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Category: Trade

  • MIL-OSI: PredictIt Announces a Resolution to Litigation with the CFTC and a Bright Future Ahead

    Source: GlobeNewswire (MIL-OSI)

    WASHINGTON, July 23, 2025 (GLOBE NEWSWIRE) — PredictIt is pleased to announce the favorable resolution of its nearly three-year-long litigation challenging the Commodity Futures Trading Commission’s historical efforts to close the PredictIt Market. As part of the resolution, the CFTC amended its No-Action Letter (NAL) to permit transition of the Market’s leadership to a respected consortium of academics from America’s most prestigious institutions. As the second part of the resolution, the United States District Court for the Western District of Texas entered final judgment in favor of PredictIt on Tuesday, July 22. That court order declares invalid the CFTC’s prior efforts and justifications for seeking to end the PredictIt Market. It also bars the CFTC from future efforts to close the Market based on its current structure and features.

    Together, these two pillars of the resolution lay a stable foundation for the PredictIt Market’s future. With the historical efforts to end the Market having been declared illegal and the judgment’s protections against future such efforts, Market participants may trade political event contracts on the Market, and the academic community may plan study of Market data, with confidence.

    As a sign of the progress and energy created by this resolution framework, PredictIt already has offered a series of new political event prediction markets and will continue to do so in the days ahead. These markets long have served as a valuable tool for public insight, academic research, and civic engagement.

    We extend our sincere thanks to Acting Chair Caroline Pham for her leadership, constructive engagement, and support for responsible innovation. Her openness has helped clear the path for regulatory clarity and stability in this in this important field.

    “With this resolution, PredictIt can continue doing what it does best—bringing transparency and insight to the political process through data-driven forecasting,” said John Aristotle Phillips, CEO of PredictIt operator Aristotle. “We’re grateful to our community of traders, academics, and supporters for standing by us. The future for prediction markets has never looked brighter.”

    “It was a long struggle to vindicate the rights of traders and academics to participate in the PredictiIt Market and to the invaluable information it provides about the most important political issues facing the Nation,” said Michael Edney, the lawyer representing the Market’s operators, traders, and academics in court. “Today’s outcome comes after crucial judicial decisions, including two from the United States Court of Appeals for the Fifth Circuit, setting forth these protections. We are grateful to the courts and to the Commission’s current leadership for restoring stability to this national resource.”

    PredictIt looks to the future with optimism. We remain committed to transparency, compliance, and expanding participation in political forecasting through fair and accessible markets.

    A new chapter begins today—and we’re just getting started.

    Contact: 
    Brandi Travis
    +12707042462
    brandi.travis@aristotle.com

    The MIL Network –

    July 24, 2025

  • MIL-OSI USA: WHAT THEY ARE SAYING: U.S.-Indonesia Trade Deal Is Another America First Win

    US Senate News:

    Source: US Whitehouse
    President Donald J. Trump’s landmark reciprocal trade agreement with Indonesia is another critical step forward in the Trump Administration’s relentless pursuit of trade policy that finally puts America First. The deal eliminates ~99% of tariff barriers for a full range of U.S. industrial, food, and agricultural exports, unlocks new market access, and breaks down non-tariff barriers — and represents the latest victory for American workers, farmers, and manufacturers.
    The trade deal was immediately hailed across American industry:
    American Iron and Steel Institute President and CEO Kevin Dempsey: “AISI is encouraged by today’s announcement of a framework for negotiating an agreement with Indonesia to remove Indonesia’s existing export restrictions on critical minerals, such as nickel, which is critical to stainless steel production. Indonesia’s existing export ban and other restrictions on nickel, together with its close ties to Chinese steel producers that have invested in that country as a result of China’s Belt and Road Initiative, have resulted in significant distortions in the global market for nickel to the detriment of steel producers in the United States. We look forward to working with USTR to address the Indonesian nickel export restrictions and other trade-distorting policies as these negotiations move forward.”
    Association for Competitive Technology President Morgan Reed: “This is another win for U.S. small tech developers. For years the App Association and our members have raised concerns with the U.S. Trade Representative regarding Indonesia’s inclusion of software and other digital goods in their tariff system, among several other digital trade barriers. We thank USTR and the Administration for their tireless work on behalf of small tech companies and look forward to our continued work strengthening American competitiveness globally. Further, we commend the Indonesian government for joining the United States in committing to support a World Trade Organization agreement that ensures countries will not apply taxes or customs duties to digital service transmissions.”
    Business Software Alliance SVP Aaron Cooper: “The US-Indonesia trade agreement is a breakthrough in digital trade policy. The agreement’s provisions to eliminate tariffs on intangible digital products, guaranteeing cross-border data transfers, and supporting the permanent extension of the moratorium on digital customs duties expands access to digital services and supports the adoption of technology. This agreement sends a strong signal to the global economy and many industries that rely on open and secure digital trade, and reflects key reforms that have been core BSA priorities for nearly a decade.”
    American Soybean Association President Caleb Ragland: “We appreciate President Trump and his administration’s efforts in maintaining market access for U.S. soybeans into Indonesia, and the commitment from USTR to address non-tariff barriers in that market. We look forward to future deals like this that reduce tariffs and ensure continued and increased market access for U.S. agriculture.”
    Computer and Communications Industry Association VP Jonathan McHale: “The announced Framework agreement for addressing Indonesia’s many trade barriers, including tariff regimes targeting digital products, restrictions on cross-border data flows, and local content requirements for communications devices, is an important and encouraging step in reforming what has long been one of the most challenging markets for U.S. suppliers. We look forward to a binding agreement addressing not only these restrictions, but a path to resolving all outstanding barriers that remain in this important market.”
    Consortium for Common Food Names Executive Director Jaime Castaneda: “The prospect of having Indonesia commit to a more transparent and balanced approach to GIs would be a meaningful advance in the global fight to preserve the use of common food names like parmesan and feta. We commend the U.S. negotiators for prioritizing this issue, particularly at a time when European Union is attempting to expand their GI abuse in growing dairy markets and shut out the United States. We will work diligently with the U.S. government to hold Indonesia accountable to their commitments on common names.”
    International Dairy Foods Association SVP Becky Rasdall Vargas: “We could not be more enthusiastic and energized about today’s announcement for improved access for U.S. dairy exports to Indonesia. Indonesia is an important trading partner in a region that is critical to U.S. dairy exports, and growing. Today’s announcement represents the largest improvement of access U.S. dairy exporters have seen in the region in over a decade and will be a timely step towards keeping U.S. dairy exporters globally competitive. We express our sincere appreciation to the Administration and the negotiators for achieving this positive outcome for U.S. dairy.”
    National Grain and Feed Association President and CEO Mike Seyfert: “America’s grain and feed industry appreciates President Trump and his negotiating team for advancing a bold and strategic trade framework with Indonesia that delivers meaningful wins for U.S agriculture. This agreement opens the door to billions in new exports – including soybeans, wheat, and other key commodities – while eliminating tariffs and cutting red tape that have long held back U.S. producers. We look forward to swift finalization and implementation of this deal and stand ready to work with the Trump Administration open new markets and tear down unfair trade barriers.”
    National Milk Producers Federation President and CEO Gregg Doud: “This looks like it will be a significant win for U.S. dairy. We commend the Trump Administration for securing an agreement that should deliver real benefits for our dairy farmers. We are pleased to hear this framework removes roadblocks to trade and will help grow dairy sales in one of the world’s most populous markets. NMPF looks forward to reviewing the details of the agreement and working with the Administration to ensure Indonesia upholds its end of the bargain.”
    National Oilseed Processors Association President and CEO Devin Mogler: “We commend the Trump Administration for prioritizing U.S. farmers in this trade deal with Indonesia, and specifically for including soybean meal purchases. NOPA members have invested over $6 billion to expand U.S. soybean crushing capacity by over 25% since 2023 levels to meet growing demand for food, feed and biofuel use, adding value to the crops our great U.S. farmers produce. Ensuring we have access to growing soybean meal markets like Indonesia ensures our farmers remain competitive relative to global competitors.”
    Renewable Fuels Association President and CEO Geoff Cooper: “We’re grateful to President Trump and his team for ensuring U.S. agriculture and renewable fuels are prominently included in these framework agreements. These deals will ultimately help open important Asian markets and allow greater access for American farm products, renewable fuels, and co-products like distillers grains. This administration clearly understands the leading role American farmers and renewable fuel producers can play when it comes to feeding and fueling the world, and we salute President Trump’s efforts to secure fair and reciprocal agreements around the globe. Breaking down barriers to fair trade strengthens our rural economy and the United States as a whole.”
    The Meat Institute: “The Meat Institute’s members celebrate @realdonaldtrump and @USTradeRep’s work on a deal with Indonesia opening up this important market for meat & poultry. We look forward to seeing the details of the deal & to continued efforts to remove remaining barriers to trade in other SE Asian markets.”
    U.S. Dairy Export Council President and CEO Krysta Harden: “Yesterday’s announcement is an important step forward in advancing opportunities for U.S. dairy exporters. This deal is poised to strengthen our long-term partnership with Indonesia while giving U.S. dairy companies a better shot at competing fairly. While verification that Indonesia honors its commitments will be necessary, the removal of both tariff and nontariff barriers is precisely what our industry needs to create new momentum for U.S. dairy exports and deeper collaboration with a key Southeast Asian partner.”
    U.S. Grains Council President and CEO Ryan LeGrand: “The U.S. Grains Council commends the Trump Administration on its historic trade deal with Indonesia, that will enhance trade for both countries and places a zero tariff on the products the Council represents. In the 2023-24 marketing year, Indonesia was the fourth largest importer for U.S. distillers dried grains with solubles at 1,024,000 metric tons. That translates into a nearly $299 million market, and we hope the deal announced today will not only help see those numbers increase but open doors wider to the full range of products we have to offer.”
    U.S. Meat Export Federation President and CEO Dan Halstrom: “USMEF thanks USTR for its tireless efforts to negotiate a meaningful agreement with Indonesia, tackling many challenging issues. Indonesia is a market with incredible potential, in which the opportunity for U.S. beef is estimated at $250 million annually. But today, exports are minimal due to numerous trade barriers. We are encouraged to see that the highlights detailed in the U.S.-Indonesia joint statement include resolving key issues such as import licensing, the commodity balance policy, and Indonesia’s onerous plant-by-plant approval process. For both U.S. beef and U.S. pork, these longstanding restrictions have limited exports to Indonesia. Indonesian importers and consumers are demanding U.S. red meat and we look forward to the swift conclusion of these negotiations and expanded export opportunities.”
    U.S. Wheat Associates President and CEO Mike Spier: “We are excited and grateful to track this wide-reaching government commitment that includes the agreement signed earlier this month between Indonesian flour millers and the U.S. wheat industry. We thank the Trump Administration, the U.S. Trade Representative and the U.S. Department of Agriculture’s Foreign Agricultural Service (USDA-FAS) for their continued work on behalf of American wheat farmers.”

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI Russia: China is ready to stand up for justice and bring positive, stabilizing and constructive forces to world affairs together with its BRICS partners – Chinese Ambassador to Russia

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    Moscow, July 23 /Xinhua/ — China is ready to uphold justice and bring positive, stabilizing and constructive forces to world affairs together with its BRICS partners, Chinese Ambassador to Russia Zhang Hanhui said in an article titled “Consolidation of Agreements, Joining Efforts, Big BRICS Promotes Transformation of Global Governance,” published in the Russian newspaper Izvestia on Wednesday.

    “The Chinese side is ready to work with its BRICS partners to uphold justice, bring positive, stabilizing and constructive forces to world affairs, promote peaceful settlement of disputes and develop strategic solutions to eliminate the root causes of problems while objectively assessing the circumstances,” the publication says.

    As the Chinese diplomat noted, the 17th BRICS Leaders’ Meeting, which recently concluded in Rio de Janeiro, fully demonstrated the responsibility and readiness of the BRICS countries to become the “vanguard” of the Global South, and also emphasized the role of the association in protecting peace and stability throughout the world, promoting global open development, and advancing exchanges and mutual learning among civilizations.

    Zhang Hanhui stressed that the BRICS countries are the driving forces of economic growth. “In the context of the recession and trade disputes, we must focus on development,” he urged. According to the author of the publication, it is necessary to make efforts to build an open world economy, resolutely oppose unilateralism and protectionism, protect the fundamental principles of the World Trade Organization, promote the liberalization and simplification of trade and investment, and ensure the stability and smoothness of production and supply chains. The ambassador also reported that China has established the China Cooperation Center for the Development of Special Economic Zones in the BRICS Countries.

    The Chinese diplomat believes it is necessary to raise the level of international financial cooperation and open up new promising areas of economic growth, expand cooperation in new areas such as digital technology and green development. “China, through the Global Development Initiative, will create the Digital South brand and conduct 200 training programs on the digital economy and artificial intelligence for the countries of the Global South over the next five years,” he said, adding that this year China will establish the China-BRICS Research Center for New Productive Forces and establish a scholarship for BRICS countries to promote the training of personnel in sectors such as industry and telecommunications.

    Zhang Hanhui called the BRICS countries the initiators of inter-civilization dialogue and called for promoting exchanges and mutual learning among civilizations. He noted that China is ready to work with its BRICS partners to implement the Global Civilization Initiative in line with the civilizational concept of equality, mutual learning, dialogue and inclusiveness. The author of the article called for respecting the diversity of human civilizations, recognizing the right of peoples of different countries to seek ways to realize their values, rejecting any form of a “new Cold War” and ideological confrontation, continuously “enriching the palette” of human civilization, strengthening continuity, innovation and humanitarian exchanges in culture, actively promoting the protection of cultural heritage and the development of culture, and striving to create a harmonious atmosphere of mutual learning, exchanges and coexistence among various civilizations.

    Zhang Hanhui also pointed out that against the backdrop of accelerated changes unseen in a century, the concept of global governance put forward by Chinese President Xi Jinping is increasingly proving its modern value and practical significance. “In the face of growing conflicts and differences, it is necessary to intensify expanded consultations based on equality and mutual respect. Profound common interests require joint contributions based on solidarity,” the ambassador emphasized.

    According to the Chinese diplomat, thanks to the joint efforts of China, Russia and other BRICS partners, the BRICS cooperation mechanism has been continuously developed and strengthened, its representation has expanded, and its international influence has steadily increased. “BRICS provides an important platform for countries in the Global South to assert their right to development, safeguard international justice, and participate in the reform of the global governance system,” he said, adding that China will continue to follow the “BRICS spirit” and work with Russia and other BRICS partners to develop common values and protect common interests, making new contributions to building a community with a shared future for mankind. –0–

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

    .

    MIL OSI Russia News –

    July 24, 2025

  • MIL-OSI United Nations: United Nations Board of Auditors Holds Seventy-Ninth Regular Session, 22-23 July at UN Headquarters, New York

    Source: United Nations General Assembly and Security Council

    The General Assembly established the United Nations Board of Auditors in 1946 as an important mechanism to promote accountability and transparency in the United Nations.  The Board audits the accounts of the United Nations Organization and its funds and programmes and reports its findings and recommendations to the General Assembly, through the Advisory Committee on Administrative and Budgetary Questions (ACABQ), and other governing bodies.  The Board has three members, who are jointly responsible for the audit.

    The Board held its seventy-ninth regular session in New York on 22 and 23 July.  The session was chaired by Pierre Moscovici, First President of the French Cour des comptes.  Together with Mr. Moscovici, Hou Kai, Auditor-General of the National Audit Office of China, and Vital do Rêgo Filho, President of the Brazilian Federal Court of Accounts, collectively discussed findings and audit opinions.

    During the session the Board met with the Secretary-General and the Deputy Secretary-General to exchange on cross-cutting issues.

    Through its work, the Board provides independent assurance to Member States and other stakeholders regarding proper use of the resources of the United Nations entities.  It reports on financial matters, as well as on regularity and performance issues.  It plays a significant role in assisting the United Nations to improve its operations and internal control systems.  The findings and recommendations of the Board have led to continuous systematic improvements in the functioning of the United Nations.

    This year the Board audited the financial statements and reviewed the operations of 18 organizations and submitted the reports to the General Assembly.  All the audited entities received unqualified opinions.  Key trends and cross-entity issues have been gathered in the Board’s Concise Summary report, which focused specifically on inter-agency cooperation as a way to improve cost effectiveness.  The Board further produced three reports for submission to other governing bodies.  More detailed information about the Board’s findings can be found in the individual reports published on the Board’s website (http://www.un.org/en/auditors/board/).

    ANNEX

    List of Board Reports

    Reports Submitted to General Assembly

    France

    1. United Nations Development Programme (UNDP)
    2. United Nations Capital Development Fund (UNCDF)
    3. United Nations High Commissioner for Refugees – (UNHCR)
    4. Concise summary of findings and conclusions

    China

    5. United Nations, Vol.1
    6. International Trade Centre (ITC)
    7. United Nations Office for Projects Services (UNOPS)
    8. United Nations Relief and Works Agency (UNRWA)
    9. United Nations Environment Programme (UNEP)
    10. United Nations Human Settlement Fund (UN-Habitat)

    Brazil

    11. United Nations University (UNU)
    12. United Nations Institute for Training and Research (UNITAR)
    13. United Nations Population Fund (UNFPA)
    14. United Nations Drug Control Programme (UNODC)
    15. United Nations Entity for Gender Equality and Empowerment of Women (UN-Women)
    16. International Residual Mechanism for Criminal Tribunals (IRMCT)
    17. United Nations Joint Staff Pension Fund
    18. United Nations Children’s Fund (UNICEF)

    Reports Submitted to Other Governing Bodies

    France

    19. United Nations Framework Convention on Climate Change
    20. United Nations Convention to Combat Desertification

    China

    21. UNRWA Staff Provident Fund

    MIL OSI United Nations News –

    July 24, 2025

  • MIL-OSI USA: CFTC Staff Issues No-Action Letter Regarding Event Contracts

    Source: US Commodity Futures Trading Commission

    CFTC Staff Issues No-Action Letter Regarding Event Contracts | CFTC

    /PressRoom/PressReleases/9099-25
    Skip to main content

    July 23, 2025

    WASHINGTON, D.C. — The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations in response to a request from the Chicago Mercantile Exchange Inc., a designated contract market and derivatives clearing organization.
    The divisions will not recommend the CFTC initiate an enforcement action against CME or its participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with binary option transactions executed on or subject to the rules of CME, subject to the terms of the no-action letter. The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations. 

    -CFTC-

    MIL OSI USA News –

    July 24, 2025

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

    Source: GlobeNewswire (MIL-OSI)

    SOUDERTON, Pa., July 23, 2025 (GLOBE NEWSWIRE) — Univest Financial Corporation (“Univest” or the “Corporation”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the “Bank”) and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended June 30, 2025 of $20.0 million, or $0.69 diluted earnings per share, compared to net income of $18.1 million, or $0.62 diluted earnings per share, for the quarter ended June 30, 2024.

    Loans
    Gross loans and leases decreased $31.9 million, or 0.5% (2.0% annualized), from March 31, 2025 and $25.4 million, or 0.4% (0.8% annualized), from December 31, 2024 primarily due to decreases in commercial real estate, residential mortgage loans and lease financings, partially offset by increases in commercial, construction and home equity loans. Gross loans and leases increased $116.3 million, or 1.7%, from June 30, 2024, primarily due to increases in commercial real estate, residential mortgage and home equity loans, partially offset by decreases in commercial and construction loans and lease financings.

    Deposits and Liquidity
    Total deposits decreased $75.8 million, or 1.1% (4.4% annualized), from March 31, 2025, primarily due to seasonal decreases in public funds deposits and decreases in consumer and brokered deposits, partially offset by an increase in commercial deposits. Excluding decreases of $105.9 million in seasonal public funds deposits and $47.5 million in brokered deposits, deposits increased by $77.5 million during the quarter. Total deposits decreased $176.6 million, or 2.6% (5.2% annualized), from December 31, 2024, due to decreases in consumer and public funds deposits, partially offset by increases in commercial and brokered deposits. Total deposits increased $87.3 million, or 1.3%, from June 30, 2024, due to increases in commercial and public funds deposits, partially offset by decreases in consumer and brokered deposits.

    Noninterest-bearing deposits totaled $1.5 billion and represented 22.2% of total deposits at June 30, 2025, compared to $1.4 billion representing 21.5% of total deposits at March 31, 2025. Unprotected deposits, which excludes insured, internal, and collateralized deposit accounts, totaled $1.5 billion at June 30, 2025 and March 31, 2025. This represented 23.0% of total deposits at June 30, 2025, compared to 21.9% at March 31, 2025.

    As of June 30, 2025, the Corporation and its subsidiaries reported cash and cash equivalents totaling $160.4 million and had committed borrowing capacity of $3.6 billion, of which $2.3 billion was available. The Corporation and its subsidiaries also maintained uncommitted funding sources from correspondent banks of $469.0 million at June 30, 2025. Future availability under these uncommitted funding sources is subject to the prerogatives of the granting banks and may be withdrawn at will.

    Net Interest Income and Margin
    Net interest income of $59.5 million for the second quarter of 2025 increased $8.5 million, or 16.7%, from the second quarter of 2024 and $2.8 million, or 4.9%, from the first quarter of 2025. The increase in net interest income for the second quarter of 2025 compared to the second quarter of 2024 was driven by higher average balances of loans and higher yields on interest earning assets, as well as a reduction in our overall cost of funds. The increase in net interest income for the second quarter of 2025 compared to the first quarter of 2025 was primarily driven by higher yields on interest earning assets and lower average balances of interest-bearing liabilities and related costs.

    Net interest margin, on a tax-equivalent basis, was 3.20% for the second quarter of 2025, compared to 3.09% for the first quarter of 2025 and 2.84% for the second quarter of 2024. Excess liquidity reduced net interest margin by approximately four basis points for the quarter ended June 30, 2025 compared to approximately three basis points for the quarter ended March 31, 2025 and approximately two basis points for the quarter ended June 30, 2024. Excluding the impact of excess liquidity, the net interest margin, on a tax-equivalent basis, would have been 3.24% for the quarter ended June 30, 2025 compared to 3.12% for the first quarter of 2025 and 2.86% for the second quarter of 2024.

    Noninterest Income
    Noninterest income for the quarter ended June 30, 2025 was $21.5 million, an increase of $521 thousand, or 2.5%, from the comparable period in the prior year.

    Other income increased $491 thousand, or 65.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase of $299 thousand in gains on sale of Small Business Administration loans.

    Service charges on deposit accounts increased $276 thousand, or 13.9%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to an increase in treasury management income.

    Investment advisory commission and fee income increased $222 thousand, or 4.2%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to new customer relationships and appreciation of assets under management and supervision.

    Net gain on mortgage banking activities decreased $729 thousand, or 42.6%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, primarily due to decreased salable volume.

    Noninterest Expense
    Noninterest expense for the quarter ended June 30, 2025 was $50.3 million, an increase of $1.6 million, or 3.3%, from the comparable period in the prior year.

    Salaries, benefits and commissions increased $1.3 million, or 4.5%, for the quarter ended June 30, 2025 compared to the comparable period in the prior year, due to increases in salary and medical claims expense. Additionally, variable compensation increased due to increased profitability.

    Tax Provision
    The effective income tax rate was 20.1% for the quarter ended June 30, 2025, compared to an effective tax rate of 19.9% for the quarter ended June 30, 2024. The effective tax rates for the three months ended June 30, 2025 and 2024 were favorably impacted by proceeds of BOLI death benefits received in both periods. Excluding the BOLI death benefits, the effective tax rate was 20.2% for the three months ended June 30, 2025 compared to 20.0% for the three months ended June 30, 2024.

    Asset Quality and Provision for Credit Losses
    Nonperforming assets totaled $50.6 million at June 30, 2025, $34.0 million at March 31, 2025, and $36.6 million at June 30, 2024. During the quarter, a $23.7 million commercial loan relationship was placed on nonaccrual status due to, among other things, suspected fraud. Subsequent to the relationship being placed on nonaccrual status, a $7.3 million charge-off was recognized during the quarter. The remaining $16.4 million carrying value is supported by the appraised value of real estate collateral.

    Net loan and lease charge-offs were $7.8 million for the three months ended June 30, 2025 compared to $1.7 million and $809 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The increase in charge-offs for the quarter compared to the prior periods was due to the previously discussed $7.3 million charge-off associated with a nonaccrual commercial loan relationship.

    The provision for credit losses was $5.7 million for the three months ended June 30, 2025 compared to $2.3 million and $707 thousand for the three months ended March 31, 2025 and June 30, 2024, respectively. The allowance for credit losses on loans and leases as a percentage of loans and leases held for investment was 1.28% at June 30, 2025, March 31, 2025, and June 30, 2024.

    Dividend and Share Repurchases
    On July 23, 2025, Univest declared a quarterly cash dividend of $0.22 per share to be paid on August 20, 2025 to shareholders of record as of August 6, 2025. During the quarter ended June 30, 2025, the Corporation repurchased 172,757 shares of common stock at an average price of $28.45 per share. Including brokerage fees and excise tax, the average price per share was $28.77. As of June 30, 2025, 1,005,637 shares are available for repurchase under the Share Repurchase Plan.

    Conference Call
    Univest will host a conference call to discuss second quarter 2025 results on Thursday, July 24, 2025 at 9:00 a.m. EDT. Participants may preregister at https://www.netroadshow.com/events/login?show=d55d5140&confId=85192. The general public can access the call by dialing 1-833-470-1428; using Access Code 747843. A replay of the conference call will be available through July 31, 2025 by dialing 1-866-813-9403; using Access Code 563521.

    About Univest Financial Corporation
    Univest Financial Corporation (UVSP), including its wholly-owned subsidiary Univest Bank and Trust Co., Member FDIC, has approximately $7.9 billion in assets and $5.4 billion in assets under management and supervision through its Wealth Management lines of business at June 30, 2025. Headquartered in Souderton, Pa. and founded in 1876, the Corporation and its subsidiaries provide a full range of financial solutions for individuals, businesses, municipalities and nonprofit organizations primarily in the Mid-Atlantic Region. Univest delivers these services through a network of more than 50 offices and online at www.univest.net.

    This press release and the reports Univest files with the Securities and Exchange Commission often contain “forward-looking statements” relating to trends or factors affecting the financial services industry and, specifically, the financial condition and results of operations, business, prospects and strategies of Univest. These forward-looking statements involve certain risks and uncertainties in that there are a number of important factors that could cause Univest’s future financial condition, results of operations, business, prospects or strategies to differ materially from those expressed or implied by the forward-looking statements. These factors include, but are not limited to: (1) competition and demand for financial services in our market area; (2) inflation and/or changes in interest rates, which may adversely impact our margins and yields, reduce the fair value of our financial instruments, reduce our loan originations and/or lead to higher operating costs and higher costs we pay to retain and attract deposits; (3) changes in asset quality, prepayment speeds, loan sale volumes, charge-offs and/or credit loss provisions; (4) fluctuations in real estate values and both residential and commercial real estate market conditions; (5) changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; (6) our ability to access cost-effective funding; (7) changes in economic conditions nationally and in our market, including potential recessionary conditions and the levels of unemployment in our market area; (8) changes in the economic assumptions or methodology used to calculate our allowance for credit losses; (9) legislative, regulatory, accounting or tax changes; (10) monetary and fiscal policies of the U.S. government, including the policies of the Board of Governors of the Federal Reserve System; (11) the imposition of tariffs or other domestic or international governmental policies and retaliatory responses; (12) the failure to maintain current technologies and to successfully implement future information technology enhancements; (13) technological issues that may adversely affect our operations or those of our customers; (14) a failure or breach in our operational or security systems or infrastructure, including cyberattacks; (15) changes in the securities markets; (16) the current or anticipated impact of military conflict, terrorism or other geopolitical events; (17) our ability to enter into new markets successfully and capitalize on growth opportunities; (18) changes in investor sentiment or consumer spending or savings behavior; and/or (19) risk factors mentioned in the reports and registration statements Univest files with the Securities and Exchange Commission.

    (UVSP – ER)

     
    Univest Financial Corporation
    Consolidated Selected Financial Data (Unaudited)
    June 30, 2025
    (Dollars in thousands)                                    
                                         
    Balance Sheet (Period End)   06/30/25   03/31/25   12/31/24   09/30/24   06/30/24                
    ASSETS                                    
    Cash and due from banks   $ 76,624     $ 73,319     $ 75,998     $ 78,346     $ 66,808                  
    Interest-earning deposits with other banks     83,741       95,815       252,846       426,354       124,103                  
    Cash and cash equivalents     160,365       169,134       328,844       504,700       190,911                  
    Investment securities held-to-maturity     128,455       130,889       134,111       137,681       140,112                  
    Investment securities available for sale, net of allowance for credit losses     366,421       364,503       357,361       354,100       342,776                  
    Investments in equity securities     1,801       1,667       2,506       2,406       2,995                  
    Federal Home Loan Bank, Federal Reserve Bank and other stock, at cost     36,482       35,732       38,980       40,235       37,438                  
    Loans held for sale     17,774       13,150       16,653       17,131       28,176                  
    Loans and leases held for investment     6,801,185       6,833,037       6,826,583       6,730,734       6,684,837                  
    Less: Allowance for credit losses, loans and leases     (86,989 )     (87,790 )     (87,091 )     (86,041 )     (85,745 )                
    Net loans and leases held for investment     6,714,196       6,745,247       6,739,492       6,644,693       6,599,092                  
    Premises and equipment, net     47,140       47,175       46,671       47,411       48,174                  
    Operating lease right-of-use assets     27,278       27,182       28,531       29,260       29,985                  
    Goodwill     175,510       175,510       175,510       175,510       175,510                  
    Other intangibles, net of accumulated amortization     7,967       8,061       8,309       7,158       7,701                  
    Bank owned life insurance     140,086       139,482       139,351       138,744       137,823                  
    Accrued interest and other assets     115,581       117,435       112,098       106,708       114,753                  
    Total assets   $ 7,939,056     $ 7,975,167     $ 8,128,417     $ 8,205,737     $ 7,855,446                  
                                         
    LIABILITIES                                    
    Noninterest-bearing deposits   $ 1,461,189     $ 1,433,995     $ 1,414,635     $ 1,323,953     $ 1,397,308                  
    Interest-bearing deposits:     5,121,471       5,224,503       5,344,624       5,530,195       5,098,014                  
    Total deposits     6,582,660       6,658,498       6,759,259       6,854,148       6,495,322                  
    Short-term borrowings     6,271       4,031       11,181       8,256       11,781                  
    Long-term debt     200,000       175,000       225,000       225,000       250,000                  
    Subordinated notes     149,511       149,386       149,261       149,136       149,011                  
    Operating lease liabilities     30,106       30,062       31,485       32,246       33,015                  
    Accrued expenses and other liabilities     53,775       54,718       64,930       59,880       62,180                  
    Total liabilities     7,022,323       7,071,695       7,241,116       7,328,666       7,001,309                  
                                         
    SHAREHOLDERS’ EQUITY                                    
    Common stock, $5 par value: 48,000,000 shares authorized and 31,556,799 shares issued     157,784       157,784       157,784       157,784       157,784                  
    Additional paid-in capital     301,640       300,634       302,829       301,262       300,166                  
    Retained earnings     555,403       541,776       525,780       512,938       500,482                  
    Accumulated other comprehensive loss, net of tax benefit     (34,969 )     (37,922 )     (43,992 )     (41,623 )     (54,124 )                
    Treasury stock, at cost     (63,125 )     (58,800 )     (55,100 )     (53,290 )     (50,171 )                
    Total shareholders’ equity     916,733       903,472       887,301       877,071       854,137                  
    Total liabilities and shareholders’ equity   $ 7,939,056     $ 7,975,167     $ 8,128,417     $ 8,205,737     $ 7,855,446                  
                                         
                                         
        For the three months ended,   For the six months ended,
    Balance Sheet (Average)   06/30/25   03/31/25   12/31/24   09/30/24   06/30/24   06/30/25   06/30/24
    Assets     7,979,475     $ 7,981,043     $ 8,163,347     $ 8,005,265     $ 7,721,540     $ 7,980,254     $ 7,709,058  
    Investment securities, net of allowance for credit losses     497,214       500,078       500,748       493,334       493,140       498,638       497,061  
    Loans and leases, gross     6,846,938       6,856,503       6,758,649       6,730,791       6,640,536       6,851,694       6,608,950  
    Deposits     6,633,250       6,617,653       6,804,483       6,641,324       6,353,752       6,625,494       6,328,804  
    Shareholders’ equity     908,536       896,811       880,237       864,406       844,572       902,706       843,559  
                                 
    Univest Financial Corporation
    Consolidated Summary of Loans by Type and Asset Quality Data (Unaudited)
    June 30, 2025
    (Dollars in thousands)                                    
                                         
    Summary of Major Loan and Lease Categories (Period End)   06/30/25   03/31/25   12/31/24   09/30/24   06/30/24                
    Commercial, financial and agricultural   $ 1,052,246     $ 1,034,361     $ 1,037,835     $ 1,044,043     $ 1,055,332                  
    Real estate-commercial     3,485,615       3,546,402       3,530,451       3,442,083       3,373,889                  
    Real estate-construction     302,424       281,785       274,483       285,616       313,229                  
    Real estate-residential secured for business purpose     535,210       536,082       536,095       530,674       532,628                  
    Real estate-residential secured for personal purpose     984,166       992,767       994,972       969,562       952,665                  
    Real estate-home equity secured for personal purpose     195,014       189,119       186,836       182,901       179,150                  
    Loans to individuals     14,069       16,930       21,250       26,794       26,430                  
    Lease financings     232,441       235,591       244,661       249,061       251,514                  
    Total loans and leases held for investment, net of deferred income     6,801,185       6,833,037       6,826,583       6,730,734       6,684,837                  
    Less: Allowance for credit losses, loans and leases     (86,989 )     (87,790 )     (87,091 )     (86,041 )     (85,745 )                
    Net loans and leases held for investment   $ 6,714,196     $ 6,745,247     $ 6,739,492     $ 6,644,693     $ 6,599,092          
                                 
                                 
    Asset Quality Data (Period End)   06/30/25   03/31/25   12/31/24   09/30/24   06/30/24        
    Nonaccrual loans and leases, including nonaccrual loans held for sale   $ 27,909     $ 11,126     $ 12,667     $ 15,319     $ 16,200          
    Accruing loans and leases 90 days or more past due     125       322       321       310       205          
    Total nonperforming loans and leases     28,034       11,448       12,988       15,629       16,405          
    Other real estate owned     22,471       22,433       20,141       20,915       20,007          
    Repossessed assets     80       79       76       79       149          
    Total nonperforming assets   $ 50,585     $ 33,960     $ 33,205     $ 36,623     $ 36,561          
    Nonaccrual loans and leases / Loans and leases held for investment     0.41 %     0.16 %     0.19 %     0.23 %     0.24 %        
    Nonperforming loans and leases / Loans and leases held for investment     0.41 %     0.17 %     0.19 %     0.23 %     0.25 %        
    Nonperforming assets / Total assets     0.64 %     0.43 %     0.41 %     0.45 %     0.47 %        
                                 
    Allowance for credit losses, loans and leases   $ 86,989     $ 87,790     $ 87,091     $ 86,041     $ 85,745          
    Allowance for credit losses, loans and leases / Loans and leases held for investment     1.28 %     1.28 %     1.28 %     1.28 %     1.28 %        
    Allowance for credit losses, loans and leases / Nonaccrual loans and leases     311.69 %     789.05 %     687.54 %     561.66 %     529.29 %        
    Allowance for credit losses, loans and leases / Nonperforming loans and leases     310.30 %     766.86 %     670.55 %     550.52 %     522.68 %        
                                 
                                 
        For the three months ended,   For the six months ended,
        06/30/25   03/31/25   12/31/24   09/30/24   06/30/24   06/30/25   06/30/24
    Net loan and lease charge-offs   $ 7,807     $ 1,686     $ 767     $ 820     $ 809     $ 9,493     $ 2,215  
    Net loan and lease charge-offs (annualized)/Average loans and leases     0.46 %     0.10 %     0.05 %     0.05 %     0.05 %     0.28 %     0.07 %
                                 
    Univest Financial Corporation  
    Consolidated Selected Financial Data (Unaudited)  
    June 30, 2025  
    (Dollars in thousands, except per share data)                              
        For the three months ended,   For the six months ended,  
    For the period:   06/30/25   03/31/25   12/31/24   09/30/24   06/30/24   06/30/25   06/30/24  
    Interest income   $ 105,706   $ 103,416   $ 107,476   $ 106,438   $ 99,832   $ 209,122   $ 198,441  
    Interest expense     46,165     46,635     52,004     53,234     48,805     92,800     95,947  
    Net interest income     59,541     56,781     55,472     53,204     51,027     116,322     102,494  
    Provision for credit losses     5,694     2,311     2,380     1,414     707     8,005     2,139  
    Net interest income after provision for credit losses     53,847     54,470     53,092     51,790     50,320     108,317     100,355  
    Noninterest income:                              
    Trust fee income     2,146     2,161     2,265     2,110     2,008     4,307     4,116  
    Service charges on deposit accounts     2,258     2,194     2,192     2,037     1,982     4,452     3,853  
    Investment advisory commission and fee income     5,460     5,613     5,457     5,319     5,238     11,073     10,432  
    Insurance commission and fee income     5,261     6,889     4,743     5,238     5,167     12,150     12,368  
    Other service fee income     3,147     2,707     3,473     1,815     3,044     5,854     9,459  
    Bank owned life insurance income     1,012     1,959     1,012     921     1,086     2,971     1,928  
    Net gain on sales of investment securities     –     –     –     18     –     –     –  
    Net gain on mortgage banking activities     981     647     1,320     1,296     1,710     1,628     2,649  
    Other income     1,236     245     868     1,396     745     1,481     1,770  
    Total noninterest income     21,501     22,415     21,330     20,150     20,980     43,916     46,575  
    Noninterest expense:                              
    Salaries, benefits and commissions     31,536     30,826     31,518     30,702     30,187     62,362     61,525  
    Net occupancy     2,739     2,853     2,751     2,723     2,679     5,592     5,551  
    Equipment     1,043     1,122     1,147     1,107     1,088     2,165     2,199  
    Data processing     4,408     4,364     4,146     4,154     4,161     8,772     8,656  
    Professional fees     1,597     1,797     1,669     1,579     1,466     3,394     3,154  
    Marketing and advertising     498     353     552     490     715     851     1,131  
    Deposit insurance premiums     1,074     1,151     1,102     1,097     1,098     2,225     2,233  
    Intangible expenses     131     130     155     164     188     261     375  
    Other expense     7,306     6,732     7,618     6,536     7,126     14,038     13,958  
    Total noninterest expense     50,332     49,328     50,658     48,552     48,708     99,660     98,782  
    Income before taxes     25,016     27,557     23,764     23,388     22,592     52,573     48,148  
    Income tax expense     5,038     5,162     4,823     4,810     4,485     10,200     9,736  
    Net income   $ 19,978   $ 22,395   $ 18,941   $ 18,578   $ 18,107   $ 42,373   $ 38,412  
    Net income per share:                              
    Basic   $ 0.69   $ 0.77   $ 0.65   $ 0.64   $ 0.62   $ 1.46   $ 1.31  
    Diluted   $ 0.69   $ 0.77   $ 0.65   $ 0.63   $ 0.62   $ 1.45   $ 1.30  
    Dividends declared per share   $ 0.22   $ 0.21   $ 0.21   $ 0.21   $ 0.21   $ 0.43   $ 0.42  
    Weighted average shares outstanding     28,859,348     29,000,567     29,070,039     29,132,948     29,246,977     28,929,123     29,330,488  
    Period end shares outstanding     28,810,805     28,962,648     29,045,877     29,081,108     29,190,640     28,810,805     29,190,640  
     
    Univest Financial Corporation
    Consolidated Selected Financial Data (Unaudited)
    June 30, 2025
                                 
                                 
                                 
        For the three months ended,   For the six months ended,
    Profitability Ratios (annualized)   06/30/25   03/31/25   12/31/24   09/30/24   06/30/24   06/30/25   06/30/24
                                 
    Return on average assets     1.00 %     1.14 %     0.92 %     0.92 %     0.94 %     1.07 %     1.00 %
    Return on average shareholders’ equity     8.82 %     10.13 %     8.56 %     8.55 %     8.62 %     9.47 %     9.16 %
    Return on average tangible common equity (1)(3)     11.02 %     12.69 %     10.79 %     10.84 %     11.01 %     11.84 %     11.69 %
    Net interest margin (FTE)     3.20 %     3.09 %     2.88 %     2.82 %     2.84 %     3.14 %     2.86 %
    Efficiency ratio (2)     61.6 %     61.6 %     65.5 %     65.7 %     67.1 %     61.6 %     65.8 %
                                 
    Capitalization Ratios                            
                                 
    Dividends declared to net income     31.8 %     27.2 %     32.2 %     33.0 %     33.9 %     29.4 %     32.1 %
    Shareholders’ equity to assets (Period End)     11.55 %     11.33 %     10.92 %     10.69 %     10.87 %     11.55 %     10.87 %
    Tangible common equity to tangible assets (1)     9.52 %     9.31 %     8.92 %     8.71 %     8.81 %     9.52 %     8.81 %
    Common equity book value per share   $ 31.82     $ 31.19     $ 30.55     $ 30.16     $ 29.26     $ 31.82     $ 29.26  
    Tangible common equity book value per share (1)   $ 25.66     $ 25.06     $ 24.43     $ 24.05     $ 23.17     $ 25.66     $ 23.17  
                                 
    Regulatory Capital Ratios (Period End)                            
    Tier 1 leverage ratio     9.94 %     9.80 %     9.51 %     9.53 %     9.74 %     9.94 %     9.74 %
    Common equity tier 1 risk-based capital ratio     11.19 %     10.97 %     10.85 %     10.88 %     10.72 %     11.19 %     10.72 %
    Tier 1 risk-based capital ratio     11.19 %     10.97 %     10.85 %     10.88 %     10.72 %     11.19 %     10.72 %
    Total risk-based capital ratio     14.58 %     14.35 %     14.19 %     14.27 %     14.09 %     14.58 %     14.09 %
                                 
    (1) Non-GAAP metric. A reconciliation of this and other non-GAAP to GAAP performance measures is included below.
    (2) Noninterest expense to net interest income before loan loss provision plus noninterest income adjusted for tax equivalent income.
    (3) Net income before amortization of intangibles to average tangible common equity.
       
