NewzIntel.com

Category: Taxation

  • MIL-OSI USA: Senate Passes Legislation to Rescind Wasteful Federal Spending

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – By a vote of 51 to 48 the United States Senate advanced the Rescissions Act of 2025 to rescind $9 billion in unnecessary, wasteful federal funds. The bill, which passed the House of Representatives in June by a vote of 214 to 212, will now return to the House for final consideration.

    The Rescissions Act of 2025 formalizes $9 billion in requested cuts made by the Trump administration. The bill contains 20 targeted rescissions of unobligated balances. Under the Impoundment Control Act, Congress must address the administration’s requested cuts within a 45-day window, or the funding remains in federal coffers. The bill must be sent to President Trump’s desk by Friday.

    U.S. Senator Kevin Cramer (R-ND), a member of the Senate DOGE Caucus, issued the following statement after voting in favor of the rescissions package:

    “After four years of reckless spending by the Biden administration, President Trump is right to request this cut in wasteful spending and Congress was right to pass it. This bill reclaims taxpayer dollars for hardworking North Dakotans and Americans, but this is only the beginning. Congress and the administration have a lot more work to do to restore accountability and fiscal sanity to Washington.”

    This rescissions package cuts funding for the Corporation for Public Broadcasting (CPB), which funds National Public Radio (NPR) and Public Broadcasting Service (PBS). The Trump administration’s request described the funds as being used to “subsidize a public media system that is politically biased and an unnecessary expense to the taxpayer.”

    While the CPB is legally mandated to be nonpolitical and unbiased, it has funded content celebrating irrevocable ‘gender transitions’ in minors, segments framing healthy eating and doorway sizes as forms of “fatphobia,” and children’s programming featuring drag queens. NPR has published stories on “genderqueer dinosaur enthusiasts,” “nonbinary deer,” and “hermaphrodite banana slugs,” while dismissing the Hunter Biden laptop scandal and pushing the discredited Russia-collusion narrative. In April 2024, Cramer led several of his colleagues in a letter to NPR CEO Katherine Maher, highlighting deep concerns regarding the network’s national leadership and calling for the enforcement of journalistic standards Americans deserve.

    Importantly, these cuts do not impact emergency broadcast capabilities. North Dakota radio stations continue to provide critical emergency services, and all for-profit broadcasters are required by the FCC to maintain an Emergency Alert System (EAS) and typically employ their own meteorologists. FEMA’s Integrated Public Alert & Warning System (IPAWS), and the Next Generation Warning System Grant Program (NGWS) also remain fully funded.

    These rescissions also eliminate funding in foreign-aid accounts antithetical to American interests and outside the scope of Congressional intent.  Taxpayer dollars have been allocated to projects such as promoting veganism in Zambia, funding pride parades in Lesotho, wind farms in Ukraine, DEIA contractors in Belarus, and gender diversity in Mexican street lighting. Other rescinded accounts supported “sedentary migrant” outreach in Colombia, reproductive health climate curricula, and social media mentorship in Eastern Europe—all at the expense of the American taxpayer. At the same time, the Senate bill provides guardrails to protect core Global Health Program funding —PEPFAR, tuberculosis, malaria, maternal and child health, and nutrition. It also protects the Countering PRC Influence Fund and reaffirms commitment to aid in the Middle East.

    MIL OSI USA News –

  • MIL-OSI Australia: Straight from the source – July 2025

    Source: New places to play in Gungahlin

    July marks the beginning of a new financial year – a time for all taxpayers including not-for-profits (NFP) to reset, review, and refocus. It’s also tax time, and with that comes the opportunity to strengthen financial foundations, plan for the year ahead, and ensure your NFP is on track to deliver impact.

    The start of July is also a time of deep cultural significance as we celebrate NAIDOC Week. This year marks 50 years of honouring Aboriginal and Torres Strait Islander peoples, and the theme ‘The Next Generation: Strength, Vision & Legacy’ invites us to reflect on the past, empower the present, and invest in the future. It’s a call to honour the legacy of Elders, uplift young Indigenous leaders, and commit to building a future grounded in respect and inclusion.

    At the opening of NAIDOC Week, I was visiting Rainbow Beach in Cooloola, Queensland, where I respectfully acknowledged the traditional lands of the Butchulla and Kabi Kabi peoples. Wherever I travel across Australia, I make it a point to acknowledge the Traditional Owners and learn about Indigenous history – especially the stories that have been passed down through generations. It’s part of my personal commitment to reconciliation.

    On this trip, I discovered that in December 2019, the Federal Court formally recognised the Butchulla people’s native title rights over land and waters between Rainbow Beach and Burrum Heads. This followed their first determination in 2014, which acknowledged their rights over K’gari (Fraser Island). I also came across the beautiful legend behind Rainbow Beach’s name. According to the Kabi Kabi people, the rainbow-coloured dunes – now heritage-listed – were formed when Yiningie, a spirit represented by a rainbow, plunged into the cliffs after battling an evil tribesman who was pursuing the maiden Murrawar. These stories are powerful reminders of the deep spiritual connection between land and culture.

    As we continue to celebrate NAIDOC Week and every day after, let’s continue to listen, learn, and honour the legacy of Aboriginal and Torres Strait Islander peoples – past, present, and future.

    For not-for-profits, this is a timely reminder to:

    • Recognise the legacy of First Nations Elders and leaders who have paved the way.
    • Support the strength and vision of young Indigenous changemakers.
    • Review your organisation’s role in fostering culturally safe and inclusive spaces.
    • Build partnerships with First Nations organisations that uplift community voices.

    Here are some additional important messages I’d like to share with all NFPs.

    Tax Time 2025: lodge your NFP self-review return today!

    Tax Time 2025 kicked off on 1 July, and the second NFP self-review return is now open for lodgment, and due by 31 October 2025.

    We understand that many NFPs haven’t yet lodged their first return – often due to the time needed to set up access to Online services for business. But don’t wait! You can lodge your return now while completing your digital setup.

    Lodge using our self-help phone service by calling 13 72 26 – have your organisation’s ABN and the reference number from your ATO letter ready when you call.

    If your NFP doesn’t have a letter from us with a reference number, phone us on 13 28 66 to ask us to resend a letter. When you phone us, you’ll have to prove you are authorised to contact us on behalf of your NFP.

    The ATO will support NFPs trying to do the right thing and has suspended penalty application for late lodgment of the 2023–24 NFP self-review return as part of the transitional support arrangements for the sector. 

    However, penalties may apply if you don’t lodge your 2024–25 NFP self-review return by the due date.

    Shaping a strategic roadmap for the NFP sector

    At our upcoming NFP Stewardship Group session, we’ll focus on developing a strategic roadmap to guide tax, superannuation, and registry administration through to 2030 and beyond. This initiative reflects our commitment to building a system that is streamlined, fit for purpose, and aligned with the government’s goal of doubling philanthropy by 2030.

    So far, we’ve engaged a diverse range of stakeholders through targeted interviews to gather insights on common challenges, barriers, and opportunities. Their contributions are helping us shape a roadmap that supports NFPs in meeting their obligations with confidence, while enhancing public trust in the sector.

    The response from the sector has been overwhelmingly positive, with many expressing interest in joining the Stewardship Group and contributing to this important work. These sessions mark the beginning of a collaborative journey, with many opportunities ahead for stakeholders to contribute, test, and validate ideas before any commitments are made.

    Once finalised, the roadmap will outline a coordinated set of projects and activities designed to ensure the sector is well-positioned for long-term sustainability and compliance. We look forward to continuing this work with the broader stakeholder community in the months ahead.

    We continue to receive Deductible Gift Recipient (DGR) applications from NFP organisations that do not meet the open membership requirements under the community sheds category.

    Community sheds are charities whose dominant purpose is to advance mental health and prevent or relieve social isolation. A community shed must be open to the community to join and generally not impose criteria restricting membership based on matters such as age, ethnicity or background. Rejecting an application for arbitrary reasons will not constitute open membership.

    Membership may only be restricted in relation to gender or Indigenous heritage or both.

    To meet the open membership requirement, community sheds must:

    • have a clear policy and process for nominating and approving all new members without exception
    • ensure this process is reflected in their governing rules
    • avoid clauses that allow committee members to reject applicants for unspecified or arbitrary reasons.

    We encourage all applicants to review their governing documents carefully and ensure they align with the ATO’s requirements before submitting a DGR application.

    If you have questions or need support, our advice service on 1300 130 248 is here to help between 8:00 am to 6:00 pm AEST, Monday to Friday.

    Community charities that are already listed in a Ministerial Declaration and have registered as a charity with the Australian Charities and Not-for-profits Commission (ACNC), can now contact us for guidance on how to apply for DGR endorsement. The best way is to call our dedicated NFP Advice Service on 1300 130 248 between 8:00 am and 6:00 pm, Monday to Friday. Alternatively, you can email atoendorsements@ato.gov.au

    Support through Australian disaster relief funds (ADRF)

    In times of disaster, Australians come together to support those in need. An Australian disaster relief fund (ADRF) is a public fund established exclusively to provide financial assistance to individuals and communities affected by officially declared disasters. This includes both immediate aid and long-term support for community recovery.

    You can also make a meaningful impact by donating to established DGRs operating in affected areas. These may include public benevolent institutions (PBIs) and other public assistance organisations that provide similar support in their day-to-day operations. By contributing to trusted organisations, your donation helps deliver timely and effective relief to those who need it most.

    The most recent updates to the list of declared disasters are:

    • Ex-Tropical Cyclone Alfred declared on 1 March 2025
    • Queensland Floods (March 2025) declared on 21 March 2025
    • New South Wales Floods (May 2025) declared on 18 May 2025.

    Details of the declared disasters are available on the Australian Taxation Office website on the list of disasters or by going to www.ato.gov.au and searching for QC 18912.

    Ancillary Funds

    In the lead-up to the end of the financial year, we received a noticeable increase in enquiries to our advice service from ancillary funds.

    A reminder to all private and public ancillary funds – each is governed by its own set of guidelines, which must be followed to ensure compliance.

    Website updates

    You may have noticed that our website content for DGR endorsement has been updated. While the content remains largely unchanged the information has been organised so that it can be accessed more easily, and you will notice that it has been arranged in five tiles that cover:

    1. DGR categories
    2. DGR reforms
    3. Applying for DGR endorsement
    4. Rules and tests for DGR endorsement
    5. Progress of your endorsement application.

    Similarly, all the NFP self-review return information has been reviewed and updated as of 8 July 2025.

    We’re reviewing and rewriting TD 93/190 to update legislative references and clarify the criteria NFP organisations must meet to qualify for an income tax exemption.

    The revised ruling will:

    • reflect current legislation, including all special conditions under Subdivision 50A of the Income Tax Assessment Act 1997
    • explain how ‘community service purposes’ should be interpreted
    • include relevant case law and practical examples of NFP entities that do and do not qualify for the exemption.

    Getting tax ready: your EOFY checklist

    As you can see, there’s a lot happening in July – and it’s never too late to get tax ready! Whether you’re finalising reports or planning ahead, here are some key reminders to help your NFP stay on track:

    • Review your financial records – make sure everything is accurate and up to date.
    • Finalise payroll and superannuation – ensure all obligations are met before deadlines.
    • Prepare your annual reporting – this includes ACNC submissions, any grant acquittals, Ancillary Fund Returns, NFP self-review returns and Income tax lodgments.
    • Acknowledge your donors – send out end-of-year receipts and thank-you messages.
    • Plan for the year ahead – reflect on your impact, set goals, and build a strong foundation.

    Tax time is also a great opportunity to highlight your achievements. Share your impact, thank your supporters, and show how their support and contributions have made a real difference.

    Let’s start the new financial year with clarity, confidence, and purpose.

    Take care and stay safe,

    Jennifer.

    MIL OSI News –

  • MIL-OSI USA: Hinson: One Big Beautiful Bill Will Deliver a “Stronger, Safer, & More Prosperous America” for Iowans

    Source: United States House of Representatives – Congresswoman Ashley Hinson (IA-01)

    Hinson fought alongside President Trump to deliver historic tax cuts for working families and border security

    Washington, D.C. — Congresswoman Ashley Hinson (IA-02) released the following statement after voting in support of President Trump’s One Big Beautiful Bill—a generational investment to secure our borders permanently, provide permanent tax relief for working Americans, and return America to prosperity. Key Hinson priorities included in this bill are historic investments in border security and immigration enforcement and tax relief for working Americans, including no tax on tips, no tax on overtime, an enhanced Child Tax Credit, and additional relief for seniors. Additionally, this bill makes the 199A small business deduction permanent at 20%, empowering Main Street job creators.
     
    “Thanks to President Trump’s leadership, the historic One Big Beautiful Bill will soon be the law of the land. This transformative legislation enacts tax cuts for working Iowans, permanently secures the border, and strengthens Medicaid for vulnerable populations while rooting out waste, fraud, and abuse. When the Left had power under Biden, they worked to track your Venmo transactions and hired an army of IRS agents; Republicans under President Trump are ending taxes on tips and hiring border patrol agents. Nearly 80 million Americans voted for this commonsense, conservative agenda, and I’m proud to work with President Trump to deliver a stronger, safer, and more prosperous America and Iowa.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: The One Big Beautiful Bill Slashes Seniors’ Tax Burden

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–The One Big Beautiful Bill Act delivers on President Trump’s promise to seniors, providing significant tax relief to low- and middle-income seniors with a bonus exemption on top of other significant tax relief.
    “This legislation reflects our commitment to care for our seniors, ensuring low- and middle-income senior citizens receive a crucial tax break and are able to keep more of the money they have earned over the course of their lives,” said Finance Committee Chairman Mike Crapo (R-Idaho).
    Key wins:
    Provides a $6,000 bonus exemption to millions of low- and middle-income seniors, slashing their tax burden.
    Permanent lower tax rates, letting Americans keep more of their hard-earned money.
    Permanent increased and enhanced standard deduction, claimed by over 90 percent of taxpayers.
    What they are saying:
    “The bill’s broadest tax impact comes from making permanent the reduced income tax rates enacted during Trump’s first term and initially set to expire after this year.  Another key provision, backed by AARP, provides targeted tax relief for older adults in the form of a $6,000 “bonus” deduction that could offset federal taxes on Social Security benefits.” – AARP
    “The One, Big, Beautiful Bill will unleash the full potential of the U.S. economy.  It locks in permanent, pro-growth tax cuts for families, workers, and job creators.  The bill also enacts No Tax on Tips, No Tax on Overtime, and new tax cuts for seniors.  The OBBB will strengthen important programs for those who need them most and save taxpayer dollars by cutting waste, fraud, and abuse.  This consequential legislation cements the blue-collar boom and improves the lives of Americans on every rung of the economic ladder. As we saw after the passage of the 2017 Trump Tax Cuts, American businesses will hire, invest, and raise wages now that this Administration and the Republican Congress have delivered certainty and stability for the economy.” – Scott Bessent, Treasury Secretary
    “Under the One Big Beautiful Bill, 51.4 million seniors – 88 percent of all seniors receiving Social Security income – will pay no tax on their Social Security.” – Council of Economic Advisers
    Click HERE to learn more about the Finance Committee provisions in the One Big Beautiful Bill Act.

    MIL OSI USA News –

  • MIL-OSI Australia: ATO app puts protection in your pocket

    Source: New places to play in Gungahlin

    As millions of Australians are preparing to lodge their tax returns, scammers are actively seeking new ways to exploit personal information. If successful, they can use stolen details not only to commit fraud against the Australian Taxation Office (ATO), but also carry out broader identity theft and financial crimes across the community.

    The ATO has reported a sharp rise in impersonation scams, with a 150 per cent increase over the last 12 months. 90 per cent of ATO impersonation scams are currently being sent via email.

    Scammers are constantly enhancing their methods to impersonate the ATO, making it increasingly difficult for individuals to recognise fraudulent messages. Staying informed and vigilant is essential to protecting personal information.

    To help keep your personal information safe and protected, the ATO’s app now has powerful new safety features designed to give users real-time control over their tax affairs through alerts and instant account locking to help stop fraudsters in their tracks.

    The app enhancements bolster the ATO’s existing fraud controls that have been in place for some time to detect unusual or out of pattern behaviour on taxpayers’ accounts.

    Quotes attributable to ATO Assistant Commissioner Rob Thomson 

    ‘This is the time of year when people are awaiting their tax returns or expecting to hear from the ATO, and scammers know it.’

    ‘That’s why we’ve strengthened the ATO app with new security features. It’s fast, free, and puts security in your hands, giving you the power to monitor your account in real-time and instantly lock it if something doesn’t feel right.’

    ‘Downloading the ATO app is a simple and effective way to stay one step ahead.’

    ‘If you receive a notification and something doesn’t feel right, lock your account immediately in our app, and verify and report the interaction on the ATO website or by calling 1800 467 033 during business hours to discuss any suspicious activity.’

    Fraudsters are getting smarter, but so are the protective features in the app. The ATO app now includes new security features designed to help you stay protected, such as:

    • Real-time messages when changes are made to your ATO record.
    • Quick account locking when you receive a real-time message to prevent unauthorised access or fraudulent refunds.

    These features provide peace of mind knowing your account is protected and you remain in control of your tax affairs anytime, anywhere.

    The ATO works closely with the National Anti-Scam Centre (NASC), which operates under the ACCC, to protect Australian’s identity information from scams through awareness and education that focuses on three simple steps – stop, check, protect. This partnership strengthens our ability to detect and respond to scam threats, especially during peak periods like tax time.

    Quotes attributable to ACCC Deputy Chair Catriona Lowe

    ‘If you receive an unsolicited contact claiming to be from the ATO and offering any of these options, it’s very likely a scam. Scammers may also use spoofed phone numbers, fake caller IDs, and convincing email templates to appear legitimate.’

    ‘Don’t let scammers pressure you. We urge all Australians to ‘stop, check and protect’ before reacting to an unexpected call or message and keep front of mind that the ATO and myGov do not use links in their messages.’

    Fraudsters and scammers plan on you being distracted and thrive on weak security. Your first line of defence is the ATO app, followed by:

    • Using a digital ID like myID to securely access online services. It’s unique to you and helps protect you from identity theft and fraud across platforms like tax, education, and government services.
    • Knowing how to spot and report scams impersonating the ATO. It only takes a few seconds to stop and check an interaction is legitimate. Remember, the ATO will never send you a link asking for your personal information or for you to log into online services.
    • Turning on multi-factor authentication wherever possible.
    • Using strong and unique passwords or passphrases.
    • Keeping your devices and software updated to block the latest threats.

    And most importantly, never share your TFN, myGov login, or bank details even in private messages or emails. These are keys to your identity.

    If you’ve received a suspicious call, SMS, email or social media message:

    ENDS

    Notes to journalists

    A high-resolution headshot of ATO Assistant Commissioner Rob ThomsonThis link will download a file is available for download from our media centre.

    ATO stock footage and images are available for use in news bulletins from our media centre.

    MIL OSI News –

  • MIL-OSI Australia: Consultation open for guidance about Pillar Two

    Source: New places to play in Gungahlin

    We’ve published a draft Practical Compliance Guideline PCG 2025/D3 Global and domestic minimum tax lodgment obligations – transitional approach and an update to Taxation Ruling TR 2006/11DC Private Rulings for Pillar Two for public consultation until 29 August.

    The draft PCG 2025/D3 covers:

    • Pillar Two lodgment obligations and due dates
    • lodgment deferrals and suspension of lodgment enforcement action
    • our approach to failure to lodge penalties and statement penalties during the transition period (fiscal years beginning on or before 31 December 2026 but not including a fiscal year that ends after 30 June 2028).

    Consistent with Organisation of Economic Cooperation and Development (OECD) guidance, we’ll adopt a soft-landing approach during the transition period, allowing taxpayers to take reasonable measures to meet their obligations.

    Updates to TR 2006/11DC include an:

    • updated reference to the provisions that are relevant to rulings, including the new Pillar Two provisions
    • explanation that the Commissioner may decline to rule on a private ruling application on the Australian income inclusion rule, the undertaxed profits rule, or on domestic minimum tax, if it would be unreasonable to comply with the application, including examples where this might occur.

    We’re inviting comments on these drafts from:

    • multinational enterprise groups in Australia that may be in-scope of Pillar Two
    • tax and legal professionals, advisers and consultants with clients in-scope for Pillar Two.

    The consultation is open until 29 August. If you represent one of the above groups, you can provide comments directly to the contact person listed on the draft PCG and TR.

    We’ll be making:

    • further updates to TR 2006/11DC to address recent case law developments and will release another draft for consultation at that time – we’ll share progress updates through our Advice under development program
    • routine updates to related lodgment and penalties practice statements and taxation rulings to cover Pillar Two – these will be published when available.

    Keep up to date

    We have tailored communication channels for medium, large and multinational businesses, to keep you up to date with updates and changes you need to know.

    Read more articles in our online Business bulletins newsroom.

    Subscribe to our free:

    • fortnightly Business bulletins email newsletterExternal Link
    • email notifications about new and updated information on our website – you can choose to receive updates relevant to your situation. Choose the ‘Business and organisations’ category to ensure your subscription includes notifications for more Business bulletins newsroom articles like this one.

    MIL OSI News –

  • MIL-OSI: Great Southern Bancorp, Inc. Reports Preliminary Second Quarter Earnings of $1.72 Per Diluted Common Share

    Source: GlobeNewswire (MIL-OSI)

    SPRINGFIELD, Mo., July 16, 2025 (GLOBE NEWSWIRE) — Great Southern Bancorp, Inc. (the “Company”) (NASDAQ:GSBC), the holding company for Great Southern Bank (the “Bank”), today reported that preliminary earnings for the three months ended June 30, 2025, were $1.72 per diluted common share ($19.8 million net income) compared to $1.45 per diluted common share ($17.0 million net income) for the three months ended June 30, 2024.

    For the quarter ended June 30, 2025, annualized return on average common equity was 12.81%, annualized return on average assets was 1.34%, and annualized net interest margin was 3.68%, compared to 12.03%, 1.17% and 3.43%, respectively, for the quarter ended June 30, 2024.

    Second Quarter 2025 Key Results:

    • Net Interest Income: Net interest income for the second quarter of 2025 increased $4.2 million (or approximately 8.9%) to $51.0 million compared to $46.8 million for the second quarter of 2024, largely driven by lower interest expense on deposit accounts and other borrowings. Annualized net interest margin was 3.68% for the quarter ended June 30, 2025, compared to 3.43% for the quarter ended June 30, 2024, and 3.57% for the quarter ended March 31, 2025. During the quarter ended June 30, 2025, the Company recorded $434,000 of interest income related to recoveries on non-accrual loans and other cash-basis assets, positively affecting net interest income and net interest margin.
    • Asset Quality: Non-performing assets and potential problem loans totaled $15.3 million at June 30, 2025, a decrease of $1.3 million from $16.6 million at December 31, 2024. At June 30, 2025, non-performing assets were $8.1 million (0.14% of total assets), a decrease of $1.5 million from $9.6 million (0.16% of total assets) at December 31, 2024.
    • Liquidity: The Company had secured borrowing line availability at the FHLBank and Federal Reserve Bank of $1.22 billion and $338.9 million, respectively, at June 30, 2025. In addition, at June 30, 2025, the Company had unpledged securities with a market value totaling $349.3 million, which could be pledged as collateral for additional borrowing capacity at either the FHLBank or Federal Reserve Bank.
    • Capital: The Company’s capital position remained strong as of June 30, 2025, significantly exceeding the thresholds established by regulators. On a preliminary basis, as of June 30, 2025, the Company’s Tier 1 Leverage Ratio was 11.5%, Common Equity Tier 1 Capital Ratio was 13.0%, Tier 1 Capital Ratio was 13.5%, and Total Capital Ratio was 14.7%. The Company’s tangible common equity to tangible assets ratio was 10.5% at June 30, 2025. In June 2025, the Company redeemed at par all of its outstanding subordinated notes, which had an aggregate principal amount of $75.0 million.
    • Significant Item Impacting Non-Interest Income: In the quarter ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships. This was an unusually large amount for the Company, but this type of income occurs from time to time. We cannot, however, anticipate the amount or timing of this income with certainty.

    Selected Financial Data:

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024     2025
        (Dollars in thousands, except per share data)
                           
    Net interest income $ 50,963     $ 46,818     $ 49,334  
    Provision (credit) for credit losses on loans and unfunded commitments   (110 )     (607 )     (348 )
    Non-interest income   8,212       9,833       6,590  
    Non-interest expense   35,005       36,409       34,822  
    Provision for income taxes   4,494       3,861       4,290  
                     
    Net income $ 19,786     $ 16,988     $ 17,160  
                     
    Earnings per diluted common share $ 1.72     $ 1.45     $ 1.47  
                           

    Joseph W. Turner, President and CEO of Great Southern, commented, “The second quarter was marked by continued execution of our strategy to maintain core banking fundamentals, drive earnings, and improve tangible book value per share. Our core credit and operating metrics remained sound, with solid quarterly profitability driven by steady margins, ongoing disciplined expense control, and continued strong credit quality. We reported net income of $19.8 million, or $1.72 per diluted common share, for the second quarter of 2025, compared to $17.0 million, or $1.45 per diluted common share, in the same period last year. The increase in net income compared to the prior year quarter reflects strong growth in net interest income, which rose $4.2 million, or 8.9%, largely due to lower interest expense on deposit accounts and borrowings. The second quarter of 2025 and 2024 each had significant unusual or non-recurring items included in non-interest income, which are noted elsewhere in this earnings release. Non-interest expense also decreased from the year-ago quarter due to significant legal and professional fees recorded in 2024.”

    Turner noted, “Despite lingering external economic pressures, our core operations continued to perform well. Total interest income for the second quarter of 2025 was $81.0 million, reflecting stable yields on loans and investment securities. Net interest income for the quarter increased to $51.0 million, supported by our continued disciplined asset-liability management and lower deposit interest costs, despite competitive pressures. We also saw stability in our core non-time deposit balances, reflecting the strength of customer relationships and the enduring value of our franchise.”

    Turner added, “Our balance sheet remains well positioned, with total assets of approximately $5.85 billion at June 30, 2025, and a loan portfolio that reflects a balanced approach to growth and risk management, as we serve our constituent markets. We emphasize prudent lending practices through our relationship-based lending resulting in strong credit quality. Given our emphasis on balancing loan growth with appropriate pricing and loan structure, we saw a $156 million net loan reduction in the quarter, which included a $30 million loan payoff at the end of the quarter. Large loan payoffs tend to fluctuate, but we did experience a higher level of such payoffs in the second quarter of 2025. Our allowance for credit losses stood at $64.8 million at June 30, 2025, representing 1.41% of total loans. Our non-performing assets decreased $1.5 million from both March 31, 2025, and December 31, 2024, to $8.1 million, or 0.14% of total assets, highlighting our prudent underwriting standards and ongoing credit monitoring.”

    Turner further noted, “On the expense side, we remain focused on operating discipline. Non-interest expense totaled $35.0 million for the second quarter of 2025, an improvement of $1.4 million from the prior-year second quarter, with reductions in legal and professional fees and expense on other real estate owned, partially offset by modest increases in technology investments. Non-interest income totaled $8.2 million for the second quarter of 2025, which did include some significant unusual income as we’ve noted.”

    Turner continued, “As we look ahead, our priorities remain consistent: control costs, safeguard credit quality, and optimize our funding mix to enable continued growth and long-term financial stability. At June 30, 2025, our capital and liquidity positions were solid, with a tangible common equity ratio of 10.5% and approximately $2.2 billion of secured available lines and on-balance sheet liquid assets, providing us with the capital and liquidity we need to support customers, pursue strategic growth opportunities, and continue returning value to shareholders through dividends and share repurchases. In the second quarter of 2025 we repurchased nearly 176,000 shares of our common stock. In June 2025, we redeemed all of the Company’s outstanding 5.50% fixed-to-floating rate subordinated notes, with an aggregate principal balance of $75 million, in advance of a step up in rate, thereby avoiding a significant increase in interest cost.”

