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Category: Transport

  • MIL-OSI USA: Capito, Warnock Introduce Bipartisan Bill to Boost Child Care Workforce, Increase Access to Early Head Start Programs

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    WASHINGTON, D.C. — U.S. Senators Shelley Moore Capito (R-W.Va.) and Reverend Raphael Warnock (D-Ga.) last week introduced the bipartisan Head Start Education and Development Workforce Advancement and Yield (HEADWAY) Act. The legislation would address early child care workforce shortages by allowing Early Head Start classroom teachers to teach and earn their Child Development Associate (CDA) credential simultaneously. As of February 2023, nearly 20% of Head Start and Early Head Start staff positions remained vacant nationwide.

    The HEADWAY Act would also help pave the way for greater hiring flexibility, attract more qualified candidates to the profession of early childhood education, and ensure that Early Head Start classrooms are fully staffed.

    “Workforce shortages in child care centers, including in Head Start and Early Head Start, can be particularly challenging for families and communities because so many parents rely on consistent childcare to be able to work. I am proud to help introduce the HEADWAY Act, which will add staff to Early Head Start classrooms, and give early-career child care workers the skills, mentorship, and experience they need to thrive,” Senator Capito said.

    “I’m where I am today because of programs like Head Start,” Senator Warnock said. “Ensuring our nation’s children have access to quality child care and excellent teachers is crucial, which is why I am so pleased to work across the aisle with Senator Capito on this effort. As the father of two young kids, I know how crucial education is during those formative years to their continued growth.”

    The HEADWAY Act will allow Head Start to fulfill its commitment to providing high-quality, early childhood education for children from vulnerable families, laying the foundation for their future success. The HEADWAY Act will support Early Head Start professionals and give program directors the flexibility they need to respond to employment trends, while still maintaining the high standards and professionalization of the field.

    A copy of the bill text can be found here.

    The one-pager can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Cotton, Colleagues Introduce Legislation to Increase Hospital Transparency for New and Expecting Parents

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    July 24, 2025

    Cotton, Colleagues Introduce Legislation to Increase Hospital Transparency for New and Expecting Parents

    Washington, DC — Senators Tom Cotton (R-Arkansas), Cynthia Lummis (R-Wyoming), Cindy Hyde-Smith (R-Mississippi), and Rick Scott (R-Florida) today introduced the Neonatal Care Transparency Act, legislation that would require hospitals to publicly disclose at what life-saving care will be provided to an infant.

    “When faced with an early birth parents should be able to ensure that the delivery hospital is equipped and prepared to provide care for their child. This bill will provide parents with the information needed to welcome their child into the world safely,” said Senator Cotton.

    “Children are God’s greatest gift to the world, and expecting parents deserve peace of mind knowing their delivery hospital is fully prepared to care for their newborn. I am proud to join my colleagues in ensuring hospitals are transparent on how life-saving care will be provided to premature infants,” said Senator Lummis.

    “Families shouldn’t face uncertainty during early labor about whether their premature baby will receive life-saving care from a hospital or not. When a baby’s survival is on the line, parents deserve clear information. I’m proud to support this legislation that requires hospitals to be transparent about their policies. It’s a commonsense measure that protects vulnerable infants and supports families in critical moments,” said Senator Hyde-Smith.

    “Becoming a parent is one of the great things in this life, and parents deserve complete transparency throughout the process. This bill will ensure hospitals are upfront about the care they can provide so they’re giving families all the information they need to make the most informed decisions to protect their child,” said Senator Scott.

    Bill text is here.

    The Neonatal Care Transparency Act would:

    • Require hospitals to publicly disclose:
      • The minimum gestational age at which life-saving care will be provided to an infant in the case of a premature birth; and
      • The process by which the hospital would transfer the infant and mother to the nearest neonatal ICU if the hospital does not have the capacity to provide life-saving care to a preemie.
    • Require health care practitioners to disclose the policies above during an initial consultation.

    MIL OSI USA News –

  • MIL-OSI USA: Cotton, Colleagues Introduce Legislation to Increase Hospital Transparency for New and Expecting Parents

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    July 24, 2025

    Cotton, Colleagues Introduce Legislation to Increase Hospital Transparency for New and Expecting Parents

    Washington, DC — Senators Tom Cotton (R-Arkansas), Cynthia Lummis (R-Wyoming), Cindy Hyde-Smith (R-Mississippi), and Rick Scott (R-Florida) today introduced the Neonatal Care Transparency Act, legislation that would require hospitals to publicly disclose at what life-saving care will be provided to an infant.

    “When faced with an early birth parents should be able to ensure that the delivery hospital is equipped and prepared to provide care for their child. This bill will provide parents with the information needed to welcome their child into the world safely,” said Senator Cotton.

    “Children are God’s greatest gift to the world, and expecting parents deserve peace of mind knowing their delivery hospital is fully prepared to care for their newborn. I am proud to join my colleagues in ensuring hospitals are transparent on how life-saving care will be provided to premature infants,” said Senator Lummis.

    “Families shouldn’t face uncertainty during early labor about whether their premature baby will receive life-saving care from a hospital or not. When a baby’s survival is on the line, parents deserve clear information. I’m proud to support this legislation that requires hospitals to be transparent about their policies. It’s a commonsense measure that protects vulnerable infants and supports families in critical moments,” said Senator Hyde-Smith.

    “Becoming a parent is one of the great things in this life, and parents deserve complete transparency throughout the process. This bill will ensure hospitals are upfront about the care they can provide so they’re giving families all the information they need to make the most informed decisions to protect their child,” said Senator Scott.

    Bill text is here.

    The Neonatal Care Transparency Act would:

    • Require hospitals to publicly disclose:
      • The minimum gestational age at which life-saving care will be provided to an infant in the case of a premature birth; and
      • The process by which the hospital would transfer the infant and mother to the nearest neonatal ICU if the hospital does not have the capacity to provide life-saving care to a preemie.
    • Require health care practitioners to disclose the policies above during an initial consultation.

    MIL OSI USA News –

  • From Trade to Technology: India-Maldives cooperation set to expand

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi concluded a landmark visit to the United Kingdom on Thursday, setting the stage for the next phase of his two-nation tour as he departed for the Maldives. This marks his third visit to the island nation and the first by a head of government during the tenure of Maldivian President Mohamed Muizzu.

    The visit is expected to deepen the growing partnership between India and the Maldives, especially under the framework of the India-Maldives Joint Vision for a Comprehensive Economic and Maritime Security Partnership, adopted during President Muizzu’s visit to India in October 2024.

    Expanding Economic Ties
    India’s economic and trade relationship with the Maldives has transformed in recent years into a multi-dimensional partnership encompassing trade, infrastructure, finance, and technology. The foundation of this relationship was laid in 1981 when both countries signed a bilateral trade agreement under which India assured the export of essential commodities to the Maldives.

    In April 2025, India approved the highest-ever quotas for essential goods exports to the Maldives, reaffirming its commitment to the welfare of its maritime neighbour.

    Trade between the two nations has grown substantially-from crossing the USD 300 million mark in 2021 to exceeding USD 500 million in 2022. In 2023, bilateral trade stood at USD 548 million. This surge was driven by the launch of a dedicated cargo vessel service in September 2020 and several Lines of Credit (LoC) projects initiated since 2021. Visa-free access for Indian business travellers, granted in February 2022, further encouraged commercial engagement.

    India primarily exports pharmaceuticals, engineering goods, cement, agricultural products, and construction materials to the Maldives. In return, scrap metals make up a bulk of Indian imports from the Maldives. Notably, duty-free tuna exports from the Maldives to India were introduced in August 2022, aiming to boost the island nation’s seafood sector.

    Strategic Financial Cooperation
    The State Bank of India (SBI), operational in the Maldives since 1974, has played a key role in supporting economic infrastructure by financing resort development and marine exports. In November 2022, India extended a USD 100 million financial support package via SBI Malè by subscribing to Maldivian government domestic T-bonds backed by a sovereign guarantee from India. The support was renewed in 2024 with an interest-free extension under a unique government-to-government arrangement.

    In response to further budgetary needs, India offered an additional USD 400 million currency swap facility in October 2024. This follows a 2022 agreement signed between the Reserve Bank of India and the Maldives Monetary Authority under the SAARC framework, allowing up to USD 200 million in withdrawals.

    Digital and FinTech Partnerships
    In August 2024, India and the Maldives signed an agreement enabling the use of India’s Unified Payments Interface (UPI) in the Maldives. This development, facilitated during the visit of India’s External Affairs Minister to Malè, represents a critical step toward digital and financial integration between the two nations.

    To further enhance economic cooperation, Maldivian Finance Minister Moosa Zameer visited New Delhi in December 2024 to participate in the Global Economic Policy Forum. He held bilateral meetings with India’s Finance Minister Nirmala Sitharaman and engaged with business leaders from the Confederation of Indian Industry (CII) to explore investment opportunities.

  • MIL-OSI USA: Murray, Booker, Schumer, Duckworth, DeLauro Reintroduce Bicameral Legislation to Increase Access to Fertility Treatment

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Washington, D.C. –  Today, U.S. Senators Patty Murray (D-WA), Cory Booker (D-NJ), Democratic Leader Chuck Schumer (D-NY), and Tammy Duckworth (D-IL) along with U.S. Representative Rosa DeLauro (D-CT) reintroduced the bicameral Access to Fertility Treatment and Care Act, legislation that would require more health insurers to provide coverage for infertility treatment, as well as fertility preservation services for individuals who undergo medically necessary procedures that may cause infertility, such as chemotherapy.

    “Infertility is a painful struggle for millions of people in America, and the steep cost of infertility treatment like IVF prevents many of them from growing their families—that’s just wrong. The Access to Fertility Treatment and Services Act would require more insurance plans, including TRICARE and the VA coverage our veterans and their families rely on, to cover infertility treatment without raising insurance costs or copays. We should be doing everything we can to support families and make it easier to have and raise children in America, and our legislation is one important step in that direction,” said Senator Murray.

    “Everyone’s path to parenthood is different, and the decision to pursue fertility treatments is deeply personal,” said Senator Booker. “Nobody should have to choose between financial stability and the opportunity to have a family. On top of that, people who find themselves at the daunting intersection of a cancer diagnosis and fertility challenges should have access to affordable fertility services. This legislation would require more insurance plans to cover fertility treatments so that Americans no longer face barriers to care when deciding to start a family.” 

    “While Republicans have tried to brand themselves as the pro-family party, Senate Democrats are putting forward actual solutions to help the millions of Americans grappling with the financial and medical realities of safely growing their families,” said Leader Schumer. “Infertility can – and does – affect so many in our communities, and while Republicans continue their relentless attacks on reproductive rights, I will keep fighting to protect access to affordable health care and am proud to support this legislation which offers hope and opportunity to many with this deeply personal decision.”

    “Millions of Americans depend on IVF to build a family—and yet, this treatment is too often out of reach for so many because of exorbitant, out-of-pocket costs,” said Senator Duckworth. “If Donald Trump really wants to deliver on his campaign promise to ensure IVF is covered for those who rely on it, he’d call on Republicans to support our bill that would expand coverage for so many more Americans. Otherwise, all the pro-IVF talking points are just more empty promises from people who have proven time and again they have no interest in actually taking any meaningful action to protect IVF access.”

    “When people don’t have insurance coverage for fertility care, they are forced to make impossible choices between paying for treatment or affording essentials,” said Congresswoman DeLauro. “The emotional and physical toll of trying to build a family is already heavy. We should not add a crushing financial burden on top of it. This bill ensures that all families have the insurance coverage they deserve. Americans should have the opportunity to grow their families without sacrificing their basic needs.”

    “Every day providers encounter patients who need medical treatments like IVF to build their families, but have to forego, delay, or stop treatment because they cannot afford it,” said Sean Tipton, ASRM Chief Advocacy & Policy Officer. “While ASRM has championed progress on state-level IVF mandates, we firmly believe that access to health care should not depend on your zip code. For this reason, we remain grateful to Sen. Booker and Rep. DeLauro for their tireless leadership on the Access to Infertility Treatment and Care Act. It is well past time for Congress to pass this critical legislation and achieve access to family building care for all Americans.”

    “Every day, millions of Americans face heartbreaking and unnecessary barriers to building their families, simply because they can’t afford the out-of-pocket medical costs. Access to fertility treatment should not depend on your income, your zip code, or your employer. The ‘Access to Fertility Treatment and Care Act’ is a critical step toward ensuring that everyone has the opportunity to pursue their dream of having a family. On behalf of RESOLVE and the family-building community, I thank Senator Cory Booker and Congresswoman Rosa DeLauro for their steadfast leadership in championing equitable access to care,” said Danielle Melfi, President & CEO, RESOLVE: The National Infertility Association.

    Despite the prevalence of infertility – a reported one in six couples have challenges conceiving – coverage for treatment options is limited. In 2024, nearly half of large employers voluntarily offered fertility benefits and 97% of those offering benefits reported no significant increase in costs to their medical plans.

    Specifically, the Access to Fertility Treatment and Care Act would:

    1. Require most private health insurance plans, as well as plans offered by the Federal Employees Health Benefits Program, Medicaid, TRICARE, ERISA, and the VA, to provide coverage for treatment of infertility without raising insurance or copayment costs.
    2. Ensure these plans cover fertility preservation services for individuals who undergo a medically necessary procedure that may cause infertility.

    The bill is endorsed by the following organizations: Alliance for Fertility Preservation, Endocrine Society, Hadassah, The Women’s Zionist Organization of America, North American Society for Pediatric and Adolescent Gynecology, National Women’s Political Caucus, American Society for Reductive Medicine, Resolve, MomsRising, In Our Own Voice: National Black, Women’s Reproductive Justice Agenda, National partnership for Women and Families, Invisible Project, Human Rights Campaign, Families USA, National  LGBTQ Task Force Action Fund, Service Women’s Action Network, Guttmacher, ACOG, and AllPaths Family Building.

    The bill is cosponsored by U.S. Senators Chris Coons (D-DE) and Amy Klobuchar (D-MN).

    The full text of the bill can be found HERE.

    Senators Murray has been leading the charge to protect IVF for the millions of Americans who rely on it nationwide. Last Congress, Murray introduced the Right to IVF Act in the Senate—which would establish a nationwide right to IVF and other assisted reproductive technology (ART) and lower the costs of IVF treatment for middle-class families. The Right to IVF Act also includes Senator Murray’s longtime bill—the Veteran Families Health Services Act—to help veterans and servicemembers, who experience higher rates of infertility and encounter restrictive laws and policies before they can access IVF services.

    Despite many Republicans publicly claiming to support IVF, nearly every Senate Republican voted against the bill in June twice last year. Overall, Republicans blocked legislation that would protect IVF nationwide three separate times last year.

    Senator Murray has been fighting for over a decade to expand access to IVF care for veterans and servicemembers, and  protect servicemembers’ and veterans’ access to the reproductive care they deserve. She has introduced multiple pieces of legislation to address the challenges veterans face when starting a family after their service, and in 2012, Senator Murray secured Senate passage of a provision to end the ban on IVF services at VA.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Opening Remarks at Full Committee Mark Up of Interior-Environment and Transportation-Housing and Urban Development Bills

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***WATCH: Senator Murray’s opening remarks***

    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, delivered the following opening remarks as the committee meets to consider the draft fiscal year 2026 Interior, Environment, and Related Agencies, and Transportation, Housing and Urban Development, and Related Agencies appropriations acts.

    Senator Murray’s opening remarks, as delivered, are below:

    “Thank you very much, Chair Collins, and thank you to Senator Murkowski and Senator Merkley, our Interior subcommittee leads, and Senators Hyde-Smith and Gillibrand, our THUD subcommittee leaders, for working so hard and working together to hammer out two bipartisan bills.

    “May not be the bills I would have written on my own, certainly more I would love to see us do and investments and accountability measures I’d like to see. But these bills are serious bipartisan compromises that reject many of the truly harmful cuts Trump and House Republicans are pushing for, and maintains crucial programs that help make sure folks back home have a roof over their heads; safe, reliable transportation; and clean air and water.

    “In the Interior bill, we were able to put together a bill that protects public lands and national parks, invests in fighting wildfires, helps live up to our obligations to Tribes, and invests in critical work protecting our environment—and our families.

    “And in the THUD bill, we were able to maintain crucial investments to address the housing crisis reject Trump’s deep cuts to rental assistance programs that make sure millions of families have a roof over their head and invest in transportation infrastructure across the board—including a much needed increase to hire more air traffic controllers.

    “These are worthwhile investments—and they show just what is possible if we work together and exactly why a bipartisan process is a better path for everyone than the Trump bills House Republicans seem intent on writing—or another slush fund CR.

    “Now, Russ Vought may want to break this process—and make it more partisan, he said so. He may want to set Congress on a track for a shutdown. But we, on this committee, can reject that partisan vision that hurts working families everywhere. And we can reject the painful cuts and policies they’re trying to inflict in our communities—just as these bills do.

    “In fact, I think most of us here recognize that we have to reject that path.

    “Because, at the end of the day—passing funding bills here in the Senate takes 60 votes.

    “And that means the Trump-Vought path is choosing a dead end and a shut down.

    “I won’t pretend the work ahead is going to be easy—I think every one of us knows, compromise means doing hard work, making hard choices.

    “And it requires trust—something that unfortunately continues to be chipped away at. I hope that trajectory can be reversed—and I look forward to more discussion on each of the bills before us today.”

    MIL OSI USA News –

  • MIL-OSI USA: Senate Appropriations Committee Approves Interior-Environment, Transportation-HUD Bills

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Committee approves Interior-Environment bill in a 26-2 vote — BILL SUMMARY HERE

    Committee approves Transportation-HUD bill in a 27-1 vote — BILL SUMMARY HERE

    ***WATCH and READ: Senator Murray’s opening remarks***

    Washington, D.C. – Today, the Senate Appropriations Committee met for a full committee markup to consider its draft fiscal year 2026 Interior, Environment, and Related Agencies, and Transportation, Housing and Urban Development, and Related Agencies appropriations acts.

    “These may not be the bills I would have written on my own. There’s more I certainly want to see us do and investments and accountability measures I’ll keep pushing for. But these bills are serious, bipartisan compromises that reject so many of the truly harmful cuts Trump and House Republicans are pushing for and that maintain crucial programs that help make sure folks back home have a roof over their head, safe, reliable transportation, and clean air and water,” said Vice Chair Patty Murray in her opening remarks. “Now, Russ Vought may want to break this process and make it more partisan. He may want to set Congress on track for a shutdown. But we can reject that partisan vision that hurts working families everywhere. And we can reject the painful cuts and policies Trump and Vought are trying to inflict in our communities—just as these bills do.”

    In a 26-2 vote, the Committee approved the draft fiscal year 2026 Interior, Environment, and Related Agencies appropriations bill.

    “Oregonians turned out in record numbers during my town halls to deliver a clear message—we need to do everything we can to fight against harmful federal funding cuts and to instead double down on supporting our public lands, Tribal communities, and clean air and water for all,” said Senator Jeff Merkley (D-OR), Ranking Member of the Interior, Environment, and Related Agencies Subcommittee. “This bipartisan bill protects funding for operating the National Park System, National Refuge System, National Forest System, our National Conservation Lands, and the Land and Water Conservation Fund, making a bold statement to the Trump Administration that Congress intends to fight back against any attempt to rip away public lands from public use. I’ll continue to work with members from both parties to invest in our country’s and our children’s futures.”

    “When it comes to protecting our public lands, this bill provides critical funding for our National Parks and our Forest Service and rejects the absolutely paltry level Trump put forward, as well as the House Republican level. It also prevents our national parks from being sold off. It ensures federal firefighters will not face a pay cut, and it fully funds wild fire prevention and suppression. When it comes to our obligations to our Tribes, we were able to provide $12 billion across Tribal programs—rejecting Trump efforts to cut Tribal safety, Tribal schools, the Bureau of Indian Affairs, and advanced appropriations for the Indian Health Service,” said Vice Chair Murray in comments on the bill. “This bill also protects clean water and air programs and continues vital, cutting-edge research that protects families’ health and wellbeing which is under threat from this administration. No doubt, there is more I’d like to do here but this is a solid bipartisan bill to sustain critical programs that protect our environment and families’ health in the face of Trump cuts.”

    The following amendments to the bill were considered during today’s mark up:

    • Manager’s package offered by Chair Murkowski.
      • Adopted unanimously.
    • Reed amendment to prevent the Trump administration from redirecting funding Congress provided for the National Endowment of the Humanities to fund its plans to create a sculpture garden of notable Americans at its discretion.
      • Debated; withdrawn.
    • Heinrich amendment to require the National Park Service, the U.S. Forest Service, and the Department of the Interior to maintain at least the same number of full-time equivalents as they had in September 2020 to ensure adequate staffing at our national parks and for wildfire prevention and response.
      • Republicans rejected the amendment in a 15-14 party-line vote.

    A summary of the bill is available HERE.

    Final bill text, report, Congressionally Directed Spending (CDS) projects, and adopted amendments will be available HERE later today.

    In a 27-1 vote, the Committee approved the draft fiscal year 2026 Transportation, Housing and Urban Development, and Related Agencies appropriations bill.

    “I would like to thank Chair Collins, Vice Chair Murray, and Chair Hyde-Smith for their leadership and support of this bipartisan bill. As ranking member of the Transportation and Housing Subcommittee, I am committed to working with Democrats and Republicans alike to find bipartisan solutions to meet the needs of my constituents. This bill provides safe and efficient travel by fully funding the FAA and by making investments in Amtrak and transit projects critical to New York. It also protects families, seniors, and people with disabilities who rely on HUD rental and homeless assistance programs, while also investing in affordable housing. The bill soundly rejects the harmful proposals from the Trump administration and will help lower costs for all Americans,” said Senator Kirsten Gillibrand (D-NY), Ranking Member of the Transportation, Housing and Urban Development, and Related Agencies Subcommittee.

    “While I still want to do more to address the housing crisis—and I am not going to stop pushing on that—I’m glad to say this bill rejects President Trump’s proposed cuts to rental assistance that would have put 10 million people at risk of eviction—mostly kids, seniors, and people with disabilities. This bill delivers funding to help ensure no one is kicked out of their home, and keep families stably housed,” Vice Chair Murray said in comments on the bill. “When it comes to transportation, this bill includes a much-needed increase for FAA to hire air traffic controllers, modernize equipment, and more. It also invests in highway safety, rail safety, and pipeline safety—not to mention investments in our ports and shipyards. It rejects Trump’s cuts to the essential air services that would have cut off so many small and rural communities. It rejects House Republicans’ proposal to slash Capital Investment Grants by 98%. And of course, it rejects Trump’s plan to eliminate BUILD grants. This is a program I helped launch that supports major construction projects across the country.”

    The following amendments to the bill were considered during today’s mark up:

    • Manager’s package offered by Chair Hyde-Smith.
      • Adopted unanimously.
    • Merkley amendment to prohibit funds provided in any fiscal year 2026 appropriations act from being eligible for rescissions or deferrals under the Impoundment Control Act’s fast-track procedures, ensuring they can only be considered through annual appropriations bills.
      • Republicans rejected the amendment in a 15-14 party line vote.

    A summary of the bill is available HERE.

    Final bill text, report, Congressionally Directed Spending (CDS) projects, and adopted amendments will be available HERE later today.

    MIL OSI USA News –

  • MIL-OSI USA: AARP Endorses Cassidy Bill to Eliminate Waste, Fraud, and Abuse in Medicare Advantage Program

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy

    WASHINGTON – The American Association of Retired Persons (AARP) endorsed the No Unreasonable Payments, Coding, or Diagnoses for the Elderly (No UPCODE) Act. The landmark legislation introduced earlier this year by U.S. Senators Bill Cassidy, M.D. (R-LA) and Jeff Merkley (D-OR) improves the way Medicare Advantage plans assess patients’ health risks and reduce overpayments for care. Medicare Advantage is a program that millions of seniors rely on to deliver high-quality care.
    “AARP believes that the No UPCODE Act is a commonsense solution that protects older Americans, strengthens oversight, and helps to ensure the long-term sustainability of Medicare,” said Bill Sweeney, AARP’s senior vice president for government affairs.
    “This bill addresses a problem both Republicans and Democrats have labeled as waste, fraud, and abuse. AARP agrees the No UPCODE Act protects seniors by preserving benefits and eliminating waste,” said Dr. Cassidy. “When companies upcode, taxpayers foot the bill and patients get nothing. That’s wrong.”
    Traditional Medicare plans reimburse providers for the cost of treatments rendered, while Medicare Advantage is paid a standard rate based on the health of an individual patient. Because of this, Medicare Advantage plans have a financial incentive to make beneficiaries appear sicker than they may be to receive a higher Medicare reimbursement. This bill will save $200 billion to $270 billion over 10 years.
    The No UPCODE Act would eliminate those incentives by:

    Developing a risk-adjustment model that uses two years of diagnostic data instead of just one year.
    Limiting the ability to use old or unrelated medical conditions when determining the cost of care. 
    Ensuring Medicare is only charged for treatment related to relevant medical conditions.
    Closing the gap between how a patient is assessed under traditional Medicare and Medicare Advantage.