    Univest Financial Corporation  
    Average Balances and Interest Rates (Unaudited)  
        For the Three Months Ended,      
    Tax Equivalent Basis June 30, 2025   March 31, 2025  
      Average Income/ Average   Average Income/ Average  
    (Dollars in thousands) Balance Expense Rate   Balance Expense Rate  
    Assets:                
    Interest-earning deposits with other banks $ 131,391   $ 1,371 4.19 % $ 119,997   $ 1,360 4.60 %
    Obligations of state and political subdivisions*   –     – –     879     4 1.85  
    Other debt and equity securities   497,214     3,962 3.20     499,199     4,019 3.27  
    Federal Home Loan Bank, Federal Reserve Bank and other stock   36,711     671 7.33     37,561     687 7.42  
    Total interest-earning deposits, investments and other interest-earning assets   665,316     6,004 3.62     657,636     6,070 3.74  
                     
    Commercial, financial, and agricultural loans   1,005,784     17,686 7.05     990,860     17,020 6.97  
    Real estate—commercial and construction loans   3,692,262     54,165 5.88     3,704,232     52,676 5.77  
    Real estate—residential loans   1,727,381     21,772 5.06     1,729,146     21,542 5.05  
    Loans to individuals   15,575     337 8.68     19,438     393 8.20  
    Tax-exempt loans and leases   228,856     2,966 5.20     230,133     2,861 5.04  
    Lease financings   177,080     3,192 7.23     182,694     3,240 7.19  
    Gross loans and leases   6,846,938     100,118 5.86     6,856,503     97,732 5.78  
    Total interest-earning assets   7,512,254     106,122 5.67     7,514,139     103,802 5.60  
    Cash and due from banks   55,335           56,690        
    Allowance for credit losses, loans and leases   (88,127 )         (87,822 )      
    Premises and equipment, net   47,299           46,852        
    Operating lease right-of-use assets   26,948           27,761        
    Other assets   425,766           423,423        
    Total assets $ 7,979,475         $ 7,981,043        
                     
    Liabilities:                
    Interest-bearing checking deposits $ 1,216,909   $ 7,800 2.57 % $ 1,222,012   $ 7,075 2.35 %
    Money market savings   1,754,428     16,945 3.87     1,840,194     18,035 3.97  
    Regular savings   700,762     749 0.43     702,543     763 0.44  
    Time deposits   1,541,008     16,261 4.23     1,476,495     16,106 4.42  
    Total time and interest-bearing deposits   5,213,107     41,755 3.21     5,241,244     41,979 3.25  
                     
    Short-term borrowings   5,254     1 0.08     6,909     14 0.82  
    Long-term debt   200,549     2,128 4.26     217,500     2,361 4.40  
    Subordinated notes   149,444     2,281 6.12     149,319     2,281 6.20  
    Total borrowings   355,247     4,410 4.98     373,728     4,656 5.05  
    Total interest-bearing liabilities   5,568,354     46,165 3.33     5,614,972     46,635 3.37  
    Noninterest-bearing deposits   1,420,143           1,376,409        
    Operating lease liabilities   29,802           30,675        
    Accrued expenses and other liabilities   52,640           62,176        
    Total liabilities   7,070,939           7,084,232        
    Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)   6,988,497     2.65     6,991,381     2.71  
                     
    Shareholders’ Equity:                
    Common stock   157,784           157,784        
    Additional paid-in capital   301,016           302,653        
    Retained earnings and other equity   449,736           436,374        
    Total shareholders’ equity   908,536           896,811        
    Total liabilities and shareholders’ equity $ 7,979,475         $ 7,981,043        
    Net interest income   $ 59,957       $ 57,167    
                     
    Net interest spread     2.34       2.23  
    Effect of net interest-free funding sources     0.86       0.86  
    Net interest margin     3.20 %     3.09 %
    Ratio of average interest-earning assets to average interest-bearing liabilities   134.91 %         133.82 %      
                     
    * Obligations of states and political subdivisions are tax-exempt earning assets.          
    Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
    Net interest income includes net deferred costs amortization of $689 thousand and $554 thousand for the three months ended June 30, 2025 and March 31, 2025, respectively.
    Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended June 30, 2025 and March 31, 2025 have been calculated using the Corporation’s federal applicable rate of 21.0%.  
                     
    Univest Financial Corporation  
    Average Balances and Interest Rates (Unaudited)  
        For the Three Months Ended June 30,      
    Tax Equivalent Basis 2025   2024  
      Average Income/ Average   Average Income/ Average  
    (Dollars in thousands) Balance Expense Rate   Balance Expense Rate  
    Assets:                
    Interest-earning deposits with other banks $ 131,391   $ 1,371 4.19 % $ 84,546   $ 1,108 5.27 %
    Obligations of state and political subdivisions*   –     – –     1,269     7 2.22  
    Other debt and equity securities   497,214     3,962 3.20     491,871     3,741 3.06  
    Federal Home Loan Bank, Federal Reserve Bank and other stock   36,711     671 7.33     37,286     700 7.55  
    Total interest-earning deposits, investments and other interest-earning assets   665,316     6,004 3.62     614,972     5,556 3.63  
                     
    Commercial, financial, and agricultural loans   1,005,784     17,686 7.05     983,615     17,447 7.13  
    Real estate—commercial and construction loans   3,692,262     54,165 5.88     3,549,206     50,577 5.73  
    Real estate—residential loans   1,727,381     21,772 5.06     1,660,489     20,413 4.94  
    Loans to individuals   15,575     337 8.68     26,821     542 8.13  
    Tax-exempt loans and leases   228,856     2,966 5.20     230,495     2,476 4.32  
    Lease financings   177,080     3,192 7.23     189,910     3,105 6.58  
    Gross loans and leases   6,846,938     100,118 5.86     6,640,536     94,560 5.73  
    Total interest-earning assets   7,512,254     106,122 5.67     7,255,508     100,116 5.55  
    Cash and due from banks   55,335           56,387        
    Allowance for credit losses, loans and leases   (88,127 )         (86,293 )      
    Premises and equipment, net   47,299           48,725        
    Operating lease right-of-use assets   26,948           30,344        
    Other assets   425,766           416,869        
    Total assets $ 7,979,475         $ 7,721,540        
                     
    Liabilities:                
    Interest-bearing checking deposits $ 1,216,909   $ 7,800 2.57 % $ 1,094,150   $ 7,311 2.69 %
    Money market savings   1,754,428     16,945 3.87     1,692,759     19,131 4.55  
    Regular savings   700,762     749 0.43     759,960     929 0.49  
    Time deposits   1,541,008     16,261 4.23     1,422,113     16,134 4.56  
    Total time and interest-bearing deposits   5,213,107     41,755 3.21     4,968,982     43,505 3.52  
                     
    Short-term borrowings   5,254     1 0.08     29,506     242 2.30  
    Long-term debt   200,549     2,128 4.26     250,000     2,777 4.47  
    Subordinated notes   149,444     2,281 6.12     148,943     2,281 6.16  
    Total borrowings   355,247     4,410 4.98     428,449     5,300 4.98  
    Total interest-bearing liabilities   5,568,354     46,165 3.33     5,397,431     48,805 3.64  
    Noninterest-bearing deposits   1,420,143           1,384,770        
    Operating lease liabilities   29,802           33,382        
    Accrued expenses and other liabilities   52,640           61,385        
    Total liabilities   7,070,939           6,876,968        
    Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)   6,988,497     2.65     6,782,201     2.89  
                     
    Shareholders’ Equity:                
    Common stock   157,784           157,784        
    Additional paid-in capital   301,016           299,426        
    Retained earnings and other equity   449,736           387,362        
    Total shareholders’ equity   908,536           844,572        
    Total liabilities and shareholders’ equity $ 7,979,475         $ 7,721,540        
    Net interest income   $ 59,957       $ 51,311    
                     
    Net interest spread     2.34       1.91  
    Effect of net interest-free funding sources     0.86       0.93  
    Net interest margin     3.20 %     2.84 %
    Ratio of average interest-earning assets to average interest-bearing liabilities   134.91 %         134.43 %      
                     
    * Obligations of states and political subdivisions are tax-exempt earning assets.          
    Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
    Net interest income includes net deferred costs amortization of $689 thousand and $698 thousand for the three months ended June 30, 2025 and 2024, respectively.  
    Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the three months ended June 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.
       
    Univest Financial Corporation  
    Average Balances and Interest Rates (Unaudited)  
        For the Six Months Ended June 30,    
    Tax Equivalent Basis 2025   2024  
      Average Income/ Average   Average Income/ Average  
    (Dollars in thousands) Balance Expense Rate   Balance Expense Rate  
    Assets:                
    Interest-earning deposits with other banks $ 125,725   $ 2,731 4.38 % $ 102,696   $ 2,717 5.32 %
    Obligations of state and political subdivisions*   437     4 1.85     1,610     19 2.37  
    Other debt and equity securities   498,201     7,981 3.23     495,451     7,388 3.00  
    Federal Home Loan Bank, Federal Reserve Bank and other stock   37,134     1,358 7.37     38,201     1,424 7.50  
    Total interest-earning deposits, investments and other interest-earning assets   661,497     12,074 3.68     637,958     11,548 3.64  
                     
    Commercial, financial, and agricultural loans   998,363     34,706 7.01     959,132     33,970 7.12  
    Real estate—commercial and construction loans   3,698,214     106,841 5.83     3,562,174     101,218 5.71  
    Real estate—residential loans   1,728,259     43,314 5.05     1,639,339     39,968 4.90  
    Loans to individuals   17,495     730 8.41     27,068     1,090 8.10  
    Tax-exempt loans and leases   229,491     5,827 5.12     231,437     4,940 4.29  
    Lease financings   179,872     6,432 7.21     189,800     6,274 6.65  
    Gross loans and leases   6,851,694     197,850 5.82     6,608,950     187,460 5.70  
    Total interest-earning assets   7,513,191     209,924 5.63     7,246,908     199,008 5.52  
    Cash and due from banks   56,009           55,628        
    Allowance for credit losses, loans and leases   (87,975 )         (86,394 )      
    Premises and equipment, net   47,076           49,659        
    Operating lease right-of-use assets   27,352           30,733        
    Other assets   424,601           412,524        
    Total assets $ 7,980,254         $ 7,709,058        
                     
    Liabilities:                
    Interest-bearing checking deposits $ 1,219,446   $ 14,875 2.46 % $ 1,137,423   $ 15,529 2.75 %
    Money market savings   1,797,074     34,980 3.93     1,699,025     38,351 4.54  
    Regular savings   701,648     1,512 0.43     764,943     1,834 0.48  
    Time deposits   1,508,930     32,367 4.33     1,330,496     29,764 4.50  
    Total time and interest-bearing deposits   5,227,098     83,734 3.23     4,931,887     85,478 3.49  
                     
    Short-term borrowings   6,076     15 0.50     19,816     247 2.51  
    Long-term debt   208,978     4,489 4.33     271,243     5,660 4.20  
    Subordinated notes   149,382     4,562 6.16     148,881     4,562 6.16  
    Total borrowings   364,436     9,066 5.02     439,940     10,469 4.79  
    Total interest-bearing liabilities   5,591,534     92,800 3.35     5,371,827     95,947 3.59  
    Noninterest-bearing deposits   1,398,396           1,396,917        
    Operating lease liabilities   30,236           33,774        
    Accrued expenses and other liabilities   57,382           62,981        
    Total liabilities   7,077,548           6,865,499        
    Total interest-bearing liabilities and noninterest-bearing deposits (“Cost of Funds”)   6,989,930     2.68     6,768,744     2.85  
                     
    Shareholders’ Equity:                
    Common stock   157,784           157,784        
    Additional paid-in capital   301,830           300,052        
    Retained earnings and other equity   443,092           385,723        
    Total shareholders’ equity   902,706           843,559        
    Total liabilities and shareholders’ equity $ 7,980,254         $ 7,709,058        
    Net interest income   $ 117,124       $ 103,061    
                     
    Net interest spread     2.28       1.93  
    Effect of net interest-free funding sources     0.86       0.93  
    Net interest margin     3.14 %     2.86 %
    Ratio of average interest-earning assets to average interest-bearing liabilities   134.37 %         134.91 %      
                     
    * Obligations of states and political subdivisions are tax-exempt earning assets.          
    Notes: For rate calculation purposes, average loan and lease categories include deferred fees and costs and purchase accounting adjustments.
    Net interest income includes net deferred costs amortization of $1.2 million for the six months ended June 30, 2025 and 2024.
    Nonaccrual loans and leases have been included in the average loan and lease balances. Loans held for sale have been included in the average loan balances. Tax-equivalent amounts for the six months ended June 30, 2025 and 2024 have been calculated using the Corporation’s federal applicable rate of 21.0%.
                     
    Univest Financial Corporation
    Loan Portfolio Overview (Unaudited)
    June 30, 2025
             
    (Dollars in thousands)        
    Industry Description Total Outstanding Balance   % of Commercial Loan Portfolio  
    CRE – Retail $ 453,445   8.4 %
    Animal Production   401,946   7.5  
    CRE – Multi-family   360,345   6.7  
    CRE – 1-4 Family Residential Investment   279,322   5.2  
    CRE – Office   262,374   4.9  
    Hotels & Motels (Accommodation)   222,878   4.1  
    CRE – Industrial / Warehouse   222,234   4.1  
    Specialty Trade Contractors   197,138   3.7  
    Nursing and Residential Care Facilities   167,978   3.1  
    Homebuilding (tract developers, remodelers)   154,166   2.9  
    Merchant Wholesalers, Durable Goods   140,876   2.6  
    Repair and Maintenance   135,318   2.5  
    Motor Vehicle and Parts Dealers   132,852   2.5  
    Crop Production   113,684   2.1  
    CRE – Mixed-Use – Residential   113,422   2.1  
    Wood Product Manufacturing   99,041   1.8  
    Food Services and Drinking Places   88,822   1.7  
    Real Estate Lenders, Secondary Market Financing   87,750   1.6  
    Administrative and Support Services   86,092   1.6  
    Professional, Scientific, and Technical Services   85,567   1.6  
    Merchant Wholesalers, Nondurable Goods   81,836   1.5  
    Private Equity & Special Purpose Entities (except 52592)   76,957   1.4  
    CRE – Mixed-Use – Commercial   76,067   1.4  
    Fabricated Metal Product Manufacturing   72,635   1.4  
    Amusement, Gambling, and Recreation Industries   69,971   1.3  
    Education   65,839   1.2  
    Religious Organizations, Advocacy Groups   65,568   1.2  
    Personal and Laundry Services   63,886   1.2  
    Miniwarehouse / Self-Storage   63,531   1.2  
    Food Manufacturing   53,682   1.0  
    Industries with >$50 million in outstandings $ 4,495,222   83.6 %
    Industries with <$50 million in outstandings $ 880,273   16.4 %
    Total Commercial Loans $ 5,375,495   100.0 %
             
             
    Consumer Loans and Lease Financings Total Outstanding Balance      
    Real Estate-Residential Secured for Personal Purpose   984,166      
    Real Estate-Home Equity Secured for Personal Purpose   195,014      
    Loans to Individuals   14,069      
    Lease Financings   232,441      
    Total – Consumer Loans and Lease Financings $ 1,425,690      
             
    Total $ 6,801,185      
             
    Univest Financial Corporation
    Non-GAAP Reconciliation
    June 30, 2025
     
    Non-GAAP to GAAP Reconciliation
    Management uses non-GAAP measures in its analysis of the Corporation’s performance. These measures should not be considered a substitute for GAAP basis measures nor should they be viewed as a substitute for operating results determined in accordance with GAAP. Management believes the presentation of the non-GAAP financial measures, which exclude the impact of the specified items, provides useful supplemental information that is essential to a proper understanding of the financial results of the Corporation. See the table below for additional information on non-GAAP measures used throughout this earnings release.
                               
      As of or for the three months ended,   As of or for the six months ended,
    (Dollars in thousands) 06/30/25   03/31/25   12/31/24   09/30/24   06/30/24   06/30/25   06/30/24
    Net income $ 19,978     $ 22,395     $ 18,941     $ 18,578     $ 18,107     $ 42,373     $ 38,412  
    Amortization of intangibles, net of tax   103       103       122       130       149       206       296  
    Net income before amortization of intangibles $ 20,081     $ 22,498     $ 19,063     $ 18,708     $ 18,256     $ 42,579     $ 38,708  
                               
    Shareholders’ equity $ 916,733     $ 903,472     $ 887,301     $ 877,071     $ 854,137     $ 916,733     $ 854,137  
    Goodwill   (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )
    Other intangibles (a)   (2,040 )     (2,104 )     (2,263 )     (2,147 )     (2,157 )     (2,040 )     (2,157 )
    Tangible common equity $ 739,183     $ 725,858     $ 709,528     $ 699,414     $ 676,470     $ 739,183     $ 676,470  
                               
    Total assets $ 7,939,056     $ 7,975,167     $ 8,128,417     $ 8,205,737     $ 7,855,446     $ 7,939,056     $ 7,855,446  
    Goodwill   (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )
    Other intangibles (a)   (2,040 )     (2,104 )     (2,263 )     (2,147 )     (2,157 )     (2,040 )     (2,157 )
    Tangible assets $ 7,761,506     $ 7,797,553     $ 7,950,644     $ 8,028,080     $ 7,677,779     $ 7,761,506     $ 7,677,779  
                               
    Average shareholders’ equity $ 908,536     $ 896,811     $ 880,237     $ 864,406     $ 844,572     $ 902,706     $ 843,559  
    Average goodwill   (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )     (175,510 )
    Average other intangibles (a)   (2,068 )     (2,162 )     (2,146 )     (2,086 )     (2,222 )     (2,114 )     (2,271 )
    Average tangible common equity $ 730,958     $ 719,139     $ 702,581     $ 686,810     $ 666,840     $ 725,082     $ 665,778  
                               
    (a) Amount does not include mortgage servicing rights

    The MIL Network –

    July 24, 2025

  • MIL-OSI: Northrim BanCorp Earns $11.8 Million, or $2.09 Per Diluted Share, in Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, July 23, 2025 (GLOBE NEWSWIRE) — Northrim BanCorp, Inc. (NASDAQ:NRIM) (“Northrim” or the “Company”) today reported net income of $11.8 million, or $2.09 per diluted share, in the second quarter of 2025, compared to $13.3 million, or $2.38 per diluted share, in the first quarter of 2025, and $9.0 million, or $1.62 per diluted share, in the second quarter a year ago. The increase in second quarter 2025 profitability as compared to the second quarter a year ago was primarily the result of an increase in net interest income, higher purchased receivable income, and increased mortgage banking income, which were partially offset by a higher provision for credit losses, higher other operating expenses, and a higher provision for income taxes. Net interest income increased primarily due to higher loan balances and higher yields on earning assets. Purchased receivable income increased primarily due to the Company’s acquisition of Sallyport Commercial Finance, LLC (“Sallyport or SCF”), which was completed on October 31, 2024. Sallyport and its direct and indirect subsidiaries provide services and products related to purchased receivable factoring and asset-based lending in the United States, Canada, and the United Kingdom.

    Dividends per share in the second quarter of 2025 remained consistent with the first quarter of 2025 at $0.64 per share as compared to $0.61 per share in the second quarter of 2024.

    “Strong loan growth, increasing asset yields, and stable funding costs drove record net interest income in the second quarter of this year,” said Mike Huston, Northrim’s President and Chief Executive Officer. “We continue to attract new customers to Northrim and believe we have an opportunity to steadily increase our market share over the next few years.”

    Second Quarter 2025 Highlights:

    • Net interest income in the second quarter of 2025 increased 7% to $33.6 million compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024.
    • Net interest margin on a tax equivalent basis (“NIMTE”)* was 4.72% for the second quarter of 2025, up 11-basis points from the first quarter of 2025 and up 42-basis points from the second quarter a year ago.
    • Return on average assets (“ROAA”) was 1.48% and return on average equity (“ROAE”) was 16.37% for the second quarter of 2025 compared to ROAA of 1.76 and ROAE of 19.70 in the prior quarter and ROAA of 1.31% and ROAE of 14.84% for the second quarter of 2024.
    • Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago, primarily due to new customer relationships and expanding market share, as well as retaining certain mortgages originated by Residential Mortgage, a subsidiary of Northrim Bank (the “Bank”). The Company sold $61 million in consumer mortgages in the second quarter of 2025 that were included in loans held for investment as of the end of 2024 to reduce the concentration of residential real estate loans and to provide additional liquidity for future commercial and construction loan growth.
    • Total deposits were $2.81 billion at June 30, 2025, up 1% from the preceding quarter, and up 14% from $2.46 billion a year ago. Non-interest bearing demand deposits increased 5% from the preceding quarter and increased 10% year-over-year to $777.9 million at June 30, 2025 and represent 28% of total deposits.
    • The average cost of interest-bearing deposits was 2.04% at June 30, 2025, up slightly from 2.01% at March 31, 2025 and down from 2.21% at June 30, 2024.
    • Mortgage loan originations were $277.1 million in the second quarter of 2025, up from $121.6 million in the first quarter of 2025 and up from $181.5 million in the second quarter a year ago. Mortgage loans funded for sale were $249.7 million in the second quarter of 2025, compared to $108.5 million in the first quarter of 2025 and $152.3 million in the second quarter of 2024.
    Financial Highlights Three Months Ended
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31,
    2024    		 September 30,
    2024    		 June 30, 2024
    Total assets $ 3,243,760   $ 3,140,960   $ 3,041,869   $ 2,963,392   $ 2,821,668  
    Total portfolio loans $ 2,202,115   $ 2,124,330   $ 2,129,263   $ 2,007,565   $ 1,875,907  
    Total deposits $ 2,809,170   $ 2,777,977   $ 2,680,189   $ 2,625,567   $ 2,463,806  
    Total shareholders’ equity $ 290,219   $ 279,756   $ 267,116   $ 260,050   $ 247,200  
    Net income $ 11,778   $ 13,324   $ 10,927   $ 8,825   $ 9,020  
    Diluted earnings per share $ 2.09   $ 2.38   $ 1.95   $ 1.57   $ 1.62  
    Return on average assets   1.48 %   1.76 %   1.43 %   1.22 %   1.31 %
    Return on average shareholders’ equity   16.37 %   19.70 %   16.32 %   13.69 %   14.84 %
    NIM   4.66 %   4.55 %   4.41 %   4.29 %   4.24 %
    NIMTE*   4.72 %   4.61 %   4.47 %   4.35 %   4.30 %
    Efficiency ratio   64.68 %   63.54 %   66.96 %   66.11 %   68.78 %
    Total shareholders’ equity/total assets   8.95 %   8.91 %   8.78 %   8.78 %   8.76 %
    Tangible common equity/tangible assets*   7.50 %   7.41 %   7.23 %   8.28 %   8.24 %
    Book value per share $ 52.55   $ 50.67   $ 48.41   $ 47.27   $ 44.93  
    Tangible book value per share* $ 43.35   $ 41.47   $ 39.17   $ 44.36   $ 42.03  
    Dividends per share $ 0.64   $ 0.64   $ 0.62   $ 0.62   $ 0.61  
    Common stock outstanding   5,522,271     5,520,892     5,518,210     5,501,943     5,501,562  
                                   

    * References to NIMTE, tangible book value per share, and tangible common equity to tangible common assets, (both of which exclude intangible assets) represent non-GAAP financial measures. Management has presented these non-GAAP measurements in this earnings release, because it believes these measures are useful to investors. See the end of this release for reconciliations of these non-GAAP financial measures to GAAP financial measures.

    Alaska Economic Update
    (Note: sources for information included in this section are included on page 14.)

    The Alaska Department of Labor (“DOL”) has reported Alaska’s seasonally adjusted unemployment rate in May of 2025 was 4.7% compared to the U.S. rate of 4.2%. The rate has held steady in Alaska at 4.7% for eight consecutive months. The total number of payroll jobs in Alaska, not including uniformed military, increased 1.1% or 3,800 jobs between May of 2024 and May of 2025.  

    According to the DOL, the Oil and Gas sector had the largest growth rate in new jobs of 8.8% through May of this year compared to the prior year, up 700 direct jobs. The Construction sector added 700 positions for a year-over-year growth rate of 3.7% through May of 2025. The larger Health Care sector grew by 1,200 jobs for an annual growth rate of 2.9%. Transportation, Warehousing and Utilities added 600 jobs for a 2.3% growth rate over the same period. Professional and Business Services increased 500 jobs year-over-year through May of 2025, up 1.7%.

    The Government sector grew by 200 jobs for 0.2% growth, adding 400 State positions while losing 200 Federal jobs in Alaska over the same period. Declining sectors between May 2024 and May 2025 were Information down 100 jobs or (-2.3%), Manufacturing (primarily seafood processing) shrinking 200 positions (-2.1%), Wholesale Trade lost 100 jobs (-1.5%) and Financial Activities, down 100 jobs (-0.9%).

    Alaska’s seasonally adjusted personal income was $57.4 billion in the first quarter of 2025 according to the Federal Bureau of Economic Analysis (“BEA”). This was an annualized improvement in the first quarter of 6.4% for Alaska, compared to the national average of 6.7%. Alaska enjoyed an annual personal income improvement of 6% in 2024 compared to the U.S. increase of 5.4%, ranking Alaska 6th best in the nation. The $885 million increase in personal income in the first quarter of 2025 in Alaska came from a $352 million increase in net earnings from wages, $440 million growth in government transfer receipts, and a $92 million increase in investment income.

    Alaska’s Gross State Product (“GSP”) in the first quarter of 2025 reached $72 billion according to the BEA. Alaska’s inflation adjusted “real” GSP increased 1.5% in 2024 and decreased -1.8% annualized in the first quarter of 2025. The average U.S. GDP growth rate was 2.8% for 2025 and -0.5% in the first quarter of 2025. Alaska’s real GSP decrease in the first quarter of 2025 was primarily caused by a decrease in the Mining, Oil & Gas sector, somewhat offset by improvements in the Construction sector.

    Alaska exported $5.9 billion in goods to foreign countries in 2024 according to the U.S. International Trade Administration. China is the largest importer of Alaska’s products at $1.5 billion, followed by Australia at $804 million, Japan at $674 million and South Korea at $634 million in 2024. Fish and related maritime products accounted for the largest volume at $2.1 billion, followed by minerals and ores at $2 billion, and primary metals at $992 million in 2024. Oil & Gas exports are $380 million because the majority of Alaska’s production is refined and consumed in the United States. Chief Credit Officer and Bank Economist Mark Edwards stated, “President Trump’s significant changes to international tariffs has created uncertainty in trade markets. At this time, it is unknown how each country will respond. Alaska’s natural resources are highly valued commodities throughout the world. If issues arise with one country, such as China, it is most likely that Alaska’s products will be redirected to other markets like Japan and South Korea or sold domestically in the United States. Canada is the largest long-term investor in Alaska’s mining industry. This involves significant fixed capital investments made over decades that are unlikely to shift dramatically in the short-run. Alaska’s Legislature just passed a bill HJR-11 with an approval vote of 33-4 titled, Recognizing and honoring the relationship between Canada and Alaska. It highlights the deeply interconnected friendship between Alaska and Canada culturally, economically, and militarily.”

    According to the US Bureau of Labor Statistics, the Consumer Price Index (“CPI”) for the U.S. increased 2.7% between June of 2024 and June of 2025. In Alaska, the rate of CPI increase was lower at 1.6% for the same time period.   Food and beverage, housing costs, and medical care costs were the largest causes for inflation. Declining motor fuel prices, transportation, recreation and household furnishing costs have helped moderate inflationary pressures in Alaska.

    The monthly average price of Alaska North Slope (“ANS”) crude oil has ranged between $76.39 a barrel in January of 2025 and $67.07 in May of the prior year. The June 2025 average was $72.62. The Alaska Department of Revenue (“DOR”) calculated ANS crude oil production was 461 thousand barrels per day (“bpd”) in Alaska’s fiscal year ending June 30, 2024.   Production rose to 469 thousand bpd in fiscal year ending June 30, 2025.   In the Spring 2025 Revenue Forecast published March 12, 2025, the DOR expects production to continue to grow to 663 thousand bpd by fiscal year 2034. This is primarily a result of new production coming on-line in and around the NPR-A region west of Prudhoe Bay. A partnership between Santos and Repsol is constructing the new Pikka field and ConocoPhillips is developing the large new Willow field. There are also a number of smaller new fields in the ANS that are contributing to the State of Alaska’s production growth estimates.

    The Alaska Permanent Fund is seeded annually by the oil wealth the State continues to save each year and has grown significantly over 40 years of successful investment. As of May 31, 2025 the fund’s value was $83.13 billion. According to the DOR it is scheduled to contribute $3.7 billion to Alaska General Fund in fiscal year 2025 for general government spending and to pay the annual dividend to Alaskan residents.

    According to the Alaska Multiple Listing Services, the average sales price of a single family home in Anchorage rose 6.2% in 2024 to $510,064, following a 5.2% increase in 2023. This was the seventh consecutive year of price increases. Through June of 2025 prices have continued to increase on average 2.6% to $523,059.

    The average sales price for single family homes in the Matanuska Susitna Borough rose 3.8% in 2024 to $412,859, after increasing 4% in 2023. This continues a trend of average price increases for more than a decade in the region. Through June of 2025 prices have continued to increase on average 6.9% to $441,463. These two markets represent where the vast majority of the Bank’s residential lending activity occurs.

    The Alaska Multiple Listing Services reported a 3.4% increase in the number of units sold in Anchorage when comparing 2024 to 2023. The first six months of 2025 has seen a 4.8% increase in home sales compared to the first half of 2024 in Anchorage.  

    There was virtually no change in the number of homes sold in the Matanuska Susitna Borough, with only four fewer homes sold in 2024 than in 2023 or -0.2%. In the first six months of 2025 the number of units sold has increased 13.1% in the Matanuska Susitna Borough compared to the first half of 2024.

    Northrim Bank sponsors the Alaskanomics blog to provide news, analysis, and commentary on Alaska’s economy. Join the conversation at Alaskanomics.com, or for more information on the Alaska economy, visit: www.northrim.com and click on the “Business Banking” link and then click “Learn.” Information from our website is not incorporated into, and does not form, a part of this earnings release.

    Review of Income Statement

    Consolidated Income Statement

    In the second quarter of 2025, Northrim generated a ROAA of 1.48% and a ROAE of 16.37%, compared to 1.76% and 19.70%, respectively, in the first quarter of 2025 and 1.31% and 14.84%, respectively, in the second quarter a year ago.

    Net Interest Income/Net Interest Margin

    Net interest income increased 7% to $33.6 million in the first quarter of 2025 compared to $31.3 million in the first quarter of 2025 and increased 24% compared to $27.1 million in the second quarter of 2024.   Interest expense on deposits increased to $10.3 million in the second quarter of 2025 compared to $9.9 million in the first quarter of 2025 and compared to $9.5 million in the second quarter of 2024.

    NIMTE* was 4.72% in the second quarter of 2025 up from 4.61% in the preceding quarter and 4.30% in the second quarter a year ago. NIMTE* increased 42 basis points in the second quarter of 2025 compared to the second quarter of 2024 primarily due to a favorable change in the mix of earning-assets towards higher loan balances as a percentage of total earning-assets, higher yields on those assets as variable rate loans reset at higher rates which were only partially offset by an increase in borrowings. The weighted average interest rate for new loans booked in the second quarter of 2025 was 7.27% compared to 7.30% in the first quarter of 2025 and 7.90% in the second quarter a year ago. The yield on the investment portfolio in the second quarter of 2025 increased to 3.07% from 2.97% in the first quarter of 2025 and 2.82% in the second quarter of 2024. “We are continuing to see some benefits from the repricing of our loan portfolio and new production increasing our margin” said Jed Ballard, Chief Financial Officer. Northrim’s NIMTE* continues to remain above the peer average of 3.26% posted by the S&P U.S. Small Cap Bank Index with total market capitalization between $250 million and $1 billion as of March 31, 2025.

    Provision for Credit Losses

    Northrim recorded a provision for credit losses of $2.0 million in the second quarter of 2025, which was comprised of a provision for credit losses on loans of $1.8 million, a $157,000 provision for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $18,000. This compares to a benefit to the provision for credit losses of $1.4 million in the first quarter of 2025, which was comprised of a benefit to the provision for credit losses on loans of $1.1 million, a $322,000 benefit for credit losses on unfunded commitments, and a provision for credit losses on purchased receivables of $46,000. In the second quarter a year ago, Northrim recorded a benefit to the provision for credit losses of $120,000 which was comprised of a $134,000 provision for credit losses on loans and a $254,000 benefit to the provision for credit losses on unfunded commitments.

    The increase to the provision for credit losses on loans in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. The increase to the provision for unfunded commitments in the second quarter of 2025 was primarily due to an increase in estimated loss rates which was only partially offset by changes in mix of unfunded commitments.

    Nonperforming assets, net of government guarantees, decreased during the quarter to $11.9 million at June 30, 2025, compared to $12.3 million at March 31, 2025, and increased compared to $5.1 million at June 30, 2024. The increase in nonperforming assets, net of government guarantees at June 30, 2025 compared to June 30, 2024 is primarily the result of the acquisition of Sallyport in the fourth quarter of 2024.

    The allowance for credit losses on loans was 290% of nonperforming loans, net of government guarantees, at the end of the second quarter of 2025, compared to 262% three months earlier and 365% a year ago.

    Other Operating Income

    In addition to home mortgage lending, Northrim has interests in other businesses that complement its core community banking activities, including purchased receivables financing and wealth management. Other operating income contributed $16.6 million, or 33% of total second quarter 2025 revenues, as compared to $13.0 million, or 29% of revenues in the first quarter of 2025, and $9.6 million, or 26% of revenues in the second quarter of 2024. The increase in other operating income in the second quarter of 2025 as compared to the second quarter of 2024 was primarily the result of increased purchased receivable income due to the Company’s acquisition of Sallyport on October 31, 2024. Mortgage banking income in the second quarter of 2025 increased as compared to the first quarter of 2025 and second quarter of 2024 due to a higher volume of mortgage activity. See further discussion regarding mortgage activity contained under “Home Mortgage Lending” below.  

    Other Operating Expenses

    Operating expenses were $32.5 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025, and $25.2 million in the second quarter of 2024. The increase in other operating expenses in the second quarter of 2025 compared to the first quarter of 2025 was primarily due to an increase in salaries and other personnel expense, including $980,000 in higher mortgage commissions expense due to higher mortgage volume, $763,000 in higher salary expense, a $760,000 increase in group medical expenses, and increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions. The increase in total other operating expenses in the second quarter of 2025 compared to the second quarter a year ago was primarily due to an increase in salaries and other personnel expense, the increase in compensation expense for Sallyport acquisition payments, and an increase in data processing expense. Total other operating expense increased $2.1 million in the Specialty Finance segment in the second quarter of 2025 compared to the second quarter of 2024 due to the acquisition of Sallyport on October 31, 2024.

    Income Tax Provision

    In the second quarter of 2025, Northrim recorded $4.0 million in state and federal income tax expense for an effective tax rate of 25.3%, compared to $4.3 million, or 24.2% in the first quarter of 2025 and $2.5 million, or 21.9% in the second quarter a year ago. The increase in the tax rate in the second quarter of 2025 as compared to the first quarter of 2025 and second quarter of 2024 is primarily the result of a decrease in tax credits and tax exempt interest income as a percentage of pre-tax income in 2025 as compared to 2024.

    Community Banking

    Northrim is committed to meeting the needs of the diverse communities in which it operates. As a testament to that support, the Bank has branches in four regions of Alaska identified by the Federal Reserve as ‘distressed or underserved non-metropolitan middle-income geographies’.

    Net interest income in the Community Banking segment totaled $30.0 million in the second quarter of 2025, compared to $28.2 million in the first quarter of 2025 and $24.3 million in the second quarter of 2024. Net interest income increased $5.7 million or 23% in the second quarter of 2025 as compared to the second quarter of 2024 mostly due to higher interest income on loans. This increase was only partially offset by lower interest income on investments and higher interest expense on deposits and borrowings.

    The provision for credit losses in the Community Banking segment was $1.3 million in the second quarter of 2025 compared to a benefit to the provision for credit losses of $1.8 million in the first quarter of 2025 and a benefit to the provision for credit losses of $184,000 in the same quarter a year ago. The increase to the provision for credit losses in the Community Banking segment in the second quarter of 2025 as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances as well as an increase in estimated loss rates due to less favorable economic forecasts and trends in qualitative factors. In the first quarter of 2025, the Company recorded a net benefit for credit losses in the Community Banking segment primarily due to changes in the Company’s loss rate regression models for commercial, commercial real estate, and construction loans. These decreases in the provision were only partially offset by increases in estimated loss rates for management’s assessment of economic conditions and an increase for higher loan balances.