    “Great Southern’s second-quarter 2025 results demonstrate the strength and consistency of our business model and our ability to deliver sustainable returns, supported by strong customer relationships and disciplined management. Our focus on long-term value creation is steadfast as our team works daily to meet the needs of our customers, communities and shareholders,” Turner concluded.

    NET INTEREST INCOME

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024   2025
        (Dollars in thousands)
    Interest Income $ 80,975     $ 80,927     $ 80,243  
    Interest Expense   30,012       34,109       30,909  
                           
    Net Interest Income $ 50,963     $ 46,818     $ 49,334  
                     
    Net interest margin   3.68 %     3.43 %     3.57 %
    Average interest-earning assets to average interest-bearing liabilities   126.9 %     126.7 %     125.5 %
                           

    Net interest income for the second quarter of 2025 increased $4.2 million to $51.0 million, compared to $46.8 million for the second quarter of 2024. This increase in net interest income was driven primarily by higher investment interest income and improved overall yields, as well as the strategic management of maturing/repricing brokered deposits and interest-bearing demand deposits to reduce interest expense. Net interest margin was 3.68% in the second quarter of 2025, compared to 3.43% in the same period of 2024 and 3.57% in the first quarter of 2025. Compared to the 2024 second quarter, the average yield on loans decreased 11 basis points, the average yield on investment securities increased 27 basis points and the average yield on other interest earning assets decreased 101 basis points. The average rate paid on interest-bearing demand and savings deposits, time deposits and brokered deposits decreased 36 basis points, 63 basis points and 74 basis points, respectively, in the three months ended June 30, 2025 compared to the three months ended June 30, 2024. The average interest rate spread was 3.09% for the three months ended June 30, 2025, compared to 2.77% for the three months ended June 30, 2024 and 3.00% for the three months ended March 31, 2025.

    Net interest margin was positively impacted by the receipt of interest income which had not been accrued for, as outlined above, under “Second Quarter 2025 Key Results – Net Interest Income.” This additional interest income contributed three basis points to net interest margin in the second quarter of 2025. While we currently believe that interest income recoveries such as this may occur in future periods, we cannot anticipate the amount or timing of this income with certainty.

    The average rate paid on total interest-bearing liabilities decreased from 3.17% in the 2024 second quarter to 2.75% in the 2025 second quarter. The average rates paid on deposits and borrowings decreased compared to the prior-year second quarter as market interest rates, primarily the federal funds rate and SOFR rates, declined in the fourth quarter of 2024. Yields on the Company’s portfolio of investment securities increased compared to the prior-year second quarter due to higher-yielding securities purchased in the second quarter of 2024. While market interest rates decreased compared to the second quarter of 2024, the average yield on loans only decreased slightly as cash flows from lower-rate fixed rate loans were redeployed into loans with comparably higher rates of interest.

    To mitigate exposure to the risk of fluctuations in future cash flows resulting from changes in interest rates (primarily related to falling interest rates), the Company has, from time to time, strategically utilized derivative financial instruments, primarily interest rate swaps, as part of its interest rate risk management strategy.

    The following table presents, for the periods indicated, the effect of cash flow hedge accounting included in interest income in the consolidated statements of income:

      Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024   2025
        (In thousands)
    Terminated interest rate swaps $ 2,025     $ 2,025     $ 2,003  
    Active interest rate swaps   (1,757 )     (2,769 )     (1,742 )
                           
    Increase (decrease) to interest income $ 268     $ (744 )   $ 261  
                           

    The Company entered into an interest rate swap in October 2018, which was terminated in March 2020. Upon termination, the Company received $45.9 million, inclusive of accrued but unpaid interest, from its swap counterparty. The net amount, after deducting accrued interest and deferred income taxes, is being accreted to interest income on loans monthly until the originally scheduled termination date of October 6, 2025. After this date, the Company will no longer have the benefit of that income from the terminated swap. The Company anticipates recording approximately $2.0 million in interest income from the terminated swap in the third quarter of 2025, after which no further interest income will be realized.

    The Company’s net interest income in the second quarter of 2025 increased 8.9% compared to net interest income in the second quarter of 2024. The cost of deposits has been negatively impacted over several quarters by the high level of competition for deposits across the industry and the lingering effects of liquidity events at several banks in March and April 2023. After the second quarter of 2023, the Company had a significant amount of time deposits maturing at relatively low interest rates. These deposits were either renewed at higher rates or withdrawn, requiring the Company to replace the withdrawn deposits with other funding sources at then-current market rates. Market rates for time deposits for much of 2024 remained elevated, but have declined as the FOMC cut the federal funds rate by 100 basis points in late 2024 and signaled that further rate cuts may occur in late 2025. As of June 30, 2025, time deposit maturities over the next 12 months were as follows: within three months — $696 million, with a weighted-average rate of 3.93%; within three to six months — $460 million, with a weighted-average rate of 3.83%; and within six to twelve months — $124 million, with a weighted-average rate of 3.37%. Based on time deposit market rates in June 2025, replacement rates for these maturing time deposits are likely to be approximately 3.35-3.85%.

    NON-INTEREST INCOME

    For the quarter ended June 30, 2025, non-interest income decreased $1.6 million to $8.2 million when compared to the quarter ended June 30, 2024, primarily as a result of the following items:

    • Other income: Other income decreased $1.6 million compared to the prior-year quarter. In the second quarter of 2024, the Company recorded $2.7 million of other income, net of expenses and write-offs, related to the termination of the master agreement between the Company and a third-party software vendor for the intended conversion of the Company’s core banking platform. Separately, in the quarter ended June 30, 2025, the Company recorded income of $1.1 million related to exits from, and other activities of, its investments in tax credit partnerships.
    • Net gains on loan sales: Net gains on loan sales decreased $234,000 compared to the prior-year quarter. The decrease was due to a decrease in balance of fixed-rate single-family mortgage loans originated and sold during the 2025 period compared to the 2024 period. Fixed rate single-family mortgage loans originated are generally subsequently sold in the secondary market.
    • Late charges and fees on loans: Late charges and fees on loans increased $204,000 compared to the prior-year quarter. This increase was primarily due to prepayment fees on one large commercial real estate loan, which paid off in the 2025 quarter.

    NON-INTEREST EXPENSE

    For the quarter ended June 30, 2025, non-interest expense decreased $1.4 million to $35.0 million when compared to the quarter ended June 30, 2024, primarily as a result of the following items:

    • Legal, audit and other professional fees: Legal, audit and other professional fees decreased $935,000, or 50.2%, from the prior-year quarter, to $929,000. In the quarter ended June 30, 2024, the Company expensed a total of $902,000 related to training and implementation costs for the intended core systems conversion and professional fees to consultants engaged to support the Company’s proposed transition of core and ancillary software and information technology systems, compared to $46,000 in costs expensed in the quarter ended June 30, 2025.
    • Expense on other real estate owned: Expenses on other real estate owned decreased $453,000, or 158.9%, from the prior-year quarter. In the quarter ended June 30, 2025, the Company collected a total of $445,000 in rental income from other real estate owned, compared to $24,000 collected for the quarter ended June 30, 2024. The 2025 period included rental income from the $6.0 million office building asset that was added to other real estate owned in the fourth quarter of 2024. See “Asset Quality” below.
    • Other operating expenses: Other operating expenses decreased $444,000, or 17.3%, from the prior-year quarter. In the 2024 period, the Company recorded expenses totaling $600,000 related to the resolution of compliance matters, with no similar expenses recorded in the current-year quarter.
    • Net occupancy and equipment expenses: Net occupancy and equipment expenses increased $594,000, or 7.6%, from the prior-year quarter. Various components of computer license and support expenses related to upgrades of core systems capabilities collectively increased by $502,000 in the second quarter of 2025 compared to the second quarter of 2024.

    The Company’s efficiency ratio for the quarter ended June 30, 2025, was 59.16% compared to 64.27% for the same quarter in 2024. The Company’s ratio of non-interest expense to average assets was 2.37% for the three months ended June 30, 2025, compared to 2.50% for the three months ended June 30, 2024. Average assets for the three months ended June 30, 2025, increased $86.0 million, or 1.5%, compared to the three months ended June 30, 2024, primarily due to growth in average balances of net loans and investment securities.

    INCOME TAXES

    For each of the three months ended June 30, 2025 and 2024, the Company’s effective tax rate was 18.5%. For the six months ended June 30, 2025 and 2024, the Company’s effective tax rate was 19.2% and 18.8%, respectively. These effective rates were below the statutory federal tax rate of 21%, due primarily to the utilization of certain investment tax credits and the Company’s tax-exempt investments and tax-exempt loans, which reduced the Company’s effective tax rate. The Company’s effective tax rate may fluctuate in future periods as it is impacted by the level and timing of the Company’s utilization of tax credits, the level of tax-exempt investments and loans, the amount of taxable income in various state jurisdictions and the overall level of pre-tax income. State tax expense estimates continually evolve as taxable income and apportionment between states are analyzed. The Company currently expects its effective tax rate (combined federal and state) will be approximately 18.0% to 20.0% in future periods.

    CAPITAL

        June 30,   December 31,   March 31,
        2025   2024   2025
    Consolidated Regulatory Capital Ratios   (Preliminary)            
    Tier 1 Leverage Ratio   11.5 %   11.4 %   11.3 %
    Common Equity Tier 1 Capital Ratio   13.0 %   12.3 %   12.4 %
    Tier 1 Capital Ratio   13.5 %   12.8 %   12.9 %
    Total Capital Ratio   14.7 %   15.4 %   15.6 %
    Tangible Common Equity Ratio   10.5 %   9.9 %   10.1 %
                       

    As of June 30, 2025, total stockholders’ equity was $622.4 million, representing 10.6% of total assets and a book value of $54.61 per common share. This compares to total stockholders’ equity of $599.6 million, or 10.0% of total assets, and a book value of $51.14 per common share at December 31, 2024. The $22.8 million increase in stockholders’ equity from December 31, 2024, was primarily driven by $36.9 million in net income and a $2.0 million increase from stock option exercises, partially offset by $9.2 million in cash dividends declared on the Company’s common stock and $20.0 million in common stock repurchases.

    Decreased unrealized losses on the Company’s available-for-sale investment securities and interest rate swaps, which totaled $54.4 million (net of taxes) at December 31, 2024, also increased stockholders’ equity by $13.0 million during the first six months of 2025. These net unrealized losses primarily resulted from increased intermediate-term market interest rates in prior periods, which generally decreased the fair value of the investment securities and interest rate swaps. In the first six months of 2025, these market interest rates decreased, resulting in increases in the fair value of the Company’s investment securities and interest rate swaps.

    The Company had unrealized losses on its portfolio of held-to-maturity investment securities, which totaled $19.3 million and $24.7 million at June 30, 2025 and December 31, 2024, respectively, that were not included in its total capital balance. If held-to-maturity unrealized losses were included in capital (net of taxes) at June 30, 2025, they would have decreased total stockholder’s equity at that date by $14.6 million. This amount was equal to 2.3% of total stockholders’ equity of $622.4 million at June 30, 2025, compared to 3.1% of total stockholders’ equity at December 31, 2024.

    On June 15, 2025, the Company redeemed all of its outstanding 5.50% fixed-to-floating rate subordinated notes due June 15, 2030, with an aggregate principal balance of $75 million. The total redemption price was 100% of the aggregate principal balance of the subordinated notes plus accrued and unpaid interest. The Company utilized excess cash on hand for the redemption payment.

    In November 2022, the Company’s Board of Directors authorized the purchase of up to one million shares of the Company’s common stock. As of June 30, 2025, approximately 94,000 shares remained available under this stock repurchase authorization.

    In April 2025, the Company’s Board of Directors approved a new stock repurchase program, which will succeed the existing repurchase program (authorized in November 2022) following the repurchase of the existing program’s remaining available shares. The new stock repurchase program authorizes the purchase, from time to time, of up to one million additional shares of the Company’s common stock.

    During the three months ended June 30, 2025, the Company repurchased 175,998 shares of its common stock at an average price of $55.11, and the Company’s Board of Directors declared a regular quarterly cash dividend of $0.40 per common share, which, combined, reduced stockholders’ equity by $14.4 million.

    During the six months ended June 30, 2025, the Company repurchased 349,342 shares of its common stock at an average price of $56.73, and the Company’s Board of Directors declared regular quarterly cash dividends totaling $0.80 per common share, which, combined, reduced stockholders’ equity by $29.2 million.

    LIQUIDITY AND DEPOSITS

    Liquidity is a measure of the Company’s ability to generate sufficient cash to meet present and future financial obligations in a timely manner. The Company’s primary sources of funds are customer deposits, FHLBank advances, other borrowings, loan repayments, unpledged securities, proceeds from sales of loans and available-for-sale securities and funds provided from operations. The Company utilizes some or all of these sources of funds depending on the comparative costs and availability at the time. The Company has from time to time chosen not to pay rates on deposits as high as the rates paid by certain of its competitors and, when believed to be appropriate, supplements deposits with less expensive alternative sources of funds. Management believes that the Company maintains overall liquidity sufficient to satisfy its depositors’ requirements and meet its borrowers’ credit needs.

    At June 30, 2025, the Company had the following available secured lines and on-balance sheet liquidity:

        June 30, 2025
    Federal Home Loan Bank line     $1,216.1 million
    Federal Reserve Bank line     338.9 million
    Cash and cash equivalents     245.9 million
    Unpledged securities – Available-for-sale     325.3 million
    Unpledged securities – Held-to-maturity     24.0 million
           

    During the six months ended June 30, 2025, the Company’s total deposits increased $78.6 million. Interest-bearing checking balances increased $18.5 million (0.8%), primarily in certain money market accounts, and non-interest-bearing checking balances increased $17.0 million (2.0%). Time deposits generated through the Company’s banking center and corporate services networks decreased $18.1 million (2.3%). Brokered deposits increased $61.2 million (7.9%) through a variety of sources. During the three months ended June 30, 2025, the Company’s total deposits decreased $73.9 million, with $62.1 million of this decrease in brokered deposits.

    At June 30, 2025, the Company had the following deposit balances:

           June 30, 2025
    Interest-bearing checking     $2,233.2 million
    Non-interest-bearing checking     859.9 million
    Time deposits     757.7 million
    Brokered deposits     833.3 million
           

    At June 30, 2025, the Company estimated that its uninsured deposits, excluding deposit accounts of the Company’s consolidated subsidiaries, were approximately $703.6 million (15% of total deposits).

    LOANS

    Total net loans, excluding mortgage loans held for sale, decreased $156.1 million, or 3.3%, from $4.69 billion at December 31, 2024 to $4.53 billion at June 30, 2025. This decrease was primarily driven by decreases in construction loans of $79.1 million, commercial real estate loans of $56.1 million, one- to four-family residential loans of $23.0 million and commercial business loans of $25.2 million, partially offset by an increase in other residential (multi-family) loans of $28.7 million. Compared to March 31, 2025, net loans decreased $156.4 million.

    The pipeline of the unfunded portion of loans and formal loan commitments remained strong, with the largest portion of these unfunded balances represented by the unfunded portion of outstanding construction loans ($626.0 million at June 30, 2025). See the table below.

    For additional details about the Company’s loan portfolio, please refer to the quarterly loan portfolio presentation available on the Company’s Investor Relations website under “Presentations.”

    Loan commitments and the unfunded portion of loans at the dates indicated were as follows (in thousands):

        June 30,
    2025    		     March 31,
    2025    		     December
    31, 2024    		     December
    31, 2023    		     December
    31, 2022    		  
    Closed non-construction loans with unused available lines                              
    Secured by real estate (one- to four-family) $ 211,453   $ 211,119   $ 205,599   $ 203,964   $ 199,182  
    Secured by real estate (not one- to four-family)   —     —     —     —     —  
    Not secured by real estate – commercial business   102,891     106,211     106,621     82,435     104,452  
                                   
    Closed construction loans with unused available lines                              
    Secured by real estate (one-to four-family)   96,935     96,807     94,501     101,545     100,669  
    Secured by real estate (not one-to four-family)   644,427     657,828     703,947     719,039     1,444,450  
                                   
    Loan commitments not closed                              
    Secured by real estate (one-to four-family)   17,148     19,264     14,373     12,347     16,819  
    Secured by real estate (not one-to four-family)   13,002     50,296     53,660     48,153     157,645  
    Not secured by real estate – commercial business   27,003     18,484     22,884     11,763     50,145  
                                   
      $ 1,112,859   $ 1,160,009   $ 1,201,585   $ 1,179,246   $ 2,073,362  
                                   

    PROVISION FOR CREDIT LOSSES AND ALLOWANCE FOR CREDIT LOSSES

    During the three months ended June 30, 2025 and 2024, the Company did not record a provision expense on its portfolio of outstanding loans. During the six months ended June 30, 2025, the Company did not record a provision expense on its portfolio of outstanding loans, compared to a provision expense of $500,000 in the same period in 2024. Total net recoveries were $111,000 for the three months ended June 30, 2025, compared to net recoveries of $168,000 during the same period in the prior year. Total net recoveries were $55,000 for the six months ended June 30, 2025, compared to net recoveries of $85,000 during the same period in the prior year. Additionally, for the quarter ended June 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $110,000, compared to a negative provision of $607,000 for the same period in 2024. For the six months ended June 30, 2025, the Company recorded a negative provision for losses on unfunded commitments of $458,000, compared to a negative provision of $477,000 for the same period in 2024.

    The Bank’s allowance for credit losses as a percentage of total loans was 1.41% at June 30, 2025, an increase from 1.36% at both December 31, 2024 and March 31, 2025. Management considers the allowance for credit losses adequate to cover losses inherent in the Bank’s loan portfolio at June 30, 2025, based on recent reviews of the portfolio and current economic conditions. However, if challenging economic conditions persist or worsen, or if management’s assessment of the loan portfolio changes, additional provisions for credit losses may be required, which could adversely impact the Company’s future financial performance.

    ASSET QUALITY

    At June 30, 2025, non-performing assets were $8.1 million, a decrease of $1.5 million from $9.6 million at December 31, 2024 and a decrease of $1.4 million from $9.5 million at March 31, 2025. Non-performing assets as a percentage of total assets were 0.14% at June 30, 2025, compared to 0.16% at both December 31, 2024 and March 31, 2025.

    Activity in the non-performing loan categories during the quarter ended June 30, 2025, was as follows:

        Beginning
    Balance,
    April 1    		   Additions
    to Non-
    Performing    		   Removed
    from Non-
    Performing    		   Transfers
    to Potential
    Problem
    Loans    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Payments   Ending
    Balance,
    June 30
        (In thousands)
                                     
    One- to four-family construction $ — $ — $ — $ — $ — $ — $ —   $ —
    Subdivision construction   —   —   —   —   —   —   —     —
    Land development   368   —   —   —   —   —   (368 )   —
    Commercial construction   —   —   —   —   —   —   —     —
    One- to four-family residential   3,076   154   —   —   —   —   (1,204 )   2,026
    Other residential (multi-family)   —   —   —   —   —   —   —     —
    Commercial real estate   —   —   —   —   —   —   —     —
    Commercial business   —   —   —   —   —   —   —     —
    Consumer   38   7   —   —   —   —   (27 )   18
    Total non-performing loans $ 3,482 $ 161 $ — $ — $ — $ — $ (1,599 ) $ 2,044
                                     
    • Compared to March 31, 2025, non-performing loans decreased $1.4 million.
    • The non-performing one- to four-family residential category consisted of eight loans at June 30, 2025, one of which was added during the current quarter.
    • The largest relationship in the one- to four-family residential category totaled $614,000 at June 30, 2025. This relationship was added to non-performing loans in 2024 and is collateralized by a single-family residential property in the Sarasota, Fla. area.
    • During the quarter ended June 30, 2025, one- to four-family residential loans experienced one loan pay-off totaling $884,000 and another related loan had a principal pay-down totaling $296,000. Additionally, the only loan in the non-performing land development category at the beginning of the quarter paid off.

    Activity in the potential problem loans categories during the quarter ended June 30, 2025, was as follows:

        Beginning
    Balance,
    April 1    		   Additions to
    Potential
    Problem    		   Removed
    from
    Potential
    Problem    		   Transfers
    to Non-
    Performing    		   Transfers to
    Foreclosed
    Assets and
    Repossessions    		   Charge-
    Offs    		   Loan Advances (Payments)   Ending
    Balance,
    June 30    		  
        (In thousands)
                                       
    One- to four-family construction $ — $ — $ —   $ — $ —   $ —   $ —   $ —  
    Subdivision construction   —   —   —     —   —     —     —     —  
    Land development   —   —   —     —   —     —     —     —  
    Commercial construction   —   —   —     —   —     —     —     —  
    One- to four-family residential   2,128   34   (307 )   —   —     —     (16 )   1,839  
    Other residential (multi-family)   —   —   —     —   —     —     —     —  
    Commercial real estate   4,313   —   —     —   —     —     (16 )   4,297  
    Commercial business   —   33   —     —   —     —     —     33  
    Consumer   1,011   50   —     —   (2 )   (11 )   (11 )   1,037  
    Total potential problem loans $ 7,452 $ 117 $ (307 ) $ — $ (2 ) $ (11 ) $ (43 ) $ 7,206  
                                       
    • Compared to March 31, 2025, potential problem loans decreased $246,000.
    • At June 30, 2025, the commercial real estate category consisted of three loans, all of which are part of one relationship and were added in 2024.
    • The commercial real estate relationship is collateralized by three nursing care facilities located in southwest Missouri. The borrower’s business cash flow was negatively impacted by a reduction in available labor and increased operating costs as well as ongoing changes to the Missouri Medicaid reimbursement rate. Monthly payments were timely made prior to the transfer to this category and have continued to be paid timely.
    • At June 30, 2025, the one- to four-family residential category consisted of ten loans, one of which was added to potential problem loans during the current quarter.
    • The largest relationship in the one- to four-family category, which was reclassified from the consumer category during the first quarter of 2025, totaled $963,000 and is collateralized by multiple single-family residential properties in Indiana and Florida.
    • At June 30, 2025, the consumer category of potential problem loans consisted of 14 loans, two of which were added during the current quarter.
    • The largest loan in the consumer category is a home equity loan totaling $784,000 related to the nursing care facility relationship, noted above.

    Activity in the foreclosed assets and repossessions categories during the quarter ended June 30, 2025 was as follows:

        Beginning
    Balance,
    April 1    		   Additions   ORE and
    Repossession
    Sales    		   Capitalized
    Costs    		   ORE and
    Repossession
    Write-Downs    		   Ending
    Balance,
    June 30
        (In thousands)
                             
    One-to four-family construction $ — $ — $ —   $ — $ — $ —
    Subdivision construction   —   —   —     —   —   —
    Land development   —   —   —     —   —   —
    Commercial construction   —   —   —     —   —   —
    One- to four-family residential   —   —   —     —   —   —
    Other residential (multi-family)   —   —   —     —   —   —
    Commercial real estate   6,036   —   —     —   —   6,036
    Commercial business   —   —   —     —   —   —
    Consumer   —   6   (2 )   —   —   4
    Total foreclosed assets and repossessions $ 6,036 $ 6 $ (2 ) $ — $ — $ 6,040
                             
    • Compared to March 31, 2025, foreclosed assets increased $4,000.
    • The commercial real estate category consisted of two foreclosed properties, one of which, totaling $76,000, was added during the first quarter of 2025.
    • The largest asset in the commercial real estate category, totaling $6.0 million, consisted of an office building located in Clayton, Mo. This asset was foreclosed upon in the fourth quarter of 2024.

    BUSINESS INITIATIVES

    Technology updates and advancements continue with the Company’s current core provider. Projects involving a full array of products and services are moving forward, with completions expected beginning in the third quarter of 2025 and continuing into 2026.

    The Company installed 10 ITM units in the St. Louis, Mo. market, replacing existing end-of-life ATM units. The ITMs, all located at banking center locations, offer customers live teller services, extended banking hours, and services beyond those traditionally available via an ATM.

    Construction of the Company’s new banking center at 723 N. Benton in Springfield, Mo., to replace the existing facility at that location, began in March 2025 and is on schedule for completion in the fourth quarter of 2025. The new facility, designed as a next-generation banking center, will allow for flexibility in testing new designs, processes, technology and tools, balanced with customer convenience. The Company has 11 other banking centers and an Express Center in Springfield.

    Earnings Conference Call

    The Company will host a conference call on Thursday, July 17, 2025, at 2:00 p.m. Central Time to discuss second quarter 2025 preliminary earnings. The call will be available live or in a recorded version at the Company’s Investor Relations website, http://investors.greatsouthernbank.com. Participants may register for the call at https://register-conf.media-server.com/register/BI5023532982f44a44b03e6e16deb1e937.

    About Great Southern Bancorp, Inc.

    Headquartered in Springfield, Missouri, Great Southern offers a broad range of banking services to customers. The Company operates 89 retail banking centers in Missouri, Iowa, Kansas, Minnesota, Arkansas and Nebraska and commercial lending offices in Atlanta, Charlotte, Chicago, Dallas, Denver, Omaha, and Phoenix. The common stock of Great Southern Bancorp, Inc. is listed on the Nasdaq Global Select Market under the symbol “GSBC.”

    www.GreatSouthernBank.com

    Forward-Looking Statements

    When used in this press release and in other documents filed or furnished by the Company with or to the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “may,” “might,” “could,” “should,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “believe,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements also include, but are not limited to, statements regarding plans, objectives, expectations or consequences of announced transactions, known trends and statements about future performance, operations, products and services of the Company. The Company’s ability to predict results or the actual effects of future plans or strategies is inherently uncertain, and the Company’s actual results could differ materially from those contained in the forward-looking statements.

    Factors that could cause or contribute to such differences include, but are not limited to: (i) expected revenues, cost savings, earnings accretion, synergies and other benefits from the Company’s merger and acquisition activities might not be realized within the anticipated time frames or at all, and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; (ii) changes in economic conditions, either nationally or in the Company’s market areas; (iii) the effects of any new or continuing public health issues on general economic and financial market conditions; (iv) fluctuations in interest rates, the effects of inflation or a potential recession, whether caused by Federal Reserve actions or otherwise; (v) the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; (vi) slower or negative economic growth caused by tariffs, changes in energy prices, supply chain disruptions or other factors; (vii) the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; (viii) the possibility of realized or unrealized losses on securities held in the Company’s investment portfolio; (ix) the Company’s ability to access cost-effective funding and maintain sufficient liquidity; (x) fluctuations in real estate values and both residential and commercial real estate market conditions; (xi) the ability to adapt successfully to technological changes to meet customers’ needs and developments in the marketplace; (xii) the possibility that security measures implemented might not be sufficient to mitigate the risk of a cyber-attack or cyber theft, and that such security measures might not protect against systems failures or interruptions; (xiii) legislative or regulatory changes that adversely affect the Company’s business; (xiv) changes in accounting policies and practices or accounting standards; (xv) results of examinations of the Company and the Bank by their regulators, including the possibility that the regulators may, among other things, require the Company to limit its business activities, change its business mix, increase its allowance for credit losses, write-down assets or increase its capital levels, or affect its ability to borrow funds or maintain or increase deposits, which could adversely affect its liquidity and earnings; (xvi) costs and effects of litigation, including settlements and judgments; (xvii) competition; and (xviii) natural disasters, war, terrorist activities or civil unrest and their effects on economic and business environments in which the Company operates. The Company wishes to advise readers that the factors listed above and other risks described in the Company’s most recent Annual Report on Form 10-K, including, without limitation, those described under “Item 1A. Risk Factors,” subsequent Quarterly Reports on Form 10-Q and other documents filed or furnished from time to time by the Company with the SEC (which are available on our website at www.greatsouthernbank.com and the SEC’s website at www.sec.gov), could affect the Company’s financial performance and cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

    The Company does not undertake-and specifically declines any obligation- to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

    The following tables set forth selected consolidated financial information of the Company at the dates and for the periods indicated. Financial data at all dates other than December 31, 2024, and for all periods is unaudited. In the opinion of management, all adjustments, which consist only of normal recurring accrual adjustments, necessary for a fair presentation of the results at and for such unaudited dates and periods have been included. The results of operations and other data for the three and six months ended June 30, 2025 and 2024, and the three months ended March 31, 2025, are not necessarily indicative of the results of operations which may be expected for any future period.

