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Category: Ukraine

  • MIL-OSI United Nations: Stressing ‘Your Courage Continues to Change Lives’, Secretary-General Urges Amnesty International Global Assembly to Keep Fighting for Human Rights, Climate Justice

    Source: United Nations 4

    Following are UN Secretary-General António Guterres’ remarks to the Amnesty International Global Assembly today:

    It is an honour to join you today — and to be the first United Nations Secretary-General to address your Global Assembly.  I see your invitation as a tribute to UN staff working around the world for human rights and for justice.  And I see it as a reflection of our shared, fundamental conviction in the equal dignity and worth of every person — a founding principle of both our organizations.

    One morning in the early ′60s, a British lawyer opened his newspaper on his way to work.  It reported that the dictatorship then ruling my country — Portugal — had imprisoned two students.  Their crime:  raising a toast to freedom.  The barrister — Peter Benenson — was so outraged by their plight that he launched a global movement.  And Amnesty International was founded.

    And ever since, you have been at the forefront of the global struggle for human rights — fearless, principled and relentless:  Campaigning to free prisoners of conscience around the world.  Contributing to the establishment of a number of international institutions and the conclusion of a number of treaties — including the Convention Against Torture. Defending the full spectrum of human rights — civil, political, social, economic and cultural.  Winning landmark victories for justice — and earning the Nobel Peace Prize along the way.

    The work of Amnesty International reflects truths I lived under dictatorship: that morality demands the courage to stand against oppression; that solidarity and justice are both personal and global; and that the fight for freedom on one continent can reverberate across the globe. I saw this first-hand — when liberation struggles in Africa helped end Portugal’s authoritarian rule.

    Today, all these truths are more important than ever.  Because powerful forces are ranged against human rights — and against the international system built to protect and uphold them.  We see attacks on the International Criminal Court.  Attacks on the international human rights system and its representatives. And flagrant violations of international law:  from the horrors in Sudan and beyond to Russia’s invasion in Ukraine where we need a just and lasting peace based on the UN Charter, international law and UN resolutions.  And, of course, the relentless Israeli onslaught on Gaza.

    I commend Amnesty International for your strong voices.  From the beginning, I have repeatedly condemned the horrific 7 October terror attacks by Hamas.  But nothing can justify the explosion of death and destruction since. The scale and scope is beyond anything we have seen in recent times.

    I cannot explain the level of indifference and inaction we see by too many in the international community.  The lack of compassion.  The lack of truth.  The lack of humanity.  Our own heroic staff continue to serve in unimaginable conditions.  Many are so numb and depleted that they say they feel neither dead nor alive.  Children speaking of wanting to go to heaven, because at least, they say, there is food there.

    We hold video calls with our own humanitarians who are starving before our eyes. This is not just a humanitarian crisis. It is a moral crisis that challenges the global conscience.  We will continue to speak out at every opportunity.  But words don’t feed hungry children.

    The United Nations stands ready to make the most of a possible ceasefire to dramatically scale up humanitarian operations across the Gaza Strip, as we successfully did during the previous pause in fighting.  Our plans are ready, and they are finalized.  We know what works — and we know what does not.

    Since 27 May, the United Nations has recorded over 1,000 Palestinians killed trying to access food.  Let me repeat:  1,000 people — killed not in combat, but in desperation — while the entire population starves.

    We need action.  An immediate and permanent ceasefire.  The immediate and unconditional release of all hostages.  Immediate and unimpeded humanitarian access.  At the same time, we need urgent, concrete and irreversible steps towards a two-State solution.

    We are in a global battle for human dignity.  For human rights. For justice.  For the multilateral system itself.  Amnesty International is indispensable in that fight.

    So, my central message to you today is this: the world needs you more than ever. We need your courage, your creativity, and your clarity.  We need your movements — rooted in communities and rising from the ground up —  making it clear that leaders cannot turn a blind eye to their obligations.

    And, yes, we need what you’ve called “troublemaking”.  The kind that challenges complacency and inaction.  That exposes injustice.  That drives lasting change.  Because as I scan the global landscape, I see too many leaders who view human rights as the problem.

    But we know human rights are the solution.  They are the foundation of peace.  They are the engine of progress.  And they are the path out of conflict and chaos to security and hope.  You know better than anyone:  this work is never easy.  And the struggle is always hardest when it matters most — when the urgency is greatest and the stakes are highest.

    But I want to assure you:  you are not alone.  Human rights are — and will remain — a central pillar of the United Nations.  Despite financial challenges, we are determined to reinforce human rights for the twenty-first century.  The UN80 initiative, grounded in the UN Charter and international law, is aimed at strengthening our core work across peace, human rights and development.  And our Call to Action for Human Rights is mobilizing every part of the UN system.

    In the face of crisis, we must stand together — and act together.  Let me turn to your focus for this year’s Global Assembly:  confronting the rise of authoritarian practices — and advancing climate justice.

    First — authoritarianism. Around the world, we are witnessing a surge in repressive tactics aiming at corroding respect for human rights.  And these are contaminating some democracies. This is not a series of isolated events. It is a global contagion.  Political opposition crushed.  Accountability dismantled.  Equality and non-discrimination trampled.  The rule of law cast aside.

    On the other hand, civil society — the lifeblood of any free nation — is suffocated.  We see activists and journalists silenced — even murdered.  Minorities scapegoated.  Women and girls stripped of their most basic rights — most brutally in Afghanistan.  And all of this is amplified by digital technology.

    We must right these wrongs.  Many countries we must recognize stand firm with human rights.  And we must push all countries to defend them — consistently, and universally, even — or especially — when inconvenient.  We must urge them to protect and strengthen the international human rights system.  We must demand accountability for human rights violations — without fear or favour.  And insist that countries honour commitments in the Pact of the Future — to protect civic space and uphold human rights and gender equality.

    We must also demand action to confront the flood of lies and hate polluting our digital spaces.  Social media manipulation has become a powerful weapon in the authoritarian playbook. Many algorithms are boosting the worst of humanity — rewarding falsehoods, fuelling racism and misogyny and deepening division.

    Last year, countries took steps to tackle these issues.  They adopted in the UN General Assembly the Global Digital Compact — committing to apply human rights to cyberspace — and to protect information integrity.  Now we must hold them to it.

    And we must go further — to rebuild trust in the international system by grounding it in justice, inclusion and results.  That means reforming the United Nations Security Council.  It is a scandal that Africa still has no permanent seat at the table.  It means delivering on the 2030 Sustainable Development Agenda.

    And it means transforming the international financial system — with debt relief, a surge in development finance, and a stronger voice and greater participation for developing countries in international financial institutions.  I applaud your work on such issues, including through the 2048 Commission — helping to shape a fairer, more inclusive global order.

    The second focus of this Global Assembly is one of the defining struggles of our time:  securing climate justice.  The climate crisis is not just an environmental emergency.  It is a human rights catastrophe.  We must confront and correct the deep injustices it has laid bare: The poor, the vulnerable and the marginalized — suffering most from a crisis they did nothing to create.

    Environmental defenders — arrested, threatened, and even killed for protecting communities and ecosystems.  Land and livelihoods — plundered in the race for minerals critical to clean energy.  And climate finance — still wholly inadequate as fossil fuels are propped up by subsidies as others pay the price.  All while their political enablers stall and sabotage action.

    But we have seen what people power can achieve:  from Amnesty’s role in promoting international recognition of the right to a clean, healthy and sustainable environment to legal victories that have led courts to clarify States’ obligations on climate.