    Other operating expenses in the Community Banking segment totaled $21.8 million in the second quarter of 2025, up $3.2 million or 17% from $18.6 million in the first quarter of 2025, and up $3.7 million or 20% from $18.1 million in the second quarter a year ago. The increase in the second quarter of 2025 as compared to the prior quarter and compared to the same quarter a year ago was primarily due to increases in salaries and other personnel expense, including $667,000 in higher salary expense, an $873,000 increase in group medical expenses, as well as increases in profit share expense and payroll taxes. Additionally, marketing expense increased due to timing of annual charitable contributions.

    The following tables provide highlights of the Community Banking segment of Northrim:

      Three Months Ended
    (Dollars in thousands, except per share data) June 30, 2025 March 31, 2025 December 31,
    2024    		 September 30,
    2024    		 June 30, 2024
    Net interest income $ 29,971 $ 28,151   $ 27,643 $ 25,928 $ 24,318  
    (Benefit) provision for credit losses   1,319   (1,768 )   771   1,492   (184 )
    Other operating income   3,268   2,703     2,535   3,507   2,451  
    Other operating expense   21,764   18,581     19,116   18,723   18,069  
    Income before provision for income taxes   10,156   14,041     10,291   9,220   8,884  
    Provision for income taxes   2,413   3,253     1,474   2,133   1,786  
    Net income $ 7,743 $ 10,788   $ 8,817 $ 7,087 $ 7,098  
    Weighted average shares outstanding, diluted   5,611,558   5,608,102     5,597,889   5,583,055   5,558,580  
    Diluted earnings per share attributable to Community Banking $ 1.37 $ 1.93   $ 1.58 $ 1.26 $ 1.27  
      Year-to-date
    (Dollars in thousands, except per share data) June 30, 2025 June 30, 2024
    Net interest income $ 58,122   $ 48,533
    (Benefit) provision for credit losses   (449 )   13
    Other operating income   5,971     4,919
    Other operating expense   40,345     35,247
    Income before provision for income taxes   24,197     18,192
    Provision for income taxes   5,666     3,752
    Net income Community Banking segment $ 18,531   $ 14,440
    Weighted average shares outstanding, diluted   5,611,734     5,562,025
    Diluted earnings per share $ 3.30   $ 2.59


    Home Mortgage Lending

    During the second quarter of 2025, mortgage loans funded for sale were $249.7 million, compared to $108.5 million in the first quarter of 2025, and $152.3 million in the second quarter of 2024.

    During the second quarter of 2025, the Bank purchased loans of $27.5 million from its subsidiary, Residential Mortgage, of which approximately half were jumbos, one-quarter were mortgages for second homes, and one-quarter were adjustable rate mortgages, with a weighted average interest rate of 6.71%, as compared to $13.1 million and 6.39% in the first quarter of 2025, and $29.2 million and 6.82% in the second quarter of 2024. Net interest income contributed $3.5 million to total Home Mortgage Lending revenue in the second quarter of 2025, up from $3.0 million in the prior quarter, and up from $2.8 million in the second quarter a year ago.

    The Company reclassified $100 million in consumer mortgages held for investment to held for sale in the first quarter of 2025 and recorded unrealized losses of $1.2 million related to this portfolio in the first quarter of 2025. In the second quarter of 2025, the Company sold $61 million of the $100 million that was reclassified to loans held for sale in the first quarter of 2025 for a total realized loss of $545,000.

    The Arizona, Colorado, and Pacific Northwest mortgage expansion markets were responsible for 22% of Residential Mortgage’s $216 million total production in the second quarter of 2025 (excluding the $61 million in mortgages sold noted above), 20% of $122 million total production in the first quarter of 2025, and 22% of $182 million total production in the second quarter of 2024.

    The provision for credit losses in the Home Mortgage Lending segment was $639,000 in the second quarter of 2025 compared to a benefit to the provision for credit losses of $307,000 in the first quarter of 2025 and a provision for credit loses of $64,000 in the second quarter of 2024. The increase in the provision for credit losses in the second quarter of 2025 in the Home Mortgage Lending segment as compared to the prior quarter and the same quarter a year ago was primarily a result of increased loan balances. The benefit to the provision for loan losses in the Home Mortgage Lending segment in the first quarter of 2025 was primarily the result of the reclassification of $100 million in mortgage loans to loans held for sale, which was only partially offset by an increase in the provision for loan losses due to changes in the Company’s loss rate regression models for home mortgage loans.

    The net change in fair value of mortgage servicing rights decreased mortgage banking income by $818,000 during the second quarter of 2025 compared to a decrease of $855,000 for the first quarter of 2025 and a decrease of $81,000 for the second quarter of 2024. Mortgage servicing revenue increased to $3.0 million in the second quarter of 2025 from $2.7 million in the prior quarter and increased from $2.2 million in the second quarter of 2024 due to an increase in production of Alaska Housing Finance Corporation (AHFC) mortgages, which contribute to servicing revenues at origination. In the second quarter of 2025, the Company’s servicing portfolio increased $69.3 million compared to a $24.0 million increase in the first quarter of 2025, and an increase of $41.8 million in the second quarter of 2024.

    As of June 30, 2025, Northrim serviced 6,458 loans in its $1.55 billion home-mortgage-servicing portfolio, a 5% increase compared to the $1.48 billion serviced as of the end of the first quarter of 2025, and a 41% increase from the $1.10 billion serviced a year ago.

    The following tables provide highlights of the Home Mortgage Lending segment of Northrim:

      Three Months Ended
    (Dollars in thousands, except per share data) June 30,
    2025    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024
    Mortgage commitments $ 73,198   $ 68,258   $ 32,299   $ 77,591   $ 88,006  
               
    Mortgage loans funded for sale $ 249,680   $ 108,499   $ 162,530   $ 209,960   $ 152,339  
    Mortgage loans funded for investment   27,455     13,061     23,380     38,087     29,175  
    Total mortgage loans funded $ 277,135   $ 121,560   $ 185,910   $ 248,047   $ 181,514  
    Mortgage loan refinances to total fundings   10 %   11 %   11 %   6 %   6 %
    Mortgage loans serviced for others $ 1,553,987   $ 1,484,714   $ 1,460,720   $ 1,166,585   $ 1,101,800  
               
    Net realized and unrealized gains on mortgage loans sold and held for sale $ 5,091   $ 1,580   $ 3,747   $ 5,079   $ 3,189  
    Change in fair value of mortgage loan commitments, net   (110 )   660     (665 )   60     390  
    Total production revenue   4,981     2,240     3,082     5,139     3,579  
    Mortgage servicing revenue   2,957     2,696     2,847     2,583     2,164  
    Change in fair value of mortgage servicing rights:          
    Due to changes in model inputs of assumptions1   (355 )   (322 )   1,372     (566 )   239  
    Other2   (463 )   (533 )   (499 )   (402 )   (320 )
    Total mortgage servicing revenue, net   2,139     1,841     3,720     1,615     2,083  
    Other mortgage banking revenue   280     170     238     293     222  
    Total mortgage banking income $ 7,400   $ 4,251   $ 7,040   $ 7,047   $ 5,884  
               
    Net interest income $ 3,507   $ 3,046   $ 3,280   $ 2,941   $ 2,775  
    Provision (benefit) for credit losses   639     (307 )   305     571     64  
    Mortgage banking income   7,400     4,251     7,040     7,047     5,884  
    Other operating expense   7,593     6,490     7,198     7,643     6,697  
    Income before provision for income taxes   2,675     1,114     2,817     1,774     1,898  
    Provision for income taxes   746     310     842     497     532  
    Net income $ 1,929   $ 804   $ 1,975   $ 1,277   $ 1,366  
               
    Weighted average shares outstanding, diluted   5,611,558     5,608,102     5,597,889     5,583,055     5,558,580  
    Diluted earnings per share attributable to Home Mortgage Lending $ 0.34   $ 0.14   $ 0.35   $ 0.23   $ 0.25  

    1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
    2Represents changes due to collection/realization of expected cash flows over time.

      Year-to-date
    (Dollars in thousands, except per share data) June 30, 2025 June 30, 2024
    Mortgage loans funded for sale $ 358,179   $ 236,663  
    Mortgage loans funded for investment   40,516     46,578  
    Total mortgage loans funded $ 398,695   $ 283,241  
    Mortgage loan refinances to total fundings   10 %   6 %
         
    Net realized and unrealized gains on mortgage loans sold and held for sale $ 6,671   $ 5,168  
    Change in fair value of mortgage loan commitments, net   550     777  
    Total production revenue   7,221     5,945  
    Mortgage servicing revenue   5,653     3,725  
    Change in fair value of mortgage servicing rights:    
    Due to changes in model inputs of assumptions1   (677 )   528  
    Other2   (996 )   (634 )
    Total mortgage servicing revenue, net   3,980     3,619  
    Other mortgage banking revenue   450     351  
    Total mortgage banking income $ 11,651   $ 9,915  
         
    Net interest income $ 6,553   $ 5,007  
    Provision for credit losses   332     16  
    Mortgage banking income   11,651     9,915  
    Other operating expense   14,083     12,783  
    Income before provision for income taxes   3,789     2,123  
    Provision for income taxes   1,056     595  
    Net income Home Mortgage Lending segment $ 2,733   $ 1,528  
         
    Weighted average shares outstanding, diluted   5,611,734     5,562,025  
    Diluted earnings per share $ 0.48   $ 0.28  

    1Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates.
    2Represents changes due to collection/realization of expected cash flows over time.

    Specialty Finance

    The Company’s Specialty Finance segment includes Northrim Funding Services and Sallyport. Northrim Funding Services is a division of the Bank and has offered factoring solutions to small businesses since 2004. Sallyport is a leading provider of factoring, asset-based lending and alternative working capital solutions to small and medium sized enterprises in the United States, Canada, and the United Kingdom that the Company acquired on October 31, 2024 in an all cash transaction valued at approximately $53.9 million. The composition of revenues for the Specialty Finance segment are primarily purchased receivable income, but also includes interest income from loans and other fee income.

    The acquisition of Sallyport included $1.1 million in one-time deal related costs which are reflected in other operating expenses for the fourth quarter of 2024 in the tables below. Total pre-tax income for Sallyport for the second quarter of 2025 was $1.3 million compared to $1.3 million in the first quarter of 2025 and $945,000 for the two months of operations in the fourth quarter of 2024, excluding transaction costs.

    Average purchased receivables and loan balances at Sallyport were $71.0 million for the second quarter of 2025 with a yield of 27.23% compared to average balances of $59.9 million for the first quarter of 2025 and a yield of 35.8%. The yield in the first quarter of 2025 included the recognition of $899,000 in nonaccrual fee income collected during the quarter related to two nonperforming receivables and the collection of a $350,000 line termination fee. The yield excluding these items for the first quarter of 2025 was 27.4%.

    The following tables provide highlights of the Specialty Finance segment of Northrim:

      Three Months Ended
    (Dollars in thousands, except per share data) June 30,
    2025    		 March 31,
    2025    		 December 31,
    2024    		 September 30,
    2024    		 June 30,
    2024
    Purchased receivable income $ 5,897 $ 6,150   $ 3,526   $ 1,033 $ 1,242
    Other operating income   75   (64 )   (68 )   —   —
    Interest income   782   596     407     158   170
    Total revenue   6,754   6,682     3,865     1,191   1,412
    Provision for credit losses   18   666     125     —   —
    Compensation expense – SCF acquisition payments   600   600     —     —   —
    Other operating expense   2,531   2,500     3,063     362   428
    Interest expense   668   496     489     185   210
    Total expense   3,817   4,262     3,677     547   638
    Income before provision for income taxes   2,937   2,420     188     644   774
    Provision for income taxes   831   688     53     183   218
    Net income Specialty Finance segment $ 2,106 $ 1,732   $ 135   $ 461 $ 556
    Weighted average shares outstanding, diluted   5,611,558   5,608,102     5,597,889     5,583,055   5,558,580
    Diluted earnings per share attributable to Specialty Finance $ 0.38 $ 0.31   $ 0.02   $ 0.08 $ 0.10
      Year-to-date
    (Dollars in thousands, except per share data) June 30, 2025 June 30, 2024
    Purchased receivable income $ 12,047 $ 2,587
    Other operating income   11   —
    Interest income   1,378   382
    Total revenue   13,436   2,969
    Provision for credit losses   684   —
    Compensation expense – SCF acquisition payments   1,200   —
    Other operating expense   5,031   802
    Interest expense   1,164   422
    Total expense   8,079   1,224
    Income before provision for income taxes   5,357   1,745
    Provision for income taxes   1,519   494
    Net income Specialty Finance segment $ 3,838 $ 1,251
    Weighted average shares outstanding, diluted   5,611,734   5,562,025
    Diluted earnings per share $ 0.69 $ 0.23


    Balance Sheet Review

    Northrim’s total assets were $3.24 billion at June 30, 2025, up 3% from the preceding quarter and up 15% from a year ago. Northrim’s loan-to-deposit ratio was 78% at June 30, 2025, up from 76% at both March 31, 2025 and June 30, 2024.

    At June 30, 2025, liquid assets, investments, and loans maturing within one year were $1.15 billion and our funds available for borrowing under our existing lines of credit were $507.9 million. Given these sources of liquidity and our expectations for customer demands for cash and for our operating cash needs, we believe our sources of liquidity to be sufficient for the foreseeable future.

    Average interest-earning assets were $2.89 billion in the second quarter of 2025, up 4% from $2.78 billion in the first quarter of 2025 and up 12% from $2.57 billion in the second quarter a year ago. The average yield on interest-earning assets was 6.27% in the second quarter of 2025, up from 6.10% in the preceding quarter and up from 5.83% in the second quarter of 2024.

    Average investment securities decreased to $515.9 million in the second quarter of 2025, compared to $523.8 million in the first quarter of 2025 and $640.0 million in the second quarter a year ago. The average net tax equivalent yield on the securities portfolio was 3.07% for the second quarter of 2025, up from 2.97% in the preceding quarter and up from 2.82% in the year ago quarter. The average estimated duration of the investment portfolio at June 30, 2025, was approximately 2.4 years compared to approximately 2.5 years at June 30, 2024. As of June 30, 2025, $55.7 million of available for sale securities with a weighted average yield of 1.40% are scheduled to mature in the next six months, $106.8 million with a weighted average yield of 1.28% are scheduled to mature in six months to one year, and $145.0 million with a weighted average yield of 1.96% are scheduled to mature in the following year, representing a total of $307.5 million or 11% of earning assets that are scheduled to mature in the next 24 months.

    Total unrealized losses, net of tax, on available for sale securities decreased by $1.9 million in the second quarter of 2025 resulting in total unrealized loss, net of tax, of $3.6 million compared to $5.5 million at March 31, 2025, and $15.2 million a year ago. The average maturity of the available for sale securities with the majority of the unrealized loss is 1.3 years. Total unrealized losses on held to maturity securities were $711,000 at June 30, 2025, compared to $1.1 million at March 31, 2025, and $3.0 million a year ago.

    Average interest bearing deposits in other banks decreased to $27.2 million in the second quarter of 2025 from $38.0 million in the first quarter of 2025 and increased from $17.4 million in the second quarter of 2024, as cash was used to fund loan growth and provide liquidity.

    Loans held for sale decreased to $127.1 million at June 30, 2025, compared to $159.6 million at March 31, 2025, largely due to the sale of $61 million consumer mortgage loans in the second quarter of 2025 that had been reclassified to loans held for sale from portfolio loans in the first quarter of 2025, and increased from $85.9 million a year ago, due to higher loan production by Residential Mortgage.

    Portfolio loans were $2.20 billion at June 30, 2025, up 4% from the preceding quarter and up 17% from a year ago. Portfolio loans, excluding consumer mortgage loans, were $2.00 billion at June 30, 2025, up $59.1 million or 3% from the preceding quarter and up 21% from a year ago. This increase in the second quarter of 2025 was diversified throughout the loan portfolio including consumer mortgage loans increasing by $19 million, construction loans increasing by $31.2 million, commercial real estate owner-occupied loans increasing $17.1 million, and nonowner-occupied commercial real estate and multi-family loans increasing by $6.5 million from the preceding quarter. These increases were partially offset by a $3.8 million decrease in commercial loans. Average portfolio loans in the second quarter of 2025 were $2.17 billion, which was consistent with the preceding quarter after the sale of $61 million in consumer mortgage loans, and up 18% from a year ago. Yields on average portfolio loans in the second quarter of 2025 increased to 6.99% from 6.89% in the first quarter and increased from 6.87% in the second quarter of 2024. The yield on new portfolio loans, excluding consumer mortgage loans, was 7.45% in the second quarter of 2025 as compared to 7.43% in the first quarter of 2025 and 8.26% in the second quarter of 2024.

    Northrim’s loans and credit lines are subject to approval procedures and amount limitations. These limitations apply to the borrower’s total outstanding indebtedness and commitments to us, including the indebtedness of any guarantor. Generally, Northrim is permitted to make loans to one borrower of up to 15% of the unimpaired capital and surplus of the Bank. The legal lending limit was $39.4 million at June 30, 2025. At June 30, 2025, Northrim had 22 relationships totaling $504.0 million in portfolio loans whose total direct and indirect commitments were greater than 50% of the legal lending limit.

    Alaskans continue to account for substantially all of Northrim’s deposit base. Total deposits were $2.81 billion at June 30, 2025, up 1% from $2.78 billion at March 31, 2025, and up 14% from $2.46 billion a year ago. “The increase in deposits in the second quarter of 2025 was consistent with our customers’ normal business cycles which typically result in increases in deposit balances in the second and third quarters and decreases in the first and fourth quarters,” said Ballard. At June 30, 2025, 75% of total deposits were held in business accounts and 25% of deposit balances were held in consumer accounts. Northrim had approximately 34,000 deposit customers with an average balance of $60,000 as of June 30, 2025. Northrim had 27 customers with balances over $10 million as of June 30, 2025, which accounted for $731.1 million, or 27%, of total deposits. Demand deposits increased by 5% from the prior quarter and increased 10% from the prior year to $777.9 million at June 30, 2025. Demand deposits were 28% of total deposits at June 30, 2025 up from 27% at March 31, 2025 and were down from 29% of total deposits at June 30, 2024. Average interest-bearing deposits were up 1% to $2.03 billion with an average cost of 2.04% in the second quarter of 2025, compared to $2.00 billion and an average cost of 2.01% in the first quarter of 2025, and up 18% compared to $1.73 billion and an average cost of 2.21% in the second quarter of 2024. Uninsured deposits totaled $1.02 billion or 36% of total deposits as of June 30, 2025 compared to $1.08 billion or 40% of total deposits as of December 31, 2024.

    Shareholders’ equity was $290.2 million, or $52.55 book value per share, at June 30, 2025, compared to $279.8 million, or $50.67 book value per share, at March 31, 2025 and $247.2 million, or $44.93 book value per share, a year ago. Tangible book value per share* was $43.35 at June 30, 2025, compared to $41.47 at March 31, 2025, and $42.03 per share a year ago. The increase in shareholders’ equity in the second quarter of 2025 as compared to the first quarter of 2025 was largely the result of earnings of $11.8 million and an increase in the fair value of the available for sale securities portfolio, which increased $1.9 million, net of tax, which were only partially offset by dividends paid of $3.6 million. The Company did not repurchase any shares of common stock in the second quarter of 2025 and currently has no plans to repurchase shares this year. Tangible common equity to tangible assets* was 7.50% as of June 30, 2025, compared to 7.41% as of March 31, 2025 and 8.24% as of June 30, 2024. Northrim continues to maintain capital levels in excess of the requirements to be categorized as “well-capitalized” with Tier 1 Capital to Risk Adjusted Assets of 9.80% at June 30, 2025, compared to 9.76% at March 31, 2025, and 11.68% at June 30, 2024.

    Asset Quality

    Northrim believes it has a consistent lending approach throughout economic cycles, which emphasizes appropriate loan-to-value ratios, adequate debt coverage ratios, and competent management.

    Nonperforming assets (“NPAs”) net of government guarantees were $11.9 million at June 30, 2025, down from $12.3 million at March 31, 2025 and up from $5.1 million a year ago. Of the NPAs at June 30, 2025, $4.2 million are attributable to the Community Banking segment and $7.5 million are attributable to the Specialty Finance segment.

    Net adversely classified loans were $35.8 million at June 30, 2025, as compared to $20.4 million at March 31, 2025, and $7.1 million a year ago. Adversely classified loans are loans that Northrim has classified as substandard, doubtful, and loss, net of government guarantees. The increase in adversely classified loans, net of government guarantees, at June 30, 2025 as compared to the prior quarter is mostly attributable to two commercial relationships totaling $16.0 million. Net loan charge-offs were $140,000 in the second quarter of 2025, compared to net loan recoveries of $34,000 in the first quarter of 2025, and net loan recoveries of $26,000 in the second quarter of 2024. Additionally, Northrim had 13 loan modifications to borrowers experiencing financial difficulty totaling $3.3 million, net of government guarantees that had been modified in the last twelve months as of June 30, 2025.

    Northrim had $141.2 million, or 6% of portfolio loans, in the Healthcare sector, $127.2 million, or 6% of portfolio loans, in the Tourism sector, $121.0 million, or 5% of portfolio loans, in the Accommodations sector, $93.4 million, or 4% of portfolio loans, in the Retail sector, $84.2 million, or 4% of portfolio loans, in the Aviation (non-tourism) sector, $76.2 million, or 3% of portfolio loans, in the Fishing sector, and $59.5 million, or 3% in the Restaurants and Breweries sector as of June 30, 2025.

    Northrim estimates that $105.9 million, or approximately 5% of portfolio loans, had direct exposure to the oil and gas industry in Alaska, as of June 30, 2025, and $1.5 million of these loans are adversely classified. As of June 30, 2025, Northrim has an additional $76.9 million in unfunded commitments to companies with direct exposure to the oil and gas industry in Alaska, and no unfunded commitments on adversely classified loans. Northrim defines direct exposure to the oil and gas sector as loans to borrowers that provide oilfield services and other companies that have been identified as significantly reliant upon activity in Alaska related to the oil and gas industry, such as lodging, equipment rental, transportation and other logistics services specific to this industry.

    About Northrim BanCorp

    Northrim BanCorp, Inc. is the parent company of Northrim Bank, an Alaska-based community bank with 20 branches throughout the state and differentiates itself with its detailed knowledge of Alaska’s economy and its “Customer First Service” philosophy. The Bank has two wholly-owned subsidiaries, Sallyport Commercial Finance, LLC, a specialty finance company and Residential Mortgage Holding Company, LLC, a regional home mortgage company. Pacific Wealth Advisors, LLC is an affiliated company.

    www.northrim.com

    Forward-Looking Statement

    This release may contain “forward-looking statements” as that term is defined for purposes of Section 21E of the Securities Exchange Act of 1934, as amended. These statements are, in effect, management’s attempt to predict future events, and thus are subject to various risks and uncertainties. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof. All statements, other than statements of historical fact, regarding our financial position, business strategy, management’s plans and objectives for future operations are forward-looking statements. When used in this report, the words “anticipate,” “believe,” “estimate,” “expect,” and “intend” and words or phrases of similar meaning, as they relate to Northrim and its management are intended to help identify forward-looking statements. Although we believe that management’s expectations as reflected in forward-looking statements are reasonable, we cannot assure readers that those expectations will prove to be correct. Forward-looking statements, are subject to various risks and uncertainties that may cause our actual results to differ materially and adversely from our expectations as indicated in the forward-looking statements. These risks and uncertainties include: descriptions of Northrim’s and Sallyport’s financial condition, results of operations, asset based lending volumes, asset and credit quality trends and profitability and statements about the expected financial benefits and other effects of the acquisition of Sallyport by Northrim Bank; expected cost savings, synergies and other financial benefits from the acquisition of Sallyport by Northrim Bank might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the ability of Northrim and Sallyport to execute their respective business plans; potential further increases in interest rates; the value of securities held in our investment portfolio; the impact of the results of government initiatives, including tariffs, on the regulatory landscape, natural resource extraction industries, and capital markets; the impact of declines in the value of commercial and residential real estate markets, high unemployment rates, inflationary pressures and slowdowns in economic growth; changes in banking regulation or actions by bank regulators; potential further increases in inflation, supply-chain constraints, and potential geopolitical instability, including the war in Ukraine and the conflict in the Middle East; financial stress on borrowers (consumers and businesses) as a result of higher rates or an uncertain economic environment; the general condition of, and changes in, the Alaska economy; our ability to maintain or expand our market share or net interest margin; the sufficiency of our allowance for credit losses and the accuracy of the assumptions or estimates used in preparing our financial statements, including those related to current expected credit losses accounting guidance; our ability to maintain asset quality; our ability to implement our marketing and growth strategies; our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking,” and identity theft; disease outbreaks; and our ability to execute our business plan. Further, actual results may be affected by competition on price and other factors with other financial institutions; customer acceptance of new products and services; the regulatory environment in which we operate; and general trends in the local, regional and national banking industry and economy. In addition, there are risks inherent in the banking industry relating to collectability of loans and changes in interest rates. Many of these risks, as well as other risks that may have a material adverse impact on our operations and business, are identified in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and from time to time are disclosed in our other filings with the Securities and Exchange Commission. However, you should be aware that these factors are not an exhaustive list, and you should not assume these are the only factors that may cause our actual results to differ from our expectations. These forward-looking statements are made only as of the date of this release, and Northrim does not undertake any obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.
    References:

    https://www.bea.gov/

    http://almis.labor.state.ak.us/

    http://www.tax.alaska.gov/programs/oil/prevailing/ans.aspx

    http://www.tax.state.ak.us/

    https://www.bls.gov/regions/west/news-release/consumerpriceindex_anchorage.htm

    https://www.alaskarealestate.com/MLSMember/RealEstateStatistics.aspx

    https://www.akleg.gov/basis/Bill/Text/34?Hsid=HJR011C

    https://www.trade.gov/data-visualization/tradestats-express-trade-partner-state

    https://tax.alaska.gov/programs/programs/reports/RSB.aspx?Year=2025&Type=Spring

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    https://www.capitaliq.spglobal.com/web/client?auth=inherit&overridecdc=1&#markets/indexFinancials

    Contact: Mike Huston, President, CEO, and COO
      (907) 261-8750
      Jed Ballard, Chief Financial Officer
      (907) 261-3539
       
    Income Statement            
    (Dollars in thousands, except per share data) Three Months Ended   Year-to-date
    (Unaudited) June 30, March 31, June 30,   June 30, June 30,
        2025   2025     2024       2025   2024  
    Interest Income:            
    Interest and fees on loans $ 40,519 $ 37,470   $ 32,367     $ 77,989 $ 62,817  
    Interest on portfolio investments   3,765   3,675     4,310       7,440   8,830  
    Interest on deposits in banks   515   416     232       931   1,070  
    Total interest income   44,799   41,561     36,909       86,360   72,717  
    Interest Expense:            
    Interest expense on deposits   10,304   9,935     9,476       20,239   18,656  
    Interest expense on borrowings   903   329     380       1,232   561  
    Total interest expense   11,207   10,264     9,856       21,471   19,217  
    Net interest income   33,592   31,297     27,053       64,889   53,500  
                 
    Provision (benefit) for credit losses   1,976   (1,409 )   (120 )     567   29  
    Net interest income after provision for credit losses   31,616   32,706     27,173       64,322   53,471  
                 
    Other Operating Income:            
    Mortgage banking income   7,400   4,251     5,884       11,651   9,915  
    Purchased receivable income   5,897   6,100     1,242       12,047   2,587  
    Bankcard fees   1,153   1,074     1,105       2,227   2,022  
    Service charges on deposit accounts   726   677     572       1,403   1,121  
    Unrealized gain (loss) on marketable equity securities   78   (50 )   (60 )     28   254  
    Other income   1,386   988     834       2,324   1,522  
    Total other operating income   16,640   13,040     9,577       29,680   17,421  
                 
    Other Operating Expense:            
    Salaries and other personnel expense   20,854   17,223     16,627       38,077   32,044  
    Data processing expense   3,366   3,104     2,601       6,470   5,260  
    Occupancy expense   2,104   1,889     1,843       3,993   3,805  
    Professional and outside services   1,113   1,115     726       2,228   1,481  
    Marketing expense   1,042   672     690       1,714   1,203  
    Insurance expense   756   1,017     692       1,773   1,471  
    Compensation expense – SCF acquisition payments   600   600     —       1,200   —  
    OREO expense, net rental income and gains on sale   2   3     2       5   (389 )
    Other expense   2,651   2,548     2,013       5,199   3,957  
    Total other operating expense   32,488   28,171     25,194       60,659   48,832  
                 
    Income before provision for income taxes   15,768   17,575     11,556       33,343   22,060  
    Provision for income taxes   3,990   4,251     2,536       8,241   4,841  
    Net income $ 11,778 $ 13,324   $ 9,020     $ 25,102 $ 17,219  
                 
    Basic EPS $ 2.13 $ 2.41   $ 1.64     $ 4.54 $ 3.13  
    Diluted EPS $ 2.09 $ 2.38   $ 1.62     $ 4.47 $ 3.10  
    Weighted average shares outstanding, basic   5,521,811   5,519,998     5,500,588       5,520,905   5,500,083  
    Weighted average shares outstanding, diluted   5,611,558   5,608,102     5,558,580       5,611,734   5,562,025  
    Balance Sheet      
    (Dollars in thousands)      
    (Unaudited) June 30, March 31, June 30,
        2025     2025     2024  
           
    Assets:      
    Cash and due from banks $ 43,734   $ 29,671   $ 33,364  
    Interest bearing deposits in other banks   97,549     35,852     21,058  
    Investment securities available for sale, at fair value   429,421     463,096     584,964  
    Investment securities held to maturity   36,750     36,750     36,750  
    Marketable equity securities, at fair value   8,747     8,669     12,381  
    Investment in Federal Home Loan Bank stock   8,343     5,342     4,929  
    Loans held for sale   127,116     159,603     85,926  
           
    Portfolio loans   2,202,115     2,124,330     1,875,907  
    Allowance for credit losses, loans   (22,585 )   (20,922 )   (17,694 )
    Net portfolio loans   2,179,530     2,103,408     1,858,213  
    Purchased receivables, net   109,098     95,489     25,722  
    Mortgage servicing rights, at fair value   27,506     26,814     21,077  
    Other real estate owned, net   —     —     —  
    Premises and equipment, net   36,501     37,070     40,393  
    Lease right of use asset   7,033     7,632     8,244  
    Goodwill and intangible assets   50,824     50,824     15,967  
    Other assets   81,608     80,740     72,680  
    Total assets $ 3,243,760   $ 3,140,960   $ 2,821,668  
           
    Liabilities:      
    Demand deposits $ 777,948   $ 742,560   $ 704,471  
    Interest-bearing demand   1,196,048     1,187,465     906,010  
    Savings deposits   248,141     256,650     238,156  
    Money market deposits   196,166     193,842     195,159  
    Time deposits   390,867     397,460     420,010  
    Total deposits   2,809,170     2,777,977     2,463,806  
    Other borrowings   63,026     13,136     43,961  
    Junior subordinated debentures   10,310     10,310     10,310  
    Lease liability   7,077     7,682     8,269  
    Other liabilities   63,958     52,099     48,122  
    Total liabilities   2,953,541     2,861,204     2,574,468  
           
    Shareholders’ Equity:      
    Total shareholders’ equity   290,219     279,756     247,200  
    Total liabilities and shareholders’ equity $ 3,243,760   $ 3,140,960   $ 2,821,668  
           

    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Composition of Portfolio Loans                        
      June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
      Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total    		   Balance % of
    total
    Commercial loans $ 569,753   27 %   $ 573,593   27 %   $ 518,148   24 %   $ 492,414   24 %   $ 495,781   26 %
    Commercial real estate:                            
    Owner occupied properties   447,561   20 %     430,442   20 %     420,060   20 %     412,827   20 %     383,832   20 %
    Nonowner occupied and                            
    multifamily properties   696,766   31 %     690,277   32 %     619,431   29 %     584,302   31 %     551,130   30 %
    Residential real estate:                            
    1-4 family properties                            
    secured by first liens   206,905   9 %     188,219   9 %     270,535   13 %     248,514   12 %     222,026   12 %
    1-4 family properties                            
    secured by junior liens &                            
    revolving secured by first liens   60,118   3 %     53,836   3 %     48,857   2 %     45,262   2 %     41,258   2 %
    1-4 family construction   36,005   2 %     34,017   2 %     39,789   2 %     39,794   2 %     29,510   2 %
    Construction loans   187,442   8 %     156,211   7 %     214,068   10 %     185,362   9 %     154,009   8 %
    Consumer loans   7,570   — %     7,424   — %     7,562   — %     7,836   — %     6,679   — %
    Subtotal   2,212,120         2,134,019         2,138,450         2,016,311         1,884,225    
    Unearned loan fees, net   (10,005 )       (9,689 )       (9,187 )       (8,746 )       (8,318 )  
    Total portfolio loans $ 2,202,115       $ 2,124,330       $ 2,129,263       $ 2,007,565       $ 1,875,907    
                                 
    Composition of Deposits                        
      June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
      Balance % of total   Balance % of total   Balance % of total   Balance % of total   Balance % of total
    Demand deposits $ 777,948 28 %   $ 742,560 27 %   $ 706,225 27 %   $ 763,595 29 %   $ 704,471 29 %
    Interest-bearing demand   1,196,048 42 %     1,187,465 43 %     1,108,404 41 %     979,238 37 %     906,010 36 %
    Savings deposits   248,141 9 %     256,650 9 %     250,900 9 %     245,043 9 %     238,156 10 %
    Money market deposits   196,166 7 %     193,842 7 %     196,290 7 %     204,821 8 %     195,159 8 %
    Time deposits   390,867 14 %     397,460 14 %     418,370 16 %     435,870 17 %     420,010 17 %
    Total deposits $ 2,809,170     $ 2,777,977     $ 2,680,189     $ 2,628,567     $ 2,463,806  


    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Asset Quality June 30,   March 31,   June 30,  
        2025     2025     2024  
    Nonaccrual loans – Community Banking $ 4,180   $ 4,274   $ 4,233  
    Nonaccrual loans – Home Mortgage Lending   197     221     253  
    Nonaccrual loans – Specialty Finance   3,484     3,573     344  
    Nonaccrual loans – Total   7,861     8,068     4,830  
    Loans 90 days past due and accruing – Community Banking   —     —     17  
    Loans 90 days past due and accruing – Total   —     —     17  
    Total nonperforming loans – Community Banking   4,180     4,274     4,250  
    Total nonperforming loans – Home Mortgage Lending   197     221     253  
    Total nonperforming loans – Specialty Finance   3,484     3,573     344  
    Total nonperforming loans – Total   7,861     8,068     4,847  
    Nonperforming loans guaranteed by gov’t – Community Banking   70     80     —  
    Nonperforming loans guaranteed by gov’t – Total   70     80     —  
    Net nonperforming loans – Community Banking   4,110     4,194     4,250  
    Net nonperforming loans – Home Mortgage Lending   197     221     253  
    Net nonperforming loans – Specialty Finance   3,484     3,573     344  
    Net nonperforming loans – Total   7,791     7,988     4,847  
                 
    Repossessed assets – Community Banking   50     297     297  
    Repossessed assets – Total   50     297     297  
                 
    Nonperforming purchased receivables – Specialty Finance   4,017     4,007     —  
                 
    Net nonperforming assets – Community Banking   4,160     4,491     4,547  
    Net nonperforming assets – Home Mortgage Lending   197     221     253  
    Net nonperforming assets – Specialty Finance   7,501     7,580     344  
    Net nonperforming assets – Total $ 11,858   $ 12,292   $ 5,144  
                 
    Adversely classified loans, net of gov’t guarantees – Community Banking $ 32,128   $ 16,592   $ 6,006  
    Adversely classified loans, net of gov’t guarantees – Home Mortgage Lending   223     252     718  
    Adversely classified loans, net of gov’t guarantees – Specialty Finance   3,484     3,573     344  
    Adversely classified loans, net of gov’t guarantees – Total $ 35,835   $ 20,417   $ 7,068  
                 
    Special mention loans, net of gov’t guarantees – Community Banking $ 3,966   $ 14,496   $ 8,902  
    Special mention loans, net of gov’t guarantees – Home Mortgage Lending   790     637     —  
    Special mention loans, net of gov’t guarantees – Total $ 4,756   $ 15,133   $ 8,902  
    Asset Quality, Continued June 30,   March 31,   June 30,  
        2025       2025       2024    
    Nonperforming loans, net of government guarantees / portfolio loans   0.35   %   0.38   %   0.26   %
    Nonperforming loans, net of government guarantees / portfolio loans,            
    net of government guarantees   0.38   %   0.40   %   0.28   %
    Nonperforming assets, net of government guarantees / total assets   0.37   %   0.39   %   0.18   %
    Nonperforming assets, net of government guarantees / total assets            
    net of government guarantees   0.38   %   0.41   %   0.19   %
                 
    Loans 30-89 days past due and accruing, net of government guarantees /       %    
    portfolio loans   0.06   %   0.04   %   0.03   %
    Loans 30-89 days past due and accruing, net of government guarantees /            
    portfolio loans, net of government guarantees   0.06   %   0.04   %   0.04   %
                 
    Allowance for credit losses for loans / portfolio loans   1.03   %   0.98   %   0.94   %
    Allowance for credit losses for loans / portfolio loans, net of gov’t guarantees   1.10   %   1.06   %   1.01   %
    Allowance for credit losses for loans / nonperforming loans, net of            
    government guarantees   290   %   262   %   365   %
                 
    Gross loan charge-offs for the quarter – Community Banking $3     $50     $—    
    Gross loan charge-offs for the quarter – Specialty Finance   152       —       —    
    Gross loan charge-offs for the quarter – Total   155       50       —    
                 
    Gross loan recoveries for the quarter – Community Banking   (15 )     (84 )     (26 )  
    Gross loan recoveries for the quarter – Home Mortgage Lending   —       —       —    
    Gross loan recoveries for the quarter – Specialty Finance   —       —       —    
    Gross loan recoveries for the quarter – Total ($15 )   ($84 )   ($26 )  
                 
    Net loan (recoveries) charge-offs for the quarter – Community Banking ($12 )   ($34 )   ($26 )  
    Net loan (recoveries) charge-offs for the quarter – Specialty Finance   152       —       —    
    Net loan (recoveries) charge-offs for the quarter – Total $140     ($34 )   ($26 )  
                 
    Net loan charge-offs (recoveries) year-to-date – Community Banking ($46 )   ($34 )   ($68 )  
    Net loan charge-offs (recoveries) year-to-date – Specialty Finance   152       —       —    
    Net loan charge-offs (recoveries) year-to-date – Total $106     ($34 )   ($68 )  
                 
    Net loan charge-offs (recoveries) for the quarter / average loans, for the quarter   0.01   %   —   %   —   %
                 
    Net loan charge-offs (recoveries) year-to-date / average loans,            
    year-to-date annualized   0.01   %   (0.01 ) %   (0.01 ) %
                 
    Allowance for credit losses for purchased receivables / purchased receivables   3.05   %   3.72   %   —   %
                 
    Net purchased receivable charge-offs (recoveries) for the quarter $281     $—     $—    
                 
    Net purchased receivable charge-offs (recoveries) year-to-date $281     $—     $—    
                 
    Net purchased receivable charge-offs (recoveries) for the quarter /            
    average purchased receivables, for the quarter   0.27   % NA   NA  
                 