        June 30,
    		     December 31,
        2025
    		     2024
    Selected Financial Condition Data:   (In thousands)
                   
    Total assets $ 5,854,672     $ 5,981,628  
    Loans receivable, gross   4,604,943       4,761,848  
    Allowance for credit losses   64,815       64,760  
    Other real estate owned, net   6,040       5,993  
    Available-for-sale securities, at fair value   527,543       533,373  
    Held-to-maturity securities, at amortized cost   183,100       187,433  
    Deposits   4,684,126       4,605,549  
    Total borrowings   450,483       679,341  
    Total stockholders’ equity   622,368       599,568  
    Non-performing assets   8,084       9,566  
                   
        Three Months Ended     Six Months Ended     Three Months
    Ended
        June 30,     June 30,     March 31,
        2025     2024     2025     2024
    		     2025
        (In thousands)
    Selected Operating Data:                              
    Interest income $ 80,975     $ 80,927     $ 161,218     $ 158,317     $ 80,243  
    Interest expense   30,012       34,109       60,921       66,683       30,909  
    Net interest income   50,963       46,818       100,297       91,634       49,334  
    Provision (credit) for credit losses on loans and unfunded commitments   (110 )     (607 )     (458 )     23       (348 )
    Non-interest income   8,212       9,833       14,802       16,639       6,590  
    Non-interest expense   35,005       36,409       69,827       70,831       34,822  
    Provision for income taxes   4,494       3,861       8,784       7,024       4,290  
    Net income $ 19,786     $ 16,988     $ 36,946     $ 30,395     $ 17,160  
                                   
      At or For the Three
    Months Ended    		   At or For the Six
    Months Ended    		   At or For the Three
    Months Ended
      June 30,   June 30,   March 31,
      2025   2024   2025   2024   2025
      (Dollars in thousands, except per share data)
    Per Common Share:              
    Net income (fully diluted) $ 1.72     $ 1.45     $ 3.18     $ 2.58     $ 1.47  
    Book value $ 54.61     $ 49.11     $ 54.61     $ 49.11     $ 53.03  
                   
    Earnings Performance Ratios:              
    Annualized return on average assets   1.34 %     1.17 %     1.24 %     1.05 %     1.15 %
    Annualized return on average common stockholders’ equity   12.81 %     12.03 %     12.06 %     10.69 %     11.30 %
    Net interest margin   3.68 %     3.43 %     3.63 %     3.38 %     3.57 %
    Average interest rate spread   3.09 %     2.77 %     3.05 %     2.71 %     3.00 %
    Efficiency ratio   59.16 %     64.27 %     60.67 %     65.42 %     62.27 %
    Non-interest expense to average total assets   2.37 %     2.50 %     2.35 %     2.44 %     2.34 %
                   
    Asset Quality Ratios:              
    Allowance for credit losses to period-end loans   1.41 %     1.39 %     1.41 %     1.39 %     1.36 %
    Non-performing assets to period-end assets   0.14 %     0.34 %     0.14 %     0.34 %     0.16 %
    Non-performing loans to period-end loans   0.04 %     0.23 %     0.04 %     0.23 %     0.07 %
    Annualized net charge-offs (recoveries) to average loans   (0.01 )%     (0.01 )%     0.00 %     0.00 %     0.00 %
                   
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Financial Condition
    (In thousands, except number of shares)
                 
        June 30,
    2025    		   December 31,
    2024    		   March 31,
    2025
                 
    Assets            
    Cash $ 110,007   $ 109,366   $ 106,336  
    Interest-bearing deposits in other financial institutions   135,906     86,390     110,845  
    Cash and cash equivalents   245,913     195,756     217,181  
                 
    Available-for-sale securities   527,543     533,373     535,914  
    Held-to-maturity securities   183,100     187,433     185,853  
    Mortgage loans held for sale   5,616     6,937     6,857  
    Loans receivable, net of allowance for credit losses of $64,815 – June 2025; $64,760 – December 2024; $64,704 – March 2025   4,534,287     4,690,393     4,690,636  
    Interest receivable   20,644     20,430     21,504  
    Prepaid expenses and other assets   133,614     136,594     132,930  
    Other real estate owned and repossessions, net   6,040     5,993     6,036  
    Premises and equipment, net   134,337     132,466     132,165  
    Goodwill and other intangible assets   9,877     10,094     9,985  
    Federal Home Loan Bank stock and other interest-earning assets   23,714     28,392     25,813  
    Current and deferred income taxes   29,987     33,767     28,968  
                 
    Total Assets $ 5,854,672   $ 5,981,628   $ 5,993,842  
                 
    Liabilities and Stockholders’ Equity            
    Liabilities            
    Deposits $ 4,684,126   $ 4,605,549   $ 4,758,046  
    Securities sold under reverse repurchase agreements with customers   54,802     64,444     75,322  
    Short-term borrowings   369,907     514,247     359,907  
    Subordinated debentures issued to capital trust   25,774     25,774     25,774  
    Subordinated notes   —     74,876     74,950  
    Accrued interest payable   4,065     12,761     5,416  
    Advances from borrowers for taxes and insurance   8,822     5,272     7,451  
    Accounts payable and accrued expenses   76,763     70,634     65,528  
    Liability for unfunded commitments   8,045     8,503     8,155  
    Total Liabilities   5,232,304     5,382,060     5,380,549  
                 
    Stockholders’ Equity            
    Capital stock            
    Preferred stock, $.01 par value; authorized 1,000,000 shares; issued and outstanding June 2025, December 2024 and March 2025 -0- shares   —     —     —  
    Common stock, $.01 par value; authorized 20,000,000 shares; issued and outstanding June 2025 – 11,396,533 shares; December 2024 – 11,723,548 shares; March 2025 – 11,565,211 shares   114     117     116  
    Additional paid-in capital   51,646     50,336     51,076  
    Retained earnings   611,921     603,477     606,239  
    Accumulated other comprehensive loss   (41,313 )   (54,362 )   (44,138 )
    Total Stockholders’ Equity   622,368     599,568     613,293  
                 
    Total Liabilities and Stockholders’ Equity $ 5,854,672   $ 5,981,628   $ 5,993,842  
                       
     
    Great Southern Bancorp, Inc. and Subsidiaries
    Consolidated Statements of Income
    (In thousands, except per share data)
                   
        Three Months Ended     Six Months Ended   Three Months Ended
        June 30,     June 30,   March 31,
        2025     2024     2025     2024     2025
    Interest Income                            
    Loans $ 73,830     $ 74,295     $ 146,901     $ 145,371     $ 73,071  
    Investment securities and other   7,145       6,632       14,317       12,946       7,172  
        80,975       80,927       161,218       158,317       80,243  
    Interest Expense                            
    Deposits   24,368       27,783       48,968       55,420       24,600  
    Securities sold under reverse repurchase agreements   372       394       743       727       371  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities   3,974       4,373       8,424       7,417       4,450  
    Subordinated debentures issued to capital trust   389       454       771       908       382  
    Subordinated notes   909       1,105       2,015       2,211       1,106  
        30,012       34,109       60,921       66,683       30,909  
                                 
    Net Interest Income   50,963       46,818       100,297       91,634       49,334  
    Provision for Credit Losses on Loans   —       —       —       500       —  
    Provision (Credit) for Unfunded Commitments   (110 )     (607 )     (458 )     (477 )     (348 )
    Net Interest Income After Provision for Credit Losses and Provision (Credit) for Unfunded Commitments   51,073       47,425       100,755       91,611       49,682  
                                 
    Non-interest Income                            
    Commissions   411       269       673       650       262  
    Overdraft and Insufficient funds fees   1,266       1,230       2,481       2,519       1,215  
    POS and ATM fee income and service charges   3,444       3,588       6,678       6,771       3,234  
    Net gains on loan sales   893       1,127       1,494       1,804       601  
    Late charges and fees on loans   340       136       583       303       243  
    Gain (loss) on derivative interest rate products   (28 )     (7 )     (52 )     (20 )     (24 )
    Other income   1,886       3,490       2,945       4,612       1,059  
        8,212       9,833       14,802       16,639       6,590  
                                 
    Non-interest Expense                            
    Salaries and employee benefits   20,005       19,886       40,134       39,542       20,129  
    Net occupancy and equipment expense   8,435       7,841       16,968       15,680       8,533  
    Postage   825       777       1,756       1,584       931  
    Insurance   1,095       1,263       2,260       2,407       1,165  
    Advertising   705       891       995       1,241       290  
    Office supplies and printing   238       236       504       503       266  
    Telephone   705       685       1,411       1,406       706  
    Legal, audit and other professional fees   929       1,864       1,967       3,589       1,038  
    Expense (income) on other real estate and repossessions   (168 )     285       (238 )     346       (70 )
    Acquired intangible asset amortization   108       109       216       217       108  
    Other operating expenses   2,128       2,572       3,854       4,316       1,726  
        35,005       36,409       69,827       70,831       34,822  
                                 
    Income Before Income Taxes   24,280       20,849       45,730       37,419       21,450  
    Provision for Income Taxes   4,494       3,861       8,784       7,024       4,290  
                                 
    Net Income $ 19,786     $ 16,988     $ 36,946     $ 30,395     $ 17,160  
                                 
    Earnings Per Common Share                            
    Basic $ 1.73     $ 1.46     $ 3.20     $ 2.60     $ 1.47  
    Diluted $ 1.72     $ 1.45     $ 3.18     $ 2.58     $ 1.47  
                                 
    Dividends Declared Per Common Share $ 0.40     $ 0.40     $ 0.80     $ 0.80     $ 0.40  
                                 
     
    Average Balances, Interest Rates and Yields
     

    The following table presents, for the periods indicated, the total dollar amounts of interest income from average interest-earning assets and the resulting yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates, and the net interest margin. Average balances of loans receivable include the average balances of nonaccrual loans for each period. Interest income on loans includes interest received on nonaccrual loans on a cash basis. Interest income on loans also includes the amortization of net loan fees, which were deferred in accordance with accounting standards. Net fees included in interest income were $1.1 million for both the three months ended June 30, 2025 and 2024. Net fees included in interest income were $2.1 million and $2.3 million for the six months ended June 30, 2025 and 2024, respectively. Tax-exempt income was not calculated on a tax equivalent basis. The table does not reflect any effect of income taxes.

      June 30, 2025       Three Months Ended
    June 30, 2025    		   Three Months Ended
    June 30, 2024    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.24 %   $ 822,283   $ 8,750   4.27 %   $ 877,957   $ 8,769   4.02 %
    Other residential 6.91       1,565,447     27,281   6.99       1,072,168     19,633   7.36  
    Commercial real estate 6.19       1,489,015     23,082   6.22       1,499,893     23,296   6.25  
    Construction 7.07       480,254     8,617   7.20       803,478     15,525   7.77  
    Commercial business 5.93       208,119     3,517   6.78       266,187     4,375   6.61  
    Other loans 6.39       167,548     2,583   6.18       170,467     2,697   6.36  
                                             
    Total loans receivable 6.16       4,732,666     73,830   6.26       4,690,150     74,295   6.37  
                                             
    Investment securities 3.17       727,336     6,099   3.36       696,239     5,347   3.09  
    Other interest-earning assets 4.37       97,463     1,046   4.30       97,340     1,285   5.31  
                                             
    Total interest-earning assets 5.74       5,557,465     80,975   5.84       5,483,729     80,927   5.94  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,289                 94,669            
    Other non-earning assets         256,923                 250,244            
    Total assets       $ 5,914,677               $ 5,828,642            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.41     $ 2,225,933     7,791   1.40     $ 2,234,824     9,794   1.76  
    Time deposits 3.42       757,608     6,521   3.45       894,475     9,073   4.08  
    Brokered deposits 4.44       895,340     10,056   4.50       683,337     8,916   5.25  
    Total deposits 2.47       3,878,881     24,368   2.52       3,812,636     27,783   2.93  
    Securities sold under reverse repurchase agreements 2.33       65,607     372   2.27       76,969     394   2.06  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.55       347,303     3,974   4.59       339,270     4,373   5.18  
    Subordinated debentures issued to capital trust 6.14       25,774     389   6.05       25,774     454   7.08  
    Subordinated notes —       62,631     909   5.82       74,699     1,105   5.95  
                                             
    Total interest-bearing liabilities 2.66       4,380,196     30,012   2.75       4,329,348     34,109   3.17  
    Non-interest-bearing liabilities:                                        
    Demand deposits         849,862                 853,555            
    Other liabilities         66,585                 80,905            
    Total liabilities         5,296,643                 5,263,808            
    Stockholders’ equity         618,034                 564,834            
    Total liabilities and stockholders’ equity       $ 5,914,677               $ 5,828,642            
                                             
    Net interest income:             $ 50,963               $ 46,818      
    Interest rate spread 3.08 %               3.09 %               2.77 %
    Net interest margin*                   3.68 %               3.43 %
    Average interest-earning assets to average interest-bearing liabilities         126.9 %               126.7 %          
                                             

    *Defined as the Company’s net interest income divided by average total interest-earning assets.

      June 30, 2025       Six Months Ended
    June 30, 2025    		   Six Months Ended
    June 30, 2024    		  
              Average         Yield/       Average         Yield/  
      Yield/Rate       Balance     Interest   Rate       Balance     Interest   Rate  
      (Dollars in thousands)  
    Interest-earning assets:                                        
    Loans receivable:                                        
    One- to four-family residential 4.24 %   $ 826,426   $ 17,318   4.23 %   $ 883,963   $ 17,466   3.97 %
    Other residential 6.91       1,555,881     53,731   6.96       1,016,071     36,491   7.22  
    Commercial real estate 6.19       1,499,665     46,096   6.20       1,499,767     46,064   6.18  
    Construction 7.07       485,392     17,270   7.17       830,025     31,368   7.60  
    Commercial business 5.93       209,944     7,339   7.05       276,131     8,984   6.54  
    Other loans 6.39       166,989     5,147   6.22       172,051     4,998   5.84  
                                             
    Total loans receivable 6.16       4,744,297     146,901   6.24       4,678,008     145,371   6.25  
                                             
    Investment securities 3.17       732,699     12,173   3.35       682,960     10,357   3.05  
    Other interest-earning assets 4.37       101,238     2,144   4.27       98,922     2,589   5.26  
                                             
    Total interest-earning assets 5.74       5,578,234     161,218   5.83       5,459,890     158,317   5.83  
    Non-interest-earning assets:                                        
    Cash and cash equivalents         100,537                 92,572            
    Other non-earning assets         259,692                 243,029            
    Total assets       $ 5,938,463               $ 5,795,491            
                                             
    Interest-bearing liabilities:                                        
    Interest-bearing demand and savings 1.41     $ 2,223,716     15,588   1.41     $ 2,229,302     19,276   1.74  
    Time deposits 3.42       764,791     13,235   3.49       916,098     18,238   4.00  
    Brokered deposits 4.44       893,983     20,145   4.54       686,079     17,906   5.25  
    Total deposits 2.47       3,882,490     48,968   2.54       3,831,479     55,420   2.91  
    Securities sold under reverse repurchase agreements 2.33       73,957     743   2.03       75,718     727   1.93  
    Short-term borrowings, overnight FHLBank borrowings and other interest-bearing liabilities 4.55       369,849     8,424   4.59       290,431     7,417   5.14  
    Subordinated debentures issued to capital trust 6.14       25,774     771   6.03       25,774     908   7.08  
    Subordinated notes —       68,741     2,015   5.91       74,659     2,211   5.96  
                                             
    Total interest-bearing liabilities 2.66       4,420,811     60,921   2.78       4,298,061     66,683   3.12  
    Non-interest-bearing liabilities:                                        
    Demand deposits         835,888                 854,202            
    Other liabilities         68,961                 74,391            
    Total liabilities         5,325,660                 5,226,654            
    Stockholders’ equity         612,803                 568,837            
    Total liabilities and stockholders’ equity       $ 5,938,463               $ 5,795,491            
                                             
    Net interest income:             $ 100,297               $ 91,634      
    Interest rate spread 3.08 %               3.05 %               2.71 %
    Net interest margin*                   3.63 %               3.38 %
    Average interest-earning assets to average interest-bearing liabilities         126.2 %               127.0 %          
                                             

    *Defined as the Company’s net interest income divided by average total interest-earning assets.

    NON-GAAP FINANCIAL MEASURES

    This document contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States (“GAAP”), specifically, the ratio of tangible common equity to tangible assets.

    In calculating the ratio of tangible common equity to tangible assets, we subtract period-end intangible assets from common equity and from total assets. Management believes that the presentation of this measure excluding the impact of intangible assets provides useful supplemental information that is helpful in understanding our financial condition and results of operations, as it provides a method to assess management’s success in utilizing our tangible capital as well as our capital strength. Management also believes that providing a measure that excludes balances of intangible assets, which are subjective components of valuation, facilitates the comparison of our performance with the performance of our peers. In addition, management believes that this is a standard financial measure used in the banking industry to evaluate performance.

    This non-GAAP financial measurement is supplemental and is not a substitute for any analysis based on GAAP financial measures. Because not all companies use the same calculation of non-GAAP measures, this presentation may not be comparable to other similarly titled measures as calculated by other companies.

    Non-GAAP Reconciliation: Ratio of Tangible Common Equity to Tangible Assets

        June 30,       December 31,  
        2025       2024  
        (Dollars in thousands)  
           
    Common equity at period end $ 622,368     $ 599,568  
    Less: Intangible assets at period end   9,877       10,094  
    Tangible common equity at period end (a) $ 612,491     $ 589,474  
                   
    Total assets at period end $ 5,854,672     $ 5,981,628  
    Less: Intangible assets at period end   9,877       10,094  
    Tangible assets at period end (b) $ 5,844,795     $ 5,971,534  
                   
    Tangible common equity to tangible assets (a) / (b)   10.48 %     9.87 %
                   

    CONTACT:

    Jeff Tryka, CFA,
    Investor Relations,
    (616) 233-0500
    GSBC@lambert.com

    The MIL Network –

  • MIL-OSI: Consistency, Strength & Earnings Power Remain the Story at HOMB

    Source: GlobeNewswire (MIL-OSI)

    CONWAY, Ark., July 16, 2025 (GLOBE NEWSWIRE) — Home BancShares, Inc. (NYSE: HOMB) (“Home” or the “Company”), parent company of Centennial Bank, released quarterly earnings today.

    Quarterly Highlights
    Metric Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net income $118.4 million $115.2 million $100.6 million $100.0 million $101.5 million
    Net income, as adjusted (non-GAAP)(1) $114.6 million $111.9 million $99.8 million $99.0 million $103.9 million
    Total revenue (net) $271.0 million $260.1 million $258.4 million $258.0 million $254.6 million
    Income before income taxes $152.0 million $147.2 million $129.5 million $129.1 million $133.4 million
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1) $155.0 million $147.2 million $146.2 million $148.0 million $141.4 million
    PPNR, as adjusted (non-GAAP)(1) $150.4 million $142.8 million $145.2 million $146.6 million $141.9 million
    Pre-tax net income to total revenue (net) 56.08% 56.58% 50.11% 50.03% 52.40%
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1) 54.39% 54.91% 49.74% 49.49% 52.59%
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1) 57.19% 56.58% 56.57% 57.35% 55.54%
    P5NR, as adjusted (non-GAAP)(1) 55.49% 54.91% 56.20% 56.81% 55.73%
    ROA 2.08% 2.07% 1.77% 1.74% 1.79%
    ROA, as adjusted (non-GAAP)(1) 2.02% 2.01% 1.76% 1.72% 1.83%
    NIM 4.44% 4.44% 4.39% 4.28% 4.27%
    Purchase accounting accretion $1.2 million $1.4 million $1.6 million $1.9 million $1.9 million
    ROE 11.77% 11.75% 10.13% 10.23% 10.73%
    ROE, as adjusted (non-GAAP)(1) 11.39% 11.41% 10.05% 10.12% 10.98%
    ROTCE (non-GAAP)(1) 18.26% 18.39% 15.94% 16.26% 17.29%
    ROTCE, as adjusted (non-GAAP)(1) 17.68% 17.87% 15.82% 16.09% 17.69%
    Diluted earnings per share $0.60 $0.58 $0.51 $0.50 $0.51
    Diluted earnings per share, as adjusted (non-GAAP)(1) $0.58 $0.56 $0.50 $0.50 $0.52
    Non-performing assets to total assets 0.60% 0.56% 0.63% 0.63% 0.56%
    Common equity tier 1 capital 15.6% 15.4% 15.1% 14.7% 14.4%
    Leverage 13.4% 13.3% 13.0% 12.5% 12.3%
    Tier 1 capital 15.6% 15.4% 15.1% 14.7% 14.4%
    Total risk-based capital 19.3% 19.1% 18.7% 18.3% 18.0%
    Allowance for credit losses to total loans 1.86% 1.87% 1.87% 2.11% 2.00%
    Book value per share $20.71 $20.40 $19.92 $19.91 $19.30
    Tangible book value per share (non-GAAP)(1) $13.44 $13.15 $12.68 $12.67 $12.08
    Dividends per share $0.20 $0.195 $0.195 $0.195 $0.18
    Shareholder buyback yield(2) 0.49% 0.53% 0.05% 0.56% 0.67%

    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    (2) Calculation of this metric is included in the schedules accompanying this release.

    “I am once again very pleased with our quarterly results. Diluted EPS of $0.60 and net income of $118.4 million are both records for HOMB. The ongoing, consistent performance from our bankers led to numerous other records being set in the second quarter, further highlighting that strength is no accident,” said John Allison, Chairman & CEO of HOMB.

    Stock Repurchases and Dividends

    During the three-month period ended June 30, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.49%(1). In comparison, during the three-month period ended March 31, 2025, the Company repurchased 1.0 million shares of common stock, which equated to a shareholder buyback yield of 0.53%(1). The Company defines shareholder buyback yield as the percentage of the Company’s market capitalization spent on share repurchases. It reflects how much the Company is returning to the shareholders by reducing the number of outstanding shares, and it is calculated by dividing the Company’s total share repurchase cost for the period by the Company’s total market capitalization at the beginning of the period.

    In addition, during the quarter ended June 30, 2025, the Company paid a dividend of $0.20 per share. This cash dividend represented a $0.005 per share, or 2.6%, increase over the $0.195 cash dividend paid during the first quarter of 2025.

    Operating Highlights

    Net income for the three-month period ended June 30, 2025 was $118.4 million, or $0.60 diluted earnings per share, both of which were records for the Company. When adjusting for non-fundamental items, net income and diluted earnings per share on an as-adjusted basis (non-GAAP), were $114.6 million(2) and $0.58 per share(2), respectively, for the three months ended June 30, 2025.

    Our net interest margin was 4.44% for both of the three-month periods ended June 30, 2025 and March 31, 2025. The yield on loans was 7.36% and 7.38% for the three months ended June 30, 2025 and March 31, 2025, respectively, as average loans increased from $14.89 billion to $15.06 billion. Additionally, the rate on interest bearing deposits decreased to 2.64% as of June 30, 2025, from 2.67% as of March 31, 2025, while average interest-bearing deposits increased from $13.20 billion to $13.43 billion.

    During the second quarter of 2025, there was $516,000 of event interest income compared to $1.3 million of event interest income for the first quarter of 2025. Purchase accounting accretion on acquired loans was $1.2 million and $1.4 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively, and average purchase accounting loan discounts were $16.2 million and $17.5 million for the three-month periods ended June 30, 2025 and March 31, 2025, respectively.

    Net interest income on a fully taxable equivalent basis was $222.5 million for the three-month period ended June 30, 2025, and $217.2 million for the three-month period ended March 31, 2025. This increase in net interest income for the three-month period ended June 30, 2025, was the result of a $6.6 million increase in interest income, partially offset by a $1.3 million increase in interest expense. The $6.6 million increase in interest income was primarily the result of a $5.3 million increase in loan income and a $2.3 million increase in income from deposits with other banks, partially offset by a $1.0 million decrease in investment income. The $1.3 million increase in interest expense was due to a $1.7 million increase in interest expense on deposits, partially offset by a $363,000 decrease in FHLB and other borrowed funds.

    The Company reported $51.1 million of non-interest income for the second quarter of 2025. The most important components of non-interest income were $13.5 million from other income, $12.6 million from other service charges and fees, $9.6 million from service charges on deposit accounts, $5.2 million from trust fees, $4.8 million in mortgage lending income, $2.7 million from dividends from FHLB, FRB, FNBB and other, $1.4 million from the increase in cash value of life insurance and $972,000 from the gain on sale of branches, equipment and other assets, net. Included within other income was $3.5 million in special income from equity investments and $885,000 in legal fee reimbursements.

    Non-interest expense for the second quarter of 2025 was $116.0 million. The most important components of non-interest expense were $64.3 million from salaries and employee benefits, $29.3 million in other operating expense, $14.0 million in occupancy and equipment expenses and $8.4 million in data processing expenses. Included within other expense was $3.3 million in legal claims expense, which was partially offset by a $1.5 million FDIC assessment reduction. For the second quarter of 2025, our efficiency ratio was 41.68%, and our efficiency ratio, as adjusted (non-GAAP), was 42.01%(2).

    Financial Condition

    Total loans receivable were $15.18 billion at June 30, 2025, compared to $14.95 billion at March 31, 2025. Total loans receivable of $15.18 billion were a record for the Company. Total deposits were $17.49 billion at June 30, 2025, compared to $17.54 billion at March 31, 2025. Total assets were $22.91 billion at June 30, 2025, compared to $22.99 billion at March 31, 2025.

    During the second quarter of 2025, the Company had a $228.5 million increase in loans. Our community banking footprint experienced $106.8 million in organic loan growth during the quarter ended June 30, 2025, and Centennial CFG experienced $121.7 million of organic loan growth and had loans of $1.83 billion at June 30, 2025.

    Non-performing loans to total loans were 0.63% and 0.60% at June 30, 2025 and March 31, 2025, respectively. Non-performing assets to total assets were 0.60% and 0.56% at June 30, 2025 and March 31, 2025, respectively. Net loans charged-off were $1.1 million for the three months ended June 30, 2025, and net loans recovered were $4.1 million for the three months ended March 31, 2025. The charge-off detail by region for the quarters ended June 30, 2025 and March 31, 2025 can be seen below.

    For the Three Months Ended June 30, 2025
    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Charge-offs   $ 2,588     $ 462     $ 181   $ 582     $ 245     $ 13     $ 4,071  
    Recoveries     (2,172 )     (223 )     —     (22 )     (577 )     (2 )     (2,996 )
    Net charge-offs (recoveries)   $ 416     $ 239     $ 181   $ 560     $ (332 )   $ 11     $ 1,075  
    For the Three Months Ended March 31, 2025
    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Charge-offs   $ 444     $ 474     $ —     $ 53     $ 2,479     $ 8     $ 3,458  
    Recoveries     (6,514 )     (228 )     (658 )     (3 )     (117 )     (2 )     (7,522 )
    Net (recoveries) charge-offs   $ (6,070 )   $ 246     $ (658 )   $ 50     $ 2,362     $ 6     $ (4,064 )

    At June 30, 2025, non-performing loans were $96.3 million, and non-performing assets were $137.8 million. At March 31, 2025, non-performing loans were $89.6 million, and non-performing assets were $129.4 million.