    Just two days ago, the International Court of Justice issued a historic advisory opinion.  It made clear that States are obliged to protect the global climate system, that climate change is a human rights issue.  And that the goal of limiting global temperature rise to 1.5 degrees Celsius must guide climate policies, in accordance with the Paris Agreement.  We have young Pacific Islanders to thank for this landmark victory.

    And all of us must build on these hard-won gains — by insisting on legal accountability and demanding climate justice.  That means the biggest economies and emitters leading an urgent global reduction in emissions, and a just transition away from fossil fuels.

    New national climate action plans — or NDCs – must align with limiting global temperature rise to 1.5 degrees Celsius.  They must respect human rights.  And they must be shaped in partnership with those most affected — especially marginalized groups.

    We also need action on critical minerals — to protect the rights of Indigenous Peoples and front-line communities.  We cannot accept a clean energy future built on dirty practices with enormous violations of human rights and many times of human rights of children.  Our United Nations Panel on Critical Energy Transition Minerals has laid out a path — placing human rights at the core of the critical mineral value chains. We are working with partners to deliver.

    And we need finance — real finance — for developing countries to cut emissions, adapt to climate shocks, and recover from loss and damage.  We must push governments to provide funds they have pledged.  And explore new sources of finance — including putting an effective price on carbon and establishing solidarity levies on polluting sectors and industries.

    As a young man living under dictatorship in Portugal I learned — as Amnesty’s founders knew — that standing up for freedom is standing on the right side of history.

    And today, I am more certain than ever:  When you stand for human rights, you stand with what is right.  That is your history.  When Amnesty was founded in the ′60s the fight for a fairer world was raging:  for civil rights; for women’s rights; for liberation from colonial rule.

    These causes once seemed a distant dream.  So did Portuguese democracy.  I can assure you that your courage continues to change lives.  Your persistence is shifting the course of history.  Let’s keep going.  Let’s keep fighting.  Let’s meet this moment with the urgency it demands.  And let’s never, ever give up.

    Thank you very much for your attention and your patience.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Gaza: More deaths reported as starvation spreads

    Source: United Nations 2

    In an update on Friday, OCHA said that the starvation crisis is deepening across the enclave, with the local health authorities announcing that two more people had died from starvation the previous day.

    Hunger and malnutrition increase the risk of illnesses that weaken the immune system, particularly among women, children, older people and persons with disabilities or chronic diseases, with deadly consequences. 

    Food scarcity also impacts pregnant and breastfeeding women, increasing the risk of their babies being born with health complications and affecting mothers’ ability to breastfeed. 

    Aid constrictions

    The small trickle of supplies making it into the Strip is nowhere near adequate to address the immense needs as Israeli authorities continue to impose constraints on humanitarians and hamper their response. 

    Out of 15 attempts to coordinate humanitarian movements inside Gaza on Thursday, four were outright denied, three were impeded, one was postponed and two others had to be cancelled by the organisers, with only five missions facilitated.

    Even though the limited amount of fuel received yesterday was fully allocated to community kitchens, healthcare and water and sanitation facilities, the fuel shortage continues as the quantities entering Gaza remain insufficient to maintain essential facilities.

    UN preparations

    Despite severe constraints, UN teams are prepared to ramp up aid delivery and address these severe needs as soon as they are allowed to do so. 

    For the UN to accelerate the delivery of food aid, health services, clean water and waste management, nutrition supplies and shelter materials, Israel must open its crossings, allow fuel and equipment in and permit humanitarian staff to operate safely.

    The Under-Secretary-General for Humanitarian Affairs, Tom Fletcher, said in a social media post on Thursday that “we must save as many lives as we can – and we have a plan.” 

    The plan he shared with Member States outlines the necessary steps to stop the horror and alleviate constraints on humanitarian operations. 

    Mr. Fletcher has also written to the head of the Gaza Humanitarian Foundation (GHF), the aid distribution model backed by Israel and the United States, reiterating that the UN is ready to engage with any partner to provide desperately needed humanitarian aid to Gaza.

    He stressed that any such partnership must adhere to the globally accepted principles of humanity, impartiality neutrality and independence, with aid going where needs are greatest and without discrimination and that humanitarians answer to civilians in need, not the warring parties. 

    Mr. Fletcher also said that he welcomes dialogue on how to reach as many people as possible to alleviate suffering without causing harm. 

    MIL OSI United Nations News –

  • MIL-OSI Europe: Written question – Performance of Kremlin-associated conductor Valery Gergiev at the ‘Un’Estate da RE’ festival – co-financed by the EU – in Caserta, Italy – E-002867/2025

    Source: European Parliament

    Question for written answer  E-002867/2025
    to the Commission
    Rule 144
    Erik Marquardt (Verts/ALE)

    On 27 July 2025, Russian conductor Valery Gergiev, a declared supporter of Vladimir Putin and an internationally known cultural ambassador of the Kremlin, is scheduled to perform at the Un’Estate da RE festival in Caserta, Italy. According to publicly available information the event is co-financed by the EU Cohesion Fund[1].

    Given Russia’s ongoing war of aggression against Ukraine, the systematic bombing of civilian infrastructure – most recently in Kyiv – and the extensive EU sanctions against supporters of the regime, it raises serious concerns about how such cultural funding aligns with the core values of the European Union.

    • 1.How does the Commission justify the use of EU funds – including the Cohesion Fund – for an event featuring a prominent Kremlin-affiliated figure who has openly endorsed Putin’s regime and has yet to distance himself from its illegal war of aggression?
    • 2.What safeguards (e.g. guidelines or mechanisms) exist to ensure EU funds do not indirectly contribute to the legitimisation of authoritarian regimes and their cultural representatives?
    • 3.What consequences will the Commission draw from this case to ensure that future cultural funding is consistent with EU foreign policy objectives and core values – particularly its commitment to human rights and solidarity with Ukraine?

    Submitted: 14.7.2025

    • [1] https://backstageclassical.com/bomben-auf-kiew-und-gergiev-in-italien/.
    Last updated: 25 July 2025

    MIL OSI Europe News –

  • MIL-OSI United Nations: UN warns of escalating human toll in Ukraine amid relentless aerial attacks, mounting aid shortfall

    Source: United Nations 4

    “Nowhere is safe in Ukraine,” said Miroslav Jenča, Assistant Secretary-General for Europe at the UN Department of Political Affairs (UNDPPA).

    Citing figures from the UN human rights office, OHCHR, he said civilian casualties reached a three-year high in June, with 6,754 civilians killed or injured in the first half of 2025 alone.

    Russian forces launched over 5,000 long-range munitions against Ukraine so far in July, including a record-breaking 728 drones in a single day. Major cities such as Kyiv and Odesa have been hit by swarms of missiles and drones.

    Assistant Secretary-General for Humanitarian Affairs Joyce Msuya echoed those words, saying “there is no safe place left in Ukraine” as the use of explosive weapons in populated areas has left cities reeling.

    A rehabilitation centre for persons with disabilities in Kharkiv, maternity wards, schools, and energy infrastructure have all come under fire in recent weeks.

    UN Photo/Manuel Elías

    Joyce Msuya, UN Deputy Emergency Relief Coordinator, briefs the Security Council meeting on maintenance of peace and security of Ukraine.

    Spiralling humanitarian situation

    The humanitarian impact is worsening sharply, she continued.

    “Nearly 13 million people need assistance, but limited funding means we can reach only a fraction of them,” Ms. Msuya warned. As of now, only 34 per cent of the $2.6 billion required for this year’s humanitarian response has been received.

    Ukraine’s displacement crisis also continues to grow. Over 3.7 million people remain displaced within the country, while nearly six million are refugees abroad. More than 26,000 people have newly registered at transit centres since April alone.