    Net purchased receivable charge-offs (recoveries) year-to-date / average            
    purchased receivables, year-to-date annualized   0.61   % NA   NA  


    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Average Balances, Yields, and Rates                
      Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
        Average     Average     Average
      Average Tax Equivalent   Average Tax Equivalent   Average Tax Equivalent
      Balance Yield/Rate   Balance Yield/Rate   Balance Yield/Rate
    Assets                
    Interest bearing deposits in other banks $ 27,216   7.60 %   $ 37,969   4.44 %   $ 17,352   5.27 %
    Portfolio investments   515,916   3.07 %     523,753   2.97 %     639,980   2.82 %
    Loans held for sale   173,675   6.50 %     46,223   5.86 %     65,102   6.08 %
    Portfolio loans   2,172,482   6.99 %     2,173,425   6.89 %     1,845,832   6.87 %
    Total interest-earning assets   2,889,289   6.27 %     2,781,370   6.10 %     2,568,266   5.83 %
    Nonearning assets   306,206         293,415         204,509    
    Total assets $ 3,195,495       $ 3,074,785       $ 2,772,775    
                     
    Liabilities and Shareholders’ Equity                
    Interest-bearing deposits $ 2,029,100   2.04 %   $ 2,002,594   2.01 %   $ 1,725,013   2.21 %
    Borrowings   86,404   4.14 %     37,081   3.55 %     38,390   3.92 %
    Total interest-bearing liabilities   2,115,504   2.12 %     2,039,675   2.04 %     1,763,403   2.25 %
                     
    Noninterest-bearing demand deposits   737,112         697,534         706,339    
    Other liabilities   54,320         63,348         58,549    
    Shareholders’ equity   288,559         274,228         244,484    
    Total liabilities and shareholders’ equity $ 3,195,495       $ 3,074,785       $ 2,772,775    
    Net spread   4.15 %     4.06 %     3.58 %
    NIM   4.66 %     4.55 %     4.24 %
    NIMTE*   4.72 %     4.61 %     4.30 %
    Cost of funds   1.57 %     1.52 %     1.60 %
    Average portfolio loans to average                
    interest-earning assets   75.19 %       78.14 %       71.87 %  
    Average portfolio loans to average total deposits   78.54 %       80.49 %       75.92 %  
    Average non-interest deposits to average                
    total deposits   26.65 %       25.83 %       29.05 %  
    Average interest-earning assets to average                
    interest-bearing liabilities   136.58 %       136.36 %       145.64 %  


    Additional Financial Information
    (Dollars in thousands)
    (Unaudited)

    Average Balances, Yields, and Rates          
      Year-to-date
      June 30, 2025   June 30, 2024
        Average     Average
      Average Tax Equivalent   Average Tax Equivalent
      Balance Yield/Rate   Balance Yield/Rate
    Assets          
    Interest bearing deposits in other banks $ 32,563   5.77 %   $ 39,457   5.36 %
    Portfolio investments   519,813   3.02 %     655,458   2.82 %
    Loans held for sale   110,301   6.35 %     48,868   6.10 %
    Portfolio loans   2,172,950   6.94 %     1,819,629   6.81 %
    Total interest-earning assets   2,835,627   6.19 %     2,563,412   5.76 %
    Nonearning assets   299,848         202,819    
    Total assets $ 3,135,475       $ 2,766,231    
               
    Liabilities and Shareholders’ Equity          
    Interest-bearing deposits $ 2,015,920   2.02 %   $ 1,728,468   2.17 %
    Borrowings   61,879   3.96 %     31,167   3.55 %
    Total interest-bearing liabilities   2,077,799   2.08 %     1,759,635   2.19 %
               
    Noninterest-bearing demand deposits   717,432         705,736    
    Other liabilities   58,809         59,478    
    Shareholders’ equity   281,435         241,382    
    Total liabilities and shareholders’ equity $ 3,135,475       $ 2,766,231    
    Net spread   4.11 %     3.57 %
    NIM   4.61 %     4.20 %
    NIMTE*   4.66 %     4.26 %
    Cost of funds   1.55 %     1.57 %
    Average portfolio loans to average interest-earning assets   76.63 %       70.98 %  
    Average portfolio loans to average total deposits   79.50 %       74.75 %  
    Average non-interest deposits to average total deposits   26.25 %       28.99 %  
    Average interest-earning assets to average interest-bearing liabilities   136.47 %       145.68 %  


    Additional Financial Information
    (Dollars in thousands, except per share data)
    (Unaudited)

    Capital Data (At quarter end)            
      June 30, 2025   March 31, 2025   June 30, 2024  
    Book value per share $52.55     $50.67     $44.93    
    Tangible book value per share* $43.35     $41.47     $42.03    
    Total shareholders’ equity/total assets   8.95   %   8.91   %   8.76   %
    Tangible Common Equity/Tangible Assets*   7.50   %   7.41   %   8.24   %
    Tier 1 Capital / Risk Adjusted Assets   9.80   %   9.76   %   11.68   %
    Total Capital / Risk Adjusted Assets   10.71   %   10.62   %   12.58   %
    Tier 1 Capital / Average Assets   7.99   %   8.02   %   9.17   %
    Shares outstanding   5,522,271       5,520,892       5,501,562    
    Total unrealized loss on AFS debt securities, net of income taxes ($3,571 )   ($5,452 )   ($15,197 )  
    Total unrealized gain on derivatives and hedging activities, net of income taxes $1,026     $1,097     $1,212    
    Profitability Ratios                    
      June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024  
    For the quarter:                    
    NIM 4.66 % 4.55 % 4.41 % 4.29 % 4.24 %
    NIMTE* 4.72 % 4.61 % 4.47 % 4.35 % 4.30 %
    Efficiency ratio 64.68 % 63.54 % 66.96 % 66.11 % 68.78 %
    Return on average assets 1.48 % 1.76 % 1.43 % 1.22 % 1.31 %
    Return on average equity 16.37 % 19.70 % 16.32 % 13.69 % 14.84 %
      June 30, 2025   June 30, 2024  
    Year-to-date:        
    NIM 4.61 % 4.20 %
    NIMTE* 4.66 % 4.26 %
    Efficiency ratio 64.14 % 68.85 %
    Return on average assets 1.61 % 1.25 %
    Return on average equity 17.99 % 14.35 %


    *Non-GAAP Financial Measures
    (Dollars and shares in thousands, except per share data)
    (Unaudited)

    Non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. Although we believe these non-GAAP financial measures are frequently used by stakeholders in the evaluation of the Company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of results as reported under GAAP.

    Net interest margin on a tax equivalent basis

    Net interest margin on a tax equivalent basis (“NIMTE”) is a non-GAAP performance measurement in which interest income on non-taxable investments and loans is presented on a tax equivalent basis using a combined federal and state statutory rate of 28.43% in both 2025 and 2024. The most comparable GAAP measure is net interest margin and the following table sets forth the reconciliation of NIMTE to net interest margin for the periods indicated.

      Three Months Ended
      June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
    Net interest income $ 33,592     $ 31,297     $ 30,841     $ 28,842     $ 27,053  
    Divided by average interest-bearing assets   2,889,289       2,781,370       2,787,517       2,674,291       2,568,266  
    Net interest margin (“NIM”)2   4.66 %     4.55 %     4.41 %     4.29 %     4.24 %
                       
    Net interest income $ 33,592     $ 31,297     $ 30,841     $ 28,842     $ 27,053  
    Plus: reduction in tax expense related to                  
    tax-exempt interest income   409       379       379       385       378  
      $ 34,001     $ 31,676     $ 31,220     $ 29,227     $ 27,431  
    Divided by average interest-bearing assets   2,889,289       2,781,370       2,787,517       2,674,291       2,568,266  
    NIMTE2   4.72 %     4.61 %     4.47 %     4.35 %     4.30 %
      Year-to-date
      June 30, 2025   June 30, 2024
    Net interest income $ 64,889     $ 53,500  
    Divided by average interest-bearing assets   2,835,627       2,563,412  
    Net interest margin (“NIM”)3   4.61 %     4.20 %
           
    Net interest income $ 64,889     $ 53,500  
    Plus: reduction in tax expense related to      
    tax-exempt interest income   788       757  
      $ 65,677     $ 54,257  
    Divided by average interest-bearing assets   2,835,627       2,563,412  
    NIMTE3   4.66 %     4.26 %

    2Calculated using actual days in the quarter divided by 365 for the quarters ended in 2025 and 366 for the quarters ended in 2024, respectively.

    3Calculated using actual days in the year divided by 365 for year-to-date period in 2025 and 366 for year-to-date period in 2024, respectively.

    *Non-GAAP Financial Measures
    (Dollars and shares in thousands, except per share data)
    (Unaudited)

    Tangible Book Value Per Share

    Tangible book value per share is a non-GAAP measure defined as shareholders’ equity, less intangible assets, divided by shares outstanding. The most comparable GAAP measure is book value per share and the following table sets forth the reconciliation of tangible book value per share and book value per share for the periods indicated.

      June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
                       
    Total shareholders’ equity $ 290,219   $ 279,756   $ 267,116   $ 260,050   $ 247,200
    Divided by shares outstanding   5,522     5,521     5,518     5,502     5,502
    Book value per share $ 52.55   $ 50.68   $ 48.41   $ 47.26   $ 44.93
      June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
                       
    Total shareholders’ equity $ 290,219   $ 279,756   $ 267,116   $ 260,050   $ 247,200
    Less: goodwill and intangible assets   50,824     50,824     50,968     15,967     15,967
      $ 239,395   $ 228,932   $ 216,148   $ 244,083   $ 231,233
    Divided by shares outstanding   5,522     5,521     5,518     5,502     5,502
    Tangible book value per share $ 43.35   $ 41.47   $ 39.17   $ 44.36   $ 42.03


    Tangible Common Equity to Tangible Assets

    Tangible common equity to tangible assets is a non-GAAP ratio that represents total equity less goodwill and intangible assets divided by total assets less goodwill and intangible assets. The most comparable GAAP measure of shareholders’ equity to total assets is calculated by dividing total shareholders’ equity by total assets and the following table sets forth the reconciliation of tangible common equity to tangible assets and shareholders’ equity to total assets for the periods indicated.

    Northrim BanCorp, Inc. June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
                       
    Total shareholders’ equity $ 290,219     $ 279,756     $ 267,116     $ 260,050     $ 247,200  
    Total assets   3,243,760       3,140,960       3,041,869       2,963,392       2,821,668  
    Total shareholders’ equity to total assets   8.95 %     8.91 %     8.78 %     8.78 %     8.76 %
    Northrim BanCorp, Inc. June 30, 2025   March 31, 2025   December 31,
    2024    		   September 30,
    2024    		   June 30, 2024
    Total shareholders’ equity $ 290,219     $ 279,756     $ 267,116     $ 260,050     $ 247,200  
    Less: goodwill and other intangible assets, net   50,824       50,824       50,968       15,967       15,967  
    Tangible common shareholders’ equity $ 239,395     $ 228,932     $ 216,148     $ 244,083     $ 231,233  
                       
    Total assets $ 3,243,760     $ 3,140,960     $ 3,041,869     $ 2,963,392     $ 2,821,668  
    Less: goodwill and other intangible assets, net   50,824       50,824       50,968       15,967       15,967  
    Tangible assets $ 3,192,936     $ 3,090,136     $ 2,990,901     $ 2,947,425     $ 2,805,701  
    Tangible common equity ratio   7.50 %     7.41 %     7.23 %     8.28 %     8.24 %

    Note Transmitted on GlobeNewswire on July 23, 2025, at 12:15 pm Alaska Standard Time.

    The MIL Network –

    July 24, 2025

  • MIL-OSI: QCR Holdings, Inc. Announces Net Income of $29.0 Million for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income of $29.0 million, or $1.71 per diluted share
    • Adjusted net income1of $29.4 million, or $1.73 per diluted share
    • NIM TEY1expanded four basis points to 3.46%
    • Adjusted ROAA1of 1.29% annualized
    • Capital markets revenue growth of 51% on a linked-quarter basis
    • Nonperforming assets declined $5.5 million, or 11%
    • Tangible book value per share1grew $1.64, or 13% annualized
    • TCE/TA ratio1improved 22 basis points to 9.92%

    MOLINE, Ill., July 23, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.0 million and diluted earnings per share (“EPS”) of $1.71 for the second quarter of 2025, compared to net income of $25.8 million and diluted EPS of $1.52 for the first quarter of 2025.

    Adjusted net income1 and adjusted diluted EPS1 for the second quarter of 2025 were $29.4 million and $1.73, respectively, for the first quarter of 2025 compared to $26.0 million and $1.53, respectively, for the first quarter of 2025 and $29.3 million, and $1.73 respectively for the second quarter of 2024.

      For the Quarter Ended    
      June 30, March 31, June 30,    
    $ in millions (except per share data)  2025  2025  2024    
    Net Income $ 29.0 $ 25.8 $ 29.1    
    Diluted EPS $ 1.71 $ 1.52 $ 1.72    
    Adjusted Net Income1 $ 29.4 $ 26.0 $ 29.3    
    Adjusted Diluted EPS1 $ 1.73 $ 1.53 $ 1.73    

    “We delivered strong second quarter results highlighted by a significant increase in net interest income from the previous quarter, driven by both net interest margin expansion and strong loan growth, as well as improved capital markets revenue, and disciplined noninterest expense management,” said Todd Gipple, President and Chief Executive Officer. “These robust results led to continued capital accretion and a substantial increase in tangible book value per share1.”

    Significant Net Interest Income Growth as Margin Expansion Continues

    Net interest income for the second quarter of 2025 totaled $62.1 million, an increase of $2.1 million, or 14% annualized, from the first quarter of 2025, driven by strong earning asset growth, expanded yield on loans and investments, and lower cost of funds.   Net interest margin (“NIM”) was 2.97% and NIM on a tax-equivalent yield (“TEY”) basis1 was 3.46% for the second quarter, as compared to 2.95% and 3.42% for the prior quarter, respectively.

    “Our NIM TEY1 increased four basis points from the first quarter of 2025, which was at the top of our guidance range,” said Nick Anderson, Chief Financial Officer. “Looking ahead, we anticipate continued margin expansion and are guiding to an increase in third quarter NIM TEY1 in a range from static to an increase of four basis points, assuming no Federal Reserve rate cuts,” added Mr. Anderson.

    Improving Noninterest Income Driven by Capital Markets Revenue

    Noninterest income for the second quarter of 2025 was $22.1 million, up from $16.9 million in the first quarter of 2025. The Company generated $9.9 million of capital markets revenue in the second quarter of 2025 compared to $6.5 million in the prior quarter. Wealth management revenue totaled $4.6 million, representing a slight decline from the first quarter of 2025. However, it increased $332 thousand or 8% compared to the second quarter of 2024 and rose 23% year-to-date on an annualized basis compared to the same period in 2024.

    “During the second quarter of 2025 we saw improved low-income housing tax credit (“LIHTC”) lending activity compared to the first quarter as clients adjusted to the current environment. This increased activity drove 51% growth in our capital markets revenue. The sustained, long-term demand for affordable housing continues to support our LIHTC lending and related capital markets revenue. Our pipeline continues to improve as clients adapt to the evolving market conditions,” said Mr. Gipple.

    “Given the strengthened pipeline, we are reaffirming our guidance for Capital Markets revenue to be in a range of $50 to $60 million for the next four quarters.  In addition, we are also providing guidance over a shorter horizon and expect capital markets revenue for the third quarter to be fully back to a more normalized level and in a range of $13 to $16 million for the quarter,” added Mr. Gipple.

    Disciplined Noninterest Expense Management

    Noninterest expense for the second quarter of 2025 totaled $49.6 million compared to $46.5 million for the first quarter of 2025 and $49.9 million for the second quarter of 2024. The $3.1 million linked-quarter increase was primarily due to higher capital markets revenue and strong loan growth resulting in an improved return on average assets which drove higher variable compensation. Professional and data processing expenses also increased and were related to the Company’s digital transformation.   

    “While expenses increased compared to the first quarter, we held noninterest expense under the low end of our guidance range of $50 to $53 million, highlighting our expense flexibility,” said Mr. Anderson. “Noninterest expense remains well managed, down 9% year to date on an annualized basis compared to the same period in 2024. The Company’s efficiency ratio1 was 58.9% in the second quarter. For the third quarter of 2025, we expect noninterest expense to be in the range of $52 to $55, million which includes certain costs associated with our digital transformation and assumes both capital markets revenue and loan growth are within our guidance range,” added Mr. Anderson.

    Strong Loan Growth

    In the second quarter of 2025, the Company’s total loans and leases held for investment grew by $102.6 million, to $6.9 billion. “Loan growth was 8% annualized when adding back the impact from the planned runoff of m2 Equipment Finance loans and leases. Second quarter loan growth was driven by both our LIHTC and traditional lending businesses. Our pipeline is strong, and we anticipate loan demand to increase as clients continue to adapt to current market conditions,” stated Mr. Gipple. “We continue to be optimistic about solid loan growth for the remainder of the year and are guiding to gross loan growth in a range of 8% to 10% in the second half of the year,” added Mr. Gipple.

    Maintaining Core Deposit Strength

    Following the robust deposit growth of $276.2 million, or 16% annualized, in the first quarter of 2025, the majority of those balances were retained throughout the second quarter. Total deposits declined slightly by $19.0 million, or 1% annualized from the first quarter, while average deposit balances increased $72.0 million. Year-to-date, core deposits have increased by $311 million, or 9% annualized.

    Asset Quality Remains Excellent

    The nonperforming assets (“NPAs”) to total assets ratio was 0.46% as of June 30, 2025, down seven basis points from the prior quarter. NPAs totaled $42.7 million at the end of the second quarter of 2025, a $5.5 million, or 11% decrease from the prior quarter.

    Total criticized loans increased by $9.3 million on a linked-quarter basis. The ratio of criticized loans to total loans and leases as of June 30, 2025, increased to 2.16% as compared to 2.06% as of March 31, 2025. Despite the 10 basis point increase, the criticized loan ratio remains well below the Company’s long-term historical average.

    The Company recorded a total provision for credit losses of $4.0 million during the quarter, which was down slightly from $4.2 million in the prior quarter. Net charge-offs were $6.3 million during the second quarter of 2025, an increase of $2.1 million from the prior quarter primarily due to the charge-off of loans that had previously been fully reserved. The allowance for credit losses to total loans held for investment was 1.28% for the second quarter.

    Strong Tangible Book Value and Regulatory Capital Growth

    The Company’s tangible book value per share1 increased by $1.64, or 13% annualized, during the second quarter of 2025 due to the combination of strong earnings and a modest dividend.

    As of June 30, 2025, the Company’s tangible common equity to tangible assets ratio (“TCE”)1 increased 22 basis points to 9.92%. The improvement in TCE1 was driven by strong earnings during the quarter. The total risk-based capital ratio increased to 14.26% and the common equity tier 1 ratio increased to 10.43% due to solid earnings growth during the quarter. By comparison, these ratios were 9.70%, 14.18%, and 10.27%, respectively, as of March 31, 2025. The Company remains focused on growing its regulatory capital.

    Conference Call Details
    The Company will host an earnings call/webcast tomorrow, July 24, 2025, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through July 31, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 8414968. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

    About Us
    QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Guaranty Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, and Illinois. As of June 30, 2025, the Company had $9.2 billion in assets, $6.9 billion in loans and $7.3 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

    Endnotes

    1Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

    Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
            
    A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets, including effects of inflationary pressures, the threat or implementation of tariffs, trade wars and changes to immigration policy; (ii) changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies (including those concerning the Company’s general business); (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB, the Securities and Exchange Commission (the “SEC”) or the PCAOB; (v) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions, fintech companies, and digital asset service providers and the inability to attract new customers; (vii) rapid technological changes implemented by us and our third-party vendors, including the development and implementation of tools incorporating artificial intelligence; (viii) unexpected results of acquisitions, including failure to realize the anticipated benefits of the acquisitions and the possibility that transaction and integration costs may be greater than anticipated; (ix) the loss of key executives and employees, talent shortages and employee turnover; (x) changes in consumer spending; (xi) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xiv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xv) the overall health of the local and national real estate market; (xvi) the ability to maintain an adequate level of allowance for credit losses on loans; (xvii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xviii) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xix) the level of non-performing assets on our balance sheet; (xx) interruptions involving our information technology and communications systems or third-party servicers; (xxi) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxii) changes in the interest rates and repayment rates of the Company’s assets; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the SEC.

    Contact:
    Nick W. Anderson                        
    Chief Financial Officer                        
    (309) 743-7707 
    nanderson@qcrh.com 

    QCR Holdings, Inc.    
    Consolidated Financial Highlights    
    (Unaudited)    
                     
        As of    
        June 30, March 31, December 31, September 30, June 30,    
          2025     2025     2024     2024     2024      
                     
        (dollars in thousands)    
                     
      CONDENSED BALANCE SHEET              
                     
      Cash and due from banks $         104,769   $           98,994   $           91,732   $         103,840   $           92,173      
      Federal funds sold and interest-bearing deposits             145,704               225,716               170,592               159,159               102,262      
      Securities, net of allowance for credit losses          1,263,452            1,220,717            1,200,435            1,146,046            1,033,199      
      Loans receivable held for sale (1)                1,162                  2,025                  2,143               167,047               246,124      
      Loans/leases receivable held for investment          6,923,762            6,821,142            6,782,261            6,661,755            6,608,262      
      Allowance for credit losses              (88,732 )              (90,354 )              (89,841 )              (86,321 )              (87,706 )    
      Intangibles                9,738                 10,400                 11,061                 11,751                 12,441      
      Goodwill             138,595               138,595               138,595               138,596               139,027      
      Derivatives             184,982               180,997               186,781               261,913               194,354      
      Other assets             558,899               544,547               532,271               524,779               531,855      
      Total assets $      9,242,331   $      9,152,779   $      9,026,030   $      9,088,565   $      8,871,991      
                     
      Total deposits $      7,318,353   $      7,337,390   $      7,061,187   $      6,984,633   $      6,764,667      
      Total borrowings          509,359            429,921            569,532            660,344            768,671      
      Derivatives          209,505            206,925            214,823            285,769            221,798      
      Other liabilities             154,560               155,796               183,101               181,199               180,536      
      Total stockholders’ equity          1,050,554            1,022,747               997,387               976,620               936,319      
      Total liabilities and stockholders’ equity $      9,242,331   $      9,152,779   $      9,026,030   $      9,088,565   $      8,871,991      
                     
      ANALYSIS OF LOAN PORTFOLIO              
      Loan/lease mix: (2)              
      Commercial and industrial – revolving $         380,029   $         388,479   $         387,991   $         387,409   $         362,115      
      Commercial and industrial – other          1,180,859            1,231,198            1,295,961            1,321,053            1,370,561      
      Commercial and industrial – other – LIHTC             194,830               212,921               218,971                 89,028                 92,637      
      Total commercial and industrial          1,755,718            1,832,598            1,902,923            1,797,490            1,825,313      
      Commercial real estate, owner occupied             593,675               599,488               605,993               622,072               633,596      
      Commercial real estate, non-owner occupied          1,036,049            1,040,281            1,077,852            1,103,694            1,082,457      
      Construction and land development             454,022               403,001               395,557               342,335               331,454      
      Construction and land development – LIHTC          1,075,000            1,016,207               917,986               913,841               750,894      
      Multi-family             301,432               289,782               303,662               324,090               329,239      
      Multi-family – LIHTC             950,331               888,517               828,448               973,682            1,148,244      
      Direct financing leases               12,880                 14,773                 17,076                 19,241                 25,808      
      1-4 family real estate             592,253               592,127               588,179               587,512               583,542      
      Consumer             153,564               146,393               146,728               144,845               143,839      
      Total loans/leases $      6,924,924   $      6,823,167   $      6,784,404   $      6,828,802   $      6,854,386      
      Less allowance for credit losses               88,732                 90,354                 89,841                 86,321                 87,706      
      Net loans/leases $      6,836,192   $      6,732,813   $      6,694,563   $      6,742,481   $      6,766,680      
                     
                     
      ANALYSIS OF SECURITIES PORTFOLIO              
      Securities mix:              
      U.S. government sponsored agency securities $           14,267   $           17,487   $           20,591   $           18,621   $           20,101      
      Municipal securities          1,033,642            1,003,985               971,567               965,810               885,046      
      Residential mortgage-backed and related securities               58,864                 43,194                 50,042                 53,488                 54,708      
      Asset backed securities                6,684                  7,764                  9,224                 10,455                 12,721      
      Other securities               67,358                 66,105                 65,745                 39,190                 38,464      
      Trading securities (3)               82,900                 82,445                 83,529                 58,685                 22,362      
      Total securities $      1,263,715   $      1,220,980   $      1,200,698   $      1,146,249   $      1,033,402      
      Less allowance for credit losses                   263                     263                     263                     203                     203      
      Net securities $      1,263,452   $      1,220,717   $      1,200,435   $      1,146,046   $      1,033,199      
                     
      ANALYSIS OF DEPOSITS              
      Deposit mix:              
      Noninterest-bearing demand deposits $         952,032   $         963,851   $         921,160   $         969,348   $         956,445      
      Interest-bearing demand deposits          5,087,783            5,119,601            4,828,216            4,715,087            4,644,918      
      Time deposits             974,341               951,606               953,496               942,847               859,593      
      Brokered deposits             304,197               302,332               358,315               357,351               303,711      
      Total deposits $      7,318,353   $      7,337,390   $      7,061,187   $      6,984,633   $      6,764,667      
                     
      ANALYSIS OF BORROWINGS              
      Borrowings mix:              
      Term FHLB advances $         145,383   $         145,383   $         145,383   $         145,383   $         135,000      
      Overnight FHLB advances                80,000                         –               140,000               230,000               350,000      
      Other short-term borrowings                1,350                  2,050                  1,800                  2,750                  1,600      
      Subordinated notes             233,701               233,595               233,489               233,383               233,276      
      Junior subordinated debentures               48,925                 48,893                 48,860                 48,828                 48,795      
      Total borrowings $         509,359   $         429,921   $         569,532   $         660,344   $         768,671      
                     
    (1) Loans with a fair value of $0 million, $0 million, $0 million, $165.9 million and $243.2 million have been identified for securitization and are included in LHFS at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.
    		    
    (2) Loan categories with significant LIHTC loan balances have been broken out separately.  Total LIHTC balances within the loan/lease portfolio were $2.3 billion at June 30, 2025.    
    (3) Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.    
       
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                   
          For the Quarter Ended
          June 30, March 31, December 31, September 30, June 30,
           2025   2025     2024     2024    2024
                   
          (dollars in thousands, except per share data)
                   
    INCOME STATEMENT            
    Interest income   $             120,247 $             116,673   $             121,642   $             125,420   $             119,746
    Interest expense                    58,165                  56,687                    60,438                    65,698                    63,583
    Net interest income                     62,082                  59,986                    61,204                    59,722                    56,163
    Provision for credit losses                      4,043                    4,234                      5,149                      3,484                      5,496
    Net interest income after provision for credit losses   $              58,039 $              55,752   $              56,055   $              56,238   $              50,667
                   
                   
    Trust fees (1)   $                3,395 $                3,686   $                3,456   $                3,270   $                3,103
    Investment advisory and management fees (1)                      1,254                    1,254                      1,320                      1,229                      1,214
    Deposit service fees                      2,187                    2,183                      2,228                      2,294                      1,986
    Gains on sales of residential real estate loans, net                         556                       297                         734                         385                         540
    Gains on sales of government guaranteed portions of loans, net                          40                        61                          49                           –                             12
    Capital markets revenue                      9,869                    6,516                    20,552                    16,290                    17,758
    Earnings on bank-owned life insurance                         998                       524                         797                         814                      2,964
    Debit card fees                      1,648                    1,488                      1,555                      1,575                      1,571
    Correspondent banking fees                         699                       614                         560                         507                         510
    Loan related fee income                      1,096                       898                         950                         949                         962
    Fair value gain (loss) on derivatives and trading securities                         230                   (1,007 )                   (1,781 )                      (886 )                        51
    Other                          143                       378                         205                         730                         218
    Total noninterest income   $              22,115 $              16,892   $              30,625   $              27,157   $              30,889
                   
                   
    Salaries and employee benefits   $              28,474 $              27,364   $              33,610   $              31,637   $              31,079
    Occupancy and equipment expense                      6,837                    6,455                      6,354                      6,168                      6,377
    Professional and data processing fees                      6,089                    5,144                      5,480                      4,457                      4,823
    Restructuring expense                           –                            –                              –                         1,954                           –   
    FDIC insurance, other insurance and regulatory fees                      1,960                    1,970                      1,934                      1,711                      1,854
    Loan/lease expense                         407                       381                         513                         587                         151
    Net cost of (income from) and gains/losses on operations of other real estate                          50                         (9 )                        23                         (42 )                        28
    Advertising and marketing                      1,746                    1,613                      1,886                      2,124                      1,565
    Communication and data connectivity                         274                       290                         345                         333                         318
    Supplies                           252                       207                         252                         278                         259
    Bank service charges                         720                       596                         635                         603                         622
    Correspondent banking expense                         314                       329                         328                         325                         363
    Intangibles amortization                         661                       661                         691                         690                         690
    Goodwill impairment                           –                            –                              –                            431                           –   
    Payment card processing                         547                       594                         516                         785                         706
    Trust expense                         413                       357                         381                         395                         379
    Other                          839                       587                         551                      1,129                         674
    Total noninterest expense   $              49,583 $              46,539   $              53,499   $              53,565   $              49,888
                   
    Net income before income taxes   $              30,571 $              26,105   $              33,181   $              29,830   $              31,668
    Federal and state income tax expense                      1,552                       308                      2,956                      2,045                      2,554
    Net income     $              29,019 $              25,797   $              30,225   $              27,785   $              29,114
                   
    Basic EPS   $                  1.71 $                  1.53   $                  1.80   $                  1.65   $                  1.73
    Diluted EPS   $                  1.71 $                  1.52   $                  1.77   $                  1.64   $                  1.72
                   
                   
    Weighted average common shares outstanding              16,928,542            16,900,785              16,871,652              16,846,200              16,814,814
    Weighted average common and common equivalent shares outstanding              17,006,282            17,013,992              17,024,481              16,982,400              16,921,854
                   
    (1) Trust fees and investment advisory and management fees when combined are referred to as wealth management revenue.          
       
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
               
          For the Six Months Ended
          June 30,   June 30,
            2025       2024  
               
          (dollars in thousands, except per share data)
               
    INCOME STATEMENT        
    Interest income   $             236,920     $             234,795  
    Interest expense                  114,852                    123,933  
    Net interest income                   122,068                    110,862  
    Provision for credit losses                      8,277                        8,465  
    Net interest income after provision for credit losses   $             113,791     $             102,397  
               
               
    Trust fees     $                7,081     $                6,302  
    Investment advisory and management fees                      2,508                        2,315  
    Deposit service fees                      4,370                        4,008  
    Gains on sales of residential real estate loans, net                         853                           922  
    Gains on sales of government guaranteed portions of loans, net                         101                            36  
    Capital markets revenue                    16,385                      34,215  
    Earnings on bank-owned life insurance                      1,522                        3,832  
    Debit card fees                      3,136                        3,037  
    Correspondent banking fees                      1,313                        1,022  
    Loan related fee income                      1,994                        1,798  
    Fair value loss on derivatives and trading securities                        (777 )                        (112 )
    Other                          521                           372  
    Total noninterest income   $              39,007     $              57,747  
               
               
    Salaries and employee benefits   $              55,838     $              62,939  
    Occupancy and equipment expense                    13,292                      12,891  
    Professional and data processing fees                    11,233                        9,436  
    FDIC insurance, other insurance and regulatory fees                      3,930                        3,799  
    Loan/lease expense                         788                           529  
    Net cost of (income from) and gains/losses on operations of other real estate                        41                             (2 )
    Advertising and marketing                      3,359                        3,048  
    Communication and data connectivity                         564                           719  
    Supplies                          459                           534  
    Bank service charges                      1,316                        1,190  
    Correspondent banking expense                         643                           668  
    Intangibles amortization                      1,322                        1,380  
    Payment card processing                      1,141                        1,352  
    Trust expense                         770                           804  
    Other                       1,426                        1,291  
    Total noninterest expense   $              96,122     $             100,578  
               
    Net income before income taxes   $              56,676     $              59,566  
    Federal and state income tax expense                      1,860                        3,726  
    Net income    $              54,816     $              55,840  
               
    Basic EPS   $                  3.24     $                  3.32  
    Diluted EPS   $                  3.22     $                  3.30  
               
               
    Weighted average common shares outstanding              16,914,663                16,799,081  
    Weighted average common and common equivalent shares outstanding              17,010,136                16,916,264  
                     
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                       
        As of and for the Quarter Ended   For the Six Months Ended
        June 30,  March 31, December 31, September 30, June 30,   June 30, June 30, 
          2025     2025     2024     2024     2024       2025     2024  
                       
        (dollars in thousands, except per share data)
                       
      COMMON SHARE DATA                
      Common shares outstanding         16,934,698          16,920,363          16,882,045          16,861,108          16,824,985        
      Book value per common share (1) $             62.04   $             60.44   $             59.08   $             57.92   $             55.65        
      Tangible book value per common share (Non-GAAP) (2) $             53.28   $             51.64   $             50.21   $             49.00   $             46.65        
      Closing stock price $             67.90   $             71.32   $             80.64   $             74.03   $             60.00        
      Market capitalization $      1,149,866   $      1,206,760   $      1,361,368   $      1,248,228   $      1,009,499        
      Market price / book value   109.45 %   117.99 %   136.49 %   127.81 %   107.82 %      
      Market price / tangible book value   127.45 %   138.11 %   160.59 %   151.07 %   128.62 %      
      Earnings per common share (basic) LTM (3) $              6.69   $              6.71   $              6.77   $              6.93   $              6.78        
      Price earnings ratio LTM (3)  10.15 x   10.63 x   11.91 x   10.68 x   8.85 x       
      TCE / TA (Non-GAAP) (4)   9.92 %   9.70 %   9.55 %   9.24 %   9.00 %      
                       
                       
      CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY        
      Beginning balance $      1,022,747   $         997,387   $         976,620   $         936,319   $         907,342        
      Net income               29,019                 25,797                 30,225                 27,785                 29,114        
      Other comprehensive income (loss), net of tax               (1,671 )                   404                 (9,628 )               12,057                    (368 )      
      Common stock cash dividends declared               (1,016 )               (1,015 )               (1,013 )               (1,012 )               (1,008 )      
      Other (5)                1,475                     174                  1,183                  1,471                  1,239        
      Ending balance $      1,050,554   $      1,022,747   $         997,387   $         976,620   $         936,319        
                       
                       
      REGULATORY CAPITAL RATIOS (6):                
      Total risk-based capital ratio   14.26 %   14.18 %   14.10 %   13.87 %   14.21 %      
      Tier 1 risk-based capital ratio   10.96 %   10.81 %   10.57 %   10.33 %   10.49 %      
      Tier 1 leverage capital ratio   11.22 %   11.06 %   10.73 %   10.50 %   10.40 %      
      Common equity tier 1 ratio   10.43 %   10.27 %   10.03 %   9.79 %   9.92 %      
                       
                       
      KEY PERFORMANCE RATIOS AND OTHER METRICS                 
      Return on average assets (annualized)   1.27 %   1.14 %   1.34 %   1.24 %   1.33 %     1.21 %   1.30 %
      Return on average total equity (annualized)   11.15 %   10.14 %   12.15 %   11.55 %   12.63 %     10.65 %   12.32 %
      Net interest margin   2.97 %   2.95 %   2.95 %   2.90 %   2.82 %     2.95 %   2.82 %
      Net interest margin (TEY) (Non-GAAP)(7)   3.46 %   3.42 %   3.43 %   3.37 %   3.27 %     3.45 %   3.26 %
      Efficiency ratio (Non-GAAP) (8)   58.89 %   60.54 %   58.26 %   61.65 %   57.31 %     59.68 %   59.65 %
      Gross loans/leases held for investment / total assets    74.91 %   74.53 %   75.14 %   73.30 %   74.48 %     74.91 %   74.48 %
      Gross loans/leases held for investment / total deposits    94.61 %   92.96 %   96.05 %   95.38 %   97.69 %     94.61 %   97.69 %
      Effective tax rate   5.08 %   1.18 %   8.91 %   6.86 %   8.06 %     3.28 %   6.26 %
      Full-time equivalent employees (9)                1,001                     972                     980                     976                     988                     1,001                      988  
                       
                       
      AVERAGE BALANCES                 
      Assets $      9,155,473   $      9,015,439   $      9,050,280   $      8,968,653   $      8,776,002     $       9,085,843   $       8,663,429  
      Loans/leases          6,881,731            6,790,312            6,839,153            6,840,527            6,779,075               6,836,274             6,688,844  
      Deposits          7,218,540            7,146,286            7,109,567            6,858,196            6,687,188               7,182,612             6,641,324  
      Total stockholders’ equity          1,041,428            1,017,487               995,012               962,302               921,986               1,029,524                912,679  
                       
    (1 ) Includes accumulated other comprehensive income (loss). 
    (2 ) Includes accumulated other comprehensive income (loss) and excludes intangible assets.  See GAAP to Non-GAAP reconciliations.   
    (3 ) LTM : Last twelve months.        
    (4 ) TCE / TCA : tangible common equity / total tangible assets.  See GAAP to non-GAAP reconciliations.     
    (5 ) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.     
    (6 ) (6) Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.    
    (7 ) TEY : Tax equivalent yield.  See GAAP to Non-GAAP reconciliations.       
    (8 ) See GAAP to Non-GAAP reconciliations.        
    (9 ) The increase in full-time equivalent employees in the second quarter of 2025 includes 21 summer interns.     
         