    Background
    Earlier this year, Cassidy discussed his No UPCODE Act during U.S. Centers for Medicare and Medicaid Services (CMS) Director nominee Mehmet Oz’s confirmation hearing before the U.S. Senate Finance Committee.

    MIL OSI USA News –

  • MIL-OSI USA: Brownley Introduces Legislation to Protect Survivor Benefits for Veterans’ Spouses

    Source: United States House of Representatives – Julia Brownley (D-CA)

    Washington, DC – Today, Congresswoman Julia Brownley (CA-26) announced the introduction of the Veterans’ Surviving Spouse Equity Act, legislation to ensure surviving spouses of veterans are not unfairly denied benefits due to outdated marriage laws. The bill would align spousal benefits eligibility between the Social Security Administration (SSA) and the Department of Veterans Affairs (VA) and correct long-standing inconsistencies in VA law that prevent veteran spouses from accessing the survivor benefits their life partners earned in service to our country. 

    “After hearing from a constituent who was denied survivor benefits because of outdated marriage laws, I introduced this bill to rectify this wrong,” said Congresswoman Julia Brownley. “She had spent years caring for her veteran spouse, yet after his passing, she was left to navigate a cold and unforgiving bureaucracy that refused to recognize their life together. Sadly, her story is not unique. Across the country, too many surviving spouses are being forced to navigate a bureaucratic maze of outdated and inconsistent marriage laws at one of the most difficult times in their lives – after the loss of their life partner. The Veterans’ Surviving Spouse Equity Act will ensure these spouses are seen, heard, and treated with the dignity and respect they deserve. When a veteran serves our country, their family serves too. It’s time our laws reflect that.”

    Under current law, surviving spouses are eligible for Dependency and Indemnity Compensation (DIC) benefits; however, eligibility is limited to spouses who were married to the veteran for at least one year or who had a child with the veteran. A significant challenge for surviving spouses of veterans is that VA relies on inconsistent definitions of marriage to determine eligibility for survivor benefits. These rules lead to unfair outcomes, denying benefits to long-term partners whose relationships don’t fit narrow legal criteria. 

    While the VA recognizes informal unions like common-law marriages in some cases, eligibility often depends on a confusing patchwork of state laws and a couple’s awareness of those laws. For example, a couple in a common-law marriage living in California (a state that does not recognize common-law marriage) may be denied benefits, while a similar couple in Colorado would qualify. To make matters worse, surviving spouses who know their state does not recognize common-law marriage can actually be at a disadvantage when applying for survivor benefits.

    Additionally, the law requires that couples be legally married for at least one year for the surviving spouse to receive benefits. This arbitrary rule means someone who lived with and cared for a veteran for many years but was legally married for only six months may be denied benefits, while someone married for just over a year would qualify. In some instances, VA has even determined that a civil or religious marriage within the last year of a veteran’s life terminates an existing common-law marriage, restarting the one-year clock and further complicating eligibility.

    Unlike VA, the Social Security Administration (SSA), pursuant to Section 1614 of the Social Security Act, permits a spouse to qualify for survivor benefits if they hold “themselves out to the community in which they reside as husband and wife.”

    The Veterans Surviving Spouse Equity Act would synchronize spousal qualifications between SSA and VA, allowing VA to recognize a surviving spouse if they lived with the veteran in the same household for at least one year continuously until the veteran’s death, and if the couple held themselves out as married to their community, regardless of whether there was a legal or religious marriage during that year.

    The Veterans’ Surviving Spouse Equity Act is endorsed by Minority Veterans of America.

    Read the full text of the bill here.

    ###

    Issues: 119th Congress, Veterans’ Affairs

    MIL OSI USA News –

  • MIL-OSI Australia: Crash at Wingfield

    Source: New South Wales – News

    The Port River Expressway has reopened after an overnight crash.

    The single vehicle collision occurred on the Port River Expressway at Wingfield about 2.45am on Friday 25 July.

    A car hit a light pole on the median strip and ended up in a ditch.

    The driver, a 32-year-old Elizabeth North man, was extricated from the wrecked car by emergency services and taken to hospital with serious injuries.

    His passenger, a 21-year-old Elizabeth Downs woman, also sustained injuries and was taken to hospital.

    The road was closed until 5am but has since reopened.

    The car was towed from the scene.

    Investigations into the crash are continuing.

    Anyone who witnessed the collision or has any dashcam footage is asked to contact Crime Stoppers on 1800 333 000 or online at www.crimestopperssa.com.au

    191115

    MIL OSI News –

  • MIL-OSI Security: Former Kokomo Police Department Officer Charged with Sexually Assaulting 14-Year-old Girl

    Source: United States Attorneys General

    A federal grand jury in Indianapolis, Indiana, returned a two-count indictment, unsealed today, charging former Kokomo Police Department officer Sinmi Asomuyide with sexually assaulting a 14-year-old girl and with lying to state investigators to try to cover up the assault.

    The first count of the indictment charges Asomuyide, who was 31 years old, with willfully depriving Minor #1, who was 14 years old, of her constitutional rights by sexually assaulting her.  The first count also charges that the defendant’s conduct included kidnapping.

    The second count of the indictment charges Asomuyide with lying to the Indiana State Police to try to cover up the assault by, among other things, denying having sexual contact with Minor #1 and denying that there would be any reason for the presence of his semen in his squad car when, in fact, he ejaculated inside his squad car after causing Minor #1’s hand to touch his exposed penis.

    If convicted, Asomuyide faces a maximum sentence of life in prison.

    Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division, Interim U.S. Attorney Thomas E. Wheeler for the Southern District of Indiana, and Special Agent in Charge Timothy O’Malley of the FBI Indianapolis Field Office made the announcement.

    The FBI Indianapolis Field Office is investigating the case, with the cooperation of the Kokomo Police Department; Bloomington Police Department; and Indiana State Police.

    Assistant U.S. Attorney Peter Blackett for the Southern District of Indiana and Senior Sex Crimes Counsel Tara Allison of the Justice Department’s Civil Rights Division are prosecuting the case.

    This investigation is ongoing.  Anyone with additional information is encouraged to call the FBI at 1-800-CALL-FBI.

    An indictment is merely an allegation. The defendant is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Russia: Passenger car production in Russia fell by 2 percent in January-June

    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 24 (Xinhua) — Russia produced 326,000 passenger cars in the first half of 2025, down 2.1 percent from the same period a year earlier, the Federal State Statistics Service of the Russian Federation published on Thursday.

    In June, 45 thousand passenger cars were produced in Russia. This is 28.2 percent less than in June 2024.

    In the first half of 2025, the country saw a 23.9 percent reduction in truck production. During this period, 68.8 thousand units were produced in Russia. –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 –

  • MIL-OSI United Nations: Deputy Secretary-General, at High-level Political Forum’s Africa Day, Says Investment Crucial for Development in Continent’s ‘Resilient, Determined, Unstoppable’ Nations

    Source: United Nations 4

    Following are UN Deputy Secretary-General Amina Mohammed’s opening remarks, as prepared for delivery, on the occasion of Africa Day at the High-level Political Forum 2025:

    It is a great honour to join you here today.

    As we celebrate Africa Day within this High-Level Political Forum, we gather not only to take stock, but to bear witness to something extraordinary:  a continent that refuses to be defined by its starting point but instead chooses to measure itself by how far it has travelled.

    Make no mistake:  Africa began its sustainable development journey on the back foot.  Colonial legacies that took wealth and left behind fractured institutions.  Climate catastrophes that wash away decades of progress in a single season.  Conflicts that force entire populations to abandon everything they have built.  These are daily realities that test the resolve of every African nation.

    Yet here we stand, with 10 countries presenting their Voluntary National Reviews this year as testaments to resilience.  Angola achieving its strongest economic growth in a decade while building over 12,000 new schools.  Ethiopia sustaining remarkable growth while powering its entire electrical grid from renewable sources.  The Gambia driving robust development across agriculture, tourism and services.

    These efforts are part of a broader continental push to realize the vision of Agenda 2063 and the 2030 Agenda for Sustainable Development.  In the Voluntary National Reviews, we see that vision coming to life. More than 100 other Voluntary National Reviews have been prepared in the last decade since the Sustainable Development Goals (SDGs) were adopted and tell promising stories of progress across the Continent.

    But let us be clear on the full scale of the challenges facing Africa.  When a country like Sudan facing conflict sees the vast majority of its factories destroyed with unemployment soaring to crushing levels, we are reminded that progress is neither linear nor guaranteed.

    When young people across our continent still struggle to find decent work, we know that our most precious resource — our youth — still faces barriers that deny them their rightful place in building tomorrow’s Africa.

    When Africa gets the fundamentals right, like quality education for every child, the path to higher ground becomes clearer.  Digital transformation, climate resilience, economic justice:  these are no longer distant summits, but peaks within reach, and Africa has always been a continent of climbers.

    Consider the women breaking barriers across our continent.  In parliaments from Rwanda to Eswatini to Ghana, women are claiming seats of power once denied to them.  Across Lesotho, widows now possess rights over family property that previous generations could never imagine.  Each a seismic shift in how African societies recognize the power and potential of half their population.

    Our youth, too, are not passive recipients of change — they are its architects. From Nigeria’s digital revolution to technology driven governance in Seychelles to Morocco’s role in advancing AI [artificial intelligence] research, young Africans are coding and designing the future every step of the way.

    That said, we should not romanticize the road ahead.  At this moment, at this rate, the SDGs are beyond reach in Africa.  We have five years to 2030.  Five years to transform systems that took decades to build.  Five years to close gaps, and the widest gap remains finance.

    Finance is the engine of progress.  Without it, schools don’t get built, clinics stay empty, and peace remains out of reach. The global financial system is not working for Africa.  Borrowing costs are too high, debt burdens are too heavy, and the money that could change lives is tied up in systems that are too slow, too narrow, and too risk averse.

    The Sevilla Commitment is a step forward, a promise to get resources flowing faster, fairer and at the scale we need.  The next five years will test not only our ambition, but our ability to deliver on the most basic promises of dignity and justice — especially in the areas where progress remains most elusive.

    Many women still face gender-based violence that steals their safety, their dignity, and their dreams.  We must dismantle the structural barriers that persist like shadows, following women from childhood through their adult lives.  Our young people deserve more than we have given them.  We must invest urgently in skills development, particularly in the digital and green sectors where Africa can lead the world.

    The bigger picture also betrays an all-too-present imbalance:  too often, African countries are absent from the tables where global decisions are made, yet they are first to feel the impact.

    The Pact for the Future is working to change that.  It calls for more inclusive, representative global governance that reflects today’s realities, not a snapshot of yesterday.  It recognizes that sustainable development cannot be built on a foundation of exclusion, and by adopting the Pact, countries committed to ensuring Africa is where it belongs:  at the table, shaping the decisions that shape our world.  And we are taking the necessary steps to ensure that countries have the UN support and capacity needed to do just that.

    The Secretary-General’s UN80 Initiative also builds on the existing reforms and plots an ambitious path forward to ensure that those we serve have the optimal level and type of capacity in country.

    Africa’s journey toward 2030, 2063 and beyond is not a sprint, it’s a relay race, where each nation, each community, each individual, carries the baton forward.

    The Africa Sustainable Development Report that we are launching today represents both the progress, and the challenges, from a continent still writing its greatest chapter.  It is a declaration that future generations will inherit not the limitations we face, but the possibilities we create.  Above all, they speak to a refusal to accept that history determines destiny.

    I want to thank the African Union, the Economic Commission of Africa, the African Development Bank and the United Nations Development Programme (UNDP) for preparing this crucial piece of work.  Let it be our map for the road ahead.  Let us build on the foundation of commitment it represents.

    The relay baton is in our hands.  The finish line is in sight, and from what I have seen, African nations — resilient, determined, unstoppable — are ready to run.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Serious crash at Tranmere

    Source: New South Wales – News

    Emergency services are at the scene of a serious crash at Tranmere.

    The collision occurred on Glynburn Road, near Richardson Avenue, Tranmere, just before 6am on Friday 25 July.

    Glynburn Road is expected to be closed to southbound traffic from Arthur Street this morning and motorists should avoid the area.

    MIL OSI News –

  • MIL-OSI USA: SBA Disaster Assistance Available for Those Impacted by Rowena Fire

    Source: US State of Oregon

    elp is now available for those recovering from the Rowena Fire. At the request of Governor Tina Kotek, the U.S. Small Business Administration (SBA) has approved an Administrative Disaster Declaration, opening the door for low-interest federal loans to assist impacted residents and business owners.

    If the fire damaged your home, business, property, or vehicle, you may be eligible for an SBA disaster loan to help with repairs or replacement. These loans are available to small businesses, homeowners, and renters.

    Starting Friday, July 18, SBA representatives will be on-site at the Disaster Loan Outreach Center (DLOC) in The Dalles to offer personal, one-on-one assistance. They can answer questions, explain the loan process, and help you complete your application.

    The DLOC is located at The Gloria Center, 2505 W. Seventh St., The Dalles, and is open Monday through Friday, 9 a.m. to 6 p.m.

    To learn more or apply online, visit www.sba.gov/disaster

    MIL OSI USA News –

  • MIL-OSI Security: Action against ATM fraud in Romania and UK stopped by joint investigation team with Eurojust support

    Source: Eurojust

    Authorities in Romania and the United Kingdom have taken concerted action to block criminals who illegally withdrew cash from automated teller machines (ATMs) on a large scale. By using specialised computer programs and devices, the Romanian criminal network managed to steal an estimated EUR 580 000. The criminal group was also involved in other types of payment and card fraud. 

    During an operation in Romania, two suspects were identified and brought in for questioning. In the UK, prosecutions have already been initiated against eight members of the group, following an action day in December 2024.

    © DIICOT Poliția Română

    Eurojust supported a joint investigation team of the Romanian and British authorities, which investigated the case. The Agency also assisted with the preparation of the action day in Romania. Europol provided data analysis support, in addition to sending an analyst to Romania and organising meetings to prepare for the operations on the ground.

    The criminal network was formed last year in the Romanian city of Bacău, mainly consisting of family members and friends. They adopted a derogatory term aimed at the police as their so-called trademark, which they used on social media, on custom license plates and on clothes they wore.

    Most of the money was stolen in the UK by pretending to take money from an ATM with a bank card, removing the screen of the ATM and then cancelling the transaction. This allowed them to reach into the ATM itself and take all the cash inside, before ending the transaction.

    The criminals also counterfeited public transport cards, which they distributed across the UK with the help of individuals of Turkish origin. Furthermore, they committed card fraud by using software that identifies card numbers and then generates illicit income through fraudulent payments.

    The proceeds of the criminal activities were invested in luxury cars, jewellery, real estate and expensive holidays. The gang members being prosecuted in the UK and those brought in for questioning in Romania are suspected of cyber fraud, membership of an organised crime group, money laundering and forgery of payment instruments. 

    During the action day in Romania, a total of 18 places were searched and real estate, vehicles electronic devices and cash were seized. 

    The operations against the criminal network were carried out at the request of and by the following authorities:

    • Romania: Directorate for Investigating Organised Crime and Terrorism (DIICOT) – Bacău Regional Service; Romanian Police – Anti Cybercrime Service of Bacău County Organised Crime Brigade
    • United Kingdom: Crown Prosecution Service; Eastern Regional Special Operations Unit

    MIL Security OSI –

  • MIL-OSI Security: USNS Comfort Departs Dominican Republic After Fourth CP25 Mission Stop

    Source: United States SOUTHERN COMMAND

    The Mercy-class hospital ship USNS Comfort (T-AH 20) departed from Puerto Plata, Dominican Republic, July 21, 2025, after a four-day mission stop during Continuing Promise 2025 (CP25). At the Dominican mission stop, Comfort’s team provided medical and dental care, veterinary subject matter exchanges, medical subject matter exchanges, a humanitarian aid and disaster response workshop, band performances, and a beach clean-up event.

    MIL Security OSI –

  • MIL-OSI: Ninepoint Partners Announces Estimated July 2025 Cash Distributions for Ninepoint Cash Management Fund – ETF Series

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, July 24, 2025 (GLOBE NEWSWIRE) — Ninepoint Partners LP (“Ninepoint Partners”) today announced the estimated July 2025 cash distribution for the ETF Series of Ninepoint Cash Management Fund (the “Fund”). Ninepoint Partners expects to issue a press release on or about July 30, 2025, which will provide the final distribution rate. The record date for the cash distribution is July 31, 2025, payable on August 8, 2025.

    All estimates in this document are based on the accounting data as of July 23, 2025. Due to subscriptions and/or redemptions and/or other factors, the final July 2025 distribution may differ from these estimates and the difference could be material. The information included in this letter is for reference purposes only. Please reconcile all information against your official client statements. This is not intended to be a statement for official tax reporting purposes or any form of tax advice.

    The actual taxable amounts of distributions for 2025, including the tax characteristics of the distributions, will be reported to CDS Clearing and Depository Services Inc. in early 2026. Securityholders can contact their brokerage firm for this information.

    The per-unit estimated July 2025 distribution is detailed below:

    Ninepoint ETF Series Ticker Cash Distribution per unit Notional Distribution per unit CUSIP
    Ninepoint Cash
    Management Fund    		 NSAV $0.11750 $0.00000 65443X105


    About Ninepoint Partners

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    Ninepoint Partners LP is the investment manager to the Ninepoint Funds (collectively, the “Funds”). Commissions, trailing commissions, management fees, performance fees (if any), and other expenses all may be associated with investing in the Funds. Please read the prospectus carefully before investing. The information contained herein does not constitute an offer or solicitation by anyone in the United States or in any other jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. Prospective investors who are not resident in Canada should contact their financial advisor to determine whether securities of the Fund may be lawfully sold in their jurisdiction.

    Please note that distribution factors (breakdown between income, capital gains and return of capital) can only be calculated when a fund has reached its year-end. Distribution information should not be relied upon for income tax reporting purposes as this is only a component of total distributions for the year. For accurate distribution amounts for the purpose of filing an income tax return, please refer to the appropriate T3/T5 slips for that particular taxation year. Please refer to the prospectus or offering memorandum of each Fund for details of the Fund’s distribution policy.

    The payment of distributions and distribution breakdown, if applicable, is not guaranteed and may fluctuate. The payment of distributions should not be confused with a Fund’s performance, rate of return, or yield. If distributions paid by the Fund are greater than the performance of the Fund, then an investor’s original investment will shrink. Distributions paid as a result of capital gains realized by a Fund and income and dividends earned by a Fund are taxable in the year they are paid. An investor’s adjusted cost base will be reduced by the amount of any returns of capital. If an investor’s adjusted cost base goes below zero, then capital gains tax will have to be paid on the amount below zero.

    Sales Inquiries:

    Ninepoint Partners LP
    Neil Ross
    416-945-6227
    nross@ninepoint.com

    The MIL Network –

  • MIL-OSI: STMicroelectronics to strengthen position in sensors with acquisition of NXP’s MEMS sensors business

    Source: GlobeNewswire (MIL-OSI)

    PR N°C3350C

    STMicroelectronics to strengthen position in sensors
    with acquisition of NXP’s MEMS sensors business

    • ST enters into agreement for acquisition of NXP’s MEMS sensor business for a purchase price of up to US$950 million in cash, including US$900 million upfront and US$50 million subject to the achievement of technical milestones
    • The MEMS businesses of ST and NXP are strongly complementary in terms of technology and product portfolio, with the combined product offering to be well balanced across automotive, industrial and consumer end markets
    • NXP’s MEMS Business generated revenue of about US$300 million in calendar year 2024 with gross and operating margins significantly accretive for ST
    • All-cash transaction to be financed from existing liquidity and expected to be accretive to ST Earnings Per Share from completion

    Geneva, Switzerland, July 24, 2025 — STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, is strengthening its global sensors capabilities with the planned acquisition of NXP Semiconductors’ (NASDAQ: NXPI) MEMS sensors business, focused on automotive safety products as well as sensors for industrial applications. The transaction will complement and expand ST’s leading MEMS sensors technology and product portfolio, unlocking new opportunities for development across automotive, industrial and consumer applications.

    “The planned acquisition is a great strategic fit for ST,” says Marco Cassis, President, Analog, Power & Discrete, MEMS and Sensors Group of STMicroelectronics. “Together with ST’s existing MEMS portfolio, these highly complementary technologies and customer relationships, focused on automotive safety and industrial technologies, will strengthen our position in sensors across key segments in automotive, industrial and consumer applications. By leveraging our IDM model, with technology R&D, product design and advanced manufacturing, we will better serve all our customers worldwide.”

    “NXP is a leading supplier of automotive MEMS based motion and pressure sensors, with a long history of strong customer adoption,” said Jens Hinrichsen, Executive Vice President and General Manager, Analog and Automotive Embedded Systems of NXP. “However, after careful portfolio review the company has decided the business does not fit into its long-term strategic direction. We have agreed with STMicroelectronics that the product line will fit ideally into ST’s portfolio, manufacturing footprint and strategic roadmap. We are gratified that the MEMS sensor team will have an excellent home and long-term future at ST.”

    The MEMS sensors portfolio to be acquired by ST primarily targets automotive safety sensors, both passive (airbags) and active (vehicle dynamics), as well as monitoring sensors (TPMS1, engine management, convenience, and security). It also includes pressure sensors and accelerometers for industrial applications. ST is well-positioned to leverage strong, established customer relationships with automotive Tier1s with its innovation roadmap in a rapidly expanding MEMS automotive market. MEMS technologies increasingly enable advanced functionalities for safety, electrification, automation, and connected vehicles, paving the way for future revenue growth.

    MEMS inertial sensors in Automotive are expected to grow at a faster pace than the broader MEMS market. The business to be acquired generated about 300m$ revenues in 2024 with gross and operating margin both significantly accretive for ST. It is also expected to be accretive to ST Earnings Per Share from completion.

    The planned acquisition will enhance ST’s MEMS technology, product R&D capabilities and roadmap, with leading IP, technology and products for automotive safety applications and highly skilled R&D teams. The expanded business will take advantage of ST’s Integrated Device Manufacturer model for MEMS, which involves every stage of MEMS development, from design and manufacturing to testing and packaging, enabling faster innovation cycles and greater flexibility for customization.

    STMicroelectronics and NXP have entered into a definitive transaction agreement for a purchase price of up to US$950 million in cash, including US$900 million upfront and US$50 million subject to the achievement of technical milestones. The transaction which will be financed with existing liquidity is subject to customary closing conditions, including regulatory approvals, and is expected to close in H1 2026.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics
    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41.22.929.59.20
    jerome.ramel@st.com

    MEDIA RELATIONS
    Alexis Breton
    Group VP Corporate External Communications
    Tel: +33.6.59.16.79.08
    alexis.breton@st.com

    1 Tire Pressure Monitoring Systems.

    Attachment

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., July 24, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.

    This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.

    2025 Second Quarter Results

    • Net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025
    • Adjusted earnings of $9.8 million, or $0.44 per diluted share, compared to $10.8 million, or $0.49 per diluted share, in prior quarter
    • Pre-provision net revenue of $32.2 million, or $1.48 per diluted share, for the second quarter of 2025 compared to $27.0 million, or $1.24 per diluted share, for the first quarter of 2025
    • Net interest margin of 3.56%, compared to 3.49% in prior quarter
    • Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
    • Total capital to risk-weighted assets of 14.50% and common equity tier 1 capital of 9.02%

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.

    During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.

    Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”

    Key Points for Second Quarter and Outlook

    Acceleration of Credit Clean-up; Tightened Underwriting Standards

    • Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $29.9 million for the quarter, including:
      • $13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
      • $4.7 million of fully reimbursed charge-offs related to our third party lending programs
      • $3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
    • Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.

