares Retired (Issued)   1,121     (12 ) n/m  
             
    12. Period-End Balance Sheets.        
        (unaudited, dollars in thousands)
            %  
        6/30/25 6/30/24 Change 3/31/25
      Assets:        
      Cash and Due from Banks $ 626,437   $ 486,124   28.9 % $ 727,336  
               
      Debt Securities Available for        
      Sale:        
      Corporate Securities   1,792,021     1,855,618   -3.4 %   1,802,791  
      Collateralized Loan        
      Obligations   780,147     1,255,110   -37.8 %   822,111  
      Agency Mortgage Backed        
      Securities   291,543     222,806   30.9 %   250,844  
      Securities of U.S.        
      Government Sponsored        
      Entities   301,903     291,206   3.7 %   299,722  
      Obligations of States and        
      Political Subdivisions   60,835     69,758   -12.8 %   60,581  
      U.S. Treasury Securities   –     4,820   n/m   –  
      Total Debt Securities        
      Available for Sale   3,226,449     3,699,318   -12.8 %   3,236,049  
               
      Debt Securities Held to        
      Maturity:        
      Agency Mortgage Backed        
      Securities   49,878     67,777   -26.4 %   53,528  
      Corporate Securities   738,846     732,049   0.9 %   737,146  
      Obligations of States and        
      Political Subdivisions (1)   45,715     61,042   -25.1 %   48,674  
      Total Debt Securities        
      Held to Maturity (1)   834,439     860,868   -3.1 %   839,348  
               
      Loans   748,264     831,842   -10.0 %   771,030  
      Allowance For Credit Losses        
      on Loans   (13,787 )   (15,952 ) -13.6 %   (13,914 )
      Total Loans, net   734,477     815,890   -10.0 %   757,116  
               
      Premises and Equipment, net   25,850     26,275   -1.6 %   25,722  
      Identifiable Intangibles, net   19     234   -91.9 %   72  
      Goodwill   121,673     121,673   0.0 %   121,673  
      Other Assets   255,725     301,763   -15.3 %   259,308  
               
      Total Assets $ 5,825,069   $ 6,312,145   -7.7 % $ 5,966,624  
               
      Liabilities and Shareholders’        
      Equity:        
      Deposits:        
      Noninterest-Bearing $ 2,175,841   $ 2,459,467   -11.5 % $ 2,241,802  
      Interest-Bearing Transaction   894,774     936,186   -4.4 %   920,461  
      Savings   1,603,974     1,646,781   -2.6 %   1,633,445  
      Time   72,946     89,006   -18.0 %   78,387  
      Total Deposits   4,747,535     5,131,440   -7.5 %   4,874,095  
               
      Bank Term Funding        
      Program Borrowings   –     200,000   n/m   –  
      Securities Sold under        
      Repurchase Agreements   101,210     100,167   1.0 %   113,219  
      Total Short-Term        
      Borrowed Funds   101,210     300,167   -66.3 %   113,219  
               
      Other Liabilities   54,541     64,938   -16.0 %   56,172  
      Total Liabilities   4,903,286     5,496,545   -10.8 %   5,043,486  
               
      Shareholders’ Equity:        
      Common Equity:        
      Paid-In Capital   456,964     474,618   -3.7 %   470,844  
      Accumulated Other        
      Comprehensive Loss   (116,747 )   (197,300 ) -40.8 %   (136,768 )
      Retained Earnings   581,566     538,282   8.0 %   589,062  
      Total Shareholders’ Equity   921,783     815,600   13.0 %   923,138  
               
      Total Liabilities and        
      Shareholders’ Equity $ 5,825,069   $ 6,312,145   -7.7 % $ 5,966,624  
               
    13. Income Statements.        
        (unaudited, in thousands except per-share amounts)
            %  
        Q2’2025 Q2’2024 Change Q1’2025
      Interest and Loan Fee Income:        
      Loans $ 10,523   $ 11,354   -7.3 % $ 10,669  
      Equity Securities   195     175   11.4 %   195  
      Debt Securities Available        
      for Sale   31,028     43,927   -29.4 %   33,430  
      Debt Securities Held to        
      Maturity   8,448     8,655   -2.4 %   8,494  
      Interest-Bearing Cash   7,273     4,961   46.6 %   6,703  
      Total Interest and Loan        
      Fee Income   57,467     69,072   -16.8 %   59,491  
               
      Interest Expense:        
      Transaction Deposits   44     69   -36.2 %   46  
      Savings Deposits   2,950     2,322   27.0 %   3,128  
      Time Deposits   51     69   -26.1 %   55  
      Bank Term Funding Program        
      Borrowings   –     2,692   n/m   –  
      Securities Sold under        
      Repurchase Agreements   144     155   -6.7 %   167  
      Total Interest Expense   3,189     5,307   -39.9 %   3,396  
               
      Net Interest and Loan        
      Fee Income   54,278     63,765   -14.9 %   56,095  
               
      Reversal of Provision for        
      Credit Losses   –     –   n/m   (550 )
               
      Noninterest Income:        
      Service Charges on Deposit        
      Accounts   3,368     3,469   -2.9 %   3,381  
      Merchant Processing        
      Services   2,687     2,733   -1.7 %   2,733  
      Debit Card Fees   1,664     1,706   -2.5 %   1,581  
      Trust Fees   867     811   6.9 %   899  
      ATM Processing Fees   482     540   -10.7 %   463  
      Other Service Fees   450     450   0.0 %   429  
      Life Insurance Gains   106     –   n/m   102  
      Other Noninterest Income   691     791   -12.6 %   733  
      Total Noninterest Income   10,315     10,500   -1.8 %   10,321  
               
      Noninterest Expense:        
      Salaries and Related Benefits   12,303     12,483   -1.4 %   12,126  
      Occupancy and Equipment   5,154     5,158   -0.1 %   5,038  
      Outsourced Data Processing   2,709     2,511   7.9 %   2,697  
      Limited Partnership        
      Operating Losses   915     1,440   -36.5 %   915  
      Professional Fees   386     362   6.6 %   395  
      Courier Service   687     686   0.1 %   688  
      Other Noninterest Expense   3,375     3,490   -3.3 %   3,268  
      Total Noninterest Expense   25,529     26,130   -2.3 %   25,127  
               
      Income Before Income Taxes   39,064     48,135   -18.8 %   41,839  
      Income Tax Provision   9,998     12,673   -21.1 %   10,802  
      Net Income $ 29,066   $ 35,462   -18.0 % $ 31,037  
               
      Average Common Shares        
      Outstanding   25,889     26,680   -3.0 %   26,642  
      Diluted Average Common        
      Shares Outstanding   25,889     26,681   -3.0 %   26,642  
               
      Per Common Share Data:        
      Basic Earnings $ 1.12   $ 1.33   -15.8 % $ 1.16  
      Diluted Earnings   1.12     1.33   -15.8 %   1.16  
      Dividends Paid   0.46     0.44   4.5 %   0.44  
               
            %  
        6/30’25YTD 6/30’24YTD Change  
      Interest and Loan Fee Income:        
      Loans $ 21,192   $ 22,678   -6.6 %  
      Equity Securities   390     349   11.7 %  
      Debt Securities Available        
      for Sale   64,458     90,170   -28.5 %  
      Debt Securities Held to        
      Maturity   16,942     17,377   -2.5 %  
      Interest-Bearing Cash   13,976     7,244   92.9 %  
      Total Interest and Loan        
      Fee Income   116,958     137,818   -15.1 %  
               
      Interest Expense:        
      Transaction Deposits   90     188   -52.1 %  
      Savings Deposits   6,078     4,239   43.4 %  
      Time Deposits   106     139   -23.7 %  
      Bank Term Funding Program        
      Borrowings   –     3,535   n/m  
      Securities Sold under        
      Repurchase Agreements   311     207   50.2 %  
      Total Interest Expense   6,585     8,308   -20.7 %  
               
      Net Interest and Loan        
      Fee Income   110,373     129,510   -14.8 %  
               
      (Reversal of) Provision        
      for Credit Losses   (550 )   300   n/m  
               
      Noninterest Income:        
      Service Charges on Deposit   6,749     6,939   -2.7 %  
      Accounts        
      Merchant Processing        
      Services   5,420     5,240   3.4 %  
      Debit Card Fees   3,245     3,249   -0.1 %  
      Trust Fees   1,766     1,605   10.0 %  
      ATM Processing Fees   945     1,131   -16.4 %  
      Other Service Fees   879     888   -1.0 %  
      Life Insurance Gains   208     –   n/m  
      Other Noninterest Income   1,424     1,545   -7.8 %  
      Total Noninterest Income   20,636     20,597   0.2 %  
               
      Noninterest Expense:        
      Salaries and Related Benefits   24,429     25,069   -2.6 %  
      Occupancy and Equipment   10,192     10,198   -0.1 %  
      Outsourced Data Processing   5,406     5,047   7.1 %  
      Limited Partnership        
      Operating Losses   1,830     2,880   -36.5 %  
      Professional Fees   781     764   2.2 %  
      Courier Service   1,375     1,335   3.0 %  
      Other Noninterest Expense   6,643     6,936   -4.2 %  
      Total Noninterest Expense   50,656     52,229   -3.0 %  
               
      Income Before Income Taxes   80,903     97,578   -17.1 %  
      Income Tax Provision   20,800     25,699   -19.1 %  
      Net Income $ 60,103   $ 71,879   -16.4 %  
               
      Average Common Shares        
      Outstanding   26,263     26,677   -1.6 %  
      Diluted Average Common        
      Shares Outstanding   26,263     26,678   -1.6 %  
               
      Per Common Share Data:        
      Basic Earnings $ 2.29   $ 2.69   -14.9 %  
      Diluted Earnings   2.29     2.69   -14.9 %  
      Dividends Paid   0.90     0.88   2.3 %  
               
      Footnotes and Abbreviations:        
      (1) Debt Securities Held To Maturity and Obligations of States and Political Subdivisions are net of related reserve for expected credit losses of $1 thousand at June 30, 2025, March 31, 2025 and June 30, 2024.
               
      (FTE) Fully Taxable Equivalent. The Company presents its net interest margin and net interest income on a FTE basis using the current statutory federal tax rate. Management believes the FTE basis is valuable to the reader because the Company’s loan and investment securities portfolios contain a portion of municipal loans and securities that are federally tax exempt. The Company’s tax exempt loans and securities composition may not be similar to that of other banks, therefore in order to reflect the impact of the federally tax exempt loans and securities on the net interest margin and net interest income for comparability with other banks, the Company presents its net interest margin and net interest income on a FTE basis.
               
      (a) Annualized        
               

    The MIL Network –

    July 18, 2025

  • MIL-OSI: Sparrow expands coverage to five U.S. states, making it easier than ever for Americans to claim missing money

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 17, 2025 (GLOBE NEWSWIRE) — Sparrow, the secure platform that helps Americans claim missing money in minutes, has officially expanded to five states — with Pennsylvania the newest addition. The company’s fully automated service now supports residents in California, Texas, Wisconsin, Nebraska, and Pennsylvania, with additional support for Georgia and Florida coming soon.

    With over $80 billion in unclaimed funds sitting idle — and 1 in 7 Americans estimated to have missing money — Sparrow offers a fast, safe, and frustration-free way to recover what’s rightfully yours.

    Using cutting-edge technology and real-time financial data, Sparrow verifies your identity, retrieves the necessary documents on your behalf, and prepares your claim with minimal effort required. What used to take days — and often involved printing, mailing, or even visiting a notary — now takes most users under five minutes.

    “We built Sparrow because the process of claiming lost money felt unnecessarily hard for everyday people,” said Will Nemirovsky, CEO. “I ran into it myself in 2024, trying to claim a small refund — and it took hours of paperwork and frustration. We knew we could make it effortless and secure using modern technology and automation. Expanding to Pennsylvania is especially meaningful for me —it’s where I met my Co-Founder, Jack Goettle.”

    Sparrow is fully licensed, offers risk-free pricing, and is committed to bank-grade encryption and secure data handling. Claims are processed through streamlined workflows that minimize human error and eliminate guesswork. Behind the scenes is a team of fintech veterans working to modernize a system that has failed everyday consumers for decades.

    To date, Sparrow has already helped users reclaim millions of dollars — and they’re just getting started.

    Sparrow offers a success-based model: if your claim isn’t paid, you don’t pay.

    Check if you’re owed money — it only takes a few minutes. Visit www.sparrowclaim.com to get started.

    media@sparrowclaim.com

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/351dc0b1-58c9-4f0c-9caf-1a595a933ef1
    https://www.globenewswire.com/NewsRoom/AttachmentNg/547d40f3-d403-4330-8975-b0634e7fa18f

    The MIL Network –

    July 18, 2025

  • MIL-OSI USA: Representatives Ciscomani, Titus and Cohen Introduce Bipartisan Wild Horse and Burro Protection Act of 2025

    Source: United States House of Representatives – Congressman Juan Ciscomani (Arizona)

    WASHINGTON – U.S. Rep. Juan Ciscomani and two congressional colleagues are leading a bipartisan effort aimed at establishing humane policies to care for and manage two iconic animals of the American West, wild horses and burros.

    Ciscomani and Rep. Dina Titus of Nevada, co-chairs of the Congressional Wild Horse Caucus, were joined last week by Rep. Steve Cohen of Tennessee in the introduction of  H.R. 4356, the Wild Horse and Burro Protection Act of 2025. The bill would eliminate the use of helicopters in rounding up wild horses and burros, and require a study into alternative methods for humanely gathering the animals, including workforce opportunities for traditional cowboys.

    “For too long, wild horses and burros have been subjected to dangerous, cruel and costly roundups that often result in the death of the animal,” Ciscomani said. “As an Arizonan and co-chair of the Congressional Wild Horse Caucus, I’m proud to support this common sense, bipartisan legislation that would eliminate the use of helicopters during Bureau of Land Management roundups and encourage more humane and cost-effective alternatives to manage these iconic animals.”

    In efforts to control equine populations, the Bureau of Land Management is currently directed to “humanely capture” wild free-roaming horses and burros and set them up for adoption. To assist in the capture, the BLM contracts with private helicopter companies to pursue the horses and burros over long distances, which can be frightening and even deadly to the animals.

    Between 2020 and 2024, these roundup practices have cost taxpayers at least $36.7 million, including over $6 million paid to helicopter roundup contractors in fiscal year 2022 alone. Scientific research has shown that more humane and cost-effective alternatives, like fertility control, are equally effective in controlling equine populations. The BLM currently spends less than four percent of its budget on these methods.

    “Nevada is home to more wild horses than any other state in our country. Tragically, these animals are subjected to taxpayer-funded helicopter roundups and removals that are all too often costly, ineffective, and inhumane,” said Rep. Titus (D-NV). “My legislation would eliminate the use of helicopters in BLM wild horse gathers and require a report to explore the benefits of alternative methods for humanely gathering horses and the workforce opportunities for traditional cowboys. I am proud to introduce this bipartisan proposal that would protect these icons of the American West which remain a source of pride for Nevada residents.”

    Rep. Cohen(D-TN) stated. “As one of the founding co-Chairs of the Wild Horse and Burro Caucus, I’m pleased to co-lead the Wild Horse and Burro Protection Act to improve accountability and transparency of how these icons of the West are managed by the Bureau of Land Management.”

    “The Bureau of Land Management is charged with humanely managing our nation’s federally protected wild horses, yet every year we see horrific fatalities during helicopter roundups — from wild mustangs running for their lives on broken legs to foals dying from exhaustion,” said Joanna Grossman, Ph.D., equine program director for the Animal Welfare Institute.“Taxpayer dollars should not be funding this abject cruelty. We are grateful to Reps. Titus, Cohen, and Ciscomani for their leadership on this critical bill that would end the use of helicopter roundups and prioritize a more sustainable, humane path forward.”

    “We commend Representative Dina Titus for her leadership in introducing the Wild Horse and Burro Protection Act of 2025. This bill is a critical step toward ending the cruel and unnecessary use of helicopters in wild horse roundups and bringing long-overdue transparency to the Bureau of Land Management’s operations through immediate implementation of onboard cameras,” said Suzanne Roy, executive director of American Wild Horse Conservation. “The American public overwhelmingly supports humane, accountable management of our iconic wild herds, and this legislation delivers just that.”

    “Having spent years documenting wild horses across the vast American West—these are icons of our nation that deserve to be cherished and protected,” said Ashley Avis, founder of The Wild Beauty Foundation and director of the Oscar-contending documentary WILD BEAUTY: Mustang Spirit of the West. “I have also witnessed the harrowing reality of helicopter roundups, where these highly intelligent animals are stampeded for miles. There is nothing ethical about the way this is conducted. I applaud Representative Titus, Representative Cohen, and Representative Ciscomani for continuing to fight for these fast-disappearing symbols of freedom—so that every generation of Americans has the chance to see them, wild and free.”

    The Wild Horse and Burro Protection Act of 2025 has been endorsed by the Animal Welfare Institute, the American Wild Horse Conservation, and Wild Beauty Foundation.

    To read the full bill text of H.R. 4356, the Wild Horse and Burro Protection Act of 2025, click here.

    Congressman Juan Ciscomani is proud to have launched the bipartisan Congressional Wild Horse Caucus earlier this year alongside Reps. David Schweikert (AZ-01), Dina Titus (NV-03), and Steve Cohen (TN-09) to champion the protection of one of America’s most iconic species. The caucus is committed to advancing humane and responsible policies to ensure the long-term care and management of wild horses and burros. Congressman Ciscomani has been a tireless advocate for these majestic animals and remains deeply committed to preserving their place on our public lands for generations to come.

    Read more about the launch of the caucus here.

    ###

    MIL OSI USA News –

    July 18, 2025

  • MIL-OSI USA: Congresswoman Tenney Rolls Out Election Integrity Bills Aimed at Safeguarding Ballot Security

    Source: United States House of Representatives – Congresswoman Claudia Tenney (NY-22)

    Washington, DC – Congresswoman Claudia Tenney (NY-24), Chairwoman of the House Election Integrity Caucus, today introduced a slate of common-sense bills aimed at restoring trust in America’s election systems and protecting the sacred right to vote for U.S. citizens.

    As part of this package, Rep. Tenney reintroduced three pieces of legislation, including: 

    The Safeguarding Trust in our Politics Act which would amend the Internal Revenue Code to prohibit 501(c)(3) tax-exempt organizations from funding or administering election-related activities, putting an end to private funding schemes that undermine public confidence in our electoral process.

    The Promoting Free and Fair Elections Act prohibits third-party voter registration and mobilization efforts on federal property.

    A Resolution calling for a Constitutional amendment to prohibit non-citizens from voting in federal, state, and local elections. 

    “Free and fair elections are the cornerstone of our Constitutional Republic. Americans deserve to know their voices won’t be drowned out by radical actors or non-citizens voting illegally,” said Congresswoman Tenney. “As Chairwoman of the Election Integrity Caucus, I am honored to introduce these three critical bills to secure our elections, restore public trust, and protect the sacred right to vote.”

    ###

    MIL OSI USA News –

    July 18, 2025

  • MIL-OSI Canada: The CBSA gives tips for a smoother border crossing during the Quebec construction holidays

    Source: Government of Canada News (2)

    July 17, 2025         Montréal, Quebec                    Canada Border Services Agency

    The Canada Border Services Agency (CBSA) offers some tips to travellers who will be returning to Canada during the construction holidays in Quebec, which take place form July 20 to August 3. This is a period when higher traffic is observed at ports of entry.

    Every day, the CBSA works hard to protect Canadians, support the economy and ensure the safe and efficient movement of people and goods across the border. In 2024, we welcomed over 93.4 million travellers, stopped over 34,400 kg of illegal drugs from entering our communities and kept more than 17,200 weapons and 930 firearms off our streets.

    The CBSA plans and prepares for long weekends and summer travel. We monitor traveller volumes and prioritize efficient processing of travellers at land ports of entry and at international airports, without compromising safety and security. If you encounter wait times at the border, it is likely because we are working behind the scenes to conduct examinations, seize drugs, firearms or stolen vehicles, or prevent high-risk individuals from entering Canada.

    Here are some tips to help you plan for your trip:

    • Plan ahead, expect delays and check border wait times. Travellers crossing the border by land are encouraged to cross during non-peak hours such as early mornings. The Monday of a holiday long weekend tends to be the busiest, with longer border wait times.
    • Looking for a port of entry’s hours of operation? Always best to check the official CBSA Directory of Offices and Services. If you are using a GPS application (such as Google Maps, Apple Maps or Waze) to direct you to a port of entry, consider checking different navigation options (such as fastest and shortest routes) to determine the preferred route of travel. In many instances, there are alternative ports of entry within close proximity.
    • Have your travel documents handy. Whether travelling by land, air or water, you can help speed up processing times by always coming prepared with your travel documents.
    • Be prepared to declare. Declare everything you have with you upon entry into Canada. If you arrive by land, you are responsible for everything inside your vehicle.
      • Goods purchased abroad: If you are a resident of Canada, personal exemptions allow you to bring goods, including alcohol and tobacco up to a certain value, back to Canada without paying regular duty and taxes. Make sure you know the value of goods you are bringing back in Canadian dollars and have your receipts available for the officer.
      • Surtaxes on certain U.S. goods. If you’ve purchased goods in the U.S. and are bringing them into Canada, you may have to pay a 25% surtax in addition to regular duties and taxes. For residents of Canada, this surtax applies only to goods exceeding your personal exemptions limit. Consult the lists of products surtaxed: complete lists of goods subject to the surtax. Visit the CBSA website for more details on how these surtaxes apply at the border. 
    • Flying into Canada? Use Advance Declaration and make your customs declaration up to 72 hours in advance of your arrival into Canada at participating airports.
    • Entering Canada by boat? If you are planning to travel in or near Canadian waters, or enter Canada by boat, you should review Reporting requirements for private boat operators before making travel plans. All travellers entering Canada by boat must report to the CBSA without delay.
    • When travelling with children who are not your own or for whom you don’t have full legal custody, we recommend you have a consent letter from the parent or legal guardian authorizing you to travel with the child. We are always watching for missing children, and in the absence of the letter, officers may ask additional questions.
    • Cannabis: Don’t bring it in. Don’t take it out. Bringing cannabis across the border in any form, including oils containing tetrahydrocannabinol (THC) or cannabidiol (CBD), without a permit or exemption authorized by Health Canada is a serious criminal offence subject to arrest and prosecution, despite the legalization of cannabis in Canada. A medical prescription from a doctor does not count as Health Canada authorization.
    • Declare any food, plants, or animals. Consult the Automated Import Reference System (AIRS) on the Canadian Food Inspection Agency website before bringing any food, plant, and animal products into Canada.
    • Travelling with medication? Make sure you understand your responsibilities.