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                               
      ANALYSIS OF NET INTEREST INCOME AND MARGIN                  
                               
          For the Quarter Ended
          June 30, 2025   March 31, 2025   June 30, 2024
           Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		    Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		    Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost 
                               
          (dollars in thousands)
                               
      Fed funds sold   $        14,285 $             159 4.40 %   $          9,009 $              99 4.40 %   $        13,065 $           183 5.54 %
      Interest-bearing deposits at financial institutions          151,898              1,634 4.31 %            166,897              1,804 4.38 %              80,998            1,139 5.66 %
      Investment securities – taxable          401,657              4,805 4.79 %            400,779              4,588 4.59 %            377,747            4,286 4.53 %
      Investment securities – nontaxable (1)          893,753             12,872 5.76 %            843,476            11,722 5.57 %            704,761            9,462 5.37 %
      Restricted investment securities            34,037                 622 7.23 %              30,562                534 6.99 %              43,398               869 7.92 %
      Loans (1)         6,881,731           110,245 6.43 %         6,790,312          107,439 6.42 %         6,779,075         112,719 6.69 %
      Total earning assets (1) $    8,377,361 $       130,337 6.24 %   $    8,241,035 $      126,186 6.20 %   $    7,999,044 $     128,658 6.46 %
                               
      Interest-bearing deposits $    5,080,367 $         38,604 3.05 %   $    5,005,853 $        37,698 3.05 %   $    4,649,625 $       40,924 3.54 %
      Time deposits         1,193,035             12,409 4.17 %         1,204,593            12,690 4.27 %         1,091,870           12,128 4.47 %
      Short-term borrowings              1,420                   15 4.23 %                1,839                  18 3.97 %                1,622                 21 5.18 %
      Federal Home Loan Bank advances           250,603              2,853 4.50 %            177,883              1,996 4.49 %            464,231            6,238 5.32 %
      Subordinated debentures          233,631              3,599 6.16 %            233,525              3,601 6.17 %            233,207            3,582 6.14 %
      Junior subordinated debentures            48,904                 685 5.54 %              48,871                684 5.60 %              48,774               688 5.58 %
      Total interest-bearing liabilities $    6,807,960 $         58,165 3.42 %   $    6,672,564 $        56,687 3.44 %   $    6,489,329 $       63,581 3.93 %
                               
      Net interest income (1)   $         72,172       $        69,499       $       65,077  
      Net interest margin (2)     2.97 %       2.95 %       2.82 %
      Net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.46 %       3.42 %       3.27 %
      Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.45 %       3.41 %       3.26 %
      Cost of funds (4)       3.01 %       3.02 %       3.43 %
                               
                               
          For the Six Months Ended        
          June 30, 2025   June 30, 2024    
           Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		    Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		        
                               
          (dollars in thousands)        
                               
      Fed funds sold  $        11,662 $             258 4.40 %   $        16,510 $             452 5.41 %        
      Interest-bearing deposits at financial institutions          159,356              3,438 4.35 %              86,277              2,339 5.45 %        
      Investment securities – taxable          401,220              9,393 4.69 %            375,644              8,546 4.54 %        
      Investment securities – nontaxable (1)          868,754             24,594 5.67 %            695,365            18,813 5.41 %        
      Restricted investment securities            32,309              1,156 7.12 %              40,742              1,543 7.49 %        
      Loans (1)         6,836,274           217,684 6.42 %         6,688,844          220,392 6.63 %        
      Total earning assets (1) $    8,309,575 $       256,523 6.22 %   $    7,903,382 $      252,085 6.41 %        
                               
      Interest-bearing deposits $    5,041,914 $         76,302 3.05 %   $    4,589,479 $        80,027 3.51 %        
      Time deposits        1,198,782             25,098 4.22 %         1,099,746            24,473 4.48 %        
      Short-term borrowings              1,629                   33 4.05 %                1,688                  44 5.19 %        
      Federal Home Loan Bank advances          214,444              4,849 4.50 %            409,725            10,977 5.30 %        
      Subordinated debentures          233,579              7,201 6.17 %            233,154              7,062 6.06 %        
      Junior subordinated debentures            48,888              1,369 5.57 %              48,758              1,381 5.60 %        
      Total interest-bearing liabilities $    6,739,236 $       114,852 3.43 %   $    6,382,550 $      123,964 3.90 %        
                               
      Net interest income (1)   $       141,671       $      128,121          
      Net interest margin (2)     2.95 %       2.82 %        
      Net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.45 %       3.26 %        
      Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.44 %       3.24 %        
      Cost of funds (4)       3.01 %       3.39 %        
                               
                               
    (1 ) Includes nontaxable securities and loans.  Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.  
    (2 ) See “Select Financial Data – Subsidiaries” for a breakdown of amortization/accretion included in net interest margin for each period presented.     
    (3 ) TEY : Tax equivalent yield.  See GAAP to Non-GAAP reconciliations.           
    (4 ) Cost of funds includes the effect of noninterest-bearing deposits.           
         
    QCR Holdings, Inc.  
    Consolidated Financial Highlights  
    (Unaudited)  
                   
        As of  
        June 30, March 31,  December 31, September 30, June 30,  
          2025     2025     2024     2024     2024    
                   
        (dollars in thousands, except per share data)  
                   
      ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES            
      Beginning balance $         90,354   $            89,841   $         86,321   $         87,706   $         84,470    
      Change in ACL for transfer of loans to LHFS                    –                           –                        93                (1,812 )                  498    
      Credit loss expense                4,667                   4,743                 6,832                 3,828                 4,343    
      Loans/leases charged off              (6,490 )                (4,944 )              (4,787 )              (3,871 )              (1,751 )  
      Recoveries on loans/leases previously charged off                  201                      714                 1,382                    470                    146    
      Ending balance $         88,732   $            90,354   $         89,841   $         86,321   $         87,706    
                   
                   
      NONPERFORMING ASSETS             
      Nonaccrual loans/leases  $         42,482   $            47,259   $         40,080   $         33,480   $         33,546    
      Accruing loans/leases past due 90 days or more                     7                      356                 4,270                 1,298                     87    
      Total nonperforming loans/leases             42,489                  47,615               44,350               34,778               33,633    
      Other real estate owned                   62                      402                    661                    369                    369    
      Other repossessed assets                  113                      122                    543                    542                    512    
      Total nonperforming assets $         42,664   $            48,139   $         45,554   $         35,689   $         34,514    
                   
                   
      ASSET QUALITY RATIOS            
      Nonperforming assets / total assets    0.46 %   0.53 %   0.50 %   0.39 %   0.39 %  
      ACL for loans and leases / total loans/leases held for investment   1.28 %   1.32 %   1.32 %   1.30 %   1.33 %  
      ACL for loans and leases / nonperforming loans/leases    208.84 %   189.76 %   202.57 %   248.21 %   260.77 %  
      Net charge-offs as a % of average loans/leases   0.09 %   0.06 %   0.05 %   0.05 %   0.02 %  
                   
                   
                   
      INTERNALLY ASSIGNED RISK RATING (1)            
      Special mention $         68,621   $            55,327   $         73,636   $         80,121   $         85,096    
      Substandard (2)             81,040                  85,033               84,930               70,022               80,345    
      Doubtful (2)                    –                           –                         –                         –                         –       
      Total Criticized loans (3) $        149,661   $          140,360   $        158,566   $        150,143   $        165,441    
                   
      Classified loans as a % of total loans/leases (2)   1.17 %   1.25 %   1.25 %   1.03 %   1.17 %  
      Total Criticized loans as a % of total loans/leases (3)   2.16 %   2.06 %   2.34 %   2.20 %   2.41 %  
                   
    (1 ) Amounts exclude the government guaranteed portion, if any.  The Company assigns internal risk ratings of Pass for the government guaranteed portion.
    (2 ) Classified loans are defined as loans with internally assigned risk ratings of 10 or 11, regardless of performance, and include loans identified as Substandard or Doubtful.
    (3 ) Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 , regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.
         
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                           
          For the Quarter Ended For the Year Ended
          June 30,    March 31,   June 30,   June 30,   June 30,
      SELECT FINANCIAL DATA – SUBSIDIARIES     2025       2025       2024       2025       2024  
          (dollars in thousands)
                           
      TOTAL ASSETS                    
      Quad City Bank and Trust (1)   $          2,662,450     $          2,777,634     $          2,559,049          
      m2 Equipment Finance, LLC                  242,722                    276,096                    359,012          
      Cedar Rapids Bank and Trust                2,664,293                  2,617,143                  2,428,267          
      Community State Bank                1,605,966                  1,583,646                  1,531,109          
      Guaranty Bank                 2,365,944                  2,331,944                  2,369,754          
                           
      TOTAL DEPOSITS                    
      Quad City Bank and Trust (1)   $          2,309,942     $          2,397,047     $          2,100,520          
      Cedar Rapids Bank and Trust                1,884,370                  1,883,952                  1,721,564          
      Community State Bank                1,272,296                  1,238,307                  1,188,551          
      Guaranty Bank                 1,866,749                  1,840,774                  1,791,448          
                           
      TOTAL LOANS & LEASES                    
      Quad City Bank and Trust (1)   $          2,032,168     $          2,041,181     $          2,107,605          
      m2 Equipment Finance, LLC                  250,019                    284,983                    363,897          
      Cedar Rapids Bank and Trust                1,852,316                  1,790,065                  1,736,438          
      Community State Bank                1,206,735                  1,197,005                  1,162,686          
      Guaranty Bank                 1,833,706                  1,794,915                  1,847,658          
                           
      TOTAL LOANS & LEASES / TOTAL DEPOSITS                    
      Quad City Bank and Trust (1)     88 %     85 %     100 %        
      Cedar Rapids Bank and Trust     98 %     95 %     101 %        
      Community State Bank     95 %     97 %     98 %        
      Guaranty Bank      98 %     98 %     103 %        
                           
                           
      TOTAL LOANS & LEASES / TOTAL ASSETS                    
      Quad City Bank and Trust (1)     76 %     73 %     82 %        
      Cedar Rapids Bank and Trust     70 %     68 %     72 %        
      Community State Bank     75 %     76 %     76 %        
      Guaranty Bank      78 %     77 %     78 %        
                           
      ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT                    
      Quad City Bank and Trust (1)     1.32 %     1.44 %     1.43 %        
      m2 Equipment Finance, LLC     4.26 %     4.37 %     3.86 %        
      Cedar Rapids Bank and Trust      1.35 %     1.38 %     1.38 %        
      Community State Bank     1.09 %     1.08 %     1.08 %        
      Guaranty Bank      1.29 %     1.30 %     1.13 %        
                           
      RETURN ON AVERAGE ASSETS (ANNUALIZED)                    
      Quad City Bank and Trust (1)     1.24 %     1.31 %     0.88 %     1.28 %     0.84 %
      Cedar Rapids Bank and Trust     2.36 %     2.14 %     2.94 %     2.25 %     3.01 %
      Community State Bank     1.31 %     1.07 %     1.26 %     1.19 %     1.25 %
      Guaranty Bank      0.85 %     0.72 %     1.42 %     0.79 %     1.15 %
                           
      NET INTEREST MARGIN PERCENTAGE (2)                    
      Quad City Bank and Trust (1)     3.45 %     3.45 %     3.39 %     3.45 %     3.35 %
      Cedar Rapids Bank and Trust     3.99 %     4.00 %     3.75 %     4.00 %     3.76 %
      Community State Bank      3.87 %     3.78 %     3.72 %     3.83 %     3.74 %
      Guaranty Bank (3)     3.11 %     3.05 %     2.99 %     3.08 %     2.99 %
                           
      ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET                    
      INTEREST MARGIN, NET                    
      Community State Bank   $                     (1 )   $                     (1 )   $                     (1 )   $                     (2 )   $                     (2 )
      Guaranty Bank                         118                           218                           301                           336       697  
      QCR Holdings, Inc. (4)                         (33 )                         (33 )                         (32 )                         (66 )     (64 )
                           
    (1 ) Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC  is also presented separately for certain (applicable) measurements.
    (2 ) Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
    (3 ) Guaranty Bank’s net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.86% for the quarter ended June 30, 2025, 2.91% for the quarter ended March 31, 2025 and 2.86% for the quarter ended June 30, 2024.  
    (4 ) Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.
    QCR Holdings, Inc.    
    Consolidated Financial Highlights    
    (Unaudited)    
                               
          As of  
          June 30,   March 31,    December 31,   September 30,   June 30,     
      GAAP TO NON-GAAP RECONCILIATIONS     2025       2025       2024       2024       2024      
          (dollars in thousands, except per share data)  
      TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)                        
                               
      Stockholders’ equity (GAAP)   $        1,050,554     $        1,022,747     $           997,387     $           976,620     $           936,319      
      Less: Intangible assets                148,333                  148,995                  149,657                  150,347                  151,468      
      Tangible common equity (non-GAAP)   $           902,221     $           873,752     $           847,730     $           826,273     $           784,851      
                               
      Total assets (GAAP)   $        9,242,331     $        9,152,779     $        9,026,030     $        9,088,565     $        8,871,991      
      Less: Intangible assets                148,333                  148,995                  149,657                  150,347                  151,468      
      Tangible assets (non-GAAP)   $        9,093,998     $        9,003,784     $        8,876,373     $        8,938,218     $        8,720,523      
                               
      Tangible common equity to tangible assets ratio (non-GAAP)     9.92 %     9.70 %     9.55 %     9.24 %     9.00 %    
                               
                               
                               
    (1 ) This ratio is a non-GAAP financial measure. The Company’s management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders’ equity and total assets, which are the most directly comparable GAAP financial measures.
         
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                                   
      GAAP TO NON-GAAP RECONCILIATIONS   For the Quarter Ended   For the Six Months Ended
          June 30,   March 31,   December 31,   September 30,   June 30,   June 30,    June 30,
      ADJUSTED NET INCOME (1)     2025       2025       2024       2024       2024       2025       2024  
          (dollars in thousands, except per share data)
                                   
      Net income (GAAP)   $            29,019     $            25,797     $            30,225     $            27,785     $            29,114     $            54,816     $            55,840  
                                   
      Less non-core items (post-tax) (2):                            
      Income:                            
      Fair value loss on derivatives, net                      (397 )                      (156 )                   (2,594 )                      (542 )                      (145 )                      (553 )                      (288 )
      Total non-core income (non-GAAP)   $                (397 )   $                (156 )   $             (2,594 )   $                (542 )   $                (145 )   $                (553 )   $                (288 )
                                   
      Expense:                            
      Goodwill impairment                           –                             –                             –                         431                             –                             –                             –  
      Restructuring expense                           –                             –                             –                      1,544                             –                             –                             –  
      Total non-core expense (non-GAAP)   $                     –     $                     –     $                     –     $              1,975     $                     –     $                     –     $                     –  
                                   
                                   
      Adjusted net income  (non-GAAP) (1)   $            29,416     $            25,953     $            32,819     $            30,302     $            29,259     $            55,369     $            56,128  
                                   
      ADJUSTED EARNINGS PER COMMON SHARE (1)                            
                                   
      Adjusted net income (non-GAAP) (from above)   $            29,416     $            25,953     $            32,819     $            30,302     $            29,259     $            55,369     $            56,128  
                                   
      Weighted average common shares outstanding            16,928,542              16,900,785              16,871,652              16,846,200              16,814,814              16,914,663              16,799,081  
      Weighted average common and common equivalent shares outstanding            17,006,282              17,013,992              17,024,481              16,982,400              16,921,854              17,010,136              16,916,264  
                                   
      Adjusted earnings per common share (non-GAAP):                            
      Basic   $                1.74     $                1.54     $                1.95     $                1.80     $                1.74     $                3.27     $                3.34  
      Diluted   $                1.73     $                1.53     $                1.93     $                1.78     $                1.73     $                3.26     $                3.32  
                                   
      ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)                            
                                   
      Adjusted net income (non-GAAP) (from above)   $            29,416     $            25,953     $            32,819     $            30,302     $            29,259     $            55,369     $            56,128  
                                   
      Average Assets   $        9,155,473     $        9,015,439     $        9,050,280     $        8,968,653     $        8,776,002     $        9,085,843     $        8,663,429  
                                   
      Adjusted return on average assets (annualized) (non-GAAP)     1.29 %     1.15 %     1.45 %     1.35 %     1.33 %     1.22 %     1.30 %
      Adjusted return on average equity (annualized) (non-GAAP)     11.30 %     10.20 %     13.19 %     12.60 %     12.69 %     10.76 %     12.30 %
                                   
      NET INTEREST MARGIN (TEY) (3)                            
                                   
      Net interest income (GAAP)   $            62,082     $            59,986     $            61,204     $            59,722     $            56,163     $           122,068     $           110,862  
      Plus: Tax equivalent adjustment (4)                  10,090                      9,513                      9,698                      9,544                      8,914                    19,603                    17,259  
      Net interest income – tax equivalent (non-GAAP)   $            72,172     $            69,499     $            70,902     $            69,266     $            65,077     $           141,671     $           128,121  
      Less:  Acquisition accounting net accretion                        84                         184                         471                         463                         268                         268                         631  
      Adjusted net interest income   $            72,088     $            69,315     $            70,431     $            68,803     $            64,809     $           141,403     $           127,490  
                                   
      Average earning assets   $        8,377,361     $        8,241,035     $        8,241,190     $        8,183,196     $        7,999,044     $        8,309,575     $        7,903,382  
                                   
      Net interest margin (GAAP)     2.97 %     2.95 %     2.95 %     2.90 %     2.82 %     2.97 %     2.82 %
      Net interest margin (TEY) (non-GAAP)     3.46 %     3.42 %     3.43 %     3.37 %     3.27 %     3.45 %     3.26 %
      Adjusted net interest margin (TEY) (non-GAAP)     3.45 %     3.41 %     3.40 %     3.34 %     3.26 %     3.44 %     3.24 %
                                   
      EFFICIENCY RATIO (5)                            
                                   
      Noninterest expense (GAAP)   $            49,583     $            46,539     $            53,499     $            53,565     $            49,888     $            96,122     $           100,578  
                                   
      Net interest income (GAAP)   $            62,082     $            59,986     $            61,204     $            59,722     $            56,163     $           122,068     $           110,862  
      Noninterest income (GAAP)                  22,115                    16,892                    30,625                    27,157                    30,889                    39,007                    57,747  
      Total income   $            84,197     $            76,878     $            91,829     $            86,879     $            87,052     $           161,075     $           168,609  
                                   
      Efficiency ratio (noninterest expense/total income) (non-GAAP)     58.89 %     60.54 %     58.26 %     61.65 %     57.31 %     59.68 %     59.65 %
      Adjusted efficiency ratio (core noninterest expense/core total income) (non-GAAP)     58.54 %     60.38 %     56.25 %     58.45 %     57.19 %     59.42 %     59.52 %
                                   
                                   
    (1 ) Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company’s management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
    (2 ) Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.    
    (3 ) Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.        
    (4 ) Net interest margin (TEY) is a non-GAAP financial measure. The Company’s management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure.  In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it’s difficult to provide a more realistic run-rate for future periods.
    (5 ) Efficiency ratio is a non-GAAP measure. The Company’s management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.
           

    The MIL Network –

    July 24, 2025

  • MIL-OSI: QCR Holdings, Inc. Announces Net Income of $29.0 Million for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    Second Quarter 2025 Highlights

    • Net income of $29.0 million, or $1.71 per diluted share
    • Adjusted net income1of $29.4 million, or $1.73 per diluted share
    • NIM TEY1expanded four basis points to 3.46%
    • Adjusted ROAA1of 1.29% annualized
    • Capital markets revenue growth of 51% on a linked-quarter basis
    • Nonperforming assets declined $5.5 million, or 11%
    • Tangible book value per share1grew $1.64, or 13% annualized
    • TCE/TA ratio1improved 22 basis points to 9.92%

    MOLINE, Ill., July 23, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (the “Company”) today announced quarterly net income of $29.0 million and diluted earnings per share (“EPS”) of $1.71 for the second quarter of 2025, compared to net income of $25.8 million and diluted EPS of $1.52 for the first quarter of 2025.

    Adjusted net income1 and adjusted diluted EPS1 for the second quarter of 2025 were $29.4 million and $1.73, respectively, for the first quarter of 2025 compared to $26.0 million and $1.53, respectively, for the first quarter of 2025 and $29.3 million, and $1.73 respectively for the second quarter of 2024.

      For the Quarter Ended    
      June 30, March 31, June 30,    
    $ in millions (except per share data)  2025  2025  2024    
    Net Income $ 29.0 $ 25.8 $ 29.1    
    Diluted EPS $ 1.71 $ 1.52 $ 1.72    
    Adjusted Net Income1 $ 29.4 $ 26.0 $ 29.3    
    Adjusted Diluted EPS1 $ 1.73 $ 1.53 $ 1.73    

    “We delivered strong second quarter results highlighted by a significant increase in net interest income from the previous quarter, driven by both net interest margin expansion and strong loan growth, as well as improved capital markets revenue, and disciplined noninterest expense management,” said Todd Gipple, President and Chief Executive Officer. “These robust results led to continued capital accretion and a substantial increase in tangible book value per share1.”

    Significant Net Interest Income Growth as Margin Expansion Continues

    Net interest income for the second quarter of 2025 totaled $62.1 million, an increase of $2.1 million, or 14% annualized, from the first quarter of 2025, driven by strong earning asset growth, expanded yield on loans and investments, and lower cost of funds.   Net interest margin (“NIM”) was 2.97% and NIM on a tax-equivalent yield (“TEY”) basis1 was 3.46% for the second quarter, as compared to 2.95% and 3.42% for the prior quarter, respectively.

    “Our NIM TEY1 increased four basis points from the first quarter of 2025, which was at the top of our guidance range,” said Nick Anderson, Chief Financial Officer. “Looking ahead, we anticipate continued margin expansion and are guiding to an increase in third quarter NIM TEY1 in a range from static to an increase of four basis points, assuming no Federal Reserve rate cuts,” added Mr. Anderson.

    Improving Noninterest Income Driven by Capital Markets Revenue

    Noninterest income for the second quarter of 2025 was $22.1 million, up from $16.9 million in the first quarter of 2025. The Company generated $9.9 million of capital markets revenue in the second quarter of 2025 compared to $6.5 million in the prior quarter. Wealth management revenue totaled $4.6 million, representing a slight decline from the first quarter of 2025. However, it increased $332 thousand or 8% compared to the second quarter of 2024 and rose 23% year-to-date on an annualized basis compared to the same period in 2024.

    “During the second quarter of 2025 we saw improved low-income housing tax credit (“LIHTC”) lending activity compared to the first quarter as clients adjusted to the current environment. This increased activity drove 51% growth in our capital markets revenue. The sustained, long-term demand for affordable housing continues to support our LIHTC lending and related capital markets revenue. Our pipeline continues to improve as clients adapt to the evolving market conditions,” said Mr. Gipple.

    “Given the strengthened pipeline, we are reaffirming our guidance for Capital Markets revenue to be in a range of $50 to $60 million for the next four quarters.  In addition, we are also providing guidance over a shorter horizon and expect capital markets revenue for the third quarter to be fully back to a more normalized level and in a range of $13 to $16 million for the quarter,” added Mr. Gipple.

    Disciplined Noninterest Expense Management

    Noninterest expense for the second quarter of 2025 totaled $49.6 million compared to $46.5 million for the first quarter of 2025 and $49.9 million for the second quarter of 2024. The $3.1 million linked-quarter increase was primarily due to higher capital markets revenue and strong loan growth resulting in an improved return on average assets which drove higher variable compensation. Professional and data processing expenses also increased and were related to the Company’s digital transformation.   

    “While expenses increased compared to the first quarter, we held noninterest expense under the low end of our guidance range of $50 to $53 million, highlighting our expense flexibility,” said Mr. Anderson. “Noninterest expense remains well managed, down 9% year to date on an annualized basis compared to the same period in 2024. The Company’s efficiency ratio1 was 58.9% in the second quarter. For the third quarter of 2025, we expect noninterest expense to be in the range of $52 to $55, million which includes certain costs associated with our digital transformation and assumes both capital markets revenue and loan growth are within our guidance range,” added Mr. Anderson.

    Strong Loan Growth

    In the second quarter of 2025, the Company’s total loans and leases held for investment grew by $102.6 million, to $6.9 billion. “Loan growth was 8% annualized when adding back the impact from the planned runoff of m2 Equipment Finance loans and leases. Second quarter loan growth was driven by both our LIHTC and traditional lending businesses. Our pipeline is strong, and we anticipate loan demand to increase as clients continue to adapt to current market conditions,” stated Mr. Gipple. “We continue to be optimistic about solid loan growth for the remainder of the year and are guiding to gross loan growth in a range of 8% to 10% in the second half of the year,” added Mr. Gipple.

    Maintaining Core Deposit Strength

    Following the robust deposit growth of $276.2 million, or 16% annualized, in the first quarter of 2025, the majority of those balances were retained throughout the second quarter. Total deposits declined slightly by $19.0 million, or 1% annualized from the first quarter, while average deposit balances increased $72.0 million. Year-to-date, core deposits have increased by $311 million, or 9% annualized.

    Asset Quality Remains Excellent

    The nonperforming assets (“NPAs”) to total assets ratio was 0.46% as of June 30, 2025, down seven basis points from the prior quarter. NPAs totaled $42.7 million at the end of the second quarter of 2025, a $5.5 million, or 11% decrease from the prior quarter.

    Total criticized loans increased by $9.3 million on a linked-quarter basis. The ratio of criticized loans to total loans and leases as of June 30, 2025, increased to 2.16% as compared to 2.06% as of March 31, 2025. Despite the 10 basis point increase, the criticized loan ratio remains well below the Company’s long-term historical average.

    The Company recorded a total provision for credit losses of $4.0 million during the quarter, which was down slightly from $4.2 million in the prior quarter. Net charge-offs were $6.3 million during the second quarter of 2025, an increase of $2.1 million from the prior quarter primarily due to the charge-off of loans that had previously been fully reserved. The allowance for credit losses to total loans held for investment was 1.28% for the second quarter.

    Strong Tangible Book Value and Regulatory Capital Growth

    The Company’s tangible book value per share1 increased by $1.64, or 13% annualized, during the second quarter of 2025 due to the combination of strong earnings and a modest dividend.

    As of June 30, 2025, the Company’s tangible common equity to tangible assets ratio (“TCE”)1 increased 22 basis points to 9.92%. The improvement in TCE1 was driven by strong earnings during the quarter. The total risk-based capital ratio increased to 14.26% and the common equity tier 1 ratio increased to 10.43% due to solid earnings growth during the quarter. By comparison, these ratios were 9.70%, 14.18%, and 10.27%, respectively, as of March 31, 2025. The Company remains focused on growing its regulatory capital.

    Conference Call Details
    The Company will host an earnings call/webcast tomorrow, July 24, 2025, at 10:00 a.m. Central Time. Dial-in information for the call is toll-free: 888-346-9286 (international 412-317-5253). Participants should request to join the QCR Holdings, Inc. call. The event will be available for replay through July 31, 2025. The replay access information is 877-344-7529 (international 412-317-0088); access code 8414968. A webcast of the teleconference can be accessed on the Company’s News and Events page at www.qcrh.com. An archived version of the webcast will be available at the same location shortly after the live event has ended.

    About Us
    QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Guaranty Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. The Company has 36 locations in Iowa, Missouri, and Illinois. As of June 30, 2025, the Company had $9.2 billion in assets, $6.9 billion in loans and $7.3 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

    Endnotes

    1Adjusted non-GAAP measurements of financial performance exclude non-core and/or nonrecurring income and expense items that management believes are not reflective of the anticipated future operation of the Company’s business. The Company believes these adjusted measurements provide a better comparison for analysis and may provide a better indicator of future performance. See GAAP to non-GAAP reconciliations.

    Special Note Concerning Forward-Looking Statements. This document contains, and future oral and written statements of the Company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the Company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “bode”, “predict,” “suggest,” “project”, “appear,” “plan,” “intend,” “estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should,” “likely,” “might,” “potential,” “continue,” “annualized,” “target,” “outlook,” as well as the negative forms of those words, or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events.
            
    A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These factors include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets, including effects of inflationary pressures, the threat or implementation of tariffs, trade wars and changes to immigration policy; (ii) changes in, and the interpretation and prioritization of, local, state and federal laws, regulations and governmental policies (including those concerning the Company’s general business); (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new or revised accounting policies and practices, as may be adopted by state and federal regulatory agencies, the FASB, the Securities and Exchange Commission (the “SEC”) or the PCAOB; (v) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vi) increased competition in the financial services sector, including from non-bank competitors such as credit unions, fintech companies, and digital asset service providers and the inability to attract new customers; (vii) rapid technological changes implemented by us and our third-party vendors, including the development and implementation of tools incorporating artificial intelligence; (viii) unexpected results of acquisitions, including failure to realize the anticipated benefits of the acquisitions and the possibility that transaction and integration costs may be greater than anticipated; (ix) the loss of key executives and employees, talent shortages and employee turnover; (x) changes in consumer spending; (xi) unexpected outcomes and costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xii) the economic impact on the Company and its customers of climate change, natural disasters and exceptional weather occurrences such as tornadoes, floods and blizzards; (xiii) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xiv) credit risk and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio and large loans to certain borrowers (including CRE loans); (xv) the overall health of the local and national real estate market; (xvi) the ability to maintain an adequate level of allowance for credit losses on loans; (xvii) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xviii) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xix) the level of non-performing assets on our balance sheet; (xx) interruptions involving our information technology and communications systems or third-party servicers; (xxi) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxii) changes in the interest rates and repayment rates of the Company’s assets; (xxiii) the effectiveness of the Company’s risk management framework, and (xxiv) the ability of the Company to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the SEC.

    Contact:
    Nick W. Anderson                        
    Chief Financial Officer                        
    (309) 743-7707 
    nanderson@qcrh.com 

    QCR Holdings, Inc.    
    Consolidated Financial Highlights    
    (Unaudited)    
                     
        As of    
        June 30, March 31, December 31, September 30, June 30,    
          2025     2025     2024     2024     2024      
                     
        (dollars in thousands)    
                     
      CONDENSED BALANCE SHEET              
                     
      Cash and due from banks $         104,769   $           98,994   $           91,732   $         103,840   $           92,173      
      Federal funds sold and interest-bearing deposits             145,704               225,716               170,592               159,159               102,262      
      Securities, net of allowance for credit losses          1,263,452            1,220,717            1,200,435            1,146,046            1,033,199      
      Loans receivable held for sale (1)                1,162                  2,025                  2,143               167,047               246,124      
      Loans/leases receivable held for investment          6,923,762            6,821,142            6,782,261            6,661,755            6,608,262      
      Allowance for credit losses              (88,732 )              (90,354 )              (89,841 )              (86,321 )              (87,706 )    
      Intangibles                9,738                 10,400                 11,061                 11,751                 12,441      
      Goodwill             138,595               138,595               138,595               138,596               139,027      
      Derivatives             184,982               180,997               186,781               261,913               194,354      
      Other assets             558,899               544,547               532,271               524,779               531,855      
      Total assets $      9,242,331   $      9,152,779   $      9,026,030   $      9,088,565   $      8,871,991      
                     
      Total deposits $      7,318,353   $      7,337,390   $      7,061,187   $      6,984,633   $      6,764,667      
      Total borrowings          509,359            429,921            569,532            660,344            768,671      
      Derivatives          209,505            206,925            214,823            285,769            221,798      
      Other liabilities             154,560               155,796               183,101               181,199               180,536      
      Total stockholders’ equity          1,050,554            1,022,747               997,387               976,620               936,319      
      Total liabilities and stockholders’ equity $      9,242,331   $      9,152,779   $      9,026,030   $      9,088,565   $      8,871,991      
                     
      ANALYSIS OF LOAN PORTFOLIO              
      Loan/lease mix: (2)              
      Commercial and industrial – revolving $         380,029   $         388,479   $         387,991   $         387,409   $         362,115      
      Commercial and industrial – other          1,180,859            1,231,198            1,295,961            1,321,053            1,370,561      
      Commercial and industrial – other – LIHTC             194,830               212,921               218,971                 89,028                 92,637      
      Total commercial and industrial          1,755,718            1,832,598            1,902,923            1,797,490            1,825,313      
      Commercial real estate, owner occupied             593,675               599,488               605,993               622,072               633,596      
      Commercial real estate, non-owner occupied          1,036,049            1,040,281            1,077,852            1,103,694            1,082,457      
      Construction and land development             454,022               403,001               395,557               342,335               331,454      
      Construction and land development – LIHTC          1,075,000            1,016,207               917,986               913,841               750,894      
      Multi-family             301,432               289,782               303,662               324,090               329,239      
      Multi-family – LIHTC             950,331               888,517               828,448               973,682            1,148,244      
      Direct financing leases               12,880                 14,773                 17,076                 19,241                 25,808      
      1-4 family real estate             592,253               592,127               588,179               587,512               583,542      
      Consumer             153,564               146,393               146,728               144,845               143,839      
      Total loans/leases $      6,924,924   $      6,823,167   $      6,784,404   $      6,828,802   $      6,854,386      
      Less allowance for credit losses               88,732                 90,354                 89,841                 86,321                 87,706      
      Net loans/leases $      6,836,192   $      6,732,813   $      6,694,563   $      6,742,481   $      6,766,680      
                     
                     
      ANALYSIS OF SECURITIES PORTFOLIO              
      Securities mix:              
      U.S. government sponsored agency securities $           14,267   $           17,487   $           20,591   $           18,621   $           20,101      
      Municipal securities          1,033,642            1,003,985               971,567               965,810               885,046      
      Residential mortgage-backed and related securities               58,864                 43,194                 50,042                 53,488                 54,708      
      Asset backed securities                6,684                  7,764                  9,224                 10,455                 12,721      
      Other securities               67,358                 66,105                 65,745                 39,190                 38,464      
      Trading securities (3)               82,900                 82,445                 83,529                 58,685                 22,362      
      Total securities $      1,263,715   $      1,220,980   $      1,200,698   $      1,146,249   $      1,033,402      
      Less allowance for credit losses                   263                     263                     263                     203                     203      
      Net securities $      1,263,452   $      1,220,717   $      1,200,435   $      1,146,046   $      1,033,199      
                     
      ANALYSIS OF DEPOSITS              
      Deposit mix:              
      Noninterest-bearing demand deposits $         952,032   $         963,851   $         921,160   $         969,348   $         956,445      
      Interest-bearing demand deposits          5,087,783            5,119,601            4,828,216            4,715,087            4,644,918      
      Time deposits             974,341               951,606               953,496               942,847               859,593      
      Brokered deposits             304,197               302,332               358,315               357,351               303,711      
      Total deposits $      7,318,353   $      7,337,390   $      7,061,187   $      6,984,633   $      6,764,667      
                     
      ANALYSIS OF BORROWINGS              
      Borrowings mix:              
      Term FHLB advances $         145,383   $         145,383   $         145,383   $         145,383   $         135,000      
      Overnight FHLB advances                80,000                         –               140,000               230,000               350,000      
      Other short-term borrowings                1,350                  2,050                  1,800                  2,750                  1,600      
      Subordinated notes             233,701               233,595               233,489               233,383               233,276      
      Junior subordinated debentures               48,925                 48,893                 48,860                 48,828                 48,795      
      Total borrowings $         509,359   $         429,921   $         569,532   $         660,344   $         768,671      
                     
    (1) Loans with a fair value of $0 million, $0 million, $0 million, $165.9 million and $243.2 million have been identified for securitization and are included in LHFS at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.
    		    
    (2) Loan categories with significant LIHTC loan balances have been broken out separately.  Total LIHTC balances within the loan/lease portfolio were $2.3 billion at June 30, 2025.    
    (3) Trading securities consisted of retained beneficial interests acquired in conjunction with Freddie Mac securitizations completed by the Company.    
       
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                   
          For the Quarter Ended
          June 30, March 31, December 31, September 30, June 30,
           2025   2025     2024     2024    2024
                   
          (dollars in thousands, except per share data)
                   
    INCOME STATEMENT            
    Interest income   $             120,247 $             116,673   $             121,642   $             125,420   $             119,746
    Interest expense                    58,165                  56,687                    60,438                    65,698                    63,583
    Net interest income                     62,082                  59,986                    61,204                    59,722                    56,163
    Provision for credit losses                      4,043                    4,234                      5,149                      3,484                      5,496
    Net interest income after provision for credit losses   $              58,039 $              55,752   $              56,055   $              56,238   $              50,667
                   
                   
    Trust fees (1)   $                3,395 $                3,686   $                3,456   $                3,270   $                3,103
    Investment advisory and management fees (1)                      1,254                    1,254                      1,320                      1,229                      1,214
    Deposit service fees                      2,187                    2,183                      2,228                      2,294                      1,986
    Gains on sales of residential real estate loans, net                         556                       297                         734                         385                         540
    Gains on sales of government guaranteed portions of loans, net                          40                        61                          49                           –                             12
    Capital markets revenue                      9,869                    6,516                    20,552                    16,290                    17,758
    Earnings on bank-owned life insurance                         998                       524                         797                         814                      2,964
    Debit card fees                      1,648                    1,488                      1,555                      1,575                      1,571
    Correspondent banking fees                         699                       614                         560                         507                         510
    Loan related fee income                      1,096                       898                         950                         949                         962
    Fair value gain (loss) on derivatives and trading securities                         230                   (1,007 )                   (1,781 )                      (886 )                        51
    Other                          143                       378                         205                         730                         218
    Total noninterest income   $              22,115 $              16,892   $              30,625   $              27,157   $              30,889
                   
                   
    Salaries and employee benefits   $              28,474 $              27,364   $              33,610   $              31,637   $              31,079
    Occupancy and equipment expense                      6,837                    6,455                      6,354                      6,168                      6,377
    Professional and data processing fees                      6,089                    5,144                      5,480                      4,457                      4,823
    Restructuring expense                           –                            –                              –                         1,954                           –   
    FDIC insurance, other insurance and regulatory fees                      1,960                    1,970                      1,934                      1,711                      1,854
    Loan/lease expense                         407                       381                         513                         587                         151
    Net cost of (income from) and gains/losses on operations of other real estate                          50                         (9 )                        23                         (42 )                        28
    Advertising and marketing                      1,746                    1,613                      1,886                      2,124                      1,565
    Communication and data connectivity                         274                       290                         345                         333                         318
    Supplies                           252                       207                         252                         278                         259
    Bank service charges                         720                       596                         635                         603                         622
    Correspondent banking expense                         314                       329                         328                         325                         363
    Intangibles amortization                         661                       661                         691                         690                         690
    Goodwill impairment                           –                            –                              –                            431                           –   
    Payment card processing                         547                       594                         516                         785                         706
    Trust expense                         413                       357                         381                         395                         379
    Other                          839                       587                         551                      1,129                         674
    Total noninterest expense   $              49,583 $              46,539   $              53,499   $              53,565   $              49,888
                   
    Net income before income taxes   $              30,571 $              26,105   $              33,181   $              29,830   $              31,668
    Federal and state income tax expense                      1,552                       308                      2,956                      2,045                      2,554
    Net income     $              29,019 $              25,797   $              30,225   $              27,785   $              29,114
                   
    Basic EPS   $                  1.71 $                  1.53   $                  1.80   $                  1.65   $                  1.73
    Diluted EPS   $                  1.71 $                  1.52   $                  1.77   $                  1.64   $                  1.72
                   
                   
    Weighted average common shares outstanding              16,928,542            16,900,785              16,871,652              16,846,200              16,814,814
    Weighted average common and common equivalent shares outstanding              17,006,282            17,013,992              17,024,481              16,982,400              16,921,854
                   
    (1) Trust fees and investment advisory and management fees when combined are referred to as wealth management revenue.          
       