        As of and for the Three Months Ended
    (dollars in thousands)   June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Asset Quality                    
    Loans 30-89 days past due   $ 40,959     $ 48,221     $ 43,681     $ 55,329     $ 54,045  
    Nonperforming loans     109,512       145,690       150,907       114,556       112,124  
    Nonperforming assets     111,174       151,264       157,409       126,771       123,774  
    Substandard accruing loans     58,478       77,620       84,058       167,549       135,555  
    Net charge-offs     29,854       16,878       112,776       22,302       13,883  
    Loans 30-89 days past due to total loans     0.81 %     0.96 %     0.85 %     0.97 %     0.93 %
    Nonperforming loans to total loans     2.16 %     2.90 %     2.92 %     2.00 %     1.92 %
    Nonperforming assets to total assets     1.56 %     2.08 %     2.10 %     1.65 %     1.61 %
    Allowance for credit losses to total loans     1.83 %     2.10 %     2.15 %     2.64 %     2.67 %
    Allowance for credit losses to nonperforming loans     84.64 %     72.19 %     73.69 %     131.87 %     138.63 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
                                             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.
      • Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
      • Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
      • Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
      • Noninterest-bearing deposits decreased $16.5 million in the quarter.
      • Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
      • Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
      • Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
    • Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
    Interest-earning assets   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate
    Cash and cash equivalents   $ 67,326   $ 716   4.27 %   $ 68,671   $ 718   4.24 %   $ 65,250   $ 875   5.40 %
    Investment securities(1)     1,367,180     17,164   5.04       1,311,887     15,517   4.80       1,098,452     12,805   4.69  
    Loans(1)(2)     5,123,558     79,240   6.20       5,057,394     78,118   6.26       5,915,523     92,581   6.29  
    Loans held for sale     44,642     377   3.39       326,348     4,563   5.67       4,910     84   6.84  
    Nonmarketable equity securities     38,803     694   7.17       35,614     647   7.37       44,216     963   8.76  
    Total interest-earning assets     6,641,509     98,191   5.93       6,799,914     99,563   5.94       7,128,351     107,308   6.05  
    Noninterest-earning assets     513,801             667,940             669,370        
    Total assets   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Interest-Bearing Liabilities                                    
    Interest-bearing deposits   $ 4,845,609   $ 32,290   2.67 %   $ 5,074,007   $ 34,615   2.77 %   $ 5,101,365   $ 39,476   3.11 %
    Short-term borrowings     60,117     573   3.82       73,767     700   3.85       30,449     308   4.07  
    FHLB advances & other borrowings     363,505     3,766   4.16       299,578     3,163   4.28       500,758     5,836   4.69  
    Subordinated debt     77,757     1,394   7.19       77,752     1,387   7.23       93,090     1,265   5.47  
    Trust preferred debentures     51,439     1,206   9.40       51,283     1,200   9.49       50,921     1,358   10.73  
    Total interest-bearing liabilities     5,398,427     39,229   2.91       5,576,387     41,065   2.99       5,776,583     48,243   3.36  
    Noninterest-bearing deposits     1,075,945             1,052,181             1,132,451        
    Other noninterest-bearing liabilities     108,819             123,613             104,841        
    Shareholders’ equity     572,119             715,673             783,846        
    Total liabilities and shareholder’s equity   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Net Interest Margin       $ 58,962   3.56 %       $ 58,498   3.49 %       $ 59,065   3.33 %
                                         
    Cost of Deposits           2.19 %           2.29 %           2.55 %

    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.


    Trends in Noninterest Income and Expense

    • Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
    • Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.

    Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
          2025       2025       2024       2024       2024  
    Return on average assets     0.67 %     (7.66 )%     (1.59 )%     1.05 %     1.33 %
    Pre-provision net revenue to average assets(1)     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    Net interest margin     3.56 %     3.49 %     3.34 %     3.34 %     3.33 %
    Efficiency ratio (1)     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Noninterest expense to average assets     2.80 %     11.02 %     3.04 %     2.56 %     2.62 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
    Tangible book value per share at period end (1)   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  
    Diluted earnings (loss) per common share   $ 0.44     $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Common shares outstanding at period end     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
    Trust assets under administration   $ 4,181,180     $ 4,101,414     $ 4,153,080     $ 4,268,539     $ 3,996,175  

    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.


    Capital

    At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of June 30, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory
    Requirements     (2)
    Total capital to risk-weighted assets 13.74%   14.50%   10.50%
    Tier 1 capital to risk-weighted assets 12.49%   12.07%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 12.49%   9.02%   7.00%
    Tier 1 leverage ratio 9.93%   9.59%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.27%   N/A

    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.


    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

     
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Assets                    
    Cash and cash equivalents   $ 176,587     $ 102,006     $ 114,766     $ 121,873     $ 124,646  
    Investment securities     1,354,652       1,368,405       1,212,366       1,216,795       1,099,654  
    Loans     5,064,695       5,018,053       5,167,574       5,728,237       5,829,057  
    Allowance for credit losses on loans     (92,690 )     (105,176 )     (111,204 )     (151,067 )     (155,443 )
    Total loans, net     4,972,005       4,912,877       5,056,370       5,577,170       5,673,614  
    Loans held for sale     7,899       287,821       344,947       8,001       5,555  
    Premises and equipment, net     86,240       86,719       85,710       84,672       83,040  
    Other real estate owned     393       4,183       4,941       8,646       8,304  
    Loan servicing rights, at lower of cost or fair value     16,720       17,278       17,842       18,400       18,902  
    Goodwill     7,927       7,927       161,904       161,904       161,904  
    Other intangible assets, net     10,362       11,189       12,100       13,052       14,003  
    Company-owned life insurance     214,392       212,336       211,168       209,193       207,211  
    Credit enhancement asset     5,800       5,615       16,804       20,633       18,202  
    Other assets     254,901       268,448       267,891       263,850       293,039  
    Total assets   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
                         
    Liabilities and Shareholders’ Equity                    
    Noninterest-bearing demand deposits   $ 1,074,212     $ 1,090,707     $ 1,055,564     $ 1,050,617     $ 1,108,521  
    Interest-bearing deposits     4,872,707       4,845,727       5,141,679       5,206,219       5,009,502  
    Total deposits     5,946,919       5,936,434       6,197,243       6,256,836       6,118,023  
    Short-term borrowings     8,654       40,224       87,499       13,849       7,208  
    FHLB advances and other borrowings     345,000       498,000       258,000       425,000       600,000  
    Subordinated debt     77,759       77,754       77,749       82,744       91,656  
    Trust preferred debentures     51,518       51,358       51,205       51,058       50,921  
    Other liabilities     104,323       109,597       124,266       103,481       103,487  
    Total liabilities     6,534,173       6,713,367       6,795,962       6,932,968       6,971,295  
    Total shareholders’ equity     573,705       571,437       710,847       771,221       736,779  
    Total liabilities and shareholders’ equity   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)    2025     2025       2024       2024       2024  
    Net interest income:                    
    Interest income   $ 97,924   $ 99,355     $ 104,470     $ 108,994     $ 107,138  
    Interest expense     39,229     41,065       45,900       49,884       48,243  
    Net interest income     58,695     58,290       58,570       59,110       58,895  
    Provision for credit losses:                    
    Provision for credit losses on loans     17,369     10,850       74,183       17,925       8,482  
    Recapture of credit losses on unfunded commitments     —     —       —       —       (200 )
    Total provision for credit losses     17,369     10,850       74,183       17,925       8,282  
    Net interest income after provision for credit losses     41,326     47,440       (15,613 )     41,185       50,613  
    Noninterest income:                    
    Wealth management revenue     7,379     7,350       7,660       7,104       6,801  
    Service charges on deposit accounts     3,351     3,305       3,506       3,411       3,121  
    Interchange revenue     3,463     3,151       3,528       3,506       3,563  
    Residential mortgage banking revenue     756     676       637       697       557  
    Income on company-owned life insurance     2,068     2,334       1,975       1,981       1,925  
    Loss on sales of investment securities, net     —     —       (34 )     (44 )     (152 )
    Credit enhancement income (loss)     3,848     (578 )     15,810       14,206       14,328  
    Other income     2,669     1,525       2,289       2,684       1,841  
    Total noninterest income     23,534     17,763       35,371       33,545       31,984  
    Noninterest expense:                    
    Salaries and employee benefits     25,685     26,416       22,283       24,382       22,872  
    Occupancy and equipment     4,166     4,498       4,286       4,393       3,964  
    Data processing     7,035     6,919       7,278       6,955       7,205  
    Professional services     2,792     2,741       1,580       1,744       2,243  
    Impairment on goodwill     —     153,977       —       —       —  
    Amortization of intangible assets     827     911       952       951       1,016  
    Impairment on leased assets and surrendered assets     —     —       7,601       —       —  
    FDIC insurance     1,422     1,463       1,383       1,402       1,219  
    Other expense     8,065     6,080       13,336       9,937       12,265  
    Total noninterest expense     49,992     203,005       58,699       49,764       50,784  
    Income (loss) before income taxes     14,868     (137,802 )     (38,941 )     24,966       31,813  
    Income tax expense (benefit)     2,844     3,172       (8,172 )     4,535       6,094  
    Net income (loss)     12,024     (140,974 )     (30,769 )     20,431       25,719  
    Preferred stock dividends     2,228     2,228       2,228       2,229       2,228  
    Net income (loss) available to common shareholders   $ 9,796   $ (143,202 )   $ (32,997 )   $ 18,202     $ 23,491  
                         
    Basic earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Diluted earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Weighted average common shares outstanding     21,820,190     21,795,570       21,748,428       21,675,818       21,731,195  
    Weighted average diluted common shares outstanding     21,820,190     21,795,570       21,753,711       21,678,242       21,734,849  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)    2025    2025    2024    2024    2024
    Loan Portfolio Mix                    
    Commercial loans   $ 1,178,792   $ 879,286   $ 934,847   $ 879,590   $ 955,667
    Equipment finance loans     364,526     390,276     416,970     442,552     461,409
    Equipment finance leases     347,155     373,168     391,390     417,531     428,659
    Commercial FHA warehouse lines     1,068     —     8,004     50,198     —
    Total commercial loans and leases     1,891,541     1,642,730     1,751,211     1,789,871     1,845,735
    Commercial real estate     2,412,761     2,592,325     2,591,664     2,510,472     2,421,505
    Construction and land development     258,729     264,966     299,842     422,253     476,528
    Residential real estate     361,261     373,095     380,557     378,658     378,393
    Consumer     140,403     144,937     144,300     626,983     706,896
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Loan Portfolio Segment                    
    Regions                    
    Eastern   $ 901,848   $ 897,792   $ 899,611   $ 902,993   $ 884,343
    Northern     753,590     747,028     714,562     730,752     724,782
    Southern     778,124     711,787     720,188     694,810     699,893
    St. Louis     884,685     902,743     868,190     850,327     825,291
    Total Community Bank     3,318,247     3,259,350     3,202,551     3,178,882     3,134,309
    Specialty finance     701,244     874,567     1,038,238     1,018,961     1,107,508
    Equipment finance     711,681     763,444     808,359     860,083     890,068
    Non-core loan program and other(1)     333,523     120,692     118,426     670,311     697,172
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Deposit Portfolio Mix                    
    Noninterest-bearing demand   $ 1,074,212   $ 1,090,707   $ 1,055,564   $ 1,050,617   $ 1,108,521
    Interest-bearing:                    
    Checking     2,180,717     2,161,282     2,378,256     2,389,970     2,343,533
    Money market     1,216,357     1,154,403     1,173,630     1,187,139     1,143,668
    Savings     511,470     522,663     507,305     510,260     538,462
    Time     818,813     818,732     822,981     849,413     852,415
    Brokered time     145,350     188,647     259,507     269,437     131,424
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023
                         
    Deposit Portfolio by Channel                    
    Retail   $ 2,811,838   $ 2,846,494   $ 2,749,650   $ 2,695,077   $ 2,742,494
    Commercial     1,145,369     1,074,837     1,209,815     1,218,657     1,217,068
    Public Funds     618,172     490,374     505,912     574,704     568,889
    Wealth & Trust     304,626     301,251     340,615     332,242     298,659
    Servicing     785,659     842,567     896,436     958,662     931,892
    Brokered Deposits     248,707     358,063     473,451     390,558     238,708
    Other     32,548     22,848     21,364     86,936     120,313
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023

    (1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.

     
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Adjusted Earnings Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, expect per share data)     2025       2025       2024       2024       2024  
    Income (loss) before income tax (benefit) expense – GAAP   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Adjustments to noninterest income:                    
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Total adjustments to noninterest income     —       —       47       (33 )     (15 )
    Adjustments to noninterest expense:                    
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Total adjustments to noninterest expense     —       (153,977 )     —       —       —  
    Adjusted earnings (loss) pre tax – non-GAAP     14,868       16,175       (38,894 )     24,933       31,798  
    Adjusted earnings (loss) tax (benefit) expense     2,844       3,172       (8,159 )     4,526       6,090  
    Adjusted earnings (loss) – non-GAAP     12,024       13,003       (30,735 )     20,407       25,708  
    Preferred stock dividends     2,228       2,228       2,228       2,229       2,228  
    Adjusted earnings (loss) available to common shareholders   $ 9,796     $ 10,775     $ (32,963 )   $ 18,178     $ 23,480  
    Adjusted diluted earnings (loss) per common share   $ 0.44     $ 0.49     $ (1.52 )   $ 0.82     $ 1.06  
                         
    Pre-Provision Net Revenue Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Income (loss) before income taxes   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Provision for credit losses     17,369       10,850       74,183       17,925       8,282  
    Impairment on goodwill     —       153,977       —       —       —  
    Pre-provision net revenue   $ 32,237     $ 27,025     $ 35,242     $ 42,891     $ 40,095  
    Pre-provision net revenue per diluted share   $ 1.48     $ 1.24     $ 1.62     $ 1.98     $ 1.84  
    Pre-provision net revenue to average assets     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Efficiency Ratio Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Noninterest expense – GAAP   $ 49,992     $ 203,005     $ 58,699     $ 49,764     $ 50,784  
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Adjusted noninterest expense   $ 49,992     $ 49,028     $ 58,699     $ 49,764     $ 50,784  
                         
    Net interest income – GAAP   $ 58,695     $ 58,290     $ 58,570     $ 59,110     $ 58,895  
    Effect of tax-exempt income     267       208       220       205       170  
    Adjusted net interest income     58,962       58,498       58,790       59,315       59,065  
                         
    Noninterest income – GAAP     23,534       17,763       35,371       33,545       31,984  
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Adjusted noninterest income     23,534       17,763       35,418       33,512       31,969  
                         
    Adjusted total revenue   $ 82,496     $ 76,261     $ 94,208     $ 92,827     $ 91,034  
                         
    Efficiency ratio     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Shareholders’ Equity to Tangible Common Equity                        
    Total shareholders’ equity—GAAP   $ 573,705     $ 571,437     $ 710,847     $ 771,221     $ 736,779  
    Adjustments:                    
    Preferred Stock     (110,548 )     (110,548 )     (110,548 )     (110,548 )     (110,548 )
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible common equity     444,868       441,773       426,295       485,717       450,324  
                         
    Total Assets to Tangible Assets:                    
    Total assets—GAAP   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    Adjustments:                    
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible assets   $ 7,089,589     $ 7,265,688     $ 7,332,805     $ 7,529,233     $ 7,532,167  
                         
    Common Shares Outstanding     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
                         
    Tangible Common Equity to Tangible Assets     6.27 %     6.08 %     5.81 %     6.45 %     5.98 %
    Tangible Book Value Per Share   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  

    The MIL Network –

  • MIL-OSI: Midland States Bancorp, Inc. Announces 2025 Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    EFFINGHAM, Ill., July 24, 2025 (GLOBE NEWSWIRE) — Midland States Bancorp, Inc. (Nasdaq: MSBI) (the “Company”) today reported net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025, compared to net income available to common shareholders of $23.5 million, or $1.06 per diluted share, for the second quarter of 2024.

    This also compares to a net loss of $143.2 million, or $6.58 per diluted share, for the first quarter of 2025, which included impairment of goodwill of $154.0 million.

    2025 Second Quarter Results

    • Net income available to common shareholders of $9.8 million, or $0.44 per diluted share, for the second quarter of 2025
    • Adjusted earnings of $9.8 million, or $0.44 per diluted share, compared to $10.8 million, or $0.49 per diluted share, in prior quarter
    • Pre-provision net revenue of $32.2 million, or $1.48 per diluted share, for the second quarter of 2025 compared to $27.0 million, or $1.24 per diluted share, for the first quarter of 2025
    • Net interest margin of 3.56%, compared to 3.49% in prior quarter
    • Nonperforming assets to total assets of 1.56%, compared to 2.08% in prior quarter
    • Total capital to risk-weighted assets of 14.50% and common equity tier 1 capital of 9.02%

    Discussion of Outlook; President & Chief Executive Officer, Jeffrey G. Ludwig:

    “Second quarter marked a notable step in returning Midland to a more normalized operating environment, with progress on several strategic initiatives ranging from growing our community bank to further improving our credit quality. Capital levels increased quarter-over-quarter, and we continue to target growing our common equity tier 1 capital ratio to our target of 10.0%.

    During the quarter, we had limited new substandard or nonperforming loans identified, and importantly saw our non-performing assets decrease to $111 million, or 1.56% of total assets, versus $151 million, or 2.08% of total assets in the first quarter. After quarter-end, the bank successfully exited two larger non-performing relationships in July totaling $29 million, which all else equal would bring our non-performing asset ratio down another 41 basis points. Tighter underwriting standards in our equipment finance and specialty finance portfolios have already begun to meaningfully reduce our exposure to these higher-risk portfolios. In addition, we completed the previously announced sale of our GreenSky loans in April further improving our capital and liquidity.

    Profitability trends were also favorable in the second quarter, with net interest margin expanding 7 basis points to 3.56%, pre-provision net revenue growing to $32.2 million, and strong contribution from our wealth management platform. We expect further improvement in profitability over the balance of 2025.”

    Key Points for Second Quarter and Outlook

    Acceleration of Credit Clean-up; Tightened Underwriting Standards

    • Substandard accruing loans and nonperforming loans decreased to $58.5 million and $109.5 million at June 30, 2025, respectively. No significant new substandard or nonperforming loans were identified during the quarter.
    • Net charge-offs were $29.9 million for the quarter, including:
      • $13.9 million of charge-offs in our specialty finance portfolio, of which $10.2 million was specifically reserved for in a prior quarter
      • $4.7 million of fully reimbursed charge-offs related to our third party lending programs
      • $3.9 million of charge-offs in our equipment finance portfolio as we continue to see credit issues primarily in the trucking industry
    • Provision for credit losses on loans was $17.4 million for the second quarter of 2025, primarily as a result of continued trends in the equipment finance portfolio.
    • Allowance for credit losses on loans was $92.7 million, or 1.83% of total loans.

    The table below summarizes certain information regarding the Company’s loan portfolio asset quality as of June 30, 2025.

        As of and for the Three Months Ended
    (dollars in thousands)   June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Asset Quality                    
    Loans 30-89 days past due   $ 40,959     $ 48,221     $ 43,681     $ 55,329     $ 54,045  
    Nonperforming loans     109,512       145,690       150,907       114,556       112,124  
    Nonperforming assets     111,174       151,264       157,409       126,771       123,774  
    Substandard accruing loans     58,478       77,620       84,058       167,549       135,555  
    Net charge-offs     29,854       16,878       112,776       22,302       13,883  
    Loans 30-89 days past due to total loans     0.81 %     0.96 %     0.85 %     0.97 %     0.93 %
    Nonperforming loans to total loans     2.16 %     2.90 %     2.92 %     2.00 %     1.92 %
    Nonperforming assets to total assets     1.56 %     2.08 %     2.10 %     1.65 %     1.61 %
    Allowance for credit losses to total loans     1.83 %     2.10 %     2.15 %     2.64 %     2.67 %
    Allowance for credit losses to nonperforming loans     84.64 %     72.19 %     73.69 %     131.87 %     138.63 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
                                             

    Solid Growth Trends in Community Bank & Wealth Management

    • Total loans at June 30, 2025 were $5.06 billion, an increase of $46.6 million from March 31, 2025. Key changes in the loan portfolio were as follows:
      • Loans originated by our Community Bank increased $58.9 million, or 1.8%, from March 31, 2025. Pipelines remain strong and we continued to add to our sales teams in the second quarter.
      • Non-core loans originated through third-party programs increased $212.8 million from March 31, 2025, as a result of the financing of the sale of the GreenSky portfolio.
      • We continue to pursue an intentional decrease in our Specialty Finance loan portfolio, as we tighten credit standards. Balances in this loan portfolio decreased $173.3 million during the quarter.
      • Equipment finance portfolio balances declined $51.8 million during the quarter as we continue to reduce the overall balances in this unit and tighten underwriting standards.
    • Total deposits were $5.95 billion at June 30, 2025, an increase of $10.5 million from March 31, 2025. The increase in deposits reflects the following:
      • Commercial and public fund deposits increased $70.5 million and $127.8 million, respectively, in the quarter.
      • Noninterest-bearing deposits decreased $16.5 million in the quarter.
      • Retail and servicing deposits decreased $34.7 million and $56.9 million, respectively, in the quarter.
      • Brokered deposits, including both money market and time deposits, decreased by $109.4 million.
      • Servicing deposits decreased $284.4 million in July 2025 due to the acquisition of one of our servicing customers, expected to positively impact future margin.
    • Wealth Management revenue totaled $7.4 million in the second quarter of 2025. Assets under administration were $4.18 billion at June 30, 2025. The Company added three new sales positions in the second quarter of 2025 and continues to experience strong pipelines.

    Net Interest Margin

    • Net interest margin was 3.56%, up 7 basis points compared to the first quarter, and we saw a continued decline in the cost of funding. Rate cuts enacted by the Federal Reserve Bank in late 2024 continue to result in a lower cost of deposits for the Company, which fell to 2.19% in the second quarter of 2025.

    The following table summarizes certain factors affecting the Company’s net interest margin for the second quarter of 2025.

        For the Three Months Ended
    (dollars in thousands)   June 30, 2025   March 31, 2025   June 30, 2024
    Interest-earning assets   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate    		   Average
    Balance    		   Interest &
    Fees    		   Yield/
    Rate
    Cash and cash equivalents   $ 67,326   $ 716   4.27 %   $ 68,671   $ 718   4.24 %   $ 65,250   $ 875   5.40 %
    Investment securities(1)     1,367,180     17,164   5.04       1,311,887     15,517   4.80       1,098,452     12,805   4.69  
    Loans(1)(2)     5,123,558     79,240   6.20       5,057,394     78,118   6.26       5,915,523     92,581   6.29  
    Loans held for sale     44,642     377   3.39       326,348     4,563   5.67       4,910     84   6.84  
    Nonmarketable equity securities     38,803     694   7.17       35,614     647   7.37       44,216     963   8.76  
    Total interest-earning assets     6,641,509     98,191   5.93       6,799,914     99,563   5.94       7,128,351     107,308   6.05  
    Noninterest-earning assets     513,801             667,940             669,370        
    Total assets   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Interest-Bearing Liabilities                                    
    Interest-bearing deposits   $ 4,845,609   $ 32,290   2.67 %   $ 5,074,007   $ 34,615   2.77 %   $ 5,101,365   $ 39,476   3.11 %
    Short-term borrowings     60,117     573   3.82       73,767     700   3.85       30,449     308   4.07  
    FHLB advances & other borrowings     363,505     3,766   4.16       299,578     3,163   4.28       500,758     5,836   4.69  
    Subordinated debt     77,757     1,394   7.19       77,752     1,387   7.23       93,090     1,265   5.47  
    Trust preferred debentures     51,439     1,206   9.40       51,283     1,200   9.49       50,921     1,358   10.73  
    Total interest-bearing liabilities     5,398,427     39,229   2.91       5,576,387     41,065   2.99       5,776,583     48,243   3.36  
    Noninterest-bearing deposits     1,075,945             1,052,181             1,132,451        
    Other noninterest-bearing liabilities     108,819             123,613             104,841        
    Shareholders’ equity     572,119             715,673             783,846        
    Total liabilities and shareholder’s equity   $ 7,155,310           $ 7,467,854           $ 7,797,721        
                                         
    Net Interest Margin       $ 58,962   3.56 %       $ 58,498   3.49 %       $ 59,065   3.33 %
                                         
    Cost of Deposits           2.19 %           2.29 %           2.55 %

    (1) Interest income and average rates for tax-exempt loans and investment securities are presented on a tax-equivalent basis, assuming a federal income tax rate of 21%. Tax-equivalent adjustments totaled $0.3 million, $0.2 million and $0.2 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively.