    Not sure? Ask a CBSA officer. The best thing you can do to save time is to be open and honest with the CBSA officer. If you are not sure about what to declare, don’t hesitate to ask. Our officers are here to help and keep everyone safe.

    For more information, visit the CBSA Website or call us at 1-800-461-9999.

    MIL OSI Canada News –

    July 18, 2025

  • MIL-OSI USA: Rep. Weber Introduces BIRD Health Act to Strengthen U.S.-Israel Medical Innovation

    Source: United States House of Representatives – Congressman Randy Weber (14th District of Texas)

    Washington, D.C. – Today, U.S. Reps. Randy Weber (TX-14) and Chris Pappas (NH-01) introduced the United States-Israel Bilateral Innovation for Research and Development in (BIRD) Health Act of 2025. The legislation directs the Secretary of Health and Human Services to partner with the successful Binational Industrial Research and Development Foundation to create a dedicated BIRD Health Program, modeled after existing collaborations in energy, cyber, and homeland security.

    The BIRD Health Act deepens U.S.-Israel collaboration in the development of next-generation health technologies, fortify domestic supply chains, and reduce our reliance on adversarial nations for critical medical products. By leveraging Israel’s world-class biotech ecosystem and America’s unmatched research infrastructure.

    “The United States and Israel share one of the strongest, most enduring alliances in the world, and it just makes sense to join forces in advancing life-saving health technologies that benefit both our nations,” said Rep. Weber. “The BIRD Health Act of 2025 builds on our shared strengths to support cutting-edge medical innovation, strengthen supply chains, and improve health outcomes for American families.”

    “U.S. and Israeli doctors, scientists, and researchers are leading the world in groundbreaking medical advancements, including regenerative medicine, disease prevention, and cancer research,” said Rep. Pappas. “The health technology and innovation program created through this bipartisan legislation will strengthen the bilateral partnership between the U.S. and Israel to address emerging health issues, develop innovative solutions, and save lives.”

    The bill supports:
    • Joint U.S.-Israel research and development in medical devices, digital health, diagnostics, vaccines, and biotechnology
    • Manufacturing partnerships to boost U.S.-based production of critical medicines
    • Innovation ecosystems that promote startups, clinical trials, and commercialization of new treatments
    • Data-sharing and cybersecurity protocols to protect patient privacy and medical infrastructure

    Read the bill here.

    MIL OSI USA News –

    July 18, 2025

  • MIL-OSI United Kingdom: Defence Secretary statement on war in Ukraine – 17 July 2025

    Source: United Kingdom – Government Statements

    Speech

    Defence Secretary statement on war in Ukraine – 17 July 2025

    Defence Secretary, John Healey MP, provided an update to the House of Commons on the war in Ukraine.

    With permission, I wish to make a statement on the war in Ukraine. 

    Today is day 1,239 since President Putin launched his full-scale invasion and more than a decade since the Ukrainian people have known peace in their homeland. 

    They’ve had their homes destroyed. Lands seized. Children abducted. Loved ones killed by Putin’s forces. 

    Yet, the Ukrainian people still fight with remarkable determination – military and civilian alike, and almost three and a half years on, I’m proud to say this House remains united for Ukraine. And Britain remains united for Ukraine.  

    In fact, polling shows that we retain the strongest support for Ukraine of any European nation. 

    Our solidarity is grounded in our deep respect for their courage and in recognition that the defence of Europe starts in Ukraine. Because we know that if Putin prevails in Ukraine, he won’t stop with Ukraine.

    Madame Deputy Speaker, let me begin by providing a battlefield update.  

    Russia is maintaining pressure across the whole length of the frontline, with a special focus on Sumy in the northeast, Pokrovsk in the southeast, as well as in Kursk. 

    Last month, Russian Ground Forces likely seized approximately 550 square kilometres of Ukrainian territory – that’s an area greater than the size of Greater Manchester.

    And yet, they face continuing difficulties attempting to take fortified towns or cities, and they have not taken a significant town for months. Indeed, they’ve tried without success to seize Pokrovsk for nearly a year.

    What ground they do gain is coming at great cost. Last month, the number of Russian troops killed or wounded surpassed more than a million. 

    This year alone, Russia has sustained 240,000 casualties. 

    And despite these catastrophic Russian losses, Putin’s ruthless ambitions do not appear to be waning.  

    Russia is escalating the high numbers of one-way attack drones launched at Ukraine: 1,900 in April, 4,000 in May, 5,000 in June, and already this month in July,  3,200. 

    On 9 July, a week ago today, the largest aerial strike of the war was recorded when Russia launched more than 700 attack drones in a single night.  

    Despite the onslaught, the Ukrainians are taking the fight to Putin, striking military targets in Russia that his people see and know about. 

    Spider Web, Madame Deputy Speaker, was an operation of remarkable precision and extraordinary success which dealt a fierce blow to Putin.

    One year of meticulous planning, resulting in the damage of 41 long range bombers – planes which threaten not only Ukraine, but also NATO as well. 

    So, Madame Deputy Speaker, we must step up now our efforts on getting further military support to the frontline. 

    Last month – on the eve of the NATO Summit – we welcomed President Zelenskyy to No.10 Downing Street where the Prime Minister signed a UK-Ukraine agreement to share advanced battlefield capabilities and technologies.

    A deal which will mean our defence industry can rapidly develop the cutting edge technologies from Ukraine and step up the production for Ukraine. 

    And at the NATO Summit that followed, 32 nations came together to sign a new defence and national security investment pledge to spend 5 per cent of GDP by 2035.

    They came together, 32 nations, to reaffirm our commitment to Ukraine with 40 billion Euros pledged in security assistance for this year. 

    It was a good summit for Ukraine, it was a good summit for Britain, it was a good summit for NATO, it was a bad summit for Putin.

    Those commitments at NATO have been the basis for President Trump to signal a significant shift this week on Ukraine, announcing NATO weapons transfers and a 50-day deadline for Putin to agree to peace.

    So with the NATO Secretary-General, President Trump agreed to largescale purchases of US military equipment by NATO allies, including Patriot missiles, other air defence systems and munitions, which he committed to getting – and I quote: “quickly distributed to the battlefield”.  

    Madame Deputy Speaker, the UK backs the scheme – we plan to play our full part – and on Monday we will discuss this further when I chair the next meeting of the Ukraine Defence Contact Group – alongside my German counterpart, Minister Boris Pistorius.

    That group – the contact group – continues as the forum for more than 50 nations to provide Ukraine with what it needs to fight back Putin’s war machine and I am pleased to confirm that Monday’s meeting will be attended by US Secretary Hegseth, the NATO Secretary-General Mark Rutte, and SACEUR, General Grynkewich.

    Britain is providing more than £4.5bn in military aid to Ukraine this year – more than ever before. 

    And at the UDCG, I will provide the following updates:

    First, on the Extraordinary Revenue Acceleration scheme, two-thirds of the UK’s ERA total of £2.26 billion commitment has now been disbursed, including £700m on artillery shells, long-range rockets, and air defence missiles, exactly what Ukraine needs most. 

    Second, on drones. Since March, the UK has supplied nearly 50 000 drones to Ukraine helping meet our commitment to increase tenfold our supply this year.

    Third, on air defence, the UK and Germany have agreed to partner in providing critical air defence missiles to Ukraine.  

    And fourth, on the NATO Comprehensive Assistance Package, the UK will donate a further £40m, which Ukraine can use on a range of programmes from demining to rehabilitating their wounded.  

    Madame Deputy Speaker, it is now four months since President Zelenskyy responded to President Trump’s peace negotiations with Ukraine’s full commitment to an unconditional ceasefire. 

    President Putin has shown no such interest in an end to the fighting.  

    Madame Deputy Speaker, peace in Ukraine is possible, and we must be ready for when this peace comes.

    So since March, the UK and France have led the Coalition of the Willing on planning new security arrangements to support Ukraine in any ceasefire. 

    More than 200 military planners from 30 nations have worked intensively for weeks, with Ukraine and including reconnaissance in Ukraine, led by UK personnel. 

    Last week at the Summit, President Macron and Prime Minister Keir Starmer said that this initial phase of detailed military planning has concluded. 

    And I can confirm that the military command and control structures have now been agreed for a future ‘Multinational Force Ukraine’. 

    The Force’s mission will be to strengthen Ukraine’s defences on the land, at sea, and in the air because the Ukrainian Armed Forces are the best deterrent against future Russian aggression. 

    It will include a 3-star multi-national command headquarters in Paris, rotating to London after 12 months.

    And when the force deploys, there will be a coordination headquarters in Kyiv, headed by a UK 2-star military officer.

    It will regenerate land forces by providing logistics, armament and training experts. 

    It will secure Ukraine’s skies by using aircraft to deliver levels of support similar to that for NATO’s Air Policing mission. 

    And it will support safer seas by bolstering the Black Sea Task Force with additional specialist teams. 

    When peace comes, we will be ready.  

    When peace comes, we will play our part in securing it for the long term. 

    And next month on 24 August, Ukrainians will gather to celebrate their Independence Day.

    For another year, the anniversary of Ukraine’s liberation will be marked under the pain of occupation.

    Whatever else commands the world’s attention, we must never lose sight of this war, we must never lose sight of Putin’s brutal, illegal invasion of this proud and sovereign nation. 

    And we must never forget the price Ukraine is paying, fighting for its own freedom – and the security of all free nations, including our own. 

    Madame Deputy Speaker, the UK will stand with the Ukrainian people: today, tomorrow, the day after, and for as long it takes for Ukraine to prevail.

    Updates to this page

    Published 17 July 2025

    Invasion of Ukraine

    • UK visa support for Ukrainian nationals
    • Move to the UK if you’re coming from Ukraine
    • Homes for Ukraine: record your interest
    • Find out about the UK’s response

    MIL OSI United Kingdom –

    July 18, 2025

  • MIL-OSI Africa: Renaissance Energy Africa Joins African Energy Week (AEW) as Silver Partner Following Strong Operational Start

    Source: APO – Report:

    Nigerian energy consortium Renaissance Africa Energy has confirmed its participation as a Silver Partner at the African Energy Week (AEW): Invest in African Energies 2025 conference, scheduled for September 29 to October 3 in Cape Town. The announcement follows Renaissance Africa Energy’s strong operational start in early 2025, where the consortium exceeded its first-month oil production target by 40%.

    Alongside this operational success, Renaissance Africa Energy recently unveiled an ambitious $15 billion investment plan over the next five years. The plan includes 32 projects focused on increasing crude oil and gas production, expanding pipeline infrastructure and doubling domestic gas output in Nigeria’s Niger Delta region. This investment aims to enhance Nigeria’s energy security and support the country’s broader economic goals.

    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    Renaissance Africa Energy’s 2025 milestones build on the consortium’s acquisition of energy major Shell’s fully owned subsidiary Shell Petroleum Development Company (SPDC) of Nigeria’s onshore and shallow-water assets – completed in December 2024. The $1.3 billion deal marked a significant transfer of operational control from an international oil company to indigenous Nigerian firms, signaling a shift toward greater local ownership in the upstream sector.

    In the gas sector, Renaissance Africa Energy is targeting an increase in production from 150 million to 300 million standard cubic feet per day. This target will be supported by infrastructure projects such as the Ajaokuta-Kaduna-Kano gas pipeline, which is expected to facilitate greater domestic gas utilization and support gas exports.

    As such, the Renaissance Africa Energy consortium – comprising ND Western Ltd., Aradel Holdings Plc, FIRST Exploration and Petroleum Development Company Ltd., Waltersmith Group and Petrolin – brings extensive expertise across upstream, midstream and downstream operations. Collectively, these partners have established a strong track record in performance, innovation and community engagement. With a combined asset base valued at approximately $3 billion and a current production rate of around 100,000 barrels per day, Renaissance Africa Energy is well-positioned to deliver significant energy solutions across Nigeria and the broader African continent.

    “The rise of Renaissance Africa Energy as a prominent indigenous operator underscores the increasing maturity and capability of African energy enterprises. Their substantial investment commitments and demonstrated operational achievements are pivotal to enhancing Nigeria’s energy security and fostering sustainable economic development across the region. Renaissance Africa Energy’s participation as a silver partner at AEW: Invest in African energies 2025 exemplifies the vital role of local leadership in shaping the continent’s energy future through strategic investment and collaborative engagement,” states NJ Ayuk, Executive Chairman, African Energy Chamber.

    – on behalf of African Energy Chamber.

    Media files

    .

    MIL OSI Africa –

    July 18, 2025

  • MIL-OSI: Ripple’s XRP Meets AI Mining: PFMCrypto Offers AI-Enhanced Cloud Mining with Daily Returns

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 17, 2025 (GLOBE NEWSWIRE) — As Ripple’s XRP ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of XRP-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine XRP remotely and receive daily XRP rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the XRP economy through a streamlined, fully integrated platform.
    Explore the PFMCrypto website or download the app today.

    XRP Cloud Mining Is Here—Simple, Smart, and Rewarding
    Traditionally known for its role in cross-border payments and institutional finance, XRP now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine XRP directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including BTC, ETH, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
    Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

    Key Features of PFMCrypto’s XRP Cloud Mining Contracts
    –  Full XRP Integration: Deposit, purchase, mine, and withdraw XRP directly within the platform.
    –  Multi-Coin Mining Support: Mine and receive earnings in BTC, ETH, DOGE, USDC, USDT, SOL, LTC, and BCH.
    –  AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
    –  100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
    –  Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

    Mining Contracts for Every Budget and Strategy:
    PFMCrypto offers a broad range of mining contracts that support XRP-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
    $10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
    $100 Contract – 2 Days – Earn $3.00 daily + $2 reward
    $500 Contract – 5 Days – Earn $6.15 daily
    $5,000 Contract – 30 Days – Earn $78.50 daily
    $20,000 Contract – 45 Days – Earn $380.00 daily
    Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in XRP.
    Click here to explore more XRP cloud contracts.

    Why PFMCrypto’s XRP Mining Stands Out?
    –  Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
    –  XRP-Native Integration: Deposit, mine, and withdraw XRP in one seamless ecosystem.
    –  Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
    –  Multi-Asset Flexibility: Mine XRP directly or diversify earnings into other top digital assets—all with one contract.
    –  Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

    Get Started Today in 3 Easy Steps:
    1.  Sign Up – Create your account and receive a $10 welcome bonus
    2.  Choose a Plan – Select a short- or long-term contract (1–60 days available)
    3.  Start Earning – Track daily profits and withdraw in the token of your choice

    Start mining XRP now at: https://pfmcrypto.net 
    Or download the PFMCrypto mobile app (available for iOS & Android).

    XRP Mining for a Digital Future
    Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of XRP mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in XRP or diversify into major digital assets—all within a secure, fully remote environment.
    “XRP has always been fast, efficient, and scalable,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in XRP’s future growth.”
    Markets may shift—but daily mining income can remain steady.

    Join the XRP mining revolution today at: https://pfmcrypto.net

    The MIL Network –

    July 18, 2025

  • MIL-OSI: Commercial Drone Applications Rapidly Expanding as a Huge Spotlight is Currently Shining on Drone Industry

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., July 17, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – On the heels of the latest Drone Production Governmental initiatives and Executive Orders, manufacturing efforts have rapidly increased. For example, in the commercial drone space, the Indoor Inspection and Surveillance Drone Market is growing globally. Technological advancements in drone capabilities have significantly improved their suitability for industrial applications. Modern drones are equipped with advanced sensors, improved navigation systems, and enhanced safety features, enabling precise inspections in complex indoor environments. These enhancements align with industry demands for efficient and safe inspection methods, thereby driving market growth. Furthermore, as governments worldwide recognize the benefits of drones in industrial operations, supportive policies are being implemented to facilitate their integration. The increasing investment in drone research and development is an opportunity for manufacturers to innovate and develop drones tailored to industry-specific needs, expanding their application scope. According to industry reports: “Warehouse inspection has emerged as one of the most critical applications for indoor inspection drones, driven by the increasing complexity of supply chain operations and the increasing demand for automation in logistics. Warehouses, particularly those in e-commerce, retail, and third-party logistics, require regular inspections to ensure operational efficiency, inventory accuracy, and infrastructure maintenance. The manufacturing sector has become one of the leading adopters of indoor inspection drones, driven by the increasing need for automation, precision monitoring, and predictive maintenance. Manufacturing facilities, particularly in industries such as automotive, aerospace, and electronics, require frequent inspections of machinery, production lines, and inventory storage areas to ensure operational efficiency and compliance with quality standards. Indoor drones equipped with AI-powered visual imaging and thermal sensors enable real-time monitoring of production processes, detecting potential defects, equipment malfunctions, and structural vulnerabilities.” Active Companies in the drone industries include ZenaTech, Inc. (NASDAQ: ZENA), ParaZero Technologies Ltd. (NASDAQ: PRZO), NVIDIA Corporation (NASDAQ: NVDA), Archer Aviation Inc. (NYSE: ACHR), AIRO Group Holdings, Inc. (NASDAQ: AIRO).

    The article continued: “The North American indoor inspection drone market is witnessing substantial growth, driven by increasing industrial automation, stringent safety regulations, and advancements in drone technology. On the basis of Type, the Global Indoor Inspection Drone Market has been segmented into Rotary-wing Drones, Hybrid Drones, Fixed-wing Drones. Rotary-wing Drones accounted for the largest market share of 78.65% in 2024, with a market value of USD 4,013.90 Million and is projected to grow at a CAGR of 16.86% during the forecast period. Hybrid Drones was the second-largest market in 2024. Rotary-wing drones are the most commonly used type in indoor inspection applications as a result of their ability to hover, maneuver in tight spaces, and perform precise inspections in complex industrial environments. These drones feature multiple rotors that provide stability and control, making them ideal for navigating confined areas such as warehouses, factories, and energy facilities. Their growth is primarily driven by advancements in autonomous navigation, AI-powered obstacle avoidance, and real-time data analytics.”

    ZenaTech (NASDAQ:ZENA) Releases Video of ZenaDrone’s IQ Nano Indoor Inventory AI Drone for US Defense and Government – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a business technology solution provider specializing in AI (Artificial Intelligence) drones, Drone as a Service (DaaS), Enterprise SaaS, and Quantum Computing solutions, today releases an exclusive video of ZenaDrone’s IQ Nano indoor drone for inventory management and security applications. The video footage showcases the drone’s precision navigation in complex warehouse environments for rapid stock-taking and real-time data integration—capabilities that can improve US military logistics and bolsters supply chain modernization.

    Watch ZenaDrone’s IQ Nano indoor inventory AI drone in operation here.

    The ZenaDrone IQ Nano is a tactical indoor drone engineered and designed for GPS-denied, confined, or high-risk environments where traditional systems and personnel face operational challenges. Engineered for precision, it automates inventory management by scanning barcodes or RFID tags in armories and warehouses, while seamlessly integrating with SAP-based systems for real-time NSN (National Stock Number) military stock tracking verification and cycle counts and eliminating human error. Equipped with HD/thermal imaging and LiDAR, and AI-powered anomaly detection, it also combines secure indoor surveillance and security of command centers, ammunition depots, and restricted zones, with stable hover capabilities, and obstacle avoidance.

    “With the IQ Nano, we are delivering more than a drone—we’re deploying a mission-critical logistics asset built for a technologically advanced military,” said Shaun Passley, Ph.D., ZenaTech CEO. “The US federal government, including the Department of Defense, operates over a billion square feet of warehouse and storage space globally, representing a large opportunity. Our drone is also designed to operate where GPS fails and risks run high for unmatched precision, automation, and situational awareness. We will commence demonstrations of this product in August, a key step in our go-to-market plan.”

    The IQ Nano is part of ZenaDrone’s IQ Series product portfolio. This autonomous indoor drone features an NDAA-compliant supply chain that excludes Chinese produced components. The company has initiated submission for the Green UAS certification – the required pathway to Blue UAS (Unmanned Autonomous Systems) approval for US military procurement listing. Continued… Read this full release by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the drone industries include:

    ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace defense company pioneering smart, autonomous solutions for the global manned and unmanned aerial systems (UAS) industry, recently announced the successful completion of a live demonstration of its DefendAir™ Personal Net Gun System to a select group of Israeli security and defense professionals.

    The demonstration was attended by 25 senior officers and experts from various tactical units and critical infrastructure defense entities. During the live field simulation, ParaZero’s DefendAir system demonstrated 100% interception success, effectively neutralizing every fast-incoming multirotor drone threat in real-time scenarios. While specific affiliations remain confidential, participants represented top-level Israeli national security sectors, including site protection and strategic defense planning.

    NVIDIA Corporation (NASDAQ: NVDA) Developments: Vision software company Foresight Autonomous Holdings has integrated Nvidia’s Jetson Orin generative AI computing modules into its 3D-perception system.   Foresight is using Nvidia’s Jetson Orin Nano and Jetson AGX Orin modules to improve the capabilities of its perception systems deployed in various use cases, with a major focus on autonomous drones and unmanned aerial vehicles.

    The Jetson modules, which are used in generative AI, computer vision and advanced robotics, upgrade Foresight’s vision system with the computing power needed for autonomous drones and UAVs, according to Foresight. The Nano module is best suited for compact, lightweight UAVs and provides them with robust AI performance and energy efficiency in a small and lightweight package. The Nano reduces power consumption while maintaining high performance, which makes it well suited for drones operating in wide open or remote areas.

    Archer (NYSE: ACHR) recently announced the company raised an additional $850M following the White House’s announcement last week of an Executive Order by President Trump to implement an eVTOL Integration Pilot Program in the United States. This program is focused on accelerating the deployment of eVTOL aircraft in the U.S.