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
               
          For the Six Months Ended
          June 30,   June 30,
            2025       2024  
               
          (dollars in thousands, except per share data)
               
    INCOME STATEMENT        
    Interest income   $             236,920     $             234,795  
    Interest expense                  114,852                    123,933  
    Net interest income                   122,068                    110,862  
    Provision for credit losses                      8,277                        8,465  
    Net interest income after provision for credit losses   $             113,791     $             102,397  
               
               
    Trust fees     $                7,081     $                6,302  
    Investment advisory and management fees                      2,508                        2,315  
    Deposit service fees                      4,370                        4,008  
    Gains on sales of residential real estate loans, net                         853                           922  
    Gains on sales of government guaranteed portions of loans, net                         101                            36  
    Capital markets revenue                    16,385                      34,215  
    Earnings on bank-owned life insurance                      1,522                        3,832  
    Debit card fees                      3,136                        3,037  
    Correspondent banking fees                      1,313                        1,022  
    Loan related fee income                      1,994                        1,798  
    Fair value loss on derivatives and trading securities                        (777 )                        (112 )
    Other                          521                           372  
    Total noninterest income   $              39,007     $              57,747  
               
               
    Salaries and employee benefits   $              55,838     $              62,939  
    Occupancy and equipment expense                    13,292                      12,891  
    Professional and data processing fees                    11,233                        9,436  
    FDIC insurance, other insurance and regulatory fees                      3,930                        3,799  
    Loan/lease expense                         788                           529  
    Net cost of (income from) and gains/losses on operations of other real estate                        41                             (2 )
    Advertising and marketing                      3,359                        3,048  
    Communication and data connectivity                         564                           719  
    Supplies                          459                           534  
    Bank service charges                      1,316                        1,190  
    Correspondent banking expense                         643                           668  
    Intangibles amortization                      1,322                        1,380  
    Payment card processing                      1,141                        1,352  
    Trust expense                         770                           804  
    Other                       1,426                        1,291  
    Total noninterest expense   $              96,122     $             100,578  
               
    Net income before income taxes   $              56,676     $              59,566  
    Federal and state income tax expense                      1,860                        3,726  
    Net income    $              54,816     $              55,840  
               
    Basic EPS   $                  3.24     $                  3.32  
    Diluted EPS   $                  3.22     $                  3.30  
               
               
    Weighted average common shares outstanding              16,914,663                16,799,081  
    Weighted average common and common equivalent shares outstanding              17,010,136                16,916,264  
                     
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                       
        As of and for the Quarter Ended   For the Six Months Ended
        June 30,  March 31, December 31, September 30, June 30,   June 30, June 30, 
          2025     2025     2024     2024     2024       2025     2024  
                       
        (dollars in thousands, except per share data)
                       
      COMMON SHARE DATA                
      Common shares outstanding         16,934,698          16,920,363          16,882,045          16,861,108          16,824,985        
      Book value per common share (1) $             62.04   $             60.44   $             59.08   $             57.92   $             55.65        
      Tangible book value per common share (Non-GAAP) (2) $             53.28   $             51.64   $             50.21   $             49.00   $             46.65        
      Closing stock price $             67.90   $             71.32   $             80.64   $             74.03   $             60.00        
      Market capitalization $      1,149,866   $      1,206,760   $      1,361,368   $      1,248,228   $      1,009,499        
      Market price / book value   109.45 %   117.99 %   136.49 %   127.81 %   107.82 %      
      Market price / tangible book value   127.45 %   138.11 %   160.59 %   151.07 %   128.62 %      
      Earnings per common share (basic) LTM (3) $              6.69   $              6.71   $              6.77   $              6.93   $              6.78        
      Price earnings ratio LTM (3)  10.15 x   10.63 x   11.91 x   10.68 x   8.85 x       
      TCE / TA (Non-GAAP) (4)   9.92 %   9.70 %   9.55 %   9.24 %   9.00 %      
                       
                       
      CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY        
      Beginning balance $      1,022,747   $         997,387   $         976,620   $         936,319   $         907,342        
      Net income               29,019                 25,797                 30,225                 27,785                 29,114        
      Other comprehensive income (loss), net of tax               (1,671 )                   404                 (9,628 )               12,057                    (368 )      
      Common stock cash dividends declared               (1,016 )               (1,015 )               (1,013 )               (1,012 )               (1,008 )      
      Other (5)                1,475                     174                  1,183                  1,471                  1,239        
      Ending balance $      1,050,554   $      1,022,747   $         997,387   $         976,620   $         936,319        
                       
                       
      REGULATORY CAPITAL RATIOS (6):                
      Total risk-based capital ratio   14.26 %   14.18 %   14.10 %   13.87 %   14.21 %      
      Tier 1 risk-based capital ratio   10.96 %   10.81 %   10.57 %   10.33 %   10.49 %      
      Tier 1 leverage capital ratio   11.22 %   11.06 %   10.73 %   10.50 %   10.40 %      
      Common equity tier 1 ratio   10.43 %   10.27 %   10.03 %   9.79 %   9.92 %      
                       
                       
      KEY PERFORMANCE RATIOS AND OTHER METRICS                 
      Return on average assets (annualized)   1.27 %   1.14 %   1.34 %   1.24 %   1.33 %     1.21 %   1.30 %
      Return on average total equity (annualized)   11.15 %   10.14 %   12.15 %   11.55 %   12.63 %     10.65 %   12.32 %
      Net interest margin   2.97 %   2.95 %   2.95 %   2.90 %   2.82 %     2.95 %   2.82 %
      Net interest margin (TEY) (Non-GAAP)(7)   3.46 %   3.42 %   3.43 %   3.37 %   3.27 %     3.45 %   3.26 %
      Efficiency ratio (Non-GAAP) (8)   58.89 %   60.54 %   58.26 %   61.65 %   57.31 %     59.68 %   59.65 %
      Gross loans/leases held for investment / total assets    74.91 %   74.53 %   75.14 %   73.30 %   74.48 %     74.91 %   74.48 %
      Gross loans/leases held for investment / total deposits    94.61 %   92.96 %   96.05 %   95.38 %   97.69 %     94.61 %   97.69 %
      Effective tax rate   5.08 %   1.18 %   8.91 %   6.86 %   8.06 %     3.28 %   6.26 %
      Full-time equivalent employees (9)                1,001                     972                     980                     976                     988                     1,001                      988  
                       
                       
      AVERAGE BALANCES                 
      Assets $      9,155,473   $      9,015,439   $      9,050,280   $      8,968,653   $      8,776,002     $       9,085,843   $       8,663,429  
      Loans/leases          6,881,731            6,790,312            6,839,153            6,840,527            6,779,075               6,836,274             6,688,844  
      Deposits          7,218,540            7,146,286            7,109,567            6,858,196            6,687,188               7,182,612             6,641,324  
      Total stockholders’ equity          1,041,428            1,017,487               995,012               962,302               921,986               1,029,524                912,679  
                       
    (1 ) Includes accumulated other comprehensive income (loss). 
    (2 ) Includes accumulated other comprehensive income (loss) and excludes intangible assets.  See GAAP to Non-GAAP reconciliations.   
    (3 ) LTM : Last twelve months.        
    (4 ) TCE / TCA : tangible common equity / total tangible assets.  See GAAP to non-GAAP reconciliations.     
    (5 ) Includes mostly common stock issued for options exercised and the employee stock purchase plan, as well as stock-based compensation.     
    (6 ) (6) Ratios for the current quarter are subject to change upon final calculation for regulatory filings due after earnings release.    
    (7 ) TEY : Tax equivalent yield.  See GAAP to Non-GAAP reconciliations.       
    (8 ) See GAAP to Non-GAAP reconciliations.        
    (9 ) The increase in full-time equivalent employees in the second quarter of 2025 includes 21 summer interns.     
         
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                               
      ANALYSIS OF NET INTEREST INCOME AND MARGIN                  
                               
          For the Quarter Ended
          June 30, 2025   March 31, 2025   June 30, 2024
           Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		    Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		    Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost 
                               
          (dollars in thousands)
                               
      Fed funds sold   $        14,285 $             159 4.40 %   $          9,009 $              99 4.40 %   $        13,065 $           183 5.54 %
      Interest-bearing deposits at financial institutions          151,898              1,634 4.31 %            166,897              1,804 4.38 %              80,998            1,139 5.66 %
      Investment securities – taxable          401,657              4,805 4.79 %            400,779              4,588 4.59 %            377,747            4,286 4.53 %
      Investment securities – nontaxable (1)          893,753             12,872 5.76 %            843,476            11,722 5.57 %            704,761            9,462 5.37 %
      Restricted investment securities            34,037                 622 7.23 %              30,562                534 6.99 %              43,398               869 7.92 %
      Loans (1)         6,881,731           110,245 6.43 %         6,790,312          107,439 6.42 %         6,779,075         112,719 6.69 %
      Total earning assets (1) $    8,377,361 $       130,337 6.24 %   $    8,241,035 $      126,186 6.20 %   $    7,999,044 $     128,658 6.46 %
                               
      Interest-bearing deposits $    5,080,367 $         38,604 3.05 %   $    5,005,853 $        37,698 3.05 %   $    4,649,625 $       40,924 3.54 %
      Time deposits         1,193,035             12,409 4.17 %         1,204,593            12,690 4.27 %         1,091,870           12,128 4.47 %
      Short-term borrowings              1,420                   15 4.23 %                1,839                  18 3.97 %                1,622                 21 5.18 %
      Federal Home Loan Bank advances           250,603              2,853 4.50 %            177,883              1,996 4.49 %            464,231            6,238 5.32 %
      Subordinated debentures          233,631              3,599 6.16 %            233,525              3,601 6.17 %            233,207            3,582 6.14 %
      Junior subordinated debentures            48,904                 685 5.54 %              48,871                684 5.60 %              48,774               688 5.58 %
      Total interest-bearing liabilities $    6,807,960 $         58,165 3.42 %   $    6,672,564 $        56,687 3.44 %   $    6,489,329 $       63,581 3.93 %
                               
      Net interest income (1)   $         72,172       $        69,499       $       65,077  
      Net interest margin (2)     2.97 %       2.95 %       2.82 %
      Net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.46 %       3.42 %       3.27 %
      Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.45 %       3.41 %       3.26 %
      Cost of funds (4)       3.01 %       3.02 %       3.43 %
                               
                               
          For the Six Months Ended        
          June 30, 2025   June 30, 2024    
           Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		    Average
    Balance     		  Interest
    Earned or
    Paid     		  Average
    Yield or Cost     		        
                               
          (dollars in thousands)        
                               
      Fed funds sold  $        11,662 $             258 4.40 %   $        16,510 $             452 5.41 %        
      Interest-bearing deposits at financial institutions          159,356              3,438 4.35 %              86,277              2,339 5.45 %        
      Investment securities – taxable          401,220              9,393 4.69 %            375,644              8,546 4.54 %        
      Investment securities – nontaxable (1)          868,754             24,594 5.67 %            695,365            18,813 5.41 %        
      Restricted investment securities            32,309              1,156 7.12 %              40,742              1,543 7.49 %        
      Loans (1)         6,836,274           217,684 6.42 %         6,688,844          220,392 6.63 %        
      Total earning assets (1) $    8,309,575 $       256,523 6.22 %   $    7,903,382 $      252,085 6.41 %        
                               
      Interest-bearing deposits $    5,041,914 $         76,302 3.05 %   $    4,589,479 $        80,027 3.51 %        
      Time deposits        1,198,782             25,098 4.22 %         1,099,746            24,473 4.48 %        
      Short-term borrowings              1,629                   33 4.05 %                1,688                  44 5.19 %        
      Federal Home Loan Bank advances          214,444              4,849 4.50 %            409,725            10,977 5.30 %        
      Subordinated debentures          233,579              7,201 6.17 %            233,154              7,062 6.06 %        
      Junior subordinated debentures            48,888              1,369 5.57 %              48,758              1,381 5.60 %        
      Total interest-bearing liabilities $    6,739,236 $       114,852 3.43 %   $    6,382,550 $      123,964 3.90 %        
                               
      Net interest income (1)   $       141,671       $      128,121          
      Net interest margin (2)     2.95 %       2.82 %        
      Net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.45 %       3.26 %        
      Adjusted net interest margin (TEY) (Non-GAAP) (1) (2) (3)     3.44 %       3.24 %        
      Cost of funds (4)       3.01 %       3.39 %        
                               
                               
    (1 ) Includes nontaxable securities and loans.  Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.  
    (2 ) See “Select Financial Data – Subsidiaries” for a breakdown of amortization/accretion included in net interest margin for each period presented.     
    (3 ) TEY : Tax equivalent yield.  See GAAP to Non-GAAP reconciliations.           
    (4 ) Cost of funds includes the effect of noninterest-bearing deposits.           
         
    QCR Holdings, Inc.  
    Consolidated Financial Highlights  
    (Unaudited)  
                   
        As of  
        June 30, March 31,  December 31, September 30, June 30,  
          2025     2025     2024     2024     2024    
                   
        (dollars in thousands, except per share data)  
                   
      ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES ON LOANS/LEASES            
      Beginning balance $         90,354   $            89,841   $         86,321   $         87,706   $         84,470    
      Change in ACL for transfer of loans to LHFS                    –                           –                        93                (1,812 )                  498    
      Credit loss expense                4,667                   4,743                 6,832                 3,828                 4,343    
      Loans/leases charged off              (6,490 )                (4,944 )              (4,787 )              (3,871 )              (1,751 )  
      Recoveries on loans/leases previously charged off                  201                      714                 1,382                    470                    146    
      Ending balance $         88,732   $            90,354   $         89,841   $         86,321   $         87,706    
                   
                   
      NONPERFORMING ASSETS             
      Nonaccrual loans/leases  $         42,482   $            47,259   $         40,080   $         33,480   $         33,546    
      Accruing loans/leases past due 90 days or more                     7                      356                 4,270                 1,298                     87    
      Total nonperforming loans/leases             42,489                  47,615               44,350               34,778               33,633    
      Other real estate owned                   62                      402                    661                    369                    369    
      Other repossessed assets                  113                      122                    543                    542                    512    
      Total nonperforming assets $         42,664   $            48,139   $         45,554   $         35,689   $         34,514    
                   
                   
      ASSET QUALITY RATIOS            
      Nonperforming assets / total assets    0.46 %   0.53 %   0.50 %   0.39 %   0.39 %  
      ACL for loans and leases / total loans/leases held for investment   1.28 %   1.32 %   1.32 %   1.30 %   1.33 %  
      ACL for loans and leases / nonperforming loans/leases    208.84 %   189.76 %   202.57 %   248.21 %   260.77 %  
      Net charge-offs as a % of average loans/leases   0.09 %   0.06 %   0.05 %   0.05 %   0.02 %  
                   
                   
                   
      INTERNALLY ASSIGNED RISK RATING (1)            
      Special mention $         68,621   $            55,327   $         73,636   $         80,121   $         85,096    
      Substandard (2)             81,040                  85,033               84,930               70,022               80,345    
      Doubtful (2)                    –                           –                         –                         –                         –       
      Total Criticized loans (3) $        149,661   $          140,360   $        158,566   $        150,143   $        165,441    
                   
      Classified loans as a % of total loans/leases (2)   1.17 %   1.25 %   1.25 %   1.03 %   1.17 %  
      Total Criticized loans as a % of total loans/leases (3)   2.16 %   2.06 %   2.34 %   2.20 %   2.41 %  
                   
    (1 ) Amounts exclude the government guaranteed portion, if any.  The Company assigns internal risk ratings of Pass for the government guaranteed portion.
    (2 ) Classified loans are defined as loans with internally assigned risk ratings of 10 or 11, regardless of performance, and include loans identified as Substandard or Doubtful.
    (3 ) Total Criticized loans are defined as loans with internally assigned risk ratings of 9, 10, or 11 , regardless of performance, and include loans identified as Special Mention, Substandard, or Doubtful.
         
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                           
          For the Quarter Ended For the Year Ended
          June 30,    March 31,   June 30,   June 30,   June 30,
      SELECT FINANCIAL DATA – SUBSIDIARIES     2025       2025       2024       2025       2024  
          (dollars in thousands)
                           
      TOTAL ASSETS                    
      Quad City Bank and Trust (1)   $          2,662,450     $          2,777,634     $          2,559,049          
      m2 Equipment Finance, LLC                  242,722                    276,096                    359,012          
      Cedar Rapids Bank and Trust                2,664,293                  2,617,143                  2,428,267          
      Community State Bank                1,605,966                  1,583,646                  1,531,109          
      Guaranty Bank                 2,365,944                  2,331,944                  2,369,754          
                           
      TOTAL DEPOSITS                    
      Quad City Bank and Trust (1)   $          2,309,942     $          2,397,047     $          2,100,520          
      Cedar Rapids Bank and Trust                1,884,370                  1,883,952                  1,721,564          
      Community State Bank                1,272,296                  1,238,307                  1,188,551          
      Guaranty Bank                 1,866,749                  1,840,774                  1,791,448          
                           
      TOTAL LOANS & LEASES                    
      Quad City Bank and Trust (1)   $          2,032,168     $          2,041,181     $          2,107,605          
      m2 Equipment Finance, LLC                  250,019                    284,983                    363,897          
      Cedar Rapids Bank and Trust                1,852,316                  1,790,065                  1,736,438          
      Community State Bank                1,206,735                  1,197,005                  1,162,686          
      Guaranty Bank                 1,833,706                  1,794,915                  1,847,658          
                           
      TOTAL LOANS & LEASES / TOTAL DEPOSITS                    
      Quad City Bank and Trust (1)     88 %     85 %     100 %        
      Cedar Rapids Bank and Trust     98 %     95 %     101 %        
      Community State Bank     95 %     97 %     98 %        
      Guaranty Bank      98 %     98 %     103 %        
                           
                           
      TOTAL LOANS & LEASES / TOTAL ASSETS                    
      Quad City Bank and Trust (1)     76 %     73 %     82 %        
      Cedar Rapids Bank and Trust     70 %     68 %     72 %        
      Community State Bank     75 %     76 %     76 %        
      Guaranty Bank      78 %     77 %     78 %        
                           
      ACL ON LOANS/LEASES HELD FOR INVESTMENT AS A PERCENTAGE OF LOANS/LEASES HELD FOR INVESTMENT                    
      Quad City Bank and Trust (1)     1.32 %     1.44 %     1.43 %        
      m2 Equipment Finance, LLC     4.26 %     4.37 %     3.86 %        
      Cedar Rapids Bank and Trust      1.35 %     1.38 %     1.38 %        
      Community State Bank     1.09 %     1.08 %     1.08 %        
      Guaranty Bank      1.29 %     1.30 %     1.13 %        
                           
      RETURN ON AVERAGE ASSETS (ANNUALIZED)                    
      Quad City Bank and Trust (1)     1.24 %     1.31 %     0.88 %     1.28 %     0.84 %
      Cedar Rapids Bank and Trust     2.36 %     2.14 %     2.94 %     2.25 %     3.01 %
      Community State Bank     1.31 %     1.07 %     1.26 %     1.19 %     1.25 %
      Guaranty Bank      0.85 %     0.72 %     1.42 %     0.79 %     1.15 %
                           
      NET INTEREST MARGIN PERCENTAGE (2)                    
      Quad City Bank and Trust (1)     3.45 %     3.45 %     3.39 %     3.45 %     3.35 %
      Cedar Rapids Bank and Trust     3.99 %     4.00 %     3.75 %     4.00 %     3.76 %
      Community State Bank      3.87 %     3.78 %     3.72 %     3.83 %     3.74 %
      Guaranty Bank (3)     3.11 %     3.05 %     2.99 %     3.08 %     2.99 %
                           
      ACQUISITION-RELATED AMORTIZATION/ACCRETION INCLUDED IN NET                    
      INTEREST MARGIN, NET                    
      Community State Bank   $                     (1 )   $                     (1 )   $                     (1 )   $                     (2 )   $                     (2 )
      Guaranty Bank                         118                           218                           301                           336       697  
      QCR Holdings, Inc. (4)                         (33 )                         (33 )                         (32 )                         (66 )     (64 )
                           
    (1 ) Quad City Bank and Trust amounts include m2 Equipment Finance, LLC, as this entity is wholly-owned and consolidated with the Bank. m2 Equipment Finance, LLC  is also presented separately for certain (applicable) measurements.
    (2 ) Includes nontaxable securities and loans. Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.
    (3 ) Guaranty Bank’s net interest margin percentage includes various purchase accounting adjustments. Excluding those adjustments, net interest margin (Non-GAAP) would have been 2.86% for the quarter ended June 30, 2025, 2.91% for the quarter ended March 31, 2025 and 2.86% for the quarter ended June 30, 2024.  
    (4 ) Relates to the trust preferred securities acquired as part of the Guaranty Bank acquisition in 2017 and the Community National Bank acquisition in 2013.
    QCR Holdings, Inc.    
    Consolidated Financial Highlights    
    (Unaudited)    
                               
          As of  
          June 30,   March 31,    December 31,   September 30,   June 30,     
      GAAP TO NON-GAAP RECONCILIATIONS     2025       2025       2024       2024       2024      
          (dollars in thousands, except per share data)  
      TANGIBLE COMMON EQUITY TO TANGIBLE ASSETS RATIO (1)                        
                               
      Stockholders’ equity (GAAP)   $        1,050,554     $        1,022,747     $           997,387     $           976,620     $           936,319      
      Less: Intangible assets                148,333                  148,995                  149,657                  150,347                  151,468      
      Tangible common equity (non-GAAP)   $           902,221     $           873,752     $           847,730     $           826,273     $           784,851      
                               
      Total assets (GAAP)   $        9,242,331     $        9,152,779     $        9,026,030     $        9,088,565     $        8,871,991      
      Less: Intangible assets                148,333                  148,995                  149,657                  150,347                  151,468      
      Tangible assets (non-GAAP)   $        9,093,998     $        9,003,784     $        8,876,373     $        8,938,218     $        8,720,523      
                               
      Tangible common equity to tangible assets ratio (non-GAAP)     9.92 %     9.70 %     9.55 %     9.24 %     9.00 %    
                               
                               
                               
    (1 ) This ratio is a non-GAAP financial measure. The Company’s management believes that this measurement is important to many investors in the marketplace who are interested in changes period-to-period in common equity. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to stockholders’ equity and total assets, which are the most directly comparable GAAP financial measures.
         
    QCR Holdings, Inc.
    Consolidated Financial Highlights
    (Unaudited)
                                   
      GAAP TO NON-GAAP RECONCILIATIONS   For the Quarter Ended   For the Six Months Ended
          June 30,   March 31,   December 31,   September 30,   June 30,   June 30,    June 30,
      ADJUSTED NET INCOME (1)     2025       2025       2024       2024       2024       2025       2024  
          (dollars in thousands, except per share data)
                                   
      Net income (GAAP)   $            29,019     $            25,797     $            30,225     $            27,785     $            29,114     $            54,816     $            55,840  
                                   
      Less non-core items (post-tax) (2):                            
      Income:                            
      Fair value loss on derivatives, net                      (397 )                      (156 )                   (2,594 )                      (542 )                      (145 )                      (553 )                      (288 )
      Total non-core income (non-GAAP)   $                (397 )   $                (156 )   $             (2,594 )   $                (542 )   $                (145 )   $                (553 )   $                (288 )
                                   
      Expense:                            
      Goodwill impairment                           –                             –                             –                         431                             –                             –                             –  
      Restructuring expense                           –                             –                             –                      1,544                             –                             –                             –  
      Total non-core expense (non-GAAP)   $                     –     $                     –     $                     –     $              1,975     $                     –     $                     –     $                     –  
                                   
                                   
      Adjusted net income  (non-GAAP) (1)   $            29,416     $            25,953     $            32,819     $            30,302     $            29,259     $            55,369     $            56,128  
                                   
      ADJUSTED EARNINGS PER COMMON SHARE (1)                            
                                   
      Adjusted net income (non-GAAP) (from above)   $            29,416     $            25,953     $            32,819     $            30,302     $            29,259     $            55,369     $            56,128  
                                   
      Weighted average common shares outstanding            16,928,542              16,900,785              16,871,652              16,846,200              16,814,814              16,914,663              16,799,081  
      Weighted average common and common equivalent shares outstanding            17,006,282              17,013,992              17,024,481              16,982,400              16,921,854              17,010,136              16,916,264  
                                   
      Adjusted earnings per common share (non-GAAP):                            
      Basic   $                1.74     $                1.54     $                1.95     $                1.80     $                1.74     $                3.27     $                3.34  
      Diluted   $                1.73     $                1.53     $                1.93     $                1.78     $                1.73     $                3.26     $                3.32  
                                   
      ADJUSTED RETURN ON AVERAGE ASSETS AND AVERAGE EQUITY (1)                            
                                   
      Adjusted net income (non-GAAP) (from above)   $            29,416     $            25,953     $            32,819     $            30,302     $            29,259     $            55,369     $            56,128  
                                   
      Average Assets   $        9,155,473     $        9,015,439     $        9,050,280     $        8,968,653     $        8,776,002     $        9,085,843     $        8,663,429  
                                   
      Adjusted return on average assets (annualized) (non-GAAP)     1.29 %     1.15 %     1.45 %     1.35 %     1.33 %     1.22 %     1.30 %
      Adjusted return on average equity (annualized) (non-GAAP)     11.30 %     10.20 %     13.19 %     12.60 %     12.69 %     10.76 %     12.30 %
                                   
      NET INTEREST MARGIN (TEY) (3)                            
                                   
      Net interest income (GAAP)   $            62,082     $            59,986     $            61,204     $            59,722     $            56,163     $           122,068     $           110,862  
      Plus: Tax equivalent adjustment (4)                  10,090                      9,513                      9,698                      9,544                      8,914                    19,603                    17,259  
      Net interest income – tax equivalent (non-GAAP)   $            72,172     $            69,499     $            70,902     $            69,266     $            65,077     $           141,671     $           128,121  
      Less:  Acquisition accounting net accretion                        84                         184                         471                         463                         268                         268                         631  
      Adjusted net interest income   $            72,088     $            69,315     $            70,431     $            68,803     $            64,809     $           141,403     $           127,490  
                                   
      Average earning assets   $        8,377,361     $        8,241,035     $        8,241,190     $        8,183,196     $        7,999,044     $        8,309,575     $        7,903,382  
                                   
      Net interest margin (GAAP)     2.97 %     2.95 %     2.95 %     2.90 %     2.82 %     2.97 %     2.82 %
      Net interest margin (TEY) (non-GAAP)     3.46 %     3.42 %     3.43 %     3.37 %     3.27 %     3.45 %     3.26 %
      Adjusted net interest margin (TEY) (non-GAAP)     3.45 %     3.41 %     3.40 %     3.34 %     3.26 %     3.44 %     3.24 %
                                   
      EFFICIENCY RATIO (5)                            
                                   
      Noninterest expense (GAAP)   $            49,583     $            46,539     $            53,499     $            53,565     $            49,888     $            96,122     $           100,578  
                                   
      Net interest income (GAAP)   $            62,082     $            59,986     $            61,204     $            59,722     $            56,163     $           122,068     $           110,862  
      Noninterest income (GAAP)                  22,115                    16,892                    30,625                    27,157                    30,889                    39,007                    57,747  
      Total income   $            84,197     $            76,878     $            91,829     $            86,879     $            87,052     $           161,075     $           168,609  
                                   
      Efficiency ratio (noninterest expense/total income) (non-GAAP)     58.89 %     60.54 %     58.26 %     61.65 %     57.31 %     59.68 %     59.65 %
      Adjusted efficiency ratio (core noninterest expense/core total income) (non-GAAP)     58.54 %     60.38 %     56.25 %     58.45 %     57.19 %     59.42 %     59.52 %
                                   
                                   
    (1 ) Adjusted net income, adjusted earnings per common share, adjusted return on average assets and average equity are non-GAAP financial measures. The Company’s management believes that these measurements are important to investors as they exclude non-core or non-recurring income and expense items, therefore, they provide a more realistic run-rate for future periods. In compliance with applicable rules of the SEC, these non-GAAP measures are reconciled to net income, which is the most directly comparable GAAP financial measure.
    (2 ) Non-core or non-recurring items (post-tax) are calculated using an estimated effective federal tax rate of 21% with the exception of goodwill impairment which is not deductible for tax.    
    (3 ) Interest earned and yields on nontaxable securities and loans are determined on a tax equivalent basis using a 21% effective federal tax rate.        
    (4 ) Net interest margin (TEY) is a non-GAAP financial measure. The Company’s management utilizes this measurement to take into account the tax benefit associated with certain loans and securities. It is also standard industry practice to measure net interest margin using tax-equivalent measures. In compliance with applicable rules of the SEC, this non-GAAP measure is reconciled to net interest income, which is the most directly comparable GAAP financial measure.  In addition, the Company calculates net interest margin without the impact of acquisition accounting net accretion as this can fluctuate and it’s difficult to provide a more realistic run-rate for future periods.
    (5 ) Efficiency ratio is a non-GAAP measure. The Company’s management utilizes this ratio to compare to industry peers. The ratio is used to calculate overhead as a percentage of revenue. In compliance with the applicable rules of the SEC, this non-GAAP measure is reconciled to noninterest expense, net interest income and noninterest income, which are the most directly comparable GAAP financial measures.
           

    The MIL Network –

    July 24, 2025

  • MIL-OSI Banking: Facilitator cites “strong engagement” in initial WTO reform consultations

    Source: WTO

    Headline: Facilitator cites “strong engagement” in initial WTO reform consultations

    Ambassador Ølberg, who was appointed by General Council Chair Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia) in early June to serve as facilitator for the reform discussions, noted that he has conducted two rounds of consultation involving nearly 100 members, with the discussion structured around three indicative tracks:

    governance (institutional issues)
    fairness (level playing field and balanced trade)
    “issues of our time”

    “What is already clear is this: across all three tracks, there is strong engagement, serious thinking, and a shared sense that reform is both necessary and urgent — even if views differ on the details,” the facilitator said.
    The “next phase of our work is about focus, discipline, and delivery,” he added. “From the consultations so far, one thing is clear — we have a wide range of perspectives … Our goal is not to solve every issue now. It’s to identify where ministers can add the guidance needed to move forward decisively after MC14.”
    At their 12th Ministerial Conference in 2022, WTO members agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.
    Speaking after more than 60 members took the floor to react to the facilitator’s report, Director-General Ngozi Okonjo-Iweala said she was “encouraged with what I’m hearing.”
    “I agree with those who say that it’s somewhat existential for the organization to seize the opportunity to do this reform,” she said.  “It’s not unusual that views are initially divergent … that being said, there seems to be an unmistakable momentum.”
    A number of members noted the importance of dispute settlement reform, which is being addressed on a separate track. Addressing the General Council, Ambassador Almoqbel referred to his communication to members in early June stating that he and the Dispute Settlement Body (DSB) Chair, Ambassador Clare Kelly (New Zealand), would be closely monitoring the situation on dispute settlement reform and would revert to members at the appropriate time.
    Since that communication, the DSB Chair has been holding “low-key” conversations with members to “check the temperature,” Ambassador Almoqbel said, and these conversations are ongoing.
    Report of the Director-General
    Reporting to the General Council in her capacity as Chair of the Trade Negotiations Committee, Director-General Ngozi Okonjo-Iweala welcomed the submission of Argentina’s instrument of acceptance for the Agreement on Fisheries Subsidies. She noted that only five more acceptances are needed for the Agreement to enter into force, with several already in the pipeline.  She also noted the possibility of convening a special General Council meeting after the summer break to formally receive the additional instruments and mark the Agreement’s entry into force. 
    Regarding the negotiations on additional provisions to the Agreement, DG Okonjo-Iweala said she was encouraged by the strong support expressed by many members to move forward and conclude the negotiations. However, there was value in using the summer break to reflect on how best to advance the discussions, she said.
    The Director-General also invited members to use the summer break to reflect on how to collectively ensure movement on “the negotiating files”, including joint initiatives such as the Investment Facilitation for Development (IFD) Agreement.
    “We cannot have a jam on multilateral negotiations moving forward and a jam on plurilaterals,” DG Okonjo-Iweala said. Otherwise, members risk ending the year with nothing credible to take to the 14th Ministerial Conference (MC14) for consideration, she added. The world is “looking to the WTO, not as a source of stagnation or lack of action, but as a source of stability, predictability, a source of revitalization.”
    Twenty-four members took the floor after the Director-General’s intervention, some speaking on behalf of groups of members, highlighting their issues of interest. 
    Investment facilitation for development
    On the IFD initiative, members were once again unable to reach consensus on the request supported by 127 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the ninth time the proposal has been submitted to members for adoption.
    Speaking on behalf of the 127 co-sponsors, the Republic of Korea underlined the urgent need to incorporate the Agreement into the WTO framework in order to help members attract investment, in particular for developing and least developed country members. The outlook for global foreign direct investment (FDI) in 2025 remains negative due to escalating trade tensions, geopolitical fragmentation and economic volatility, the Republic of Korea said. The IFD member parties believe that incorporating the Agreement into the WTO will reinforce the credibility and relevance of the organization.
    Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework. They reiterated their openness to further discussions on the matter.
    Current trade tensions
    China once again introduced a proposal on supporting the multilateral trading system in the current situation. The proposal further elaborates on its “Stability, Development and Reform” (SDR) approach for the WTO, which calls for stability as the cornerstone, development as the priority, and reform as the pathway to support the multilateral trading system as it faces heightened trade turbulence. China said it stands ready to work with all members pragmatically and constructively to collectively safeguard and strengthen the rules-based multilateral trading system.
    Five members took the floor to respond to China’s intervention.
    Brazil introduced an agenda item on respecting the rules-based multilateral trading system. Brazil said the world was witnessing an unprecedented attack on the system and on the credibility of the WTO, with arbitrary tariffs disrupting global value chains and posing risks to the world economy. 
    Even more concerning is a dangerous shift towards the use of tariffs as a tool to interfere in the domestic affairs of third countries, Brazil said. It is essential that the WTO recover its role as a place where all countries can settle disputes and affirm legitimate interests through dialogue and negotiation, Brazil added.
    Fifteen members took the floor to react to Brazil’s statement. DG Okonjo-Iweala said the interventions underlined the importance of WTO reform and responding to the concerns expressed by members.
    Work Programme on Electronic Commerce – Report by the facilitator
    Ambassador Richard Brown (Jamaica), the facilitator for the WTO’s Work Programme on E-Commerce, reported on his recent consultations with members. He said that, overall, members overwhelmingly consider the work programme as an important aspect of the WTO engagement on e-commerce. They would like to see it preserved and made more effective, he added. 
    Ambassador Brown also noted that the “vast majority” of members support the extension of the WTO’s customs duties moratorium on electronic transmissions, with some preferring either longer periods for the moratorium or a permanent decision. At the same time, a few delegations continue to raise concerns related to revenue losses and policy space limitations, he added.
    Ministers at the 13th Ministerial Conference in 2024 agreed to maintain the moratorium until MC14 or 31 March 2026, whichever is earlier. Both the moratorium and the Work Programme are set to expire on that date. MC14 is scheduled for 26-29 March 2026.
    Transition support measures in favour of countries graduated from the LDC category
    Gambia, on behalf of the Group of Least Developed Countries (LDCs), introduced the group’s latest proposal regarding additional transition measures in favour of countries graduated from the LDC category. The measures are in recognition that the phasing-out of international support measures associated with LDC status can present challenges for graduating LDCs as they seek to integrate more fully into the global economy.
    Next meeting
    The next regular meeting of the General Council is tentatively scheduled for 6-7 October.

    Share

    MIL OSI Global Banks –

    July 24, 2025

  • MIL-OSI USA: VIDEO: Senator Baldwin Unveils Package of Bills to Lower Costs for Wisconsin Families

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – As costs for working families rise under the Trump Administration, U.S. Senator Tammy Baldwin (D-WI) introduced a package of bills to address the ongoing affordability crisis in Wisconsin. Baldwin’s affordability agenda will lower the cost of purchasing a home for first-time homebuyers, ensure families can find and afford high-quality child care, and crack down on big corporations’ price gouging.
    “President Trump promised to lower costs for Wisconsinites, and instead he’s launching a trade war, kicking hundreds of thousands of Wisconsinites off their health insurance, and making life more expensive for hard-working families,” said Senator Baldwin. “Wisconsin families deserve some breathing room and deserve an agenda that works for them – not just for those in power, the wealthy, or well-connected. That’s why I’m pushing a package of commonsense bills that will help lower the costs of some of the biggest expenses in families’ budgets each month – housing, child care, and household goods.”
    Below are the bills that Senator Baldwin and her colleagues introduced:
    First-Time Homebuyer Tax Credit Act
    The First-Time Homebuyer Tax Credit Act would lower the cost of purchasing a home for first-time buyers by establishing a refundable tax credit worth up to 10 percent of a home’s purchase price – up to a maximum of $15,000 – for first-time homebuyers. Under the First-Time Homebuyer Tax Credit Act, taxpayers would have the option of receiving the credit at the time of purchase by working with their mortgage issuer. Alternatively, taxpayers could elect to treat the purchase of their home as occurring in the prior taxable year to receive the credit before tax season if they are unable to qualify for the credit at the point of sale.
    The median sales price of homes in Wisconsin increased by more than half (53.3%) in just five years. During those years, the state’s median household income increased by only 19.7%. The National Association of Home Builders has estimated that the material costs to build a new home might increase by as much as $10,000 due to Trump’s tariffs.
    Price Gouging Prevention Act of 2025
    The Price Gouging Prevention Act of 2025 would prohibit corporate price gouging by authorizing the Federal Trade Commission (FTC) and state attorneys general to enforce a federal ban against grossly excessive price increases, regardless of a seller’s position in a supply chain. The bill would help enforcers establish when price gouging is occurring during a significant shift in the market and outline a standard of what a violation is. It would also create an affirmative defense to protect small businesses that raise prices in good faith to earn a profit, while establishing presumptions against dominant companies that brag about exploiting American consumers or exercise unfair leverage to get ahead. Additionally, the bill would strengthen requirements for public companies to disclose changes in pricing strategies during market shocks in their filings with the Securities and Exchange Commission (SEC).
    Child Care for Working Families Act
    The Child Care for Working Families Act would tackle the child care crisis head-on: ensuring families can afford the child care they need, expanding access to more high-quality options, stabilizing the child care sector, and helping ensure child care workers taking care of our nation’s kids are paid livable wages. The legislation will also dramatically expand access to pre-K, and support full-day, full-year Head Start programs and increased wages for Head Start workers. Under the legislation, the typical family in America will pay no more than $15 a day for child care—with many families paying nothing at all—and no eligible family will pay more than 7 percent of their income on child care. The bill would also address child care deserts by providing grants to help open new child care providers in underserved communities and to cover start-up and licensing costs to help establish new providers. Additionally, the legislation would ensure child care workers are paid a living wage and achieve parity with elementary school teachers who have similar credentials and experience. On average, Wisconsin child care for an infant costs $12,567 annually, or $1,047 per month.
    Bill text for the Price Gouging Prevention Act can be found HERE and a one-pager HERE.
    Bill text for the First-Time Homebuyer Tax Credit Act can be found HERE.
    Bill text for the Child Care for Working Families Act can be found HERE and a pager HERE.
    A full video from Senator Baldwin’s press conference is available HERE.

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI USA: Cotton, Colleagues Introduce Legislation to Combat Chinese Drone Market Dominance

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    July 23, 2025

    Cotton, Colleagues Introduce Legislation to Combat Chinese Drone Market Dominance

    Washington, DC — Senators Tom Cotton (R-Arkansas), Chris Coons (D-Delaware), and John Cornyn (R-Texas) today introduced the Leading Exports of Aerial Drones Act, or LEAD Act, legislation that would make it easier for American companies to sell unmanned aerial systems (UAS) to American allies and partners.

    “The current restrictions on UAS sales to allies and partners are outdated and put American companies at a disadvantage, all while ceding the market to Communist China. This bill will spur American business and innovation while decreasing global dependence on Chinese military technology,” said Senator Cotton.

    “Drones aren’t just the future of warfare—as we’re seeing in Ukraine, they’re its present, too. Against the backdrop of increasing alignment between Russia, China, Iran, and North Korea, we must ensure that the United States and our allies and partner have the weapons systems and munitions we need to defend ourselves. This bill is a first step towards the objective of greater military production, integration, and deterrence for the United States and our allies in an increasingly dangerous world,” said Senator Coons.

    “This commonsense legislation would cut red tape to make drone technology more accessible and foster greater strategic defense cooperation with our allies, and I’m glad to support it,” said Senator Cornyn.

    Bill text is here.

    The LEAD Act would:

    • Direct changes to the Arms Control Act, the United States Munitions List, and the Missile Technology Control Regime to require UAS be treated as manned aircraft and separately from missile technology for the purposes of defense transfers.

    MIL OSI USA News –

    July 24, 2025

  • PM Modi arrives in London, begins two-day UK visit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi arrived in London on Wednesday evening for a two-day official visit to the United Kingdom, marking a key diplomatic engagement aimed at strengthening strategic partnerships and advancing regional cooperation.

    The visit, scheduled for July 23- 24, comes at the invitation of British Prime Minister Keir Starmer and is Modi’s fourth visit to the UK-highlighting the growing depth of bilateral ties.