    (2) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.


    Trends in Noninterest Income and Expense

    • Noninterest income was $23.5 million for the second quarter of 2025, compared to $17.8 million for the first quarter of 2025. Noninterest income for the second quarter of 2025 included credit enhancement income of $3.8 million, primarily related to an increase in charge-offs in our third-party loan origination and servicing program which were fully reimbursed by our program sponsor.
    • Noninterest expense was $50.0 million for the second quarter of 2025, compared to $203.0 million for the first quarter of 2025, which included goodwill impairment of $154.0 million. The Company continues to experience higher levels of professional services, legal fees and other expenses related to loan collections and the restatement of our financial statements.

    Second Quarter 2025 Financial Highlights and Key Performance Indicators (KPIs):

        As of and for the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
          2025       2025       2024       2024       2024  
    Return on average assets     0.67 %     (7.66 )%     (1.59 )%     1.05 %     1.33 %
    Pre-provision net revenue to average assets(1)     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    Net interest margin     3.56 %     3.49 %     3.34 %     3.34 %     3.33 %
    Efficiency ratio (1)     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Noninterest expense to average assets     2.80 %     11.02 %     3.04 %     2.56 %     2.62 %
    Net charge-offs to average loans     2.34 %     1.35 %     7.94 %     1.53 %     0.94 %
    Tangible book value per share at period end (1)   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  
    Diluted earnings (loss) per common share   $ 0.44     $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Common shares outstanding at period end     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
    Trust assets under administration   $ 4,181,180     $ 4,101,414     $ 4,153,080     $ 4,268,539     $ 3,996,175  

    (1) Non-GAAP financial measures. Refer to page 10 for a reconciliation to the comparable GAAP financial measures.


    Capital

    At June 30, 2025, Midland States Bank and the Company exceeded all regulatory capital requirements under Basel III, and Midland States Bank met the qualifications to be a ‘‘well-capitalized’’ financial institution, as summarized in the following table:

      As of June 30, 2025
      Midland States Bank   Midland States
    Bancorp, Inc.    		   Minimum Regulatory
    Requirements     (2)
    Total capital to risk-weighted assets 13.74%   14.50%   10.50%
    Tier 1 capital to risk-weighted assets 12.49%   12.07%   8.50%
    Common equity Tier 1 capital to risk-weighted assets 12.49%   9.02%   7.00%
    Tier 1 leverage ratio 9.93%   9.59%   4.00%
    Tangible common equity to tangible assets (1) N/A   6.27%   N/A

    (1) A non-GAAP financial measure. Refer to page 10 for a reconciliation to the comparable GAAP financial measure.
    (2) Includes the capital conservation buffer of 2.5%, as applicable.


    About Midland States Bancorp, Inc.

    Midland States Bancorp, Inc. is a community-based financial holding company headquartered in Effingham, Illinois, and is the sole shareholder of Midland States Bank. As of June 30, 2025, the Company had total assets of approximately $7.11 billion, and its Wealth Management Group had assets under administration of approximately $4.18 billion. The Company provides a full range of commercial and consumer banking products and services and business equipment financing, merchant credit card services, trust and investment management, insurance and financial planning services. For additional information, visit https://www.midlandsb.com/ or https://www.linkedin.com/company/midland-states-bank.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP.

    These non-GAAP financial measures include “Pre-provision net revenue,” “Pre-provision net revenue per diluted share,” “Pre-provision net revenue to average assets,” “Efficiency ratio,” “Tangible common equity to tangible assets,” and “Tangible book value per share.” The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s funding profile and profitability. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures. Not all companies use the same calculation of these measures; therefore, the measures in this press release may not be comparable to other similarly titled measures as presented by other companies.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release includes “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including but not limited to statements about the Company’s plans, objectives, future performance, goals and future earnings levels, including currently anticipated levels of noninterest income and operating expenses. These statements are subject to many risks and uncertainties, including changes in interest rates and other general economic, business and political conditions; the impact of federal trade policy, inflation, increased deposit volatility and potential regulatory developments; changes in the financial markets; changes in business plans as circumstances warrant; changes to U.S. tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the Securities and Exchange Commission. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    CONTACTS:
    Jeffrey G. Ludwig, President and CEO, at jludwig@midlandsb.com or (217) 342-7321
    Eric T. Lemke, Chief Financial Officer, at elemke@midlandsb.com or (217) 342-7321

     
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Assets                    
    Cash and cash equivalents   $ 176,587     $ 102,006     $ 114,766     $ 121,873     $ 124,646  
    Investment securities     1,354,652       1,368,405       1,212,366       1,216,795       1,099,654  
    Loans     5,064,695       5,018,053       5,167,574       5,728,237       5,829,057  
    Allowance for credit losses on loans     (92,690 )     (105,176 )     (111,204 )     (151,067 )     (155,443 )
    Total loans, net     4,972,005       4,912,877       5,056,370       5,577,170       5,673,614  
    Loans held for sale     7,899       287,821       344,947       8,001       5,555  
    Premises and equipment, net     86,240       86,719       85,710       84,672       83,040  
    Other real estate owned     393       4,183       4,941       8,646       8,304  
    Loan servicing rights, at lower of cost or fair value     16,720       17,278       17,842       18,400       18,902  
    Goodwill     7,927       7,927       161,904       161,904       161,904  
    Other intangible assets, net     10,362       11,189       12,100       13,052       14,003  
    Company-owned life insurance     214,392       212,336       211,168       209,193       207,211  
    Credit enhancement asset     5,800       5,615       16,804       20,633       18,202  
    Other assets     254,901       268,448       267,891       263,850       293,039  
    Total assets   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
                         
    Liabilities and Shareholders’ Equity                    
    Noninterest-bearing demand deposits   $ 1,074,212     $ 1,090,707     $ 1,055,564     $ 1,050,617     $ 1,108,521  
    Interest-bearing deposits     4,872,707       4,845,727       5,141,679       5,206,219       5,009,502  
    Total deposits     5,946,919       5,936,434       6,197,243       6,256,836       6,118,023  
    Short-term borrowings     8,654       40,224       87,499       13,849       7,208  
    FHLB advances and other borrowings     345,000       498,000       258,000       425,000       600,000  
    Subordinated debt     77,759       77,754       77,749       82,744       91,656  
    Trust preferred debentures     51,518       51,358       51,205       51,058       50,921  
    Other liabilities     104,323       109,597       124,266       103,481       103,487  
    Total liabilities     6,534,173       6,713,367       6,795,962       6,932,968       6,971,295  
    Total shareholders’ equity     573,705       571,437       710,847       771,221       736,779  
    Total liabilities and shareholders’ equity   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited) (continued)
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)    2025     2025       2024       2024       2024  
    Net interest income:                    
    Interest income   $ 97,924   $ 99,355     $ 104,470     $ 108,994     $ 107,138  
    Interest expense     39,229     41,065       45,900       49,884       48,243  
    Net interest income     58,695     58,290       58,570       59,110       58,895  
    Provision for credit losses:                    
    Provision for credit losses on loans     17,369     10,850       74,183       17,925       8,482  
    Recapture of credit losses on unfunded commitments     —     —       —       —       (200 )
    Total provision for credit losses     17,369     10,850       74,183       17,925       8,282  
    Net interest income after provision for credit losses     41,326     47,440       (15,613 )     41,185       50,613  
    Noninterest income:                    
    Wealth management revenue     7,379     7,350       7,660       7,104       6,801  
    Service charges on deposit accounts     3,351     3,305       3,506       3,411       3,121  
    Interchange revenue     3,463     3,151       3,528       3,506       3,563  
    Residential mortgage banking revenue     756     676       637       697       557  
    Income on company-owned life insurance     2,068     2,334       1,975       1,981       1,925  
    Loss on sales of investment securities, net     —     —       (34 )     (44 )     (152 )
    Credit enhancement income (loss)     3,848     (578 )     15,810       14,206       14,328  
    Other income     2,669     1,525       2,289       2,684       1,841  
    Total noninterest income     23,534     17,763       35,371       33,545       31,984  
    Noninterest expense:                    
    Salaries and employee benefits     25,685     26,416       22,283       24,382       22,872  
    Occupancy and equipment     4,166     4,498       4,286       4,393       3,964  
    Data processing     7,035     6,919       7,278       6,955       7,205  
    Professional services     2,792     2,741       1,580       1,744       2,243  
    Impairment on goodwill     —     153,977       —       —       —  
    Amortization of intangible assets     827     911       952       951       1,016  
    Impairment on leased assets and surrendered assets     —     —       7,601       —       —  
    FDIC insurance     1,422     1,463       1,383       1,402       1,219  
    Other expense     8,065     6,080       13,336       9,937       12,265  
    Total noninterest expense     49,992     203,005       58,699       49,764       50,784  
    Income (loss) before income taxes     14,868     (137,802 )     (38,941 )     24,966       31,813  
    Income tax expense (benefit)     2,844     3,172       (8,172 )     4,535       6,094  
    Net income (loss)     12,024     (140,974 )     (30,769 )     20,431       25,719  
    Preferred stock dividends     2,228     2,228       2,228       2,229       2,228  
    Net income (loss) available to common shareholders   $ 9,796   $ (143,202 )   $ (32,997 )   $ 18,202     $ 23,491  
                         
    Basic earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Diluted earnings (loss) per common share   $ 0.44   $ (6.58 )   $ (1.52 )   $ 0.83     $ 1.06  
    Weighted average common shares outstanding     21,820,190     21,795,570       21,748,428       21,675,818       21,731,195  
    Weighted average diluted common shares outstanding     21,820,190     21,795,570       21,753,711       21,678,242       21,734,849  
    MIDLAND STATES BANCORP, INC.
    CONSOLIDATED FINANCIAL SUMMARY (unaudited)(continued)
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)    2025    2025    2024    2024    2024
    Loan Portfolio Mix                    
    Commercial loans   $ 1,178,792   $ 879,286   $ 934,847   $ 879,590   $ 955,667
    Equipment finance loans     364,526     390,276     416,970     442,552     461,409
    Equipment finance leases     347,155     373,168     391,390     417,531     428,659
    Commercial FHA warehouse lines     1,068     —     8,004     50,198     —
    Total commercial loans and leases     1,891,541     1,642,730     1,751,211     1,789,871     1,845,735
    Commercial real estate     2,412,761     2,592,325     2,591,664     2,510,472     2,421,505
    Construction and land development     258,729     264,966     299,842     422,253     476,528
    Residential real estate     361,261     373,095     380,557     378,658     378,393
    Consumer     140,403     144,937     144,300     626,983     706,896
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Loan Portfolio Segment                    
    Regions                    
    Eastern   $ 901,848   $ 897,792   $ 899,611   $ 902,993   $ 884,343
    Northern     753,590     747,028     714,562     730,752     724,782
    Southern     778,124     711,787     720,188     694,810     699,893
    St. Louis     884,685     902,743     868,190     850,327     825,291
    Total Community Bank     3,318,247     3,259,350     3,202,551     3,178,882     3,134,309
    Specialty finance     701,244     874,567     1,038,238     1,018,961     1,107,508
    Equipment finance     711,681     763,444     808,359     860,083     890,068
    Non-core loan program and other(1)     333,523     120,692     118,426     670,311     697,172
    Total loans   $ 5,064,695   $ 5,018,053   $ 5,167,574   $ 5,728,237   $ 5,829,057
                         
    Deposit Portfolio Mix                    
    Noninterest-bearing demand   $ 1,074,212   $ 1,090,707   $ 1,055,564   $ 1,050,617   $ 1,108,521
    Interest-bearing:                    
    Checking     2,180,717     2,161,282     2,378,256     2,389,970     2,343,533
    Money market     1,216,357     1,154,403     1,173,630     1,187,139     1,143,668
    Savings     511,470     522,663     507,305     510,260     538,462
    Time     818,813     818,732     822,981     849,413     852,415
    Brokered time     145,350     188,647     259,507     269,437     131,424
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023
                         
    Deposit Portfolio by Channel                    
    Retail   $ 2,811,838   $ 2,846,494   $ 2,749,650   $ 2,695,077   $ 2,742,494
    Commercial     1,145,369     1,074,837     1,209,815     1,218,657     1,217,068
    Public Funds     618,172     490,374     505,912     574,704     568,889
    Wealth & Trust     304,626     301,251     340,615     332,242     298,659
    Servicing     785,659     842,567     896,436     958,662     931,892
    Brokered Deposits     248,707     358,063     473,451     390,558     238,708
    Other     32,548     22,848     21,364     86,936     120,313
    Total deposits   $ 5,946,919   $ 5,936,434   $ 6,197,243   $ 6,256,836   $ 6,118,023

    (1) Non-core loan programs refer to loan portfolios originated through third parties or capital markets, including loans to finance the sale of the GreenSky portfolio.

     
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Adjusted Earnings Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, expect per share data)     2025       2025       2024       2024       2024  
    Income (loss) before income tax (benefit) expense – GAAP   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Adjustments to noninterest income:                    
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Total adjustments to noninterest income     —       —       47       (33 )     (15 )
    Adjustments to noninterest expense:                    
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Total adjustments to noninterest expense     —       (153,977 )     —       —       —  
    Adjusted earnings (loss) pre tax – non-GAAP     14,868       16,175       (38,894 )     24,933       31,798  
    Adjusted earnings (loss) tax (benefit) expense     2,844       3,172       (8,159 )     4,526       6,090  
    Adjusted earnings (loss) – non-GAAP     12,024       13,003       (30,735 )     20,407       25,708  
    Preferred stock dividends     2,228       2,228       2,228       2,229       2,228  
    Adjusted earnings (loss) available to common shareholders   $ 9,796     $ 10,775     $ (32,963 )   $ 18,178     $ 23,480  
    Adjusted diluted earnings (loss) per common share   $ 0.44     $ 0.49     $ (1.52 )   $ 0.82     $ 1.06  
                         
    Pre-Provision Net Revenue Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Income (loss) before income taxes   $ 14,868     $ (137,802 )   $ (38,941 )   $ 24,966     $ 31,813  
    Provision for credit losses     17,369       10,850       74,183       17,925       8,282  
    Impairment on goodwill     —       153,977       —       —       —  
    Pre-provision net revenue   $ 32,237     $ 27,025     $ 35,242     $ 42,891     $ 40,095  
    Pre-provision net revenue per diluted share   $ 1.48     $ 1.24     $ 1.62     $ 1.98     $ 1.84  
    Pre-provision net revenue to average assets     1.81 %     1.47 %     1.83 %     2.21 %     2.07 %
    MIDLAND STATES BANCORP, INC.
    RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (unaudited)
                         
    Efficiency Ratio Reconciliation
                         
        For the Three Months Ended
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands)     2025       2025       2024       2024       2024  
    Noninterest expense – GAAP   $ 49,992     $ 203,005     $ 58,699     $ 49,764     $ 50,784  
    Impairment on goodwill     —       (153,977 )     —       —       —  
    Adjusted noninterest expense   $ 49,992     $ 49,028     $ 58,699     $ 49,764     $ 50,784  
                         
    Net interest income – GAAP   $ 58,695     $ 58,290     $ 58,570     $ 59,110     $ 58,895  
    Effect of tax-exempt income     267       208       220       205       170  
    Adjusted net interest income     58,962       58,498       58,790       59,315       59,065  
                         
    Noninterest income – GAAP     23,534       17,763       35,371       33,545       31,984  
    Loss on sales of investment securities, net     —       —       34       44       152  
    Loss (gain) on repurchase of subordinated debt     —       —       13       (77 )     (167 )
    Adjusted noninterest income     23,534       17,763       35,418       33,512       31,969  
                         
    Adjusted total revenue   $ 82,496     $ 76,261     $ 94,208     $ 92,827     $ 91,034  
                         
    Efficiency ratio     60.60 %     64.29 %     62.31 %     53.61 %     55.79 %
    Tangible Common Equity to Tangible Assets Ratio and Tangible Book Value Per Share
                         
        As of
        June 30,   March 31,   December 31,   September 30,   June 30,
    (dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Shareholders’ Equity to Tangible Common Equity                        
    Total shareholders’ equity—GAAP   $ 573,705     $ 571,437     $ 710,847     $ 771,221     $ 736,779  
    Adjustments:                    
    Preferred Stock     (110,548 )     (110,548 )     (110,548 )     (110,548 )     (110,548 )
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible common equity     444,868       441,773       426,295       485,717       450,324  
                         
    Total Assets to Tangible Assets:                    
    Total assets—GAAP   $ 7,107,878     $ 7,284,804     $ 7,506,809     $ 7,704,189     $ 7,708,074  
    Adjustments:                    
    Goodwill     (7,927 )     (7,927 )     (161,904 )     (161,904 )     (161,904 )
    Other intangible assets, net     (10,362 )     (11,189 )     (12,100 )     (13,052 )     (14,003 )
    Tangible assets   $ 7,089,589     $ 7,265,688     $ 7,332,805     $ 7,529,233     $ 7,532,167  
                         
    Common Shares Outstanding     21,515,138       21,503,036       21,494,485       21,393,905       21,377,215  
                         
    Tangible Common Equity to Tangible Assets     6.27 %     6.08 %     5.81 %     6.45 %     5.98 %
    Tangible Book Value Per Share   $ 20.68     $ 20.54     $ 19.83     $ 22.70     $ 21.07  

    The MIL Network –

  • MIL-Evening Report: Miles Franklin 2025: Siang Lu’s Ghost Cities is a haunting comedy about tyranny. Is it the funniest winner ever?

    Source: The Conversation (Au and NZ) – By Joseph Steinberg, Forrest Foundation Postdoctoral Fellow, English & Literary Studies, The University of Western Australia

    Siang Lu David Kelly/UQP

    The Miles Franklin judges described Siang Lu’s Ghost Cities, winner of the 2025 award, as “a grand farce and a haunting meditation on diaspora”. To my mind, it is perhaps the funniest novel ever to have won the Miles Franklin. In the last decade, its closest competitor would be Melissa Lucashenko’s boisterous, brilliant Too Much Lip.

    Turn the clock back a few more years, and it’d square off against the puerile humour of Tim Winton’s Cloudstreet, the zany folly of Peter Carey’s Oscar and Lucinda, and Thea Astley’s biting satire The Acolyte. It’d remain a strong contender even in such company.

    Lu earned a reputation for satire with his first novel, The Whitewash, in which he lampooned the racial politics of the film industry. Ghost Cities extends this skit, while dialling it up to 11.

    “Sitting within a tradition in Australian writing that explores failed expatriation and cultural fraud, Lu’s novel is also something strikingly new,” the judges said, praising its “absurdist bravura”.

    A comedy of tyranny

    Lu’s sense of humour relies on hyperbole. Over some 300 pages, the characters in Ghost Cities tie themselves in knots over a ludicrous series of edicts, demands and directives issued by a pair of dictators who grow crueller and more capricious with every chapter.

    Ghost Cities is a comedy of tyranny in two plots, told via alternating chapters. One begins in a semi-recognisable Sydney, then relocates to the fictitious ghost city of Port Man Tou; the other is a fable set in China’s Imperial City and its labyrinths millennia ago.


    Ghost Cities begins in the latter timeline, with the mock-heroic tale of Emperor Lu Huang Du’s ascension to the imperial throne and the beginning of his dictatorial rule. What defines his character, from the very first page, is his yawning ego; he yearns for an exceptional origin myth, a tale of patricide and regicide. The failure to fabricate myths of this kind later leads him to banish a trio of scholars to the Sixth Level of Hell and burn every book in the Imperial Library. What he wants is a hymn to his own “cunning, ruthless strategy and force of will”. But the truth is ignoble.

    Emperors should not come to power through inaction. They should not do so by “gawping as their purple-faced fathers clawed and sputtered on what would later be determined to be an awkwardly lodged chicken bone”. They should not “wait, in lacklustre fealty, for that final breathless minute to expire”. They should certainly not then proceed to order the death of every chicken in the land, because of the deranged belief “their traitorous bones were conspiring against His Imperial bloodline”. And they would be well advised not then to issue an edict forbidding the “breeding, eating and harbouring of poultry”, which leads the sons of “a hundred fallen agrarians” to swear vengeance.

    Perverse as he is, there is real pleasure to be found in tracking the consequences of Lu Huang Du’s whims. From his banishment of his brother, Lu Dong Pu, for the crime of intercepting an assassin’s blade, to his attempt to elude his prophesied death by conscripting a thousand lookalikes from among his citizens, the emperor is a character governed at every turn by an unspeakable fear of his own mortality.

    Through him, and the chapters that recount the consequences of his wildly temperamental rule in the form of an absurd fable, Lu offers a sharp yet entertaining study in the abuse of state power by the narcissistic and incompetent.

    Ghost Cities’ second dictator is a director named Baby Bao, who embarks on an egotistical undertaking of his own. His ambition is to create a “historical biopic of the infamous Indomitable Emperor Lu Huang Hu”, a self-styled piece of “cinematic history, a twenty-seven hour extravaganza – no intermission – in simultaneous worldwide release!”. Such a biopic would work primarily to reinforce his delusion that he is biologically “destined for greatness”, by illustrating his belief that his lineage can be traced to the emperor. The conceit makes gleefully explicit the egotism buried in so many artistic projects.

    The emperor is later opposed by his brother, Lu Dong Pu, and his nephew, Lu Shan Liang; his counterpart, Xiang Lu (note the resemblance of both their names to their author’s), is a phoney translator hired by the director after he goes viral for his ignorance of Chinese.

    Indecencies on indignities

    Siang Lu shares an interest in anagrams (and chess) with Russian-American writer Vladimir Nabokov, who appears in his own fiction under names such as Vivian Darkbloom and Adam von Librikov.


    Ghost Cities also includes a long, loosely iambic poem titled “Six Levels of Hell”, which narrates Lu Dong Pu’s escape from labyrinthine imprisonment beneath the Imperial City. Lu’s allusions to other texts are too various to properly discuss here. They include John Milton’s Paradise Lost, Dante’s Divine Comedy, Jorge Luis Borges’ Labyrinths, Nabokov’s Pale Fire and Italo Calvino’s Invisible Cities. These references extend Ghost Cities’ concern with the relationship between dictators, architects and artisans, rampaging gods and those humbler deities behind smaller creations.

    Women play an important role in Lu’s twin fables, albeit a comparatively subtle one. Wuer, first Lu Dong Pu’s wife and later (against her will) the Imperial Consort, records her husband’s torment in the poem Six Levels of Hell and mourns the death of Lu Shan Liang’s twin brother in a moving parenthetical aside. Yuan (who shares a name with Siang Lu’s wife), a translator and eventually Xiang Lu’s lover, is an intelligent interlocutor.

    But Ghost Cities is at its best when it piles indecencies on indignities – when it all goes totally wrong. When piglets are appointed to office. When the swine sits in the chair, and rules as it sees fit.

    Joseph Steinberg does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Miles Franklin 2025: Siang Lu’s Ghost Cities is a haunting comedy about tyranny. Is it the funniest winner ever? – https://theconversation.com/miles-franklin-2025-siang-lus-ghost-cities-is-a-haunting-comedy-about-tyranny-is-it-the-funniest-winner-ever-261584

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Columbia’s $200M deal with Trump administration sets a precedent for other universities to bend to the government’s will

    Source: The Conversation (Au and NZ) – By Brendan Cantwell, Associate Professor of Higher, Adult, and Lifelong Education, Michigan State University

    Students at Columbia University in New York City on April 14, 2025. Charly Triballeau/AFP via Getty Images

    Columbia University agreed on July 23, 2025, to pay a US$200 million fine to the federal government and to settle allegations that it did not create a safe environment for Jewish students during Palestinian rights protests in 2024.

    The deal will restore the vast majority of the $400 million in federal grants and contracts that Columbia was previously awarded, before the administration withdrew the funding in March 2025.

    It marks the first financial and political agreement a university has reached with the Trump administration in its push for more control over higher education – and stands to have significant ripple effects for how other universities and colleges carry out their basic operations.

    Amy Lieberman, the education editor at The Conversation U.S., spoke with Brendan Cantwell, a scholar of higher education at Michigan State University, to understand what’s exactly in this agreement – and the lasting precedent it may set on government intervention in higher education.

    Palestinian rights demonstrators march through Columbia University on Oct. 7, 2024, marking one year of the war between Hamas and Israel.
    Kena Betancur/AFP via Getty Images

    What’s in the deal Columbia made with the Trump administration?