    Strikes in Russia

    The senior UN officials also expressed concern over reported civilian casualties from Ukrainian drone strikes inside Russia, including in Belgorod, Kursk and Moscow.

    While the UN could not independently verify these incidents, Mr. Jenča reiterated: “International law clearly prohibits attacks against civilians and civilian infrastructure. We strongly condemn all such attacks – wherever they occur.”

    Concerns over nuclear safety

    Attacks near Ukraine’s nuclear facilities have further alarmed the UN.

    Earlier this month, drone strikes hit Enerhodar, where Zaporizhzhia Nuclear Power Plant staff live, and drones have been detected near other operating plants.

    “Any nuclear incident must be avoided at all costs,” Mr. Jenča said.

    UN Photo/Manuel Elías

    ASG Miroslav Jenča (on screen) briefs the Security Council meeting on the maintenance of peace and security of Ukraine.

    Political momentum needed

    While some diplomatic movement continues – including recent prisoner exchanges and talks in Istanbul – UN officials called for intensified political will toward a ceasefire.

    “The heartbreaking and rising human toll of the past nearly three-and-a-half years of war underscores the urgency of a complete, immediate and unconditional ceasefire,” Mr. Jenča said, “as the first step towards a just and lasting peace.”

    MIL OSI United Nations News –

  • MIL-OSI United Nations: In hard-hitting human rights address, Guterres calls for urgent action on Gaza, authoritarianism and climate justice

    Source: United Nations 2

    Recalling his own experience living under dictatorship in Portugal, Mr. Guterres told participants at the Global Assembly of the international rights charity Amnesty International on Friday that the fight for human rights is “more important than ever.”

    He called on states to uphold international law and defend human rights “consistently and universally, even – or especially – when inconvenient,” urging collective action to restore global trust, dignity and justice.

    ‘A moral crisis’

    Mr. Guterres painted a stark picture of a world in turmoil, citing multiple ongoing crises – foremost among them, the war in Gaza.

    While reiterating his condemnation of the 7 October 2023 terror attacks by Hamas and other Palestinian armed groups in Israel, the Secretary-General said that “nothing can justify the explosion of death and destruction since.”

    “The scale and scope is beyond anything we have seen in recent times,” he said.

    “I cannot explain the level of indifference and inaction we see by too many in the international community. The lack of compassion. The lack of truth. The lack of humanity.”

    Key takeaways from the address

    • Gaza – “A moral crisis that challenges the global conscience”
    • Ukraine – Call for a “just and lasting peace” based on the UN Charter, international law and resolutions
    • Authoritarianism – A “global contagion”, with political repression, scapegoating of minorities and shrinking civic space
    • Climate Justice – Bold action needed to cut emissions; transition to clean energy must uphold human rights
    • Digital Threats – Concern over algorithm-driven disinformation, hate speech and manipulation on social media
    • Call to Action – “Human rights are the solution, foundation of peace and engine of progress”

    UN staff ‘neither dead nor alive’

    He described UN staff in Gaza as working in “unimaginable conditions,” many of them so depleted they “say they feel neither dead nor alive.”

    Since late May, he noted, more than 1,000 Palestinians have been killed trying to access food – not in combat, but “in desperation – while the entire population starves.”

    “This is not just a humanitarian crisis. It is a moral crisis that challenges the global conscience.”

    Ready to scale up aid

    Mr. Guterres said the UN stands ready to dramatically scale up humanitarian operations “as we successfully did during the previous pause in fighting,” but called for an “immediate and permanent ceasefire,” the unconditional release of all hostages and full humanitarian access.

    “At the same time, we need urgent, concrete and irreversible steps towards a two-State solution,” he stressed.

    He also spoke about other conflicts, including Sudan as well as Russia’s invasion of Ukraine, where he called for a “just and lasting peace” based on the UN Charter, international law and relevant UN resolutions.

    UN Photo/Eskinder Debebe

    Secretary-General Guterres (left) addresses Amnesty International’s Global Assembly via video link.

    Rising authoritarianism

    The Secretary-General warned that authoritarian tactics are on the rise globally.

    “We are witnessing a surge in repressive tactics aiming at corroding respect for human rights,” he said. “And these are contaminating some democracies.”

    Political opposition movements are being crushed, accountability mechanisms dismantled, journalists and activists silenced, civic space strangled, and minorities scapegoated.

    Rights of women and girls in particular are being rolled back – most starkly, he said, in Afghanistan.

    “This is not a series of isolated events. It is a global contagion.”

    Weaponization of technology

    He decried the growing weaponization of digital platforms, saying algorithms are “boosting the worst of humanity – rewarding falsehoods, fuelling racism and misogyny, and deepening division.”

    He called on governments to uphold the Global Digital Compact adopted by countries at the UN General Assembly last September, and to take stronger action to combat online hate and disinformation.

    © ICJ-CIJ/Frank van Beek

    Activists outside the International Court of Justice (ICJ) in The Hague as the Court delivers its advisory opinion on the obligations of States in respect of climate change.

    Climate justice is human rights

    Turning to climate, Mr. Guterres described the environmental emergency as a “human rights catastrophe,” with the poorest and most vulnerable communities suffering most.

    He welcomed the International Court of Justice (ICJ)’s advisory opinion this week, affirming that climate change is a human rights issue and that states have obligations under international law to protect the global climate system.

    But he cautioned against a transition to clean energy that sacrifices human rights.

    “We cannot accept a clean energy future built on dirty practices…We cannot accept enormous violations of human rights – many of them against children – in the name of climate progress.”

    He called for urgent emissions cuts, a just transition away from fossil fuels and real financing for developing countries to adapt, build resilience, and recover from loss and damage.

    A legacy of activism

    The Secretary-General concluded by praising Amnesty International’s decades of activism, calling its work “indispensable” to the global human rights movement.

    “When you stand for human rights, you stand with what is right,” he told delegates.

    “Your courage continues to change lives. Your persistence is shifting the course of history. Let’s keep going. Let’s meet this moment with the urgency it demands. And let’s never, ever give up.”

    Founded in 1961, Amnesty International is a global human rights movement that campaigns to end abuses and promote justice. The organization has long worked in collaboration with the United Nations, participating actively in the development of international human rights law and mechanisms.

    Today’s speech by Mr. Guterres is first-ever address by a UN Secretary-General to Amnesty International’s Global Assembly – the charity’s highest decision-making body. The UN chief spoke via a video link to the event in Prague.

    MIL OSI United Nations News –

  • MIL-OSI Russia: Meeting between V. Putin and V. Zelensky before the end of August is unlikely – press secretary of the Russian president

    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 25 /Xinhua/ — A meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky is unlikely before the end of August. The summit should put an end to the settlement of the situation around Ukraine and record all the agreements reached. This is a complex and slow process. This was stated to journalists by the press secretary of the Russian president Dmitry Peskov on Friday.

    “A summit meeting can and should put a final point in the settlement and record the modalities and agreements that are to be developed in the course of expert work. Doing the opposite is impossible,” D. Peskov emphasized.

    “Is it possible to go through such a complex process in 30 days? Obviously, it is unlikely,” the Kremlin spokesman said.

    Earlier, D. Peskov, commenting on the proposals of the Ukrainian side after the third round of talks in Istanbul on a meeting between V. Putin and V. Zelensky, said that “Kyiv is putting the cart before the horse, proposing to organize a meeting of the leaders of the two countries even before reaching any agreements.” –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: SECURITY COUNCIL LIVE: Situation in Ukraine

    Source: United Nations 2-b

    The UN Security Council is meeting on Friday morning to discuss the situation in Ukraine amid mounting concerns over the intensifying hostilities and growing humanitarian needs. Senior UN political affairs and humanitarian officials are expected to brief the Council. Follow our live coverage from UN News, in coordination with UN Meetings Coverage, for updates from the chamber. UN News App users can follow here.