    “Leaving for the UK, a country with which our Comprehensive Strategic Partnership has achieved significant momentum in the last few years. I look forward to my talks with PM Keir Starmer and my meeting with His Majesty King Charles III,” PM Modi said in a post on X ahead of his arrival.

    According to a statement from the Ministry of External Affairs, the visit will focus on reviewing progress under the Comprehensive Strategic Partnership (CSP), with special emphasis on trade and economy, technology and innovation, defence and security, climate cooperation, health, education, and people-to-people exchanges.

    The two sides are also expected to discuss key regional and global developments of shared interest.

    The visit is seen as an opportunity to inject fresh momentum into the India-UK CSP, with both leaders set to explore new areas of collaboration. A major focus will be the ongoing negotiations around the India-UK Free Trade Agreement (FTA), which aims to enhance bilateral trade and economic integration.

    July 24, 2025

  • MIL-OSI Europe: Written question – Clarification on suspending trade preferences in the EU-Israel Association Agreement – P-002951/2025

    Source: European Parliament

    Priority question for written answer  P-002951/2025
    to the Commission
    Rule 144
    Catarina Vieira (Verts/ALE), Lynn Boylan (The Left), Kathleen Van Brempt (S&D), Brando Benifei (S&D)

    In the International Trade Committee meeting of 24 June 2025, the Commission’s Directorate-General for Trade claimed that if the EU found Israel to be in breach of its obligations under the Association Agreement, the matter would first have to be discussed in the Association Council. Yet, Article 79 of the Agreement mentions that such a procedure can be bypassed owing to ‘special urgencies’, meaning the EU would be in a position to adopt unilateral trade measures. It was further stated that any measures in response to a breach would fall under the common foreign and security policy, thus requiring the unanimous support of the Member States.

    • 1.Does taking ‘appropriate measures’ under Article 79 of the EU-Israel Association Agreement, including the possibility of suspending the trade pillar of the Agreement, require a unanimous vote by the EU Member States?
    • 2.Can the Commission confirm that Article 207 of the Treaty on the Functioning of the EU on the common commercial policy can serve as a legal basis for a decision to suspend trade preferences for a third country, partially or totally, such as the Council made when it suspended trade relations with Syria in 2011?
    • 3.Can the Commission confirm that under Article 79.2 of the Agreement, a ‘special urgency’ enables the EU to take measures without first addressing the Association Council?

    Supporters[1]

    Submitted: 17.7.2025

    • [1] This question is supported by Members other than the authors: Majdouline Sbai (Verts/ALE), Saskia Bricmont (Verts/ALE), Tineke Strik (Verts/ALE), Vicent Marzà Ibáñez (Verts/ALE), Rudi Kennes (The Left)
    Last updated: 23 July 2025

    MIL OSI Europe News –

    July 24, 2025

  • MIL-OSI USA: Lawler Introduces Legislation Modernizing Post-Assad Syria Sanctions Policy

    Source: US Congressman Mike Lawler (R, NY-17)

    Washington, D.C. – 7/17/25… Today, Congressman Mike Lawler (NY-17), Chairman of the House Foreign Affairs Subcommittee on the Middle East and North Africa and House Financial Services Committee member, introduced the Syria Sanctions Accountability Act, legislation to modernize U.S. sanctions policy for a post-Assad Syria.

    “This bill modernizes the existing sanctions regime on Syria, requires assessments on existing sanctions relief provisions, and sets out goals for the Syrian government to meet anti-money laundering and anti-corruption standards. As the Trump Administration is already reviewing sanctions policy, we must ensure they have the tools to do so that reflect the current security environment,” said Chairman Lawler. 

    The Syria Sanctions Accountability Act:

    • Directs the Financial Crimes Enforcement Network to provide a briefing to Congress on the exceptive relief for the Commercial Bank of Syria.
    • Instructs U.S. representatives to the IMF and World Bank to support regular economic monitoring in Syria, processes to improve financial connectivity in Syria, and priorities related to anti-money laundering, weapons non-proliferation, and anti-corruption policies in Syria.
    • Requires a formal assessment from the Export-Import Bank on the appropriateness of current country limitations concerning Syria.
    • Updates the Caesar Syria Civilian Protection Act by updating conditions to lift sanctions. This includes requiring the Syrian government to take verifiable steps to combat illicit proliferation of Captagon, ensuring the Syrian government is not engaged in the targeting or extrajudicial detention of religious minorities, and removing references to Russia and Iran that were originally placed in the law due to Assad’s relationship with these adversarial regimes.

    “The al-Sharaa Administration certainly has a lot of work to do to reintegrate Syria with the U.S. and our allies. While this job should be difficult given the circumstances, it shouldn’t be impossible,” concluded Chairman Lawler. 

    Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

    ###

    Full text of the bill can be found HERE.

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI USA: Rep. Lawler Introduces MAMDANI Act to Examine Risks of Government-Run Grocery Stores

    Source: US Congressman Mike Lawler (R, NY-17)

    Washington, D.C. – 7/23/25… Today, Congressman Mike Lawler (NY-17) introduced the Measuring Adverse Market Disruption And National Impact (MAMDANI) Act, legislation that directs the Federal Trade Commission to conduct a comprehensive study into the competitive, economic, and supply chain impacts of government-owned grocery stores.

    As municipalities across the country, including some in New York, entertain proposals to open public grocery stores, this legislation calls on the FTC to investigate potential consequences of using taxpayer dollars to compete against local, private-sector grocers. 

    The MAMDANI Act requires the FTC, in coordination with USDA agencies, to evaluate the downstream effects these government-run entities could have on food prices, consumer access, farmers, charitable food organizations, and the long-term health of the retail grocery market.

    “Government-run grocery stores raise serious questions about market fairness and taxpayer accountability,” said Congressman Lawler. “The MAMDANI Act ensures we carefully assess the potential impacts of such proposals before public funds are committed, or they risk undermining local businesses and disrupting supply chains, ultimately leaving consumers worse off,” said Congressman Lawler. 

    By mandating an analysis of how public grocery stores might affect prices received by producers, purchasing power in food supply chains, and whether these initiatives actually address food deserts or simply create a new layer of government-run inefficiency, the bill aims to ensure that policymakers fully understand the potential consequences before embracing such proposals.

    The FTC’s findings will be submitted in a public report to Congress and updated annually with recommendations for legislative or regulatory action.

    “Zohran Mamdani’s push for government-owned grocery stores is straight out of the Marxist playbook, and history shows exactly how this experiment ends. New Yorkers deserve solutions, not socialist fantasies that have failed spectacularly every time they’ve been tried,” concluded Congressman Lawler.

    Congressman Lawler is one of the most bipartisan members of Congress and represents New York’s 17th Congressional District, which is just north of New York City and contains all or parts of Rockland, Putnam, Dutchess, and Westchester Counties. He was rated the most effective freshman lawmaker in the 118th Congress, 8th overall, surpassing dozens of committee chairs.

    ###

    Full text of the bill can be found HERE.

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI: eToro to Announce Product Updates in Global Webinar on July 29, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — eToro Group Ltd. (“eToro”, or the “Company”) (NASDAQ: ETOR), the trading and investing platform, announced today it will host a webinar on Tuesday, July 29, 2025 at 10AM ET / 3PM BST / 4PM CET.

    Hosted by eToro’s Co-founder and CEO, Yoni Assia, the webinar ‘eToro Unlocked: Trade Without Boundaries’ will showcase the latest evolutions in eToro’s product offering and unveil details of what is coming next for users of the global trading and investing platform.

    To hear more about Yoni’s vision and the details of these product updates live, you can register here to join the webinar.

    For the latest on eToro, follow us @eToro.

    About eToro
    eToro is the trading and investing platform that empowers you to invest, share and learn. We were founded in 2007 with the vision of a world where everyone can trade and invest in a simple and transparent way. Today we have 40 million registered users from 75 countries. We believe there is power in shared knowledge and that we can become more successful by investing together. So we’ve created a collaborative investment community designed to provide you with the tools you need to grow your knowledge and wealth. On eToro, you can hold a range of traditional and innovative assets and choose how you invest: trade directly, invest in a portfolio, or copy other investors. You can visit our media center here for our latest news.

    Contact
    Media Relations – pr@etoro.com
    Investor Relations – investors@etoro.com

    eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

    eToro is a group of companies that are authorised and regulated in their respective jurisdictions. The regulatory authorities overseeing eToro include:

    • The Financial Conduct Authority (FCA) in the UK
    • The Cyprus Securities and Exchange Commission (CySEC) in Cyprus
    • The Australian Securities and Investments Commission (ASIC) in Australia
    • The Financial Services Authority (FSA) in the Seychelles
    • The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) in the UAE

    Source: eToro Group Ltd.

    The MIL Network –

    July 24, 2025

  • MIL-OSI: Aptean Launches GenAI Query in AppCentral  

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, July 23, 2025 (GLOBE NEWSWIRE) —  Aptean, a global provider of enterprise software, today announced the launch of GenAI Query, a mobile-first conversational intelligence feature within AppCentral, its AI-powered platform. Purpose-built to deliver real-time insights from complex business data, GenAI Query eliminates the need for dashboards, technical expertise, or delays.   

    GenAI Query empowers frontline managers; operations leads and finance teams to ask natural-language questions like: 

    “Where are my fulfilment bottlenecks?”  

    “Which SKUs are eroding our margin?”

    They receive real-time answers, right when and where decisions are made. GenAI Query cuts through reporting delays and streamlines decision-making across every level of the organization.

    Modern manufacturing and distribution teams operate under relentless pressure to move fast — yet decision-making is often stalled by complex reports, fragmented systems and manual analysis. Buried in complex reports, fragmented systems and manual analysis, information remains out of reach. The result? A widening gap between data and decisive action.  

    GenAI Query is the intelligence engine of AppCentral and a cornerstone of the Aptean Intelligence Suite. What sets it apart is Aptean’s deep industry expertise and its ability to deliver tailored insights across discrete manufacturing, food and beverage, finance, transportation and apparel. With seamless integration and enterprise-grade security features – such as role-based access and audit trails – GenAI Query accelerates data-driven decision-making without compromising control. 

    GenAI Query transforms enterprise decision-making by:

    • Unlocking insights – Replacing static dashboards with real-time conversational intelligence 
    • Revealing hidden risks – Surfacing margin pressure, customer churn signals and operational inefficiencies through AI 
    • Accelerating action – Empowering teams to explore data freely, without IT delays or report rebuilds 
    • Bringing data together – Unifying live ERP inputs across inventory, purchasing, sales, receivables and payables.  
    • Eliminating reporting delays – Removing the complexity of data extraction and interpretation. 

    “AppCentral is the foundation for our customers to harness the power of AI – GenAI Query is the intelligence that brings it to life,” said TVN Reddy, CEO of Aptean.  “It’s the difference between staring at a dashboard and having a direct, insightful conversation with your business. Customers don’t just want data – they need clear answers that drive better outcomes. GenAI Query puts real-time enterprise intelligence at their fingertips.” 

    “GenAI Query makes business data instantly useful,” Reddy continued. “Ask a simple question like ‘What’s my inventory risk this week?’ and get contextual insight drawn straight from live systems. No coding. No delay. Just answers – delivered precisely when and where they’re needed. With GenAI Query, every employee becomes an insight-driven decision-maker. The future of enterprise intelligence is immediate and conversational.” 

    With thousands of customers now onboarded to AppCentral, Aptean is accelerating scalable AI adoption – giving customers the clarity, speed and control they need to make faster, smarter decisions. 

    About Aptean:
    Aptean is a global provider of industry-specific software that helps manufacturers and distributors effectively run and grow their businesses. Aptean’s solutions and services help businesses of all sizes to be Ready for What’s Next, Now®. Aptean is headquartered in Alpharetta, Georgia and has offices in North America, Europe and Asia-Pacific. To learn more about Aptean and the markets we serve, visit www.aptean.com.

    Logility is a Registered Trademark of Logility, Inc. Aptean and Ready for What’s Next, Now are Registered Trademarks of Aptean, Inc. All other company and product names are trademarks of the respective companies with which they are associated. 

    MEDIA INQUIRIES

    MediaRelations@Aptean.com

    A PDF accompanying this announcement is available at 

    http://ml.globenewswire.com/Resource/Download/db5e0b9b-d38b-46df-b8ef-d3510e489c71

    A video accompanying this announcement is available at 

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d3fed0b1-f5af-4512-aece-05b54b639787

     

    The MIL Network –

    July 24, 2025

  • MIL-OSI United Kingdom: National award for Portsmouth Trading Standards

    Source: City of Portsmouth

    The work Portsmouth Trading Standards does to fight the illegal trade of fake goods has earned a prestigious national award.

    The small Portsmouth City Council team has seized tens-of-thousands-of-pounds worth of fake tobacco products in single inspections, removing fake and unsafe cigarettes, tobacco and vapes from criminal operations.

    Storage units loaded with huge amounts of branded clothing and electrical goods falsely labelled as major brands were also uncovered and stopped from being sold online.

    This work saw Portsmouth crowned Team Commendation Winners at the acclaimed ACG Enforcement Awards 2025, which recognises excellence in preventing criminals selling counterfeit goods across the UK.

    Cllr Lee Hunt, Portsmouth City Council Cabinet Member for Community Safety, Leisure, and Sport, said:

    “Huge congratulations goes to our Trading Standards team on this really significant award. They came up against much larger enforcement teams but won because of their diligence, dedication and skill.

    “While the sale of fake, cheap goods might sound harmless, the truth is these products are unregulated and unsafe for consumers. Behind the scenes there’s often large, criminal gangs who target people of all ages, including children.

    “Thanks to our Trading Standards team, criminal activity is being disrupted across the city and the perpetrators are being held to account.

    “The criminal sale of fake goods is growing nation-wide, so we urge people to carefully consider what they’re buying, who is profiting, and the human cost of producing cheap items.”

    Unannounced inspections of sellers across the city continues to result in large fines and convictions. The latest saw the owners of Fratton Food Store ordered to pay over £27,000 or face jail for the supply of 45,000 fake cigarettes.

    People are strongly advised against purchasing anything they believe might not be genuine, either in person or online. Find tips on avoiding fakes online on ACG’s website.

    If you suspect someone of selling counterfeit goods you can report it:

    Email Portsmouth Trading Standards: trading.standards@portsmouthcc.gov.uk

    MIL OSI United Kingdom –

    July 24, 2025

  • MIL-OSI Canada: 3rd Finance Ministers and Central Bank Governors Meeting

    Source: Government of Canada News

    Statement

    We, the G20 Finance Ministers and Central Bank Governors (FMCBG), met on 17 and 18 July 2025, in Durban, South Africa.

    July 18, 2025

    We, the G20 Finance Ministers and Central Bank Governors (FMCBG), met on 17 and 18 July 2025, in Durban, South Africa. Under the G20 South African Presidency’s “Solidarity, Equality and Sustainability” theme, we committed to international policy cooperation to further promote global prosperity and address key shared challenges.

    Global Economy

    The global economy is facing heightened uncertainty and complex challenges, including ongoing wars and conflicts, geopolitical and trade tensions, disruptions to global supply chains, high debt levels, and frequent extreme weather events and natural disasters, which impact economic growth, financial and price stability. 

    In light of high public debt and fiscal pressures, we recognise the need to raise long-term growth potential by pursuing growth-oriented macroeconomic policies, while building fiscal buffers, ensuring fiscal sustainability, encouraging public and private investments and undertaking productivity-enhancing reforms. Structural reforms are essential for generating strong economic growth and creating more and better jobs. All excessive imbalances should be further analysed by the IMF and, if necessary and, without discrimination, addressed through country-specific reforms and multilateral coordination, in a way that contributes to an open global economy and without compromising sustainable global growth. We reaffirm our April 2021 exchange rate commitment.

    Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner. Central bank independence is crucial to achieving this goal. 
     
    We emphasise the importance of strengthening multilateral cooperation to address existing and emerging risks to the global economy. We will continue to pursue efforts that advance prosperity and recognise the importance of the World Trade Organisation (WTO) to advance trade issues, and acknowledge the agreed upon rules in the WTO as an integral part of the global trading system. We recognise the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today’s realities.

    We note the progress on the priorities of the Framework Working Group and look forward to the respective outcomes.  

    International Financial Architecture

    The Multilateral Development Banks (MDBs) are implementing the G20 MDB Roadmap and the recommendations from the Capital Adequacy Framework (CAF) Report. We acknowledge the progress of MDBs and the IFA Working Group in developing the Monitoring and Reporting Framework, and expect to receive the inaugural report in October. We further acknowledge CAF’s potential to help MDBs more efficiently utilise existing resources, share more risk with the private sector and utilise new instruments to increase lending capacity over the next decade. We also welcome the collaboration on blended finance among the International Finance Corporation and other MDBs. We look forward to the outcome of the International Bank for Reconstruction and Development’s 2025 Shareholding Review, in line with the Lima Shareholding principles.

    We support the 17th replenishment of the African Development Fund. We acknowledge the strategic importance of an enhanced G20 partnership with African economies, including through strengthening the G20 Compact with Africa, and welcome the Presidency’s side event on Mobilising G20 Investment for Sustainable Growth in Africa. We welcome the work initiated by the Presidency on the impediments to growth and development in Africa.

    We are committed to addressing debt vulnerabilities in low- and middle-income countries in an effective, comprehensive and systematic manner. To this end, we reaffirm our commitment to further strengthen the implementation of the G20 Common Framework (CF) in a predictable, timely, orderly, and coordinated manner. We endorse the G20 note on lessons learned from initial CF cases and the document outlining debt treatment steps. We welcome that the fact sheets on CF cases are now available on the G20 and Paris Club websites to enhance information sharing. We welcome the agreement on the Memorandum of Understanding on a debt treatment between Ethiopia and its Official Creditors Committee. We furthermore call for enhanced debt transparency from all stakeholders, including private creditors.

    We urge the international community to support vulnerable countries whose debt is sustainable but are facing liquidity challenges, and encourage the International Monetary Fund (IMF) and the World Bank to continue their work on feasible options to support these countries, which should be country-specific and voluntary.

    We acknowledge the G20 note on Special Drawing Rights (SDR) channelling. We note the achievement of exceeding USD 100 billion in voluntary channelling of SDRs or equivalent contributions for countries in need, and the transfer to the Poverty Reduction and Growth Trust and the Resilience and Sustainability Trust. We urge the swift delivery of pending pledges and encourage countries that are willing and legally able to explore channelling SDRs to MDBs while respecting the reserve asset status of the resulting SDR-denominated claims and ensuring their liquidity.

    We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the centre of the Global Financial Safety Net. We have advanced the domestic approvals for our consent to the quota increase under the 16th General Review of Quotas, and we look forward to finalising this process with no further delay.  We acknowledge the importance of realignment in quota shares to better reflect members’ relative positions in the world economy while protecting the quota shares of the poorest members. We acknowledge, however, that building consensus among members on quota and governance reforms will require progress in stages.   We support the call for the IMF Executive Board to develop a set of principles guiding future discussions on IMF quotas and governance by the 2026 Spring meetings in line with the Diriyah Declaration.

    We underscore the need for enhancing the representation and voice of developing countries in decision-making in MDBs and other international economic and financial institutions. In that context, we welcome the creation of a 25th chair at the IMF Executive Board to enhance the voice and representation of Sub-Saharan Africa.

    We remain committed to promoting sustainable capital flows to EMDEs and fostering sound policy frameworks, notably central bank independence. We note the growing role of non-bank financial institutions (NBFIs) and ongoing work to understand the impact on capital flows.

    Sustainable Finance

    We note a commitment to strengthen the global sustainable finance architecture by helping to ensure robust, resilient and effective coordination among stakeholders to foster interoperability among MDBs, Vertical Climate and Environment Funds, and National Development Banks, in support of sustainability goals and national priorities, as appropriate. Scaling up co-financing and mobilising private sector resources by improving efficiency and promoting the use of innovative financial instruments is essential for developing countries’ risk-sharing in country-led climate investments.

    We acknowledge progress on tailoring key considerations that integrate adaptation and resilience into the voluntary transition plans of financial institutions and corporations. These efforts may support vulnerable sectors in moving towards sustainable and climate-resilient economies. We look forward to continued work related to more effective funding mechanisms for adaptation and promote flexible country-tailored solutions that address natural catastrophe insurance protection gaps by developing practical guidance and tools.

    We take note of the potential of high-integrity, voluntary, private-sector led carbon markets, including by promoting interoperability, accessibility, transparency and scalability. We note the efforts by the Climate Data Steering Committee to develop principles aimed towards building a Common Carbon Credit Data Model, as a voluntary tool.

    We note the progress made thus far on the multi-year G20 Sustainable Finance Roadmap which is flexible and voluntary in nature.

    Infrastructure

    Recognising that increasing quality infrastructure investment is critical to support faster and sustainable economic growth and development, we note the progress made in the development of a framework for effective planning and preparation practices, a report on scaling up blended finance de-risking measures, and a toolkit on advancing cross-border infrastructure projects. We also endorse the Practice Guide on Leveraging Project-Level Data and Digitising the Pipeline, and a Note on Improving the Accessibility and Availability of Key Market Data, which are voluntary and non-binding.

    Financial Sector Issues and Financial Inclusion

    We reaffirm our commitment to addressing vulnerabilities and promoting an open, resilient, and stable financial system, which supports economic growth, and is based on the consistent, full and timely implementation of all agreed upon reforms and international standards, including Basel III. We note the growing role of NBFIs in both EMDEs and AEs, and support the Financial Stability Board’s (FSB) work to address NBFI data availability and reporting, quality, use, and information sharing. We endorse the recently finalised FSB recommendations for addressing systemic risks from NBFI leverage and encourage implementation by jurisdictions. We welcome the appointment of the new FSB Chair, Andrew Bailey, Governor of the Bank of England.

    We reaffirm our commitment to the effective implementation of the G20 Roadmap for Enhancing Cross-border Payments (the Roadmap) as well as appropriate further actions as necessary to deliver on the Roadmap’s goals.  We welcome the initiatives undertaken by the FSB, the Bank for International Settlements’ (BIS) Committee on Payments and Market Infrastructures, the Financial Action Task Force (FATF), and other international organisations to advance progress in its implementation. We welcome the launch of the BIS Innovation Hub-G20 TechSprint 2025, which aims to promote innovative solutions that improve trust and integrity in open and scalable finance. We note the update on the FSB Roadmap for addressing climate-related financial risks and the upcoming FSB thematic peer review on the implementation of the high-level crypto assets and stablecoin recommendations.

    We reaffirm our commitment to support the FATF and FATF-Style Regional Bodies in overseeing the implementation of the FATF Standards to combat money laundering, terrorist financing and proliferation financing across the Global Network. In particular, we reiterate the importance of stepping up global efforts to combat the misuse of legal entities, to foster increased asset recovery, to enhance payments transparency, and to promote innovation in the virtual assets sector, while mitigating illicit finance involving virtual assets. We also support FATFs ongoing work on emerging technologies and associated risks including from DeFi arrangements, stablecoins, and peer-to-peer transactions.

    We reaffirm our commitment to financial inclusion and to promoting access to financial services for individuals and micro, small, and medium-sized enterprises (MSMEs). We welcome insights from the Presidency’s Priority Paper on “Moving from Access to Usage,” which offers innovative approaches to enhance the use of financial services across payments, savings, credit, insurance, and remittances. We support the ongoing implementation of the G20 Global Partnership for Financial Inclusion Action Plan for MSME Financing. We also welcome the deliverable to explore the role of new and innovative technologies in enhancing the quality of financial inclusion for individuals and MSMEs.

    International Taxation

    We will continue engaging constructively to address concerns regarding Pillar Two global minimum taxes, with the shared goal of finding a balanced and practical solution that is acceptable for all. Delivery of a solution will  need to include a commitment to ensure any substantial risks that may be identified with respect to the level playing field, including a discussion of the fair treatment of substance-based tax incentives, and risks of base erosion and profit shifting, are addressed and will facilitate further progress to stabilise the international tax system, including a constructive dialogue on the tax challenges arising from the digitalisation of the economy. These efforts will be advanced in close cooperation across the membership of the OECD/G20 Inclusive Framework (IF), preserving the tax sovereignty of all countries. We look forward to the OECD and Global Forum stock take report on tax transparency; the IF stock take report on BEPS; the OECD report on the exchange of real estate information on a voluntary basis to combat tax evasion and avoidance; the Platform for Collaboration on Tax (PCT) report on the progress in strengthening capacity-building frameworks to enhance technical assistance; and the IMF report on strengthening revenue administrations to improve domestic revenue mobilisation (DRM). We welcome the announcement of the PCT to hold the Tax and Development Conference, with a focus on DRM, in Tokyo next year.

    Recalling the G20 Rio de Janeiro Ministerial declaration on International Tax Cooperation, we welcome the IF’s decision to adopt a phased, evidence-based approach to explore global mobility and understand the interaction between tax policy, inequality and growth. We also welcome discussions to enhance the effectiveness and inclusivity of the IF. We note the ongoing negotiations to establish a United Nations Framework Convention on International Tax Cooperation and the participating G20 members reaffirm the objectives to reach broad consensus and build on existing achievements, processes and on the ongoing work of other international organisations, while seeking to avoid unnecessary duplication of efforts.

    Joint Finance Health Task Force

    The Joint Finance-Health Task Force (JFHTF) remains committed to strengthened finance and health co-ordination in relation to pandemic prevention, preparedness, and response (PPR). We emphasise the importance of efficient and effective health spending and domestic resource mobilisation, given the current reductions in donor assistance, as well as the need for better coordination and alignment of external and domestic funding flows. We note the preliminary insights of the updated versions of the Global Report on the Framework for Economic Vulnerabilities and Risks (FEVR) and of the Operational Playbook for response financing. We also note the Simulation exercises on pandemic response financing undertaken by finance and health officials and look forward to further exercises. We note the independent Joint Finance Health Task Force stocktake report, note the focused reconvening of the High-Level Independent Panel, and will continue to work with the Pandemic Fund and other global health funds that catalyse international and domestic investment actions to strengthen pandemic prevention, preparedness and responses.

    We note the outcome of the Fourth International Conference on Financing for Development, held from June 30 to July 3, 2025, in Seville, Spain, and the renewed commitment by participating countries to support developing countries in achieving their development objectives.

    We acknowledge the upcoming COP30 in Belém and note participating countries’ engagement within the COP30 Circle of Finance Ministers.

    We concluded our first cycle of G20 Finance Ministers and Central Bank Governors meetings on the vibrant continent of Africa, joining the people of South Africa in celebrating Nelson Mandela Day. Our discussions over the past two days centred on creating a better world, embodying the spirit of Mandela’s values. We look forward to our next meeting in October 2025 in Washington, D.C.

    MIL OSI Canada News –

    July 24, 2025

  • MIL-OSI Submissions: Canadian wetlands are treasures that deserve protection

    Source: The Conversation – Canada – By Maria Strack, Professor, Department of Geography and Environmental Management, University of Waterloo

    The Grande Plée Bleue bog, near Québec City in June 2023. This peatland with pools is one of the largest wetlands in eastern Québec. (Maria Strack)

    Though Canada is often known as a land of lakes, it is also a country of wetlands. Stretching like a necklace of emeralds, sapphires and rubies across the Canadian landscape, wetlands cover 14 per cent of the Canadian land mass, accounting for almost twice as much area as lakes.

    Canada is home to a quarter of the world’s remaining wetlands, yet they remain like hidden treasures that most Canadians rarely pay a second thought.

    The importance of wetlands to a sustainable future has been recognized internationally. Signed in 1971 in the Iranian city of Ramsar, the Convention on Wetlands — often called the Ramsar Convention — supports international collaboration and national action for the conservation of wetlands.

    This week, delegations from contracting parties to the convention, including Canada, have come together in Victoria Falls, Zimbabwe, for the 15th Conference of the Parties.

    Despite decades of efforts, wetlands continue to be under threat around the world. Delegates will work this week to chart a path forward that further elevates wetlands in the global consciousness, highlighting the need to protect these ecosystems and meet international goals to safeguard biodiversity and slow climate warming.

    Canada currently has 37 Wetlands of International Importance under the Ramsar Convention, covering more than 13 million hectares. Yet many of Canada’s wetlands remain unprotected.

    Canada’s wetlands

    The term “wetland” usually conjures an image of a shallow pond bordered by cattails. In fact, Canadian wetlands come in a range of shapes and sizes, all of which provide valuable services. Those reedy marshes provide critically important habitat and water storage, particularly in the Prairies, southern Ontario and Québec.

    The vast majority of Canada’s wetlands are made up of swamps, fens and bogs, most of which also hold deep deposits of organic soils called peat. Bogs and fens can resemble vast mossy carpets. But they can also look a lot like forests, hiding their soggy soils beneath a canopy of trees.

    This wetland diversity contributes to their value. At the interface of terrestrial and aquatic ecosystems, wetlands are often biodiversity hotspots.

    They are home to weird and wonderful species, including carnivorous plants like sundews, pitcher plants and bladderworts. And if you’re hungry, peatlands are a great place for berry picking.

    Interwoven in our boreal landscape, wetlands also support iconic Canadian species like beavers, moose and woodland caribou and are key habitats for waterfowl and other migratory birds.

    Preserving wetlands is also a key flood mitigation strategy. Storm water can fill up pore spaces in mossy peat soils, or spread out across the flat expanse of swamps and marshes, reducing peak flows and helping to protect downstream infrastructure. As the water slows, water quality can also be improved. Sediments have time to settle, while plants and microbes can remove excess nutrients.

    Carbon storage

    In recent decades, wetlands have gained international attention for their role in carbon storage. Waterlogged sediment and soil lead to slow rates of decomposition. When plant litter falls in a wetland, it builds up over time, creating a bank of carbon that can be stored for millennia.

    Peatlands are particularly good at accumulating carbon, as they are home to plants that inherently decompose slowly. Because of this, peatlands store twice the carbon of the world’s forests. Keeping this carbon stored in wetland soils, and out of the atmosphere, is important to climate change mitigation.

    Yet, the buildup of carbon in wetlands is slow. Many of these ecosystems have been adding to this carbon bank since the last ice age; digging through metres of peat is like travelling back through time, with the deposits at the bottom often thousands of years old.

    This means that the carbon stored in wetlands is irrecoverable within human lifetimes. Once lost, it will be many generations before the full value of this treasure can be returned.

    The economic value of the water-filtering and carbon storage that Canadian wetlands provide has been estimated at $225 billion per year. It’s clear: healthy wetlands contribute to our society’s well-being.

    But just as important, they are an integral component of the Canadian landscape. Wetlands are interwoven with our forests, fields, lakes and now even our cities. They link us to the land and water. They are places of wonder and spiritual connection.

    Impact of climate change

    Despite their value, wetlands in Canada face many threats. In southern regions of Canada, most wetlands have already been lost to drainage for agriculture and urban development. Further north, up to 98 per cent of Canadian peatlands remain intact.

    However, climate change and resource development are already exacerbating wetland disturbance and loss. Warming temperatures have contributed to larger and more severe wildfire that also impact peatlands and lead to large carbon emissions.

    Thawing permafrost is further changing wetland landscapes and how they function. Warming also allows for northward expansion of agriculture with the potential for loss of even more wetland area to drainage.

    Natural resource extraction further contributes to wetland disturbance, often with unexpected consequences. Geologic exploration used to map oil and gas reserves has left a network of over one million kilometres of linear forest clearing across the boreal forest, much of which crosses peatlands.



    Read more:
    How climate change is impacting the Hudson Bay Lowlands — Canada’s largest wetland

    This has contributed to declines in woodland caribou populations and led to increases in methane emissions from these ecosystems.

    Mining often involves regional drainage or excavation of peatlands, resulting in the loss of their services. The recent push to fast-track production of critical minerals in Canada is putting vast areas of our wetlands at risk.

    Wetland restoration research is ongoing, with some promising results. However, given the long time-scale of wetland development, avoiding disturbances in the first place is the best way to safeguard wetlands.

    As stewards of a quarter of world’s wetland treasures, policymakers and everyday Canadians need to ensure wetlands are safeguarded and preserved for a prosperous future.

    Maria Strack receives funding from the Natural Sciences and Engineering Research Council of Canada, Environment and Climate Change Canada, the Canadian Sphagnum Peat Moss Association, Ducks Unlimited Canada, Imperial Oil Ltd., Alberta Pacific Forest Industries Inc., Cenovus Energy, Canadian Natural Resources Limited, ConocoPhillips Canada, Natural Resources Canada, and the Alberta Biodiversity Monitoring Institute.

    – ref. Canadian wetlands are treasures that deserve protection – https://theconversation.com/canadian-wetlands-are-treasures-that-deserve-protection-261433

    MIL OSI –

    July 24, 2025

  • MIL-OSI: Subsea7 awarded substantial contract

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 23 July 2025 – Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial(1) contract.

    The project involves the engineering and offshore installation of flexible pipe, umbilicals, subsea equipment and a mooring system.

    Project management and engineering activities will begin immediately at Subsea7’s office in Houston, Texas, with offshore operations expected to start in 2027.

    No additional details will be provided at this time.

    (1)   Subsea7 defines a substantial contract as being between $150 million and $300 million.

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Ashley Shearer
    Communications Manager
    Tel +1-713-300-6792
    ashley.shearer@subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. 
    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 23 July 2025 at 18:20 CET.

    Attachment

    • SUBC Houston

    The MIL Network –

    July 24, 2025

  • MIL-OSI USA: Rep. Nadler and Rep. Bacon Reintroduce Legislation to Protect Organ Donors

    Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

    Today, Representatives Jerrold Nadler (NY-12) and Don Bacon (NE-02) reintroduced the Living Donor Protection Act bill package to protect the rights of living organ donors. The Living Donor Protection Act is introduced as a two-bill package in the House, H.R. 4583, the Living Donor Protection Act and H.R.4582, the Living Donor FMLA Protection Act. The bills, taken together, are identical to last session’s Living Donor Protection Act and S.1552 introduced in the Senate this session.

    “Every year, thousands of Americans die while waiting on an organ transplant, yet potential organ donors still face barriers that punish them for trying to selflessly save a life. Insurance discrimination and the threat of job loss can make it economically impossible for potential donors to move forward with donation and these roadblocks are costing lives,” said Representative Nadler. “Congress must do everything in its power to remove deterrents to organ donation, which is why Congress must pass the Living Donor Protection Act bill package.”

    “Our state is fortunate to have Nebraska Medicine, which has a robust living donor kidney exchange program, performing more kidney chains which involves anonymous donors donating to someone without a compatible living donor, than almost any hospital nationwide. However, some living donors are discriminated against when it comes to rates and provision of life insurance and disability insurance,” said Representative Bacon. “This legislation will help open the doors to more living donors so we can save more lives.”

    Organ donation saves thousands of lives every year, but burdensome roadblocks often stop individuals from becoming living donors. The Living Donor Protection Act bill package would protect living organ donors and promote organ donation in three easy, low-cost ways: 

    1. Prohibits life, disability, and long-term care insurance companies from denying or limiting coverage and from charging higher premiums based only on donor status;
    2. Amends the Family and Medical Leave Act of 1993 to specifically allow private and civil service employees to use FMLA leave to recover from donation surgery; and
    3. Directs HHS to update their materials on live organ donation to reflect these new protections and encourage more individuals to consider donating an organ.

    Currently, there are over 103,000 people on the national transplant waiting list, with almost 90,000 people on the kidney transplant list. The average wait time for a kidney transplant is about three to five years, and during that time, many patients become too sick to receive a transplant or die—13 people die each year waiting for an organ transplant. Receiving an organ from a living donor can shorten this wait time and ultimately allow the best chance for long-term success. Unfortunately, studies have found that up to one in four living donors report discrimination in the rates and provision of life insurance and disability insurance, and they can struggle to receive time off from work to complete their donation and recovery. Reducing barriers to living organ donation and educating potential donors on the protections provided to them under law will help to promote living organ donation and save the lives of those waiting for a transplant.

    The Living Donor Protection Act is endorsed by Alport Syndrome Foundation, American Association of Kidney Patients, American Council of Life Insurers, American Heart Association, American Kidney Fund, American Liver Foundation, American Nephrology Nurses Association, American Society of Nephrology, American Society of Pediatric Nephrology, American Society of Transplant Surgeons, American Society of Transplantation, Dialysis Patient Citizens, Global Liver Institute, IGA Nephropathy Foundation, International Society of Glomerular Disease, Kidney Transplant Collaborative, National Kidney Foundation, NephCure, the Nonprofit Kidney Care Alliance (NKCA), North American Transplant Coordinators Organization, Northwest Kidney Centers, the PKD Foundation, the Rogosin Institute, Sanofi, the United Network for Organ Sharing (UNOS), Transplant Recipients International Organization (TRIO), and Renal Physicians Association.

    “On behalf of all kidney patients, organ donors and American taxpayers, the American Association of Kidney Patients salutes U.S. Senators Tom Cotton and Kristen Gillibrand and U.S. Representatives Don Bacon and Jerrold Nadler for introducing the bipartisan Living Donor Protection Act so that living organ donors will no longer face the Hobbesian choice of saving an innocent human life at the risk of losing insurance coverages that provide economic security and peace of mind to their families and loved ones. The time is now for America to transcend high-cost, high-mortality dialysis care as the default solution for people living with kidney failure and to encourage greater living organ donation and greater transplant opportunities for all Americans in need of a life-saving organ,” said Edward V. Hickey, III, President, American Association of Kidney Patients.

    “Life insurers are committed to helping people access the financial protection they want and need for themselves and their families. The Living Donor Protection Act will help ensure that organ donors can continue to access life, disability income, or long-term care coverage, while upholding fair underwriting standards. Most importantly, it will safeguard those who selflessly give the gift of life through organ donation,” said David Chavern, President and CEO, American Council of Life Insurers.

    “The selfless individuals who give the gift of life by donating a kidney should not face discrimination by life, long-term care, or disability insurers. This legislation would be a significant step in efforts to encourage more living donors and reduce the kidney transplant waiting list by providing the protections that living donors should receive for their lifesaving actions,” said LaVarne Burton, President and CEO, American Kidney Fund. 

    “No child or adult should die waiting for a liver transplant. We must work together to increase living organ donation, and the Living Donor Protection Act provides a tangible path forward by removing key barriers for those willing to give the gift of life. We are so grateful to Representatives Bacon and Nadler for their extraordinary leadership and commitment to advancing living donor transplantation, which will help thousands of liver patients throughout the country,” said Lorraine Stiehl, CEO, American Liver Foundation and caregiver to a transplant patient. 

    “ASN commends the re-introduction of the Living Donor Protection Act and accompanying Living Donor FMLA Protection Act, critical legislation which will remove barriers that discourage living donors from providing the life-saving gift of a kidney transplant. Americans who are considering becoming living donors deserve more support than the current system provides for them, and ASN believes the Living Donor Protection Act and accompanying Living Donor FMLA Protection Act are critical to achieve this goal,” said Prabir Roy-Chaudhury, MD, PhD, FASN, President, American Society of Nephrology President.

    “On behalf of the American Society of Transplantation (AST), representing a majority of the nation’s transplant medical professionals, our Society strongly applauds and endorses the re-introduction of the Living Donor Protection Act (LDPA). AST is grateful for the ongoing and steadfast leadership of Representatives Bacon, Nadler and Senators Cotton and Gillibrand to protect transplant patients and strengthen living donation. The LDPA is a patient-focused bill seeking to remove policy barriers that might otherwise prevent an individual from providing a lifesaving donor organ. AST greatly appreciates this bipartisan, bicameral, and patient centric legislation. We look forward to working with you to advance the LDPA in this 119th Congress,” said Dr. Jon Kobashigawa, MD, President, American Society of Transplantation. 