    The agreement requires Columbia to make a $200 million payment to the federal government. Columbia will also pay $21 million to settle investigations brought by the U.S. Equal Employment Opportunity Commission.

    Columbia will need to keep detailed statistics about student applicants – including their race and ethnicity, grades and SAT scores – as well as information about faculty and staff hiring decisions. Columbia will then have to share this data with the federal government.

    In exchange, the federal government will release most of the $400 million in frozen grant money previously awarded to Columbia and allow faculty at the university to compete for future federal grants.

    How does this deal address antisemitism?

    The Trump administration has cited antisemitism against students and faculty on campuses to justify its broad incursion into the business of universities around the country.

    Antisemitism is a real and legitimate concern in U.S. society and higher education, including at Columbia.

    But the federal complaint the administration made against Columbia was not actually about antisemitism. The administration made a formal accusation of antisemitism at Columbia in May of this year but suspended grants to the university in March. The federal government had initially acknowledged that cutting federal research grants did nothing to address the climate for Jewish students on campus, for example.

    When the federal government investigates civil rights violations, it usually conducts site visits and does very thorough investigations. We never saw such a government report about antisemitism at Columbia or other universities.

    The settlement that Columbia has entered into with the administration also doesn’t do much about antisemitism.

    The agreement includes Columbia redefining antisemitism with a broader definition that is also used by the International Holocaust Remembrance Alliance. The definition now includes “a certain perception of Jews, which may be expressed as hatred toward Jews” – a description that is also used by the U.S. State Department and several European governments but some critics say conflates antisemitism with anti-Zionism.

    Instead, the agreement primarily has to do with faculty hiring and admissions decisions. The federal government alleges that Columbia is discriminating against white and Asian applicants, and that this will allow the government to ensure that everybody who is admitted is considered only on the basis of merit.

    The administration could argue that changing hiring practices to get faculty who are less hostile to Jewish students could change the campus climate, but the agreement doesn’t really identify ways in which the university contributed to or ignored antisemitic conduct.

    Is this a new issue?

    There has been a long-running issue that conservatives and members of the Trump administration – dating back to his first term – have with higher education. The Trump administration and other conservatives have said for years that higher education is too liberal.

    The protests were the flash point that put Columbia in the administration’s crosshairs, as well as claims that Columbia was creating a hostile environment for Jewish students.

    The administration’s complaints aren’t limited to Columbia. Harvard is in a protracted conflict with the administration, and the administration has launched investigations into dozens of other schools around the country. These universities are butting heads with the administration over the same grievance that higher education is too liberal. There are also specific claims about antisemitism on university campuses and the privileges given to nonwhite students in admissions or campus life.

    While the administration has a common set of complaints about a range of universities, there is a mix of schools that the administration is taking issue with. Some of them, such as Harvard, are very high profile. The Department of Justice forced out the president at the University of Virginia in January 2025 on the grounds that he had not done enough to root out diversity, equity and inclusion programs at the public university. The University of Virginia may have been a target for the administration because a Republican governor appointed most members of its governance board and agreed with Trump’s complaints.

    How could this change the makeup of Columbia’s student population?

    The Supreme Court ruled in 2023 that Harvard’s affirmative action program, which considered race in admissions, violated the Equal Protection Clause of the 14th Amendment. This effectively ended race-based affirmative action for all U.S. colleges and universities.

    Now, with the Columbia deal, the government could say that it would expect to see a proportion of students who are white increase and students who are Black and Latino to decrease at Columbia. That’s a legal approach that America First Legal, a conservative legal advocacy group founded by Stephen Miller, a Trump administration official, has already tried.

    Back in February 2025, America First Legal alleged in a federal lawsuit that the University of California, Los Angeles, was using illegal admissions criteria, because of the number of Black and Latino students that were admitted by the school. That lawsuit is ongoing.

    Claire Shipman, Columbia University’s acting president, speaks during the school’s May 2025 commencement ceremony.
    Jeenah Moon/Pool/AFP via Getty Images

    What does this agreement mean for US higher education as a whole?

    It is an enormous, unprecedented shift in how the federal government works with higher education. Since the McCarthy era in the 1940s and ’50s, when professors were blacklisted and fired because of their alleged communism, Americans have not seen the federal government interrogate education.

    The federal government does have a role in securing people’s civil rights, including in the context of higher education, but this is very, very different from how the federal government has done civil rights investigations and entered into agreements with universities in the past.

    This agreement is very broad and gives the federal government oversight of things that have long been under universities’ control, such as whom they hire to teach and which students they admit.

    The federal government is now saying it has the right to look over universities’ shoulders and guide them in this work that has long been considered independent. And the government is willing to be extremely coercive to get universities to comply.

    What signal does this agreement send to other universities?

    This agreement sets a precedent for the government to direct colleges and universities to comply with its political agenda. This violates the long tradition of academic independence that had helped to make the U.S. higher education system the envy of the world.

    Columbia can afford paying $200 million to the federal government. Most universities can’t afford to pay $200 million.

    And most campuses cannot survive without federal resources, whether that comes in the form of student financial aid or research grants. This agreement sets a standard for other universities that, if they don’t immediately do what the federal government wants them to do, the government could impose penalties that are so high it could end their ability to operate.

    Brendan Cantwell is a Professor in the Department of Educational Administration at Michigan State University.

    – ref. Columbia’s $200M deal with Trump administration sets a precedent for other universities to bend to the government’s will – https://theconversation.com/columbias-200m-deal-with-trump-administration-sets-a-precedent-for-other-universities-to-bend-to-the-governments-will-261902

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: AI will soon be able to audit all published research – what will that mean for public trust in science?

    Source: The Conversation (Au and NZ) – By Alexander Kaurov, PhD Candidate in Science and Society, Te Herenga Waka — Victoria University of Wellington

    Jamillah Knowles & Digit/Better Images of AI, CC BY-SA

    Self-correction is fundamental to science. One of its most important forms is peer review, when anonymous experts scrutinise research before it is published. This helps safeguard the accuracy of the written record.

    Yet problems slip through. A range of grassroots and institutional initiatives work to identify problematic papers, strengthen the peer-review process, and clean up the scientific record through retractions or journal closures. But these efforts are imperfect and resource intensive.

    Soon, artificial intelligence (AI) will be able to supercharge these efforts. What might that mean for public trust in science?

    Peer review isn’t catching everything

    In recent decades, the digital age and disciplinary diversification have sparked an explosion in the number of scientific papers being published, the number of journals in existence, and the influence of for-profit publishing.

    This has opened the doors for exploitation. Opportunistic “paper mills” sell quick publication with minimal review to academics desperate for credentials, while publishers generate substantial profits through huge article-processing fees.

    Corporations have also seized the opportunity to fund low-quality research and ghostwrite papers intended to distort the weight of evidence, influence public policy and alter public opinion in favour of their products.

    These ongoing challenges highlight the insufficiency of peer review as the primary guardian of scientific reliability. In response, efforts have sprung up to bolster the integrity of the scientific enterprise.

    Retraction Watch actively tracks withdrawn papers and other academic misconduct. Academic sleuths and initiatives such as Data Collada identify manipulated data and figures.

    Investigative journalists expose corporate influence. A new field of meta-science (science of science) attempts to measure the processes of science and to uncover biases and flaws.

    Not all bad science has a major impact, but some certainly does. It doesn’t just stay within academia; it often seeps into public understanding and policy.

    In a recent investigation, we examined a widely-cited safety review of the herbicide glyphosate, which appeared to be independent and comprehensive. In reality, documents produced during legal proceedings against Monsanto revealed that the paper had been ghostwritten by Monsanto employees and published in a journal with ties to the tobacco industry.

    Even after this was exposed, the paper continued to shape citations, policy documents and Wikipedia pages worldwide.

    When problems like this are uncovered, they can make their way into public conversations, where they are not necessarily perceived as triumphant acts of self-correction. Rather, they may be taken as proof that something is rotten in the state of science. This “science is broken” narrative undermines public trust.

    Scientists know that a lot of scientific work is inconsequential, but the public may interpret this differently.
    Jamillah Knowles & We and AI, CC BY-SA

    AI is already helping police the literature

    Until recently, technological assistance in self-correction was mostly limited to plagiarism detectors. But things are changing. Machine-learning services such as ImageTwin and Proofig now scan millions of figures for signs of duplication, manipulation and AI generation.

    Natural language processing tools flag “tortured phrases” – the telltale word salads of paper mills. Bibliometric dashboards such as one by Semantic Scholar trace whether papers are cited in support or contradiction.

    AI – especially agentic, reasoning-capable models increasingly proficient in mathematics and logic – will soon uncover more subtle flaws.

    For example, the Black Spatula Project explores the ability of the latest AI models to check published mathematical proofs at scale, automatically identifying algebraic inconsistencies that eluded human reviewers. Our own work mentioned above also substantially relies on large language models to process large volumes of text.

    Given full-text access and sufficient computing power, these systems could soon enable a global audit of the scholarly record. A comprehensive audit will likely find some outright fraud and a much larger mass of routine, journeyman work with garden-variety errors.

    We do not know yet how prevalent fraud is, but what we do know is that an awful lot of scientific work is inconsequential. Scientists know this; it’s much discussed that a good deal of published work is never or very rarely cited.

    To outsiders, this revelation may be as jarring as uncovering fraud, because it collides with the image of dramatic, heroic scientific discovery that populates university press releases and trade press treatments.

    What might give this audit added weight is its AI author, which may be seen as (and may in fact be) impartial and competent, and therefore reliable.

    As a result, these findings will be vulnerable to exploitation in disinformation campaigns, particularly since AI is already being used to that end.

    Reframing the scientific ideal

    Safeguarding public trust requires redefining the scientist’s role in more transparent, realistic terms. Much of today’s research is incremental, career‑sustaining work rooted in education, mentorship and public engagement.

    If we are to be honest with ourselves and with the public, we must abandon the incentives that pressure universities and scientific publishers, as well as scientists themselves, to exaggerate the significance of their work. Truly ground-breaking work is rare. But that does not render the rest of scientific work useless.

    A more humble and honest portrayal of the scientist as a contributor to a collective, evolving understanding will be more robust to AI-driven scrutiny than the myth of science as a parade of individual breakthroughs.

    A sweeping, cross-disciplinary audit is on the horizon. It could come from a government watchdog, a think tank, an anti-science group or a corporation seeking to undermine public trust in science.

    Scientists can already anticipate what it will reveal. If the scientific community prepares for the findings – or better still, takes the lead – the audit could inspire a disciplined renewal. But if we delay, the cracks it uncovers may be misinterpreted as fractures in the scientific enterprise itself.

    Science has never derived its strength from infallibility. Its credibility lies in the willingness to correct and repair. We must now demonstrate that willingness publicly, before trust is broken.

    Naomi Oreskes has received funding from various academic and philanthropic organisations. Currently, her research is partly funded by the Rockefeller Family Fund and the Maine Community Fund. She also receives royalties from her publications and honoraria for speaking events.

    Alexander Kaurov does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. AI will soon be able to audit all published research – what will that mean for public trust in science? – https://theconversation.com/ai-will-soon-be-able-to-audit-all-published-research-what-will-that-mean-for-public-trust-in-science-261363

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Will Host its Q2 2025 Quarterly Webinar on August 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (NYSE: MCN) (the “Fund”) today announced that it plans to host the Fund’s Quarterly Webinar on August 7, 2025 at 11:00 am (Eastern Time). Jared Hagen, Vice President at XA Investments (“XAI”) will moderate the Q&A style webinar with Kimberly Flynn, President at XAI, and Ray Di Bernardo, Portfolio Manager at Madison Investments.

    TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

    TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

    Dial: (312)-626-6799 or (646)-558-8656 or (267)-831-0333 or (720)-928-9299 or (213)-338-8477
    Webinar ID: 818 2684 2773

    REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com.

    The Fund’s primary investment objective is to provide a high level of current income and gains, with a secondary objective of capital appreciation. The Fund pursues its investment objectives by investing in a portfolio consisting primarily of high quality, large and mid-capitalization stocks that are, in the view of the Fund’s Investment sub-adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The Fund will, on an ongoing and consistent basis, sell covered call options on its portfolio stocks to seek to generate current earnings from option premiums. There can be no assurance that the Fund will achieve its investment objectives. The Fund’s common shares are traded on the New York Stock Exchange under the symbol MCN.

    About XA Investments

    XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively the XAI Octagon Floating Rate & Alternative Income Trust, the XAI Madison Equity Premium Income Fund, and the Octagon XAI CLO Income Fund. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners

    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments

    Madison Investments (Madison) is an independent investment management firm based in Madison, Wisconsin. The firm was founded in 1974, has approximately $28 billion in assets under management as of March 31, 2025, and is recognized as one of the nation’s top investment firms. The firm has managed covered call strategies for over 20 years through various market cycles. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance, and credit union investment management strategies. For more information, please visit www.madisonfunds.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

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

             
    NOT FDIC INSURED        NO BANK GUARANTEE    MAY LOSE VALUE
             
        Paralel Distributors, LLC – Distributor    
             

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 312-374-6931
    Email: kflynn@xainvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: MidWestOne Financial Group, Inc. Reports Financial Results for the Second Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    IOWA CITY, Iowa, July 24, 2025 (GLOBE NEWSWIRE) — MidWestOne Financial Group, Inc. (Nasdaq: MOFG) (“we,” “our,” or the “Company”) today reported results for the second quarter of 2025.

    Second Quarter 2025 Summary1

    • Pre-tax, pre-provision net revenue increased 15% to $24.5 million2.
      • Net interest margin (tax equivalent) was 3.57%2; core net interest margin expanded 13 basis points (“bps”) to 3.49%.2
      • Noninterest income was $10.2 million.
      • Noninterest expense was $35.8 million.
      • Efficiency ratio improved to 56.20%2 from 59.38%2.
    • Net income of $10.0 million, or $0.48 per diluted common share, reflected credit loss expense of $11.9 million stemming primarily from a single commercial real estate (“CRE”) office credit.
    • Criticized loans ratio improved 32 bps to 5.15%.
    • Allowance for credit losses ratio increased to 1.50%, due primarily to the single CRE office credit.
    • Annualized loan growth of 7.4%.
    • Tangible book value per share of $23.92,2 an increase of 2.4%.
    • Common equity tier 1 (“CET1”) capital ratio improved 5 bps to 11.02%.
    • Provided notice of redemption for all $65.0 million aggregate principal of the Company’s 5.75% fixed-to-floating rate subordinated notes due 2030 set to reprice on July 30th.

    CEO Commentary

    Charles (Chip) Reeves, Chief Executive Officer of the Company, commented, “Due to the expertise of our MidWestOne team, we continued to execute well on our 2025 strategic initiatives. Strong loan growth and back book loan re-pricing led to tax equivalent net interest margin expansion of 13 basis points, to 3.57%2, and to 5% linked quarter net interest income growth. Investments in our relationship fee income businesses continue to bear fruit with wealth management, Small Business Administration (“SBA”), and residential mortgage revenues up quarter over quarter.

    We maintained our expense discipline even as we added significant customer facing talent in Denver and the Twin Cities, as well as invested in our platforms to drive internal efficiencies and improve the customer experience.

    Earnings and certain asset quality measures were unfavorably impacted by a single $24 million suburban Twin Cities CRE office credit. The loan was originated in June 2022 and previously classified, but moved to nonaccrual in the second quarter. A receiver is in place, resolution efforts have begun, and a specific reserve was established, which led to an increase in our allowance for credit losses ratio to 1.50%.

    Our balance sheet, capital, and underlying earnings strength position us well for the second half of 2025 as we continue to make significant progress in building a high-performing, relationship-driven community bank.”

    __________________
    1Second Quarter Summary compares to the first quarter of 2025 (the “linked quarter”) unless noted.
    2Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    (Dollars in thousands, except per share amounts and as noted)   As of or for the quarter ended   Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
        2025       2025       2024       2025       2024  
    Financial Results                    
    Revenue   $ 60,231     $ 57,575     $ 57,901     $ 117,806     $ 102,382  
    Credit loss expense     11,889       1,687       1,267       13,576       5,956  
    Noninterest expense     35,767       36,293       35,761       72,060       71,326  
    Net income     9,980       15,138       15,819       25,118       19,088  
    Pre-tax pre-provision net revenue(3)     24,464       21,282       22,140       45,746       31,056  
    Adjusted earnings(3)     10,176       15,301       8,132       25,479       12,621  
    Per Common Share                    
    Diluted earnings per share   $ 0.48     $ 0.73     $ 1.00     $ 1.20     $ 1.21  
    Adjusted earnings per share(3)     0.49       0.73       0.52       1.22       0.80  
    Book value     28.36       27.85       34.44       28.36       34.44  
    Tangible book value(3)     23.92       23.36       28.27       23.92       28.27  
    Balance Sheet & Credit Quality                    
    Loans In millions   $ 4,381.2     $ 4,304.2     $ 4,287.2     $ 4,381.2     $ 4,287.2  
    Investment securities In millions     1,235.0       1,305.5       1,824.1       1,235.0       1,824.1  
    Deposits In millions     5,388.1       5,489.1       5,412.4       5,388.1       5,412.4  
    Net loan charge-offs In millions     0.2       3.1       0.5       3.3       0.7  
    Allowance for credit losses ratio     1.50 %     1.25 %     1.26 %     1.50 %     1.26 %
    Selected Ratios                    
    Return on average assets     0.65 %     1.00 %     0.95 %     0.82 %     0.58 %
    Net interest margin, tax equivalent(3)     3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Return on average equity     6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(3)     8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
    Efficiency ratio(3)     56.20 %     59.38 %     56.29 %     57.75 %     62.83 %


    REVENUE REVIEW

    Revenue               Change   Change
                  2Q25 vs   2Q25 vs
    (Dollars in thousands)   2Q25   1Q25   2Q24   1Q25   2Q24
    Net interest income   $ 49,982   $ 47,439   $ 36,347   5 %   38 %
    Noninterest income     10,249     10,136     21,554   1 %   (52)%
    Total revenue, net of interest expense   $ 60,231   $ 57,575   $ 57,901   5 %   4 %

    Total revenue for the second quarter of 2025 increased $2.7 million from the first quarter of 2025 due to higher net interest income and noninterest income during the quarter. When compared to the second quarter of 2024, total revenue increased $2.3 million due to higher net interest income partially offset by lower noninterest income.

    Net interest income of $50.0 million for the second quarter of 2025 increased $2.5 million from the first quarter of 2025 due to higher earning asset volumes and yields and lower funding costs, partially offset by higher funding volumes. When compared to the second quarter of 2024, net interest income increased $13.6 million due to higher earning asset yields and lower funding volumes and costs, partially offset by lower earning asset volumes.

    The Company’s tax equivalent net interest margin was 3.57%3 in the second quarter of 2025, compared to 3.44%3 in the first quarter of 2025, driven by higher earning asset yields and lower interest bearing liability costs. Total earning asset yield increased 12 bps from the first quarter of 2025, primarily due to an increase of 10 bps in loan yield. Interest bearing liability costs during the second quarter of 2025 decreased 2 bps to 2.39%, primarily due to reductions in long-term debt costs and interest bearing deposits of 13 bps and 2 bps, to 6.28% and 2.29%, respectively, from the first quarter of 2025.

    The Company’s tax equivalent net interest margin was 3.57%3 in the second quarter of 2025, compared to 2.41%3 in the second quarter of 2024, driven by higher earning asset yields and lower interest bearing liability costs. Total earning assets yield increased 75 bps from the second quarter of 2024, primarily due to increases of 189 bps and 12 bps in total investment securities and loan yields, respectively. Interest bearing liability costs decreased 46 bps to 2.39%, due to long-term debt costs of 6.28% and interest bearing deposit costs of 2.29%, which decreased 67 bps, and 25 bps, respectively, from the second quarter of 2024.

    __________________
    3Non-GAAP measure. See the separate Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.

    Noninterest Income             Change   Change
                2Q25 vs   2Q25 vs
    (Dollars in thousands) 2Q25   1Q25   2Q24   1Q25   2Q24
    Investment services and trust activities $ 3,705     $ 3,544     $ 3,504   5 %   6 %
    Service charges and fees   2,190       2,131       2,156   3 %   2 %
    Card revenue   1,934       1,744       1,907   11 %   1 %
    Loan revenue   1,417       1,194       1,525   19 %   (7)%
    Bank-owned life insurance   677       1,057       668   (36)%   1 %
    Investment securities gains, net   —       33       33   (100)%   (100)%
    Other   326       433       11,761   (25)%   (97)%
    Total noninterest income $ 10,249     $ 10,136     $ 21,554   1 %   (52)%
                       
    MSR adjustment (included above in Loan revenue) $ (264 )   $ (213 )   $ 129   24 %   (305)%

    Noninterest income for the second quarter of 2025 increased $0.1 million from the linked quarter, primarily due to increases of $0.2 million each in loan revenue, card revenue, and investment services and trust activities revenue. The increase in loan revenue was due primarily to a $0.2 million increase in mortgage origination fee revenue, coupled with an increase of $0.2 million in SBA gain on sale revenue. The increase in card revenue was driven primarily by higher interchange fee income. The increase in investment services and trust activities revenue was driven by higher assets under administration. Partially offsetting these increases was a decline of $0.4 million in bank-owned life insurance revenue stemming from the death benefit recognized in the first quarter of 2025.

    Noninterest income for the second quarter of 2025 decreased $11.3 million from the second quarter of 2024 primarily due to the decline in other revenue stemming from the $11.1 million gain realized in connection with the sale of our Florida banking operations in the second quarter of 2024. Also contributing to the decline in noninterest income was a $0.4 million unfavorable change in the fair value of our mortgage servicing rights, which is included in loan revenue, and a decline of $0.4 million in swap origination fee income, which is recorded in other revenue. Partially offsetting these declines was an increase of $0.2 million in investment services and trust activities revenue, driven by higher assets under administration.

    EXPENSE REVIEW

    Noninterest Expense             Change   Change
                2Q25 vs   2Q25 vs
    (Dollars in thousands) 2Q25   1Q25   2Q24   1Q25   2Q24
    Compensation and employee benefits $ 21,011   $ 21,212   $ 20,985   (1)%   — %
    Occupancy expense of premises, net   2,540     2,588     2,435   (2)%   4 %
    Equipment   2,550     2,426     2,530   5 %   1 %
    Legal and professional   2,153     2,226     2,253   (3)%   (4)%
    Data processing   1,486     1,698     1,645   (12)%   (10)%
    Marketing   762     552     636   38 %   20 %
    Amortization of intangibles   1,252     1,408     1,593   (11)%   (21)%
    FDIC insurance   851     917     1,051   (7)%   (19)%
    Communications   161     159     191   1 %   (16)%
    Foreclosed assets, net   83     74     138   12 %   (40)%
    Other   2,918     3,033     2,304   (4)%   27 %
    Total noninterest expense $ 35,767   $ 36,293   $ 35,761   (1)%   — %
    Merger-related Expenses          
             
    (Dollars in thousands) 2Q25   1Q25   2Q24
    Compensation and employee benefits $ —   $ —   $ 73
    Equipment   —     —     28
    Legal and professional   —     40     462
    Data processing   —     —     251
    Communications   —     —     8
    Other   —     —     32
    Total merger-related expenses $ —   $ 40   $ 854

    Noninterest expense for the second quarter of 2025 decreased $0.5 million from the linked quarter, primarily due to decreases of $0.2 million each in data processing, compensation and employee benefits, and amortization of intangibles. The decrease in data processing was primarily driven by a decrease in core banking system costs. The decrease in compensation and employee benefits reflected the receipt of $1.1 million from Employee Retention Credit claims, which was partially offset by higher wage, equity compensation and employee benefits expense.

    Noninterest expense for the second quarter of 2025 compared to the prior year was stable at $35.8 million. The $0.6 million increase in other noninterest expense stemmed primarily from customer deposits costs. Further, excluding merger-related expenses, legal and professional costs increased $0.4 million due primarily to higher litigation-related legal expenses. Those increases were partially offset by lower intangible amortization and FDIC insurance costs, which decreased $0.3 million and $0.2 million, respectively.

    The Company’s effective tax rate was 20.6% in the second quarter of 2025, compared to 22.7% in the linked quarter. The effective income tax rate for the full year 2025 is expected to be 22-23%.