    MIL OSI United Nations News –

  • MIL-OSI USA: Senator Ricketts Introduces the THINK TWICE Act to Combat Chinese Arms Sales

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)
    WASHINGTON, D.C. – This week, U.S. Senator Pete Ricketts (R-NE) introduced the Tracking Hostile Industry Networks and Kit while Thwarting Weapons Imports from Chinese Entities (THINK TWICE) Act of 2025.  The THINK TWICE Act would require an assessment of arms sales by Communist China and a strategy to dissuade countries from buying Chinese weapons systems and defense equipment.  The legislation was also sponsored by Senator Michael Bennet (D-CO).
    “Communist China has emerged as a major weapons supplier. This is particularly true in Africa, the Middle East, and Asia,” said Ricketts.  “This development has major implications for American defense companies, our military operations, and our global security partnerships.  The recent Pakistan-India clash saw significant use of Chinese-made weapons. This should be a major wake-up call that we must do more to combat these arms sales.  That’s why I’ve introduced the THINK TWICE Act. This act requires a coordinated strategy to dissuade new purchases of Chinese-made weapons. It will also ensure our defense industrial base is better equipped to provide alternatives to prospective buyers.”
    “As China wields arms sales to reshape the international system in Beijing’s image, the United States must reassert its role as a security partner of choice,” said Bennet.  “This legislation is an essential step toward countering China’s expanding military footprint and geopolitical influence.”
    The THINK TWICE Act would:
    Requires the Secretary of Defense, in coordination with the Secretary of State, to report on arms sales facilitated by entities of the People’s Republic of China (PRC).  The report requires inclusion of:
    The specific weapons systems, technical aspects, and capabilities of those weapons;
    The countries mostly likely to procure weapons systems; 
    The weapons that present the greatest security risks regarding the potential to collect intelligence on or compromise U.S. platforms;
    The factors that incentivize countries to procure Chinese weapons; 
    And the PRC’s strategy regarding arms sales.

    Requires the Secretary of State, in coordination with the Secretary of Defense, to develop a strategy to dissuade purchases of new weapons systems and defense equipment from the PRC.  The strategy would include:
    An information campaign to warn countries interested in procuring weapons systems and defense equipment originating from China about risks; 
    A description of actions the U.S. can take, including FMS reforms, commercial sales, and foreign military financing; 
    An analysis of whether sanctions or economic restrictions targeting potential buyers could be used as an effective deterrent; 
    A plan to ensure sufficient representation of defense firms of the U.S. or trusted allies at defense trade shows; 
    And a plan to combat Chinese disinformation campaigns targeting the performance of Western weapons.

    BACKGROUND:
    Communist China is now the fourth largest arms exporter behind the U.S., Russia, and France.  In recent years, Chinese-made drones, missiles, and fighter jets have been exported to 44 countries.  All around the world, Communist China uses arms sales to promote strategic interests, improve its military’s image and reputation, acquire performance data of Chinese-made weapons in contested environments, exacerbate tensions between the U.S. and traditional security partners, and gain a foothold for further defense and security cooperation.  With Russia unable to facilitate arms sales given its war of aggression in Ukraine, an opportunity has arisen for Communist China to fill the void.
    Bill text can be found here.

    MIL OSI USA News –

  • MIL-OSI United Nations: Activities of Secretary-General in Brazil, 5-9 July

    Source: United Nations General Assembly and Security Council

    The United Nations Secretary-General, António Guterres, arrived in Rio de Janeiro, Brazil, on Saturday evening, 5 July, to attend the Seventeenth Summit of the BRICS [Brazil, Russian Federation, India and China] countries.

    On Sunday afternoon, 6 July, after being welcomed by Luiz Inacio Lula da Silva, the President of Brazil, the Secretary-General addressed an outreach session on “Strengthening multilateralism, economic-financial affairs and artificial intelligence”.  He highlighted that artificial intelligence (AI) is reshaping economies and societies, and that the fundamental test is how wisely we guide this transformation.

    The Secretary-General also emphasized that AI cannot be a club of the few, but must benefit all, and in particular developing countries, which must have a real voice in the governance of artificial intelligence.

    In the evening, the Secretary-General attended an official cocktail on the occasion of the BRICS Leader’s Summit, hosted by the President of Brazil, Luiz Inacio Lula da Silva and Janja Lula da Silva.

    On Monday morning, 7 July, soon after his arrival at the 17th Summit of the BRICS venue, the Secretary-General took part in the family photo. He then addressed an outreach session on “Environment, COP30 [Thirtieth Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change] and global health”, warning that our environment is being attacked on all fronts.  Mr. Guterres pointed out that across the world, lives and livelihoods are being ripped apart, and sustainable development gains left in tatters as disasters accelerate.

    The Secretary-General noted that the most vulnerable and the poorer pay the highest price and stressed that we need to tackle the point where climate and health meet.  He also emphasized that we need Governments to build on the progress of last year’s biodiversity COP, particularly reaching an ambitious agreement on finance, adding that we need to make COP30 a success.

    In the afternoon, in a bilateral meeting on the margins of the BRICS Summit, the Secretary-General and the Minister for Foreign Affairs of Iran, Seyed Abbas Araghchi, discussed the situation in the Middle East.  The Secretary-General noted the importance of the consolidation of the ceasefire to lay the groundwork for the resumption of negotiations.

    Immediately after, the Secretary-General held a bilateral meeting with the Minister for Foreign Affairs of the Republic of Türkiye, Hakan Fidan.  The Secretary-General and the Minister discussed the strong partnership between the United Nations and Türkiye.  They also exchanged views on the war in Ukraine, the situation in the Middle East and the next round of meetings on Cyprus.

    Also in the afternoon, the Secretary-General met Sergio Diaz-Granados, the Executive President of the Development Bank of Latin America and the Caribbean.

    On Tuesday morning, 8 July, the Secretary-General met with the Premier of the State Council of China, Li Qiang.  They discussed cooperation between the United Nations and China, sustainable development, climate change and financing.

    The Secretary-General commended China for its commitment to multilateralism and thanked China for its valuable contribution to the United Nations and its activities.

    The Secretary-General departed Rio de Janeiro in the afternoon of Tuesday, 8 July.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Ukraine continues to show its commitment to peace. But President Putin prefers war: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    Ukraine continues to show its commitment to peace. But President Putin prefers war: UK statement at the UN Security Council

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on Ukraine.

    Colleagues, the world has rallied around President Trump’s call for an immediate and unconditional ceasefire. Ukraine has agreed. And we echo that call once again today.

    Yet week after week, night after night, we see the number of Russian assaults grow.

    June was the deadliest month yet, and July is on track to be even deadlier.

    This makes a mockery of the diplomacy that Russia claims to support.

    And the consequences are ever more devastating for the people of Ukraine.

    Across five nights from the 18 to 23 July, Russia launched over 940 drones and 59 missiles at Ukrainian cities, killing 20 civilians and injuring a further 216.

    Just days before, a record-breaking 728 long-range drones were launched on Ukraine in a single day.

    Since the start of the invasion, over 13,500 civilians have been killed and more than 34,000 injured. This includes more than 200 children killed or injured since March alone.

    We cannot allow ourselves to become desensitised to these figures. Behind each Russian strike there is a person, a family, a community whose lives have been torn apart by Russia’s brutal military invasion.

    The Shygyds are one such family. On 5 June, as a Ukrainian firefighter arrived at the scene of a Russian attack on Chernihiv, he discovered that his wife, his daughter, and his grandson had all been killed.