    Archer intends to closely coordinate with the White House, Department of Transportation and the Federal Aviation Administration on how this can integrate into Archer’s plans to ramp its operations in the U.S. ahead of the LA 28 Olympic Games at which Archer will serve as the Official Air Taxi Provider of the Olympic Games and Team USA. Archer believes cross-industry collaboration will be the key to the success of the eVTOL Integration Pilot Program and the U.S. achieving its goal of “dominance” within this new category of aircraft.

    AIRO Group Holdings, Inc. (NASDAQ: AIRO), a global leader in advanced aerospace and defense technologies, recently announced plans to expand its U.S. footprint with the addition of a new manufacturing and engineering development facility. This strategic move builds on the success of AIRO’s existing operations and is driven by the growing global demand for AIRO’s flagship product, the RQ-35 ISR Drone.

    The RQ-35 ISR Drone has rapidly gained international recognition for its reliability, performance, and mission versatility across defense and security sectors. Known in military applications as the RQ-35 Heidrun, the system offers significant advantages over existing micro-ISR drones due to its combination of full autonomy, long flight endurance, and ease of operation. It has been rigorously tested and deployed in harsh electronic warfare and GPS-denied environments, including active conflict zones, where it has demonstrated exceptional resilience and effectiveness.

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty one hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network –

    July 18, 2025

  • MIL-OSI: Bitcoin Swift Launches Stage 1 of ICO With Live Programmable Mining and Real-Time Payouts

    Source: GlobeNewswire (MIL-OSI)

    LUXEMBOURG, July 17, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), a next-generation blockchain protocol, has officially launched Stage 1 of its Initial Coin Offering (ICO), introducing a novel approach to early-stage participation with programmable mining rewards that activate immediately.

    Unlike traditional ICOs that require investors to wait for mainnet or roadmap deliverables, Bitcoin Swift’s Proof-of-Yield system is already live. Early contributors who purchase BTC3 during Stage 1 receive programmable mining contracts that begin distributing rewards from day one, a move designed to reshape how value is delivered in token presales.

    A Short Presale With Immediate Impact

    Bitcoin Swift’s presale is structured into ten fast-paced stages, each lasting fewer than ten days. Stage 1 is currently live at $1 per token, offering the highest programmable mining output before the next stage doubles the token price to $2. The platform has allocated 50% of its total token supply toward programmable mining, with early participants gaining access to the most lucrative reward cycles.

    “Programmable mining begins the moment a buyer enters Stage 1,” said a spokesperson for Bitcoin Swift. “We’re not just rewarding early access—we’re activating a system where rewards are governed transparently by smart contracts and delivered automatically.”

    Hybrid Consensus With AI-Driven Efficiency

    Bitcoin Swift operates on a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus model. Miners create blocks, while validators finalize checkpoints every 100 blocks. A layer of AI oracles monitors energy metrics and adjusts mining rewards in real time to prioritize sustainable, low-carbon usage.

    Key features include:

    • Hybrid PoW/PoS architecture for block creation and finalization
    • AI agents and oracles that adjust mining parameters dynamically
    • WASM-based smart contracts that evolve with market conditions
    • zk-SNARK privacy layers and decentralized identity support
    • Verified by Spywolf and Solidproof, including KYC and audit certification

    Governance and Privacy at the Core

    BTC3 is more than a mining protocol—it incorporates governance mechanisms powered by AI, where votes are scored for risk and participation is linked to both token holdings and verified identity. Meanwhile, zk-ledger technology ensures that transactions are shielded and private, while maintaining institutional-grade compliance for transparency.

    Tokenomics and Distribution

    Bitcoin Swift’s fixed supply of 45 million BTC3 is designed to support long-term value through a transparent allocation model:

    • 22.5 million tokens allocated to Proof-of-Yield mining over 30 years
    • 30% designated for presale participants
    • 15% reserved for liquidity provisioning
    • 5% for team and strategic reserves

    All rewards are executed through smart contracts and are based on activity levels, clean energy metrics, and decentralized ID verification.

    About Bitcoin Swift

    Bitcoin Swift is a programmable Layer 1 blockchain designed to deliver real-time mining, AI-enhanced consensus, and privacy-first decentralized finance. By combining Proof-of-Work and Proof-of-Stake with AI agents and programmable rewards, Bitcoin Swift enables a secure, efficient, and transparent blockchain ecosystem from the first day of its ICO.

    With only 63 days left in the presale, the project invites early participants to engage in an active ecosystem where programmable mining and real-time payouts are already live.

    For more information, visit: https://bitcoinswift.com
    Join the conversation on Telegram: https://t.me/BitcoinSwift

    Contact:
    Luc Schaus
    support@bitcoinswift.com

    Disclaimer: This content is provided by Bitcoin Swift. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2545c087-dfa6-4673-a106-229cb2519585

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    The MIL Network –

    July 18, 2025

  • MIL-OSI: Bitcoin Swift Launches Stage 1 of ICO With Live Programmable Mining and Real-Time Payouts

    Source: GlobeNewswire (MIL-OSI)

    LUXEMBOURG, July 17, 2025 (GLOBE NEWSWIRE) — Bitcoin Swift (BTC3), a next-generation blockchain protocol, has officially launched Stage 1 of its Initial Coin Offering (ICO), introducing a novel approach to early-stage participation with programmable mining rewards that activate immediately.

    Unlike traditional ICOs that require investors to wait for mainnet or roadmap deliverables, Bitcoin Swift’s Proof-of-Yield system is already live. Early contributors who purchase BTC3 during Stage 1 receive programmable mining contracts that begin distributing rewards from day one, a move designed to reshape how value is delivered in token presales.

    A Short Presale With Immediate Impact

    Bitcoin Swift’s presale is structured into ten fast-paced stages, each lasting fewer than ten days. Stage 1 is currently live at $1 per token, offering the highest programmable mining output before the next stage doubles the token price to $2. The platform has allocated 50% of its total token supply toward programmable mining, with early participants gaining access to the most lucrative reward cycles.

    “Programmable mining begins the moment a buyer enters Stage 1,” said a spokesperson for Bitcoin Swift. “We’re not just rewarding early access—we’re activating a system where rewards are governed transparently by smart contracts and delivered automatically.”

    Hybrid Consensus With AI-Driven Efficiency

    Bitcoin Swift operates on a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus model. Miners create blocks, while validators finalize checkpoints every 100 blocks. A layer of AI oracles monitors energy metrics and adjusts mining rewards in real time to prioritize sustainable, low-carbon usage.

    Key features include:

    • Hybrid PoW/PoS architecture for block creation and finalization
    • AI agents and oracles that adjust mining parameters dynamically
    • WASM-based smart contracts that evolve with market conditions
    • zk-SNARK privacy layers and decentralized identity support
    • Verified by Spywolf and Solidproof, including KYC and audit certification

    Governance and Privacy at the Core

    BTC3 is more than a mining protocol—it incorporates governance mechanisms powered by AI, where votes are scored for risk and participation is linked to both token holdings and verified identity. Meanwhile, zk-ledger technology ensures that transactions are shielded and private, while maintaining institutional-grade compliance for transparency.

    Tokenomics and Distribution

    Bitcoin Swift’s fixed supply of 45 million BTC3 is designed to support long-term value through a transparent allocation model:

    • 22.5 million tokens allocated to Proof-of-Yield mining over 30 years
    • 30% designated for presale participants
    • 15% reserved for liquidity provisioning
    • 5% for team and strategic reserves

    All rewards are executed through smart contracts and are based on activity levels, clean energy metrics, and decentralized ID verification.

    About Bitcoin Swift

    Bitcoin Swift is a programmable Layer 1 blockchain designed to deliver real-time mining, AI-enhanced consensus, and privacy-first decentralized finance. By combining Proof-of-Work and Proof-of-Stake with AI agents and programmable rewards, Bitcoin Swift enables a secure, efficient, and transparent blockchain ecosystem from the first day of its ICO.

    With only 63 days left in the presale, the project invites early participants to engage in an active ecosystem where programmable mining and real-time payouts are already live.

    For more information, visit: https://bitcoinswift.com
    Join the conversation on Telegram: https://t.me/BitcoinSwift

    Contact:
    Luc Schaus
    support@bitcoinswift.com

    Disclaimer: This content is provided by Bitcoin Swift. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2545c087-dfa6-4673-a106-229cb2519585

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    The MIL Network –

    July 18, 2025

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

    July 18, 2025

  • MIL-OSI: Private Bancorp of America, Inc. Announces Strong Net Income and Earnings Per Share for Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $10.4 million, compared to $10.6 million in the prior quarter and $7.8 million in the second quarter of 2024. Net income increased 33.5% year over year
    • Net income for the second quarter of 2025 represents a return on average assets of 1.69% and a return on average tangible common equity of 17.44%
    • Diluted earnings per share for the second quarter of 2025 was $1.77, compared to $1.80 in the prior quarter and $1.35 in the second quarter of 2024
    • Core deposits were $2.07 billion as of June 30, 2025, an increase of $22.0 million or 1.1% from March 31, 2025. Core deposits increased $327.6 million or 18.8% year over year. Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million or 1.3% from March 31, 2025, which included a reduction in brokered deposits of $51.2 million. Total deposits increased 8.1% year over year
    • Total cost of deposits was 2.08% for the second quarter of 2025, a decrease from 2.22% in the prior quarter and 2.67% in the second quarter of 2024, an improvement of 6.4% quarter over quarter and 22.3% year over year. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025. Total cost of funding sources was 2.14% for the second quarter of 2025, a decrease from 2.29% in the prior quarter and 2.78% in the second quarter of 2024
    • Loans held-for-investment (“HFI”) totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% from March 31, 2025. Loans HFI increased 5.1% year over year
    • Net interest margin was 4.94% for the second quarter of 2025, compared to 4.61% in the prior quarter and 4.48% in the second quarter of 2024
    • Provision for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million for the prior quarter and $2.1 million for the second quarter of 2024. The allowance for loan losses was 1.35% of loans HFI as of June 30, 2025 compared to 1.27% at March 31, 2025
    • As of June 30, 2025, criticized loans totaled $58.2 million, or 2.79% of total loans, up from $40.8 million, or 1.96% of total loans, in the prior quarter
    • Tangible book value per share was $42.20 as of June 30, 2025, an increase of $1.91 since March 31, 2025 primarily as a result of strong earnings. Tangible book value per share increased 4.7% quarter-over-quarter and 21.8% year over year.

    LA JOLLA, Calif., July 17, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX: PBAM), (“Company”) and CalPrivate Bank (“Bank”) announced unaudited financial results for the second fiscal quarter ended June 30, 2025. The Company reported net income of $10.4 million, or $1.77 per diluted share, for the second quarter of 2025, compared to $10.6 million, or $1.80 per diluted share, in the prior quarter, and $7.8 million, or $1.35 per diluted share, in the second quarter of 2024.

    Rick Sowers, President and CEO of the Company and the Bank stated, “Earnings continue to be strong as a result of improvement in our deposit base and funding costs as well as an industry leading net interest margin.  Although 2025 has been a slower year for loan growth due to economic uncertainty and what we view as unreasonable market loan pricing, we are adding new Relationships across our footprint by delivering Distinctively Different Service and providing Clients with customized Solutions that meet their individual needs. We have onboarded 8 new Relationship focused Team Members this quarter, with more in the pipeline.  We are strong believers in the Southern California market, as demonstrated by our new Santa Barbara County office in Montecito, which we anticipate opening in the third quarter.”

    Sowers added, “The Bank’s superior financial performance and industry leading service metrics continue to be recognized by industry publications and our Clients. This recognition reinforces our strategic thinking and our dedication to excellence, innovation, delivering Client-focused banking solutions and enhancing shareholder value: 

    • Top 20 Community Banks in the US for 2025 by American Banker with assets between $2B and $10B in assets and #2 in California
    • #1 for both Return on Assets (ROA) and Return on Equity (ROE) among banks with less than $5 billion in assets in 2024
    • #1 SBA 504 Community Bank Lender in the United States
    • #10 Best U.S. Bank by Bank Director’s RankingBanking®
    • Client Net Promoter Score of 81 (World Class)
    • Bauer 5 Star Rating
    • 2025 Best 50 OTCQX

    “Management has continued to focus on providing clients with a differentiated superior banking experience while producing industry leading shareholder value creation. Client surveys validate superior service levels while financial results remain in the top tier of banks nationally. Outstanding net interest margin and superior efficiency ratios confirm both the bank’s unique client relationship strategy, calculated decision making, and the effective operating systems that have resulted from our continuous improvement focus through project management, product evaluation, and technology implementation programs. In preparation for a less certain general economic environment, we have continued to invest in people and technology. We expanded our geographic footprint into Santa Barbara County and added relationship managers throughout Southern California, and management is preparing for and evaluating a wave of newer technologies including AI and risk management tools. In addition, our Team takes pride in continuing to commit their time and the bank’s financial support for non-profits in the communities we serve, in gratitude for these organizations’ outstanding work to strengthen their communities by improving the lives of those they serve,” said Selwyn Isakow, Chairman of the Board of the Company and the Bank.

    STATEMENT OF INCOME

    Net Interest Income

    Net interest income for the second quarter of 2025 totaled $30.1 million, an increase of $2.4 million or 8.6% from the prior quarter and an increase of $5.4 million or 22.1% from the second quarter of 2024. The increase from the prior quarter was due to a $1.7 million increase in interest income, which included $0.7 million of nonaccrual interest recognized on loans that were fully satisfied through a foreclosure, and a $0.7 million decrease in interest expense, resulting from a 19 basis point reduction in the cost of interest-bearing liabilities, primarily driven by a 14 basis point decrease in the cost of total deposits.

    Net Interest Margin

    Net interest margin for the second quarter of 2025 was 4.94%, compared to 4.61% for the prior quarter and 4.48% in the second quarter of 2024. The 33 basis point increase in net interest margin from the prior quarter was primarily due to a higher average yield on loans, which included the effect of an 11 basis point increase in net interest margin due to nonaccrual interest recognized on loans that were fully satisfied through foreclosure, and a decrease in the cost of total funding sources. The yield on interest-earning assets was 6.89% for the second quarter of 2025 compared to 6.70% for the prior quarter, and the cost of interest-bearing liabilities was 2.95% for the second quarter of 2025 compared to 3.14% in the prior quarter. The cost of total deposits was 2.08% for the second quarter of 2025 compared to 2.22% in the prior quarter. The cost of core deposits, which excludes brokered deposits, was 1.94% in the second quarter of 2025 compared to 1.99% in the prior quarter and 2.28% for the second quarter of 2024. The spot rate for total deposits was 2.04% as of June 30, 2025, compared to 2.11% at March 31, 2025.

    Provision for Credit Losses

    Provision expense for credit losses for the second quarter of 2025 was $1.3 million, compared to $0.3 million in the prior quarter and $2.1 million in the second quarter of 2024. The provision expense for loans HFI for the second quarter of 2025 was $1.7 million, primarily reflecting a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. This was offset by a $0.4 million reversal for unfunded commitments due to increased line of credit utilization that resulted in lower unfunded commitment balances. For more details, please refer to the “Asset Quality” section below.

    Noninterest Income

    Noninterest income was $1.7 million for the second quarter of 2025, compared to $1.6 million in the prior quarter and $1.5 million in the second quarter of 2024. U.S. Small Business Administration (“SBA”) loan sales for the second quarter of 2025 were $9.5 million with a 10.01% average trade premium resulting in a net gain on sale of $523 thousand, compared with $8.3 million with a 10.86% average trade premium resulting in a net gain on sale of $469 thousand in the prior quarter.

    Noninterest Expense

    Noninterest expense was $15.7 million for the second quarter of 2025, compared to $14.1 million in the prior quarter and $13.0 million in the second quarter of 2024. The increase in noninterest expense from the prior quarter is primarily due to higher compensation and benefits costs from continued hiring, including a team of bankers in Montecito, as well as elevated professional services expenses related to expanded loan portfolio reviews performed during the quarter as we proactively manage credit risk and the transition to a new Chief Credit Officer. The efficiency ratio was 49.27% for the second quarter of 2025 compared to 47.90% in the prior quarter and 49.46% in the second quarter of 2024. The slight increase in the efficiency ratio from the prior quarter was due to the increase in noninterest expense.

    The Company remains committed to making investments in the business, including technology, marketing, and staffing. Inflationary pressures and low unemployment continue to have an impact on rising wages as well as increased costs related to third party service providers, which we proactively monitor and manage.

    Provision for Income Tax Expense

    Provision for income tax expense was $4.4 million for the second quarter of 2025, compared to $4.4 million for the prior quarter. The effective tax rate for the second quarter of 2025 was 29.7%, compared to 29.5% in the prior quarter and 29.5% in the second quarter of 2024.

    STATEMENT OF FINANCIAL CONDITION

    As of June 30, 2025, total assets were $2.45 billion, a decrease of $28.0 million since March 31, 2025. The decrease in assets from the prior quarter was primarily due to lower cash and due from banks, partially offset by higher investment securities and loans receivable. Our total cash and due from banks decreased to $140.6 million as of June 30, 2025, a decrease of $77.9 million or 35.6% since March 31, 2025, primarily due to purchases of investment securities and a decrease in brokered deposits and borrowings. Investment securities available-for-sale (“AFS”) were $188.8 million as of June 30, 2025, an increase of $32.5 million or 20.8% since March 31, 2025, primarily as a result of new securities purchased. As of June 30, 2025, the net unrealized loss on the AFS investment securities portfolio, which is comprised mostly of US Treasury and Government Agency debt, was $9.0 million (pre-tax) compared to a loss of $10.1 million (pre-tax) as of March 31, 2025. The average duration of the Bank’s AFS portfolio is 3.9 years. The Company has no held-to-maturity securities. Loans HFI totaled $2.08 billion as of June 30, 2025, an increase of $2.4 million or 0.1% since March 31, 2025, primarily due to growth in investor owned commercial real estate (“CRE”) and SBA loans, partially offset by decreased construction and commercial and industrial (“C&I”) loan balances.

    Total deposits were $2.16 billion as of June 30, 2025, a decrease of $29.2 million since March 31, 2025. During the quarter, core deposits increased by $22.0 million, which was driven by a $19.6 million increase in interest-bearing core deposits (including balances in the IntraFi ICS and CDARS programs) and a $2.4 million increase in noninterest-bearing core deposits. The deposit mix has continued to shift due to short-term interest rates remaining elevated compared to recent years. Noninterest-bearing deposits represent 29.0% of total core deposits. Offsetting the increase to total deposits from core deposits, brokered deposits decreased by $51.2 million. Uninsured deposits, net of collateralized and fiduciary deposit accounts, represent 50.6% of total deposits as of June 30, 2025.

    As of June 30, 2025, total available liquidity was $2.1 billion or 194.5% of uninsured deposits, net of collateralized and fiduciary deposit accounts. Total available liquidity is comprised of $321 million of on-balance sheet liquidity (cash and investment securities) and $1.8 billion of unused borrowing capacity.

    Asset Quality and Allowance for Credit Losses (“ACL”)

    As of June 30, 2025, the allowance for loan losses was $28.2 million or 1.35% of loans HFI, compared to $26.4 million or 1.27% of loans HFI as of March 31, 2025. The increase in the coverage ratio from March 31, 2025 is due primarily to a $1.1 million increase in the specific reserve for a nonaccrual loan, as well as quarterly adjustments to CECL model inputs stemming from changes in loan risk ratings and a weakening economic outlook for Southern California. The Company continues to have strong credit metrics and its nonperforming assets are 0.66% of total assets as of June 30, 2025 compared to 0.63% as of March 31, 2025. The reserve for unfunded commitments was $0.9 million as of June 30, 2025, compared to $1.3 million as of March 31, 2025. The decrease in the reserve for unfunded commitments was due to lower unfunded commitment balances (driven by higher credit line usage). Given the credit quality of the loan portfolio, management believes we are sufficiently reserved.

    At June 30, 2025 and March 31, 2025, there were no doubtful credits and classified assets were $36.2 million and $27.8 million, respectively. Total classified assets consisted of 26 loans as of June 30, 2025, which included 17 loans totaling $22.5 million secured by real estate with total specific reserves of $1.1 million and a weighted average LTV of 56.6%. The remaining 9 loans were $13.7 million of commercial and industrial loans, one of which was an unsecured loan on nonaccrual status with a carrying value of $1.5 million and a specific reserve of $1.0 million (the loan is recorded net of a $1.1 million partial charge off recorded in the first quarter of 2025).

    The Bank’s loan portfolio does include assets that are in the affected areas of Los Angeles devastated by wildfires. Of these loans, two relationships with loan balances totaling $34.1 million have been placed on payment deferral.  However, based on assessments performed to date, management does not believe there is a material impact to the financial statements.

    Capital Ratios (2)

    The Bank’s capital ratios were in excess of the levels established for “well capitalized” institutions and are as follows:

      June 30, 2025 (2) March 31, 2025
    CalPrivate Bank    
    Tier I leverage ratio 10.70% 10.35%
    Tier I risk-based capital ratio 12.12% 11.75%
    Total risk-based capital ratio 13.37% 13.00%
         

    (2) June 30, 2025 capital ratios are preliminary and subject to change.

    CalPrivate Bank Announces Board of Directors Changes

    During the second quarter, Thomas Wornham and Richard Smith concluded their service on the Bank’s Board of Directors. The Bank extends its sincere gratitude to Mr. Wornham and Mr. Smith for their contributions and dedication during their tenure. Neither individual served on the Company’s Board of Directors. Mr. Smith continues his business development activities for the Bank.

    About Private Bancorp of America, Inc. (OTCQX: PBAM)

    PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and coming soon, Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior funding Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely-held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost 3x higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs,  cross border banking, and innovative, unique technologies that drive enhanced  client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

    CalPrivate Bank’s website is www.calprivate.bank.

    Non-GAAP Financial Measures

    This press release contains certain non-GAAP financial measures in addition to results presented in accordance with GAAP, including efficiency ratio, pretax pre-provision net revenue, average tangible common equity and return on average tangible common equity. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s results of operations and financial condition and to enhance investors’ overall understanding of such results of operations and financial condition, to permit investors to effectively analyze financial trends of our business activities, and to enhance comparability with peers across the financial services sector. These non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, financial measures prepared in accordance with GAAP and should be read in conjunction with the Company’s GAAP financial information. A reconciliation of the most comparable GAAP financial measures to non-GAAP financial measures is included in the accompanying financial tables.