    BALANCE SHEET REVIEW

    Total assets were $6.16 billion at June 30, 2025, compared to $6.25 billion at March 31, 2025 and $6.58 billion at June 30, 2024. The decrease from March 31, 2025 was primarily due to lower cash and security volumes, partially offset by higher loan volumes. Compared to June 30, 2024, the decrease was primarily driven by lower security volumes, partially offset by higher loan volumes.

    Loans Held for Investment

    (Dollars in thousands)

    		 June 30, 2025   March 31, 2025   June 30, 2024  
    Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Commercial and industrial $ 1,226,265   28.0 % $ 1,140,138   26.5 % $ 1,120,983   26.1 %
    Agricultural   128,717   2.9     131,409   3.1     107,983   2.5  
    Commercial real estate                        
    Construction and development   280,918   6.4     293,280   6.8     351,646   8.2  
    Farmland   186,494   4.3     180,633   4.2     183,641   4.3  
    Multifamily   438,193   10.0     421,204   9.8     430,054   10.0  
    Other   1,407,469   32.1     1,425,062   33.0     1,348,515   31.5  
    Total commercial real estate   2,313,074   52.8     2,320,179   53.8     2,313,856   54.0  
    Residential real estate                        
    One-to-four family first liens   467,970   10.7     471,688   11.0     492,541   11.5  
    One-to-four family junior liens   188,671   4.3     182,346   4.2     176,105   4.1  
    Total residential real estate   656,641   15.0     654,034   15.2     668,646   15.6  
    Consumer   56,491   1.3     58,424   1.4     75,764   1.8  
    Loans held for investment, net of unearned income $ 4,381,188   100.0 % $ 4,304,184   100.0 % $ 4,287,232   100.0 %
                             
    Total commitments to extend credit $ 1,074,935       $ 1,080,300       $ 1,200,605      

    Loans held for investment, net of unearned income at June 30, 2025 were $4.38 billion, increasing $77.0 million, or 1.8%, from $4.30 billion at March 31, 2025 and increasing $94.0 million, or 2.2%, from $4.29 billion at June 30, 2024. The increases across both periods were primarily driven by organic loan growth and higher line of credit usage.

    Investment Securities(Dollars in thousands) June 30, 2025   March 31, 2025   June 30, 2024  
    Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Available for sale $ 1,235,045   100.0 % $ 1,305,530   100.0 % $ 771,034   42.3 %
    Held to maturity   —   — %   —   — %   1,053,080   57.7 %
    Total investment securities $ 1,235,045       $ 1,305,530       $ 1,824,114      

    Investment securities at June 30, 2025 were $1.24 billion, decreasing $70.5 million from March 31, 2025 and decreasing $589.1 million from June 30, 2024. The decrease from the first quarter of 2025 was primarily due to principal cash flows received from scheduled payments, calls, and maturities. The decrease from the second quarter of 2024 stemmed primarily from the sale of debt securities in connection with a balance sheet repositioning, as well as principal cash flows received from scheduled payments, calls, and maturities.

    Deposits June 30, 2025   March 31, 2025   June 30, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Noninterest bearing deposits $ 910,693   16.9 % $ 903,714   16.5 % $ 882,472   16.3 %
    Interest checking deposits   1,206,096   22.5     1,283,328   23.3     1,284,243   23.7  
    Money market deposits   971,048   18.0     1,002,066   18.3     1,043,376   19.3  
    Savings deposits   851,636   15.8     877,348   16.0     745,639   13.8  
    Time deposits of $250 and under   837,302   15.5     818,012   14.9     803,301   14.8  
    Total core deposits   4,776,775   88.7     4,884,468   89.0     4,759,031   87.9  
    Brokered time deposits   200,000   3.7     200,000   3.6     196,000   3.6  
    Time deposits over $250   411,323   7.6     404,674   7.4     457,388   8.5  
    Total deposits $ 5,388,098   100.0 % $ 5,489,142   100.0 % $ 5,412,419   100.0 %

    Total deposits at June 30, 2025 were $5.39 billion, decreasing $101.0 million, or 1.8%, from $5.49 billion at March 31, 2025, and decreasing $24.3 million, or 0.4%, from $5.41 billion at June 30, 2024. Noninterest bearing deposits at June 30, 2025 were $910.7 million, an increase of $7.0 million from March 31, 2025 and an increase of $28.2 million from June 30, 2024.

    Borrowed Funds June 30, 2025   March 31, 2025   June 30, 2024  
    (Dollars in thousands) Balance   % of Total   Balance   % of Total   Balance   % of Total  
    Short-term borrowings $ —   — % $ 1,482   1.3 % $ 414,684   78.3 %
    Long-term debt   112,320   100.0 %   111,398   98.7 %   114,839   21.7 %
    Total borrowed funds $ 112,320       $ 112,880       $ 529,523      

    Borrowed funds were $112.3 million at June 30, 2025, a decrease of $0.6 million from March 31, 2025 and a decrease of $417.2 million from June 30, 2024. The decrease compared to the linked quarter was due primarily to lower securities sold under agreements to repurchase. The decrease compared to June 30, 2024 was primarily due to the pay-off of $405.0 million of BTFP borrowings and scheduled payments on long-term debt.

    In June 2025, the Company provided notice to the trustee of its intent to redeem all $65.0 million aggregate principal of its 5.75% fixed-to-floating rate subordinated notes due 2030. To complete the redemption, the Company expects to utilize a combination of cash on hand and proceeds from a $50.0 million senior term note. The senior term note is expected to be structured as a 5-year maturity, 7-year amortization facility, and bear interest at a floating rate of 1-month term SOFR plus 1.75%. The financing pursuant to the senior note is expected to close on July 29, 2025, and the redemption is expected to occur on July 30, 2025.

    Capital June 30,   March 31,   June 30,
    (Dollars in thousands) 2025 (1)     2025       2024  
    Total shareholders’ equity $ 589,040     $ 579,625     $ 543,286  
    Accumulated other comprehensive loss   (57,557 )     (63,098 )     (58,135 )
    MidWestOne Financial Group, Inc. Consolidated          
    Tier 1 leverage to average assets ratio   9.62 %     9.50 %     8.29 %
    Common equity tier 1 capital to risk-weighted assets ratio   11.02 %     10.97 %     9.56 %
    Tier 1 capital to risk-weighted assets ratio   11.88 %     11.84 %     10.35 %
    Total capital to risk-weighted assets ratio   14.44 %     14.34 %     12.62 %
    MidWestOne Bank          
    Tier 1 leverage to average assets ratio   10.43 %     10.42 %     9.24 %
    Common equity tier 1 capital to risk-weighted assets ratio   12.95 %     13.02 %     11.55 %
    Tier 1 capital to risk-weighted assets ratio   12.95 %     13.02 %     11.55 %
    Total capital to risk-weighted assets ratio   14.20 %     14.21 %     12.61 %
    (1) Regulatory capital ratios for June 30, 2025 are preliminary          

    Total shareholders’ equity at June 30, 2025 increased $9.4 million from March 31, 2025, driven primarily by a decrease in accumulated other comprehensive loss and an increase in retained earnings, partially offset by an increase in treasury stock. Total shareholders’ equity at June 30, 2025 increased $45.8 million from June 30, 2024, primarily due to increases in common stock and additional paid-in-capital stemming from the common equity capital raise in the third quarter of 2024, and partially offset by a decrease in retained earnings.

    On July 22, 2025, the Board of Directors of the Company declared a cash dividend of $0.2425 per common share. The dividend is payable September 16, 2025, to shareholders of record at the close of business on September 2, 2025.

    The current share repurchase program allows for the repurchase of up to $15.0 million of the Company’s common shares. Under such program, the Company repurchased 63,402 shares of its common stock at an average price of $27.65 per share and a total cost of $1.8 million during the period March 31, 2025 through June 30, 2025. No shares were repurchased during the subsequent period through July 24, 2025. As of June 30, 2025, $13.2 million remained available under this program.

    CREDIT QUALITY REVIEW

    Credit Quality As of or For the Three Months Ended
    June 30,   March 31,   June 30,
    (Dollars in thousands)   2025       2025       2024  
    Credit loss expense related to loans $ 12,089     $ 1,787     $ 467  
    Net charge-offs   189       3,087       524  
    Allowance for credit losses   65,800       53,900       53,900  
    Pass $ 4,155,385     $ 4,068,707     $ 3,991,692  
    Special Mention   98,998       121,494       146,253  
    Classified   126,805       113,983       149,287  
    Criticized   225,803       235,477       295,540  
    Loans greater than 30 days past due and accruing $ 12,161     $ 6,119     $ 9,358  
    Nonperforming loans $ 37,192     $ 17,470     $ 25,128  
    Nonperforming assets   40,606       20,889       31,181  
    Net charge-off ratio(1)   0.02 %     0.29 %     0.05 %
    Classified loans ratio(2)   2.89 %     2.65 %     3.48 %
    Criticized loans ratio(3)   5.15 %     5.47 %     6.89 %
    Nonperforming loans ratio(4)   0.85 %     0.41 %     0.59 %
    Nonperforming assets ratio(5)   0.66 %     0.33 %     0.47 %
    Allowance for credit losses ratio(6)   1.50 %     1.25 %     1.26 %
    Allowance for credit losses to nonaccrual loans ratio(7)   179.19 %     309.47 %     218.26 %
    (1) Net charge-off ratio is calculated as annualized net charge-offs divided by the sum of average loans held for investment, net of unearned income and average loans held for sale, during the period.
    (2) Classified loans ratio is calculated as classified loans divided by loans held for investment, net of unearned income, at the end of the period.
    (3) Criticized loans ratio is calculated as criticized loans divided by loans held for investment, net of unearned income, at the end of the period.
    (4) Nonperforming loans ratio is calculated as nonperforming loans divided by loans held for investment, net of unearned income, at the end of the period.
    (5) Nonperforming assets ratio is calculated as nonperforming assets divided by total assets at the end of the period.
    (6) Allowance for credit losses ratio is calculated as allowance for credit losses divided by loans held for investment, net of unearned income, at the end of the period.
    (7) Allowance for credit losses to nonaccrual loans ratio is calculated as allowance for credit losses divided by nonaccrual loans at the end of the period.

    Compared to the linked quarter, both nonperforming loans and nonperforming assets increased $19.7 million, primarily due to a single $24.0 million CRE office credit, partially offset by the sale of a $3.9 million CRE office credit. Special mention loan balances decreased $22.5 million, or 19%, while classified loan balances increased $12.8 million, or 11%. Compared to the prior year period, nonperforming loans and nonperforming assets increased $12.1 million and $9.4 million, respectively. Special mention loan balances decreased $47.3 million, or 32%, while classified loan balances decreased $22.5 million, or 15%. The net charge-off ratio declined 27 bps from the linked quarter and 3 bps from the same period in the prior year.

    As of June 30, 2025, the allowance for credit losses was $65.8 million and the allowance for credit losses ratio was 1.50%, compared with $53.9 million and 1.25%, respectively, at March 31, 2025. Credit loss expense of $11.9 million in the second quarter of 2025 primarily reflected the specific reserve established in connection with the single CRE office credit previously discussed.

    Nonperforming Loans Roll Forward
    (Dollars in thousands)
    		 Nonaccrual   90+ Days Past Due & Still Accruing   Total
    Balance at March 31, 2025 $ 17,417     $ 53     $ 17,470  
    Loans placed on nonaccrual or 90+ days past due & still accruing   25,279       569       25,848  
    Proceeds related to repayment or sale   (4,973 )     —       (4,973 )
    Loans returned to accrual status or no longer past due   (632 )     —       (632 )
    Charge-offs   (187 )     (151 )     (338 )
    Transfers to foreclosed assets   (183 )     —       (183 )
    Balance at June 30, 2025 $ 36,721     $ 471     $ 37,192  


    CONFERENCE CALL DETAILS

    The Company will host a conference call for investors at 11:00 a.m. CT on Friday, July 25, 2025. To participate, you may pre-register for this call utilizing the following link: https://www.netroadshow.com/events/login?show=a6070726&confId=80381. After pre-registering for this event you will receive your access details via email. On the day of the call, you are also able to dial 1-833-470-1428 using an access code of 293794 at least fifteen minutes before the call start time. If you are unable to participate on the call, a replay will be available until October 23, 2025 by calling 1-866-813-9403 and using the replay access code of 763204. A transcript of the call will also be available on the Company’s web site (www.midwestonefinancial.com) within three business days of the call.

    ABOUT MIDWESTONE FINANCIAL GROUP, INC.

    MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. MidWestOne provides electronic delivery of financial services through its website, MidWestOne.bank. MidWestOne Financial Group, Inc. trades on the Nasdaq Global Select Market under the symbol “MOFG”.

    Cautionary Note Regarding Forward-Looking Statements

    This release contains certain “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We and our representatives may, from time to time, make written or oral statements that are “forward-looking” and provide information other than historical information. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These factors include, among other things, the factors listed below. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “should,” “could,” “would,” “plans,” “goals,” “intend,” “project,” “estimate,” “forecast,” “may” or similar expressions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, these statements. Readers are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Additionally, we undertake no obligation to update any statement in light of new information or future events, except as required under federal securities law.

    Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors that could have an impact on our ability to achieve operating results, growth plan goals and future prospects include, but are not limited to, the following: (1) the effects of changes in interest rates, including on our net income and the value of our securities portfolio; (2) fluctuations in the value of our investment securities; (3) effects on the U.S. economy resulting from the implementation of proposed policies and executive orders, including the imposition of tariffs, changes in immigration policy, changes to regulatory or other governmental agencies, DEI and ESG initiative trends, changes in consumer protection policies, changes in foreign policy and tax regulations; (4) volatility of rate-sensitive deposits; (5) asset/liability matching risks and liquidity risks; (6) 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; (7) the concentration of large deposits from certain clients, including those who have balances above current FDIC insurance limits; (8) credit quality deterioration, pronounced and sustained reduction in real estate market values, or other uncertainties, including the impact of inflationary pressures and future monetary policies of the Federal Reserve in response thereto on economic conditions and our business, resulting in an increase in the allowance for credit losses, an increase in the credit loss expense, and a reduction in net earnings; (9) the sufficiency of the allowance for credit losses to absorb the amount of expected losses inherent in our existing loan portfolio; (10) the failure of assumptions underlying the establishment of allowances for credit losses and estimation of values of collateral and various financial assets and liabilities; (11) credit risks and risks from concentrations (by type of borrower, collateral, geographic area and by industry) within our loan portfolio; (12) changes in the economic environment, competition, or other factors that may affect our ability to acquire loans or influence the anticipated growth rate of loans and deposits and the quality of the loan portfolio and loan and deposit pricing; (13) governmental monetary and fiscal policies; (14) new or revised general economic, political, or industry conditions, nationally, internationally or in the communities in which we conduct business, including the risk of a recession; (15) the imposition of domestic or foreign tariffs or other governmental policies impacting the global supply chain and value of the agricultural or other products of our borrowers; (16) war or terrorist activities, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, widespread disease or pandemic, or other adverse external events, which may cause deterioration in the economy or cause instability in credit markets; (17) legislative and regulatory changes, including changes in banking, securities, trade, and tax laws and regulations and their application by our regulators, and including changes in interpretation or prioritization of such laws and regulations; (18) changes in accounting policies and practices, as may be adopted by state and federal regulatory agencies and the Financial Accounting Standards Board; (19) the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds, financial technology companies, and other financial institutions operating in our markets or elsewhere or providing similar services; (20) changes in the business and economic conditions generally and in the financial services industry, and the effects of recent developments and events in the financial services industry, including the large-scale deposit withdrawals over a short period of time that resulted in prior bank failures; (21) the occurrence of fraudulent activity, breaches, or failures of our or our third party vendors’ information security controls or cyber-security related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (22) the ability to attract and retain key executives and employees experienced in banking and financial services; (23) our ability to adapt successfully to technological changes implemented by us and other parties in the financial services industry, including third-party vendors, which may be more difficult to implement or more expensive than anticipated or which may have unforeseen consequence to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (24) operational risks, including data processing system failures and fraud; (25) the costs, effects and outcomes of existing or future litigation or other legal proceedings and regulatory actions; (26) the risks of mergers or branch sales (including the sale of our Florida banking operations and the acquisition of Denver Bankshares, Inc.), including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; (27) the economic impacts on the Company and its customers of climate change, natural disasters and exceptional weather occurrences, such as: tornadoes, floods and blizzards; and (28) other risk factors detailed from time to time in Securities and Exchange Commission filings made by the Company.


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED BALANCE SHEETS

      June 30,   March 31,   December 31,   September 30,   June 30,
    (Dollars in thousands)   2025       2025       2024       2024       2024  
    ASSETS                  
    Cash and due from banks $ 78,696     $ 68,545     $ 71,803     $ 72,173     $ 66,228  
    Interest earning deposits in banks   90,749       182,360       133,092       129,695       35,340  
    Total cash and cash equivalents   169,445       250,905       204,895       201,868       101,568  
    Debt securities available for sale at fair value   1,235,045       1,305,530       1,328,433       1,623,104       771,034  
    Held to maturity securities at amortized cost   —       —       —       —       1,053,080  
    Total securities   1,235,045       1,305,530       1,328,433       1,623,104       1,824,114  
    Loans held for sale   16,812       13,836       749       3,283       2,850  
    Gross loans held for investment   4,391,426       4,315,546       4,328,413       4,344,559       4,304,619  
    Unearned income, net   (10,238 )     (11,362 )     (12,786 )     (15,803 )     (17,387 )
    Loans held for investment, net of unearned income   4,381,188       4,304,184       4,315,627       4,328,756       4,287,232  
    Allowance for credit losses   (65,800 )     (53,900 )     (55,200 )     (54,000 )     (53,900 )
    Total loans held for investment, net   4,315,388       4,250,284       4,260,427       4,274,756       4,233,332  
    Premises and equipment, net   89,910       90,031       90,851       90,750       91,793  
    Goodwill   69,788       69,788       69,788       69,788       69,388  
    Other intangible assets, net   22,359       23,611       25,019       26,469       27,939  
    Foreclosed assets, net   3,414       3,419       3,337       3,583       6,053  
    Other assets   238,612       246,990       252,830       258,881       224,621  
    Total assets $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  
    LIABILITIES                   
    Noninterest bearing deposits $ 910,693     $ 903,714     $ 951,423     $ 917,715     $ 882,472  
    Interest bearing deposits   4,477,405       4,585,428       4,526,559       4,451,012       4,529,947  
    Total deposits   5,388,098       5,489,142       5,477,982       5,368,727       5,412,419  
    Short-term borrowings   —       1,482       3,186       410,630       414,684  
    Long-term debt   112,320       111,398       113,376       115,051       114,839  
    Other liabilities   71,315       72,747       82,089       95,836       96,430  
    Total liabilities   5,571,733       5,674,769       5,676,633       5,990,244       6,038,372  
    SHAREHOLDERS’ EQUITY                   
    Common stock   21,580       21,580       21,580       21,580       16,581  
    Additional paid-in capital   414,485       414,258       414,987       414,965       300,831  
    Retained earnings   232,718       227,790       217,776       206,490       306,030  
    Treasury stock   (22,186 )     (20,905 )     (21,885 )     (21,955 )     (22,021 )
    Accumulated other comprehensive loss   (57,557 )     (63,098 )     (72,762 )     (58,842 )     (58,135 )
    Total shareholders’ equity   589,040       579,625       559,696       562,238       543,286  
    Total liabilities and shareholders’ equity $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FIVE QUARTER CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended   Six Months Ended
    (Dollars in thousands, except per share data) June 30,   March 31,   December 31,   September 30,   June 30,   June 30,   June 30,
      2025     2025     2024     2024       2024     2025     2024
    Interest income                          
    Loans, including fees $ 62,276   $ 59,462   $ 62,458   $ 62,521     $ 61,643   $ 121,738   $ 119,590
    Taxable investment securities   12,928     13,327     11,320     8,779       9,228     26,255     18,688
    Tax-exempt investment securities   699     703     728     1,611       1,663     1,402     3,373
    Other   1,517     1,247     3,761     785       242     2,764     660
    Total interest income   77,420     74,739     78,267     73,696       72,776     152,159     142,311
    Interest expense                          
    Deposits   25,665     25,484     27,324     29,117       28,942     51,149     56,668
    Short-term borrowings   19     25     115     5,043       5,409     44     10,384
    Long-term debt   1,754     1,791     1,890     2,015       2,078     3,545     4,181
    Total interest expense   27,438     27,300     29,329     36,175       36,429     54,738     71,233
    Net interest income   49,982     47,439     48,938     37,521       36,347     97,421     71,078
    Credit loss expense   11,889     1,687     1,291     1,535       1,267     13,576     5,956
    Net interest income after credit loss expense   38,093     45,752     47,647     35,986       35,080     83,845     65,122
    Noninterest income                          
    Investment services and trust activities   3,705     3,544     3,779     3,410       3,504     7,249     7,007
    Service charges and fees   2,190     2,131     2,159     2,170       2,156     4,321     4,300
    Card revenue   1,934     1,744     1,833     1,935       1,907     3,678     3,850
    Loan revenue   1,417     1,194     1,841     760       1,525     2,611     2,381
    Bank-owned life insurance   677     1,057     719     879       668     1,734     1,328
    Investment securities gains (losses), net   —     33     161     (140,182 )     33     33     69
    Other   326     433     345     640       11,761     759     12,369
    Total noninterest income (loss)   10,249     10,136     10,837     (130,388 )     21,554     20,385     31,304
    Noninterest expense                          
    Compensation and employee benefits   21,011     21,212     20,684     19,943       20,985     42,223     41,915
    Occupancy expense of premises, net   2,540     2,588     2,772     2,443       2,435     5,128     5,248
    Equipment   2,550     2,426     2,688     2,486       2,530     4,976     5,130
    Legal and professional   2,153     2,226     2,534     2,261       2,253     4,379     4,312
    Data processing   1,486     1,698     1,719     1,580       1,645     3,184     3,005
    Marketing   762     552     793     619       636     1,314     1,234
    Amortization of intangibles   1,252     1,408     1,449     1,470       1,593     2,660     3,230
    FDIC insurance   851     917     980     923       1,051     1,768     1,993
    Communications   161     159     154     159       191     320     387
    Foreclosed assets, net   83     74     56     330       138     157     496
    Other   2,918     3,033     3,543     3,584       2,304     5,951     4,376
    Total noninterest expense   35,767     36,293     37,372     35,798       35,761     72,060     71,326
    Income (loss) before income tax expense (benefit)   12,575     19,595     21,112     (130,200 )     20,873     32,170     25,100
    Income tax expense (benefit)   2,595     4,457     4,782     (34,493 )     5,054     7,052     6,012
    Net income (loss) $ 9,980   $ 15,138   $ 16,330   $ (95,707 )   $ 15,819   $ 25,118   $ 19,088
                               
    Earnings (loss) per common share                          
    Basic $ 0.48   $ 0.73   $ 0.79   $ (6.05 )   $ 1.00   $ 1.21   $ 1.21
    Diluted $ 0.48   $ 0.73   $ 0.78   $ (6.05 )   $ 1.00   $ 1.20   $ 1.21
    Weighted average basic common shares outstanding   20,816     20,797     20,776     15,829       15,763     20,807     15,743
    Weighted average diluted common shares outstanding   20,843     20,849     20,851     15,829       15,781     20,846     15,775
    Dividends paid per common share $ 0.2425   $ 0.2425   $ 0.2425   $ 0.2425     $ 0.2425   $ 0.4850   $ 0.4850


    MIDWEST    ONE FINANCIAL GROUP, INC.
    FINANCIAL STATISTICS

      As of or for the Three Months Ended   As of or for the Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands, except per share amounts)   2025       2025       2024       2025       2024  
    Earnings:                  
    Net interest income $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Noninterest income   10,249       10,136       21,554       20,385       31,304  
    Total revenue, net of interest expense   60,231       57,575       57,901       117,806       102,382  
    Credit loss expense   11,889       1,687       1,267       13,576       5,956  
    Noninterest expense   35,767       36,293       35,761       72,060       71,326  
    Income before income tax expense   12,575       19,595       20,873       32,170       25,100  
    Income tax expense   2,595       4,457       5,054       7,052       6,012  
    Net income $ 9,980     $ 15,138     $ 15,819     $ 25,118     $ 19,088  
    Pre-tax pre-provision net revenue(1) $ 24,464     $ 21,282     $ 22,140     $ 45,746     $ 31,056  
    Adjusted earnings(1)   10,176       15,301       8,132       25,479       12,621  
    Per Share Data:                  
    Diluted earnings $ 0.48     $ 0.73     $ 1.00     $ 1.20     $ 1.21  
    Adjusted earnings(1)   0.49       0.73       0.52       1.22       0.80  
    Book value   28.36       27.85       34.44       28.36       34.44  
    Tangible book value(1)   23.92       23.36       28.27       23.92       28.27  
    Ending Balance Sheet:                  
    Total assets $ 6,160,773     $ 6,254,394     $ 6,581,658     $ 6,160,773     $ 6,581,658  
    Loans held for investment, net of unearned income   4,381,188       4,304,184       4,287,232       4,381,188       4,287,232  
    Total securities   1,235,045       1,305,530       1,824,114       1,235,045       1,824,114  
    Total deposits   5,388,098       5,489,142       5,412,419       5,388,098       5,412,419  
    Short-term borrowings   —       1,482       414,684       —       414,684  
    Long-term debt   112,320       111,398       114,839       112,320       114,839  
    Total shareholders’ equity   589,040       579,625       543,286       589,040       543,286  
    Average Balance Sheet:                  
    Average total assets $ 6,172,649     $ 6,168,546     $ 6,713,573     $ 6,170,609     $ 6,674,476  
    Average total loans   4,370,196       4,290,710       4,419,697       4,330,659       4,358,957  
    Average total deposits   5,398,916       5,398,819       5,514,924       5,398,868       5,498,020  
    Financial Ratios:                  
    Return on average assets   0.65 %     1.00 %     0.95 %     0.82 %     0.58 %
    Return on average equity   6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(1)   8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
    Efficiency ratio(1)   56.20 %     59.38 %     56.29 %     57.75 %     62.83 %
    Net interest margin, tax equivalent(1)   3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Loans to deposits ratio   81.31 %     78.41 %     79.21 %     81.31 %     79.21 %
    CET1 Ratio   11.02 %     10.97 %     9.56 %     11.02 %     9.56 %
    Common equity ratio   9.56 %     9.27 %     8.25 %     9.56 %     8.25 %
    Tangible common equity ratio(1)   8.19 %     7.89 %     6.88 %     8.19 %     6.88 %
    Credit Risk Profile:                  
    Total nonperforming loans $ 37,192     $ 17,470     $ 25,128     $ 37,192     $ 25,128  
    Nonperforming loans ratio   0.85 %     0.41 %     0.59 %     0.85 %     0.59 %
    Total nonperforming assets $ 40,606     $ 20,889     $ 31,181     $ 40,606     $ 31,181  
    Nonperforming assets ratio   0.66 %     0.33 %     0.47 %     0.66 %     0.47 %
    Net charge-offs $ 189     $ 3,087     $ 524     $ 3,276     $ 713  
    Net charge-off ratio   0.02 %     0.29 %     0.05 %     0.15 %     0.03 %
    Allowance for credit losses $ 65,800     $ 53,900     $ 53,900     $ 65,800     $ 53,900  
    Allowance for credit losses ratio   1.50 %     1.25 %     1.26 %     1.50 %     1.26 %
    Allowance for credit losses to nonaccrual ratio   179.19 %     309.47 %     218.26 %     179.19 %     218.26 %
                       
    (1) Non-GAAP measure. See the Non-GAAP Measures section for a reconciliation to the most directly comparable GAAP measure.
     