    The table below shows the non-performing loans and non-performing assets by region as June 30, 2025:

    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Non-accrual loans   22,487   16,276   787   11,716   37,833   162   89,261
    Loans 90+ days past due   3,557   2,341   —   —   1,133   —   7,031
    Total non-performing loans   26,044   18,617   787   11,716   38,966   162   96,292
                                 
    Foreclosed assets held for sale   17,259   863   22,842   —   565   —   41,529
    Other non-performing assets   —   —   —   —   —   —   —
    Total other non-performing assets   17,259   863   22,842   —   565   —   41,529
    Total non-performing assets   43,303   19,480   23,629   11,716   39,531   162   137,821

    The table below shows the non-performing loans and non-performing assets by region as March 31, 2025:

    (in thousands)   Texas   Arkansas   Centennial CFG   Shore Premier Finance   Florida   Alabama   Total
    Non-accrual loans   23,694   15,214   2,766   5,444   39,108   157   86,383
    Loans 90+ days past due   3,264   —   —   —   —   —   3,264
    Total non-performing loans   26,958   15,214   2,766   5,444   39,108   157   89,647
                                 
    Foreclosed assets held for sale   15,357   1,052   22,820   —   451   —   39,680
    Other non-performing assets   63   —   —   —   —   —   63
    Total other non-performing assets   15,420   1,052   22,820   —   451   —   39,743
    Total non-performing assets   42,378   16,266   25,586   5,444   39,559   157   129,390

    The Company’s allowance for credit losses on loans was $281.9 million at June 30, 2025, or 1.86% of total loans, compared to the allowance for credit losses on loans of $279.9 million, or 1.87% of total loans, at March 31, 2025. As of June 30, 2025 and March 31, 2025, the Company’s allowance for credit losses on loans was 292.72% and 312.27% of its total non-performing loans, respectively.

    Stockholders’ equity was $4.09 billion at June 30, 2025, which increased approximately $42.8 million from March 31, 2025. The net increase in stockholders’ equity is primarily associated with the $78.9 million increase in retained earnings, which was partially offset by the $11.4 million increase in accumulated other comprehensive loss and the $27.5 million in stock repurchases for the quarter. Book value per common share was $20.71 at June 30, 2025, compared to $20.40 at March 31, 2025. Tangible book value per common share (non-GAAP) was $13.44(2) at June 30, 2025, compared to $13.15(2) at March 31, 2025. Book value per common share and tangible book value per common share, as of June 30, 2025, were both records for the Company.

    Branches

    The Company currently has 75 branches in Arkansas, 78 branches in Florida, 58 branches in Texas, 5 branches in Alabama and one branch in New York City.

    Conference Call

    Management will conduct a conference call to review this information at 1:00 p.m. CT (2:00 p.m. ET) on Thursday, July 17, 2025. We strongly encourage all participants to pre-register for the conference call webcast or the live call using one of the following links. First, participants can pre-register for the conference call webcast using the following link: https://events.q4inc.com/attendee/133918928. Participants who pre-register will be given a unique webcast link to gain immediate access to the conference call webcast. Second, participants can pre-register for the live call using the following link: https://www.netroadshow.com/events/login?show=862a0326&confId=84106. Participants who pre-register will be given the phone number and unique access codes to gain immediate access to the live call. Participants may pre-register now, or at any time prior to the call, and will immediately receive simple instructions via email. The Home BancShares conference call will also be scheduled as an event in your Outlook calendar.

    Those without internet access or unable to pre-register may dial in and listen to the live call by calling 1-833-470-1428, Passcode: 171523. A replay of the call will be available by calling 1-866-813-9403, Passcode: 539251, which will be available until July 24, 2025, at 11:59 p.m. CT. Internet access to the call will be available live or in recorded version on the Company’s website at www.homebancshares.com. 

    About Home BancShares

    Home BancShares, Inc. is a bank holding company headquartered in Conway, Arkansas. Its wholly-owned subsidiary, Centennial Bank, provides a broad range of commercial and retail banking plus related financial services to businesses, real estate developers, investors, individuals and municipalities. Centennial Bank has branch locations in Arkansas, Florida, Texas, South Alabama and New York City. The Company’s common stock is traded through the New York Stock Exchange under the symbol “HOMB.” The Company was founded in 1998. Visit www.homebancshares.com or www.my100bank.com for more information.

    Non-GAAP Financial Measures

    This press release contains financial information determined by methods other than in accordance with generally accepted accounting principles (GAAP). The Company’s management uses these non-GAAP financial measures–including net income (earnings), as adjusted; pre-tax, pre-provision, net income (PPNR); PPNR, as adjusted; pre-tax net income, as adjusted, to total revenue (net); pre-tax, pre-provision, profit percentage; pre-tax, pre-provision, profit percentage, as adjusted; diluted earnings per common share, as adjusted; return on average assets, as adjusted; return on average assets excluding intangible amortization; return on average assets, as adjusted, excluding intangible amortization; return on average common equity, as adjusted; return on average tangible common equity; return on average tangible common equity, as adjusted; return on average tangible common equity excluding intangible amortization; return on average tangible common equity, as adjusted, excluding intangible amortization; efficiency ratio, as adjusted; tangible book value per common share and tangible common equity to tangible assets–to provide meaningful supplemental information regarding our performance. These measures typically adjust GAAP performance measures to include the tax benefit associated with revenue items that are tax-exempt, as well as adjust income available to common shareholders for certain significant items or transactions that management believes are not indicative of the Company’s primary business operating results. Since the presentation of these GAAP performance measures and their impact differ between companies, management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company’s business. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables of this release.

    (1) Calculation of this metric is included in the schedules accompanying this release.
    (2) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.

    General

    This release contains forward-looking statements regarding the Company’s plans, expectations, goals and outlook for the future, including future financial results. Statements in this press release that are not historical facts should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future events, performance or results. When we use words or phrases like “may,” “plan,” “propose,” “contemplate,” “anticipate,” “believe,” “intend,” “continue,” “expect,” “project,” “predict,” “estimate,” “could,” “should,” “would” and similar expressions, you should consider them as identifying forward-looking statements, although we may use other phrasing. Forward-looking statements of this type speak only as of the date of this news release. By nature, forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ materially from those contemplated by the forward-looking statements. These factors include, but are not limited to, the following: economic conditions, credit quality, interest rates, loan demand, real estate values and unemployment, including any future impacts from inflation or changes in tariffs or trade policies; the ability to identify, complete and successfully integrate new acquisitions; the risk that expected cost savings and other benefits from acquisitions may not be fully realized or may take longer to realize than expected; diversion of management time on acquisition-related issues; the availability of and access to capital and liquidity on terms acceptable to us; legislative and regulatory changes and risks and expenses associated with current and future legislation and regulations; technological changes and cybersecurity risks and incidents; the effects of changes in accounting policies and practices; changes in governmental monetary and fiscal policies; political instability, military conflicts and other major domestic or international events; the impacts of recent or future adverse weather events, including hurricanes, and other natural disasters; disruptions, uncertainties and related effects on credit quality, liquidity and other aspects of our business and operations that may result from any future public health crises; competition from other financial institutions; potential claims, expenses and other adverse effects related to current or future litigation, regulatory examinations or other government actions; potential increases in deposit insurance assessments, increased regulatory scrutiny or market disruptions resulting from financial challenges in the banking industry; changes in the assumptions used in making the forward-looking statements; and other factors described in reports we file with the Securities and Exchange Commission (the “SEC”), including those factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 27, 2025.

    FOR MORE INFORMATION CONTACT:
    Donna Townsell
    Director of Investor Relations
    Home BancShares, Inc.
    (501) 328-4625

     Home BancShares, Inc.
     Consolidated End of Period Balance Sheets
     (Unaudited)
                         
     (In thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024
    ASSETS                    
                         
    Cash and due from banks   $ 291,344     $ 319,747     $ 281,063     $ 265,408     $ 229,209  
    Interest-bearing deposits with other banks     809,729       975,983       629,284       752,269       829,507  
    Cash and cash equivalents     1,101,073       1,295,730       910,347       1,017,677       1,058,716  
    Federal funds sold     2,600       6,275       3,725       6,425       —  
    Investment securities – available-for-sale, net of allowance for credit losses     2,899,968       3,003,320       3,072,639       3,270,620       3,344,539  
    Investment securities – held-to-maturity, net of allowance for credit losses     1,265,292       1,269,896       1,275,204       1,277,090       1,278,853  
    Total investment securities     4,165,260       4,273,216       4,347,843       4,547,710       4,623,392  
    Loans receivable     15,180,624       14,952,116       14,764,500       14,823,979       14,781,457  
    Allowance for credit losses     (281,869 )     (279,944 )     (275,880 )     (312,574 )     (295,856 )
    Loans receivable, net     14,898,755       14,672,172       14,488,620       14,511,405       14,485,601  
    Bank premises and equipment, net     379,729       384,843       386,322       388,776       383,691  
    Foreclosed assets held for sale     41,529       39,680       43,407       43,040       41,347  
    Cash value of life insurance     218,113       221,621       219,786       219,353       218,198  
    Accrued interest receivable     107,732       115,983       120,129       118,871       120,984  
    Deferred tax asset, net     174,323       170,120       186,697       176,629       195,041  
    Goodwill     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit intangible     36,255       38,280       40,327       42,395       44,490  
    Other assets     383,400       376,030       345,292       352,583       350,192  
    Total assets   $ 22,907,022     $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905  
                         
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
    Liabilities                    
    Deposits:                    
    Demand and non-interest-bearing   $ 4,024,574     $ 4,079,289     $ 4,006,115     $ 3,937,168     $ 4,068,302  
    Savings and interest-bearing transaction accounts     11,571,949       11,586,106       11,347,850       10,966,426       11,150,516  
    Time deposits     1,891,909       1,876,096       1,792,332       1,802,116       1,736,985  
    Total deposits     17,488,432       17,541,491       17,146,297       16,705,710       16,955,803  
    Securities sold under agreements to repurchase     140,813       161,401       162,350       179,416       137,996  
    FHLB and other borrowed funds     550,500       600,500       600,750       1,300,750       1,301,050  
    Accrued interest payable and other liabilities     203,004       207,154       181,080       238,058       230,011  
    Subordinated debentures     438,957       439,102       439,246       439,394       439,542  
    Total liabilities     18,821,706       18,949,648       18,529,723       18,863,328       19,064,402  
                         
    Stockholders’ equity                    
    Common stock     1,972       1,982       1,989       1,989       1,997  
    Capital surplus     2,221,576       2,246,312       2,272,794       2,272,100       2,295,893  
    Retained earnings     2,097,712       2,018,801       1,942,350       1,880,562       1,819,412  
    Accumulated other comprehensive loss     (235,944 )     (224,540 )     (256,108 )     (194,862 )     (261,799 )
    Total stockholders’ equity     4,085,316       4,042,555       3,961,025       3,959,789       3,855,503  
    Total liabilities and stockholders’ equity   $ 22,907,022     $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905  
                         
     Home BancShares, Inc.
     Consolidated Statements of Income
     (Unaudited)
                                 
         Quarter Ended   Six Months Ended
    (In thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
     Interest income:                            
    Loans   $ 276,041     $ 270,784     $ 278,409     $ 281,977     $ 274,324     $ 546,825     $ 539,618  
    Investment securities                            
    Taxable     26,444       27,433       28,943       31,006       32,587       53,877       65,816  
    Tax-exempt     7,626       7,650       7,704       7,704       7,769       15,276       15,572  
    Deposits – other banks     8,951       6,620       7,585       12,096       12,564       15,571       23,092  
    Federal funds sold     53       55       73       62       59       108       120  
    Total interest income     319,115       312,542       322,714       332,845       327,303       631,657       644,218  
     Interest expense:                            
    Interest on deposits     88,489       86,786       90,564       97,785       95,741       175,275       188,289  
    Federal funds purchased     —       —       —       1       —       —       —  
    FHLB and other borrowed funds     5,539       5,902       9,541       14,383       14,255       11,441       28,531  
    Securities sold under agreements to repurchase     1,012       1,074       1,346       1,335       1,363       2,086       2,767  
    Subordinated debentures     4,123       4,124       4,121       4,121       4,122       8,247       8,219  
    Total interest expense     99,163       97,886       105,572       117,625       115,481       197,049       227,806  
     Net interest income     219,952       214,656       217,142       215,220       211,822       434,608       416,412  
    Provision for credit losses on loans     3,000       —       16,700       18,200       8,000       3,000       13,500  
    Provision for (recovery of) credit losses on unfunded commitments     —       —       —       1,000       —       —       (1,000 )
    Recovery of credit losses on investment securities     —       —       —       (330 )     —       —       —  
    Total credit loss expense     3,000       —       16,700       18,870       8,000       3,000       12,500  
     Net interest income after credit loss expense     216,952       214,656       200,442       196,350       203,822       431,608       403,912  
     Non-interest income:                            
    Service charges on deposit accounts     9,552       9,650       9,935       9,888       9,714       19,202       19,400  
    Other service charges and fees     12,643       10,689       11,651       10,490       10,679       23,332       20,868  
    Trust fees     5,234       4,760       4,526       4,403       4,722       9,994       9,788  
    Mortgage lending income     4,780       3,599       3,518       4,437       4,276       8,379       7,834  
    Insurance commissions     589       535       483       595       565       1,124       1,073  
    Increase in cash value of life insurance     1,415       1,842       1,215       1,161       1,279       3,257       2,474  
    Dividends from FHLB, FRB, FNBB & other     2,657       2,718       2,820       2,637       2,998       5,375       6,005  
    Gain on SBA loans     —       288       218       145       56       288       254  
    Gain (loss) on branches, equipment and other assets, net     972       (163 )     26       32       2,052       809       2,044  
    Gain (loss) on OREO, net     13       (376 )     (2,423 )     85       49       (363 )     66  
    Fair value adjustment for marketable securities     (238 )     442       850       1,392       (274 )     204       729  
    Other income     13,462       11,442       8,403       7,514       6,658       24,904       14,038  
    Total non-interest income     51,079       45,426       41,222       42,779       42,774       96,505       84,573  
     Non-interest expense:                            
    Salaries and employee benefits     64,318       61,855       60,824       58,861       60,427       126,173       121,337  
    Occupancy and equipment     14,023       14,425       14,526       14,546       14,408       28,448       28,959  
    Data processing expense     8,364       8,558       9,324       9,088       8,935       16,922       18,082  
    Other operating expenses     29,335       28,090       27,536       27,550       29,415       57,425       56,303  
    Total non-interest expense     116,040       112,928       112,210       110,045       113,185       228,968       224,681  
     Income before income taxes     151,991       147,154       129,454       129,084       133,411       299,145       263,804  
    Income tax expense     33,588       31,945       28,890       29,046       31,881       65,533       62,165  
    Net income   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
                                 
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars and shares in thousands, except per share data)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    PER SHARE DATA                            
    Diluted earnings per common share   $ 0.60     $ 0.58     $ 0.51     $ 0.50     $ 0.51     $ 1.18     $ 1.00  
    Diluted earnings per common share, as adjusted (non-GAAP)(1)     0.58       0.56       0.50       0.50       0.52       1.14       1.01  
    Basic earnings per common share     0.60       0.58       0.51       0.50       0.51       1.18       1.00  
    Dividends per share – common     0.20       0.195       0.195       0.195       0.18       0.395       0.36  
    Shareholder buyback yield(2)     0.49 %     0.53 %     0.05 %     0.56 %     0.67 %     1.02 %     1.12 %
    Book value per common share   $ 20.71     $ 20.40     $ 19.92     $ 19.91     $ 19.30     $ 20.71     $ 19.30  
    Tangible book value per common share (non-GAAP)(1)     13.44       13.15       12.68       12.67       12.08       13.44       12.08  
                                 
    STOCK INFORMATION                            
    Average common shares outstanding     197,532       198,657       198,863       199,380       200,319       198,091       200,765  
    Average diluted shares outstanding     197,765       198,852       198,973       199,461       200,465       198,289       200,909  
    End of period common shares outstanding     197,239       198,206       198,882       198,879       199,746       197,239       199,746  
                                 
    ANNUALIZED PERFORMANCE METRICS                            
                                 
    Return on average assets (ROA)     2.08 %     2.07 %     1.77 %     1.74 %     1.79 %     2.08 %     1.78 %
    Return on average assets, as adjusted: (ROA, as adjusted) (non-GAAP)(1)     2.02 %     2.01 %     1.76 %     1.72 %     1.83 %     2.02 %     1.79 %
    Return on average assets excluding intangible amortization (non-GAAP)(1)     2.25 %     2.24 %     1.92 %     1.88 %     1.94 %     2.25 %     1.93 %
    Return on average assets, as adjusted, excluding intangible amortization (non-GAAP)(1)     2.18 %     2.18 %     1.91 %     1.86 %     1.98 %     2.18 %     1.94 %
    Return on average common equity (ROE)     11.77 %     11.75 %     10.13 %     10.23 %     10.73 %     11.76 %     10.69 %
    Return on average common equity, as adjusted: (ROE, as adjusted) (non-GAAP)(1)     11.39 %     11.41 %     10.05 %     10.12 %     10.98 %     11.40 %     10.76 %
    Return on average tangible common equity (ROTCE) (non-GAAP)(1)     18.26 %     18.39 %     15.94 %     16.26 %     17.29 %     18.33 %     17.26 %
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) (non-GAAP)(1)     17.68 %     17.87 %     15.82 %     16.09 %     17.69 %     17.77 %     17.38 %
    Return on average tangible common equity excluding intangible amortization (non-GAAP)(1)     18.50 %     18.64 %     16.18 %     16.51 %     17.56 %     18.57 %     17.53 %
    Return on average tangible common equity, as adjusted, excluding intangible amortization (non-GAAP)(1)     17.92 %     18.12 %     16.07 %     16.34 %     17.97 %     18.02 %     17.66 %
                                 
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    (2) Calculation of this metric is included in the schedules accompanying this release.
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Efficiency ratio     41.68 %     42.22 %     42.24 %     41.42 %     43.17 %     41.94 %     43.69 %
    Efficiency ratio, as adjusted (non-GAAP)(1)     42.01 %     42.84 %     42.00 %     41.66 %     42.59 %     42.42 %     43.50 %
    Net interest margin – FTE (NIM)     4.44 %     4.44 %     4.39 %     4.28 %     4.27 %     4.44 %     4.20 %
    Fully taxable equivalent adjustment   $ 2,526     $ 2,534     $ 2,398     $ 2,616     $ 2,628     $ 5,060     $ 3,520  
    Total revenue (net)     271,031       260,082       258,364       257,999       254,596       531,113       500,985  
    Pre-tax, pre-provision, net income (PPNR) (non-GAAP)(1)     154,991       147,154       146,154       147,954       141,411       302,145       276,304  
    PPNR, as adjusted (non-GAAP)(1)     150,404       142,821       145,209       146,562       141,886       293,225       275,614  
    Pre-tax net income to total revenue (net)     56.08 %     56.58 %     50.11 %     50.03 %     52.40 %     56.32 %     52.66 %
    Pre-tax net income, as adjusted, to total revenue (net) (non-GAAP)(1)     54.39 %     54.91 %     49.74 %     49.49 %     52.59 %     54.64 %     52.52 %
    P5NR (Pre-tax, pre-provision, profit percentage) (PPNR to total revenue (net)) (non-GAAP)(1)     57.19 %     56.58 %     56.57 %     57.35 %     55.54 %     56.89 %     55.15 %
    P5NR, as adjusted (non-GAAP)(1)     55.49 %     54.91 %     56.20 %     56.81 %     55.73 %     55.21 %     55.01 %
    Total purchase accounting accretion   $ 1,233     $ 1,378     $ 1,610     $ 1,878     $ 1,873     $ 2,611     $ 4,645  
    Average purchase accounting loan discounts     16,219       17,493       19,090       20,832       22,788       16,873       23,813  
                                 
    OTHER OPERATING EXPENSES                            
    Advertising   $ 2,054     $ 1,928     $ 1,941     $ 1,810     $ 1,692     $ 3,982     $ 3,346  
    Amortization of intangibles     2,025       2,047       2,068       2,095       2,140       4,072       4,280  
    Electronic banking expense     3,172       3,055       3,307       3,569       3,412       6,227       6,568  
    Directors’ fees     431       452       356       362       423       883       921  
    Due from bank service charges     283       281       271       302       282       564       558  
    FDIC and state assessment     1,636       3,387       3,216       3,360       5,494       5,023       8,812  
    Insurance     1,049       999       900       926       905       2,048       1,808  
    Legal and accounting     2,360       3,641       2,361       1,902       2,617       6,001       4,698  
    Other professional fees     2,211       1,947       1,736       2,062       2,108       4,158       4,344  
    Operating supplies     711       711       711       673       613       1,422       1,296  
    Postage     488       503       518       522       497       991       1,020  
    Telephone     419       436       438       455       444       855       914  
    Other expense     12,496       8,703       9,713       9,512       8,788       21,199       17,738  
    Total other operating expenses   $ 29,335     $ 28,090     $ 27,536     $ 27,550     $ 29,415     $ 57,425     $ 56,303  
                                 
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    Home BancShares, Inc.
    Selected Financial Information
    (Unaudited)
                         
    (Dollars in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024
    BALANCE SHEET RATIOS                    
    Total loans to total deposits     86.80 %     85.24 %     86.11 %     88.74 %     87.18 %
    Common equity to assets     17.83 %     17.58 %     17.61 %     17.35 %     16.82 %
    Tangible common equity to tangible assets (non-GAAP)(1)     12.35 %     12.09 %     11.98 %     11.78 %     11.23 %
                    .    
    LOANS RECEIVABLE                    
    Real estate                    
    Commercial real estate loans                    
    Non-farm/non-residential   $ 5,553,182     $ 5,588,681     $ 5,426,780     $ 5,496,536     $ 5,599,925  
    Construction/land development     2,695,561       2,735,760       2,736,214       2,741,419       2,511,817  
    Agricultural     315,926       335,437       336,993       335,965       345,461  
    Residential real estate loans                    
    Residential 1-4 family     2,138,990       1,947,872       1,956,489       1,932,352       1,910,143  
    Multifamily residential     620,439       576,089       496,484       482,648       509,091  
    Total real estate     11,324,098       11,183,839       10,952,960       10,988,920       10,876,437  
    Consumer     1,218,834       1,227,745       1,234,361       1,219,197       1,189,386  
    Commercial and industrial     2,107,326       2,045,036       2,022,775       2,084,667       2,242,072  
    Agricultural     323,457       314,323       367,251       352,963       314,600  
    Other     206,909       181,173       187,153       178,232       158,962  
    Loans receivable   $ 15,180,624     $ 14,952,116     $ 14,764,500     $ 14,823,979     $ 14,781,457  
                         
    ALLOWANCE FOR CREDIT LOSSES                    
    Balance, beginning of period   $ 279,944     $ 275,880     $ 312,574     $ 295,856     $ 290,294  
    Loans charged off     4,071       3,458       53,959       2,001       3,098  
    Recoveries of loans previously charged off     2,996       7,522       565       519       660  
    Net loans charged off (recovered)     1,075       (4,064 )     53,394       1,482       2,438  
    Provision for credit losses – loans     3,000       —       16,700       18,200       8,000  
    Balance, end of period   $ 281,869     $ 279,944     $ 275,880     $ 312,574     $ 295,856  
                         
    Net charge-offs (recoveries) to average total loans     0.03 %     (0.11 )%     1.44 %     0.04 %     0.07 %
    Allowance for credit losses to total loans     1.86 %     1.87 %     1.87 %     2.11 %     2.00 %
                         
    NON-PERFORMING ASSETS                    
    Non-performing loans                    
    Non-accrual loans   $ 89,261     $ 86,383     $ 93,853     $ 95,747     $ 78,090  
    Loans past due 90 days or more     7,031       3,264       5,034       5,356       8,251  
    Total non-performing loans     96,292       89,647       98,887       101,103       86,341  
    Other non-performing assets                    
    Foreclosed assets held for sale, net     41,529       39,680       43,407       43,040       41,347  
    Other non-performing assets     —       63       63       63       63  
    Total other non-performing assets     41,529       39,743       43,470       43,103       41,410  
    Total non-performing assets   $ 137,821     $ 129,390     $ 142,357     $ 144,206     $ 127,751  
                         
    Allowance for credit losses for loans to non-performing loans     292.72 %     312.27 %     278.99 %     309.16 %     342.66 %
    Non-performing loans to total loans     0.63 %     0.60 %     0.67 %     0.68 %     0.58 %
    Non-performing assets to total assets     0.60 %     0.56 %     0.63 %     0.63 %     0.56 %
                         
    (1) Calculation of this metric and the reconciliation to GAAP are included in the schedules accompanying this release.
    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                             
        Three Months Ended
        June 30, 2025   March 31, 2025
    (Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
    ASSETS                        
    Earning assets                        
    Interest-bearing balances due from banks   $ 813,833   $ 8,951   4.41 %   $ 611,962   $ 6,620   4.39 %
    Federal funds sold     4,878     53   4.36 %     5,091     55   4.38 %
    Investment securities – taxable     3,095,764     26,444   3.43 %     3,179,290     27,433   3.50 %
    Investment securities – non-taxable – FTE     1,113,044     10,033   3.62 %     1,135,783     10,061   3.59 %
    Loans receivable – FTE     15,055,414     276,160   7.36 %     14,893,912     270,907   7.38 %
    Total interest-earning assets     20,082,933     321,641   6.42 %     19,826,038     315,076   6.45 %
    Non-earning assets     2,714,805             2,722,797        
    Total assets   $ 22,797,738           $ 22,548,835        
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Liabilities                        
    Interest-bearing liabilities                        
    Savings and interest-bearing transaction accounts   $ 11,541,641   $ 71,042   2.47 %   $ 11,402,688   $ 69,672   2.48 %
    Time deposits     1,886,147     17,447   3.71 %     1,801,503     17,114   3.85 %
    Total interest-bearing deposits     13,427,788     88,489   2.64 %     13,204,191     86,786   2.67 %
    Federal funds purchased     46     —   — %     —     —   — %
    Securities sold under agreement to repurchase   143,752     1,012   2.82 %     155,861     1,074   2.79 %
    FHLB and other borrowed funds     566,984     5,539   3.92 %     600,681     5,902   3.98 %
    Subordinated debentures     439,027     4,123   3.77 %     439,173     4,124   3.81 %
    Total interest-bearing liabilities     14,577,597     99,163   2.73 %     14,399,906     97,886   2.76 %
    Non-interest bearing liabilities                        
    Non-interest bearing deposits     3,981,901             3,980,944        
    Other liabilities     202,085             190,314        
    Total liabilities     18,761,583             18,571,164        
    Shareholders’ equity     4,036,155             3,977,671        
    Total liabilities and shareholders’ equity   $ 22,797,738           $ 22,548,835        
    Net interest spread           3.69 %           3.69 %
    Net interest income and margin – FTE       $ 222,478   4.44 %       $ 217,190   4.44 %
                             
    Home BancShares, Inc.
    Consolidated Net Interest Margin
    (Unaudited)
                             
        Six Months Ended
        June 30, 2025   June 30, 2024
    (Dollars in thousands)   Average Balance   Income/ Expense   Yield/ Rate   Average Balance   Income/ Expense   Yield/ Rate
    ASSETS                        
    Earning assets                        
    Interest-bearing balances due from banks   $ 713,455   $ 15,571   4.40 %   $ 865,686   $ 23,092   5.36 %
    Federal funds sold     4,984     108   4.37 %     4,718     120   5.11 %
    Investment securities – taxable     3,137,296     53,877   3.46 %     3,459,639     65,816   3.83 %
    Investment securities – non-taxable – FTE     1,124,351     20,094   3.60 %     1,221,431     18,896   3.11 %
    Loans receivable – FTE     14,975,109     547,067   7.37 %     14,568,029     539,814   7.45 %
    Total interest-earning assets     19,955,195     636,717   6.43 %     20,119,503     647,738   6.47 %
    Non-earning assets     2,718,779             2,660,101        
    Total assets   $ 22,673,974           $ 22,779,604        
                             