    Investor Relations Contacts

    Rick Sowers
    President and Chief Executive Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (424) 303-4894

    Cory Stewart
    Executive Vice President and Chief Financial Officer
    Private Bancorp of America, Inc., and CalPrivate Bank
    (206) 293-3669

    Safe Harbor Paragraph

    This communication contains expressions of expectations, both implied and explicit, that are “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we believe in good faith the assumptions and bases supporting our forward-looking statements to be reasonable, there can be no assurance that those assumptions and bases will prove accurate.

                     
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED BALANCE SHEET
    (Unaudited)
    (Dollars in thousands)
                     
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024
    Assets                
    Cash and due from banks $ 26,215     $ 34,720     $ 13,545  
    Interest-bearing deposits in other financial institutions   14,715       16,155       12,502  
    Interest-bearing deposits at Federal Reserve Bank   99,689       167,606       132,330  
    Total cash and due from banks   140,619       218,481       158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,097  
    Investment debt securities available for sale   188,821       156,346       121,725  
    Loans held for sale   8,826       2,066       –  
    Loans, net of deferred fees and costs and unaccreted discounts   2,081,063       2,078,653       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       1,953,129  
    Federal Home Loan Bank stock, at cost   10,652       9,586       9,586  
    Operating lease right of use assets   7,254       6,383       4,719  
    Premises and equipment, net   2,213       2,432       2,207  
    Servicing assets, net   1,964       1,993       2,164  
    Accrued interest receivable   8,624       8,148       7,906  
    Other assets   28,752       21,009       21,774  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,285,684  
                     
    Liabilities and Shareholders’ Equity                
    Liabilities                
    Noninterest bearing $ 601,473     $ 599,095     $ 557,055  
    Interest bearing   1,561,407       1,593,014       1,444,671  
    Total deposits   2,162,880       2,192,109       2,001,726  
    FHLB borrowings   11,000       16,000       48,000  
    Other borrowings   17,972       17,970       17,965  
    Accrued interest payable and other liabilities   16,089       21,559       16,551  
    Total liabilities   2,207,941       2,247,638       2,084,242  
                     
    Shareholders’ equity                
    Common stock   76,398       76,156       74,636  
    Additional paid-in capital   4,009       3,712       3,717  
    Retained earnings   172,849       162,462       132,179  
    Accumulated other comprehensive (loss) income, net   (6,317 )     (7,095 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,285,684  
                           
    PRIVATE BANCORP OF AMERICA, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      For the three months ended     Year to Date  
      Jun 30, 2025   Mar 31, 2025   Jun 30, 2024   Jun 30, 2025   Jun 30, 2024
    Interest Income                            
    Loans $ 38,004     $ 36,565     $ 35,538     $ 74,569     $ 68,544  
    Investment securities   1,800       1,505       1,090       3,305       2,069  
    Deposits in other financial institutions   2,184       2,198       2,034       4,382       3,833  
    Total interest income   41,988       40,268       38,662       82,256       74,446  
                                 
    Interest Expense                            
    Deposits   11,376       11,899       13,040       23,275       25,170  
    Borrowings   499       637       952       1,136       1,838  
    Total interest expense   11,875       12,536       13,992       24,411       27,008  
                                 
    Net interest income   30,113       27,732       24,670       57,845       47,438  
    Provision for credit losses   1,293       299       2,136       1,592       2,369  
    Net interest income after provision for credit losses   28,820       27,433       22,534       56,253       45,069  
                                 
    Noninterest income:                            
    Service charges on deposit accounts   591       557       430       1,148       818  
    Net gain on sale of loans   523       469       661       992       1,342  
    Other noninterest income   616       587       447       1,203       804  
    Total noninterest income   1,730       1,613       1,538       3,343       2,964  
                                 
    Noninterest expense:                            
    Compensation and employee benefits   10,319       9,748       8,836       20,067       17,697  
    Occupancy and equipment   840       844       822       1,684       1,592  
    Data processing   1,396       1,326       1,183       2,722       2,241  
    Professional services   939       508       424       1,447       912  
    Other expenses   2,195       1,629       1,697       3,824       3,303  
    Total noninterest expense   15,689       14,055       12,962       29,744       25,745  
    Income before provision for income taxes   14,861       14,991       11,110       29,852       22,288  
    Provision for income taxes   4,412       4,429       3,283       8,841       6,577  
    Net income $ 10,449     $ 10,562     $ 7,827     $ 21,011     $ 15,711  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 7,761     $ 20,834     $ 15,595  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.36     $ 3.63     $ 2.74  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.35     $ 3.57     $ 2.71  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,702,938       5,744,836       5,688,135  
    Diluted average shares outstanding   5,837,537       5,826,229       5,762,616       5,830,897       5,755,250  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
                                                                           
      For the three months ended 
      Jun 30, 2025    Mar 31, 2025    Jun 30, 2024 
      Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate         		   Average
    Balance         		   Interest    Average
    Yield/Rate     
    Interest-Earnings Assets                                                                      
    Deposits in other financial institutions $ 191,701     $ 2,184       4.57 %   $ 202,907     $ 2,198       4.39 %   $ 152,563     $ 2,034       5.36 %
    Investment securities   182,772       1,800       3.94 %     157,747       1,505       3.82 %     123,876       1,090       3.52 %
    Loans, including LHFS   2,069,415       38,004       7.37 %     2,078,588       36,565       7.13 %     1,939,746       35,538       7.37 %
    Total interest-earning assets   2,443,888       41,988       6.89 %     2,439,242       40,268       6.70 %     2,216,185       38,662       7.02 %
    Noninterest-earning assets   43,336                       28,536                       25,675                  
    Total Assets $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Interest-Bearing Liabilities                                                                      
    Interest bearing DDA, excluding brokered   242,929       814       1.34 %     244,301       970       1.61 %     130,361       463       1.43 %
    Savings & MMA, excluding brokered   1,002,820       7,130       2.85 %     955,259       6,830       2.90 %     845,856       7,354       3.50 %
    Time deposits, excluding brokered   218,900       2,097       3.84 %     196,375       1,956       4.04 %     164,714       1,690       4.13 %
    Total deposits, excluding brokered   1,464,649       10,041       2.75 %     1,395,935       9,756       2.83 %     1,140,931       9,507       3.35 %
    Total brokered deposits   120,935       1,335       4.43 %     183,059       2,143       4.75 %     284,290       3,533       5.00 %
    Total Interest-Bearing Deposits   1,585,584       11,376       2.88 %     1,578,994       11,899       3.06 %     1,425,221       13,040       3.68 %
                                                                           
    FHLB advances   12,868       139       4.33 %     24,122       272       4.57 %     47,373       581       4.93 %
    Other borrowings   17,973       360       8.03 %     17,981       365       8.23 %     17,966       371       8.31 %
    Total Interest-Bearing Liabilities   1,616,425       11,875       2.95 %     1,621,097       12,536       3.14 %     1,490,560       13,992       3.78 %
                                                                           
    Noninterest-bearing deposits   609,760                       594,408                       535,878                  
    Total Funding Sources   2,226,185       11,875       2.14 %     2,215,505       12,536       2.29 %     2,026,438       13,992       2.78 %
                                                                           
    Noninterest-bearing liabilities   18,804                       21,542                       16,334                  
    Shareholders’ equity   242,235                       230,731                       199,088                  
                                                                           
    Total Liabilities and Shareholders’ Equity $ 2,487,224                     $ 2,467,778                     $ 2,241,860                  
                                                                           
    Net interest income/spread         $ 30,113       4.75 %           $ 27,732       4.41 %           $ 24,670       4.24 %
    Net interest margin                   4.94 %                     4.61 %                     4.48 %
                                                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Consolidated average balance sheet, interest, yield and rates
    (Unaudited)
    (Dollars in thousands)
         
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
      Average
    Balance    		     Interest     Average
    Yield/Rate    		     Average
    Balance    		     Interest     Average
    Yield/Rate    		  
    Interest-Earnings Assets:                                  
    Deposits in other financial institutions $ 197,273     $ 4,382       4.48 %   $ 144,037     $ 3,833       5.35 %
    Investment securities   170,328       3,305       3.88 %     121,783       2,069       3.40 %
    Loans   2,073,976       74,569       7.25 %     1,904,028       68,544       7.24 %
    Total interest-earning assets   2,441,577       82,256       6.79 %     2,169,848       74,446       6.90 %
    Noninterest-earning assets   35,977                   25,571              
    Total Assets $ 2,477,554                 $ 2,195,419              
                                       
    Interest-Bearing Liabilities                                  
    Interest bearing DDA, excluding brokered   243,611       1,784       1.48 %     120,100       904       1.51 %
    Savings & MMA, excluding brokered   979,170       13,960       2.88 %     805,813       13,775       3.44 %
    Time deposits, excluding brokered   207,699       4,053       3.94 %     160,208       3,273       4.11 %
    Total deposits, excluding brokered   1,430,480       19,797       2.79 %     1,086,121       17,952       3.32 %
    Total brokered deposits   151,825       3,478       4.62 %     286,088       7,218       5.07 %
    Total Interest-Bearing Deposits   1,582,305       23,275       2.97 %     1,372,209       25,170       3.69 %
                                       
    FHLB advances   18,464       411       4.49 %     48,653       1,195       4.94 %
    Other borrowings   17,977       725       8.13 %     17,964       643       7.20 %
    Total Interest-Bearing Liabilities   1,618,746       24,411       3.04 %     1,438,826       27,008       3.77 %
                                       
    Noninterest-bearing deposits   602,126                   544,709              
    Total Funding Sources   2,220,872       24,411       2.22 %     1,983,535       27,008       2.74 %
                                       
    Noninterest-bearing liabilities   20,165                   17,176              
    Shareholders’ equity   236,517                   194,708              
                                       
    Total Liabilities and Shareholders’ Equity $ 2,477,554                 $ 2,195,419              
                                       
    Net interest income/spread       $ 57,845       4.57 %         $ 47,438       4.16 %
    Net interest margin               4.78 %                 4.40 %
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Balance Sheets
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                                 
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Assets                            
    Cash and due from banks $ 140,619     $ 218,481     $ 163,876     $ 207,174     $ 158,377  
    Interest-bearing time deposits with other institutions   4,270       4,213       4,189       4,124       4,097  
    Investment securities   188,821       156,346       145,238       141,100       121,725  
    Loans held for sale   8,826       2,066       3,008       2,040       –  
    Total loans held-for-investment   2,081,063       2,078,653       2,085,149       2,012,457       1,979,720  
    Allowance for loan losses   (28,178 )     (26,437 )     (27,267 )     (26,594 )     (26,591 )
    Loans held-for-investment, net of allowance   2,052,885       2,052,216       2,057,882       1,985,863       1,953,129  
    Operating lease right of use assets   7,254       6,383       6,819       4,344       4,719  
    Premises and equipment, net   2,213       2,432       2,335       2,345       2,207  
    Other assets and interest receivable   49,992       40,736       40,664       39,383       41,430  
    Total assets $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Liabilities and Shareholders’ Equity                            
    Liabilities                            
    Noninterest Bearing $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest Bearing   1,561,407       1,593,014       1,581,054       1,522,839       1,444,671  
    Total Deposits   2,162,880       2,192,109       2,134,459       2,107,131       2,001,726  
    Borrowings   28,972       33,970       45,969       45,967       65,965  
    Accrued interest payable and other liabilities   16,089       21,559       20,049       19,062       16,551  
    Total liabilities   2,207,941       2,247,638       2,200,477       2,172,160       2,084,242  
    Shareholders’ equity                            
    Common stock   76,398       76,156       75,377       74,688       74,636  
    Additional paid-in capital   4,009       3,712       4,393       4,271       3,717  
    Retained earnings   172,849       162,462       152,252       141,623       132,179  
    Accumulated other comprehensive (loss) income   (6,317 )     (7,095 )     (8,488 )     (6,369 )     (9,090 )
    Total shareholders’ equity   246,939       235,235       223,534       214,213       201,442  
    Total liabilities and shareholders’ equity $ 2,454,880     $ 2,482,873     $ 2,424,011     $ 2,386,373     $ 2,285,684  
                                 
    Book value per common share $ 42.54     $ 40.63     $ 38.76     $ 37.21     $ 35.03  
    Tangible book value per common share (1) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    Condensed Statements of Income
    (Unaudited)
    (Dollars in thousands, except per share amounts)
         
      For the three months ended  
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Interest income $ 41,988     $ 40,268     $ 40,430     $ 40,018     $ 38,662  
    Interest expense   11,875       12,536       13,023       14,311       13,992  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Provision for credit losses   1,293       299       17       304       2,136  
    Net interest income after provision for credit losses   28,820       27,433       27,390       25,403       22,534  
                                 
    Service charges on deposit accounts   591       557       558       504       430  
    Net gain on sale of loans   523       469       932       587       661  
    Other noninterest income   616       587       456       343       447  
    Total noninterest income   1,730       1,613       1,946       1,434       1,538  
                                 
    Compensation and employee benefits   10,319       9,748       9,539       9,422       8,836  
    Occupancy and equipment   840       844       847       818       822  
    Data processing   1,396       1,326       1,195       1,238       1,183  
    Professional services   939       508       573       252       424  
    Other expenses   2,195       1,629       2,036       1,695       1,697  
    Total noninterest expense   15,689       14,055       14,190       13,425       12,962  
                                 
    Income before provision for income taxes   14,861       14,991       15,146       13,412       11,110  
    Income taxes   4,412       4,429       4,488       3,959       3,283  
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Net income available to common shareholders $ 10,361     $ 10,482     $ 10,573     $ 9,373     $ 7,761  
                                 
    Earnings per share                            
    Basic earnings per share $ 1.80     $ 1.83     $ 1.85     $ 1.64     $ 1.36  
    Diluted earnings per share $ 1.77     $ 1.80     $ 1.82     $ 1.63     $ 1.35  
                                 
    Average shares outstanding   5,754,872       5,734,688       5,716,291       5,707,723       5,702,938  
    Diluted average shares outstanding   5,837,537       5,826,229       5,813,197       5,767,401       5,762,616  
                                           
      Performance Ratios
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    ROAA   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    ROAE   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    ROATCE (1)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
    Net interest margin   4.94 %     4.61 %     4.67 %     4.44 %     4.48 %
    Net interest spread   4.75 %     4.41 %     4.44 %     4.20 %     4.24 %
    Efficiency ratio (1)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
    Noninterest expense / average assets   2.53 %     2.31 %     2.39 %     2.29 %     2.32 %

    (1) Non-GAAP measure. See GAAP to non-GAAP Reconciliation table.

     
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
       
      Selected Quarterly Average Balances
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total assets $ 2,487,224     $ 2,467,778     $ 2,359,950     $ 2,328,399     $ 2,241,860  
    Earning assets $ 2,443,888     $ 2,439,242     $ 2,334,999     $ 2,303,537     $ 2,216,185  
    Total loans, including loans held for sale $ 2,069,415     $ 2,078,588     $ 2,036,178     $ 1,989,748     $ 1,939,746  
    Total deposits $ 2,195,344     $ 2,173,402     $ 2,071,050     $ 2,047,197     $ 1,961,099  
    Total shareholders’ equity $ 242,235     $ 230,731     $ 219,963     $ 208,889     $ 199,088  
                                           
      Loan Balances by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Commercial Real Estate (CRE):                            
    Investor owned $ 604,073     $ 577,512     $ 572,659     $ 560,481     $ 566,314  
    Owner occupied   223,558       228,232       223,442       221,364       216,876  
    Multifamily   160,902       163,218       162,330       175,387       177,390  
    Secured by single family   197,100       200,650       198,579       190,738       181,744  
    Land and construction   51,669       70,293       62,638       68,186       58,109  
    SBA secured by real estate   407,148       402,524       401,990       395,646       388,271  
    Total CRE   1,644,450       1,642,429       1,621,638       1,611,802       1,588,704  
    Commercial business:                            
    Commercial and industrial   404,489       417,258       441,182       383,874       378,161  
    SBA non-real estate secured   30,183       17,004       20,205       15,101       10,758  
    Total commercial business   434,672       434,262       461,387       398,975       388,919  
    Consumer   1,941       1,962       2,124       1,680       2,097  
    Total loans held for investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
                                           
      Deposits by Type
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Noninterest-bearing DDA $ 601,473     $ 599,095     $ 553,405     $ 584,292     $ 557,055  
    Interest-bearing DDA, excluding brokered   251,701       257,720       251,594       182,268       156,253  
    Savings & MMA, excluding brokered   990,798       981,491       887,740       920,219       861,508  
    Time deposits, excluding brokered   227,129       210,845       201,851       186,583       168,664  
    Total deposits, excluding brokered   2,071,101       2,049,151       1,894,590       1,873,362       1,743,480  
    Total brokered deposits   91,779       142,958       239,869       233,769       258,246  
    Total deposits $ 2,162,880     $ 2,192,109     $ 2,134,459     $ 2,107,131     $ 2,001,726  
                                           
    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)
         
      Rollforward of Allowance for Credit Losses
      (Dollars in thousands)
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Allowance for loan losses:                            
    Beginning balance $ 26,437     $ 27,267     $ 26,594     $ 26,591     $ 24,693  
    Provision for loan losses   1,741       460       673       3       1,994  
    Net (charge-offs) recoveries   –       (1,290 )     –       –       (96 )
    Ending balance   28,178       26,437       27,267       26,594       26,591  
    Reserve for unfunded commitments   899       1,348       1,509       2,165       1,865  
    Total allowance for credit losses $ 29,077     $ 27,785     $ 28,776     $ 28,759     $ 28,456  
                                           
      Asset Quality
      (Dollars in thousands)
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Total loans held-for-investment $ 2,081,063     $ 2,078,653     $ 2,085,149     $ 2,012,457     $ 1,979,720  
    Allowance for loan losses $ (28,178 )   $ (26,437 )   $ (27,267 )   $ (26,594 )   $ (26,591 )
    30-89 day past due loans $ 4,842     $ 2,399     $ 1,952     $ –     $ –  
    90+ day past due loans $ 2,850     $ 13,223     $ 11,512     $ 11,512     $ 2,500  
    Nonaccrual loans $ 7,716     $ 15,565     $ 11,512     $ 11,512     $ 2,500  
    Other real estate owned (OREO) $ 8,568     $ –     $ –     $ –     $ –  
    NPAs / Total assets   0.66 %     0.63 %     0.47 %     0.48 %     0.11 %
    NPLs / Total loans held-for-investment   0.37 %     0.75 %     0.55 %     0.57 %     0.13 %
    Net quarterly charge-offs (recoveries) $ –     $ 1,290     $ –     $ –     $ 96  
    Net charge-offs (recoveries) /avg loans (annualized)   0.00 %     0.25 %     0.00 %     0.00 %     0.02 %
    Allowance for loan losses to loans HFI   1.35 %     1.27 %     1.31 %     1.32 %     1.34 %
    Allowance for loan losses to nonaccrual loans   365.19 %     169.85 %     236.86 %     231.01 %     1063.64 %
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, pretax pre-provision net revenue, average tangible common equity, and return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation
      (Dollars in thousands)
                                 
      For the three months ended
      Jun 30, 2025   Mar 31, 2025   Dec 31, 2024   Sep 30, 2024   Jun 30, 2024
    Efficiency Ratio                            
    Noninterest expense $ 15,689     $ 14,055     $ 14,190     $ 13,425     $ 12,962  
    Net interest income   30,113       27,732       27,407       25,707       24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Efficiency ratio (non-GAAP)   49.27 %     47.90 %     48.34 %     49.46 %     49.46 %
                                 
    Pretax pre-provision net revenue                            
    Net interest income $ 30,113     $ 27,732     $ 27,407     $ 25,707     $ 24,670  
    Noninterest income   1,730       1,613       1,946       1,434       1,538  
    Total net interest income and noninterest income   31,843       29,345       29,353       27,141       26,208  
    Less: Noninterest expense   15,689       14,055       14,190       13,425       12,962  
    Pretax pre-provision net revenue (non-GAAP) $ 16,154     $ 15,290     $ 15,163     $ 13,716     $ 13,246  
                                 
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity                            
    Net income $ 10,449     $ 10,562     $ 10,658     $ 9,453     $ 7,827  
    Average assets   2,487,224       2,467,778       2,359,950       2,328,399       2,241,860  
    Average shareholders’ equity   242,235       230,731       219,963       208,889       199,088  
    Less: Average intangible assets   1,953       2,098       2,028       2,051       2,163  
    Average tangible common equity (non-GAAP)   240,282       228,633       217,935       206,838       196,925  
                                 
    Return on average assets   1.69 %     1.74 %     1.80 %     1.62 %     1.40 %
    Return on average equity   17.30 %     18.56 %     19.28 %     18.00 %     15.81 %
    Return on average tangible common equity (non-GAAP)   17.44 %     18.74 %     19.46 %     18.18 %     15.99 %
                                 
    Tangible book value per share                            
    Total equity   246,939       235,235       223,534       214,213       201,442  
    Less: Total intangible assets   1,964       1,993       2,087       2,006       2,164  
    Total tangible equity   244,975       233,242       221,447       212,207       199,278  
    Shares outstanding   5,805,286       5,789,306       5,766,810       5,756,207       5,751,143  
    Tangible book value per share (non-GAAP) $ 42.20     $ 40.29     $ 38.40     $ 36.87     $ 34.65  
                                           

    PRIVATE BANCORP OF AMERICA, INC.
    (Unaudited)

    The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: efficiency ratio, adjusted efficiency ratio, pretax pre-provision net revenue, average tangible common equity, adjusted return on average assets, return on average tangible common equity and adjusted return on average tangible common equity. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

         
      GAAP to Non-GAAP Reconciliation  
      (Dollars in thousands)  
               
      Year to Date  
      Jun 30, 2025     Jun 30, 2024  
    Efficiency Ratio          
    Noninterest expense $ 29,744     $ 25,745  
    Net interest income   57,845       47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Efficiency ratio (non-GAAP)   48.61 %     51.08 %
               
    Pretax pre-provision net revenue          
    Net interest income $ 57,845     $ 47,438  
    Noninterest income   3,343       2,964  
    Total net interest income and noninterest income   61,188       50,402  
    Less: Noninterest expense   29,744       25,745  
    Pretax pre-provision net revenue (non-GAAP) $ 31,444     $ 24,657  
               
    Return and Adjusted Return on Average Assets, Average Equity, Average Tangible Equity          
    Net income $ 21,011     $ 15,711  
    Average assets   2,477,554       2,195,419  
    Average shareholders’ equity   236,517       194,708  
    Less: Average intangible assets   2,025       2,185  
    Average tangible common equity (non-GAAP)   234,492       192,523  
               
    Return on average assets   1.71 %     1.44 %
    Return on average equity   17.91 %     16.23 %
    Return on average tangible common equity (non-GAAP)   18.07 %     16.41 %
                   

    The MIL Network –

    July 18, 2025

  • MIL-OSI: CareCloud Launches AI-Driven, Fully Integrated Dermatology EHR to Streamline Workflows and Enhance Patient Care

    Source: GlobeNewswire (MIL-OSI)

    SOMERSET, N.J., July 17, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO) (“CareCloud” or the “Company”), a leader in healthcare technology and generative AI solutions for medical practices and health systems nationwide, today announced the launch of its fully integrated, AI-driven dermatology EHR, designed to streamline clinical workflows and collections, while enhancing patient engagement and improving financial outcomes for dermatology practices.