    MIDWESTONE FINANCIAL GROUP, INC.
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

      Three Months Ended
      June 30, 2025   March 31, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average Balance   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost
    ASSETS                                  
    Loans, including fees (1)(2)(3) $ 4,370,196   $ 63,298   5.81 %   $ 4,290,710   $ 60,443   5.71 %   $ 4,419,697   $ 62,581   5.69 %
    Taxable investment securities   1,168,048     12,928   4.44 %     1,207,844     13,327   4.47 %     1,520,253     9,228   2.44 %
    Tax-exempt investment securities (2)(4)   102,792     859   3.35 %     105,563     865   3.32 %     322,092     2,040   2.55 %
    Total securities held for investment(2)   1,270,840     13,787   4.35 %     1,313,407     14,192   4.38 %     1,842,345     11,268   2.46 %
    Other   104,628     1,517   5.82 %     124,133     1,247   4.07 %     20,452     242   4.76 %
    Total interest earning assets(2) $ 5,745,664   $ 78,602   5.49 %   $ 5,728,250   $ 75,882   5.37 %   $ 6,282,494   $ 74,091   4.74 %
    Other assets   426,985             440,296             431,079        
    Total assets $ 6,172,649           $ 6,168,546           $ 6,713,573        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                                  
    Interest checking deposits $ 1,221,266   $ 2,101   0.69 %   $ 1,240,586   $ 2,127   0.70 %   $ 1,297,356   $ 3,145   0.97 %
    Money market deposits   986,029     6,057   2.46 %     1,002,743     6,333   2.56 %     1,072,688     7,821   2.93 %
    Savings deposits   843,223     3,161   1.50 %     835,731     3,057   1.48 %     738,773     2,673   1.46 %
    Time deposits   1,436,301     14,346   4.01 %     1,397,595     13,967   4.05 %     1,470,956     15,303   4.18 %
    Total interest bearing deposits   4,486,819     25,665   2.29 %     4,476,655     25,484   2.31 %     4,579,773     28,942   2.54 %
    Securities sold under agreements to repurchase   896     1   0.45 %     2,705     5   0.75 %     5,300     10   0.76 %
    Other short-term borrowings   —     18   — %     —     20   — %     442,546     5,399   4.91 %
    Total short-term borrowings   896     19   8.51 %     2,705     25   3.75 %     447,846     5,409   4.86 %
    Long-term debt   112,035     1,754   6.28 %     113,364     1,791   6.41 %     120,256     2,078   6.95 %
    Total borrowed funds   112,931     1,773   6.30 %     116,069     1,816   6.35 %     568,102     7,487   5.30 %
    Total interest bearing liabilities $ 4,599,750   $ 27,438   2.39 %   $ 4,592,724   $ 27,300   2.41 %   $ 5,147,875   $ 36,429   2.85 %
    Noninterest bearing deposits   912,097             922,164             935,151        
    Other liabilities   73,094             82,280             96,553        
    Shareholders’ equity   587,708             571,378             533,994        
    Total liabilities and shareholders’ equity $ 6,172,649           $ 6,168,546           $ 6,713,573        
    Net interest income(2)     $ 51,164           $ 48,582           $ 37,662    
    Net interest spread(2)         3.10 %           2.96 %           1.89 %
    Net interest margin(2)         3.57 %           3.44 %           2.41 %
                                       
    Total deposits(5) $ 5,398,916   $ 25,665   1.91 %   $ 5,398,819   $ 25,484   1.91 %   $ 5,514,924   $ 28,942   2.11 %
    Cost of funds(6)         2.00 %           2.01 %           2.41 %
                                             
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $272 thousand, $256 thousand, and $337 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Loan purchase discount accretion was $1.1 million, $1.2 million, and $1.3 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Tax equivalent adjustments were $1.0 million, $981 thousand, and $938 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $160 thousand, $162 thousand, and $377 thousand for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.    		      


    MIDWEST    ONE FINANCIAL GROUP, INC.
    AVERAGE BALANCE SHEET AND YIELD ANALYSIS

      Six Months Ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost    		   Average
    Balance    		   Interest
    Income/
    Expense    		   Average
    Yield/
    Cost
    ASSETS                      
    Loans, including fees (1)(2)(3) $ 4,330,659   $ 123,741   5.76 %   $ 4,358,957   $ 121,448   5.60 %
    Taxable investment securities   1,187,836     26,255   4.46 %     1,538,928     18,688   2.44 %
    Tax-exempt investment securities (2)(4)   104,170     1,724   3.34 %     325,414     4,137   2.56 %
    Total securities held for investment(2)   1,292,006     27,979   4.37 %     1,864,342     22,825   2.46 %
    Other   114,327     2,764   4.88 %     25,529     660   5.20 %
    Total interest earning assets(2) $ 5,736,992   $ 154,484   5.43 %   $ 6,248,828   $ 144,933   4.66 %
    Other assets   433,617             425,648        
    Total assets $ 6,170,609           $ 6,674,476        
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest checking deposits $ 1,230,873   $ 4,228   0.69 %   $ 1,299,413   $ 6,035   0.93 %
    Money market deposits   994,340     12,390   2.51 %     1,087,616     15,886   2.94 %
    Savings deposits   839,498     6,218   1.49 %     716,458     4,720   1.32 %
    Time deposits   1,417,054     28,313   4.03 %     1,458,969     30,027   4.14 %
    Total interest bearing deposits   4,481,765     51,149   2.30 %     4,562,456     56,668   2.50 %
    Securities sold under agreements to repurchase   1,795     6   0.67 %     5,315     21   0.79 %
    Other short-term borrowings   —     38   — %     426,036     10,363   4.89 %
    Total short-term borrowings   1,795     44   4.94 %     431,351     10,384   4.84 %
    Long-term debt   112,696     3,545   6.34 %     121,761     4,181   6.91 %
    Total borrowed funds   114,491     3,589   6.32 %     553,112     14,565   5.30 %
    Total interest bearing liabilities $ 4,596,256   $ 54,738   2.40 %   $ 5,115,568   $ 71,233   2.80 %
    Noninterest bearing deposits   917,103             935,564        
    Other liabilities   77,662             92,581        
    Shareholders’ equity   579,588             530,763        
    Total liabilities and shareholders’ equity $ 6,170,609           $ 6,674,476        
    Net interest income(2)     $ 99,746           $ 73,700    
    Net interest spread(2)         3.03 %           1.86 %
    Net interest margin(2)         3.51 %           2.37 %
                           
    Total deposits(5) $ 5,398,868   $ 51,149   1.91 %   $ 5,498,020   $ 56,668   2.07 %
    Cost of funds(6)         2.00 %           2.37 %
                               
    (1) Average balance includes nonaccrual loans.
    (2) Tax equivalent. The federal statutory tax rate utilized was 21%.
    (3) Interest income includes net loan fees, loan purchase discount accretion and tax equivalent adjustments. Net loan fees were $528 thousand and $574 thousand for the six months ended June 30, 2025 and June 30, 2024, respectively. Loan purchase discount accretion was $2.3 million and $2.4 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Tax equivalent adjustments were $2.0 million and $1.9 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (4) Interest income includes tax equivalent adjustments of $0.3 million and $0.8 million for the six months ended June 30, 2025 and June 30, 2024, respectively. The federal statutory tax rate utilized was 21%.
    (5) Total deposits is the sum of total interest-bearing deposits and noninterest bearing deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits.
    (6) Cost of funds is calculated as annualized total interest expense divided by the sum of average total deposits and borrowed funds.    		  


    Non-GAAP Measures

    This earnings release contains non-GAAP measures for tangible common equity, tangible book value per share, tangible common equity ratio, return on average tangible equity, net interest margin (tax equivalent), core net interest margin, loan yield (tax equivalent), core yield on loans, efficiency ratio, adjusted earnings and adjusted earnings per share, and pre-tax pre-provision net revenue. Management believes these measures provide investors with useful information regarding the Company’s profitability, financial condition and capital adequacy, consistent with how management evaluates the Company’s financial performance. The following tables provide a reconciliation of each non-GAAP measure to the most comparable GAAP measure.

    Tangible Common Equity/Tangible Book Value                    
    per Share/Tangible Common Equity Ratio   June 30,   March 31,   December 31,   September 30,   June 30,
    (Dollars in thousands, except per share data)     2025       2025       2024       2024       2024  
    Total shareholders’ equity   $ 589,040     $ 579,625     $ 559,696     $ 562,238     $ 543,286  
    Intangible assets, net     (92,147 )     (93,399 )     (94,807 )     (96,257 )     (97,327 )
    Tangible common equity   $ 496,893     $ 486,226     $ 464,889     $ 465,981     $ 445,959  
                         
    Total assets   $ 6,160,773     $ 6,254,394     $ 6,236,329     $ 6,552,482     $ 6,581,658  
    Intangible assets, net     (92,147 )     (93,399 )     (94,807 )     (96,257 )     (97,327 )
    Tangible assets   $ 6,068,626     $ 6,160,995     $ 6,141,522     $ 6,456,225     $ 6,484,331  
                         
    Book value per share   $ 28.36     $ 27.85     $ 26.94     $ 27.06     $ 34.44  
    Tangible book value per share(1)   $ 23.92     $ 23.36     $ 22.37     $ 22.43     $ 28.27  
    Shares outstanding     20,769,577       20,815,715       20,777,485       20,774,919       15,773,468  
                         
    Common equity ratio     9.56 %     9.27 %     8.97 %     8.58 %     8.25 %
    Tangible common equity ratio(2)     8.19 %     7.89 %     7.57 %     7.22 %     6.88 %
       
    (1) Tangible common equity divided by shares outstanding.
    (2) Tangible common equity divided by tangible assets.    		  
       
        Three Months Ended   Six Months Ended
    Return on Average Tangible Equity   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Net income   $ 9,980     $ 15,138     $ 15,819     $ 25,118     $ 19,088  
    Intangible amortization, net of tax(1)     931       1,047       1,195       1,978       2,423  
    Tangible net income   $ 10,911     $ 16,185     $ 17,014     $ 27,096     $ 21,511  
                         
    Average shareholders’ equity   $ 587,708     $ 571,378     $ 533,994     $ 579,588     $ 530,763  
    Average intangible assets, net     (92,733 )     (94,169 )     (99,309 )     (93,447 )     (97,302 )
    Average tangible equity   $ 494,975     $ 477,209     $ 434,685     $ 486,141     $ 433,461  
                         
    Return on average equity     6.81 %     10.74 %     11.91 %     8.74 %     7.23 %
    Return on average tangible equity(2)     8.84 %     13.75 %     15.74 %     11.24 %     9.98 %
       
    (1) The income tax rate utilized was the blended marginal tax rate.
    (2) Annualized tangible net income divided by average tangible equity.    		  
    Net Interest Margin, Tax Equivalent/
    Core Net Interest Margin    		   Three Months Ended   Six Months Ended
      June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Net interest income   $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Tax equivalent adjustments:                    
    Loans(1)     1,022       981       938       2,003       1,858  
    Securities(1)     160       162       377       322       764  
    Net interest income, tax equivalent   $ 51,164     $ 48,582     $ 37,662     $ 99,746     $ 73,700  
    Loan purchase discount accretion     (1,142 )     (1,166 )     (1,261 )     (2,308 )     (2,413 )
    Core net interest income   $ 50,022     $ 47,416     $ 36,401     $ 97,438     $ 71,287  
                         
    Net interest margin     3.49 %     3.36 %     2.33 %     3.42 %     2.29 %
    Net interest margin, tax equivalent(2)     3.57 %     3.44 %     2.41 %     3.51 %     2.37 %
    Core net interest margin(3)     3.49 %     3.36 %     2.33 %     3.42 %     2.29 %
    Average interest earning assets   $ 5,745,664     $ 5,728,250     $ 6,282,494     $ 5,736,992     $ 6,248,828  
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent net interest income divided by average interest earning assets.
    (3) Annualized core net interest income divided by average interest earning assets.         		  
          Three Months Ended   Six Months Ended
    Loan Yield, Tax Equivalent / Core Yield on Loans   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Loan interest income, including fees     $ 62,276     $ 59,462     $ 61,643     $ 121,738     $ 119,590  
    Tax equivalent adjustment(1)       1,022       981       938       2,003       1,858  
    Tax equivalent loan interest income     $ 63,298     $ 60,443     $ 62,581     $ 123,741     $ 121,448  
    Loan purchase discount accretion       (1,142 )     (1,166 )     (1,261 )     (2,308 )     (2,413 )
    Core loan interest income     $ 62,156     $ 59,277     $ 61,320     $ 121,433     $ 119,035  
                           
    Yield on loans       5.72 %     5.62 %     5.61 %     5.67 %     5.52 %
    Yield on loans, tax equivalent(2)       5.81 %     5.71 %     5.69 %     5.76 %     5.60 %
    Core yield on loans(3)       5.70 %     5.60 %     5.58 %     5.65 %     5.49 %
    Average loans     $ 4,370,196     $ 4,290,710     $ 4,419,697     $ 4,330,659     $ 4,358,957  
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Annualized tax equivalent loan interest income divided by average loans.
    (3) Annualized core loan interest income divided by average loans.    		  
          Three Months Ended   Six Months Ended
    Efficiency Ratio   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)     2025       2025       2024       2025       2024  
    Total noninterest expense     $ 35,767     $ 36,293     $ 35,761     $ 72,060     $ 71,326  
    Amortization of intangibles       (1,252 )     (1,408 )     (1,593 )     (2,660 )     (3,230 )
    Merger-related expenses       —       (40 )     (854 )     (40 )     (2,168 )
    Noninterest expense used for efficiency ratio     $ 34,515     $ 34,845     $ 33,314     $ 69,360     $ 65,928  
                           
    Net interest income, tax equivalent(1)     $ 51,164     $ 48,582     $ 37,662     $ 99,746     $ 73,700  
    Plus: Noninterest income       10,249       10,136       21,554       20,385       31,304  
    Less: Investment securities gains, net       —       33       33       33       69  
    Net revenues used for efficiency ratio     $ 61,413     $ 58,685     $ 59,183     $ 120,098     $ 104,935  
                           
    Efficiency ratio (2)       56.20 %     59.38 %     56.29 %     57.75 %     62.83 %
       
    (1) The federal statutory tax rate utilized was 21%.
    (2) Noninterest expense adjusted for amortization of intangibles and merger-related expenses divided by the sum of tax equivalent net interest income, noninterest income and net investment securities gains.    		  
        Three Months Ended   Six Months Ended
    Adjusted Earnings   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands, except per share data)     2025       2025       2024     2025       2024  
    Net income   $ 9,980     $ 15,138     $ 15,819   $ 25,118     $ 19,088  
    Less: Investment securities gains, net of tax(1)     —       25       24     24       51  
    Less: Mortgage servicing rights (loss) gain, net of tax(1)     (196 )     (158 )     96     (355 )     (177 )
    Plus: Merger-related expenses, net of tax(1)     —       30       634     30       1,608  
    Less: Gain on branch sale, net of tax(1)     —       —       8,201     —       8,201  
    Adjusted earnings   $ 10,176     $ 15,301     $ 8,132   $ 25,479     $ 12,621  
                         
    Weighted average diluted common shares outstanding     20,843       20,849       15,781     20,846       15,775  
                         
    Earnings per common share – diluted   $ 0.48     $ 0.73     $ 1.00   $ 1.20     $ 1.21  
    Adjusted earnings per common share(2)   $ 0.49     $ 0.73     $ 0.52   $ 1.22     $ 0.80  
       
    (1) The income tax rate utilized was the blended marginal tax rate.
    (2) Adjusted earnings divided by weighted average diluted common shares outstanding.    		  
        For the Three Months Ended   Year Ended
    Pre-tax Pre-provision Net Revenue   June 30,   March 31,   June 30,   June 30,   June 30,
    (Dollars in thousands)   2025       2025       2024       2025       2024  
    Net interest income   $ 49,982     $ 47,439     $ 36,347     $ 97,421     $ 71,078  
    Noninterest income     10,249       10,136       21,554       20,385       31,304  
    Noninterest expense     (35,767 )     (36,293 )     (35,761 )     (72,060 )     (71,326 )
    Pre-tax Pre-provision Net Revenue   $ 24,464     $ 21,282     $ 22,140     $ 45,746     $ 31,056  

    Category: Earnings
    This news release may be downloaded from Corporate Profile | MidWestOne Financial Group, Inc.

    Source: MidWestOne Financial Group, Inc.

    Industry: Banks

    Contacts:  
    Charles N. Reeves   Barry S. Ray
    Chief Executive Officer  Chief Financial Officer
    319.356.5800  319.356.5800

    The MIL Network –

  • MIL-OSI: Bel Reports Second Quarter and First Half 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST ORANGE, N.J., July 24, 2025 (GLOBE NEWSWIRE) — Bel Fuse Inc. (Nasdaq: BELFA and BELFB) today announced preliminary financial results for the second quarter and first half of 2025.

    Second Quarter 2025 Highlights

    • Net sales of $168.3 million compared to $133.2 million in Q2-24. Up 26.3% from Q2-24
    • Gross profit margin of 38.7%, compared to 40.1% in Q2-24
    • GAAP net earnings attributable to Bel shareholders of $26.9 million versus GAAP net earnings attributable to Bel shareholders of $18.8 million in Q2-24
    • Adjusted EBITDA of $35.2 million (20.9% of sales) as compared to $27.7 million (20.8% of sales) in Q2-24
    • Gain of $4.1 million on Sale of Glen Rock, PA building

    “We are pleased with our second quarter results, which exceeded expectations due to improved on-time shipments and enhanced intraquarter turns, reinforcing our thesis of growth for the year,” said Farouq Tuweiq, President and CEO. “Gross margins aligned with guidance, reflecting operational stability. Strength was evident in defense and commercial aerospace applications, alongside a rebound in networking and distribution sales in certain segments, signaling recovery after nearly two years of inventory destocking.

    “Tariffs minimally impacted performance, resulting in only $2.2 million of low-margin sales during the second quarter. We believe our ability to achieve solid results in uncertain times validates our strategic approach. For Q3, based on information available today, we anticipate net sales of $165-$180 million and gross margins of 37%-39%, driven by strong Q2 bookings and sequential growth expected in the second half.”

    “We remain optimistic about delivering value to our customers and shareholders as we navigate the evolving market dynamics,” concluded Mr. Tuweiq.

    Non-GAAP financial measures, such as Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA, adjust corresponding GAAP measures for provision for income taxes, other income/expense, net, interest income/expense, and depreciation and amortization, and also exclude, where applicable for the covered period presented in the financial statements, certain unusual or special items identified by management such as restructuring charges, gains/losses on sales of businesses and properties, acquisition related costs, impairment charges, noncontrolling interest (“NCI”) adjustments from fair value to redemption value, and certain litigation costs. In addition, in the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented. Please refer to the financial information included with this press release for reconciliations of GAAP financial measures to Non-GAAP financial measures and our explanation of why we present Non-GAAP financial measures.

    Conference Call
    Bel has scheduled a conference call for 8:30 a.m. ET on Friday, July 25, 2025 to discuss these results. To participate in the conference call, investors should dial 877-407-0784, or 201-689-8560 if dialing internationally. The presentation will additionally be broadcast live over the Internet and will be available at https://ir.belfuse.com/events-and-presentations. The webcast will be available via replay for a period of at least 30 days at this same Internet address. For those unable to access the live call, a telephone replay will be available at 844-512-2921, or 412-317-6671 if dialing internationally, using access code 13754675 after 12:30 pm ET, also for 30 days.

    About Bel
    Bel (www.belfuse.com) designs, manufactures and markets a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, defense, commercial aerospace, transportation and eMobility industries. Bel’s portfolio of products also finds application in the automotive, medical, broadcasting and consumer electronics markets. Bel’s product groups include Power Solutions and Protection (front-end, board-mount and industrial power products, module products and circuit protection), Connectivity Solutions (expanded beam fiber optic, copper-based, RF and RJ connectors and cable assemblies), and Magnetic Solutions (integrated connector modules, power transformers, power inductors and discrete components). The Company operates facilities around the world.

    Company Contact:
    Lynn Hutkin
    Chief Financial Officer
    ir@belf.com

    Investor Contact:
    Three Part Advisors
    Jean Marie Young, Managing Director or Steven Hooser, Partner
    631-418-4339
    jyoung@threepa.com; shooser@threepa.com

    Cautionary Language Concerning Forward-Looking Statements
    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, our guidance for the third quarter of 2025; our statements regarding our expectations for future periods generally including anticipated financial performance, projections and trends for the remainder of the 2025 year ahead and other future periods; our statements regarding future events, performance, plans, intentions, beliefs, expectations and estimates, including statements regarding matters such as trends and expectations as to our sales, volumes, gross margin, products, product groups, customers, geographies and end markets; statements about uncertainty of the evolving tariff landscape, associated difficulties in forecasting, the Company’s estimates concerning Bel’s global sales and recently imposed tariffs, and the Company’s intention to continue to monitor the tariff landscape and assess potential alternatives; statements about anticipated continued strength in certain end markets, and views on the effects on the Company’s overall future performance; and statements regarding our expectations and beliefs regarding trends in the Company’s business and industry and the markets in which Bel operates, and about broader market trends and the macroeconomic environment generally, and other statements regarding the Company’s positioning, its strategies, future progress, investments, plans, targets, goals, and other focuses and initiatives, and the expected timing and potential benefits thereof. These forward-looking statements are made as of the date of this release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “forecast,” “outlook,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Bel’s control. Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel’s November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel’s products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel’s customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel’s products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel’s industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel’s international operations, including Bel’s substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition or modification of new or increased tariffs either by the U.S. government on foreign foreign imports or by a foreign government on U.S. exports related to the countries in which Bel transacts business and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy and the associated impacts of those changes; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products; the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission. In light of the risks and uncertainties impacting Bel’s business, there can be no assurance that any forward-looking statement will in fact prove to be correct. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent Bel’s views as of the date of this press release. Bel anticipates that subsequent events and developments will cause its views to change. Bel undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing Bel’s views as of any date subsequent to the date of this press release.