    LIABILITIES AND SHAREHOLDERS’ EQUITY                    
    Liabilities                        
    Interest-bearing liabilities                        
    Savings and interest-bearing transaction accounts   $ 11,472,548   $ 140,713   2.47 %   $ 11,078,749   $ 153,525   2.79 %
    Time deposits     1,844,059     34,562   3.78 %     1,708,902     34,764   4.09 %
    Total interest-bearing deposits     13,316,607     175,275   2.65 %     12,787,651     188,289   2.96 %
    Federal funds purchased     23     —   — %     17     —   — %
    Securities sold under agreement to repurchase   149,773     2,086   2.81 %     165,962     2,767   3.35 %
    FHLB and other borrowed funds     583,739     11,441   3.95 %     1,301,071     28,531   4.41 %
    Subordinated debentures     439,100     8,247   3.79 %     439,686     8,219   3.76 %
    Total interest-bearing liabilities     14,489,242     197,049   2.74 %     14,694,387     227,806   3.12 %
    Non-interest bearing liabilities                        
    Non-interest bearing deposits     3,981,425             4,050,787        
    Other liabilities     196,232             239,704        
    Total liabilities     18,666,899             18,984,878        
    Shareholders’ equity     4,007,075             3,794,726        
    Total liabilities and shareholders’ equity   $ 22,673,974           $ 22,779,604        
    Net interest spread           3.69 %           3.35 %
    Net interest income and margin – FTE       $ 439,668   4.44 %       $ 419,932   4.20 %
    Home BancShares, Inc.
    Non-GAAP Reconciliations
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars and shares in thousands, except per share data)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    EARNINGS, AS ADJUSTED                            
    GAAP net income available to common shareholders (A)   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
    Pre-tax adjustments                            
    FDIC special assessment     (1,516 )     —       —       —       2,260       (1,516 )     2,260  
    BOLI death benefits     (1,243 )     —       (95 )     —       —       (1,243 )     (162 )
    Gain on sale of premises and equipment     (983 )     —       —       —       (2,059 )     (983 )     (2,059 )
    Fair value adjustment for marketable securities     238       (442 )     (850 )     (1,392 )     274       (204 )     (729 )
    Special income from equity investment     (3,498 )     (3,891 )     —       —       —       (7,389 )     —  
    Legal fee reimbursement     (885 )     —       —       —       —       (885 )     —  
    Legal claims expense     3,300       —       —       —       —       3,300       —  
    Total pre-tax adjustments     (4,587 )     (4,333 )     (945 )     (1,392 )     475       (8,920 )     (690 )
    Tax-effect of adjustments     (817 )     (1,059 )     (208 )     (348 )     119       (1,876 )     (132 )
    Deferred tax asset write-down     —       —       —       —       2,030       —       2,030  
    Total adjustments after-tax (B)     (3,770 )     (3,274 )     (737 )     (1,044 )     2,386       (7,044 )     1,472  
    Earnings, as adjusted (C)   $ 114,633     $ 111,935     $ 99,827     $ 98,994     $ 103,916     $ 226,568     $ 203,111  
                                 
    Average diluted shares outstanding (D)     197,765       198,852       198,973       199,461       200,465       198,289       200,909  
                                 
    GAAP diluted earnings per share: (A/D)   $ 0.60     $ 0.58     $ 0.51     $ 0.50     $ 0.51     $ 1.18     $ 1.00  
    Adjustments after-tax: (B/D)     (0.02 )     (0.02 )     (0.01 )     0.00       0.01       (0.04 )     0.01  
    Diluted earnings per common share, as adjusted: (C/D)   $ 0.58     $ 0.56     $ 0.50     $ 0.50     $ 0.52     $ 1.14     $ 1.01  
                                 
    ANNUALIZED RETURN ON AVERAGE ASSETS                            
    Return on average assets: (A/E)     2.08 %     2.07 %     1.77 %     1.74 %     1.79 %     2.08 %     1.78 %
    Return on average assets, as adjusted: (ROA, as adjusted) ((A+D)/E)     2.02 %     2.01 %     1.76 %     1.72 %     1.83 %     2.02 %     1.79 %
    Return on average assets excluding intangible amortization: ((A+C)/(E-F))     2.25 %     2.24 %     1.92 %     1.88 %     1.94 %     2.25 %     1.93 %
    Return on average assets, as adjusted, excluding intangible amortization: ((A+C+D)/(E-F))     2.18 %     2.18 %     1.91 %     1.86 %     1.98 %     2.18 %     1.94 %
                                 
    GAAP net income available to common shareholders (A)   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
    Amortization of intangibles (B)     2,025       2,047       2,068       2,095       2,140       4,072       4,280  
    Amortization of intangibles after-tax (C)     1,530       1,547       1,563       1,572       1,605       3,077       3,210  
    Adjustments after-tax (D)     (3,770 )     (3,274 )     (737 )     (1,044 )     2,386       (7,044 )     1,472  
    Average assets (E)     22,797,738       22,548,835       22,565,077       22,893,784       22,875,949       22,673,974       22,779,604  
    Average goodwill & core deposit intangible (F)     1,435,480       1,437,515       1,439,566       1,441,654       1,443,778       1,436,492       1,444,840  
     Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    ANNUALIZED RETURN ON AVERAGE COMMON EQUITY                            
    Return on average common equity: (A/D)     11.77 %     11.75 %     10.13 %     10.23 %     10.73 %     11.76 %     10.69 %
    Return on average common equity, as adjusted: (ROE, as adjusted) ((A+C)/D)     11.39 %     11.41 %     10.05 %     10.12 %     10.98 %     11.40 %     10.76 %
    Return on average tangible common equity: (ROTCE) (A/(D-E))     18.26 %     18.39 %     15.94 %     16.26 %     17.29 %     18.33 %     17.26 %
    Return on average tangible common equity, as adjusted: (ROTCE, as adjusted) ((A+C)/(D-E))     17.68 %     17.87 %     15.82 %     16.09 %     17.69 %     17.77 %     17.38 %
    Return on average tangible common equity excluding intangible amortization: (B/(D-E))     18.50 %     18.64 %     16.18 %     16.51 %     17.56 %     18.57 %     17.53 %
    Return on average tangible common equity, as adjusted, excluding intangible amortization: ((B+C)/(D-E))     17.92 %     18.12 %     16.07 %     16.34 %     17.97 %     18.02 %     17.66 %
                                 
    GAAP net income available to common shareholders (A)   $ 118,403     $ 115,209     $ 100,564     $ 100,038     $ 101,530     $ 233,612     $ 201,639  
    Earnings excluding intangible amortization (B)     119,933       116,756       102,127       101,610       103,135       236,689       204,849  
    Adjustments after-tax (C)     (3,770 )     (3,274 )     (737 )     (1,044 )     2,386       (7,044 )     1,472  
    Average common equity (D)     4,036,155       3,977,671       3,950,176       3,889,712       3,805,800       4,007,075       3,794,726  
    Average goodwill & core deposits intangible (E)     1,435,480       1,437,515       1,439,566       1,441,654       1,443,778       1,436,492       1,444,840  
                                 
    EFFICIENCY RATIO & P5NR                            
    Efficiency ratio: ((D-G)/(B+C+E))     41.68 %     42.22 %     42.24 %     41.42 %     43.17 %     41.94 %     43.69 %
    Efficiency ratio, as adjusted: ((D-G-I)/(B+C+E-H))     42.01 %     42.84 %     42.00 %     41.66 %     42.59 %     42.42 %     43.50 %
    Pre-tax net income to total revenue (net) (A/(B+C))     56.08 %     56.58 %     50.11 %     50.03 %     52.40 %     56.32 %     52.66 %
    Pre-tax net income, as adjusted, to total revenue (net) ((A+F)/(B+C))     54.39 %     54.91 %     49.74 %     49.49 %     52.59 %     54.64 %     52.52 %
    Pre-tax, pre-provision, net income (PPNR) (B+C-D)   $ 154,991     $ 147,154     $ 146,154     $ 147,954     $ 141,411     $ 302,145     $ 276,304  
    Pre-tax, pre-provision, net income, as adjusted (B+C-D+F)   $ 150,404     $ 142,821     $ 145,209     $ 146,562     $ 141,886     $ 293,225     $ 275,614  
    P5NR (Pre-tax, pre-provision, profit percentage) PPNR to total revenue (net)) (B+C-D)/(B+C)     57.19 %     56.58 %     56.57 %     57.35 %     55.54 %     56.89 %     55.15 %
    P5NR, as adjusted (B+C-D+F)/(B+C)     55.49 %     54.91 %     56.20 %     56.81 %     55.73 %     55.21 %     55.01 %
                                 
    Pre-tax net income (A)   $ 151,991     $ 147,154     $ 129,454     $ 129,084     $ 133,411     $ 299,145     $ 263,804  
    Net interest income (B)     219,952       214,656       217,142       215,220       211,822       434,608       416,412  
    Non-interest income (C)     51,079       45,426       41,222       42,779       42,774       96,505       84,573  
    Non-interest expense (D)     116,040       112,928       112,210       110,045       113,185       228,968       224,681  
    Fully taxable equivalent adjustment (E)     2,526       2,534       2,398       2,616       2,628       5,060       3,520  
    Total pre-tax adjustments (F)     (4,587 )     (4,333 )     (945 )     (1,392 )     475       (8,920 )     (690 )
    Amortization of intangibles (G)     2,025       2,047       2,068       2,095       2,140       4,072       4,280  
                                 
    Adjustments:                            
    Non-interest income:                            
    Fair value adjustment for marketable securities   $ (238 )   $ 442     $ 850     $ 1,392     $ (274 )   $ 204     $ 729  
    Gain (loss) on OREO     13       (376 )     (2,423 )     85       49       (363 )     66  
    Gain (loss) on branches, equipment and other assets, net     972       (163 )     26       32       2,052       809       2,044  
    Special income from equity investment     3,498       3,891       —       —       —       7,389       —  
    BOLI death benefits     1,243       —       95       —       —       1,243       162  
    Legal expense reimbursement     885       —       —       —       —       885       —  
    Total non-interest income adjustments (H)   $ 6,373     $ 3,794     $ (1,452 )   $ 1,509     $ 1,827     $ 10,167     $ 3,001  
                                 
    Non-interest expense:                            
    FDIC special assessment     (1,516 )     —       —       —       2,260       (1,516 )     2,260  
    Legal claims expense     3,300       —       —       —       —       3,300       —  
    Total non-interest expense adjustments (I)   $ 1,784     $ —     $ —     $ —     $ 2,260     $ 1,784     $ 2,260  
                                 
    Home BancShares, Inc.
     Non-GAAP Reconciliations
     (Unaudited)
                         
        Quarter Ended
        Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024
    TANGIBLE BOOK VALUE PER COMMON SHARE                    
    Book value per common share: (A/B)   $ 20.71     $ 20.40     $ 19.92     $ 19.91     $ 19.30  
    Tangible book value per common share: ((A-C-D)/B)     13.44       13.15       12.68       12.67       12.08  
                         
    Total stockholders’ equity (A)   $ 4,085,316     $ 4,042,555     $ 3,961,025     $ 3,959,789     $ 3,855,503  
    End of period common shares outstanding (B)     197,239       198,206       198,882       198,879       199,746  
    Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit and other intangibles (D)     36,255       38,280       40,327       42,395       44,490  
                         
    TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS                    
    Equity to assets: (B/A)     17.83 %     17.58 %     17.61 %     17.35 %     16.82 %
    Tangible common equity to tangible assets: ((B-C-D)/(A-C-D))     12.35 %     12.09 %     11.98 %     11.78 %     11.23 %
                         
    Total assets (A)   $ 22,907,022     $ 22,992,203     $ 22,490,748     $ 22,823,117     $ 22,919,905  
    Total stockholders’ equity (B)     4,085,316       4,042,555       3,961,025       3,959,789       3,855,503  
    Goodwill (C)     1,398,253       1,398,253       1,398,253       1,398,253       1,398,253  
    Core deposit and other intangibles (D)     36,255       38,280       40,327       42,395       44,490  
                         
    Home BancShares, Inc.
    Shareholder Buyback Yield
    (Unaudited)
                                 
        Quarter Ended   Six Months Ended
    (Dollars and shares in thousands)   Jun. 30, 2025   Mar. 31, 2025   Dec. 31, 2024   Sep. 30, 2024   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    SHAREHOLDER BUYBACK YIELD                            
    Shareholder buyback yield: (A/B)     0.49 %     0.53 %     0.05 %     0.56 %     0.67 %     1.02 %     1.12 %
                                 
    Shares repurchased     1,000       1,000       96       1,000       1,400       2,000       2,426  
    Average price per share   $ 26.99     $ 29.67     $ 26.38     $ 26.90     $ 23.26     $ 28.33     $ 23.31  
    Principal cost     26,989       29,668       2,526       26,902       32,562       56,657       56,549  
    Excise tax     459       117       (72 )     63       285       576       421  
    Total share repurchase cost (A)   $ 27,448     $ 29,785     $ 2,454     $ 26,965     $ 32,847     $ 57,233     $ 56,970  
                                 
    Shares outstanding beginning of period     198,206       198,882       198,879       199,746       200,797       198,882       201,526  
    Price per share beginning of period   $ 28.27     $ 28.30     $ 27.09     $ 23.96     $ 24.57     $ 28.30     $ 25.33  
    Market capitalization beginning of period (B)   $ 5,603,284     $ 5,628,361     $ 5,387,632     $ 4,785,914     $ 4,933,582     $ 5,628,361     $ 5,104,654  
                                 

    The MIL Network –

  • MIL-OSI USA: ICE Detroit arrests suspected member of foreign terrorist organization Tren de Aragua

    Source: US Immigration and Customs Enforcement

    TRAVERSE CITY, Mich. — Officers and agents with ICE Detroit arrested a suspected member of the foreign terrorist organization Tren De Aragua in Traverse City, Michigan, on the 4th of July.

    Enforcement and Removal Operations alongside Homeland Security Investigations arrested Kleiber Siso Balza, a 25-year-old illegal alien from Venezuela.

    Siso has an active warrant out of Virginia for possession of burglary tools and a pending charge out of Florida for larceny. Siso was apprehended in the company of three other men who were also in the country illegally.

    “Our teams are working daily to remove criminal aliens and immigration violators from our communities across Michigan and Ohio,” said ICE ERO Detroit acting Field Office Director Kevin Raycraft. “I’m extraordinarily grateful to our officers for their service, especially when they sacrifice time with their own families to keep our communities safe.”

    “Tren De Aragua is known to engage in sex trafficking, debt bondage, drug trafficking, and murder to advance their interests,” said ICE HSI Detroit acting Special Agent in Charge Jared Murphey. “We’re thankful to have the assistance of our TSA, Federal Air Marshals and IRS partners in executing this important mission.”

    Members of the public can report immigration crimes or suspicious activity by dialing the ICE Tip Line at 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE Detroit’s mission to increase public safety in our Michigan and Ohio communities on X at @ERODetroit and @HSIDetroit.

    MIL OSI USA News –

  • MIL-OSI: South Plains Financial, Inc. Reports Second Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, July 16, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter ended June 30, 2025.

    Second Quarter 2025 Highlights

    • Net income for the second quarter of 2025 was $14.6 million, compared to $12.3 million for the first quarter of 2025 and $11.1 million for the second quarter of 2024.
    • Diluted earnings per share for the second quarter of 2025 was $0.86, compared to $0.72 for the first quarter of 2025 and $0.66 for the second quarter of 2024.
    • Average cost of deposits for the second quarter of 2025 was 214 basis points, compared to 219 basis points for the first quarter of 2025 and 243 basis points for the second quarter of 2024.
    • Net interest margin, on a tax-equivalent basis, was 4.07% for the second quarter of 2025, compared to 3.81% for the first quarter of 2025 and 3.63% for the second quarter of 2024.
    • Return on average assets for the second quarter of 2025 was 1.34%, compared to 1.16% for the first quarter of 2025 and 1.07% for the second quarter of 2024.
    • Tangible book value (non-GAAP) per share was $26.70 as of June 30, 2025, compared to $26.05 as of March 31, 2025 and $24.15 as of June 30, 2024.
    • The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at June 30, 2025 were 18.17%, 13.86%, and 12.12%, respectively.

    Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “We delivered solid second quarter results highlighted by steady margin expansion, continued loan growth despite high levels of loan payoffs, which were expected, and healthy capital levels that continued to build through the quarter. Additionally, we believe the credit quality of our loan portfolio remained solid through the quarter. We believe that we are in a strong position to take advantage of opportunities as they present themselves and are pursuing a strategy to increase the assets of the Bank primarily focused on expanding our lending capabilities. Our community-based deposit franchise continues to provide a stable, lower-cost funding source for loan growth across our markets and our team has done a terrific job growing our loan portfolio over the last five years. We believe that we have opportunities to accelerate that growth by further expanding our lending platform and adding experienced commercial lenders who share our culture and values, and who can bring high quality customer relationships to the Bank. We recruited several experienced lenders in the Dallas market during the second quarter and will continue to add talent in the quarters to come as we expand our reach and continue to work to take market share.”

    Results of Operations, Quarter Ended June 30, 2025

    Net Interest Income

    Net interest income was $42.5 million for the second quarter of 2025, compared to $38.5 million for the first quarter of 2025 and $35.9 million for the second quarter of 2024. Net interest margin, calculated on a tax-equivalent basis, was 4.07% for the second quarter of 2025, compared to 3.81% for the first quarter of 2025 and 3.63% for the second quarter of 2024. The average yield on loans was 6.99% for the second quarter of 2025, compared to 6.67% for the first quarter of 2025 and 6.60% for the second quarter of 2024. The average cost of deposits was 214 basis points for the second quarter of 2025, which is 5 basis points lower than the first quarter of 2025 and 29 basis points lower than the second quarter of 2024. There was a recovery of $1.7 million in interest during the second quarter of 2025, related to a full repayment of a loan that had previously been on nonaccrual. This recovery positively impacted the net interest margin by 17 basis points and the loan yield by 23 basis points during the second quarter of 2025.

    Interest income was $64.1 million for the second quarter of 2025, compared to $59.9 million for the first quarter of 2025 and $59.2 million for the second quarter of 2024. Interest income increased $4.2 million in the second quarter of 2025 from the first quarter of 2025, which was primarily comprised of an increase of $3.3 million in loan interest income and an increase of $888 thousand in interest income on other earning assets. The increase in loan interest income was due primarily to the $1.7 million recovery of interest and growth of $20.0 million in average loans outstanding during the second quarter of 2025. The increase in interest income on other earning assets was mainly due to an increase of $69.8 million in average other interest-earning assets during the second quarter of 2025. Interest income increased $4.9 million in the second quarter of 2025 compared to the second quarter of 2024. This increase was primarily due to the $1.7 million recovery of interest and an increase of average loans of $12.0 million and higher loan interest rates during the period, resulting in growth of $3.3 million in loan interest income.

    Interest expense was $21.6 million for the second quarter of 2025, compared to $21.4 million for the first quarter of 2025 and $23.3 million for the second quarter of 2024. Interest expense increased $237 thousand compared to the first quarter of 2025 and decreased $1.7 million compared to the second quarter of 2024. The $237 thousand increase was primarily as a result of a $21.2 million increase in average interest-bearing deposits during the second quarter of 2025 as compared to the first quarter of 2025. The $1.7 million decrease was primarily as a result of a 42 basis point decline in the cost of interest-bearing deposits, partially offset by an increase of $151.3 million in average interest-bearing deposits in the second quarter of 2025 as compared to the second quarter of 2024.

    Noninterest Income and Noninterest Expense

    Noninterest income was $12.2 million for the second quarter of 2025, compared to $10.6 million for the first quarter of 2025 and $12.7 million for the second quarter of 2024. The increase from the first quarter of 2025 was primarily due to an increase of $1.5 million in mortgage banking revenues, mainly as a result of an increase of $1.4 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value stabilized in the second quarter of 2025 after declining in the first quarter of 2025. The decrease in noninterest income for the second quarter of 2025 as compared to the second quarter of 2024 was primarily due to a decrease of $523 thousand in income from investments in Small Business Investment Companies.

    Noninterest expense was $33.5 million for the second quarter of 2025, compared to $33.0 million for the first quarter of 2025 and $32.6 million for the second quarter of 2024. The $513 thousand increase from the first quarter of 2025 was largely the result of an increase of $267 thousand in personnel expenses and $144 thousand in increased professional service expenses. The $971 thousand increase in noninterest expense for the second quarter of 2025 as compared to the second quarter of 2024 was largely the result of an increase of $509 thousand in personnel expenses, mainly a result of annual salary adjustments.

    Loan Portfolio and Composition

    Loans held for investment were $3.10 billion as of June 30, 2025, compared to $3.08 billion as of March 31, 2025 and $3.09 billion as of June 30, 2024. The increase of $23.1 million, or 3.0% annualized, during the second quarter of 2025 as compared to the first quarter of 2025 occurred primarily as a result of organic loan growth experienced broadly across the portfolio, partially offset by a decrease of $52.6 million in multi-family property loans mainly due to the payoff of three loans totaling $49.1 million. As of June 30, 2025, loans held for investment increased $4.7 million, or 0.2%, from June 30, 2024.

    Deposits and Borrowings

    Deposits totaled $3.74 billion as of June 30, 2025, compared to $3.79 billion as of March 31, 2025 and $3.62 billion as of June 30, 2024. Deposits decreased by $53.6 million, or 1.4%, in the second quarter of 2025 from March 31, 2025. Deposits increased by $114.4 million, or 3.2%, at June 30, 2025 as compared to June 30, 2024. Noninterest-bearing deposits were $998.8 million as of June 30, 2025, compared to $966.5 million as of March 31, 2025 and $951.6 million as of June 30, 2024. Noninterest-bearing deposits represented 26.7% of total deposits as of June 30, 2025. The quarterly change in total deposits was mainly due to a seasonal decrease of $73.7 million in public fund deposits, partially offset by organic growth in retail and commercial deposits. The year-over-year increase in total deposits was primarily the result of continued organic growth in retail and commercial deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the second quarter of 2025 of $2.5 million, compared to $420 thousand in the first quarter of 2025 and $1.8 million in the second quarter of 2024. The provision during the second quarter of 2025 was largely attributable to an increase in specific reserves, net charge-off activity, increased loan balances, and several credit quality downgrades.

    The ratio of allowance for credit losses to loans held for investment was 1.45% as of June 30, 2025, compared to 1.40% as of March 31, 2025 and 1.40% as of June 30, 2024.

    The ratio of nonperforming assets to total assets was 0.25% as of June 30, 2025, compared to 0.16% as of March 31, 2025 and 0.57% as of June 30, 2024. Annualized net charge-offs were 0.06% for the second quarter of 2025, compared to 0.07% for the first quarter of 2025 and 0.10% for the second quarter of 2024.

    Capital

    Book value per share increased to $27.98 at June 30, 2025, compared to $27.33 at March 31, 2025. The change was primarily driven by $12.2 million of net income after dividends paid, partially offset by a decrease in accumulated other comprehensive income of $2.3 million. The ratio of tangible common equity to tangible assets (non-GAAP) increased 34 basis points to 9.98% during the second quarter of 2025.

    Conference Call

    South Plains will host a conference call to discuss its second quarter 2025 financial results today, July 16, 2025, at 5:00 p.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13754259. The replay will be available until July 30, 2025.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

    We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

    A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

    Available Information

    The Company routinely posts important information for investors on its web site (under www.spfi.bank and, more specifically, under the News & Events tab at www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; changes in unemployment rates in the United States and our market areas; adverse changes in customer spending and savings habits; declines in commercial real estate values and prices; a deterioration of the credit rating for U.S. long-term sovereign debt or uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events, including as a result of the policies of the current U.S. presidential administration or Congress; the impacts of tariffs, sanctions and other trade policies of the United States and its global trading counterparts and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
      investors@city.bank
       

    Source: South Plains Financial, Inc.