    His grandson was only a year old. Three generations lost to cold-blooded Russian brutality in just one night.

    This is not an isolated incident. Families like The Shygyds are being torn apart across Ukraine and have been since February 2022.

    Russia has a clear and unqualified obligation to uphold the UN Charter.

    Russia also has an obligation to respect the Geneva Conventions and to the protection of civilians under international humanitarian law. There is simply no justification for brutal aggression like this.

    The reality is clear: Ukraine, a country illegally invaded by Russia, continues to show its commitment to peace. But President Putin prefers war.

    He is shunning diplomatic efforts made in good faith to bring an end to this horror, a horror of his own making.

    There is no ambiguity about what needs to come next.

    It is time for Russia to stop prevaricating and agree to an immediate and unconditional ceasefire, as the first step towards a just and lasting peace.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Analysis: Beijing’s ‘plausible deniability’ on arms supply is quickly becoming implausible – and could soon extend to Iran

    Source: The Conversation – Global Perspectives – By Linggong Kong, Ph.D. Candidate in Political Science, Auburn University

    Could longtime allies have a closer relationship than meets the eye? Thomas Peter/Pool Photo via AP

    China has long maintained that it does not supply arms to any party at war – a central tenet of its “noninterference” foreign policy. But in recent years, Beijing has repeatedly faced accusations of doing the opposite: providing direct military assistance to nations engaged in conflict, while publicly denying doing so and even adopting a position of diplomatic neutrality.

    That has seemingly been the case for two of China’s closest allies: Russia in its war against Ukraine and Pakistan during its recent armed standoff with India in May.

    Now, Beijing is facing scrutiny over alleged military links to Iran – a country engaged in a long-running shadow conflict with Israel that recently tipped into a short-lived hot war.

    After the ceasefire that followed the 12-day war in the Middle East, China reportedly supplied batteries for surface-to-air missiles to Iran in exchange for oil. Such parts are a critical military need for Tehran after its air defense network was severely damaged by Israeli missiles.

    The Chinese Embassy in Israel denied the reports, stating that China firmly opposes the proliferation of weapons of mass destruction and does not export arms to countries at war. But China’s Ministry of Foreign Affairs has yet to issue an official statement on the alleged transfer.

    As an expert specializing in China’s grand strategy, I think it is highly possible that China would offer Iran military support while denying it publicly. Such plausible deniability would allow Beijing to assert military influence and showcase some of its hardware, while deflecting international criticism and preserving diplomatic flexibility.

    But the tactic works only so far. As indirect evidence accumulates, as many suggest it is, such covert action may gradually develop into an open secret – leading to what scholars term “implausible deniability,” where denial is no longer credible even if it is still officially maintained.

    An air-to-air missile on display at the 15th China International Aviation and Aerospace Exhibition in November 2024.
    Shen Ling/VCG via Getty Images

    China’s support for Russia’s war

    Although Beijing has consistently said it is neutral in the Russia-Ukraine war that broke out in 2022, China has, in practice, quietly supported Russia. In part, that is because China shares the same strategic goal of challenging the Western-led international order.

    Recently, Chinese Foreign Minister Wang Yi reportedly told European Union foreign policy chief Kaja Kallas that Beijing cannot afford to see Russia lose the war in Ukraine. He was said to have warned that a Russian defeat would likely bring the full force of U.S. strategic pressure to bear on China.

    From Beijing’s perspective, Moscow plays a vital role in keeping the West preoccupied, offering China valuable strategic breathing room by diverting American attention and resources away from the Asia-Pacific region.

    Beyond deepening trade relations that have become a lifeline for Moscow’s economy under Western sanctions, China has reportedly supplied Russia with large quantities of dual-use goods – goods that can be used for civilian and military purposes – to enhance both Moscow’s offensive and defensive capabilities, as well as to boost China’s military-industrial production. Beijing has also allegedly provided satellite imagery to assist Russia on the battlefield.

    While the U.S. and Europe have repeatedly tried to call out China for aiding Russia militarily, Beijing has consistently denied such claims.

    Most recently, on April 18, 2025, Ukraine formally accused China of directly supporting Russia and slapped sanctions on three Chinese-based firms that Kyiv said was involved in weapons production for the Russian war effort.

    In what has become a common refrain, China’s Foreign Ministry rejected the Ukrainian accusation, reaffirming that China has never provided lethal weapons to any party in the conflict and reiterating its official stance of promoting a ceasefire and peace negotiations.

    A Chinese Foreign Ministry spokesperson gestures for questions during a daily briefing in Beijing in 2020.
    AP Photo/Ng Han Guan

    China’s quiet backing of Pakistan

    Beijing has long presented itself as a neutral party in the India-Pakistan conflict, too, and has called for restraint on both sides and urged peaceful dialogue.

    But in practice, China is allied with Pakistan. And the direct military support it has provided to Lahore appears driven by China’s desire to curb India’s regional influence, counterbalance the growing U.S.–India strategic partnership and protect the China–Pakistan Economic Corridor, a massive bilateral infrastructure project.

    In the latest flare-up between India and Pakistan in May, Pakistan deployed Chinese-made J-10C fighter jets in combat for the first time, reportedly downing five Indian aircraft.

    Pakistan’s air defense relied heavily on Chinese equipment during the short conflict, deploying Chinese-made surface-to-air missile systems, air-to-air missiles, advanced radar systems and drones for reconnaissance and strike operations. Overall, more than 80% of Pakistan’s military imports have come from China in the past five years.

    In what would be a far more stark example of military support if proven true, the deputy chief of India’s army alleged that China had provided Pakistan with real-time intelligence on Indian troop movements during the conflict.

    When asked to respond, a spokesperson for China’s Ministry of Foreign Affairs said they had no knowledge of the matter. They reaffirmed that China’s ties with Pakistan are not directed against any third party and reiterated Beijing’s long-standing position in favor of a peaceful resolution to any India–Pakistan dispute.

    Extending ‘deniability’ to Iran?

    Like with Russia and Pakistan, Iran has increasingly been seen as a partner to China.

    In 2021, China and Iran signed a 25-year, US$400 billion comprehensive cooperation agreement that covered trade, energy and security, signaling the depth of their strategic relationship.

    The accord was indicative of the strategic value Beijing places on Iran. From Beijing’s perspective, Tehran presents a counterbalance to the influence of the U.S. and its allies – especially Israel and Saudi Arabia – in the region and helps divert Western resources and attention away from China.

    But recently, Tehran’s position in the region has become far weaker. Not only has its air defense infrastructure suffered badly in the confrontations with Israel, but its regional proxies and allies – Hamas, Hezbollah and the Assad regime in Syria – have either been devastated by Israel or collapsed altogether.

    Smoke rises over Tehran, Iran, following an Israeli strike on June 23, 2025.
    Nikan/Middle East Images/AFP via Getty Images

    Under these circumstances, it is strategically compelling for Beijing to provide support to Tehran in order to maintain regime stability.

    Indeed, Beijing has frequently circumvented sanctions on Iranian energy, with an estimated 90% of Iran’s oil exports still going to China.

    Although Beijing did not extend any substantive support to Iran during the 12-day war, reports have abounded since that Iran is looking to China as an alternative supplier of its defense needs. The thinking here is that Russia, Tehran’s traditional military partner, is no longer able to provide sufficient, quality defense equipment to Iran. Some influential social media posters in China have gone as far as advocating for direct military sales by Beijing.

    If China does do this, I believe it is likely to follow the same playbook it has used elsewhere by denying involvement publicly while covertly providing assistance.