    “Our fully integrated, AI-driven dermatology EHR empowers practices with modern tools that are developed for the unique practice workflows and needs of busy dermatology groups, and designed to enhance their efficiency, accuracy, and financial performance,” said Hadi Chaudhry, Co-CEO of CareCloud. “With dermatology services representing a $9 billion segment of the U.S. healthcare market, there’s a clear need for smarter, more efficient technology. By replacing outdated, fragmented systems, with our fully integrated AI-driven system, we are helping dermatologists streamline workflows and focus more on patient care.”

    “CareCloud’s Dermatology EHR provides many operational benefits,” said Dr. Neil Houston, dermatologist at Integrated Dermatology of Brookline. “The system helps reduce administrative time, streamline patient documentation, and improve billing efficiency—all of which contribute to my stronger overall practice performance.”

    CareCloud’s Dermatology EHR combines AI-driven documentation, advanced image management, and seamless integration with practice management, RCM, and telehealth into a single cloud-based platform. By eliminating outdated, fragmented systems, it reduces administrative burdens, enhances efficiency, and accelerates revenue from patient intake to final reimbursement. Scalable and secure, it adapts to the needs of solo practitioners, group practices, and multi-location clinics. With dermatology services representing an estimated $9 billion segment of the U.S. healthcare market in 2024, CareCloud’s AI-driven Dermatology EHR and RCM platform is well-positioned to support this growing specialty.

    Key Features of CareCloud’s End-to-End Dermatology EHR include:

    AI-Powered Charting & Customizable Templates – Reduce documentation time with customized, AI-driven dermatology templates for acne, eczema, psoriasis, melanoma, and more.
    Advanced Image Management & Annotation – Seamlessly upload, track, and annotate high-resolution images within patient records.
    Integrated Telehealth & Patient Portal – Enhance patient engagement with virtual consultations, online scheduling, and secure messaging.
    Optimized Billing & Revenue Cycle Management (RCM) – Maximize reimbursements with dermatology-specific coding, automated claim scrubbing, and cosmetic procedure billing.
    Seamless Interoperability – Connect with labs, pharmacies, and third-party systems for a unified practice experience.
    End-to-End Integration with CareCloud’s Ecosystem – A single platform that integrates EHR, practice management, RCM, analytics, and compliance tools to optimize the entire patient journey.

    Availability & Demo
    CareCloud Dermatology EHR is now available for dermatology providers nationwide. To learn more or schedule a personalized demo, visit carecloud.com/specialties/dermatology or contact 1-877-342-7517.

    About CareCloud
    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    For additional information, please visit our website at carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com.

    Disclaimer
    This press release is for information purposes only and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

    Forward-Looking Statements
    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, and the expected results from the integration of our acquisitions. Past operational or stock price performance is not an indication of future performance.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

    July 18, 2025

  • MIL-OSI Africa: Benin Can Mobilize More Domestic Resources to Drive Inclusive Growth and Equity

    Source: APO


    .

    More inclusive growth path, taxation and spending adapted to vulnerable populations could further accelerate efforts to reduce poverty and inequality, notes the latest edition of the Benin Economic Outlook report.

    The first part of the report, Raising Domestic Revenue Mobilization while Protecting the Poor, analyzes recent economic developments and presents the country’s medium-term prospects. In 2024, Benin’s economic growth reached 7.5%, its highest level since 1990, thanks to the strong performance of the services and industrial sectors. Poverty fell by 2.2 percentage points, from 33.2% in 2023 to 31% in 2024.

    Continued fiscal consolidation helped achieve the West African Economic Monetary Union –WAEMU– fiscal deficit target of 3% in 2024 and reduce the debt, thereby helping to improve the country’s debt profile. Benin is on the verge of integrating into global value chains with the development of the Glo-Djigbé industrial zone (GDIZ). Despite heightened global trade uncertainties and volatile trade relations with neighboring countries, economic growth is projected to average 7.1% over 2025-2027. The dynamism of economic activity added to the moderation in inflation should support a decline in poverty to 22.3% in 2027.

    “Continued efforts to mobilize domestic resources and a rebalancing of the composition of debt in favor of domestic debt, in line with medium-term revenue mobilization and debt strategies, should enable Benin to maintain its macroeconomic stability, which is critical for attracting private investment and supporting the ongoing economic transformation.” says Mamadou Tanou Baldé, World Bank Economist and Lead author of the report.

    The second part of the report focuses on domestic revenue mobilization while protecting the poor. The simplification of tax policy and the digitization of tax collection processes have improved the quality of services and secured revenue collection. Revenue mobilization in Benin has steadily increased since 2016 and has demonstrated resilience in the face of various shocks, including border closures with some neighboring countries, the COVID-19 pandemic, the rising cost of living in 2022, and insecurity. Tax revenue, the main driver of revenue growth, increased from 9.2% of GDP in 2016 to 13.2% in 2024, an increase of 4% over the period. Despite this progress, the gap with its peers remains and Benin needs to increase domestic revenue mobilization to finance its development plan. While Benin’s fiscal system reduces inequality by 3 Gini points, an improvement in the fiscal system, including a mix of more targeted taxes and transfers, could lift more than 100,000 people out of poverty each year while continuing to mobilize more resources.

    “To improve the situation, Benin should strengthen social safety nets, implement more progressive taxation and increase social spending more targeted at the poorest to improve the redistributive impact of its fiscal policies,” adds Arthur Alik-Lagrange, World Bank Lead Economist and co-author of the report.

    Distributed by APO Group on behalf of The World Bank Group.

    MIL OSI Africa –

    July 17, 2025

  • MIL-OSI Russia: Financial news: The Bank of Russia has clarified the criteria for obtaining the status of a qualified investor

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    The income level has been specified as an independent criterion for obtaining the status of a qualified investor: it must be at least 12 million rubles per year over the past 2 years. In combination with other criteria – complicated testing, education or an academic degree – the requirement is reduced to 6 million rubles. Income from the sale of real estate will not be taken into account. Such parameters are defined inindication Bank of Russia, which was registered by the Ministry of Justice.

    According to the educational criterion, instead of the current requirement for higher economic education, a list of specialties and areas of training is established, including in combination with the income or property criterion. Thus, a person can become a qualified investor if he received an education in the specialty “Accounting, Analysis and Audit” or “Taxes and Taxation” and his average annual income is 6 million rubles. International certificates, which are already used as requirements for investment advisers, have been added to the list of certificates taken into account when recognizing an investor as qualified.

    The parameters of the property criterion have not changed: now the minimum amount of assets that a person must own is 12 million rubles, and from January 1, 2026, it will increase to 24 million rubles. But in combination with other criteria, the requirements will be 2 times less – 6 million and 12 million rubles, respectively.

    The regulation will come into force on July 28, 2025.

    Preview photo: Vitalii Vodolazskyi / Shutterstock / Fotodom

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

    MIL OSI Russia News –

    July 17, 2025

  • MIL-OSI: Hyperscale Data Announces Preliminary Q2 2025 Revenue of $25.8 Million, Up 45% Year-over-Year

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, July 17, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced preliminary revenue of $25.8 million for the second quarter of 2025, a 45% increase compared to $17.8 million in the prior-year period. Preliminary revenue for the six months ended June 30, 2025 totaled $50.8 million. The Company reaffirms the revenue guidance for the full fiscal year ending December 31, 2025 of $125 to $135 million.

    Strategic Business Highlights and Growth Drivers:

    • Accelerating Revenue Momentum – Growth in the second quarter was led by commercial lending and trading activity through Ault Lending, LLC, greater demand for TurnOnGreen, Inc.’s electronic power solutions and improved performance by the hotel assets held by Ault Global Real Estate Equities, Inc.
    • Strengthened Balance Sheet – The Company has reduced debt by over $20 million year-to-date, enhancing liquidity as Hyperscale Data prepares to advance the development of its 617,000 square-foot facility in Michigan that the Company believes will become a premier artificial intelligence (“AI”) data center.
    • High-Margin Software Expansion – Ongoing development of blockchain infrastructure, tokenization platforms and decentralized applications is anticipated to generate recurring, high-margin revenue beginning in late 2025.
    • Scaling Digital Asset Mining Infrastructure – Sentinum, Inc. (“Sentinum”) recently entered a hosting agreement with a Montana-based service provider to expand mining operations and infrastructure access.
    • Fintech Recovery Underway – Fintech platforms rebounded in the second quarter of 2025 after a challenging 2024, with new AI-powered features under development for future lending and trading applications.
    • Reconsolidation of Gresham Worldwide – Gresham Worldwide, Inc. (“Gresham Worldwide”) is expected to emerge from Chapter 11 bankruptcy proceedings as a subsidiary of the Company by October 1, 2025, at which point Hyperscale Data anticipates reconsolidating its financial results. Gresham Worldwide is projected to contribute approximately $10 million of revenue in the fourth quarter of 2025. If the reconsolidation of Gresham Worldwide had occurred on January 1, 2025, on a pro forma basis, a non-GAAP financial measure, this reconsolidation would have been expected to increase the Company’s annualized revenue for 2025 by approximately $40 million.

    Assuming that the anticipated reconsolidation occurs on or before October 1, 2025, Hyperscale Data expects its full-year 2025 GAAP basis revenue guidance to be within the range of $125 million to $135 million. The table below presents a non-GAAP pro forma view of Hyperscale Data’s potential 2025 revenue, assuming Gresham had been consolidated as of January 1, 2025:

    Revenue Guidance Low End High End
    Revenue guidance $ 115,000,000 $ 125,000,000
    Pro forma annualized contribution from Gresham Worldwide   40,000,000   40,000,000
    Pro forma total revenue $ 155,000,000 $ 165,000,000
             

    “This quarter reflects the importance of strategic focus,” said William B. Horne, CEO of Hyperscale Data. “We are growing revenue, reducing debt and building a foundation for scalable, high-margin software to become a core pillar of our business. Gresham Worldwide’s return is expected to significantly enhance our revenue profile going forward.”

    The revenue figures reported are preliminary and unaudited. Final results will be included in the Company’s quarterly report on Form 10-Q for the quarter ended June 20, 2025, which is expected to be filed with the SEC on or before the required deadline.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiary Sentinum, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data currently expects to divest itself of ACG (the “Divestiture”) on or about December 31, 2025, though there can be no assurance that the Divestiture will be completed during 2025. Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to operate in the digital asset space as described in the Company’s filings with the SEC. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

    July 17, 2025

  • MIL-OSI: Hyperscale Data Announces Preliminary Q2 2025 Revenue of $25.8 Million, Up 45% Year-over-Year

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, July 17, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced preliminary revenue of $25.8 million for the second quarter of 2025, a 45% increase compared to $17.8 million in the prior-year period. Preliminary revenue for the six months ended June 30, 2025 totaled $50.8 million. The Company reaffirms the revenue guidance for the full fiscal year ending December 31, 2025 of $125 to $135 million.

    Strategic Business Highlights and Growth Drivers:

    • Accelerating Revenue Momentum – Growth in the second quarter was led by commercial lending and trading activity through Ault Lending, LLC, greater demand for TurnOnGreen, Inc.’s electronic power solutions and improved performance by the hotel assets held by Ault Global Real Estate Equities, Inc.
    • Strengthened Balance Sheet – The Company has reduced debt by over $20 million year-to-date, enhancing liquidity as Hyperscale Data prepares to advance the development of its 617,000 square-foot facility in Michigan that the Company believes will become a premier artificial intelligence (“AI”) data center.
    • High-Margin Software Expansion – Ongoing development of blockchain infrastructure, tokenization platforms and decentralized applications is anticipated to generate recurring, high-margin revenue beginning in late 2025.
    • Scaling Digital Asset Mining Infrastructure – Sentinum, Inc. (“Sentinum”) recently entered a hosting agreement with a Montana-based service provider to expand mining operations and infrastructure access.
    • Fintech Recovery Underway – Fintech platforms rebounded in the second quarter of 2025 after a challenging 2024, with new AI-powered features under development for future lending and trading applications.
    • Reconsolidation of Gresham Worldwide – Gresham Worldwide, Inc. (“Gresham Worldwide”) is expected to emerge from Chapter 11 bankruptcy proceedings as a subsidiary of the Company by October 1, 2025, at which point Hyperscale Data anticipates reconsolidating its financial results. Gresham Worldwide is projected to contribute approximately $10 million of revenue in the fourth quarter of 2025. If the reconsolidation of Gresham Worldwide had occurred on January 1, 2025, on a pro forma basis, a non-GAAP financial measure, this reconsolidation would have been expected to increase the Company’s annualized revenue for 2025 by approximately $40 million.

    Assuming that the anticipated reconsolidation occurs on or before October 1, 2025, Hyperscale Data expects its full-year 2025 GAAP basis revenue guidance to be within the range of $125 million to $135 million. The table below presents a non-GAAP pro forma view of Hyperscale Data’s potential 2025 revenue, assuming Gresham had been consolidated as of January 1, 2025:

    Revenue Guidance Low End High End
    Revenue guidance $ 115,000,000 $ 125,000,000
    Pro forma annualized contribution from Gresham Worldwide   40,000,000   40,000,000
    Pro forma total revenue $ 155,000,000 $ 165,000,000
             

    “This quarter reflects the importance of strategic focus,” said William B. Horne, CEO of Hyperscale Data. “We are growing revenue, reducing debt and building a foundation for scalable, high-margin software to become a core pillar of our business. Gresham Worldwide’s return is expected to significantly enhance our revenue profile going forward.”

    The revenue figures reported are preliminary and unaudited. Final results will be included in the Company’s quarterly report on Form 10-Q for the quarter ended June 20, 2025, which is expected to be filed with the SEC on or before the required deadline.

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiary Sentinum, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data currently expects to divest itself of ACG (the “Divestiture”) on or about December 31, 2025, though there can be no assurance that the Divestiture will be completed during 2025. Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to operate in the digital asset space as described in the Company’s filings with the SEC. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

    July 17, 2025

  • MIL-OSI: Texas Capital Bancshares, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second quarter 2025 net income of $77.3 million and net income available to common stockholders
    of $73.0 million, up 86% and 95%, respectively, year-over-year

    Second quarter 2025 EPS of $1.58 per diluted share and adjusted EPS(1)of $1.63 per
    diluted share, up 98% and 104%, respectively, year-over-year

    Strong balance sheet growth with total loans increasing 7% quarter-over-quarter and 10% year-over-year

    Book Value and Tangible Book Value(2)per share both increasing 13% year-over-year, reaching record levels

    DALLAS, July 17, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the second quarter of 2025.

    “Our multi-year focus on building a differentiated, full-service financial services firm has strengthened our client franchise and consistently delivered high-quality outcomes across our platform, driving strong financial performance this quarter,” said Rob C. Holmes, Chairman, President & CEO. “The strategic actions we’ve taken have structurally enhanced our earnings power, and as we enter the second half of the year, the breadth of our capabilities and the strength of our balance sheet position us to deliver durable, through-cycle results for both clients and shareholders.”

      2nd Quarter   1st Quarter   2nd Quarter
    (dollars in thousands except per share data)   2025       2025       2024  
    OPERATING RESULTS          
    Net income $ 77,328     $ 47,047     $ 41,662  
    Net income available to common stockholders $ 73,016     $ 42,734     $ 37,350  
    Pre-provision net revenue(3) $ 117,188     $ 77,458     $ 78,597  
    Diluted earnings per common share $ 1.58     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   0.99 %     0.61 %     0.56 %
    Return on average common equity   9.17 %     5.56 %     5.26 %
               
    OPERATING RESULTS, ADJUSTED(1)          
    Net income $ 79,841     $ 47,047     $ 42,020  
    Net income available to common stockholders $ 75,529     $ 42,734     $ 37,708  
    Pre-provision net revenue(3) $ 120,475     $ 77,458     $ 79,059  
    Diluted earnings per common share $ 1.63     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   1.02 %     0.61 %     0.57 %
    Return on average common equity   9.48 %     5.56 %     5.31 %
               
    BALANCE SHEET          
    Loans held for investment $ 18,035,945     $ 17,654,243     $ 16,700,569  
    Loans held for investment, mortgage finance   5,889,589       4,725,541       5,078,161  
    Total loans held for investment   23,925,534       22,379,784       21,778,730  
    Loans held for sale   —       —       36,785  
    Total assets   31,943,535       31,375,749       29,854,994  
    Non-interest bearing deposits   7,718,006       7,874,780       7,987,715  
    Total deposits   26,064,309       26,053,034       23,818,327  
    Stockholders’ equity   3,510,070       3,429,774       3,175,601  
               

    (1) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
    (2) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (3) Net interest income plus non-interest income, less non-interest expense.

    SECOND QUARTER 2025 COMPARED TO FIRST QUARTER 2025

    For the second quarter of 2025, net income available to common stockholders was $73.0 million, or $1.58 per diluted share, compared to $42.7 million, or $0.92 per diluted share, for the first quarter of 2025.

    Provision for credit losses for the second quarter of 2025 was $15.0 million, compared to $17.0 million for the first quarter of 2025. The $15.0 million provision for credit losses recorded in the second quarter of 2025 resulted primarily from an increase in total loans held for investment (“LHI”) and $13.0 million in net charge-offs, partially offset by a decrease in criticized loans.

    Net interest income was $253.4 million for the second quarter of 2025, compared to $236.0 million for the first quarter of 2025, primarily due to increases in average earning assets and earning asset yields, a decrease in average short-term borrowings and the impact of one additional day in the second quarter. Net interest margin for the second quarter of 2025 was 3.35%, an increase of 16 basis points from the first quarter of 2025. LHI, excluding mortgage finance, yields decreased 4 basis points from the first quarter of 2025 and LHI, mortgage finance, yields increased 49 basis points from the first quarter of 2025. Total cost of deposits was 2.65% for the second quarter of 2025, an 11 basis point decrease from the first quarter of 2025.

    Non-interest income for the second quarter of 2025 increased $9.6 million compared to the first quarter of 2025 primarily due to increases in investment banking and advisory fees and trading income, partially offset by a $1.9 million loss on sale of available-for-sale debt securities recognized during the second quarter of 2025.

    Non-interest expense for the second quarter of 2025 decreased $12.7 million compared to the first quarter of 2025, primarily due to decreases in salaries and benefits, related to the effect of seasonal payroll expenses that peak in the first quarter, and legal and professional expense, partially offset by an increase in other non-interest expense.

    SECOND QUARTER 2025 COMPARED TO SECOND QUARTER 2024

    Net income available to common stockholders was $73.0 million, or $1.58 per diluted share, for the second quarter of 2025, compared to $37.4 million, or $0.80 per diluted share, for the second quarter of 2024.

    The second quarter of 2025 included a $15.0 million provision for credit losses, reflecting an increase in total LHI and $13.0 million in net charge-offs, partially offset by a decline in criticized loans, compared to a $20.0 million provision for credit losses for the second quarter of 2024.

    Net interest income increased to $253.4 million for the second quarter of 2025, compared to $216.6 million for the second quarter of 2024, primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities. Net interest margin increased 34 basis points to 3.35% for the second quarter of 2025, as compared to the second quarter of 2024. LHI, excluding mortgage finance, yields decreased 44 basis points compared to the second quarter of 2024 and LHI, mortgage finance yields increased 48 basis points from the second quarter of 2024. Total cost of deposits decreased 34 basis points compared to the second quarter of 2024.

    Non-interest income for the second quarter of 2025 increased $3.6 million compared to the second quarter of 2024 primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by the loss on sale of available-for-sale debt securities mentioned above.

    Non-interest expense for the second quarter of 2025 increased $1.9 million compared to the second quarter of 2024, primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by a decrease in marketing expense.

    CREDIT QUALITY

    Net charge-offs of $13.0 million were recorded during the second quarter of 2025, compared to net charge-offs of $9.8 million and $12.0 million during the first quarter of 2025 and the second quarter of 2024, respectively. Criticized loans totaled $637.5 million at June 30, 2025, compared to $762.9 million at March 31, 2025 and $859.7 million at June 30, 2024. Non-accrual LHI totaled $113.6 million at June 30, 2025, compared to $93.6 million at March 31, 2025 and $85.0 million at June 30, 2024. The ratio of non-accrual LHI to total LHI for the second quarter of 2025 was 0.47%, compared to 0.42% for the first quarter of 2025 and 0.39% for the second quarter of 2024. The ratio of total allowance for credit losses to total LHI was 1.40% at June 30, 2025, compared to 1.48% and 1.44% at March 31, 2025 and June 30, 2024, respectively.

    REGULATORY RATIOS AND CAPITAL

    All regulatory ratios continue to be in excess of “well capitalized” requirements as of June 30, 2025. CET1, tier 1 capital, total capital and leverage ratios were 11.4%, 12.9%, 15.3% and 11.8%, respectively, at June 30, 2025, compared to 11.6%, 13.1%, 15.6% and 11.8%, respectively, at March 31, 2025 and 11.6%, 13.1%, 15.7% and 12.2%, respectively, at June 30, 2024. At June 30, 2025, our ratio of tangible common equity to total tangible assets was 10.1%, compared to 10.0% at March 31, 2025 and 9.6% at June 30, 2024.