     
    South Plains Financial, Inc.
    Consolidated Financial Highlights – (Unaudited)
    (Dollars in thousands, except share data)
     
      As of and for the quarter ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Selected Income Statement Data:                            
    Interest income $ 64,135     $ 59,922     $ 61,324     $ 61,640     $ 59,208  
    Interest expense   21,632       21,395       22,776       24,346       23,320  
    Net interest income   42,503       38,527       38,548       37,294       35,888  
    Provision for credit losses   2,500       420       1,200       495       1,775  
    Noninterest income   12,165       10,625       13,319       10,635       12,709  
    Noninterest expense   33,543       33,030       29,948       33,128       32,572  
    Income tax expense   4,020       3,408       4,222       3,094       3,116  
    Net income   14,605       12,294       16,497       11,212       11,134  
    Per Share Data (Common Stock):                            
    Net earnings, basic $ 0.90     $ 0.75     $ 1.01     $ 0.68     $ 0.68  
    Net earnings, diluted   0.86       0.72       0.96       0.66       0.66  
    Cash dividends declared and paid   0.15       0.15       0.15       0.14       0.14  
    Book value   27.98       27.33       26.67       27.04       25.45  
    Tangible book value (non-GAAP)   26.70       26.05       25.40       25.75       24.15  
    Weighted average shares outstanding, basic   16,231,627       16,415,862       16,400,361       16,386,079       16,425,360  
    Weighted average shares outstanding, dilutive   16,886,993       17,065,599       17,161,646       17,056,959       16,932,077  
    Shares outstanding at end of period   16,230,475       16,235,647       16,455,826       16,386,627       16,424,021  
    Selected Period End Balance Sheet Data:                            
    Cash and cash equivalents $ 470,496     $ 536,300     $ 359,082     $ 471,167     $ 298,006  
    Investment securities   570,000       571,527       577,240       606,889       591,031  
    Total loans held for investment   3,098,978       3,075,860       3,055,054       3,037,375       3,094,273  
    Allowance for credit losses   45,010       42,968       43,237       42,886       43,173  
    Total assets   4,363,674       4,405,209       4,232,239       4,337,659       4,220,936  
    Interest-bearing deposits   2,740,179       2,826,055       2,685,366       2,720,880       2,672,948  
    Noninterest-bearing deposits   998,759       966,464       935,510       998,480       951,565  
    Total deposits   3,738,938       3,792,519       3,620,876       3,719,360       3,624,513  
    Borrowings   111,799       110,400       110,354       110,307       110,261  
    Total stockholders’ equity   454,074       443,743       438,949       443,122       417,985  
    Summary Performance Ratios:                            
    Return on average assets (annualized)   1.34 %     1.16 %     1.53 %     1.05 %     1.07 %
    Return on average equity (annualized)   13.05 %     11.30 %     14.88 %     10.36 %     10.83 %
    Net interest margin (1)   4.07 %     3.81 %     3.75 %     3.65 %     3.63 %
    Yield on loans   6.99 %     6.67 %     6.69 %     6.68 %     6.60 %
    Cost of interest-bearing deposits   2.91 %     2.93 %     3.12 %     3.36 %     3.33 %
    Efficiency ratio   61.11 %     66.90 %     57.50 %     68.80 %     66.72 %
    Summary Credit Quality Data:                            
    Nonperforming loans $ 10,463     $ 6,467     $ 24,023     $ 24,693     $ 23,452  
    Nonperforming loans to total loans held for investment   0.34 %     0.21 %     0.79 %     0.81 %     0.76 %
    Other real estate owned $ 535     $ 600     $ 530     $ 973     $ 755  
    Nonperforming assets to total assets   0.25 %     0.16 %     0.58 %     0.59 %     0.57 %
    Allowance for credit losses to total loans held for investment   1.45 %     1.40 %     1.42 %     1.41 %     1.40 %
    Net charge-offs to average loans outstanding (annualized)   0.06 %     0.07 %     0.11 %     0.11 %     0.10 %
      As of and for the quarter ended
      June 30
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Capital Ratios:                            
    Total stockholders’ equity to total assets   10.41 %     10.07 %     10.37 %     10.22 %     9.90 %
    Tangible common equity to tangible assets (non-GAAP)   9.98 %     9.64 %     9.92 %     9.77 %     9.44 %
    Common equity tier 1 to risk-weighted assets   13.86 %     13.59 %     13.53 %     13.25 %     12.61 %
    Tier 1 capital to average assets   12.12 %     12.04 %     12.04 %     11.76 %     11.81 %
    Total capital to risk-weighted assets   18.17 %     17.93 %     17.86 %     17.61 %     16.86 %
     
    (1)  Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Three Months Ended
      June 30, 2025   June 30, 2024
           
      Average
    Balance    		   Interest   Yield/Rate   Average
    Balance    		   Interest   Yield/Rate
    Assets                                  
    Loans $ 3,094,558   $ 53,894     6.99 %   $ 3,082,601   $ 50,579     6.60 %
    Debt securities – taxable   508,508     4,700     3.71 %     533,553     5,285     3.98 %
    Debt securities – nontaxable   152,202     1,015     2.67 %     155,408     1,022     2.64 %
    Other interest-bearing assets   456,818     4,747     4.17 %     225,720     2,545     4.53 %
                                       
    Total interest-earning assets   4,212,086     64,356     6.13 %     3,997,282     59,431     5.98 %
    Noninterest-earning assets   166,763                 171,472            
                                       
    Total assets $ 4,378,849               $ 4,168,754            
                                       
    Liabilities & stockholders’ equity                                  
    NOW, Savings, MMDA’s $ 2,326,779     15,890     2.74 %   $ 2,221,427     17,652     3.20 %
    Time deposits   438,697     4,172     3.81 %     392,778     3,977     4.07 %
    Short-term borrowings   18     –     0.00 %     3     –     0.00 %
    Notes payable & other long-term borrowings   –     –     0.00 %     –     –     0.00 %
    Subordinated debt   64,031     835     5.23 %     63,845     835     5.26 %
    Junior subordinated deferrable interest debentures   46,393     735     6.35 %     46,393     856     7.42 %
                                       
    Total interest-bearing liabilities   2,875,918     21,632     3.02 %     2,724,446     23,320     3.44 %
    Demand deposits   990,343                 960,106            
    Other liabilities   63,679                 70,854            
    Stockholders’ equity   448,909                 413,348            
                                       
    Total liabilities & stockholders’ equity $ 4,378,849               $ 4,168,754            
                                       
    Net interest income       $ 42,724               $ 36,111      
    Net interest margin (2)               4.07 %                 3.63 %
     
    (1)  Average loan balances include nonaccrual loans and loans held for sale.
    (2)  Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Six Months Ended
      June 30, 2025   June 30, 2024
                           
      Average
    Balance    		   Interest   Yield/Rate   Average
    Balance    		   Interest   Yield/Rate
    Assets                                  
    Loans $ 3,084,563   $ 104,471     6.83 %   $ 3,048,569   $ 99,519     6.56 %
    Debt securities – taxable   509,431     9,392     3.72 %     543,817     10,796     3.99 %
    Debt securities – nontaxable   152,716     2,029     2.68 %     155,831     2,046     2.64 %
    Other interest-bearing assets   421,899     8,606     4.11 %     262,345     6,020     4.61 %
                                       
    Total interest-earning assets   4,168,609     124,498     6.02 %     4,010,562     118,381     5.94 %
    Noninterest-earning assets   169,222                 177,882            
                                       
    Total assets $ 4,337,831               $ 4,188,444            
                                       
    Liabilities & stockholders’ equity                                  
    NOW, Savings, MMDA’s $ 2,314,562     31,401     2.74 %   $ 2,253,704     35,649     3.18 %
    Time deposits   440,297     8,488     3.89 %     383,816     7,643     4.00 %
    Short-term borrowings   11     –     0.00 %     3     –     0.00 %
    Notes payable & other long-term borrowings   –     –     0.00 %     –     –     0.00 %
    Subordinated debt   64,008     1,670     5.26 %     63,822     1,670     5.26 %
    Junior subordinated deferrable interest debentures   46,393     1,468     6.38 %     46,393     1,717     7.44 %
                                       
    Total interest-bearing liabilities   2,865,271     43,027     3.03 %     2,747,738     46,679     3.42 %
    Demand deposits   962,557                 959,219            
    Other liabilities   64,875                 70,856            
    Stockholders’ equity   445,128                 410,631            
                                       
    Total liabilities & stockholders’ equity $ 4,337,831               $ 4,188,444            
                                       
    Net interest income       $ 81,471               $ 71,702      
    Net interest margin (2)               3.94 %                 3.60 %
     
    (1)  Average loan balances include nonaccrual loans and loans held for sale.
    (2)  Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
     
    South Plains Financial, Inc.
    Consolidated Balance Sheets
    (Unaudited)
    (Dollars in thousands)
     
      As of
      June 30,
    2025    		   December 31,
    2024
               
    Assets          
    Cash and due from banks $ 60,400     $ 54,114  
    Interest-bearing deposits in banks   410,096       304,968  
    Securities available for sale   570,000       577,240  
    Loans held for sale   17,182       20,542  
    Loans held for investment   3,098,978       3,055,054  
    Less:  Allowance for credit losses   (45,010 )     (43,237 )
    Net loans held for investment   3,053,968       3,011,817  
    Premises and equipment, net   51,329       52,951  
    Goodwill   19,315       19,315  
    Intangible assets   1,417       1,720  
    Mortgage servicing rights   25,134       26,292  
    Other assets   154,833       163,280  
    Total assets $ 4,363,674     $ 4,232,239  
               
    Liabilities and Stockholders’ Equity          
    Noninterest-bearing deposits $ 998,759     $ 935,510  
    Interest-bearing deposits   2,740,179       2,685,366  
    Total deposits   3,738,938       3,620,876  
    Short-term borrowings   1,352       —  
    Subordinated debt   64,054       63,961  
    Junior subordinated deferrable interest debentures   46,393       46,393  
    Other liabilities   58,863       62,060  
    Total liabilities   3,909,600       3,793,290  
    Stockholders’ Equity          
    Common stock   16,230       16,456  
    Additional paid-in capital   90,268       97,287  
    Retained earnings   407,822       385,827  
    Accumulated other comprehensive income (loss)   (60,246 )     (60,621 )
    Total stockholders’ equity   454,074       438,949  
    Total liabilities and stockholders’ equity $ 4,363,674     $ 4,232,239  
     
    South Plains Financial, Inc.
    Consolidated Statements of Income
    (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended   Six Months Ended
      June 30,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
                           
    Interest income:                      
    Loans, including fees $ 53,886   $ 50,571   $ 104,456   $ 99,503
    Other   10,249     8,637     19,601     18,432
    Total interest income   64,135     59,208     124,057     117,935
    Interest expense:                      
    Deposits   20,062     21,629     39,889     43,292
    Subordinated debt   835     835     1,670     1,670
    Junior subordinated deferrable interest debentures   735     856     1,468     1,717
    Other   –     –     –     –
    Total interest expense   21,632     23,320     43,027     46,679
    Net interest income   42,503     35,888     81,030     71,256
    Provision for credit losses   2,500     1,775     2,920     2,605
    Net interest income after provision for credit losses   40,003     34,113     78,110     68,651
    Noninterest income:                      
    Service charges on deposits   2,098     1,949     4,239     3,762
    Mortgage banking activities   3,606     3,397     5,719     7,342
    Bank card services and interchange fees   3,771     4,052     7,150     7,113
    Other   2,690     3,311     5,682     5,901
    Total noninterest income   12,165     12,709     22,790     24,118
    Noninterest expense:                      
    Salaries and employee benefits   19,708     19,199     39,149     38,187
    Net occupancy expense   3,972     4,029     7,999     7,949
    Professional services   1,874     1,738     3,604     3,221
    Marketing and development   919     860     1,824     1,614
    Other   7,070     6,746     13,997     13,531
    Total noninterest expense   33,543     32,572     66,573     64,502
    Income before income taxes   18,625     14,250     34,327     28,267
    Income tax expense   4,020     3,116     7,428     6,259
    Net income $ 14,605   $ 11,134   $ 26,899   $ 22,008
     
    South Plains Financial, Inc.
    Loan Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      June 30,
    2025    		   December 31,
    2024
               
    Loans:          
    Commercial Real Estate $ 1,085,309   $ 1,119,063
    Commercial – Specialized   379,068     388,955
    Commercial – General   620,934     557,371
    Consumer:          
    1-4 Family Residential   589,935     566,400
    Auto Loans   258,193     254,474
    Other Consumer   63,589     64,936
    Construction   101,950     103,855
    Total loans held for investment $ 3,098,978   $ 3,055,054
     
    South Plains Financial, Inc.
    Deposit Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      June 30,
    2025    		   December 31,
    2024
               
    Deposits:          
    Noninterest-bearing deposits $ 998,759   $ 935,510
    NOW & other transaction accounts   1,244,023     498,718
    MMDA & other savings   1,072,010     1,741,988
    Time deposits   424,146     444,660
    Total deposits $ 3,738,938   $ 3,620,876
     
    South Plains Financial, Inc.
    Reconciliation of Non-GAAP Financial Measures (Unaudited)
    (Dollars in thousands)
     
      For the quarter ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Pre-tax, pre-provision income                                      
    Net income $ 14,605     $ 12,294     $ 16,497     $ 11,212     $ 11,134  
    Income tax expense   4,020       3,408       4,222       3,094       3,116  
    Provision for credit losses   2,500       420       1,200       495       1,775  
    Pre-tax, pre-provision income $ 21,125     $ 16,122     $ 21,919     $ 14,801     $ 16,025  
      As of
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
    Tangible common equity                            
    Total common stockholders’ equity $ 454,074     $ 443,743     $ 438,949     $ 443,122     $ 417,985  
    Less:  goodwill and other intangibles   (20,732 )     (20,884 )     (21,035 )     (21,197 )     (21,379 )
                                 
    Tangible common equity $ 433,342     $ 422,859     $ 417,914     $ 421,925     $ 396,606  
                                 
    Tangible assets                            
    Total assets $ 4,363,674     $ 4,405,209     $ 4,232,239     $ 4,337,659     $ 4,220,936  
    Less:  goodwill and other intangibles   (20,732 )     (20,884 )     (21,035 )     (21,197 )     (21,379 )
                                 
    Tangible assets $ 4,342,942     $ 4,384,325     $ 4,211,204     $ 4,316,462     $ 4,199,557  
                                 
    Shares outstanding   16,230,475       16,235,647       16,455,826       16,386,627       16,424,021  
                                 
    Total stockholders’ equity to total assets   10.41 %     10.07 %     10.37 %     10.22 %     9.90 %
    Tangible common equity to tangible assets   9.98 %     9.64 %     9.92 %     9.77 %     9.44 %
    Book value per share $ 27.98     $ 27.33     $ 26.67     $ 27.04     $ 25.45  
    Tangible book value per share $ 26.70     $ 26.05     $ 25.40     $ 25.75     $ 24.15  

    The MIL Network –

  • MIL-OSI USA: Estes Op-ed Celebrates Historic Legislation to Restore Foundational Values and Support Families

    Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

    U.S. Congressman Ron Estes (R-Kansas) published an op-ed in the Daily Wire on why the One Big, Beautiful Bill Act is the most pro-family, pro-life piece of legislation in American history. 

    “The Big Beautiful Bill Act is unquestionably one of the most pivotal pieces of tax legislation to ever be passed into law,” wrote Rep. Estes. “It will get the United States back on track, lower taxes for everyday Americans and lay the groundwork for economic prosperity in the country. But embedded in the wonky tax policy is a reflection of a larger American desire to return to the foundational values that made our country great. It’s a statement that the commitment to life and family is still a pillar of this nation.”

    Read the op-ed here or below.

    How the Big Beautiful Bill Will Help Make Big Beautiful Families

    Most of the conversation about the One Big, Beautiful Bill Act has rightly focused on the bill’s pro-growth economic reforms. But something that deserves more attention is the fact that the bill is the most pro-life and pro-family piece of legislation signed into law in decades.

    For years, the federal government has been funneling Medicaid funds to Planned Parenthood, skirting the Hyde Amendment and Congress’ intent. That is both wrong and a betrayal of taxpayers. Medicaid, a program meant to help protect and preserve life, should not be used to end it.

    The Big Beautiful Bill directly addresses this issue by prohibiting Medicaid funding from being directed to Planned Parenthood through Fiscal Year 2026, and allowing Congress essential time to permanently enshrine this in law. This comes on the heels of a Supreme Court ruling that states can block Medicaid payments to Planned Parenthood.

    The urgency of protecting life is underscored by recent data. In Kansas, birth rates have dropped to just 11.7 per 1,000 people, the lowest in more than a century. This mirrors a nationwide trend: in 2022, our birth rates hit a historic low of 1.67 births per woman, indicating that American families are simply not having enough children.

    For the United States to maintain economic and societal stability, experts assert that our country should have a birth rate of 2.1 births per woman. The long-term consequences of missing this marker are serious, from a shrinking workforce to a weakened social safety net. 

    Republicans in Congress addressed this issue in the Big Beautiful Bill Act by making meaningful adjustments to support American families. The legislation enhances and adjusts for inflation the Child Tax Credit (CTC), raising it to $2,200 per child and indexing it to inflation. The law also boosts the adoption tax credit by ensuring it will be partially refundable for up to $5,000 and similarly indexed for inflation. These provisions are significant victories for life, for children yet to be born and for families across America. 

    The law also supports families through newly-established Trump Accounts, which set up American children for success, providing a financial “welcome” of $1,000 to every newborn American citizen. Similar to a Health Savings Account or 529 education savings plan, Trump Accounts empower parents to make tax-free contributions over time that can eventually be used by the child for education, housing, health care or any other qualifying expense to jumpstart their entrance into adulthood. It also allows churches, charities and employers to contribute up to $5,000 a year to the accounts.

    As the former Kansas State Treasurer, I have a deep appreciation for programs that empower families to take control of their finances and build financial stability for their families’ well-being. The Trump Accounts encourage early and consistent saving, establishing the foundation for hardworking families and everyday Americans to develop generational wealth. 

    In addition, the Big Beautiful Bill Act increases the Employer-Provided Childcare Credit so that working families can afford quality early education while continuing to participate in the workforce. It also makes permanent Paid Family and Medical Leave so that families have a lifeline if the breadwinner becomes ill or in the case of a family emergency.

    The Big Beautiful Bill Act is unquestionably one of the most pivotal pieces of tax legislation to ever be passed into law. It will get the United States back on track, lower taxes for everyday Americans and lay the groundwork for economic prosperity in the country.

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Long-term support for Ukraine and the country’s path towards European integration – E-002008/2025(ASW)

    Source: European Parliament

    The EU has consistently supported a comprehensive, just and lasting peace in Ukraine, grounded in the international law. It joined Ukraine and international partners, including the United States, in calling for a full, unconditional ceasefire of 30 days, as a vital step to reduce civilian suffering and to allow space for meaningful talks on genuine peace, aimed at ending Russia’s war of aggression[1]. Russia has so far not shown willingness to engage in real negotiations and continues to escalate its systematic campaign of air attacks against Ukrainian civilian infrastructure and civilians[2].

    Russia’s war of aggression against Ukraine, including its repercussions for European and global security, constitutes an existential challenge for the EU[3]. Thus, Europe is ready to boost its defence spending, including also to support Ukraine[4]. The EU is helping Ukraine to defend itself through the delivery of military support and deepening cooperation and integration between the EU’s and Ukraine’s defence industry.

    The EU will continue to work closely with Ukraine to support its reform efforts on its European path[5]. Through the EUR 50 billion Ukraine Facility, the EU provides stable and predictable assistance for the 2024-2027 period, supporting Ukraine’s financing needs and reconstruction, mobilising investments and promoting reforms necessary for EU accession. The EU continues to deliver on its EUR 18.1 billion contribution under the Extraordinary Revenue Acceleration loans to Ukraine.

    • [1] Statement by the High Representative/Vice-President (HR/VP) on behalf of the European Union on call for ceasefire, 10 May 2025: https://www.consilium.europa.eu/en/press/press-releases/2025/05/10/ukrainerussia-statement-by-the-high-representative-on-behalf-of-the-european-union-on-call-for-ceasefire/.
    • [2] Statement by the President of the Commission with HR/VP on the 18th package of sanctions against Russia: https://www.eeas.europa.eu/delegations/ukraine/statement-president-von-der-leyen-hrvp-kallas-18th-package-sanctions-against-russia_en?s=232; Foreign Affairs Council: press remarks by (HR/VP) after the informal videoconference meeting: https://www.eeas.europa.eu/eeas/foreign-affairs-council-press-remarks-high-representative-kaja-kallas-after-informal-videoconference_en.
    • [3] European Council conclusions on European defence, 6 March 2025: https://www.consilium.europa.eu/en/press/press-releases/2025/03/06/european-council-conclusions-on-european-defence/.
    • [4] Press statement by President von der Leyen on the defence package of 4 March 2025: https://ec.europa.eu/commission/presscorner/detail/en/statement_25_673.
    • [5] European Council conclusion, 19 December 2024: https://www.consilium.europa.eu/media/jhlenhaj/euco-conclusions-19122024-en.pdf.
    Last updated: 16 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Cooperation between the Greek Government and the European institutions on transparency in the allocation of European agricultural subsidies – E-002154/2025(ASW)

    Source: European Parliament

    1. Due to deficiencies identified in the compliance of the paying agency OPEKEPE with the accreditation criteria[1], the competent authority put the paying agency’s accreditation under probation for a period of 12 months starting from 10 September 2024 and prepared an action plan aiming to remedy those deficiencies. The Commission is closely monitoring the implementation of this action plan through the analysis of the periodical reports sent by the Greek authorities, and visits to said authorities, when necessary. According to the timeline, all remedial actions should be completed by the 12 September 2025. The Commission cannot comment further on ongoing audits.

    2. The Commission is working closely with the Greek authorities to ensure full and timely implementation of the action plan, also considering the possible impact of the announced modification of OPEKEPE’s competences. The action plan covered the organisational structure of the OPEKEPE and the Commission expected remedial actions in this regard. To date, the Commission has not received official notifications of the decisions regarding the paying agency or the role of the Independent Authority for Public Revenue (IAPR) in this context, as the legal framework for the modification is still in preparation.

    • [1] Listed in Annex I to Regulation (EU) 2022/127.
    Last updated: 16 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Ensuring fair and quality access to on-demand transport services for passengers and drivers in the EU – E-002252/2025(ASW)

    Source: European Parliament

    Passenger transport-on-demand services such as service offered by taxis and Private Hire Vehicle with driver (PHV) complement the local public transport offer. Taxi and PHV offer overwhelmingly local passenger transport services. Cross-border services exist, notably in border regions, but account only for a very small fraction of all taxi and PHV services. The sector is therefore fragmented by nature.

    There is no specific EU legislation in the field of taxis and PHV and Member States are responsible for regulating the sector, in line with general/horizontal EU law, such as the Treaties (notably Article 49 of the Treaty on the Functioning of the European Union[1] which guarantees the freedom of establishment).

    In this context, the Commission continues to pursue infringements of EU law, notably the freedom of establishment enshrined in Article 49 of the Treaty on the Functioning of the European Union, which constitutes one of the fundamental pillars of the Single Market.

    The Commission has, in its 2022 Notice on well-functioning and sustainable local passenger transport-on-demand (taxis and PHV)[2], clarified the limits established by EU-law of how Member States may regulate the sector. It does not exclude to update this Notice and/or to take another initiative, the details of which have still to be defined.

    • [1] https://eur-lex.europa.eu/eli/treaty/tfeu_2008/art_49/oj/eng.
    • [2] OJ C 62, 4.2.2022, p. 1.
    Last updated: 16 July 2025

    MIL OSI Europe News –

  • MIL-OSI: AI Changes Bitcoin Mining, PFMCrypto Launches AI-Enhanced BTC Cloud Mining with Daily Rewards

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, July 16, 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 –

  • MIL-OSI USA: NY Leads in Historic Rehabilitation Tax Credit Use

    Source: US State of New York

    overnor Kathy Hochul today announced that New York State led the nation in the use of State and Federal Historic Rehabilitation Tax Credits to improve landmark buildings across the state in 2024. Recent data from the National Park Service reports that 154 individual building rehabilitation projects in the state were completed, are currently under construction, or in the planning phase in 2024, totaling $2.8 billion of economic activity. The number of New York State rehabilitation projects was more than double and the total economic activity was more than three times that of the next leading states (Ohio and Texas respectively). Vg.

    “The State’s landmark buildings continue to find new life through the support of Federal and State incentives for historic properties,” Governor Hochul said. “New York State’s rehabilitation tax credit programs are attracting strong private investment to these properties, spurring much-needed quality, affordable housing and bringing new life to our communities.”

    A significant growth in the Federal and State rehabilitation programs has been the adaptive reuse of historic properties that create new affordable housing units, or in many cases, rehabilitate existing units. Since 2022, there have been 106 affordable housing projects that have used the historic tax credit programs, creating 1,757 new units and revitalizing 2,412 existing units. All told, New York since federal fiscal year 2019 has made strong use of the program, with 491 property owners completing projects and a total of $5.06 billion investment in the state — ahead of other states by wide margins.

    New York State Office of Parks, Recreation and Historic Preservation Commissioner Randy Simons said, “The historic rehabilitation tax credit has a strong record of helping to revitalize notable buildings, foster job growth, create more housing, and renew a sense of pride among New Yorkers for our state’s heritage. We are thrilled to see the growth in use of the historic tax credit programs to address New York’s housing crisis and we look forward to working with program partners to continue making the state more livable and affordable for all New Yorkers.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “New York is a leader in preserving landmark buildings and architectural gems, and repurposing them in innovative ways that address our housing shortage and strengthen communities. The historic rehabilitation tax credit program is investing in more than 4,000 affordable homes, creating billions in economic activity, and revitalizing neighborhoods. The program is a vital tool in our toolbox as we address the affordable housing crisis. Thank you to Governor Hochul for your vision and commitment to creating the housing New York needs.”

    New York State Tax Department Executive Deputy Commissioner Michael Shollar said, “We’re pleased to be part of the team administering historic rehabilitation tax credits. The tax credits associated with this program offer important incentives for the preservation of historic buildings and help revitalize communities.”

    Preservation League of New York State President Jay DiLorenzo said, “Historic rehabilitation tax credits have proven transformational for communities and Main Streets throughout New York State. Reusing our existing buildings creates local construction jobs, provides space for small businesses, creates much-needed housing, and keeps demolition debris out of our landfills. Enhancements to the New York State program spearheaded by Governor Hochul means that even more communities will benefit from this powerful economic development tool.”

    In further support of the State’s affordable housing creation and preservation goals, the Governor’s Enacted Budget expands the use of historic tax credits for affordable housing efforts. Use of the New York State rehabilitation tax credit was previously restricted to properties in census tracts at or below the state family median income; however, the restriction has been lifted if the rehabilitation is for the purpose of creating affordable housing. Additionally, technical amendments to the law have been made to increase the opportunity for investors to participate in the program.

    Owners of income-producing real properties listed on or eligible for the National Register of Historic Places may be eligible for a 20 percent federal income tax credit and a 20 to 30 percent state credit for the substantial rehabilitation of historic properties. The final credit amount is based on the cost of the rehabilitation. Property owners must be approved for the federal credit in order to be eligible for the state’s credit. The state’s credit is capped at $5 million per building rehabilitation, which is generally restricted to eligible census tracts for commercial uses but now is available statewide for the purposes of creating affordable housing.

    For more information on the tax credit program visit https://parks.ny.gov/shpo/tax-credit-programs/

    MIL OSI USA News –

  • MIL-OSI USA: ICE Los Angeles special agents arrest Iranian national for violation of US sanctions

    Source: US Immigration and Customs Enforcement

    LOS ANGELES — U.S. Immigration and Customs Enforcement arrested an Iranian national July 10 upon arriving at Los Angeles International Airport for U.S. export violations.

    “The circumvention of export laws to provide Iran with U.S. origin sensitive technologies is a huge national security concern,” said Homeland Security Investigations Los Angeles Special Agent in Charge Eddy Wang. “This arrest has taken a dangerous member of an Iranian procurement network off the street.”

    Bahram Mohammad Ostovari is alleged to have unlawfully exported U.S.-made electronic components used in railway signaling and telecommunications systems from the United States to an Iranian company by using his own companies in the United Arab Emirates as conduits.

    Ostovari, a lawful permanent resident of the United States, was charged with violation of the International Emergency Economic Powers Act, Iranian transactions and sanctions regulations, unlawful export information activities, outbound smuggling, conspiracy to commit the aforementioned offenses and money laundering.   

    From May 2018 to July 2025, Ostovari and his co-conspirators obtained and shipped to Iran sophisticated computer processors and railway signaling equipment. Many of these items were controlled under federal regulations and their export to Iran without a license is prohibited.

    After Ostovari became a lawful permanent resident of the United States in May 2020, he continued to export, sell, and supply electronics and electrical components to a Tehran-based engineering company he owned, operated, and controlled. This firm — identified in the indictment as “Company A” — secured contracts to supply signaling and communications systems to Iran and its government, including on projects for the Islamic Republic of Iran Railways.

    Ostovari, aware of U.S. sanctions against Iran, directed a co-conspirator to provide false information to a federal export control officer regarding the end use of the U.S.-origin goods they were shipping.

    Furthermore, he directed co-conspirators at a UAE company to acquire the electronics and other components, including U.S. export-controlled items and other U.S.-origin items, for his company in Iran. Ostovari and his co-conspirators intentionally concealed from companies based in the U.S. and elsewhere the true identifies of the ultimate end users of the goods by providing false and misleading information about those end users.

    An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until and unless proven guilty in court.

    If convicted, Ostovari would face a statutory maximum sentence of 20 years in federal prison for each count.

    This is a collaborative investigation between ICE HSI Los Angeles, the United States Department of Commerce’s Bureau of Industry and Security and the Internal Revenue Service Criminal Investigations.

    Anyone with information on the illegal export of U.S. sensitive technologies is encouraged to call the ICE Tip Line at 1-866-347-2423.

    Learn more about HSI’s mission to investigate violations of U.S. export laws at @HSILosAngeles.

    MIL OSI USA News –

  • MIL-OSI: Kaltura announces the availability of Kaltura Work Genie in the new AWS Marketplace AI Agents and Tools category

    Source: GlobeNewswire (MIL-OSI)

    New York, July 16, 2025 (GLOBE NEWSWIRE) —

     Kaltura (Nasdaq: KLTR), the AI Video Experience Cloud, today announced the availability of the Kaltura Work Genie in the new AI Agents and Tools category of the AWS Marketplace. Customers can now use AWS Marketplace to easily discover, buy, and deploy AI agents solutions, including the Work Genie, one of a growing number of Kaltura’s AI-powered agents, using their AWS accounts, accelerating agent and agentic workflow development. 
     
    The Kaltura Work Genie helps organizations transform their enterprise knowledge into personalized, AI-driven learning and support paths, enabling customers to create engaging and impactful immersive digital experiences for enterprise customers and employees. 