    Doing so allows China to maintain diplomatic ties with Iran’s regional rivals, such as Israel and Saudi Arabia, while simultaneously benefiting from a turbulent Middle East that distracts Washington and grants Beijing strategic breathing room.

    China’s use of plausible deniability reflects a broader strategic ambition. Namely, it wants to assert influence in key regional conflicts without triggering open backlash. By quietly supporting partners while maintaining a facade of neutrality, Beijing aims to undermine Western dominance, stretch U.S. strategic focus and secure its own interests – and all while avoiding the risks and responsibilities of open military alignment.

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

    – ref. Beijing’s ‘plausible deniability’ on arms supply is quickly becoming implausible – and could soon extend to Iran – https://theconversation.com/beijings-plausible-deniability-on-arms-supply-is-quickly-becoming-implausible-and-could-soon-extend-to-iran-261148

    MIL OSI Analysis –

  • MIL-OSI China: Xi receives credentials of new ambassadors to China 2025-07-25 17:01:28 Chinese President Xi Jinping received the credentials of 16 new ambassadors to China in Beijing on Friday.

    Source: People’s Republic of China – Ministry of National Defense

    Chinese President Xi Jinping delivers a speech after receiving the credentials of 16 new ambassadors to China at the Great Hall of the People in Beijing, capital of China, July 25, 2025. (Xinhua/Xie Huanchi)

    BEIJING, July 25 (Xinhua) — Chinese President Xi Jinping received the credentials of 16 new ambassadors to China in Beijing on Friday.

    The ambassadors are:

    — Pham Thanh Binh from Vietnam

    — Miguel Lecaro Barcenas from Panama

    — Jose Julio Gomez Beato from Dominica

    — Riza Poda from Albania

    — Jonathan Edward Austin from New Zealand

    — Thaddeus Kambanei from Papua New Guinea

    — Dalva M. C. R. Allen from Angola

    — Khaled Nazmy from Egypt

    — Ramiro Jose Cruz Flores from Nicaragua

    — Abdolreza Rahmani Fazli from Iran

    — Pablo Arriaran from Chile

    — Olexander Nechytaylo from Ukraine

    — Franck E. W. Adjagba from Benin

    — David Alfred Perdue Jr from the United States

    — Eliav Belotsercovsky from Israel

    — Morris Simon Batali from South Sudan

    Xi also received Secretary-General of the Shanghai Cooperation Organization Nurlan Yermekbayev.

    Welcoming the envoys to their new posts, Xi asked them to convey his best wishes to the leaders and the people of their respective countries, expressing hope that envoys will gain a full and in-depth understanding of China.

    China cherishes its friendship with people across the globe, and stands ready to strengthen all-around cooperation and exchanges with other countries on the basis of mutual respect, equality, mutual benefit and win-win cooperation, Xi said.

    Xi pointed out that, at present, China is advancing the great rejuvenation of the Chinese nation on all fronts through Chinese modernization, while its economy maintains a steadily improving momentum.

    Amid accelerating global changes and a turbulent international landscape, there is a pressing need more than ever for countries around the world to enhance solidarity and cooperation, embrace a broad vision to rise above estrangement and conflict, and bear in mind the future of all humanity, Xi noted.

    This year marks the 80th anniversary of the victory in the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War, as well as the 80th anniversary of the founding of the United Nations, Xi noted.

    Xi said China stands ready to work with all countries to firmly safeguard the international system with the UN at its core and the international order underpinned by international law.

    Chinese President Xi Jinping delivers a speech after receiving the credentials of 16 new ambassadors to China at the Great Hall of the People in Beijing, capital of China, July 25, 2025. (Xinhua/Li Xiang)

    MIL OSI China News –

  • MIL-OSI United Nations: Ukraine: UNESCO steps up support for the World Heritage site in Odesa amid escalating damage

    Source: UNESCO World Heritage Centre

    In January 2023, the site was simultaneously inscribed on the UNESCO World Heritage List and the List of World Heritage in Danger, in recognition of its Outstanding Universal Value and the immediate threats it faces.

    Over the last months – in November 2024, January 2025 and, more recently, during the week of 23 June 2025 –, in response to repeated attacks suffered by the city, UNESCO deployed several damage assessment missions all coordinated through its Office in Kyiv.

    In 2025, UNESCO and ICOMOS also jointly dispatched two technical assistance missions to Odesa to provide expert guidance to national, regional, and local authorities, as well as cultural heritage professionals. These missions aimed to support the revision of the site’s Management Plan and to strengthen local capacity in disaster risk management and heritage protection.

    Furthermore, UNESCO is facilitating urgent repair and rehabilitation works at key cultural landmarks in Odesa, with contributions from Italy and Japan. Beneficiary sites include the Odesa House of Scientists, the Odesa Fine Arts Museum, Stolyarsky Music School, and the Transfiguration Cathedral.

    All these efforts in Odesa complement the more general support provided by UNESCO to Ukraine with financial support from Japan, in developing a standardised methodology for on-site damage and risk assessment, in collaboration with ICCROM. This methodology is being disseminated through training sessions on its use and on advanced documentation techniques such as 3D architectural laser scanning.

    UNESCO’s assistance also extends to emergency preparedness, first aid for cultural property, and broader risk reduction strategies.

    UNESCO condemns any attack that threatens World Heritage sites and reiterates the obligations of States Parties under the 1972 World Heritage Convention and the 1954 Hague Convention for the Protection of Cultural Property in the Event of Armed Conflict. These Conventions prohibit deliberate acts that may cause damage to cultural and natural heritage.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Joint statement from UK and Australia on the Australia-UK Ministerial Consultations (AUKMIN) July 2025

    1 . On 25 July 2025, the Minister for Foreign Affairs Senator the Hon Penny Wong and the Deputy Prime Minister and Minister for Defence the Hon Richard Marles MP hosted the Secretary of State for Foreign, Commonwealth and Development Affairs the Rt Hon David Lammy MP and the Secretary of State for Defence the Rt Hon John Healey MP for the Australia-UK Ministerial Consultations (AUKMIN) in Sydney.

    2 . Ministers noted the global security environment had become more dangerous and unpredictable since they last met in December 2024. They recognised the elevated importance of the enduring Australia-UK relationship in responding together to address these challenges.

    3 . Ministers agreed to significantly increase their cooperation to bolster Australia and the UK’s defence and national security, enhance economic security and mitigate and address the impacts of climate change. Ministers agreed on the enduring importance of the UK-Australia relationship in delivering economic growth to our peoples and globally.

    4 . Ministers underscored the role Australia and the UK play in upholding the rules, norms and institutions, including respect for universal human rights, that underpin global prosperity and security, and noted their deep, clear and longstanding commitment to the multilateral system. They committed to consider joint initiatives and advocacy on multilateral reform, including on the UN Secretary-General’s UN80 Initiative, to ensure the multilateral system is able to continue to deliver on critical core functions and mandates.

    Closer cooperation in the Indo-Pacific

    5 . Ministers reaffirmed that the security, resilience and prosperity of the Indo-Pacific and Euro-Atlantic regions are interconnected. They committed to continue to expand efforts to safeguard internationally agreed rules and norms and respect for sovereignty. Ministers agreed on the need to shape a world characterised by adherence to rules and norms, rather than power or coercion.

    6 . Ministers committed to further strengthen cooperation, bilaterally and with regional partners, to ensure a peaceful, stable and prosperous Indo-Pacific. Ministers agreed the UK and Australia’s enduring engagement in the Indo-Pacific was important to shaping a favourable strategic balance in the region.

    7 . Recognising the deteriorating geostrategic environment, Ministers emphasised the need for all countries to manage strategic competition responsibly, and the importance of dialogue and practical measures to reduce the risks of miscalculation, escalation and conflict.