    “On behalf of more than 2,000 transplant surgeons and professionals, the American Society of Transplant Surgeons (ASTS) enthusiastically commends the champions of the Living Donor Protection Act (LDPA) for their unwavering commitment to saving lives. As a tireless advocate for this legislation since its inception—and a proud partner in shaping its recent progress—ASTS is thrilled to see the momentum continue following the bill’s strong bipartisan support in the 118th Congress. With a preliminary CBO score of zero, there is no better time for Congress to act. Passing the LDPA will provide vital, commonsense protections for living donors and remove unnecessary employment and insurance barriers to giving the ultimate gift: the gift of life,” said Ginny L. Bumgardner, MD, PhD, American Society of Transplant Surgeons.  

    “Global Liver Institute strongly supports the Living Donor Protection Act as an essential step to save lives by making the donation process affordable for living donors and protecting their employment. This bipartisan legislation was a collaborative effort, reflecting the policies determined most important to support living donors as determined by organ donors, liver and kidney patients, the insurance industry, transplant professionals, nephrologists, advocacy organizations and disease professionals. We look forward to its final passage in the 119th Congress,” said Larry Holden, President and CEO, Global Liver Institute.  

    “Living donors are heroes demonstrating compassion and generosity, and they are also rigorously screened individuals at the peak of health. Our family, friends and neighbors who choose to give the gift of a kidney enable thousands of Americans per year to resume a life where they can fully contribute to society, the economy, and their families rather than being limited by the life-support stopgap of dialysis. The ISGD enthusiastically endorses the Living Donor Protection Act,” said Laurel Damashek, Executive Director, International Society of Glomerular Disease and living donor kidney transplant recipient. 

    “We applaud Representatives Bacon and Nadler for their continued leadership on the Living Donor Protection Act. Taking this new approach of splitting the bill to ensure a smoother passage is an appropriate and needed step. These bills are a bipartisan approach to address the national organ shortage crisis, remove barriers to transplantation and recognize the courage and generosity of those who choose to save lives through donation. We urge Congress to pass this legislation quickly,” said Kevin Longino, CEO, National Kidney Foundation and a kidney transplant recipient.

    “As nonprofit dialysis providers, kidney transplant is an ideal outcome for many of our patients and legislation to protect and support living donors is critical to our patient-centered mission,” said Monica Massaro, Executive Director, Nonprofit Kidney Care Alliance.

    “Polycystic kidney disease currently has no cure, and for many of the 600,000 patients living in the US, organ transplantation becomes their best path forward when kidney function declines. Living donors don’t just extend lives—they reduce strain on our health care system and save taxpayer money by helping patients avoid dialysis. Yet needless barriers disincentivize many from stepping up to help. The Living Donor Protection Act is a commonsense, bipartisan solution that will ensure living donors are protected, not penalized, for their generosity,” said Susan Bushnell, President and CEO, Polycystic Kidney Disease (PKD) Foundation.

    “As a pioneer in transplantation since performing New York State’s first living donor kidney transplant in 1963, The Rogosin Institute believes that kidney transplantation is the ideal treatment for patients with end-stage kidney disease. We are proud to wholeheartedly endorse all components of the Living Donor Protection Act.  Importantly, the Act will remove barriers to donation such as insurance uncertainty and financial insecurity. Rogosin extends our thanks to the bipartisan members of Congress supporting this critical legislation. We thank Congressmen Bacon and Nadler for championing the Living Donor Protection Act,” said The Rogosin Institute.

    “Living organ donors save people’s lives and should be able to give the gift of life without fear of insurance discrimination or financial retribution, especially as they recover from surgery. The Living Donor Protection Act rightfully protects these selfless individuals from this. Thank you, Sens. Cotton and Gillibrand and Reps. Bacon and Nadler for your bipartisan leadership and for standing up for living organ donors,” said Maureen McBride, Ph.D., CEO, United Network for Organ Sharing.

    The text of the bills can be found here and here.

    ###

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI: Cegedim: Half-year liquidity contract statement

    Source: GlobeNewswire (MIL-OSI)

    Half-year liquidity contract statement for CEGEDIM

    Boulogne-Billancourt, July 23, 2025

    Under the liquidity contract entered into between Cegedim and Rothschild Martin Maurel, the following resources appeared on the liquidity account on June 30th 2025:

    • 9,386 shares
    • € 194,884

    Over the period from 1 January 2025 to 30 June 2025, a total of:

      Number of executions Traded volume Amount in €

    of transactions
    Buy 1 168 65,186 774,172.08
    Sell 1 108 74,746 898,359.54

    As a reminder, the following resources appeared on the last half year statement on 31 December 2024 on the liquidity account

    • 18,946 shares
    • € 70,518
      Number of executions Traded volume Amount in €

    of transactions
    Buy 517 25,699 314,682.89
    Sell 493 27,904 346,211.99

    As a reminder, Cegedim terminated the previous liquidity contract with Kepler Cheuvreux on February 28, 2025.

    As of that date, the following resources appeared on the liquidity account :

    • 19,478 shares
    • € 64,287

    As a reminder, Cegedim entrusted Rothschild Martin Maurel with the implementation of a liquidity and market surveillance contract for its ordinary shares, with effect from March 3, 2025. As of that date, the following resources appeared on the liquidity account:

    • 19,478 shares
    • € 64,287

    The implementation of this report is carried out in accordance with AMF Decision N°2021-01 of June 22nd 2021 renewing the implementation of liquidity contracts for shares as an accepted market practice

    CLIENT DATE NB_BUY NB_SELL TRADED_BUY TRADED_SELL AMOUNT_BUY AMOUNT_SELL
    CEGEDIM 02/01/2025 2 7 121 301 1 536.70 3 919.02
    CEGEDIM 03/01/2025 1 2 120 150 1 560.00 1 995.00
    CEGEDIM 07/01/2025 3 2 540 120 6 976.80 1 584.00
    CEGEDIM 08/01/2025 12 – 850 – 10 642.00 –
    CEGEDIM 09/01/2025 3 3 240 241 2 928.00 3 024.55
    CEGEDIM 10/01/2025 1 16 1 960 12.70 12 700.80
    CEGEDIM 13/01/2025 3 – 360 – 4 842.00 –
    CEGEDIM 14/01/2025 17 – 480 – 6 384.00 –
    CEGEDIM 15/01/2025 1 – 120 – 1 560.00 –
    CEGEDIM 16/01/2025 9 – 361 – 4 584.70 –
    CEGEDIM 17/01/2025 5 – 399 – 4 923.66 –
    CEGEDIM 20/01/2025 5 1 499 1 5 973.03 12.30
    CEGEDIM 22/01/2025 9 – 500 – 5 800.00 –
    CEGEDIM 23/01/2025 1 4 1 112 11.55 1 310.40
    CEGEDIM 24/01/2025 3 6 300 224 3 420.00 2 629.76
    CEGEDIM 27/01/2025 2 4 101 201 1 131.20 2 291.40
    CEGEDIM 28/01/2025 – 8 – 400 – 4 600.00
    CEGEDIM 29/01/2025 5 1 200 1 2 300.00 11.70
    CEGEDIM 30/01/2025 2 – 200 – 2 286.00 –
    CEGEDIM 31/01/2025 – 13 – 1 303 – 15 727.21
    SOUS TOTAL CEGEDIM 01/2025 84 67 5 393 4 014 66 872 49 806
    CEGEDIM 03/02/2025 4 – 325 – 3 981.25 –
    CEGEDIM 04/02/2025 8 1 476 1 5 731.04 12.35
    CEGEDIM 05/02/2025 1 3 8 200 94.40 2 440.00
    CEGEDIM 06/02/2025 2 6 101 456 1 212.00 5 586.00
    CEGEDIM 07/02/2025 1 4 1 466 12.05 5 717.82
    CEGEDIM 10/02/2025 2 1 200 85 2 420.00 1 054.00
    CEGEDIM 11/02/2025 3 1 241 1 2 904.05 12.10
    CEGEDIM 12/02/2025 4 2 101 22 1 201.90 264.00
    CEGEDIM 13/02/2025 – 9 – 1 739 – 21 824.45
    CEGEDIM 14/02/2025 3 4 200 240 2 560.00 3 180.00
    CEGEDIM 17/02/2025 – 3 – 360 – 4 849.20
    CEGEDIM 18/02/2025 7 – 480 – 6 384.00 –
    CEGEDIM 19/02/2025 1 6 1 341 13.25 4 586.45
    CEGEDIM 20/02/2025 – 3 – 54 – 731.70
    CEGEDIM 21/02/2025 – 6 – 206 – 2 801.60
    CEGEDIM 24/02/2025 9 – 250 – 3 387.50 –
    CEGEDIM 25/02/2025 1 3 50 150 672.50 2 040.00
    CEGEDIM 26/02/2025 9 – 570 – 7 586.70 –
    CEGEDIM 27/02/2025 3 3 191 121 2 549.85 1 627.45
    CEGEDIM 28/02/2025 8 1 401 1 5 373.40 13.45
    SOUS TOTAL CEGEDIM 02/2025 66 56 3 596 4 443 46 084 56 741
    CEGEDIM 03/03/2025 10 10 76 170 1 016.88 2 269.50
    CEGEDIM 04/03/2025 42 18 1 040 665 13 873.60 8 857.80
    CEGEDIM 05/03/2025 28 28 850 1 792 11 296.50 23 976.96
    CEGEDIM 06/03/2025 15 33 993 2 015 13 296.27 26 940.55
    CEGEDIM 07/03/2025 13 17 496 791 6 636.48 10 559.85
    CEGEDIM 10/03/2025 4 8 50 71 671.00 954.24
    CEGEDIM 11/03/2025 2 12 56 387 749.28 5 189.67
    CEGEDIM 12/03/2025 2 28 7 2 911 94.15 39 007.40
    CEGEDIM 13/03/2025 9 32 907 3 151 12 117.52 42 223.40
    CEGEDIM 14/03/2025 19 3 1 227 158 16 355.91 2 093.50
    CEGEDIM 17/03/2025 22 7 958 1 050 12 607.28 13 765.50
    CEGEDIM 18/03/2025 21 7 741 524 9 788.61 6 817.24
    CEGEDIM 19/03/2025 11 21 616 1 360 7 940.24 17 598.40
    CEGEDIM 20/03/2025 3 12 55 305 706.75 3 946.70
    CEGEDIM 21/03/2025 5 6 46 126 598.00 1 632.96
    CEGEDIM 24/03/2025 13 5 618 1 088 7 891.86 14 035.20
    CEGEDIM 25/03/2025 4 10 111 261 1 431.90 3 379.95
    CEGEDIM 26/03/2025 3 25 107 1 563 1 420.96 20 631.60
    CEGEDIM 27/03/2025 6 10 100 724 1 327.00 9 607.48
    CEGEDIM 28/03/2025 31 4 1 900 155 24 928.00 2 022.75
    CEGEDIM 31/03/2025 21 3 1 710 1 055 20 708.10 12 565.05
    SOUS TOTAL CEGEDIM 03/2025 284 299 12 664 20 322 165 456.29 268 075.70
    CEGEDIM 01/04/2025 14 15 325 1 645 3 984.50 19 740.00
    CEGEDIM 02/04/2025 16 1 550 50 6 759.50 617.50
    CEGEDIM 03/04/2025 18 3 1 125 295 13 331.25 3 472.15
    CEGEDIM 04/04/2025 18 22 1 743 721 19 556.46 7 894.95
    CEGEDIM 07/04/2025 14 9 1 161 513 12 318.21 5 381.37
    CEGEDIM 08/04/2025 9 5 131 325 1 429.21 3 539.25
    CEGEDIM 09/04/2025 9 8 228 265 2 419.08 2 851.40
    CEGEDIM 10/04/2025 4 15 331 800 3 614.52 8 808.00
    CEGEDIM 11/04/2025 15 26 1 007 942 11 278.40 10 625.76
    CEGEDIM 14/04/2025 0 43 0 1 690 0 19 249.10
    CEGEDIM 15/04/2025 5 12 162 704 1 888.92 8 272.00
    CEGEDIM 16/04/2025 15 7 541 224 6 243.14 2 602.88
    CEGEDIM 17/04/2025 16 9 1 400 1 100 15 736.00 12 375.00
    CEGEDIM 22/04/2025 9 3 241 150 2 718.48 1 696.50
    CEGEDIM 23/04/2025 14 4 859 1 500 9 809.78 17 295.00
    CEGEDIM 24/04/2025 11 27 340 1 540 3 882.80 17 556.00
    CEGEDIM 25/04/2025 9 8 750 225 8 992.50 2 697.75
    CEGEDIM 28/04/2025 9 18 225 1 044 2 785.50 12 809.88
    CEGEDIM 29/04/2025 7 46 195 2 111 2 386.80 25 859.75
    CEGEDIM 30/04/2025 20 5 1 110 150 13 342.20 1 831.50
    SOUS TOTAL CEGEDIM 04/2025 232 286 12 424 15 994 142 477.25 185 175.74
    CEGEDIM 02/05/2025 23 12 1 071 750 12 862.71 9 090.00
    CEGEDIM 05/05/2025 31 6 1 979 300 23 332.41 3 600.00
    CEGEDIM 06/05/2025 12 13 1 000 1 000 11 680.00 11 820.00
    CEGEDIM 07/05/2025 6 20 300 1 918 3 585.00 22 881.74
    CEGEDIM 08/05/2025 13 13 684 816 8 084.88 9 620.64
    CEGEDIM 09/05/2025 19 18 750 1 250 8 797.50 14 700.00
    CEGEDIM 12/05/2025 18 11 1 400 1 400 16 408.00 16 772.00
    CEGEDIM 13/05/2025 11 14 1 289 1 039 15 068.41 11 958.89
    CEGEDIM 14/05/2025 11 8 1 350 1 000 15 916.50 11 820.00
    CEGEDIM 15/05/2025 11 4 1 900 500 22 173.00 5 785.00
    CEGEDIM 16/05/2025 17 2 1 000 500 11 630.00 5 810.00
    CEGEDIM 19/05/2025 5 14 732 995 8 527.80 11 581.80
    CEGEDIM 20/05/2025 15 9 734 471 8 514.40 5 482.44
    CEGEDIM 21/05/2025 5 23 190 1 040 2 215.40 12 074.40
    CEGEDIM 22/05/2025 5 6 132 82 1 527.24 947.10
    CEGEDIM 23/05/2025 21 11 1 213 1 008 13 816.07 11 491.20
    CEGEDIM 26/05/2025 7 13 186 700 2 139.00 8 113.00
    CEGEDIM 27/05/2025 9 9 408 204 4 728.72 2 366.40
    CEGEDIM 28/05/2025 30 5 1 290 160 14 783.40 1 835.20
    CEGEDIM 29/05/2025 14 5 792 157 9 068.40 1 802.36
    CEGEDIM 30/05/2025 9 15 340 600 3 896.40 6 876.00
    SOUS TOTAL CEGEDIM 05/2025 292 231 18 740 15 890 218 755.24 186 428.17
    CEGEDIM 02/06/2025 49 11 2 312 1 412 25 686.32 15 475.52
    CEGEDIM 03/06/2025 24 13 975 376 10 929.75 4 196.16
    CEGEDIM 04/06/2025 10 8 601 200 6 731.20 2 250.00
    CEGEDIM 05/06/2025 17 3 1 900 500 20 919.00 5 515.00
    CEGEDIM 06/06/2025 18 19 750 2 775 8 175.00 30 358.50
    CEGEDIM 09/06/2025 7 14 650 965 7 072.00 10 518.50
    CEGEDIM 10/06/2025 4 8 340 900 3 665.20 9 738.00
    CEGEDIM 11/06/2025 8 6 476 375 5 107.48 4 050.00
    CEGEDIM 12/06/2025 5 3 242 264 2 601.50 2 838.00
    CEGEDIM 13/06/2025 8 4 421 77 4 479.44 821.59
    CEGEDIM 16/06/2025 9 8 438 936 4 603.38 9 828.00
    CEGEDIM 17/06/2025 5 25 275 1 700 2 920.50 18 156.00
    CEGEDIM 18/06/2025 7 6 628 228 6 650.52 2 428.20
    CEGEDIM 19/06/2025 2 15 100 1 200 1 060.00 12 816.00
    CEGEDIM 20/06/2025 2 2 31 50 331.70 536.00
    CEGEDIM 23/06/2025 6 0 429 0 4 568.85 0
    CEGEDIM 24/06/2025 4 4 380 710 4 077.40 7 746.10
    CEGEDIM 25/06/2025 10 1 402 125 4 277.28 1 343.75
    CEGEDIM 26/06/2025 4 13 383 790 4 032.99 8 302.90
    CEGEDIM 27/06/2025 4 6 250 500 2 600.00 5 215.00
    CEGEDIM 30/06/2025 7 0 386 0 4 037.56 0
    SOUS TOTAL CEGEDIM 06/2025 210 169 12 369 14 083 134 527.07 152 133.22
    TOTAL GENERAL CEGEDIM S1/2025 1 168 1 108 65 186 74 746 774 172.08 898 359.54

    About Cegedim:
    Founded in 1969, Cegedim is an innovative technology and services company in the field of digital data flow management for healthcare ecosystems and B2B, and a business software publisher for healthcare and insurance professionals. Cegedim employs nearly
    6,700 people in more than 10 countries and generated revenue of over €654 million in 2024.
    Cegedim SA is listed in Paris (EURONEXT: CGM).
    To learn more please visit: www.cegedim.fr
    And follow Cegedim on X @CegedimGroup, LinkedIn, and Facebook.

    Aude Balleydier
    Cegedim
    Media Relations
    and Communications Manager

    Tel.: +33 (0)1 49 09 68 81
    aude.balleydier@cegedim.fr

    		 Damien Buffet
    Cegedim
    Head of Financial
    Communication

    Tel.: +33 (0)7 64 63 55 73
    damien.buffet@cegedim.com

    		 Céline Pardo
    Becoming RP Agency
    Media Relations Consultant

    Tel.:        +33 (0)6 52 08 13 66
    cegedim@becoming-group.com

    		  

    ____________________________________________________________________________________________________________________________________________________

    Attachment

    • Bilan semestriel 30062025 ENG

    The MIL Network –

    July 24, 2025

  • MIL-OSI Africa: Afreximbank Shareholders Approve Key Resolutions and Reaffirm Support for Preferred Creditor Status

    Source: APO

    At the 32nd Annual General Meeting of Shareholders of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), held as part of the Bank’s 2025 Annual Meetings in Abuja, Nigeria, from 25 to 28 June 2025, shareholders approved a series of key resolutions aimed at strengthening the Bank’s strategic direction, financial resilience, and governance.

    Among the most significant outcomes was the appointment of Dr. George Elombi as the fourth President and Chairman of the Board of Directors, succeeding Professor Benedict Oramah, who will step down later this year after nearly a decade of transformative leadership.

    Shareholders also approved the expansion of the Bank’s Concessional Finance Window, increasing its capital allocation from USD 1 billion to USD 5 billion, and raising the direct shareholder contribution from USD 200 million to USD 700 million. This substantial expansion reflects the growing demand for accessible development finance across Africa and the Caribbean, and strengthens Afreximbank’s capacity to support inclusive and sustainable economic growth.

    In addition, shareholders reaffirmed the commitment of the Bank’s Member States to Afreximbank’s Preferred Creditor Status (PCS), as codified in the Bank’s Establishment Agreement, to which all Member States are signatories. This reaffirmation underscores continued support for the Afreximbank’s role as a trusted African Multilateral Financial Institution.

    In what marked his final Shareholders’ Meeting, Professor Oramah welcomed the outcomes and expressed appreciation for the vision and leadership shown:

    “It has been a great honour to serve as President and Chairman of the Board of Directors of Afreximbank for the past decade. I commend our shareholders for the bold and strategic decisions taken, particularly the unwavering reaffirmation of their commitment to respect their obligations under the Afreximbank Establishment Agreement, through which the Bank enjoys Preferred Creditor Status across its member states. We also welcome their decision to increase the size of the Africa Trade Transformation Fund (ATTF), the Concessional Finance initiative launched at the 30th Annual Meetings of the Bank, from USD 1 billion to USD 5 billion. These decisions would collectively shape the future of this great institution and advance Africa’s prosperity.

    “I am confident that the Bank is well placed to continue making a profound impact under the capable leadership of my able successor, Dr. George Elombi, and I extend my very best wishes to him.”

    The shareholders also elected Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy as Chairman of the General Meeting for the period 2025/2026 and passed other statutory resolutions including adoption of the Bank’s audited financial statements for the year ended 31 December 2024 and appointment of auditors.

    The shareholders in addition confirmed the re-election of Dr. Denny Hamachila Kalyalya (Zambia), Dr. John Panonesta Mangudya (Zimbabwe) and Mr. Victor Jérôme Nembelessini-Silué (Côte d’Ivoire) to the Bank’s Board of Directors. Independent Directors Mr. Anil Dua (United Kingdom) and Mr. Ronald Sibongiseni Ntuli (South Africa) were also re-elected.  Newly elected Directors include Mrs. Leila Mokaddem (Tunisia), as a nominee of the African Development Bank.

    The shareholders noted the challenges and negative reports disputing African Multilateral Financial Institutions and undermining the commitments that African states have made in the treaties establishing these institutions, including Afreximbank.

    In a statement unanimously endorsed and adopted by the General Meeting, Mr. Wale Edun, Nigeria’s Minister of Finance and Chairman of the General Meeting, affirmed the shareholders’ unwavering confidence in the Bank’s financial resilience and mandate to drive Africa’s trade-led growth.

    Mr. Edun stated: “The shareholders affirm their respect for the 1993 treaty establishing Afreximbank, signed and ratified by African states, noting that it enshrined binding sovereign commitments and underpinned the preferred creditor status (PCS) of the Bank, shielding its loans from sovereign debt restructurings.

    “Additionally,  shareholders reaffirm the commitment of the Bank’s Member States to the Preferred Creditor Status (PCS) enshrined in the Bank’s Establishment Agreement to which all Member States are signatories and call for collective responsibility in safeguarding the integrity of African Multilateral Financial Institutions (AMFIs).

    “This meeting confirms shareholders’ full commitment to supporting the Bank’s mission, and call upon all stakeholders to engage constructively, reflecting the Bank’s robust legal protections and credit fundamentals.”

    This collective statement by Afreximbank’s shareholders sends a strong signal to partners, rating agencies, and the broader financial community: the Bank remains a trusted and protected institution anchored by solid legal foundations and an unwavering mandate to drive Africa’s economic transformation through trade.

    Nearly 6,000 delegates attended the 32nd Afreximbank Annual Meetings, making it the Bank’s most highly attended Annual Meeting in its 32-year history. Attendees included 22 current and former African and Caribbean Heads of State or their representatives, as well as policymakers, academics, business leaders and high-profile dignitaries. 

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

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    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

    .

    MIL OSI Africa –

    July 24, 2025

  • MIL-OSI Russia: EU prepares single list of retaliatory tariffs, but seeks deal with US – European Commission

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    An important disclaimer is at the bottom of this article.

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

    BRUSSELS, July 23 (Xinhua) — The European Union is stepping up talks with the United States to resolve an ongoing trade dispute while developing a range of possible countermeasures in case the talks fail, European Commission trade spokesman Olof Gill told Xinhua in an e-mailed statement on Wednesday.

    “The EU’s main focus is on achieving a result in the negotiations with the United States. Intensive contacts at the technical and political levels continue,” he said.

    As O. Gill pointed out, while diplomacy remains a priority for the EU, the ground is also being prepared for alternative outcomes, including additional countermeasures. As part of this preparation, he said, the EU plans to combine two existing lists of countermeasures into a single, streamlined package.

    “In order to improve the clarity, simplicity and effectiveness of our countermeasures, we will combine Lists 1 and 2 into one list and submit it to Member States for approval,” the official spokesperson explained.

    The statement said the combined document would include the already approved tariffs on €21 billion ($24.6 billion) of American goods and the previously proposed additional tariff list covering €72 billion of American exports. However, the combined measures would not come into force until August 7.

    Later on Wednesday, EU Commissioner for Trade Policy and Economic Security Maroš Šefčovič is expected to hold talks with US Commerce Secretary Howard Lutnik ahead of the Commission’s briefing at the Committee of Permanent Representatives of the EU Member States. –0–

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

    .

    MIL OSI Russia News –

    July 24, 2025

  • MIL-OSI Security: INTERPOL-led operation dismantles criminal networks behind fake goods

    Source: Interpol (news and events)

    8 December 2016

    LYON, France – An INTERPOL-led operation has resulted in police across the Americas dismantling 34 criminal networks involved in the production and distribution of fake and illicit goods worth tens of millions of dollars.

    An INTERPOL-led operation has resulted in police across the Americas dismantling 34 criminal networks involved in the production and distribution of fake  and illicit goods worth tens of millions of dollars.

    “Operation Jupiter provides an opportunity to harmonize our efforts in combating the criminal networks behind counterfeiting and smuggling operations across the region,” said Vicente Romero Fernandez, Director General of the Peruvian National Police.

    With millions of dollars in profits at stake, the criminal groups do not hesitate to use force in defending their networks and operational bases, meaning many of the interventions had to be conducted with support from specialized armed riot forces.

    As part of the INTERPOL-led Operation Jupiter 2016, hundreds of interventions at a range of locations including shops, warehouses and market were made by police and customs across eight countries.

    Food, mobile phones, toys, alcohol and electronic components were among the more than three million fake items worth an estimated USD 93 million seized alongside drugs, guns and ammunition during Operation Jupiter 2016.

    Police and customs officers in Brazil conducted joint operations and checks  in the tri-border area resulting in the seizure of tobacco, medicines, drugs and arms.

    In Chile, police dismantled two illegal workshops, one broadcasting paid TV channels without authorisation and the other counterfeiting music.

    Operation Jupiter 2016 was preceded by a planning meeting and capacity building training course where 40 investigators from nine countries and private sector partners shared intelligence and investigative techniques against counterfeiting and illicit trade.

    More than 650 interventions were made by police and customs officials across eight countries during Operation Jupiter 2016, with nearly 240 individuals arrested or placed under investigation.

    Intelligence gathered by officers in Colombia enabled investigators to identify five criminal groups producing, smuggling and distributing fuel, alcoholic drinks and clothing.

    Information shared via I-24/7, INTERPOL’s secure police communications network, during the operation is now being analysed against the Organization’s databases to identify potential links with other criminal networks.

    More than one million items were seized by Peruvian National Police which dismantled 25 illicit workshops producing goods including clothing and drinks.

    More than 650 interventions were made by police and customs officials across eight countries during the two-week (1 – 15 October) Operation Jupiter 2016, with nearly 240 individuals arrested or placed under investigation.

    With millions of dollars in profits being made through smuggling and counterfeiting operations, the criminal groups do not hesitate to use force in defending their networks and operational bases, meaning many of the interventions had to be conducted with support from specialized armed riot forces.

    Food, mobile phones, toys, alcohol and electronic components were among the more than three million fake items worth an estimated USD 93 million seized alongside drugs, guns and ammunition. Information shared via I-24/7, INTERPOL’s secure police communications network, during the operation is now being analysed against the Organization’s databases to identify potential links with other criminal networks.

    In Argentina officers intercepted two containers marked as a charitable donation of hospital equipment and supplies, but which also held USD 1 million worth of illegally imported computers, professional film making equipment and drones. Checks of the hospital supplies showed them to be either expired or in poor condition and some containing clinical waste substances posing a serious risk of infection.

    Officers in Brazil seized more than 10,000 illegally imported used car batteries, many of which were improperly stored and leaking sulphuric acid and lead – both carcinogenic substances – into the soil, risking contamination of the local water supply.

    In Chile, police dismantled two illegal workshops, one broadcasting paid TV channels without authorisation and the other counterfeiting music. In Colombia, intelligence gathered during the operation led to the identification of five criminal groups involved in the production and smuggling of fuel, clothes, alcohol and food.

    Officials in Paraguay identified and shut down an illicit tobacco factory and Peruvian National Police dismantled a total of 25 workshops producing a range of illicit goods including clothing, soft drinks, alcohol as well as fake designer labels and tags.

    “Operation Jupiter provides an opportunity to harmonize our efforts in combating the criminal networks behind counterfeiting and smuggling operations across the region,” said Vicente Romero Fernandez, Director General of the Peruvian National Police.

    “Peru is committed to tackling this form of criminality and also engaging the public to make them aware that buying fake or illicitly traded goods are not bargains, but potentially life-threatening products which fund organized crime networks,” added Director General Fernandez.

    The operation was preceded by a planning meeting and capacity building training course at INTERPOL’s Regional Bureau in Buenos Aires. The session, supported by the US Patent and Trademark Office, brought together 40 investigators from nine countries and private sector partners to share intelligence and investigative techniques against counterfeiting and illicit trade.

    Countries which took part in Operation Jupiter 2016: Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay.

    MIL Security OSI –

    July 24, 2025

  • MIL-OSI USA: Tuberville, Hagerty Reintroduce Legislation to Punish Foreign Governments that Violate American Trade Agreements

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    Tuberville continues fighting for Alabama-based Vulcan Materials

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Bill Hagerty (R-TN) in reintroducing the Defending American Property Abroad Act to address the continued aggression from the Mexican government toward Alabama-based Vulcan Materials Company in flagrant violation of the United States-Mexico-Canada Agreement (USMCA). The senators’ legislation would impose retaliatory prohibitions to deter and punish any nation in the Western Hemisphere that unlawfully seizes American assets, such as the Mexican government’s ongoing attempts to seize Vulcan’s deep-water port in Quintana Roo, Mexico.

    Sen. Tuberville cosponsored this legislation in the 118th Congress.           

    “For years, the Mexican Government has shown undue aggression toward American businesses, primarily Alabama’s Vulcan Materials,” said Sen. Tuberville. “The continued attempts to exploit Vulcan’s operation in the Yucatan Peninsula in Mexico is a disgrace to our longstanding trade agreement with Mexico. The Trump Administration has hit the ground running to prioritize and empower American companies — I look forward to seeing this bill get across the finish line to ensure American companies are fully protected.”

    “I strongly condemn the Mexican government’s threats against Vulcan Materials Company, and I am pleased to see this bipartisan and bicameral rebuke from the United States Senate,” said Sen. Hagerty. “Under the leadership of Mexico’s previous president, Andrés Manuel López Obrador, and now the current president, Claudia Sheinbaum, the Mexican government is committing a blatant theft against a major American company and, by extension, the United States itself. No nation should be allowed to bully an American firm without consequences. Our legislation will counter any attempt by the Mexican government to profit from illegal moves to expropriate, nationalize, or otherwise seize U.S. assets.”

    Sens. Tuberville and Hagerty were joined by U.S. Sens. Angela Alsobrooks (D-MD), Marsha Blackburn (R-TN), Katie Britt (R-AL), Ted Budd (R-NC), Tim Kaine (D-VA), and Roger Wicker (R-MS) in cosponsoring the legislation. U.S. Congressman August Pfluger (R-TW-11) introduced companion legislation in the U.S. House of Representatives.

    BACKGROUND:

    This legislation would authorize the Department of Homeland Security (DHS) to prohibit vessels from entering a U.S. port if they previously used a port, land, or infrastructure that had been illegally seized from a U.S. entity by a foreign nation in the Western Hemisphere. It also empowers the U.S. Trade Representative to investigate and respond to foreign governments that deny U.S. companies fair and equal treatment or that have expropriated, nationalized, or seized U.S. assets.

    In May 2022, Mexican President Andrés Manuel López Obrador (AMLO) abruptly shut down Vulcan’s operations with false claims that the firm was violating its contract, and since then, the Mexican Government, under AMLO’s direction, has waged an unceasing pressure campaign against Vulcan, including multiple lawsuits and, at times, sending military and law enforcement officers toits facility in Quintana Roo, Mexico. Last year, AMLO announced that he is pushing to designate the port and mine a “Protected Natural Area.”

    The Alabama delegation has been united in advocating for Vulcan in its ongoing dispute with Mexico. Last year, Sens. Tuberville, Britt, Hagerty, and Kaine sent a letter to Alicia Bárcena, Secretary of Foreign Affairs of Mexico, urging her to take action regarding the Mexican government’s mistreatment of Vulcan Materials Company.

    In 2023, the Alabama delegation met with Mexico’s Ambassador to the U.S. Moctezuma to advocate for Vulcan. In 2022, Sen. Tuberville sent a letter with former Senator Richard Shelby and eight other U.S. senators calling on the Biden-Harris administration to discourage Mexican aggression against American companies with investments or operations in Mexico.

    Sen. Tuberville also spoke in support of Vulcan on the Senate floor earlier this year.

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI USA: WHITE HOUSE UNVEILS AMERICA’S AI ACTION PLAN

    US Senate News:

    Source: US Whitehouse
    WASHINGTON, DC – The White House today released “Winning the AI Race: America’s AI Action Plan”, in accordance with President Trump’s January executive order on Removing Barriers to American Leadership in AI. Winning the AI race will usher in a new golden age of human flourishing, economic competitiveness, and national security for the American people.
    The Plan identifies over 90 Federal policy actions across three pillars – Accelerating Innovation, Building American AI Infrastructure, and Leading in International Diplomacy and Security – that the Trump Administration will take in the coming weeks and months.
    Key policies in the AI Action Plan include:
    Exporting American AI: The Commerce and State Departments will partner with industry to deliver secure, full-stack AI export packages – including hardware, models, software, applications, and standards – to America’s friends and allies around the world.
    Promoting Rapid Buildout of Data Centers: Expediting and modernizing permits for data centers and semiconductor fabs, as well as creating new national initiatives to increase high-demand occupations like electricians and HVAC technicians.
    Enabling Innovation and Adoption: Removing onerous Federal regulations that hinder AI development and deployment, and seek private sector input on rules to remove.
    Upholding Free Speech in Frontier Models: Updating Federal procurement guidelines to ensure that the government only contracts with frontier large language model developers who ensure that their systems are objective and free from top-down ideological bias.
    “America’s AI Action Plan charts a decisive course to cement U.S. dominance in artificial intelligence. President Trump has prioritized AI as a cornerstone of American innovation, powering a new age of American leadership in science, technology, and global influence. This plan galvanizes Federal efforts to turbocharge our innovation capacity, build cutting-edge infrastructure, and lead globally, ensuring that American workers and families thrive in the AI era. We are moving with urgency to make this vision a reality,” said White House Office of Science and Technology Policy Director Michael Kratsios.
    “Artificial intelligence is a revolutionary technology with the potential to transform the global economy and alter the balance of power in the world. To remain the leading economic and military power, the United States must win the AI race. Recognizing this, President Trump directed us to produce this Action Plan. To win the AI race, the U.S. must lead in innovation, infrastructure, and global partnerships. At the same time, we must center American workers and avoid Orwellian uses of AI. This Action Plan provides a roadmap for doing that,” said AI and Crypto Czar David Sacks.
    “Winning the AI Race is non-negotiable. America must continue to be the dominant force in artificial intelligence to promote prosperity and protect our economic and national security. President Trump recognized this at the beginning of his administration and took decisive action by commissioning this AI Action Plan. These clear-cut policy goals set expectations for the Federal Government to ensure America sets the technological gold standard worldwide, and that the world continues to run on American technology,” said Secretary of State and Acting National Security Advisor Marco Rubio.
    Learn more at ai.gov. 

    MIL OSI USA News –

    July 24, 2025

  • MIL-OSI United Kingdom: Edition 40: News from the Adjudicator

    Source: United Kingdom – Executive Government & Departments

    News story

    Edition 40: News from the Adjudicator

    Read the latest newsletter from the Groceries Code Adjudicator (GCA).

    I am pleased to be updating you about recent news from the GCA, including the commencement of a statutory investigation, the publication of the 2025 survey results and the launch of registration for my 2025 annual conference.

    Amazon investigation

    On 20 June 2025, I launched a targeted investigation into whether Amazon has delayed payments to suppliers, in breach of Paragraph 5 of the Groceries Code. I decided to launch the investigation based on the range of evidence I had seen from multiple sources.

    Delays in payment can significantly harm suppliers, potentially exposing suppliers to excessive risk and unexpected costs and affecting suppliers’ ability to invest and innovate.

    The investigation will cover the extent to which paragraph 5 of the Code may have been breached; any impact of Amazon’s conduct on suppliers; and the root causes of any issues.

    The call for evidence closes on 8 August 2025, so there’s still plenty of time for direct suppliers and other stakeholders to confidentially respond and provide information about your experiences with Amazon. Thank you to those who have already provided evidence.

    For further information, including on how to respond and the confidentiality that applies to all responses, please view the Notice of Investigation.

    Survey results

    I also published my 2025 survey results last month.

    The survey is an important tool for understanding perceptions of Code compliance across the 14 large designated retailers and tackling the most prevalent issues. Thank you to everyone who took the time to complete the survey at the beginning of the year.

    I am pleased that the results show improved Code compliance across the sector. The number of suppliers suffering Code issues fell from 33% in 2024 to 30% in 2025. The average perceived Code compliance across the retailers rose from 91% to 93% with improvements at the five retailers with the perceived lowest Code compliance in 2024. For the first time at least 90% of suppliers perceived that 13 retailers were Code compliant all or most of the time.  

    There was also a fall in the number of suppliers experiencing several issues. Some of the standout improvements include:

    • delays in payments (11% of suppliers from 14% in 2024)
    • inadequate processes and procedures to enable invoice discrepancies to be promptly resolved (17% of suppliers from 21% in 2024)
    • undisputed invoices not paid according to agreed terms (9% of suppliers from 12% in 2024).

    You can find further detail in the information pack published on the GCA website.

    I have recently begun my regular round of meetings with each of the Code Compliance Officers. I have asked each of them to explain at the meetings how they will respond to their individual survey results. I will hold the large retailers to account to ensure that they deliver changes that resolve issues and improve Code compliance.

    YouGov carried out the survey and is now conducting a series of deep dive interviews with suppliers to provide further detail about their experiences. YouGov will present their findings at my conference, details below.

    Conference

    Registration is now open for the GCA Annual Conference 2025 which will take place on Tuesday 30 September.

    The conference will bring together the 14 large retailers, suppliers and industry experts to reflect on changes to the groceries sector, ongoing challenges, support available for suppliers and future priorities. To register, please visit the GCA website.

    I look forward to meeting many of you and hearing your views and questions in September.

    Annual Report and Accounts

    I published my Annual Report and Accounts on Friday 18 July. The report covers the GCA’s work during 2024/25 to ensure that the designated retailers treat their suppliers fairly and lawfully.

    Find out more on the GCA website.

    Statutory review

    The Department for Business and Trade (DBT) has launched a consultation as part of its fourth statutory review of the GCA. DBT seeks evidence, including about how the GCA has performed its statutory obligations from 1 April 2022 to 31 March 2025.

    The consultation closes on 5 August 2025. Find out more and respond to the consultation.

    Further information 

    • If you are reading this on the GCA website but want to receive future newsletters by email, you can sign up here.
    • You can follow the GCA LinkedIn and X accounts to keep up to date with the latest news, information, and events.
    • I recommend that all suppliers undertake Code training. You can view the Code trainers I am aware of here.
    • Elizabeth Granger is the new Code Compliance Officer at TJ Morris (trading as Home Bargains). Elizabeth’s and all the Code Compliance Officers’ contact details are available on the GCA website.

    Getting in touch 

    If you would like to get in touch with me and the GCA team confidentially, please email enquiries@groceriescode.gov.uk or report issues anonymously 24/7 via telltheGCA.co.uk.

    Mark White

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    Updates to this page

    Published 23 July 2025

    MIL OSI United Kingdom –

    July 24, 2025
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