    During the second quarter of 2025, the Company repurchased 317,860 shares of its common stock for an aggregate purchase price, including excise tax expense, of $21.0 million, at a weighted average price of $65.50 per share.

    About Texas Capital Bancshares, Inc.

    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000®Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities.

    Forward Looking Statements

    This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

    Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

    TEXAS CAPITAL BANCSHARES, INC.
    SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
    (dollars in thousands except per share data)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    CONSOLIDATED STATEMENTS OF INCOME          
    Interest income $ 439,567   $ 427,289   $ 437,571   $ 452,533   $ 422,068  
    Interest expense   186,172     191,255     207,964     212,431     205,486  
    Net interest income   253,395     236,034     229,607     240,102     216,582  
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
    Net interest income after provision for credit losses   238,395     219,034     211,607     230,102     196,582  
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    Income/(loss) before income taxes   102,188     60,458     93,522     (79,993 )   58,597  
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Net income/(loss)   77,328     47,047     71,023     (61,319 )   41,662  
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
    Net income/(loss) available to common stockholders $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted common shares   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    CONSOLIDATED BALANCE SHEET DATA          
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for sale   —     —     —     9,022     36,785  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Non-interest bearing deposits   7,718,006     7,874,780     7,485,428     9,070,804     7,987,715  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
               
    End of period shares outstanding   45,746,836     46,024,933     46,233,812     46,207,757     46,188,078  
    Book value per share $ 70.17   $ 68.00   $ 66.36   $ 66.09   $ 62.26  
    Tangible book value per share(1) $ 70.14   $ 67.97   $ 66.32   $ 66.06   $ 62.23  
    SELECTED FINANCIAL RATIOS          
    Net interest margin   3.35 %   3.19 %   2.93 %   3.16 %   3.01 %
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted(4)   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted(4)   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
    Efficiency ratio(2)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(2)(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted(4)   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted(4)   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %
    Common equity to total assets   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Tangible common equity to total tangible assets(3)   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Common Equity Tier 1   11.4 %   11.6 %   11.4 %   11.2 %   11.6 %
    Tier 1 capital   12.9 %   13.1 %   12.8 %   12.6 %   13.1 %
    Total capital   15.3 %   15.6 %   15.4 %   15.2 %   15.7 %
    Leverage   11.8 %   11.8 %   11.3 %   11.4 %   12.2 %

    (1) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (2) Non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.
    (4) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
      June 30,
    2025    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024
    Assets          
    Cash and due from banks $ 182,451   $ 201,504   $ 176,501   $ 297,048   $ 221,727  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Available-for-sale debt securities   3,774,141     3,678,378     3,524,686     3,518,662     3,483,231  
    Held-to-maturity debt securities   761,907     779,354     796,168     812,432     831,513  
    Equity securities   68,692     71,679     75,261     74,426     74,232  
    Trading securities   3,888     1,808     —     —     —  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Loans held for sale   —     —     —     9,022     36,785  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Less: Allowance for credit losses on loans   277,648     278,379     271,709     273,143     267,297  
    Loans held for investment, net   23,647,886     22,101,405     22,178,357     22,021,028     21,511,433  
    Premises and equipment, net   86,831     84,575     85,443     81,577     69,464  
    Accrued interest receivable and other assets   908,552     854,581     881,664     919,071     933,761  
    Goodwill and intangibles, net   1,496     1,496     1,496     1,496     1,496  
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    Liabilities and Stockholders’ Equity          
    Liabilities:          
    Non-interest bearing deposits $ 7,718,006   $ 7,874,780   $ 7,485,428   $ 9,070,804   $ 7,987,715  
    Interest bearing deposits   18,346,303     18,178,254     17,753,171     16,794,451     15,830,612  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Accrued interest payable   14,120     25,270     23,680     18,679     23,841  
    Other liabilities   484,780     457,150     556,322     696,149     502,228  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Total liabilities   28,433,465     27,945,975     27,363,947     28,275,255     26,679,393  
               
    Stockholders’ equity:          
    Preferred stock, $.01 par value, $1,000 liquidation value:          
    Authorized shares – 10,000,000          
    Issued shares(1)   300,000     300,000     300,000     300,000     300,000  
    Common stock, $.01 par value:          
    Authorized shares – 100,000,000          
    Issued shares(2)   517     517     515     515     515  
    Additional paid-in capital   1,065,083     1,060,028     1,056,719     1,054,614     1,050,114  
    Retained earnings   2,611,401     2,538,385     2,495,651     2,428,940     2,494,572  
    Treasury stock(3)   (354,000 )   (332,994 )   (301,842 )   (301,868 )   (301,868 )
    Accumulated other comprehensive loss, net of taxes   (112,931 )   (136,162 )   (183,107 )   (128,157 )   (367,732 )
    Total stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
    Total liabilities and stockholders’ equity $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    (1) Preferred stock – issued shares   300,000     300,000     300,000     300,000     300,000  
    (2) Common stock – issued shares   51,747,305     51,707,542     51,520,315     51,494,260     51,474,581  
    (3) Treasury stock – shares at cost   6,000,469     5,682,609     5,286,503     5,286,503     5,286,503  
    TEXAS CAPITAL BANCSHARES, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)        
    (dollars in thousands except per share data)        
      Three Months Ended June 30, Six Months Ended June 30,
        2025   2024   2025   2024
    Interest income        
    Interest and fees on loans $ 364,358   $ 345,251 $ 698,508   $ 676,130
    Investment securities   45,991     33,584   92,556     65,728
    Interest bearing cash and cash equivalents   29,218     43,233   75,792     97,588
    Total interest income   439,567     422,068   866,856     839,446
    Interest expense        
    Deposits   174,798     181,280   349,734     356,880
    Short-term borrowings   3,444     12,749   11,690     25,532
    Long-term debt   7,930     11,457   16,003     25,443
    Total interest expense   186,172     205,486   377,427     407,855
    Net interest income   253,395     216,582   489,429     431,591
    Provision for credit losses   15,000     20,000   32,000     39,000
    Net interest income after provision for credit losses   238,395     196,582   457,429     392,591
    Non-interest income        
    Service charges on deposit accounts   8,182     5,911   16,022     12,250
    Wealth management and trust fee income   3,730     3,699   7,694     7,266
    Brokered loan fees   2,398     2,131   4,347     4,042
    Investment banking and advisory fees   24,109     25,048   40,587     43,472
    Trading income   7,896     5,650   13,835     10,362
    Available-for-sale debt securities losses   (1,886 )   —   (1,886 )   —
    Other   9,640     7,985   17,914     14,351
    Total non-interest income   54,069     50,424   98,513     91,743
    Non-interest expense        
    Salaries and benefits   120,154     118,840   251,795     247,567
    Occupancy expense   12,144     10,666   22,988     20,403
    Marketing   3,624     5,996   8,633     12,032
    Legal and professional   11,069     11,273   26,058     27,468
    Communications and technology   24,314     22,013   47,956     43,127
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,570   10,437     13,991
    Other   13,875     14,051   25,429     26,214
    Total non-interest expense   190,276     188,409   393,296     390,802
    Income before income taxes   102,188     58,597   162,646     93,532
    Income tax expense   24,860     16,935   38,271     25,728
    Net income   77,328     41,662   124,375     67,804
    Preferred stock dividends   4,312     4,312   8,625     8,625
    Net income available to common stockholders $ 73,016   $ 37,350 $ 115,750   $ 59,179
             
    Basic earnings per common share $ 1.59   $ 0.80 $ 2.52   $ 1.26
    Diluted earnings per common share $ 1.58   $ 0.80 $ 2.49   $ 1.25
    TEXAS CAPITAL BANCSHARES, INC.
    SUMMARY OF CREDIT LOSS EXPERIENCE
    (dollars in thousands)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    Allowance for credit losses on loans:          
    Beginning balance $ 278,379   $ 271,709   $ 273,143   $ 267,297   $ 263,962  
    Allowance established for acquired purchase credit deterioration loans   —     —     —     2,579     —  
    Loans charged-off:          
    Commercial   13,020     10,197     14,100     6,120     9,997  
    Commercial real estate   431     500     2,566     262     2,111  
    Consumer   —     —     —     30     —  
    Total charge-offs   13,451     10,697     16,666     6,412     12,108  
    Recoveries:          
    Commercial   486     483     4,562     329     153  
    Commercial real estate   —     413     18     —     —  
    Consumer   —     4     15     —     —  
    Total recoveries   486     900     4,595     329     153  
    Net charge-offs   12,965     9,797     12,071     6,083     11,955  
    Provision for credit losses on loans   12,234     16,467     10,637     9,350     15,290  
    Ending balance $ 277,648   $ 278,379   $ 271,709   $ 273,143   $ 267,297  
               
    Allowance for off-balance sheet credit losses:          
    Beginning balance $ 53,865   $ 53,332   $ 45,969   $ 45,319   $ 40,609  
    Provision for off-balance sheet credit losses   2,766     533     7,363     650     4,710  
    Ending balance $ 56,631   $ 53,865   $ 53,332   $ 45,969   $ 45,319  
               
    Total allowance for credit losses $ 334,279   $ 332,244   $ 325,041   $ 319,112   $ 312,616  
    Total provision for credit losses $ 15,000   $ 17,000   $ 18,000   $ 10,000   $ 20,000  
               
    Allowance for credit losses on loans to total loans held for investment   1.16 %   1.24 %   1.21 %   1.23 %   1.23 %
    Allowance for credit losses on loans to average total loans held for investment   1.19 %   1.29 %   1.22 %   1.24 %   1.27 %
    Net charge-offs to average total loans held for investment(1)   0.22 %   0.18 %   0.22 %   0.11 %   0.23 %
    Net charge-offs to average total loans held for investment for last 12 months(1)   0.18 %   0.18 %   0.19 %   0.20 %   0.22 %
    Total provision for credit losses to average total loans held for investment(1)   0.26 %   0.32 %   0.32 %   0.18 %   0.38 %
    Total allowance for credit losses to total loans held for investment   1.40 %   1.48 %   1.45 %   1.43 %   1.44 %

    (1) Interim period ratios are annualized.

    TEXAS CAPITAL BANCSHARES, INC.          
    NON-PERFORMING ASSETS, PAST DUE LOANS AND CRITICIZED LOANS      
    (dollars in thousands)          
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    NON-PERFORMING ASSETS          
    Non-accrual loans held for investment $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
    Non-accrual loans held for sale   —     —     —     —     —  
    Other real estate owned   —     —     —     —     —  
    Total non-performing assets $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
               
    Non-accrual loans held for investment to total loans held for investment   0.47 %   0.42 %   0.50 %   0.40 %   0.39 %
    Total non-performing assets to total assets   0.36 %   0.30 %   0.36 %   0.28 %   0.28 %
    Allowance for credit losses on loans to non-accrual loans held for investment 2.4x 3.0x 2.4x 3.1x 3.1x
    Total allowance for credit losses to non-accrual loans held for investment 2.9x 3.6x 2.9x 3.6x 3.7x
               
    LOANS PAST DUE          
    Loans held for investment past due 90 days and still accruing $ 2,068   $ 791   $ 4,265   $ 5,281   $ 286  
    Loans held for investment past due 90 days to total loans held for investment   0.01 %   — %   0.02 %   0.02 %   — %
    Loans held for sale past due 90 days and still accruing $ —   $ —   $ —   $ —   $ 64  
               
    CRITICIZED LOANS          
    Criticized loans $ 637,462   $ 762,887   $ 713,951   $ 897,727   $ 859,671  
    Criticized loans to total loans held for investment   2.66 %   3.41 %   3.18 %   4.03 %   3.95 %
    Special mention loans $ 339,923   $ 484,165   $ 435,626   $ 579,802   $ 593,305  
    Special mention loans to total loans held for investment   1.42 %   2.16 %   1.94 %   2.60 %   2.72 %
    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands)
               
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025   2025 2024   2024   2024
    Interest income          
    Interest and fees on loans $ 364,358   $ 334,150 $ 340,388 $ 361,407   $ 345,251
    Investment securities   45,991     46,565   44,102   38,389     33,584
    Interest bearing deposits in other banks   29,218     46,574   53,081   52,737     43,233
    Total interest income   439,567     427,289   437,571   452,533     422,068
    Interest expense          
    Deposits   174,798     174,936   189,061   190,255     181,280
    Short-term borrowings   3,444     8,246   10,678   13,784     12,749
    Long-term debt   7,930     8,073   8,225   8,392     11,457
    Total interest expense   186,172     191,255   207,964   212,431     205,486
    Net interest income   253,395     236,034   229,607   240,102     216,582
    Provision for credit losses   15,000     17,000   18,000   10,000     20,000
    Net interest income after provision for credit losses   238,395     219,034   211,607   230,102     196,582
    Non-interest income          
    Service charges on deposit accounts   8,182     7,840   6,989   6,307     5,911
    Wealth management and trust fee income   3,730     3,964   4,009   4,040     3,699
    Brokered loan fees   2,398     1,949   2,519   2,400     2,131
    Investment banking and advisory fees   24,109     16,478   26,740   34,753     25,048
    Trading income   7,896     5,939   5,487   5,786     5,650
    Available-for-sale debt securities losses   (1,886 )   —   —   (179,581 )   —
    Other   9,640     8,274   8,330   11,524     7,985
    Total non-interest income   54,069     44,444   54,074   (114,771 )   50,424
    Non-interest expense          
    Salaries and benefits   120,154     131,641   97,873   121,138     118,840
    Occupancy expense   12,144     10,844   11,926   12,937     10,666
    Marketing   3,624     5,009   4,454   5,863     5,996
    Legal and professional   11,069     14,989   15,180   11,135     11,273
    Communications and technology   24,314     23,642   24,007   25,951     22,013
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,341   4,454   4,906     5,570
    Other   13,875     11,554   14,265   13,394     14,051
    Total non-interest expense   190,276     203,020   172,159   195,324     188,409
    Income/(loss) before income taxes   102,188     60,458   93,522   (79,993 )   58,597
    Income tax expense/(benefit)   24,860     13,411   22,499   (18,674 )   16,935
    Net income/(loss)   77,328     47,047   71,023   (61,319 )   41,662
    Preferred stock dividends   4,312     4,313   4,312   4,313     4,312
    Net income/(loss) available to common shareholders $ 73,016   $ 42,734 $ 66,711 $ (65,632 ) $ 37,350
    TEXAS CAPITAL BANCSHARES, INC.
    TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1)
    (dollars in thousands)
      2nd Quarter 2025   1st Quarter 2025   2nd Quarter 2024   YTD June 30, 2025   YTD June 30, 2024
      Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate
    Assets                                      
    Investment securities(2) $ 4,573,164 $ 45,999 3.93 %   $ 4,463,876 $ 46,565 4.10 %   $ 4,427,023 $ 33,584 2.80 %   $ 4,518,822 $ 92,564 4.01 %   $ 4,363,195 $ 65,728 2.79 %
    Interest bearing cash and cash equivalents   2,661,037   29,218 4.40 %     4,255,796   46,574 4.44 %     3,273,069   43,233 5.31 %     3,454,011   75,792 4.43 %     3,662,348   97,588 5.36 %
    Loans held for sale   —   — — %     335   2 2.97 %     28,768   683 9.55 %     167   2 2.97 %     39,966   1,867 9.40 %
    Loans held for investment, mortgage finance   5,327,559   58,707 4.42 %     3,972,106   38,527 3.93 %     4,357,288   42,722 3.94 %     4,653,577   97,234 4.21 %     3,937,498   74,177 3.79 %
    Loans held for investment(3)   18,018,626   306,142 6.81 %     17,527,070   296,091 6.85 %     16,750,788   301,910 7.25 %     17,774,206   602,233 6.83 %     16,636,438   600,216 7.26 %
    Less: Allowance for credit losses on loans   278,035   — — %     272,758   — —       263,145   — — %     275,411   — —       256,541   — —  
    Loans held for investment, net   23,068,150   364,849 6.34 %     21,226,418   334,618 6.39 %     20,844,931   344,632 6.65 %     22,152,372   699,467 6.37 %     20,317,395   674,393 6.68 %
    Total earning assets   30,302,351   440,066 5.80 %     29,946,425   427,759 5.76 %     28,573,791   422,132 5.86 %     30,125,372   867,825 5.78 %     28,382,904   839,576 5.87 %
    Cash and other assets   1,117,118         1,157,184         1,177,061         1,137,040         1,117,763    
    Total assets $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
                                           
    Liabilities and Stockholders’ Equity                                      
    Transaction deposits $ 2,213,037 $ 13,731 2.49 %   $ 2,163,250 $ 13,908 2.61 %   $ 2,061,622 $ 16,982 3.31 %   $ 2,188,282 $ 27,639 2.55 %   $ 2,034,057 $ 33,840 3.35 %
    Savings deposits   13,727,095   134,272 3.92 %     13,357,243   133,577 4.06 %     11,981,668   143,173 4.81 %     13,543,190   267,849 3.99 %     11,695,673   279,963 4.81 %
    Time deposits   2,361,525   26,795 4.55 %     2,329,384   27,451 4.78 %     1,658,899   21,125 5.12 %     2,345,543   54,246 4.66 %     1,689,112   43,077 5.13 %
    Total interest bearing deposits   18,301,657   174,798 3.83 %     17,849,877   174,936 3.97 %     15,702,189   181,280 4.64 %     18,077,015   349,734 3.90 %     15,418,842   356,880 4.65 %
    Short-term borrowings   306,176   3,444 4.51 %     751,500   8,246 4.45 %     927,253   12,749 5.53 %     527,608   11,690 4.47 %     919,670   25,532 5.58 %
    Long-term debt   649,469   7,930 4.90 %     660,445   8,073 4.96 %     778,401   11,457 5.92 %     654,927   16,003 4.93 %     818,955   25,443 6.25 %
    Total interest bearing liabilities   19,257,302   186,172 3.88 %     19,261,822   191,255 4.03 %     17,407,843   205,486 4.75 %     19,259,550   377,427 3.95 %     17,157,467   407,855 4.78 %
    Non-interest bearing deposits   8,191,402         7,875,244         8,647,594         8,034,196         8,642,685    
    Other liabilities   475,724         552,154         537,754         513,728         523,520    
    Stockholders’ equity   3,495,041         3,414,389         3,157,661         3,454,938         3,176,995    
    Total liabilities and stockholders’ equity $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
    Net interest income   $ 253,894       $ 236,504       $ 216,646       $ 490,398       $ 431,721  
    Net interest margin     3.35 %       3.19 %       3.01 %       3.27 %       3.02 %

    (1) Taxable equivalent rates used where applicable.
    (2) Yields on investment securities are calculated using available-for-sale securities at amortized cost.
    (3) Average balances include non-accrual loans.

    GAAP TO NON-GAAP RECONCILIATIONS

    The following items are non-GAAP financial measures: adjusted non-interest income, adjusted non-interest expense, adjusted net income, adjusted net income available to common stockholders, adjusted pre-provision net revenue (“PPNR”), adjusted diluted earnings/(loss) per common share, adjusted return on average assets, adjusted return on average common equity, adjusted efficiency ratio, adjusted non-interest income to average earning assets and adjusted non-interest expense to average earning assets. These are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures.

    These non-GAAP financial measures are adjusted for certain items, listed below, that management believes are non-operating in nature and not representative of its actual operating performance. Management believes that these non-GAAP financial measures provide meaningful additional information about Texas Capital Bancshares, Inc. to assist management and investors in evaluating operating results, financial strength, business performance and capital position. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. As such, these non-GAAP financial measures should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP.

    Reconciliation of Non-GAAP Financial Measures      
    (dollars in thousands except per share data) 2nd Quarter
    2025    		 1st Quarter
    2025    		 4th Quarter
    2024    		 3rd Quarter
    2024    		 2nd Quarter
    2024
    Net interest income $ 253,395   $ 236,034   $ 229,607   $ 240,102   $ 216,582  
               
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Available-for-sale debt securities losses, net   1,886     —     —     179,581     —  
    Non-interest income, adjusted   55,955     44,444     54,074     64,810     50,424  
               
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    FDIC special assessment   —     —     —     651     (462 )
    Restructuring expenses   (1,401 )   —     —     (5,923 )   —  
    Non-interest expense, adjusted   188,875     203,020     172,159     190,052     187,947  
               
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
               
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Tax effect of adjustments   774     —     —     44,880     104  
    Income tax expense/(benefit), adjusted   25,634     13,411     22,499     26,206     17,039  
               
    Net income/(loss)(1) $ 77,328   $ 47,047   $ 71,023   $ (61,319 ) $ 41,662  
    Net income/(loss), adjusted(1) $ 79,841   $ 47,047   $ 71,023   $ 78,654   $ 42,020  
               
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
               
    Net income/(loss) to common stockholders(2) $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Net income/(loss) to common stockholders, adjusted(2) $ 75,529   $ 42,734   $ 66,711   $ 74,341   $ 37,708  
               
    PPNR(3) $ 117,188   $ 77,458   $ 111,522   $ (69,993 ) $ 78,597  
    PPNR(3), adjusted $ 120,475   $ 77,458   $ 111,522   $ 114,860   $ 79,059  
               
    Weighted average common shares outstanding, diluted   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted earnings/(loss) per common share, adjusted $ 1.63   $ 0.92   $ 1.43   $ 1.59   $ 0.80  
               
    Average total assets $ 31,419,469   $ 31,103,609   $ 32,212,087   $ 31,215,173   $ 29,750,852  
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
               
    Average common equity $ 3,195,041   $ 3,114,389   $ 3,120,933   $ 2,945,238   $ 2,857,661  
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
               
    Efficiency ratio(4)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
               
    Average earning assets $ 30,302,351   $ 29,946,425   $ 31,033,803   $ 29,975,318   $ 28,573,791  
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %

    (1) Net interest income plus non-interest income, less non-interest expense, provision for credit losses and income tax expense/(benefit). On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted, provision for credit losses and income tax expense/(benefit), adjusted.
    (2) Net income/(loss), less preferred stock dividends. On an adjusted basis, net income/(loss), adjusted, less preferred stock dividends.
    (3) Net interest income plus non-interest income, less non-interest expense. On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income. On an adjusted basis, non-interest expense, adjusted, divided by the sum of net interest income and non-interest income, adjusted.