    8 . Ministers reiterated their strong opposition to coercive or destabilising activities by China’s Coast Guard, naval vessels and maritime militia in the South China Sea, including sideswiping, water cannoning and close manoeuvres that have resulted in injuries, endangered lives and created risks of miscalculation and escalation. Ministers agreed to continue cooperating to support freedom of navigation and overflight in the region, including through participation in joint activities. They also reiterated their concern about the situation in the East China Sea.

    9 . Ministers emphasised the obligation of all states to adhere to international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS), which provides the comprehensive legal framework for all activities in the ocean and seas. They agreed that maritime disputes must be resolved peacefully and in accordance with international law. Ministers reaffirmed that the 2016 South China Sea Arbitral Tribunal decision is final and binding on the parties. They emphasised any South China Sea Code of Conduct must be consistent with UNCLOS and not undermine the rights of States under international law.

    10 . Ministers agreed on the critical importance of peace and stability across the Taiwan Strait. They called for the peaceful resolution of cross-Strait issues through dialogue and not through the threat or use of force or coercion, and reaffirmed their opposition to unilateral changes to the status quo. They expressed concern at China’s destabilising military exercises around Taiwan. Ministers recognised that the international community benefits from the expertise of the people of Taiwan and committed to support Taiwan’s meaningful participation in international organisations where statehood is not a pre-requisite or as an observer or guest where it is. They reiterated their will to continue to deepen relations with Taiwan in the economic, trade, scientific, technological, and cultural fields.

    11 . Ministers strongly condemned the DPRK’s ongoing nuclear and ballistic missile programs and called for the complete, verifiable and irreversible denuclearisation of the DPRK. Ministers also expressed grave concern over the DPRK’s malicious cyber activity, including cryptocurrency theft and use of workers abroad to fund the DPRK’s unlawful weapons of mass destruction and ballistic missile programs.

    12 . Ministers emphasised their commitment to ASEAN centrality and recognised the critical role of ASEAN-led architecture in promoting peace, stability and prosperity in the region. They reaffirmed their ongoing commitment to support the practical implementation of the ASEAN Outlook on the Indo-Pacific.

    13 . Ministers underscored their commitment to deepen engagement on trade and investment diversification in Southeast Asia, including through Invested: Australia’s Southeast Asia Economic Strategy to 2040, Australia’s AUD 2 billion Southeast Asian Investment Financing Facility and dedicated Southeast Asia Investment Deal Teams, and the UK’s enhanced economic engagement. Ministers agreed to continue to strengthen coordination on clean energy transition in Southeast Asia and cooperation to bolster the region’s economic resilience through the mobilisation of private finance for climate objectives and green infrastructure, exploring collaboration on financing of low-carbon energy projects, and coordination of support to the ASEAN Power Grid.

    14 . Ministers reaffirmed their commitment to combat people smuggling, human trafficking and modern slavery in South and Southeast Asia, recognising that women and girls were most impacted, with a focus on trafficking into scam centres.

    15 . Ministers reiterated their commitment to the Indian Ocean Rim Association (IORA) as the premier ministerial-level forum in the Indian Ocean region. They agreed to continue collaboration on shared priorities in the Indian Ocean, including maritime security.

    16 . Ministers reiterated their serious concern at the deepening humanitarian crisis and escalating violence in Myanmar, compounded by the devastating earthquake in March. They strongly condemned the Myanmar regime’s violent oppression of its people, including the continued bombardment of civilian infrastructure. They called for all parties to prioritise the protection of civilians. They called on the regime to immediately cease violence, release those arbitrarily detained, allow safe and unimpeded humanitarian access, and return Myanmar to the path of inclusive democracy. Ministers reiterated their support for ASEAN’s efforts to resolve the crisis, including through the Five Point Consensus and the work of the ASEAN Special Envoy and UN Special Envoy. They welcomed ASEAN leaders’ recent call for an extended and expanded ceasefire, and inclusive national dialogue.

    17 . Ministers highlighted their commitment to continue to work with Pacific island countries through existing regional architecture, recognising the centrality of the Pacific Islands Forum. They agreed on the importance of pursuing Pacific priorities as set out in the 2050 Strategy for the Blue Pacific Continent. Ministers joined Pacific partner calls for increased access to climate finance, including further support to Pacific-owned and led mechanisms such as the Pacific Resilience Facility. Ministers welcomed ongoing reform of multilateral climate funds, including the Green Climate Fund (GCF), to provide better outcomes for Pacific island countries, noting encouraging progress made regarding the accreditation of Direct Access Entities and GCF regional presence. Ministers welcomed the UK’s continued contributions to Pacific security through their assistance in the removal of explosive remnants of war via their participation in the Australian-led Operation Render Safe. Ministers agreed to continue to work together to advance transparent and high-quality development in line with the Pacific Quality Infrastructure Principles (PQIPs), including through the Pacific Business Club. Ministers committed to work collaboratively on respective approaches to the Multilateral Development Banks (MDBs) to encourage reform consistent with the PQIPs. Ministers underscored our shared commitment to cyber coordination and capacity-building in the Pacific including through support to the inaugural Pacific Cyber Week in August 2025, a concept endorsed by the Pacific Islands Forum. Ministers emphasised the importance of sharing expertise and strengthening people-to-people links for a more cyber-resilient Pacific.

    Ambitious partners, facing global challenges together

    18 . Ministers unequivocally condemned Russia’s full-scale invasion of Ukraine and called on Russia to immediately withdraw its troops from Ukraine’s internationally recognised territory, and adhere fully to its obligations under international law, including in relation to the protection of civilians and treatment of prisoners of war. They reiterated their commitment to making sure that Ukraine gets the military and financial support it needs to defend itself in the fight now and agreed to step up action against Russia’s war machine. They emphasised the importance of taking further action against Russia’s shadow fleet, acknowledging the sanctions both countries had imposed in this regard. They also called on Russia to immediately cease their illegal deportation of Ukrainian children and reunify those already displaced with their families and guardians in Ukraine.

    19 . Ministers reiterated their deep concerns about the role of third countries in supporting Russia’s illegal war in Ukraine and the associated impact for the security of the Indo-Pacific. They called on China to prevent its companies from supplying dual-use components to Russia’s war effort, and exercise its influence with Russia to stop Moscow’s military aggression and enter negotiations to end the war in good faith. Ministers strongly condemned the DPRK’s support for Russia through the supply of munitions and deployment of DPRK personnel to enable Russia’s war efforts. Ministers called on Iran to cease all support for Russia’s illegal war against Ukraine and halt the transfer of ballistic missiles, UAVs and related technology.

    20 . Ministers agreed deepening military cooperation between Russia and the DPRK was a dangerous expansion of Russia’s war that has significant implications for security in the Indo-Pacific region. They expressed deep concerns about any political, military or economic support Russia may be providing to the DPRK’s nuclear and ballistic missile programs. Ministers affirmed their commitment to cooperating with international partners to strengthen efforts to hold the DPRK to account for violations and evasions of UN Council Resolutions (UNSCRs) including as founding members of the Multilateral Sanctions Monitoring Team (MSMT). Ministers acknowledged the release of the MSMT’s first report, which shines a light on unlawful DPRK-Russia military cooperation including arms transfers and Russia’s training of DPRK troops. Ministers urged all UN Member States to abide by their international obligations under the UNSCRs to implement sanctions, including the prohibition on the transfer or procurement of arms and related material to or from the DPRK.