    “By offering the Kaltura Work Genie in AWS Marketplace, we’re providing customers with a streamlined way to access to our personalized, AI-driven learning and marketing experiences, helping them buy and deploy agent solutions faster and more efficiently,” said Liad Eshkar, Chief Revenue Officer at Kaltura. “Our customers across every industry, from enterprise technology to education, financial services to healthcare, media and telecoms, are already using these capabilities to improve the impact of their content, make it more accessible and easily findable, and ultimately drive better, quantifiable results, demonstrating the real-world value of Work Genie.” 
     
    Kaltura Work Genie delivers essential capabilities, including tools that help redefine customer and employee journeys, boost adoption of new technologies, and improve retention. Unlike generic AI tools, Work Genie draws exclusively from an organization’s trusted content, eliminating the risk of hallucinations and improving the reliability and impact of the response. The Work Genie turns complex inqueiries into dynamic learning experiences, including micro learning modules with formats such as flashcards, video snippets, quizzes and more, reducing search time and maximizing the impact for employees, customers, and partners. Kaltura’s suite of AI agents, including the Work Genie, has propelled it to market leadership, as noted in the recent IDC MarketScape: Worldwide AI-Enabled Enterprise Video Platform 2025 Vendor Assessment. 

    With the availability of AI Agents and Tools in AWS Marketplace, customers can significantly accelerate their procurement process to drive AI innovation, reducing the time needed for vendor evaluations and complex negotiations. With centralized purchasing using AWS accounts, customers maintain visibility and control over licensing, payments, and access through AWS. 
     
     
    To learn more about the Kaltura Work Genie in AWS Marketplace, visit here. To learn more about the new Agents and Tools category in AWS Marketplace, visit here.
     
    About Kaltura  

    Kaltura’s mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura’s Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment and monetization. For more information, visit https://corp.kaltura.com    

    The MIL Network –

  • MIL-OSI: EIB submits SEC Form 18-K/A Amendment No. 2 EIB Update on Excluded Activities

    Source: GlobeNewswire (MIL-OSI)

    For immediate release

    16 July 2025

    EIB submits SEC Form 18-K/A Amendment No. 2

    The European Investment Bank (EIB) has submitted its SEC Form 18-K/A Amendment No. 2.

    To view the document, please go to EDGAR Filing Documents for 0000950157-25-000575

    The 18-K/A has also been posted on the EIB website:

    Amendment to the Annual Report 2024 (Form 18-K/A Amendment No 2)

    ENDS

    The MIL Network –

  • MIL-OSI: Adjusted financial guidance for 2025

    Source: GlobeNewswire (MIL-OSI)

    Release no. 11/2025          July 16th, 2025
    Columbus adjusts financial guidance for 2025

    Company announcement

    Adjusted financial guidance for 2025

    Columbus A/S announces adjustment of the full-year guidance for 2025.

    Overall, we are facing a challenging macro-economic environment that negatively impacts our customers’ decision-making in major IT projects, resulting in postponement of projects and extended sales processes.

    Due to the expected continued marked uncertainty, Columbus adjusts the full-year guidance for 2025.

    • Revenue guidance is adjusted from an expected organic growth of 7-9% to around the same level as 2024, DKK 1,7bn.
    • EBITDA margin is adjusted from an expected range of 10-12% to an expected range of 7-9%

    Columbus will, as previously communicated, release its Interim Report for Q2 2025 on 21 August 2025 with further details on the performance in Q2 2025, and will host a teleconference for investors and analysts on the same day at 13:00 pm CET.

    Ib Kunøe                                         Søren Krogh Knudsen
    Chairman of the Board                CEO & President

    For further information, please contact:

    CEO & President, Søren Krogh Knudsen, tel :+45 70 20 50 00

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: My liberal vision for a thriving economy

    Source: Liberal Democrats UK

    Read Ed’s speech in full

    Thank you very much. It’s lovely to see you all this afternoon – as I hope to make a splash… this time, on dry land!

    I don’t know if someone planned it, or if it is just a coincidence that my speech on the economy comes a day after the Chancellor’s Mansion House speech. But I’m grateful both to the Chancellor for being my warm-up act, and to the IPPR for such a timely invitation.

    Let me start by taking you back 12 months…

    Just a few weeks after taking office, the Government quietly decided to cancel plans for a brand new “exascale” supercomputer at Edinburgh University – a supercomputer that could perform a billion billion calculations every second. 50 times more powerful than any computer in the UK. The announcement didn’t attract much attention at the time. It was rather overshadowed by Labour’s incomprehensible decision to withdraw the Winter Fuel Payment from millions of struggling pensioners. But just like Winter Fuel Payments, Ministers were forced to admit they’d made a mistake, and last month they U-turned on that decision too.

    So why am I talking to you about a supercomputer? Partly because I think that computer in Edinburgh, and other projects like it, will be essential to growing our economy over the years and decades ahead. If we are going to support Britain’s amazing tech start-ups and scale-ups… If we are going to attract investment and entrepreneurs from around the world… If we are going to be the home of the next big breakthroughs in science and medicine and artificial intelligence… Then we have to show that we are absolutely committed to investing in the digital infrastructure that those companies and researchers need.

    So I am glad that Ministers U-turned, but they cost that project a year. And we all know that in the world of scientific and technological innovation – especially when it comes to artificial intelligence – a year is an awfully long time to lose. 

    But the other reason I bring up that story is that I think it encapsulates what has gone so badly wrong in government over the past year – especially when it comes to fixing the economy. Labour came into office, opened the books, and found a terrible mess left by the Conservative Party. In this case, Conservative Ministers had announced a new £800 million supercomputer in a glittering press release full of boosterish language and self-congratulation. Just one problem: the project was completely unfunded. So, faced with the challenge of finding the money to make this crucial investment, Labour chose short-term penny-pinching instead.

    Just like when it came to Winter Fuel Payments, or bus fares, or family farms, or Personal Independence Payments, or the National Insurance hike that is hurting British businesses so badly. Mistakes made by a government with no vision for our economy, no strategy for growth. Just a desire to find some cash to keep the Treasury spreadsheet happy, no matter what.

    Now let me be clear: fiscal responsibility is essential. The Conservatives showed what happens when you let borrowing spiral out of control and don’t grow the economy.

    Borrowing more than £100 billion a year, just to pay the interest on our existing debts. More than the entire education budget. Enough to fund the whole of the National Health Service for six months. At a time when government debt is 100% of national income. So managing the public finances carefully, to bring down those borrowing costs and the national debt, and to give businesses the confidence they need to invest, is critically important.

    Yet in truth, this started before the last Conservative Government – even before the 2008 financial crisis. For decades now, Britain’s long-term fiscal future has been weakened because the big budget challenges haven’t been faced up to – by governments or oppositions. And I think a key reason for this is the way we do the Budget itself.

    The Treasury, hoarding power behind those intimidating walls on Horse Guards Road. The Chancellor, emerging every six months to make a fiscal statement, with a new set of forecasts and a scorecard of policies carefully tuned to meet her fiscal rules. And then what? No real debate.

    In theory, MPs have to approve spending for each individual department every year. It’s called the “estimates” process. In practice, it’s a sham. Last month, Parliament “approved” £1.1 trillion in government spending with just three hours of debate. That’s about £6 billion every minute. So instead of real debate and scrutiny, all we get is endless speculation about what new black hole the Chancellor will face in six months’ time, and what tweaks she will make to bring the numbers back into line. 

    Having tough fiscal rules and sticking to them is critical. But the way we scrutinise the budgets prepared to meet those rules, is nothing short of lamentable. And we need nothing less than a major overhaul of the whole system.

    I think we should look at a budget process more like the one Sweden brought in when it faced its own budget crisis in the early nineties. When its debt soared to just over 70% of GDP. Now the Swedish Parliament gets to debate the Government’s budget – and can propose alternatives and amendments – before it is finalised, and gets a proper period of scrutiny and accountability in the months that follow. And now, Sweden’s debt is down to 30% of GDP.

    It matters how a country takes its decisions on the budget. It may be less exciting, but process matters. So I think we should put more power in MPs’ hands to hold the Treasury and every Department properly to account on behalf of our constituents. Supported by a new Office of the Taxpayer, based in Parliament. That alone would rock Whitehall to its core. It would make MPs roll up their sleeves, get their hands dirty and take more responsibility. The trade-offs and choices that get hidden and ignored by Britain’s opaque system, would become stark and unavoidable. And without such a major system change like this, I fear British politics will never deliver the fiscal responsibility so desperately needed.

    But let’s remember: fiscal responsibility alone is a means to an end. Not the end in itself. And certainly no substitute for an economic vision. You won’t be surprised to hear that my economic vision is a liberal one. With free trade, investment in education, support for enterprise. And rigorous competition policy to stop bigger businesses rigging the system. But if we are to build a liberal economy, we have to start with a clear-eyed analysis of where liberal economic policies have gone wrong in recent years.

    We cannot celebrate the advances in overall prosperity without recognising that, too often, that prosperity has not been properly shared. Individuals, communities – even whole regions have been left behind. Boris Johnson’s point about the need to “level up” was right, even if the execution left a lot to be desired. People from all over the world have enriched our economy and our society – but when governments lose control of immigration, as they so clearly did under the same Boris Johnson, it can impose social and financial costs too. And sometimes comfort and complacency has led liberal economists to neglect the importance of security. Food security. Personal security. National security.

    Our new liberal economics can’t afford to repeat those mistakes. It can’t be about going back to the world as it was – before Trump, before Covid, before Brexit, before the crash. What we need is Liberal Economics 2.0. Retaining all that worked so brilliantly in version one. But recognising its errors and correcting them, too. Grasping the new realities of our changing world – from AI to climate change, to demographic trends that make the fiscal outlook even more challenging. From the need to increase defence spending to the strength of new economic superpowers like China and India. 

    The era of interdependence is over. We need cooperation, but not dependence.

    But even in this new world, some old truths remain. Some are even truer than before. Like the importance of trade.

    Trade was how Victorian Liberals overturned protectionism imposed by the Tories – to usher in a period of free trade and growth. We champion free trade because it enlarges individual freedom. As one of my predecessors as Liberal leader put it – free trade “gives the freest play to individual energy and initiative and character, and the largest liberty both to producer and consumer”. And of course, free trade brings growth and lowers the cost of living.

    That is why we opposed the Conservatives’ Brexit deal – the biggest and most destructive act of protectionism in our lifetime. It’s why Liberal Democrats have pressed for a new bespoke UK-EU Customs Union. Why we are pressing Labour to go well beyond its timid “reset” with Europe and tear down Tory trade barriers as quickly as possible. To free British businesses from reels of costly red tape and bring down prices in our shops. And why Liberal Democrats are arguing for a new economic coalition of the willing, for more free trade not just with Europe, but with Commonwealth allies, and Asian allies too.

    The anti-free trade politics of Donald Trump have to be taken on. We can’t let the tariff man’s bullying approach to trade and geopolitics succeed. We know where that ends. That’s why appeasing the White House isn’t smart. Remember, Donald Trump isn’t forever. And as ordinary Americans suffer the costs of his idiocy, the tide will turn. Let the Conservatives and Nigel Farage champion Trump. We Liberal Democrats will champion Britain, and defend free trade so hard-won by those nineteenth century Liberals. 

    The party of trade. And as Liberals, we are also the party of people. Because underpinning our vision for the economy is an understanding of what the economy really is. It isn’t just a series of abstract percentages and meaningless slogans. We understand that, when you strip everything else away, an economy is its people.

    So growing the economy means getting the right people, with the right skills, in the right jobs. That starts with a new approach to education and training – which across the UK has got narrower and narrower, when the rest of the world has got broader.

    But my local university, Kingston, is reversing that trend with its Future Skills programme. Every undergraduate – whatever they are studying – now also studies everything from creative problem solving to digital competency and artificial intelligence, from empathy to resilience, from adaptability to being enterprising. Skills they need. And skills businesses say they want. That’s the kind of education I want for all our young people. And anyone else who wants it later in life.

    And because the economy is about people, I believe that means that to get growth, to boost productivity, we need to focus far more on incentives. We need to build an incentive economy. An economy that gets the incentives right – to motivate people, to encourage people, to reward people who do their bit and play by the rules. And to stop people who break the rules.

    In Government, Liberal Democrats focused on getting the incentives right. Introducing the pupil premium. An incentive for schools to take more of the most disadvantaged children – and focus on them. Raising the personal income tax allowance by four thousand pounds. Taking the lowest paid out of income tax. Incentivising work for everyone, but especially the less well-off. So the Liberal Democrat record shows we’ve long been the party of incentives – and so many of our big ideas today are about how we encourage people to do the right thing.

    When it comes to backing Britain’s small and growing businesses, for example. The start-ups and scale-ups. The entrepreneurs and the self-employed. They are the engines of our economy, the beating heart of local communities, but they’ve been so let down in recent years. Just remember how the Conservative Government shamefully excluded over a million self-employed people from financial support during Covid. Leaving only us – the Liberal Democrats – to stand up for them in Parliament.

    Because we prioritise growth, we have long championed the self-employed and the small business owners. For them too, it’s about government getting the incentives right. That’s why we’d abolish the unfair system of business rates and replace it with a better Commercial Landowner Levy – to increase the incentive to invest and grow. It’s why we’re opposing Labour’s misguided job tax and its unfair tax raid on family farms and other family businesses.

    It’s why I’ve proposed the idea of “Employment in a Box”, to force every Government department – especially HMRC – to come together to make the UK the easiest place in the world for a business to take on its first employees. Because we need to stop holding back small firms that want to grow, and free them – encourage them – to do so. 

    And getting the incentives right also means getting rid of the wrong incentives. So a ban on bonuses for water company CEOs who keep polluting our rivers and seas – and fines if they don’t stop – fit my vision of an incentive economy. We’ve got to stop rewarding failure.

    And, of course, we need to think totally afresh about how we incentivise more people into work. With our focus on care and carers, Liberal Democrats have argued for a special higher minimum wage for care workers – £2 an hour higher than the national minimum wage – to incentivise more people into the care sector. And for family carers – where millions have given up work to look after their loved ones, and millions more have had to reduce their hours – we have argued for an overhaul of the crazy Carer’s Allowance system. So it properly supports carers and enables them to juggle work and care – instead of penalising them for taking on more hours. Getting the incentives right.

    And that inevitably takes us to the unsustainable welfare bill – and the Government’s shambolic attempt to reform welfare. Cutting Personal Independence Payments from disabled people and their carers was indefensible and it’s right those plans were dropped. But what got lost in the Government’s desperation to make the sums add up was an important truth: we need to get more people who aren’t working into work. It’s better for their dignity. It’s better for their families. And it’s better for the economy. The problem is, the Government’s proposed solution would have made the problem worse. Taking away the very support that enables many disabled people to work at all.

    What we need to do – and what our party will always champion – is to put in place the flexibility, security and support people need in order to work. Working from home, if that’s what their condition requires. Part-time, if that’s all they can manage. Helping employers to make whatever reasonable adjustments their workers need. Again, it comes back to Liberal values. Seeing people as individuals, and treating them fairly.

    It’s what makes me so angry about the assessment process. The impenetrable forms that show no comprehension of what life is like for disabled people or their carers. The dehumanising nature of it all. Trying to turn everyone into a box to be ticked or crossed. Not an individual to be engaged with and understood. Let me give you an example. Before the pandemic, 83% of PIP assessments were done face-to-face. There were often problems with such face-to-face assessments, no doubt about it. But at least they happened. Then during lockdown, they understandably switched to being done on the phone or by video. But when the pandemic ended, Conservative Ministers chose to make that switch to phone assessments permanent. So, last year, just 5% of PIP assessments were face-to-face. I think that was a massive mistake. That Conservative policy opened the door to error, abuse and fraud. And I strongly suspect it’s one of the main reasons the welfare bill has ballooned – and why public trust in the system has been undermined. We must go back to face-to-face assessments as soon as possible – so those who need support get it, and those who don’t, don’t.

    And of course we need to invest in people’s health. Physical and mental health. To get the welfare bill down, and more people back into work. How can we rebuild the economy, when more than six million people are stuck on NHS waiting lists?  How can we grow the economy when 2.8 million people are shut out of the labour market by long-term illness? When people are waiting weeks for a GP appointment? A healthy economy needs a healthy population, and a healthy NHS. So Liberal Democrat campaigns on GPs and dentists and hospitals and social care are about giving people the healthcare they deserve, but they are also core to our economic vision too.

    And while we’re thinking about people, let me turn to the cost-of-living crisis people are facing right now, and the number one thing driving it: energy bills. With inflation rising to 3.6% last month, this needs tackling urgently. Families and pensioners are being clobbered with energy bills that are still more than £50 a month higher than they were five years ago. So many people, who were already struggling to make ends meet, having to find an extra £50 a month – just to keep the lights on, or keep their homes warm this winter.

    And businesses are suffering too. Even with the welcome extra help promised in the new Industrial Strategy, parts of British industry will continue to face some of the highest electricity prices in the OECD.

    We have to get those prices down – to boost living standards and grow our economy.

    A big part of that are the things Liberal Democrats have consistently championed… Generating far more electricity from cheap, clean, renewable sources: solar, wind, tidal, hydro-electric. Insulating people’s homes and making them more energy efficient, so they are much cheaper to heat. Things the Liberal Democrats had a great track record on in government. Things the Conservatives put into reverse after 2015. And – when it comes to home insulation especially – something I’m afraid this Labour Government simply hasn’t made enough of a priority so far.

    But there’s another part of this problem that we haven’t spoken enough about, that I want to address today. And that’s the narrative – seized upon by Nigel Farage and Kemi Badenoch – that says the reason energy bills are so high is that we’re investing too much in renewable power. And if we just stopped that investment – and relied more on oil and gas instead – bills would magically come down for everyone.

    The experience of record high gas prices in recent years shows that’s not true. And even when gas prices are softer, the long history of volatility in fossil fuel prices means it’s only a matter of time before high prices return. So we know that tying ourselves ever more to fossil fuels would only benefit foreign dictators like Vladimir Putin – which is probably why Farage is so keen on it.

    But I think we also have to be honest and admit that we have done a really bad job winning that argument. Those of us who understand how important renewable energy is for our economy – how only renewable energy can deliver permanently low and secure energy prices, today and in the future – have too readily dismissed the rantings of Farage. But refusing to engage hasn’t stopped his myths from spreading. From gaining traction in the new world of fake news.

    So we must change that. Starting with the kernel of truth that underpins the myth. People are currently paying too much for renewable energy. But not for the reasons Nigel Farage would have you believe.

    Because generating electricity from solar or wind is now significantly cheaper than gas – even when you factor in extra system costs for back-up power when the wind isn’t blowing or the sun isn’t shining. But people aren’t seeing the benefit of cheap renewable power, because wholesale electricity prices are still tied to the price of gas – Even though half of all our electricity now comes from renewables, compared to just 30% from gas. That’s because the wholesale price is set by the most expensive fuel in the mix – and in the UK, that’s almost always gas. 97% of the time in 2021, the cost of electricity was set by the price of gas.

    And what does that mean for families, pensioners and businesses? It means we’re all paying that higher gas price in our bills, even though most of the energy we’re using comes from much cheaper sources. Not only is that manifestly unfair, but it is also undermining public support for the investment we need in renewable power. When people don’t see the benefits of cheap, clean energy in their bills, we shouldn’t be surprised if they’re sceptical about building more of it.

    So we have got to break the link between gas prices and electricity costs. We have to. It’s something both the Conservative Government and now Labour have spoken about. But when it came to it, both of them put it in the “too difficult” drawer, and just left the problem to fester. So, as with social care, as with sewage, it falls to us – the Liberal Democrats – to say: it might be difficult, but we have to do it. We can’t afford not to. Not when the price is Nigel Farage.

    Now this happens to be a problem we’ve grappled with before – that I grappled with before – back when we were in government. It was part of the thinking behind the incentive mechanism we created for new renewable projects: Contracts for Difference. These contracts give energy companies the certainty they need to invest in renewables. If the wholesale price drops below the agreed strike price, the government pays them the difference.

    But crucially, they give consumers a fair deal too. If the wholesale price goes above the strike price – like they did when gas prices soared when Russia invaded Ukraine – energy companies pay back the difference, taking money off household energy bills. If all renewables were on Contracts for Difference, the electricity market would be a lot fairer and people would see the benefits of cheap renewables in their bills when gas prices are high.

    The problem is, only about 15% of renewable power is generated under Contracts for Difference. The rest is still governed by the old Renewables Obligation Certificates scheme – or ROCs – introduced by the last Labour Government all the way back in 2002 – when ministers didn’t have the foresight to realise that renewable power would get so much cheaper over the next two decades. Unlike Contracts for Difference, companies with ROCs get paid the wholesale price – in other words, the price of gas – with a subsidy on top. Subsidies paid through levies on our energy bills – costing a typical household around £90 a year. It shouldn’t be this way, and it doesn’t have to be any longer. The Government should start today a rapid process of moving all those old ROC renewable projects onto new Contracts for Difference.

    It’s an idea from academics at the UK Energy Research Centre that they call “pot zero”. And in 2022 they estimated that it could save around £15 billion a year – not only encouraging the end of those Renewable Obligation Certificate levies, but in the process cutting the typical household energy bill by more than £200. So my challenge to ministers is this. If you want to bring people’s energy bills down, if you want to tackle the cost of living, if you want to build support for renewable power – stop tinkering, stop dithering, stop deliberating. Start phasing out those unfair Renewable Obligation Certificate schemes today, by offering instead new Contracts for Difference we Liberal Democrats brought in. The incentive scheme is there. We created it. Please – use it. One simple trick to save everyone at least £200 a year.

    And there are so many ways we could do more to cut electricity bills for people and businesses. One example: why aren’t we pushing much harder for more interconnectors, cables that allow us to import electricity from Europe when it’s more expensive here, and export electrons when it’s more expensive there? Of course, Brexit was bad news for this trade – for both existing interconnectors and worse news for new projects. But one potentially big benefit for the UK rejoining the EU’s internal energy market is greater cross-border trade in power, and so lower electricity bills for consumers.

    After nearly a decade of criminally negligent energy policies under the Conservatives, that pushed up everyone’s bills, I believe the right policies now could cut energy bills in half – at least – within ten years. That should be the goal. Nothing less.

    A Liberal Democrat energy policy in service of the British people. Not a Nigel Farage energy policy in service of Vladimir Putin. So just imagine what our economy could look like, in the next decade or so.

    Energy bills slashed – easing the pressures on families and businesses. People helped into work, instead of trapped on NHS waiting lists or discarded as “inactive”. Education and training to equip people with the skills for the future.

    British start-ups and scale-ups thriving with the support they need. Entrepreneurs and the self-employed recognised for the risks they take. Trade boosted, especially with our neighbours in Europe.

    The public finances, carefully managed and properly scrutinised in Parliament. And a supercomputer or two, hopefully not putting think tanks out of business!

    An economy growing strongly, where everyone feels the benefits. An economy underpinned by our proud Liberal Democrat values. Proud British values. An economy that is truly innovative, dynamic, prosperous and fair.

    That is our vision – and I can’t wait to make it happen.

    Thank you.
     

    MIL OSI United Kingdom –

  • MIL-OSI: Sidetrade: 2025 H1 revenue, up 19% at constant exchange rates

    Source: GlobeNewswire (MIL-OSI)

    Booking resilience amid economic headwinds

    • Annual Contract Value (ACV) of new deals: €5.88 million
    • Down 21% vs. record H1 2024
    • Stable vs. H1 2023 (€5.84 million)

    Commercial launch of the first autonomous AI Cash Collection Agent

    Partnership signed with a global Order-to-Cash services leader

    Strong revenue growth: +19% at constant exchange rates, with SaaS subscriptions up 25% (+18% and +24% respectively in reported data)

    • Robust half-year performance driven by SaaS subscriptions
    • Acceleration in the enterprise segment

    Sidetrade, the global leader in AI-powered Order-to-Cash applications, today announced strong first-half 2025 revenue growth of 19% at constant exchange rates, driven by a 25% increase in SaaS subscription revenue.

    Commenting on the results, Sidetrade CEO Olivier Novasque stated:

    “Given the current macroeconomic environment, we were unable to replicate our record-breaking booking from the first half of 2024, which had seen a 25% year-over-year increase. As anticipated, H1 2025 reflects a 21% decline from that record high, impacted by companies’ cautious stance toward launching new investment projects. Nonetheless, our well-balanced footprint across Europe and North America, where early signs of recovery are emerging, combined with a diversified mix of new deals and upsells to our existing client base, helped maintain bookings at levels comparable to H1 2023, before the 2024 peak.

    While full-year 2025 booking is expected to follow a similar trend, early market feedback on the launch of our autonomous AI Cash Collection Agent is highly encouraging and supports the prospect of a significant reacceleration starting in 2026. Furthermore, the global alliance signed in June with a leading Order-to-Cash services firm is a new growth catalyst, expected to deliver material impact from 2026 onward. Additional agreements of this nature are in advanced stages and will enhance commercial momentum over the coming years.

    On the revenue front, we posted strong growth of +19% at constant exchange rates, including +25% for our SaaS subscriptions. This performance was driven by 1/ the consolidation of SHS Viveon in H1, 2/ strong growth in our subscriptions in the US (+26%), and 3/ a sharp increase in subscriptions from enterprise clients generating over $2.5 billion in revenue (+42%). With nearly 90% recurring revenue and two new growth engines set to kick in from 2026, Sidetrade is well-positioned to sustain a robust and highly predictable business model. We are now entering a new phase in our growth journey, one that will once again redefine the scale and scope of our company over the next three years.”

    Resilient booking performance against a record 2024 and challenging macro backdrop

    In H1 2025, Sidetrade recorded €5.88 million in new Annual Contract Value (ACV), down 21% from the €7.42 million reported in H1 2024, which marked an all-time high (+25% vs. H1 2023). While the economic context and an exceptionally high comparison base weighed on performance, H1 2025 ACV remained in line with the pre-peak level of H1 2023 (€5.84 million), demonstrating the strength of Sidetrade’s commercial model.
    New Annual Recurring Revenue (New ARR) came in at €2.44 million, down 38% from the record €3.95 million in H1 2024. Q1 2025 was exceptionally soft in North America, which accounted for only 8% of New ARR. However, a strong Q2 2025 rebound lifted the US contribution to 34% of total new contract value for the first half of the year.

    Service booking, which are generally billed within twelve months of being signed, remained stable at €3.44 million in H1 2025 (vs. €3.47 million in H1 2024), with reduced large-scale investment activity, particularly in the US, offset by strong expansion projects within the existing client base, including €1.44 million from SHS Viveon customers in Germany.

    The average initial contract period for new clients (excluding renewals) remained high at 44.5 months (vs. 44.8 in H1 2024), significantly above the SaaS industry average (24–36 months), reflecting strong client confidence and contributing to revenue visibility and resilience.

    In a notable shift in trend, only 30% of H1 2025 bookings came from New Business, compared to the historical range of 50–60%. This was due to greater caution among enterprises, especially in North America. Conversely, Cross-sell deals (new entities within a group and/or additional modules, such as CashApp, Credit Risk Expert, or e-Invoicing) accounted for 45% of total bookings (up from 20% previously), while upsells to existing clients contributed 25%. Together, Cross-Sell and UpSell accounted for 70% of signatures, clear evidence of strong customer satisfaction and revenue retention. This also reflects Sidetrade’s ability to capture incremental growth from existing enterprise clients through a multi-product platform strategy, even in a challenging environment.

    AI Agent and strategic alliances open up new structural growth opportunities for order intake

    H1 2025 marked a strategic inflection point, with two new growth levers expected to reshape Sidetrade’s medium-term commercial trajectory: the industrialization of agent-based AI and the expansion of distribution channels through global partnerships.