    The MIL Network –

    July 17, 2025

  • MIL-OSI: Texas Capital Bancshares, Inc. Announces Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second quarter 2025 net income of $77.3 million and net income available to common stockholders
    of $73.0 million, up 86% and 95%, respectively, year-over-year

    Second quarter 2025 EPS of $1.58 per diluted share and adjusted EPS(1)of $1.63 per
    diluted share, up 98% and 104%, respectively, year-over-year

    Strong balance sheet growth with total loans increasing 7% quarter-over-quarter and 10% year-over-year

    Book Value and Tangible Book Value(2)per share both increasing 13% year-over-year, reaching record levels

    DALLAS, July 17, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the second quarter of 2025.

    “Our multi-year focus on building a differentiated, full-service financial services firm has strengthened our client franchise and consistently delivered high-quality outcomes across our platform, driving strong financial performance this quarter,” said Rob C. Holmes, Chairman, President & CEO. “The strategic actions we’ve taken have structurally enhanced our earnings power, and as we enter the second half of the year, the breadth of our capabilities and the strength of our balance sheet position us to deliver durable, through-cycle results for both clients and shareholders.”

      2nd Quarter   1st Quarter   2nd Quarter
    (dollars in thousands except per share data)   2025       2025       2024  
    OPERATING RESULTS          
    Net income $ 77,328     $ 47,047     $ 41,662  
    Net income available to common stockholders $ 73,016     $ 42,734     $ 37,350  
    Pre-provision net revenue(3) $ 117,188     $ 77,458     $ 78,597  
    Diluted earnings per common share $ 1.58     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   0.99 %     0.61 %     0.56 %
    Return on average common equity   9.17 %     5.56 %     5.26 %
               
    OPERATING RESULTS, ADJUSTED(1)          
    Net income $ 79,841     $ 47,047     $ 42,020  
    Net income available to common stockholders $ 75,529     $ 42,734     $ 37,708  
    Pre-provision net revenue(3) $ 120,475     $ 77,458     $ 79,059  
    Diluted earnings per common share $ 1.63     $ 0.92     $ 0.80  
    Diluted common shares   46,215,394       46,616,704       46,872,498  
    Return on average assets   1.02 %     0.61 %     0.57 %
    Return on average common equity   9.48 %     5.56 %     5.31 %
               
    BALANCE SHEET          
    Loans held for investment $ 18,035,945     $ 17,654,243     $ 16,700,569  
    Loans held for investment, mortgage finance   5,889,589       4,725,541       5,078,161  
    Total loans held for investment   23,925,534       22,379,784       21,778,730  
    Loans held for sale   —       —       36,785  
    Total assets   31,943,535       31,375,749       29,854,994  
    Non-interest bearing deposits   7,718,006       7,874,780       7,987,715  
    Total deposits   26,064,309       26,053,034       23,818,327  
    Stockholders’ equity   3,510,070       3,429,774       3,175,601  
               

    (1) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.
    (2) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (3) Net interest income plus non-interest income, less non-interest expense.

    SECOND QUARTER 2025 COMPARED TO FIRST QUARTER 2025

    For the second quarter of 2025, net income available to common stockholders was $73.0 million, or $1.58 per diluted share, compared to $42.7 million, or $0.92 per diluted share, for the first quarter of 2025.

    Provision for credit losses for the second quarter of 2025 was $15.0 million, compared to $17.0 million for the first quarter of 2025. The $15.0 million provision for credit losses recorded in the second quarter of 2025 resulted primarily from an increase in total loans held for investment (“LHI”) and $13.0 million in net charge-offs, partially offset by a decrease in criticized loans.

    Net interest income was $253.4 million for the second quarter of 2025, compared to $236.0 million for the first quarter of 2025, primarily due to increases in average earning assets and earning asset yields, a decrease in average short-term borrowings and the impact of one additional day in the second quarter. Net interest margin for the second quarter of 2025 was 3.35%, an increase of 16 basis points from the first quarter of 2025. LHI, excluding mortgage finance, yields decreased 4 basis points from the first quarter of 2025 and LHI, mortgage finance, yields increased 49 basis points from the first quarter of 2025. Total cost of deposits was 2.65% for the second quarter of 2025, an 11 basis point decrease from the first quarter of 2025.

    Non-interest income for the second quarter of 2025 increased $9.6 million compared to the first quarter of 2025 primarily due to increases in investment banking and advisory fees and trading income, partially offset by a $1.9 million loss on sale of available-for-sale debt securities recognized during the second quarter of 2025.

    Non-interest expense for the second quarter of 2025 decreased $12.7 million compared to the first quarter of 2025, primarily due to decreases in salaries and benefits, related to the effect of seasonal payroll expenses that peak in the first quarter, and legal and professional expense, partially offset by an increase in other non-interest expense.

    SECOND QUARTER 2025 COMPARED TO SECOND QUARTER 2024

    Net income available to common stockholders was $73.0 million, or $1.58 per diluted share, for the second quarter of 2025, compared to $37.4 million, or $0.80 per diluted share, for the second quarter of 2024.

    The second quarter of 2025 included a $15.0 million provision for credit losses, reflecting an increase in total LHI and $13.0 million in net charge-offs, partially offset by a decline in criticized loans, compared to a $20.0 million provision for credit losses for the second quarter of 2024.

    Net interest income increased to $253.4 million for the second quarter of 2025, compared to $216.6 million for the second quarter of 2024, primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities. Net interest margin increased 34 basis points to 3.35% for the second quarter of 2025, as compared to the second quarter of 2024. LHI, excluding mortgage finance, yields decreased 44 basis points compared to the second quarter of 2024 and LHI, mortgage finance yields increased 48 basis points from the second quarter of 2024. Total cost of deposits decreased 34 basis points compared to the second quarter of 2024.

    Non-interest income for the second quarter of 2025 increased $3.6 million compared to the second quarter of 2024 primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by the loss on sale of available-for-sale debt securities mentioned above.

    Non-interest expense for the second quarter of 2025 increased $1.9 million compared to the second quarter of 2024, primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by a decrease in marketing expense.

    CREDIT QUALITY

    Net charge-offs of $13.0 million were recorded during the second quarter of 2025, compared to net charge-offs of $9.8 million and $12.0 million during the first quarter of 2025 and the second quarter of 2024, respectively. Criticized loans totaled $637.5 million at June 30, 2025, compared to $762.9 million at March 31, 2025 and $859.7 million at June 30, 2024. Non-accrual LHI totaled $113.6 million at June 30, 2025, compared to $93.6 million at March 31, 2025 and $85.0 million at June 30, 2024. The ratio of non-accrual LHI to total LHI for the second quarter of 2025 was 0.47%, compared to 0.42% for the first quarter of 2025 and 0.39% for the second quarter of 2024. The ratio of total allowance for credit losses to total LHI was 1.40% at June 30, 2025, compared to 1.48% and 1.44% at March 31, 2025 and June 30, 2024, respectively.

    REGULATORY RATIOS AND CAPITAL

    All regulatory ratios continue to be in excess of “well capitalized” requirements as of June 30, 2025. CET1, tier 1 capital, total capital and leverage ratios were 11.4%, 12.9%, 15.3% and 11.8%, respectively, at June 30, 2025, compared to 11.6%, 13.1%, 15.6% and 11.8%, respectively, at March 31, 2025 and 11.6%, 13.1%, 15.7% and 12.2%, respectively, at June 30, 2024. At June 30, 2025, our ratio of tangible common equity to total tangible assets was 10.1%, compared to 10.0% at March 31, 2025 and 9.6% at June 30, 2024.

    During the second quarter of 2025, the Company repurchased 317,860 shares of its common stock for an aggregate purchase price, including excise tax expense, of $21.0 million, at a weighted average price of $65.50 per share.

    About Texas Capital Bancshares, Inc.

    Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000®Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly-owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities.

    Forward Looking Statements

    This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

    Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

    TEXAS CAPITAL BANCSHARES, INC.
    SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
    (dollars in thousands except per share data)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    CONSOLIDATED STATEMENTS OF INCOME          
    Interest income $ 439,567   $ 427,289   $ 437,571   $ 452,533   $ 422,068  
    Interest expense   186,172     191,255     207,964     212,431     205,486  
    Net interest income   253,395     236,034     229,607     240,102     216,582  
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
    Net interest income after provision for credit losses   238,395     219,034     211,607     230,102     196,582  
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    Income/(loss) before income taxes   102,188     60,458     93,522     (79,993 )   58,597  
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Net income/(loss)   77,328     47,047     71,023     (61,319 )   41,662  
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
    Net income/(loss) available to common stockholders $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted common shares   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    CONSOLIDATED BALANCE SHEET DATA          
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for sale   —     —     —     9,022     36,785  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Non-interest bearing deposits   7,718,006     7,874,780     7,485,428     9,070,804     7,987,715  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
               
    End of period shares outstanding   45,746,836     46,024,933     46,233,812     46,207,757     46,188,078  
    Book value per share $ 70.17   $ 68.00   $ 66.36   $ 66.09   $ 62.26  
    Tangible book value per share(1) $ 70.14   $ 67.97   $ 66.32   $ 66.06   $ 62.23  
    SELECTED FINANCIAL RATIOS          
    Net interest margin   3.35 %   3.19 %   2.93 %   3.16 %   3.01 %
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted(4)   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted(4)   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
    Efficiency ratio(2)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(2)(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted(4)   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted(4)   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %
    Common equity to total assets   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Tangible common equity to total tangible assets(3)   10.1 %   10.0 %   10.0 %   9.7 %   9.6 %
    Common Equity Tier 1   11.4 %   11.6 %   11.4 %   11.2 %   11.6 %
    Tier 1 capital   12.9 %   13.1 %   12.8 %   12.6 %   13.1 %
    Total capital   15.3 %   15.6 %   15.4 %   15.2 %   15.7 %
    Leverage   11.8 %   11.8 %   11.3 %   11.4 %   12.2 %

    (1) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.
    (2) Non-interest expense divided by the sum of net interest income and non-interest income.
    (3) Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.
    (4) These adjusted measures are non-GAAP measures. Please refer to “GAAP to Non-GAAP Reconciliations” for the computations of these adjusted measures and the reconciliation of these non-GAAP measures to the most directly comparable GAAP measure.

    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (dollars in thousands)
      June 30,
    2025    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024
    Assets          
    Cash and due from banks $ 182,451   $ 201,504   $ 176,501   $ 297,048   $ 221,727  
    Interest bearing cash and cash equivalents   2,507,691     3,600,969     3,012,307     3,894,537     2,691,352  
    Available-for-sale debt securities   3,774,141     3,678,378     3,524,686     3,518,662     3,483,231  
    Held-to-maturity debt securities   761,907     779,354     796,168     812,432     831,513  
    Equity securities   68,692     71,679     75,261     74,426     74,232  
    Trading securities   3,888     1,808     —     —     —  
    Investment securities   4,608,628     4,531,219     4,396,115     4,405,520     4,388,976  
    Loans held for sale   —     —     —     9,022     36,785  
    Loans held for investment, mortgage finance   5,889,589     4,725,541     5,215,574     5,529,659     5,078,161  
    Loans held for investment   18,035,945     17,654,243     17,234,492     16,764,512     16,700,569  
    Less: Allowance for credit losses on loans   277,648     278,379     271,709     273,143     267,297  
    Loans held for investment, net   23,647,886     22,101,405     22,178,357     22,021,028     21,511,433  
    Premises and equipment, net   86,831     84,575     85,443     81,577     69,464  
    Accrued interest receivable and other assets   908,552     854,581     881,664     919,071     933,761  
    Goodwill and intangibles, net   1,496     1,496     1,496     1,496     1,496  
    Total assets $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    Liabilities and Stockholders’ Equity          
    Liabilities:          
    Non-interest bearing deposits $ 7,718,006   $ 7,874,780   $ 7,485,428   $ 9,070,804   $ 7,987,715  
    Interest bearing deposits   18,346,303     18,178,254     17,753,171     16,794,451     15,830,612  
    Total deposits   26,064,309     26,053,034     25,238,599     25,865,255     23,818,327  
    Accrued interest payable   14,120     25,270     23,680     18,679     23,841  
    Other liabilities   484,780     457,150     556,322     696,149     502,228  
    Short-term borrowings   1,250,000     750,000     885,000     1,035,000     1,675,000  
    Long-term debt   620,256     660,521     660,346     660,172     659,997  
    Total liabilities   28,433,465     27,945,975     27,363,947     28,275,255     26,679,393  
               
    Stockholders’ equity:          
    Preferred stock, $.01 par value, $1,000 liquidation value:          
    Authorized shares – 10,000,000          
    Issued shares(1)   300,000     300,000     300,000     300,000     300,000  
    Common stock, $.01 par value:          
    Authorized shares – 100,000,000          
    Issued shares(2)   517     517     515     515     515  
    Additional paid-in capital   1,065,083     1,060,028     1,056,719     1,054,614     1,050,114  
    Retained earnings   2,611,401     2,538,385     2,495,651     2,428,940     2,494,572  
    Treasury stock(3)   (354,000 )   (332,994 )   (301,842 )   (301,868 )   (301,868 )
    Accumulated other comprehensive loss, net of taxes   (112,931 )   (136,162 )   (183,107 )   (128,157 )   (367,732 )
    Total stockholders’ equity   3,510,070     3,429,774     3,367,936     3,354,044     3,175,601  
    Total liabilities and stockholders’ equity $ 31,943,535   $ 31,375,749   $ 30,731,883   $ 31,629,299   $ 29,854,994  
               
    (1) Preferred stock – issued shares   300,000     300,000     300,000     300,000     300,000  
    (2) Common stock – issued shares   51,747,305     51,707,542     51,520,315     51,494,260     51,474,581  
    (3) Treasury stock – shares at cost   6,000,469     5,682,609     5,286,503     5,286,503     5,286,503  
    TEXAS CAPITAL BANCSHARES, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)        
    (dollars in thousands except per share data)        
      Three Months Ended June 30, Six Months Ended June 30,
        2025   2024   2025   2024
    Interest income        
    Interest and fees on loans $ 364,358   $ 345,251 $ 698,508   $ 676,130
    Investment securities   45,991     33,584   92,556     65,728
    Interest bearing cash and cash equivalents   29,218     43,233   75,792     97,588
    Total interest income   439,567     422,068   866,856     839,446
    Interest expense        
    Deposits   174,798     181,280   349,734     356,880
    Short-term borrowings   3,444     12,749   11,690     25,532
    Long-term debt   7,930     11,457   16,003     25,443
    Total interest expense   186,172     205,486   377,427     407,855
    Net interest income   253,395     216,582   489,429     431,591
    Provision for credit losses   15,000     20,000   32,000     39,000
    Net interest income after provision for credit losses   238,395     196,582   457,429     392,591
    Non-interest income        
    Service charges on deposit accounts   8,182     5,911   16,022     12,250
    Wealth management and trust fee income   3,730     3,699   7,694     7,266
    Brokered loan fees   2,398     2,131   4,347     4,042
    Investment banking and advisory fees   24,109     25,048   40,587     43,472
    Trading income   7,896     5,650   13,835     10,362
    Available-for-sale debt securities losses   (1,886 )   —   (1,886 )   —
    Other   9,640     7,985   17,914     14,351
    Total non-interest income   54,069     50,424   98,513     91,743
    Non-interest expense        
    Salaries and benefits   120,154     118,840   251,795     247,567
    Occupancy expense   12,144     10,666   22,988     20,403
    Marketing   3,624     5,996   8,633     12,032
    Legal and professional   11,069     11,273   26,058     27,468
    Communications and technology   24,314     22,013   47,956     43,127
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,570   10,437     13,991
    Other   13,875     14,051   25,429     26,214
    Total non-interest expense   190,276     188,409   393,296     390,802
    Income before income taxes   102,188     58,597   162,646     93,532
    Income tax expense   24,860     16,935   38,271     25,728
    Net income   77,328     41,662   124,375     67,804
    Preferred stock dividends   4,312     4,312   8,625     8,625
    Net income available to common stockholders $ 73,016   $ 37,350 $ 115,750   $ 59,179
             
    Basic earnings per common share $ 1.59   $ 0.80 $ 2.52   $ 1.26
    Diluted earnings per common share $ 1.58   $ 0.80 $ 2.49   $ 1.25
    TEXAS CAPITAL BANCSHARES, INC.
    SUMMARY OF CREDIT LOSS EXPERIENCE
    (dollars in thousands)
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    Allowance for credit losses on loans:          
    Beginning balance $ 278,379   $ 271,709   $ 273,143   $ 267,297   $ 263,962  
    Allowance established for acquired purchase credit deterioration loans   —     —     —     2,579     —  
    Loans charged-off:          
    Commercial   13,020     10,197     14,100     6,120     9,997  
    Commercial real estate   431     500     2,566     262     2,111  
    Consumer   —     —     —     30     —  
    Total charge-offs   13,451     10,697     16,666     6,412     12,108  
    Recoveries:          
    Commercial   486     483     4,562     329     153  
    Commercial real estate   —     413     18     —     —  
    Consumer   —     4     15     —     —  
    Total recoveries   486     900     4,595     329     153  
    Net charge-offs   12,965     9,797     12,071     6,083     11,955  
    Provision for credit losses on loans   12,234     16,467     10,637     9,350     15,290  
    Ending balance $ 277,648   $ 278,379   $ 271,709   $ 273,143   $ 267,297  
               
    Allowance for off-balance sheet credit losses:          
    Beginning balance $ 53,865   $ 53,332   $ 45,969   $ 45,319   $ 40,609  
    Provision for off-balance sheet credit losses   2,766     533     7,363     650     4,710  
    Ending balance $ 56,631   $ 53,865   $ 53,332   $ 45,969   $ 45,319  
               
    Total allowance for credit losses $ 334,279   $ 332,244   $ 325,041   $ 319,112   $ 312,616  
    Total provision for credit losses $ 15,000   $ 17,000   $ 18,000   $ 10,000   $ 20,000  
               
    Allowance for credit losses on loans to total loans held for investment   1.16 %   1.24 %   1.21 %   1.23 %   1.23 %
    Allowance for credit losses on loans to average total loans held for investment   1.19 %   1.29 %   1.22 %   1.24 %   1.27 %
    Net charge-offs to average total loans held for investment(1)   0.22 %   0.18 %   0.22 %   0.11 %   0.23 %
    Net charge-offs to average total loans held for investment for last 12 months(1)   0.18 %   0.18 %   0.19 %   0.20 %   0.22 %
    Total provision for credit losses to average total loans held for investment(1)   0.26 %   0.32 %   0.32 %   0.18 %   0.38 %
    Total allowance for credit losses to total loans held for investment   1.40 %   1.48 %   1.45 %   1.43 %   1.44 %

    (1) Interim period ratios are annualized.