    Non-GAAP Financial Measures
    The Non-GAAP financial measures identified in this press release as well as in the supplementary information to this press release (Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA) are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation. We present results adjusted to exclude the effects of certain unusual or special items and their related tax impact that would otherwise be included under U.S. GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. For additional information about our use of non-GAAP financial measures in connection with our Incentive Compensation Program, please see the Executive Compensation Discussion and Analysis (CD&A) section appearing in our Definitive Proxy Statement filed with the Securities and Exchange Commission on April 11, 2025.

    Website Information
    We routinely post important information for investors on our website, www.belfuse.com, in the “Investor Relations” section. We use our website as a means of disclosing material, otherwise non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investor Relations section of our website, in addition to following our press releases, Securities and Exchange Commission (SEC) filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

    [Financial tables follow]

     
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
                                     
    Net sales   $ 168,299     $ 133,205     $ 320,537     $ 261,295  
    Cost of sales     103,216       79,809       196,635       159,821  
    Gross profit     65,083       53,396       123,902       101,474  
    As a % of net sales     38.7 %     40.1 %     38.7 %     38.8 %
                                     
    Research and development costs     8,104       5,994       15,326       11,209  
    Selling, general and administrative expenses     30,914       24,141       60,421       49,085  
    As a % of net sales     18.4 %     18.1 %     18.8 %     18.8 %
    Restructuring charges     280       638       (2,653 )     703  
    Gain on sale of property     (4,075 )     –       (4,075 )     –  
    Income from operations     29,860       22,623       54,883       40,477  
    As a % of net sales     17.7 %     17.0 %     17.1 %     15.5 %
                                     
    Interest expense     (3,993 )     (415 )     (8,145 )     (849 )
    Interest income     264       1,146       539       2,261  
    Other income (expense), net     7,568       (471 )     10,207       1,346  
    Earnings before income taxes     33,699       22,883       57,484       43,235  
                                     
    Provision for income taxes     6,906       4,077       12,369       8,555  
    Effective tax rate     20.5 %     17.8 %     21.5 %     19.8 %
    Net earnings   $ 26,793     $ 18,806     $ 45,115     $ 34,680  
    As a % of net sales     15.9 %     14.1 %     14.1 %     13.3 %
                                     
    Less: Net earnings attributable to noncontrolling interest     822       –       1,660       –  
    Redemption value adjustment attributable to noncontrolling interest     (890 )     –       (1,280 )     –  
    Net earnings attributable to Bel Fuse Shareholders   $ 26,861     $ 18,806     $ 44,735     $ 34,680  
                                     
    Weighted average number of shares outstanding:                                
    Class A common shares – basic and diluted     2,115       2,124       2,115       2,131  
    Class B common shares – basic and diluted     10,551       10,492       10,504       10,551  
                                     
    Net earnings per common share:                                
    Class A common shares – basic and diluted   $ 2.03     $ 1.43     $ 3.39     $ 2.61  
    Class B common shares – basic and diluted   $ 2.14     $ 1.50     $ 3.58     $ 2.76  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Balance Sheets
    (in thousands, unaudited)
     
        June 30, 2025     December 31, 2024  
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 59,284     $ 68,253  
    Held to maturity U.S. Treasury securities     –       950  
    Accounts receivable, net     121,241       111,376  
    Inventories     164,648       161,370  
    Other current assets     33,442       31,581  
    Total current assets     378,615       373,530  
    Property, plant and equipment, net     48,704       47,879  
    Right-of-use assets     23,930       25,125  
    Related-party note receivable     3,715       2,937  
    Equity method investment     10,284       9,265  
    Goodwill and other intangible assets, net     436,292       439,984  
    Other assets     49,040       51,069  
    Total assets   $ 950,580     $ 949,789  
                     
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 53,685     $ 49,182  
    Operating lease liability, current     8,688       7,954  
    Other current liabilities     61,709       70,933  
    Total current liabilities     124,082       128,069  
    Long-term debt     250,000       287,500  
    Operating lease liability, long-term     16,387       17,763  
    Other liabilities     74,402       75,295  
    Total liabilities     464,871       508,627  
    Redeemable noncontrolling interests     80,966       80,586  
    Stockholders’ equity     404,743       360,576  
    Total liabilities, redeemable noncontrolling interests and stockholders’ equity   $ 950,580     $ 949,789  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
     
        Six Months Ended  
        June 30,  
        2025     2024  
                     
    Cash flows from operating activities:                
    Net earnings   $ 45,115     $ 34,680  
    Adjustments to reconcile net earnings to net cash provided by operating activities:                
    Depreciation and amortization     13,284       7,123  
    Stock-based compensation     2,900       1,775  
    Amortization of deferred financing costs     692       27  
    Deferred income taxes     (861 )     (2,930 )
    Net unrealized gains on foreign currency revaluation     (12,913 )     (355 )
    Gain on sale of property     (4,075 )     –  
    Other, net     1,595       652  
    Changes in operating assets and liabilities:                
    Accounts receivable, net     (8,203 )     2,805  
    Unbilled receivables     (1,400 )     6,887  
    Inventories     (122 )     7,972  
    Accounts payable     3,511       (4,026 )
    Accrued expenses     (8,641 )     (14,147 )
    Accrued restructuring costs     (5,075 )     (1,553 )
    Income taxes payable     2,143       4,517  
    Other operating assets/liabilities, net     914       (5,083 )
    Net cash provided by operating activities     28,864       38,344  
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (6,718 )     (4,278 )
    Purchases of held to maturity U.S. Treasury securities     –       (122,345 )
    Proceeds from held to maturity securities     950       101,071  
    Investment in related party notes receivable     (778 )     (633 )
    Proceeds from sale of property, plant and equipment     4,867       229  
    Net cash used in investing activities     (1,679 )     (25,956 )
                     
    Cash flows from financing activities:                
    Dividends paid to common stockholders     (1,660 )     (1,674 )
    Deferred financing costs     (681 )     –  
    Repayments of long-term debt     (42,500 )     –  
    Proceeds of long-term debt     5,000       –  
    Purchases of common stock     –       (14,175 )
    Net cash used in financing activities     (39,841 )     (15,849 )
                     
    Effect of exchange rate changes on cash and cash equivalents     3,687       (934 )
                     
    Net decrease in cash and cash equivalents     (8,969 )     (4,395 )
    Cash and cash equivalents – beginning of period     68,253       89,371  
    Cash and cash equivalents – end of period   $ 59,284     $ 84,976  
                     
                     
    Supplementary information:                
    Cash paid during the period for:                
    Income taxes, net of refunds received   $ 11,422     $ 8,277  
    Interest payments   $ 8,188     $ 1,985  
    ROU assets obtained in exchange for lease obligations   $ 1,502     $ 4,239  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Product Group Highlights
    (dollars in thousands, unaudited)
     
        Sales     Gross Margin  
        Q2-25     Q2-24     % Change     Q2-25     Q2-24     Basis Point Change  
    Power Solutions and Protection   $ 86,799     $ 58,551       48.2 %     41.9 %     45.7 %     (380 )
    Connectivity Solutions     59,202       57,822       2.4 %     39.2 %     38.9 %     30  
    Magnetic Solutions     22,298       16,832       32.5 %     28.7 %     26.4 %     230  
    Total   $ 168,299     $ 133,205       26.3 %     38.7 %     40.1 %     (140 )
        Sales     Gross Margin  
        YTD June 2025     YTD June 2024     % Change     YTD June 2025     YTD June 2024     Basis Point Change  
    Power Solutions and Protection   $ 169,853       118,798       43.0 %     42.2 %     44.8 %     (260 )
    Connectivity Solutions     109,932       112,107       -1.9 %     38.6 %     37.6 %     100  
    Magnetic Solutions     40,752       30,390       34.1 %     26.9 %     21.8 %     510  
    Total   $ 320,537     $ 261,295       22.7 %     38.7 %     38.8 %     (10 )
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Net Earnings to Non-GAAP Operating Income and Adjusted EBITDA(2)(3)
    (in thousands, unaudited)
     
        Three Months Ended     Six Months Ended  
        June 30,     June 30,  
        2025     2024     2025     2024  
                                     
    GAAP Net earnings   $ 26,793     $ 18,806     $ 45,115     $ 34,680  
    Provision for income taxes     6,906       4,077       12,369       8,555  
    Other income/expense, net     (7,568 )     471       (10,207 )     (1,346 )
    Interest income     (264 )     (1,146 )     (539 )     (2,261 )
    Interest expense     3,993       415       8,145       849  
    GAAP Operating Income   $ 29,860     $ 22,623     $ 54,883     $ 40,477  
    Restructuring charges     280       638       (2,653 )     703  
    Amortization of inventory step-up     799       –       1,757       –  
    Gain on sale of property     (4,075 )     –       (4,075 )     –  
    Stock-based compensation     1,721       971       2,900       1,775  
    Non-GAAP Operating Income   $ 28,585     $ 24,232     $ 52,812     $ 42,955  
    Depreciation and amortization     6,600       3,439       13,284       7,123  
    Adjusted EBITDA   $ 35,185     $ 27,671     $ 66,096     $ 50,078  
    % of net sales     20.9 %     20.8 %     20.6 %     19.2 %
                                     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.
    Bel Fuse Inc.
    Supplementary Information(1)
    Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)
    (in thousands, except per share data) (unaudited)
     
    The following tables detail the impact that certain unusual or special items had on the Company’s net earnings per common Class A and Class B basic and diluted shares (“EPS”) and the line items in which these items were included on the consolidated statements of operations.
     
        Three Months Ended June 30, 2025     Three Months Ended June 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 33,699     $ 6,906     $ 26,861     $ 2.03     $ 2.14     $ 22,883     $ 4,077     $ 18,806     $ 1.43     $ 1.50  
    Restructuring charges     280       48       232       0.02       0.02       638       153       485       0.04       0.04  
    Redemption value adjustment on redeemable NCI     –       –       (890 )     (0.07 )     (0.07 )     –       –       –       –       –  
    Amortization of inventory step-up     799       184       615       0.05       0.05       –       –       –       –       –  
    Gain on sale of property     (4,075 )     (937 )     (3,138 )     (0.24 )     (0.25 )     –       –       –       –       –  
    Stock-based compensation     1,721       354       1,367       0.10       0.11       972       200       772       0.06       0.06  
    Amortization of intangibles     3,697       647       3,050       0.23       0.24       1,148       239       909       0.07       0.07  
    Unrealized foreign currency exchange (gains) losses     (9,250 )     (2,127 )     (7,123 )     (0.54 )     (0.57 )     370       80       290       0.02       0.02  
    Non-GAAP measures   $ 26,871     $ 5,075     $ 20,974     $ 1.58     $ 1.67     $ 26,011     $ 4,749     $ 21,262     $ 1.61     $ 1.70  
        Six Months Ended June 30, 2025     Six Months Ended June 30, 2024  
    Reconciling Items   Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)     Earnings before taxes     Provision for income taxes     Net Earnings Attributable to Bel Fuse Shareholders     Class A EPS(3)     Class B EPS(3)  
                                                                                     
    GAAP measures   $ 57,484     $ 12,369     $ 44,735     $ 3.39     $ 3.58     $ 43,235     $ 8,555     $ 34,680     $ 2.61     $ 2.76  
    Restructuring charges     (2,653 )     (323 )     (2,330 )     (0.18 )     (0.19 )     703       163       540       0.04       0.04  
    Redemption value adjustment on redeemable NCI     –       –       (1,280 )     (0.10 )     (0.10 )     –       –       –       –       –  
    Amortization of inventory step-up     1,757       404       1,353       0.10       0.11       –       –       –       –       –  
    Gain on sale of property     (4,075 )     (937 )     (3,138 )     (0.24 )     (0.25 )     –       –       –       –       –  
    Stock-based compensation     2,900       597       2,303       0.18       0.18       1,776       366       1,410       0.11       0.11  
    Amortization of intangibles     7,383       1,295       6,088       0.46       0.49       2,542       503       2,039       0.15       0.16  
    Unrealized foreign currency exchange (gains) losses     (12,913 )     (2,995 )     (9,918 )     (0.75 )     (0.79 )     (529 )     (127 )     (402 )     (0.03 )     (0.03 )
    Non-GAAP measures   $ 49,883     $ 10,410     $ 37,813     $ 2.86     $ 3.02     $ 47,727     $ 9,460     $ 38,267     $ 2.89     $ 3.04  
     
    (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
    (2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA. We present results adjusted to exclude the effects of certain specified items and their related tax impact that would otherwise be included under GAAP, to aid in comparisons with other periods. We believe that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. We use these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis and for budgeting and planning purposes. We also believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other similarly situated companies in our industry, many of which present similar non-GAAP financial measures to investors. We also use non-GAAP measures in determining incentive compensation. See the section above captioned “Non-GAAP Financial Measures” for additional information.
    (3) Individual amounts of earnings per share may not agree to the total due to rounding.
    (4) In the fourth quarter of 2024, we modified our presentation of Non-GAAP financial measures, including revising our definitions of Adjusted EBITDA and Non-GAAP EPS, to additionally exclude from these Non-GAAP measures (i) stock-based compensation, (ii) amortization of intangibles (which primarily relates to the amortization of finite-lived customer relationships and technology associated with the Company’s historical acquisitions, including those associated with the recent acquisition of Enercon), and (iii) unrealized foreign currency exchange (gains) losses. We believe this change enhances investor insight into our operational performance. We have applied this modified definition of Adjusted EBITDA and Non-GAAP EPS to all periods presented.

    The MIL Network –

  • MIL-OSI: James River Announces Director Appointment

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, July 24, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today announced that Joel Cavaness has been appointed to the Company’s Board of Directors as an independent, non-executive member, effective immediately. Mr. Cavaness was also appointed to the Board’s Compensation and Human Capital Committee.

    “Joel is an accomplished executive in the wholesale brokerage space and has successfully built high-performing distribution platforms throughout his career,” said Christine LaSala, Chair of James River’s Board of Directors. “His entrepreneurial mindset, extensive marketplace relationships, and decades of leadership experience align deeply with James River and will add helpful complementary perspective to our Board.”

    Mr. Cavaness has nearly four decades of specialty property-and-casualty distribution experience. Most recently, he served as Chairman, Americas Specialty at Arthur J. Gallagher & Co. Prior to serving as Chairman, Mr. Cavaness was President of Risk Placement Services, Inc., which he co-founded in 1997. Earlier in his career, Mr. Cavaness held a series of leadership roles at Arthur J. Gallagher & Co. rising to Corporate Vice President and Division President of the Wholesale Brokerage Operation. He began his career as an underwriter with Crum & Forster Insurance Company. Additionally, Mr. Cavaness served on the Board of Directors of the Wholesale & Specialty Insurance Association for more than a decade.

    Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Information about these risks and uncertainties is contained in our filings with the U.S. Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company. Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

    Bob Zimardo
    SVP, Investments & Investor Relations
    InvestorRelations@james-river-group.com

    The MIL Network –

  • MIL-OSI USA: Tuberville Introduces Huntsville’s Bill Roark During HELP Hearing

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL)introduced Mr. Bill Roark of Huntsville, Alabama, as a witness appearing before the Senate Health, Education, Labor, and Pensions (HELP) Committee. The hearing was about empowering workers by expanding employee ownership.
    Read excerpts from the hearing below or watch on YouTube or Rumble.
    INTRODUCTION:
    TUBERVILLE: “I’m proud to introduce an Auburn man and a constituent, Mr. Bill Roark. Mr. Roark is the Co-founder of Torch Technologies Inc., Founder and Executive Chairman of the Board of Starfish Holdings, Inc., and Founder and Chair of the Board of Freedom Real Estate and Capital LLC, so he stays pretty busy. He’s a champion for employee ownership, and he has led multiple companies to national recognition [thanks] to his core values.
    As CEO of Torch Technologies, Mr. Rourke implemented an employee-owned ownership program from the company’s inception with the goal of becoming a 100% S corp employee stock ownership plan. His company achieved that goal in just under 10 years. Torch and Mr. Roark gained national attention for being named on the inaugural list of best of America’s best small companies by Forbes. During his tenure, Torch received multiple business awards and was named the number one fastest-growing, privately-held defense contractor in the southeast region. Torch Technologies provides superior research development and engineering services to the Department of Defense. Mr. Roark recently led Torch to become a certified evergreen company, achieving its long-term commitment to 100% employee ownership and its pledge to remain privately held to ensure enduring stability and opportunity for its workforce. This milestone came as Torch celebrated its 20th anniversary. 
    A true believer in company culture and employee well-being, Mr. Rourke has prioritized top-tier benefits and working conditions throughout his career. Mr. Rourke also founded Starfish Holdings Incorporated, a holding company that provides beneficial ownerships to employees across all its portfolios through an ESOP structure. Starfish Holdings companies now include Torch Technologies Inc., Freedom Real Estate and Capital LLC, and SIMVANA [LLC]. Mr. Roark has a proven track record with a common denominator of building companies where employees can thrive, retire with dignity, and find lasting purpose in their work.
    Thank you for being here today, Mr. Roark.”
    ON THE IMPORTANCE OF WORKPLACE DIGNITY:
    TUBERVILLE: “Important topic. Mister Roark, it’s got to be pretty mind calming to know if you work in an ESOP and you have some of the owners exit the company that everybody’s not gonna lose their job. So, what kind of security does an ESOP structure have for all employees? What that you’ve seen? Some examples.”
    ROARK: “Well, you know, we work real hard to build a succession plan in that it prepares our employees as people retire to step forward. You know, that is a challenge. One of the biggest challenges we’ve had is the success of the ESOP has led to people retiring early, so we have to work that problem a little harder and be training people ready to step into the role. The departure of employees that are retiring actually creates lots of opportunities for the other employees to accelerate in their careers quicker. So, a successful ESOP actually creates a lot of successful careers.
    It also creates the ability for employees to retire with dignity. In fact, the announcement of this hearing went out on our social media last night and one of the posts this morning, I’ll quote for you. […] Jim Deal, one of our retiring employees seven or eight years ago, he says, ‘Tell them how much you helped us retire with dignity.’ That is to me the essence of why I wanted to do this. You know, some 25 years ago, a company bought the company I worked for. And a few months after it was bought, I’d had a successful career. I went from being an entry level person to an executive. I was president of an operating segment. In that time, I’d had one of the most successful careers of anyone at that company. As that acquisition evolved and I was there, I was shortly thereafter, walked to the door and asked, told as I was handed my severance check that ‘We’ll pack your office and send your stuff home.’
    When I started this company, at the core of what I wanted is I wanted people to retire with dignity. When I walked out and stood on that corner, I didn’t feel very dignified. When I meet an employee in the grocery store, I want them to come hug me, not run from me. With the ESOP, I get lots of hugs. Every year when the ESOP statements come out, I get lots of hugs.This is a different way of doing business. I never wanna see an employee walk through the door in such an undignified manner. I put my whole life into that company. Several times, I worked 24 hours straight to get a delivery out on time.Was that respected? No. My stuff showed up in boxes with a bunch of crap that I didn’t really want, was not dignified at all. I hope that answers your question, Coach.”
    TUBERVILLE: “So, how can we help on the federal level to make ESOP structure more viable for that?”
    ROARK: “No. I think there’s lots of ideas being proposed here in in several of these bills, you know, making this easier, making it clearer in what we’re supposed to do. There’s a lot of murkiness in the bills, you know, one of the things for us in the last few years, we’ve been in a position where we could contribute more than the maximum allowable to our employees, and that creates an issue with the ESOP itself. Rf the limit is at 25%, I can only give 25%. If it were higher, we in some cases would have given higher, including this year. So, there are some pieces there where we could just fine tune some things. The ESOP is a wonderful tool and it provides stability for the employees and provides a retirement path for them as well. So, I think the more that we can refine the regulations around it to encourage people to be able to do this, clear up the rules on how the evaluations are done so that it’s clear what needs to be done. I think those would be great helps.”
    TUBERVILLE: “Thank you. Thank you, Mr. Chairman.”
    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 –

  • MIL-OSI USA: Sen. Markey, Reps. Tonko, Fitzpatrick, Bacon, Introduce Community Mental Wellness & Resilience Act

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Bipartisan legislation bolsters mental wellness & resilience to traumas caused by climate disasters
    Washington (July 24, 2025) – Senator Edward J. Markey (D-Mass.), a member of the Environment and Public Works Committee and co-Chair of the Environmental Justice Caucus, along with Representatives Paul D. Tonko (D-NY), Brian Fitzpatrick (R-PA), and Don Bacon (R-NE), today introduced the Community Mental Wellness and Resilience Act, a bipartisan bill that tackles the nation’s mental health crisis by addressing the extensive community trauma caused by climate disasters. This innovative legislation will empower communities through a new federal grant program to craft their own locally specific responses to the mental health problems caused by disasters and toxic stresses.
    “Communities are struggling to meet the current need for mental health services, and as the climate crisis worsens, unprecedented disasters will only cause more unprecedented harm to our physical and mental health,” said Senator Markey. “Heat waves, flash floods, wildfires, and droughts leave devastation and trauma in their wake. My Community Mental Wellness and Resilience Act would give communities the help they need to protect residents’ mental health, especially those in rural and underserved communities that are getting hit first and worst by disasters and have the fewest resources to deal with them.”
    “Extreme weather disasters don’t just wreak havoc on our homes, economies, and infrastructure — they inflict lasting trauma and mental harm for those both directly impacted and far beyond the affected area,” Congressman Tonko said. “We need to provide compassionate, evidence-informed solutions to support our communities. That’s why I’m leading this bipartisan legislation in partnership with my colleagues. We’ll continue working to further mental wellness and equip our communities with the resources they need to meet and overcome these traumas.”
    “For too long, our disaster response has focused solely on physical recovery, while the mental and emotional toll has gone unaddressed. This bipartisan legislation corrects that imbalance by treating mental health as a core component of our public health and emergency preparedness strategy. By investing in evidence-based, community-driven solutions, we’re not just helping communities rebuild—we’re helping them heal,” said Congressman Brian Fitzpatrick.
    “The mental health crisis affecting our communities is one of the most serious challenges of our time. We need comprehensive, community-driven solutions that empower local leaders to develop and implement programs that work for their specific needs,”?said Congressman Don Bacon.?“The bipartisan Community Mental Wellness and Resilience Act puts the power back in the hands of our communities to create meaningful, lasting change in mental health care.”
    In 2024, Mental Health America reported that nearly 23 percent of U.S. adults (~60 million people) experienced a diagnosed mental illness, with more than 5 percent facing severe conditions. Climate disasters only exacerbate the problem. Consequently, the number of people who experience a mental health problem as a result of a natural disaster often outweigh those with physical injuries by 40 to 1.
    The Community Mental Wellness and Resilience Act will:
    Establish a competitive grant program at the Department of Health and Human Services (HHS) to create, operate, or expand community-based programs that use a public health approach to build mental wellness and resilience
    Utilize these programs to enhance the capacity of all residents for mental wellness and resilience to prevent and heal mental health problems generated by disasters and toxic stresses
    Incorporating a set-aside to help address rural mental health disparities
    Help community initiatives build their own strategies to enhance and sustain population-level mental wellness and resilience, with specific attention to high-risk individuals
    More than 110 organizations support the legislation, including: Alliance of Nurses for Healthy Environments, American Foundation for Suicide Prevention, American Lung Association, American Psychiatric Association, American Public Health Association, International Transformational Resilience Coalition, Mental Health America, Moms Clean Air Force, National Association of Pediatric Nurse Practitioners, National Association of Social Workers, National League for Nursing, Rural Opportunity Institute, The Kennedy Forum, and YMCA of the USA.
    A fact sheet on the legislation can be found HERE.

    MIL OSI USA News –