    In May 2025, Sidetrade unveiled the first autonomous AI agent for cash collection. Designed to operate without human supervision, this next-generation intelligent agent, embodied by Aimie, is a game-changer in the Order-to-Cash space. With strong interest from enterprise clients seeking immediate cash generation improvements, large-scale commercialization is scheduled for early 2026, with some early-stage pre-orders possible in Q4 2025. Initial feedback indicates that AI agents could significantly boost commercial momentum starting next year.

    In parallel, Sidetrade signed a global partnership in June with a major international consulting firm specializing in finance transformation. The agreement provides privileged access to Global 2000 strategic accounts across services, manufacturing, and healthcare, and is expected to generate incremental pipeline growth across North America, EMEA, and APAC.

    Backed by a substantial installed base, breakthrough innovation, and expanded go-to-market capabilities, Sidetrade is well-equipped to accelerate its commercial growth in the coming years.

    Strong revenue growth: +18%, including +24% SaaS subscription growth

    Sidetrade
    (€m)    		 H1 2025 H1 2024 Change
    SaaS Subscription Revenue 25.4 20.5 +24%
    Total Revenue 29.3 24.8 +18%

    All the 2025 information of this financial release is from consolidated, unaudited data.

    Sidetrade posted consolidated revenue of €29.3 million in H1 2025, up 19% at constant exchange rates and 18% on a reported basis.

    SaaS subscription revenue rose to €25.4 million, representing a 25% increase at constant exchange rates (+24% reported). On a like-for-like basis (excluding SHS Viveon), growth stood at +12% constant. This solid performance confirms the strength of Sidetrade’s SaaS business model, with recurring revenue driving robust results amid economic uncertainty.
    Growth was robust among enterprise accounts. SaaS subscriptions from companies generating over €2.5 billion in annual revenue surged 42%, now representing 54% of total subscription revenue, underscoring Sidetrade’s growing penetration of large international enterprises. This high-end market segment is expected to remain a significant growth driver in the coming quarters.

    Service revenue totaled €3.9 million, down 8% compared to H1 2024 and 32% on a like-for-like basis. This was due to fewer large-scale projects and more limited service engagements tied to upsell deals.

    The consolidation of SHS Viveon (effective July 1, 2024) contributed €3.9 million, or 13% of total H1 2025 revenue.

    It is worth noting that all Sidetrade multi-year contracts are indexed to inflation (Syntec index for Southern Europe, UK CPI for Northern Europe, and US CPI for the United States), ensuring that annual pricing updates are automatically reflected in subscription revenue, without waiting for contract renewals.

    Next financial announcement
    First Half Year Results for 2025: September 17, 2025 (after the stock market closes)

    Investor & Media relations @Sidetrade
    Christelle Dhrif                +33 6 10 46 72 00          cdhrif@sidetrade.com

    About Sidetrade (www.sidetrade.com)
    Sidetrade (Euronext Growth: ALBFR.PA) provides a SaaS platform designed to revolutionize how cash flow is secured and accelerated. Leveraging its new-generation agentic AI, nicknamed Aimie, Sidetrade analyzes $7.2 trillion worth of B2B payment transactions daily in its Cloud, thereby anticipating customer payment behavior and the attrition risk of 40 million buyers worldwide. Sidetrade has a global reach, with 400+ talented employees based in Europe, the United States, and Canada, serving global businesses in more than 85 countries. Among them: AGFA, BMW Financial Services, Bunzl, DXC, Engie, Inmarsat, KPMG, Lafarge, Manpower, Morningstar, Page, Randstad, Safran, Saint-Gobain, Securitas, Siemens, UGI, Veolia.
    For further information, visit us at www.sidetrade.com and follow @Sidetrade on LinkedIn.
     In the event of any discrepancy between the French and English versions of this press release, only the English version is to be taken into account.

    Attachment

    The MIL Network –

  • MIL-OSI Security: Miske Enterprise Member Sentenced to 30 Years in Federal Prison for Racketeering Conspiracy, Robbery, and Drug Trafficking

    Source: US FBI

    HONOLULU – Acting United States Attorney Ken Sorenson announced that Lance L. Bermudez, 34, of Honolulu, Hawaii was sentenced yesterday in federal court by U.S. District Chief Judge Derrick K. Watson to 360 months of imprisonment followed by five years of supervised release for conspiracy to distribute and possess with intent to distribute controlled substances, racketeering conspiracy, and Hobbs Act Robbery. Bermudez is the last defendant to be sentenced for his role in the Miske Enterprise.

    As part of his 2022 plea agreement, Bermudez admitted that he and other members of the Enterprise participated in a murder-for-hire conspiracy with codefendant Michael J. Miske and other Enterprise members. Miske put a murder contract out on an individual he believed was cooperating with law enforcement. Bermudez agreed to commit the murder for $60,000 and laid in wait outside of the victim’s home on multiple occasions, waiting for the right opportunity to kill the victim. The murder did not ultimately occur because Miske eventually rescinded the contract. Bermudez also admitted to taking part in multiple attempted murders where he shot victims from his vehicle. Further, Bermudez admitted to burning a van at Miske’s direction that Bermudez later discovered was utilized in the abduction and murder of 21-year-old Johnathan Fraser. Bermudez also admitted to committing several armed robberies of Honolulu area drug dealers and then selling the stolen drugs to others in the community.

    Bermudez was charged alongside twelve other defendants, all of whom pled guilty except for Michael J. Miske who proceeded to trial and was found guilty of racketeering conspiracy, murder, and 11 other felony charges on July 18, 2024.

    Seven other members and associates of the Miske Enterprise pled guilty to various offenses in related cases.

    “You terrorized this city and this county to a greater extent than anyone I can remember,” Judge Watson advised Bermudez during today’s sentencing before reciting the litany of racketeering acts for which the Court found Bermudez responsible.  Judge Watson called out the “brazenness” and “unprecedented” nature of Bermudez’s acts of violence, noting that he had never seen the same level of violence even collectively among multiple coconspirators that here was attributed solely to Bermudez.

    “For his grisly work in pummeling victims with his fists, Lance Bermudez was coined with the nickname, ‘The Hammah.’  Yesterday, Bermudez was at the business end of the federal justice hammer as U.S. District Chief Judge Derrick Watson sentenced him to a lengthy 30-year sentence for his violent role in promoting the nefarious and illicit activities of the Miske organization.  Bermudez’s sentence is the final one to be handed down against the members of the Miske Enterprise and is the capstone of our investigation into the violent and corrupt activities of Michael Miske and his henchmen,” said Acting U.S. Attorney Ken Sorenson.  “Our decade-long effort with our outstanding law enforcement partners has now resulted in the federal convictions of 20 Miske confederates who now can no longer victimize Hawaii’s citizens and communities.  While the work against the Miske Enterprise is done, the people of Hawaii can rest assured that the United States Attorney’s Office for the District of Hawaii and our dedicated and resolute law enforcement partners at the Honolulu Division of the FBI, Internal Revenue Service, and Homeland Security Investigations, among others, will continue to tirelessly hunt down and prosecute those who operate violent criminal enterprises in our state and endanger our citizens.”

    “Mr. Bermudez was a key member of the Miske Enterprise, actively participating in a longstanding pattern of violence and racketeering activity involving murder-for-hire, armed robbery, and drug trafficking,” said FBI Honolulu Special Agent in Charge David Porter.  “This sentencing reflects years of collaboration between FBI Honolulu and our law enforcement partners.  The FBI remains steadfast in its commitment to dismantle violent criminal enterprises, hold their members accountable, and pursue justice for victims.” 

    “Mr. Bermudez’s account of attempted murder-for-hire reminds us that even the worst crimes have a price,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “IRS-CI follows the money to uproot organizations that profit from violence.”

    “Today’s sentencing marks a significant step towards justice for the victims and the community terrorized by the Miske Enterprise.  The severity of the crimes committed by Lance L. Bermudez underscores the necessity of our relentless collaborative efforts to dismantle such criminal organizations and ensure the safety and security of our citizens,” said Homeland Security Investigations Special Agent in Charge Lucy Cabral-DeArmas.  “We remain steadfast in our commitment to holding accountable those who engage in such egregious acts of violence and criminal conduct.”

    This prosecution was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation.  OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, the Criminal Investigation Division of the Environmental Protection Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the Honolulu Police Department, the Drug Enforcement Administration, the Coast Guard Investigative Service, the United States Marshals Service Fugitive Task Force, the Cybercrime Lab of the Department of Justice Criminal Division Computer Crime and Intellectual Property Section, the Hawaii Criminal Justice Data Center, the Honolulu Fire Department, the Hawaii National Guard, 93rd Civil Support Team, the Office of Investigations–Office of the Inspector General for the Social Security Administration, and the Department of Justice Office of the Inspector General.

    Assistant U.S. Attorneys Mark Inciong, Michael Nammar, KeAupuni Akina, and Aislinn Affinito prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Miske Enterprise Member Sentenced to 30 Years in Federal Prison for Racketeering Conspiracy, Robbery, and Drug Trafficking

    Source: US FBI

    HONOLULU – Acting United States Attorney Ken Sorenson announced that Lance L. Bermudez, 34, of Honolulu, Hawaii was sentenced yesterday in federal court by U.S. District Chief Judge Derrick K. Watson to 360 months of imprisonment followed by five years of supervised release for conspiracy to distribute and possess with intent to distribute controlled substances, racketeering conspiracy, and Hobbs Act Robbery. Bermudez is the last defendant to be sentenced for his role in the Miske Enterprise.

    As part of his 2022 plea agreement, Bermudez admitted that he and other members of the Enterprise participated in a murder-for-hire conspiracy with codefendant Michael J. Miske and other Enterprise members. Miske put a murder contract out on an individual he believed was cooperating with law enforcement. Bermudez agreed to commit the murder for $60,000 and laid in wait outside of the victim’s home on multiple occasions, waiting for the right opportunity to kill the victim. The murder did not ultimately occur because Miske eventually rescinded the contract. Bermudez also admitted to taking part in multiple attempted murders where he shot victims from his vehicle. Further, Bermudez admitted to burning a van at Miske’s direction that Bermudez later discovered was utilized in the abduction and murder of 21-year-old Johnathan Fraser. Bermudez also admitted to committing several armed robberies of Honolulu area drug dealers and then selling the stolen drugs to others in the community.

    Bermudez was charged alongside twelve other defendants, all of whom pled guilty except for Michael J. Miske who proceeded to trial and was found guilty of racketeering conspiracy, murder, and 11 other felony charges on July 18, 2024.

    Seven other members and associates of the Miske Enterprise pled guilty to various offenses in related cases.

    “You terrorized this city and this county to a greater extent than anyone I can remember,” Judge Watson advised Bermudez during today’s sentencing before reciting the litany of racketeering acts for which the Court found Bermudez responsible.  Judge Watson called out the “brazenness” and “unprecedented” nature of Bermudez’s acts of violence, noting that he had never seen the same level of violence even collectively among multiple coconspirators that here was attributed solely to Bermudez.

    “For his grisly work in pummeling victims with his fists, Lance Bermudez was coined with the nickname, ‘The Hammah.’  Yesterday, Bermudez was at the business end of the federal justice hammer as U.S. District Chief Judge Derrick Watson sentenced him to a lengthy 30-year sentence for his violent role in promoting the nefarious and illicit activities of the Miske organization.  Bermudez’s sentence is the final one to be handed down against the members of the Miske Enterprise and is the capstone of our investigation into the violent and corrupt activities of Michael Miske and his henchmen,” said Acting U.S. Attorney Ken Sorenson.  “Our decade-long effort with our outstanding law enforcement partners has now resulted in the federal convictions of 20 Miske confederates who now can no longer victimize Hawaii’s citizens and communities.  While the work against the Miske Enterprise is done, the people of Hawaii can rest assured that the United States Attorney’s Office for the District of Hawaii and our dedicated and resolute law enforcement partners at the Honolulu Division of the FBI, Internal Revenue Service, and Homeland Security Investigations, among others, will continue to tirelessly hunt down and prosecute those who operate violent criminal enterprises in our state and endanger our citizens.”

    “Mr. Bermudez was a key member of the Miske Enterprise, actively participating in a longstanding pattern of violence and racketeering activity involving murder-for-hire, armed robbery, and drug trafficking,” said FBI Honolulu Special Agent in Charge David Porter.  “This sentencing reflects years of collaboration between FBI Honolulu and our law enforcement partners.  The FBI remains steadfast in its commitment to dismantle violent criminal enterprises, hold their members accountable, and pursue justice for victims.” 

    “Mr. Bermudez’s account of attempted murder-for-hire reminds us that even the worst crimes have a price,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office. “IRS-CI follows the money to uproot organizations that profit from violence.”

    “Today’s sentencing marks a significant step towards justice for the victims and the community terrorized by the Miske Enterprise.  The severity of the crimes committed by Lance L. Bermudez underscores the necessity of our relentless collaborative efforts to dismantle such criminal organizations and ensure the safety and security of our citizens,” said Homeland Security Investigations Special Agent in Charge Lucy Cabral-DeArmas.  “We remain steadfast in our commitment to holding accountable those who engage in such egregious acts of violence and criminal conduct.”

    This prosecution was part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation.  OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    This case was investigated by the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, Homeland Security Investigations, the Criminal Investigation Division of the Environmental Protection Agency, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives, with assistance from the Honolulu Police Department, the Drug Enforcement Administration, the Coast Guard Investigative Service, the United States Marshals Service Fugitive Task Force, the Cybercrime Lab of the Department of Justice Criminal Division Computer Crime and Intellectual Property Section, the Hawaii Criminal Justice Data Center, the Honolulu Fire Department, the Hawaii National Guard, 93rd Civil Support Team, the Office of Investigations–Office of the Inspector General for the Social Security Administration, and the Department of Justice Office of the Inspector General.

    Assistant U.S. Attorneys Mark Inciong, Michael Nammar, KeAupuni Akina, and Aislinn Affinito prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Northpoint Asset Management Selects AppFolio to Unlock Performance Across its Diverse Portfolio

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, Calif., July 16, 2025 (GLOBE NEWSWIRE) — AppFolio (NASDAQ:APPF), the technology leader powering the future of the real estate industry, announced that it has been selected by Northpoint Asset Management to power its operations.

    Headquartered in Salt Lake City, UT, Northpoint is a full-service property management company for long-term single and multifamily rental homes, managing over 8,000 units. With more than $5 billion in real estate assets managed, Northpoint identified the need for a performance-first platform that could unify data, streamline operations, and deliver real-time insights to owners. Northpoint chose AppFolio Property Manager Max, an enterprise-grade solution specifically tailored for large residential operators, for its intuitive user experience and leadership in AI.

    “It’s essential that our tools evolve with us as we expand our geographic footprint and portfolio,” said Adam Haleck, CEO at Northpoint Asset Management. “AppFolio will free our team from task-based silos, allowing us to focus on holistic outcomes and unlocking tangible performance.”

    “Moving to AppFolio was a seamless experience, which speaks volumes about the partnership. AppFolio’s significant and ongoing investment in product development, along with their client-first support team, reinforces our confidence that Northpoint’s residents and owners will continue to have the best experiences and outcomes,” Haleck continued.

    “Northpoint Asset Management is a forward-thinking operator that recognizes the power of a unified experience across its entire business,” said Marcy Campbell, Chief Revenue Officer at AppFolio. “We’re excited to help Northpoint harness the full performance potential of their operations, empowering their teams to act proactively, delight stakeholders, and thrive.”

    This partnership underscores how leading operators are choosing AppFolio Realm, the company’s AI-native product suite, to help them free up staff while delivering improved outcomes. AppFolio Realm-X – its embedded generative AI – continues to expand its capabilities, including the recently announced AppFolio Realm-X Performers, which empower operators to delegate entire workflows through agentic AI.

    About Northpoint Asset Management, Inc.
    Northpoint, a founder-led business, is a full-service property management company for long-term single and multifamily rental homes with 40+ office locations across the US. Northpoint manages real estate for thousands of clients across the US, including some of the nation’s largest-institutional investors.

    About AppFolio
    AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

    For more information, please contact:
    AppFolio
    appfolio@missionnorth.com

    The MIL Network –

  • MIL-OSI: Northpoint Asset Management Selects AppFolio to Unlock Performance Across its Diverse Portfolio

    Source: GlobeNewswire (MIL-OSI)

    SANTA BARBARA, Calif., July 16, 2025 (GLOBE NEWSWIRE) — AppFolio (NASDAQ:APPF), the technology leader powering the future of the real estate industry, announced that it has been selected by Northpoint Asset Management to power its operations.

    Headquartered in Salt Lake City, UT, Northpoint is a full-service property management company for long-term single and multifamily rental homes, managing over 8,000 units. With more than $5 billion in real estate assets managed, Northpoint identified the need for a performance-first platform that could unify data, streamline operations, and deliver real-time insights to owners. Northpoint chose AppFolio Property Manager Max, an enterprise-grade solution specifically tailored for large residential operators, for its intuitive user experience and leadership in AI.

    “It’s essential that our tools evolve with us as we expand our geographic footprint and portfolio,” said Adam Haleck, CEO at Northpoint Asset Management. “AppFolio will free our team from task-based silos, allowing us to focus on holistic outcomes and unlocking tangible performance.”

    “Moving to AppFolio was a seamless experience, which speaks volumes about the partnership. AppFolio’s significant and ongoing investment in product development, along with their client-first support team, reinforces our confidence that Northpoint’s residents and owners will continue to have the best experiences and outcomes,” Haleck continued.

    “Northpoint Asset Management is a forward-thinking operator that recognizes the power of a unified experience across its entire business,” said Marcy Campbell, Chief Revenue Officer at AppFolio. “We’re excited to help Northpoint harness the full performance potential of their operations, empowering their teams to act proactively, delight stakeholders, and thrive.”

    This partnership underscores how leading operators are choosing AppFolio Realm, the company’s AI-native product suite, to help them free up staff while delivering improved outcomes. AppFolio Realm-X – its embedded generative AI – continues to expand its capabilities, including the recently announced AppFolio Realm-X Performers, which empower operators to delegate entire workflows through agentic AI.

    About Northpoint Asset Management, Inc.
    Northpoint, a founder-led business, is a full-service property management company for long-term single and multifamily rental homes with 40+ office locations across the US. Northpoint manages real estate for thousands of clients across the US, including some of the nation’s largest-institutional investors.

    About AppFolio
    AppFolio is the technology leader powering the future of the real estate industry. Our innovative platform and trusted partnership enable our customers to connect communities, increase operational efficiency, and grow their business. For more information about AppFolio, visit appfolio.com.

    For more information, please contact:
    AppFolio
    appfolio@missionnorth.com

    The MIL Network –

  • MIL-OSI Africa: President Ramaphosa explains position on commissions of inquiry

    Source: Government of South Africa

    President Cyril Ramaphosa has defended the establishment of commissions of inquiry as a necessary tool to uphold integrity and accountability in South Africa’s criminal justice system.

    Delivering the Presidency Budget Vote for 2025/26 in Parliament on Wednesday, the President cautioned against premature calls for punitive action based on untested claims.

    This as he addressed the recent uproar surrounding allegations made by the South African Police Service’s (SAPS) KwaZulu-Natal Provincial Commissioner, Lieutenant General Nhlanhla Mkhwanazi. 

    In an address to the nation last Sunday, President Ramaphosa placed Police Minister Senzo Mchunu on leave of absence with immediate effect. 

    The President outlined the scope of a judicial commission of inquiry that will focus on investigating “allegations relating to the infiltration of law enforcement, intelligence and associated institutions within the criminal justice system by criminal syndicates”.

    READ | Mkhwanazi allegations: What the judicial commission of inquiry will probe

    Among the allegations that the commission may investigate are the facilitation of organised crime; suppression or manipulation of investigations; inducement into criminal actions by law enforcement leadership; commission of any other criminal offences and intimidation, victimisation or targeted removal of whistleblowers or officials resisting criminal influence. 

    “These allegations are serious. They are also untested. It is therefore necessary that we establish the facts through an independent, credible and thorough process so that we can ensure accountability and safeguard public confidence in the police service,” the President said.

    The President told Parliament that he recently established two commissions. The second commission of inquiry which he announced last Sunday, chaired by Acting Deputy Chief Justice Mbuyiseli Madlanga, follows another established in May, led by Judge Sisi Khampepe into apartheid-era crimes.

    “It is therefore strange that some people have voiced strong opposition to the establishment of this commission of inquiry. Some have said that I should take immediate punitive steps against the Minister on the basis of untested allegations. Not only would this be unfair, but it would create a dangerous precedent. The commission should be allowed to do its work,” the President explained.

    Rejecting the narrative that such commissions yield no real outcomes, the President highlighted key examples including the South African Revenue Service Commission, the Commission into the Public Investment Corporation, and the implementation of recommendations from the High-Level Panel on the State Security Agency and the Expert Panel into the July 2021 unrest.

    “Some people have resurrected the tired line that the commissions and panels that we have established have not produced any meaningful results. This view is wrong. It is not borne out by evidence. 

    “These commissions resulted in disciplinary actions and the cancellation of unlawful contracts. The implementation of the recommendations of the High-Level Panel on the State Security Agency (SSA) have contributed significantly to SSA’s stabilisation and recovery, improved oversight and accountability, and the structural reforms contained in the General Intelligence Laws Amendment Act,” he said. 

    Following the recommendations of the Expert Panel into the 2021 Civil Unrest, the President explained that government has taken steps to ensure better intelligence coordination, capacitating public order policing, strengthening community policing forums and streamlining the functioning of the National Security Council.

    In the three years since the final report of the State Capture Commission was presented to the President, government has undertaken major reforms based on its recommendations.

    The President noted that eight new laws have been enacted to strengthen the country’s anti-corruption institutions, enhance the procurement system, reform the intelligence services, and improve corporate accountability and public administration.
    He emphasised that government continues to act on the outcomes of the State Capture Commission, with more than R11 billion in assets recovered, an additional R10.6 billion frozen, and dozens of high-profile criminal cases enrolled.

    “These commissions and panels show a government that takes responsibility, that is committed to transparency and accountability, that does not fear independent scrutiny, and that is determined to take corrective action where lapses have taken place.

    “Each of these commissions and panels unearthed information and made findings that were critical to understanding the events that took place. They were essential in ensuring accountability and providing recommendations on strengthening our institutions and processes,” the President said. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI USA: LaLota’s Office Returns $11.3+ Million to Suffolk Residents

    Source: US Representative Nick LaLota (NY-01)

    HAUPPAUGE, NY – Congressman Nick LaLota (NY-01) announced today that his office has recovered more than $11.3 million for Suffolk County residents since taking office in January 2023. These funds include delayed or wrongly withheld Social Security payments, Veterans’ benefits, IRS refunds, and other federal reimbursements secured through direct constituent casework. This milestone comes just days after Congressman LaLota helped deliverover $5,000 in annual SALT deduction relief for many Long Island families by negotiating key provisions in H.R. 1 – the One Big Beautiful Bill, signed into law on July 4, 2025.

    “From Day One, our team has focused on delivering results—through both legislative wins and direct constituent service,” said LaLota. “We’ve returned over $11.3 million to Long Islanders from the IRS, VA, and Social Security, and helped small business owners recover funds they were owed. Now, thanks to the SALT cap increase I fought for, middle-class families on Long Island can keep $2,500 to $7,500 more of their hard-earned income each year. Whether it’s cutting through red tape or cutting your taxes, we’re here to help. If you need assistance with a federal agency, contact my Hauppauge office at (631) 289-1097 or visit LaLota.house.gov.”

    Background:

    Federal dollars Congressman Nick LaLota’s office has returned to his constituents since taking office in January 2023 include:

    • Internal Revenue Service (IRS): $5,571,717.63

    • Social Security Administration (SSA): $1,054,559.03

    • Department of Veterans Affairs (VA): $44,903.71

    • Office of Personnel Management (OPM): $126,507.32

    • Small Business Administration (SBA): $20,833.00

    • Defense Finance and Accounting Service (DFAS): $6,083.04

    • Federal Emergency Management Agency (FEMA): $315,104.84

    • Centers for Medicare & Medicaid Services (CMS): $6,494.30

    • Railroad Retirement Board: $90,000.00

    • Department of Education: $109,872.55

    LaLota’s staff in Hauppauge is able to assist Long Islanders with the federal bureaucracy and receive government benefits they have earned. These include Social Security, Medicare, Veterans’ benefits, the IRS, passports and visas, and small business assistance.

    LaLota’s office in Hauppauge can be reached at 631-289-1097. Mail can be sent to 515 Hauppauge Road, Suite 3B, Hauppauge, NY 11788. Visit https://lalota.house.gov/ for more information.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Issa Introduces Legislation to Reform Hookah Tobacco Taxation

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

    WASHINGTON – Today, Congressman Darrell Issa (CA-48) and Congressman Don Davis (NC-01) introduced the Hookah Clarification Act of 2025, bipartisan legislation to amend the tax classification of hookah products under the Internal Revenue Code.  

    “The Hookah Clarification Act will end longstanding confusion about the existing tax classification of hookah and establish clarity for the future,” said Rep. Issa. “This is a win for common sense and fundamental fairness, and I thank Rep. Davis for joining this important effort.”

    The legislation amends section 5701 (f) of the Internal Revenue Code to create a subcategory for Waterpipe Tobacco (i.e., shisha), separating it from pipe tobacco to ensure it is classified appropriately.

    Despite being significantly lighter, Hookah shisha is currently taxed by weight at the same rate as loose-leaf pipe tobacco. This bill adjusts the tax rate for hookah to accurately reflect that only 20 percent of the product is taxable tobacco. 

    “Tobacco production remains a key pillar of eastern North Carolina’s economy and culture,” said Congressman Don Davis (NC-01). “We must create a level playing field to ensure all tobacco products manufactured in North Carolina are taxed fairly.”

    Read the bill text here. 

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Taxis to install journey recorders

    Source: Hong Kong Information Services

    Two amendment regulations will be published in the Government Gazette this Friday mandating the installation of Journey Recording Systems (JRSs) in all taxis and requiring all taxi drivers to allow fares to be paid by electronic payment (e-payment) means.

    The two amendments – named the Road Traffic (Construction & Maintenance of Vehicles) (Amendment) Regulation 2025 and the Road Traffic (Public Service Vehicles) (Amendment) Regulation 2025 – are aimed at enhancing overall service quality for members of the public through technology. 

    The Transport & Logistics Bureau said the JRSs should be capable of making “in-vehicle recordings” – video recordings, with audio, made inside taxi compartments – as well as recordings of taxis’ front and rear views.

    It added that JRSs should capture data concerning taxis’ location via a global navigation satellite system.

    The bureau said it believes the functions will help deter malpractices by taxi drivers, enhance driving safety and safeguard the interests of both drivers and passengers in the event of disputes.

    To assist the trade in preparing for new requirements relating to the JRSs, the Transport Department will inform the trade of these through various channels, including its own website, the regular Taxi Newsletter, publicity leaflets and regular meetings with the trade, in the second half of this year.

    The department will also carry out work relating to the authorisation of suppliers starting from the fourth quarter of this year, so that the trade can start installing JRSs inside taxi compartments next year.

    Upon completion of installation in all taxis, the JRSs will be ready to come into operation and will have to be connected to the department’s centralised information system.

    To protect the privacy of passengers and drivers, the recordings and data captured by JRSs should be encrypted. Law enforcement agencies, the Commissioner for Transport and authorised persons will be able retrieve or access in-vehicle recordings only for specified purposes.

    The bureau outlined that, as many taxis still only accept cash, causing great inconvenience to passengers, especially tourists, all taxi drivers will be required to allow fares to be paid by e-payment means.

    The requirement will come into effect on April 1 next year.

    To help drivers to prepare for it, the department will co-ordinate with various e-payment platforms to arrange workshops or briefings to assist drivers in learning how to collect fares through e-payment means.

    MIL OSI Asia Pacific News –