    TEXAS CAPITAL BANCSHARES, INC.          
    NON-PERFORMING ASSETS, PAST DUE LOANS AND CRITICIZED LOANS      
    (dollars in thousands)          
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025     2025     2024     2024     2024  
    NON-PERFORMING ASSETS          
    Non-accrual loans held for investment $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
    Non-accrual loans held for sale   —     —     —     —     —  
    Other real estate owned   —     —     —     —     —  
    Total non-performing assets $ 113,609   $ 93,565   $ 111,165   $ 88,960   $ 85,021  
               
    Non-accrual loans held for investment to total loans held for investment   0.47 %   0.42 %   0.50 %   0.40 %   0.39 %
    Total non-performing assets to total assets   0.36 %   0.30 %   0.36 %   0.28 %   0.28 %
    Allowance for credit losses on loans to non-accrual loans held for investment 2.4x 3.0x 2.4x 3.1x 3.1x
    Total allowance for credit losses to non-accrual loans held for investment 2.9x 3.6x 2.9x 3.6x 3.7x
               
    LOANS PAST DUE          
    Loans held for investment past due 90 days and still accruing $ 2,068   $ 791   $ 4,265   $ 5,281   $ 286  
    Loans held for investment past due 90 days to total loans held for investment   0.01 %   — %   0.02 %   0.02 %   — %
    Loans held for sale past due 90 days and still accruing $ —   $ —   $ —   $ —   $ 64  
               
    CRITICIZED LOANS          
    Criticized loans $ 637,462   $ 762,887   $ 713,951   $ 897,727   $ 859,671  
    Criticized loans to total loans held for investment   2.66 %   3.41 %   3.18 %   4.03 %   3.95 %
    Special mention loans $ 339,923   $ 484,165   $ 435,626   $ 579,802   $ 593,305  
    Special mention loans to total loans held for investment   1.42 %   2.16 %   1.94 %   2.60 %   2.72 %
    TEXAS CAPITAL BANCSHARES, INC.
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (dollars in thousands)
               
      2nd Quarter 1st Quarter 4th Quarter 3rd Quarter 2nd Quarter
        2025   2025 2024   2024   2024
    Interest income          
    Interest and fees on loans $ 364,358   $ 334,150 $ 340,388 $ 361,407   $ 345,251
    Investment securities   45,991     46,565   44,102   38,389     33,584
    Interest bearing deposits in other banks   29,218     46,574   53,081   52,737     43,233
    Total interest income   439,567     427,289   437,571   452,533     422,068
    Interest expense          
    Deposits   174,798     174,936   189,061   190,255     181,280
    Short-term borrowings   3,444     8,246   10,678   13,784     12,749
    Long-term debt   7,930     8,073   8,225   8,392     11,457
    Total interest expense   186,172     191,255   207,964   212,431     205,486
    Net interest income   253,395     236,034   229,607   240,102     216,582
    Provision for credit losses   15,000     17,000   18,000   10,000     20,000
    Net interest income after provision for credit losses   238,395     219,034   211,607   230,102     196,582
    Non-interest income          
    Service charges on deposit accounts   8,182     7,840   6,989   6,307     5,911
    Wealth management and trust fee income   3,730     3,964   4,009   4,040     3,699
    Brokered loan fees   2,398     1,949   2,519   2,400     2,131
    Investment banking and advisory fees   24,109     16,478   26,740   34,753     25,048
    Trading income   7,896     5,939   5,487   5,786     5,650
    Available-for-sale debt securities losses   (1,886 )   —   —   (179,581 )   —
    Other   9,640     8,274   8,330   11,524     7,985
    Total non-interest income   54,069     44,444   54,074   (114,771 )   50,424
    Non-interest expense          
    Salaries and benefits   120,154     131,641   97,873   121,138     118,840
    Occupancy expense   12,144     10,844   11,926   12,937     10,666
    Marketing   3,624     5,009   4,454   5,863     5,996
    Legal and professional   11,069     14,989   15,180   11,135     11,273
    Communications and technology   24,314     23,642   24,007   25,951     22,013
    Federal Deposit Insurance Corporation insurance assessment   5,096     5,341   4,454   4,906     5,570
    Other   13,875     11,554   14,265   13,394     14,051
    Total non-interest expense   190,276     203,020   172,159   195,324     188,409
    Income/(loss) before income taxes   102,188     60,458   93,522   (79,993 )   58,597
    Income tax expense/(benefit)   24,860     13,411   22,499   (18,674 )   16,935
    Net income/(loss)   77,328     47,047   71,023   (61,319 )   41,662
    Preferred stock dividends   4,312     4,313   4,312   4,313     4,312
    Net income/(loss) available to common shareholders $ 73,016   $ 42,734 $ 66,711 $ (65,632 ) $ 37,350
    TEXAS CAPITAL BANCSHARES, INC.
    TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1)
    (dollars in thousands)
      2nd Quarter 2025   1st Quarter 2025   2nd Quarter 2024   YTD June 30, 2025   YTD June 30, 2024
      Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate    		   Average
    Balance    		 Income/
    Expense    		 Yield/
    Rate
    Assets                                      
    Investment securities(2) $ 4,573,164 $ 45,999 3.93 %   $ 4,463,876 $ 46,565 4.10 %   $ 4,427,023 $ 33,584 2.80 %   $ 4,518,822 $ 92,564 4.01 %   $ 4,363,195 $ 65,728 2.79 %
    Interest bearing cash and cash equivalents   2,661,037   29,218 4.40 %     4,255,796   46,574 4.44 %     3,273,069   43,233 5.31 %     3,454,011   75,792 4.43 %     3,662,348   97,588 5.36 %
    Loans held for sale   —   — — %     335   2 2.97 %     28,768   683 9.55 %     167   2 2.97 %     39,966   1,867 9.40 %
    Loans held for investment, mortgage finance   5,327,559   58,707 4.42 %     3,972,106   38,527 3.93 %     4,357,288   42,722 3.94 %     4,653,577   97,234 4.21 %     3,937,498   74,177 3.79 %
    Loans held for investment(3)   18,018,626   306,142 6.81 %     17,527,070   296,091 6.85 %     16,750,788   301,910 7.25 %     17,774,206   602,233 6.83 %     16,636,438   600,216 7.26 %
    Less: Allowance for credit losses on loans   278,035   — — %     272,758   — —       263,145   — — %     275,411   — —       256,541   — —  
    Loans held for investment, net   23,068,150   364,849 6.34 %     21,226,418   334,618 6.39 %     20,844,931   344,632 6.65 %     22,152,372   699,467 6.37 %     20,317,395   674,393 6.68 %
    Total earning assets   30,302,351   440,066 5.80 %     29,946,425   427,759 5.76 %     28,573,791   422,132 5.86 %     30,125,372   867,825 5.78 %     28,382,904   839,576 5.87 %
    Cash and other assets   1,117,118         1,157,184         1,177,061         1,137,040         1,117,763    
    Total assets $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
                                           
    Liabilities and Stockholders’ Equity                                      
    Transaction deposits $ 2,213,037 $ 13,731 2.49 %   $ 2,163,250 $ 13,908 2.61 %   $ 2,061,622 $ 16,982 3.31 %   $ 2,188,282 $ 27,639 2.55 %   $ 2,034,057 $ 33,840 3.35 %
    Savings deposits   13,727,095   134,272 3.92 %     13,357,243   133,577 4.06 %     11,981,668   143,173 4.81 %     13,543,190   267,849 3.99 %     11,695,673   279,963 4.81 %
    Time deposits   2,361,525   26,795 4.55 %     2,329,384   27,451 4.78 %     1,658,899   21,125 5.12 %     2,345,543   54,246 4.66 %     1,689,112   43,077 5.13 %
    Total interest bearing deposits   18,301,657   174,798 3.83 %     17,849,877   174,936 3.97 %     15,702,189   181,280 4.64 %     18,077,015   349,734 3.90 %     15,418,842   356,880 4.65 %
    Short-term borrowings   306,176   3,444 4.51 %     751,500   8,246 4.45 %     927,253   12,749 5.53 %     527,608   11,690 4.47 %     919,670   25,532 5.58 %
    Long-term debt   649,469   7,930 4.90 %     660,445   8,073 4.96 %     778,401   11,457 5.92 %     654,927   16,003 4.93 %     818,955   25,443 6.25 %
    Total interest bearing liabilities   19,257,302   186,172 3.88 %     19,261,822   191,255 4.03 %     17,407,843   205,486 4.75 %     19,259,550   377,427 3.95 %     17,157,467   407,855 4.78 %
    Non-interest bearing deposits   8,191,402         7,875,244         8,647,594         8,034,196         8,642,685    
    Other liabilities   475,724         552,154         537,754         513,728         523,520    
    Stockholders’ equity   3,495,041         3,414,389         3,157,661         3,454,938         3,176,995    
    Total liabilities and stockholders’ equity $ 31,419,469       $ 31,103,609       $ 29,750,852       $ 31,262,412       $ 29,500,667    
    Net interest income   $ 253,894       $ 236,504       $ 216,646       $ 490,398       $ 431,721  
    Net interest margin     3.35 %       3.19 %       3.01 %       3.27 %       3.02 %

    (1) Taxable equivalent rates used where applicable.
    (2) Yields on investment securities are calculated using available-for-sale securities at amortized cost.
    (3) Average balances include non-accrual loans.

    GAAP TO NON-GAAP RECONCILIATIONS

    The following items are non-GAAP financial measures: adjusted non-interest income, adjusted non-interest expense, adjusted net income, adjusted net income available to common stockholders, adjusted pre-provision net revenue (“PPNR”), adjusted diluted earnings/(loss) per common share, adjusted return on average assets, adjusted return on average common equity, adjusted efficiency ratio, adjusted non-interest income to average earning assets and adjusted non-interest expense to average earning assets. These are not measures recognized under GAAP and therefore are considered non-GAAP financial measures. The table below provides a reconciliation of these non-GAAP financial measures to the most comparable GAAP measures.

    These non-GAAP financial measures are adjusted for certain items, listed below, that management believes are non-operating in nature and not representative of its actual operating performance. Management believes that these non-GAAP financial measures provide meaningful additional information about Texas Capital Bancshares, Inc. to assist management and investors in evaluating operating results, financial strength, business performance and capital position. Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied and are not audited. As such, these non-GAAP financial measures should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP.

    Reconciliation of Non-GAAP Financial Measures      
    (dollars in thousands except per share data) 2nd Quarter
    2025    		 1st Quarter
    2025    		 4th Quarter
    2024    		 3rd Quarter
    2024    		 2nd Quarter
    2024
    Net interest income $ 253,395   $ 236,034   $ 229,607   $ 240,102   $ 216,582  
               
    Non-interest income   54,069     44,444     54,074     (114,771 )   50,424  
    Available-for-sale debt securities losses, net   1,886     —     —     179,581     —  
    Non-interest income, adjusted   55,955     44,444     54,074     64,810     50,424  
               
    Non-interest expense   190,276     203,020     172,159     195,324     188,409  
    FDIC special assessment   —     —     —     651     (462 )
    Restructuring expenses   (1,401 )   —     —     (5,923 )   —  
    Non-interest expense, adjusted   188,875     203,020     172,159     190,052     187,947  
               
    Provision for credit losses   15,000     17,000     18,000     10,000     20,000  
               
    Income tax expense/(benefit)   24,860     13,411     22,499     (18,674 )   16,935  
    Tax effect of adjustments   774     —     —     44,880     104  
    Income tax expense/(benefit), adjusted   25,634     13,411     22,499     26,206     17,039  
               
    Net income/(loss)(1) $ 77,328   $ 47,047   $ 71,023   $ (61,319 ) $ 41,662  
    Net income/(loss), adjusted(1) $ 79,841   $ 47,047   $ 71,023   $ 78,654   $ 42,020  
               
    Preferred stock dividends   4,312     4,313     4,312     4,313     4,312  
               
    Net income/(loss) to common stockholders(2) $ 73,016   $ 42,734   $ 66,711   $ (65,632 ) $ 37,350  
    Net income/(loss) to common stockholders, adjusted(2) $ 75,529   $ 42,734   $ 66,711   $ 74,341   $ 37,708  
               
    PPNR(3) $ 117,188   $ 77,458   $ 111,522   $ (69,993 ) $ 78,597  
    PPNR(3), adjusted $ 120,475   $ 77,458   $ 111,522   $ 114,860   $ 79,059  
               
    Weighted average common shares outstanding, diluted   46,215,394     46,616,704     46,770,961     46,608,742     46,872,498  
    Diluted earnings/(loss) per common share $ 1.58   $ 0.92   $ 1.43   $ (1.41 ) $ 0.80  
    Diluted earnings/(loss) per common share, adjusted $ 1.63   $ 0.92   $ 1.43   $ 1.59   $ 0.80  
               
    Average total assets $ 31,419,469   $ 31,103,609   $ 32,212,087   $ 31,215,173   $ 29,750,852  
    Return on average assets   0.99 %   0.61 %   0.88 % (0.78 )%   0.56 %
    Return on average assets, adjusted   1.02 %   0.61 %   0.88 %   1.00 %   0.57 %
               
    Average common equity $ 3,195,041   $ 3,114,389   $ 3,120,933   $ 2,945,238   $ 2,857,661  
    Return on average common equity   9.17 %   5.56 %   8.50 % (8.87 )%   5.26 %
    Return on average common equity, adjusted   9.48 %   5.56 %   8.50 %   10.04 %   5.31 %
               
    Efficiency ratio(4)   61.9 %   72.4 %   60.7 %   155.8 %   70.6 %
    Efficiency ratio, adjusted(4)   61.1 %   72.4 %   60.7 %   62.3 %   70.4 %
               
    Average earning assets $ 30,302,351   $ 29,946,425   $ 31,033,803   $ 29,975,318   $ 28,573,791  
    Non-interest income to average earning assets   0.72 %   0.60 %   0.69 % (1.52 )%   0.71 %
    Non-interest income to average earning assets, adjusted   0.74 %   0.60 %   0.69 %   0.86 %   0.71 %
    Non-interest expense to average earning assets   2.52 %   2.75 %   2.21 %   2.59 %   2.65 %
    Non-interest expense to average earning assets, adjusted   2.50 %   2.75 %   2.21 %   2.52 %   2.65 %

    (1) Net interest income plus non-interest income, less non-interest expense, provision for credit losses and income tax expense/(benefit). On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted, provision for credit losses and income tax expense/(benefit), adjusted.
    (2) Net income/(loss), less preferred stock dividends. On an adjusted basis, net income/(loss), adjusted, less preferred stock dividends.
    (3) Net interest income plus non-interest income, less non-interest expense. On an adjusted basis, net interest income plus non-interest income, adjusted, less non-interest expense, adjusted.
    (4) Non-interest expense divided by the sum of net interest income and non-interest income. On an adjusted basis, non-interest expense, adjusted, divided by the sum of net interest income and non-interest income, adjusted.

    The MIL Network –

    July 17, 2025

  • MIL-OSI: BTC Mining Has Gone Mobile, PFMCrypto Launches Mobile-Based BTC Cloud Mining Platform for Global Users

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 17, 2025 (GLOBE NEWSWIRE) — As Bitcoin’s ecosystem gains global momentum, PFMCrypto is proud to introduce a major leap in accessible crypto mining: the launch of BTC-focused cloud mining contracts. Now available on both web and mobile platforms, these flexible short-term contracts allow users to mine BTC remotely and receive daily BTC rewards—no mining hardware, no complex setup, and no prior experience required. For the first time, retail participants can engage with the Bitcoin economy through a streamlined, fully integrated platform.
    Explore the PFMCrypto website or download the app today.

    BTC Cloud Mining Is Here—Simple, Smart, and Rewarding:
    Traditionally known as the world’s first and most decentralized digital asset, Bitcoin now enters a new chapter with PFMCrypto’s latest innovation: easy-to-use cloud mining. Users can mine BTC directly or leverage PFMCrypto’s intelligent AI engine to automatically switch between the most profitable assets—including ETH, XRP, DOGE, USDC, and more—for optimized returns. All earnings are paid out daily in your chosen cryptocurrency, providing reliable income regardless of market fluctuations.
    Designed for both everyday users and professional investors, this platform empowers users to generate consistent crypto earnings from anywhere, at any time.

    Key Features of PFMCrypto’s BTC Cloud Mining Contracts:
    –  Full BTC Integration: Deposit, purchase, mine, and withdraw BTC directly within the platform.
    –  Multi-Coin Mining Support: Mine and receive earnings in ETH, XRP, DOGE, USDC, USDT, SOL, LTC, and BCH.
    –  AI Revenue Optimization: Proprietary algorithms automatically allocate mining power to the top-performing assets to maximize returns.
    –  100% Remote Access: No mining equipment needed—fully accessible via the PFMCrypto mobile app or browser.
    –  Capital Protection: All contracts include full principal return upon maturity, reducing risk while growing crypto assets.

    Mining Contracts for Every Budget and Strategy:
    PFMCrypto offers a broad range of mining contracts that support BTC-based deposits and withdrawals. Each contract is crafted for flexibility, predictable income, and effective risk management:
    $10 Contract – 1 Day – Earn $0.66 (Free with signup bonus)
    $100 Contract – 2 Days – Earn $3.00 daily + $2 reward
    $500 Contract – 5 Days – Earn $6.15 daily
    $5,000 Contract – 30 Days – Earn $78.50 daily
    $20,000 Contract – 45 Days – Earn $380.00 daily
    Whether you’re testing the waters or building a long-term portfolio, PFMCrypto provides low-risk, high-transparency contracts that deliver stable daily income in BTC.
    Click here to explore more BTC cloud contracts.

    Why PFMCrypto’s BTC Mining Stands Out?
    –  Accessible to Everyone: No mining rigs, no setup, no complexity—just tap and earn.
    –  BTC-Native Integration: Deposit, mine, and withdraw BTC in one seamless ecosystem.
    –  Stable Returns, Smart Allocation: An AI-powered engine dynamically adjusts mining strategies to maximize rewards and ensure daily income across all supported coins.
    –  Multi-Asset Flexibility: Mine BTC directly or diversify earnings into other top digital assets—all with one contract.
    –  Instant Setup, Global Access: Mine from anywhere using your phone or browser—securely and remotely.

    Get Started Today in 3 Easy Steps:
    1.  Sign Up – Create your account and receive a $10 welcome bonus
    2.  Choose a Plan – Select a short- or long-term contract (1–60 days available)
    3.  Start Earning – Track daily profits and withdraw in the token of your choice

    Start mining BTC now at: https://pfmcrypto.net 
    Or download the PFMCrypto mobile app (available for iOS & Android).

    BTC Mining for a Digital Future:
    Since 2018, PFMCrypto has helped millions of users around the world generate passive crypto income through secure, smart, cloud-based mining. With the introduction of BTC mining, the platform offers the ideal combination of institutional-grade infrastructure and retail accessibility. Now, users can choose to earn directly in BTC or diversify into major digital assets—all within a secure, fully remote environment.
    “Bitcoin has always been secure, decentralized, and globally trusted,” said a PFMCrypto spokesperson. “Now, it’s also mineable—securely, remotely, and profitably. We’ve eliminated the barriers so anyone can participate in Bitcoin’s future growth.”
    Markets may shift—but daily mining income can remain steady.

    Join the BTC mining revolution today at: https://pfmcrypto.net

    The MIL Network –

    July 17, 2025

  • MIL-OSI United Kingdom: New affordable homes ready to welcome tenants

    Source: City of Derby

    Six new affordable and sustainable homes built on the site of a former day centre have been completed.

    Councillor Shiraz Khan officially took possession of the new homes on behalf of Derby City Council at a handover ceremony at Brentford Drive, Mackworth on Wednesday 16 July.

    The project saw the demolition of two older properties on a site identified as suitable for redevelopment to make way for the modern, energy-efficient residences which will help address the city’s housing needs.

    The six two-bedroom homes, funded by the Council’s Housing Revenue Account (HRA) Capital Programme, are owned by the Council and managed by Derby Homes.

    Built by appointed contractor Mercer Building Solutions Limited, these homes have been given A-rated Energy Performance Certificates due to high levels of insulation, air source heat pumps, and photovoltaic panels, all designed to keep energy bills low and to reduce carbon emissions. Each house also includes off-road parking for one car and car charging points.

    Providing new council homes is a key priority for the Council to address the large numbers waiting for suitable properties. As of 30 September 2024, 8,030 applicants were actively looking for affordable homes through the Council’s lettings system, Homefinder.

    Councillor Shiraz Khan, Derby City Council said:

    It is no secret that the UK is facing a major housing shortage, particularly for those seeking affordable accommodation to rent.

    In Derby, the need for more affordable housing is acute, and that’s why creating new Council homes is so vital. These properties play a key role in helping us meet some of that pressing demand, offering our tenants not just a roof over their heads, but a high-quality, modern, and energy-efficient living space.

    We’re dedicated to increasing our affordable housing provision, because we firmly believe that everyone deserves a secure and comfortable home.

    A lack of suitable and available land is one of the reasons for the shortage of properties, and the Council continually reviews its underused assets to assess their potential for redevelopment. Last year saw 208 additional affordable homes provided in the city and 102 of those were delivered by Derby City Council.

    Katy Mercer, Director at Mercer Building Solutions Ltd said:

    We’re incredibly proud to have delivered these high-quality, energy-efficient homes for Derby City Council.

    At Mercer Building Solutions, we are committed to building not just houses, but sustainable communities. These new homes reflect our dedication to innovation, environmental responsibility, and meeting the real housing needs of local people.

    It’s been a privilege to work on a project that will have such a positive and lasting impact.

    MIL OSI United Kingdom –

    July 17, 2025

  • MIL-OSI United Nations: 17 July 2025 Departmental update Building local research capacity to advance sexual and reproductive health evidence

    Source: World Health Organisation

    Behind every policy and intervention that improves sexual and reproductive health outcomes and access to services, there is research. And behind that research, there must be skilled researchers. With evidence guiding decisions, health systems respond more effectively, services improve and rights are upheld.

    The HRP Alliance’s regional hubs have been demonstrating what it means to build sustainable research capacity in sexual and reproductive health and rights (SRHR). Anchored in the mission to promote health and rights for all, the HRP Alliance, coordinated by the UN’s Special Programme in Human Reproduction (HRP), brings together seven regional ‘hubs’ that serve as catalysts for knowledge, collaboration and innovation.

    Since its establishment in 2017, the HRP Alliance hubs have been empowering local researchers and institutions through training, mentorship, fellowships and institutional support. Moreover, they enable context-specific responses to some of the world’s most pressing SRHR challenges. Seven impact stories document how locally-led research through this initiative has driven global progress.

    In Brazil, the hub for the Americas region at the Campinas Reproductive Health Research Center (CEMICAMP) responded to the Venezuelan migration crisis by training researchers across the region to study the SRHR needs of displaced populations. Their findings on access to care, HIV treatment and sexual violence helped close a major data gap which led to a more human-centred understanding of the needs of displaced populations.

    In Burkina Faso, the Francophone Africa hub, housed at the Health Science Research Institute (IRSS), is creating a regional data and training centre, with 50 Master’s and PhD graduates now leading research and public health efforts across West and Central Africa. Their studies on postpartum contraception and maternal care are informing health strategies.

    In Ghana, the Anglophone Africa hub, housed at the University of Ghana’s School of Public Health, launched a joint master’s programme with the London School of Hygiene and Tropical Medicine. The joint programme has built on years of investment by the HRP Alliance in developing a critical mass of skilled researchers in SRHR. Graduates have gone on to lead national SRHR units and contribute to major studies on adolescent maternal care and quality of services.

    In Kenya, the hub at the African Population and Health Research Center (APHRC) developed a training programme to help researchers and health workers reflect on their personal beliefs and how these might affect their work on sensitive issues like abortion, sexuality and HIV. The model, called values clarification and attitude transformation training, is now being adopted across Africa.

    In Pakistan, the Eastern Mediterranean hub at Aga Khan University worked directly with hospitals during COVID-19, training researchers and influencing maternal care practices, as well as including the adoption of tools to detect maternal sepsis. Their adaptive, hospital-linked approach is now seen as a model for emergency-responsive research.

    In Thailand, the hub for the South-East Asian Region at Khon Kaen University focused its efforts on Myanmar, training a core group of researchers to generate evidence in a fragile setting. Their work on respectful maternity care and cervical cancer screening is now helping to shape maternal health policies, aimed at improving care quality, reducing mistreatment during childbirth and increasing access to lifesaving screening services.

    And in Viet Nam, the hub for the Western Pacific Region at Hanoi Medical University created a dedicated SRHR track within its International Master of Public Health programme, equipping researchers with the tools to address issues relating to adolescent health and gender-based violence. Graduates reported strengthened skills in data analysis, literature review and research presentation, and several went on to work in national health institutions, including the Ministry of Health.

    The stories capture how each hub has been working in its own way. Some prioritize formal academic pathways; others focus on skills development through short courses, mentorship or practical implementation research. All share a common goal: building lasting, regionally-led research ecosystems that respond to regional needs.

    Because when researchers are trained locally, mentored locally and supported to ask the right questions, health systems respond better. SRHR services improve. And people’s rights, choices and dignity are upheld.

    MIL OSI United Nations News –

    July 17, 2025
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