    21 . Ministers called on Iran and Israel to adhere to the ceasefire and urged Iran to resume negotiations with the US. Ministers stated their determination that Iran must never develop a nuclear weapon. It is essential that Iran act promptly to return to full compliance with its safeguards obligations, cooperate fully with the International Atomic Energy Agency, and refrain from actions that would compromise efforts to address the security situation in the Middle East. Ministers condemned Iran’s unjust detention of foreign nationals and raised ongoing concerns over the human rights situation in Iran, particularly the escalation of the use of the death penalty as a political tool during the 12-day conflict, and the ongoing repression of women, girls and human rights defenders.

    22 . Ministers reiterated their support for Israel’s security and condemnation of Hamas’ horrific attacks on 7 October 2023, and underlined that Israeli actions must abide by international law. They called for an immediate ceasefire in Gaza, an end to Israeli blocks on aid, and the urgent and unconditional release of all hostages.

    23 . Ministers reaffirmed their conviction that an immediate and sustained ceasefire, alongside urgent steps towards a credible and irreversible pathway to a two-state solution are the only ways to deliver lasting peace, security and stability for Israelis, Palestinians and the wider region.

    24 . Ministers expressed grave concerns at the horrific and intolerable situation in Gaza. They continue to be appalled by the immense suffering of civilians, including Israel’s blocking of essential aid. They reiterated their call for Israel to immediately enable full, safe and unhindered access for UN agencies and humanitarian organisations to work independently and impartially to save lives, end the suffering and deliver dignity. Ministers also condemned settler violence in the West Bank, which has led to deaths of Palestinian civilians and the displacement of whole communities, and expressed opposition to any attempt to expand Israel’s illegal settlements.

    25 . Ministers expressed their deep concern for the safety and security of humanitarian personnel working in conflict settings around the world. They reaffirmed their commitment to finalise a Declaration for the Protection of Humanitarian Personnel and implement practical actions to ensure greater respect for and protection of humanitarian personnel. Ministers also called on all countries to endorse the Declaration once launched and to reaffirm their responsibility to uphold humanitarian principles and ensure respect for international humanitarian law. Ministers discussed the essential role of the humanitarian system which is critical to saving lives and livelihoods and avoiding mass displacement. Ministers noted that the core work of the UN, the Red Cross and Red Crescent Movement, and international, national and local humanitarian organisations, must be preserved. Ministers also reiterated support for the Emergency Relief Coordinator’s humanitarian reset.

    26 . Ministers committed to continue close collaboration on protecting and promoting gender equality internationally and countering rollback of rights, including through Australia-UK Strategic Dialogues on Gender Equality and progressing subsequent agreed commitments, such as the UK-Australia Gender Based Violence MoU.

    27 . Ministers reaffirmed their commitment to the full implementation of the Women Peace and Security (WPS) agenda. They acknowledged the 25th anniversary of UN Security Council Resolution 1325 and agreed to continue working together on implementing the WPS agenda, promoting the full, equal, meaningful and safe participation and leadership of women in conflict prevention, mediation and resolution, and working together on preventing conflict-related sexual violence and ending impunity.

    28 . Ministers reiterated their serious shared concerns about human rights violations in China, including the persecution and arbitrary detention of Uyghurs and Tibetans and the erosion of their religious, cultural, education and linguistic rights and freedoms. They expressed their deep concern with the transfer of a cohort of 40 Uyghurs to China against their will in February this year. Ministers shared grave concerns about the ongoing systemic erosion of Hong Kong’s autonomy, freedom, rights and democratic processes, including through the imposition of national security legislation and the prosecution of individuals such as British national Jimmy Lai and Australian citizen Gordon Ng. They shared their deep concern over the actions of Hong Kong authorities in targeting pro-democracy activists both within Hong Kong and overseas, including in Australia and the UK.

    29 . Ministers expressed growing concern over foreign information manipulation and interference (FIMI) and attempts to undermine security and democratic institutions and processes. They committed to working closely to analyse and respond to FIMI in order to raise the costs for malign actors, and build collective responses to FIMI, including in multilateral fora, and to promote resilient, healthy, open and fact-based environments.

    30 . Ministers acknowledged the unprecedented opportunities presented by critical and emerging technologies, including artificial intelligence, and the need to mitigate harms to build trust and confidence. They committed to collaborate on reciprocal information sharing on advanced AI capabilities and research, including between Australian agencies and the UK AI Security Institute, and working together to capture the opportunities of AI through the bilateral Cyber and Critical Technology Partnership.

    31 . Australia welcomed the UK’s new Laboratory for AI Security Research (LASR) and looked forward to exploring the opportunities for cooperation between our nations. The lab will pull together our world-class industry, academia and government agencies to ensure we reap the benefits of AI, while detecting, disrupting and deterring adversaries who would use it to undermine our national security and economic prosperity.

    32 . Ministers expressed shared concern over the persistent threat of malicious cyber activities impacting our societies and economies and agreed to continue to work closely on leveraging all tools of deterrence, including the use of attributions and sanctions to impose reputational, financial costs and travel bans on these actors. Our respective statements calling out the egregious activity of Russia’s GRU on Friday 18 July is a good example of such cooperation.

    33 . The UK is pleased to welcome Australia as a partner to the Common Good Cyber Fund, designed to strengthen cybersecurity for individuals most at risk from digital transnational repression. The Fund was first launched by the Prime Ministers of the UK and Canada under the G7 Rapid Response Mechanism. This participation underscores the growing commitment among G7 partners and like-minded nations to counter this threat and to deliver support to those who may be targeted.

    34 . Ministers reiterated their commitment to the Commonwealth as a unique platform for cross-regional dialogue and cooperation. They noted the importance of the Commonwealth in elevating the voices of small developing states on issues of global importance. Ministers took note of the important role of the Commonwealth Small States Offices in New York and Geneva, and committed to looking into options for expansion of this offer.

    Building shared defence capability

    35 . Ministers welcomed the continued growth in the bilateral defence relationship including the deployment of a British Carrier Strike Group to Australia for Exercise Talisman Sabre 2025 as part of an Indo-Pacific deployment. HMS Prince of Wales is the first UK aircraft carrier to visit Australia since 1997 and the deployment demonstrates the UK’s ongoing commitment to increase interoperability with Australia in the Indo-Pacific following significant contributions to Exercises Pitch Black and Predator’s Run in 2024. Ministers look forward to future opportunities in Australia and the wider region, including leveraging the Royal Navy’s (RN) offshore patrol vessels persistently deployed in the Indo-Pacific.

    36 . Ministers also welcomed the success of the inaugural Australia-UK Staff Level Meeting, with the second meeting set to take place in Australia later this year. This forum will continue to progress joint strategic and operational objectives, supporting the evolution of the bilateral relationship.

    37 . Ministers reaffirmed their enduring commitment to the generational AUKUS partnership, which is supporting security and stability in the Indo-Pacific and beyond, enhancing our collective deterrence against shared threats. This capability and technology sharing partnership will deliver military advantage to deter adversaries and promote regional security. The partnership also provides new pathways for innovation, boosting interoperability between partners and strengthening our combined defence industrial base.

    38 . Ministers announced their intent to sign a bilateral AUKUS treaty between the UK and Australia on Saturday, 26 July. The Treaty is a landmark agreement, which will underpin the next 50 years of UK-Australian bilateral cooperation under AUKUS Pillar I.

    39 . The Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines; support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia’s nuclear-powered submarine program; and realise increased port visits and the rotational presence of a UK Astute Class submarine at HMAS Stirling under Submarine Rotational Force – West.

    40 . The Treaty will enable our two countries to deliver a cutting-edge undersea capability through the SSN-AUKUS, in conjunction with our partner the US. Through working together we are supporting stability and security in the Indo-Pacific and beyond for decades to come, creating thousands of jobs, strengthening our economies and supply chains, building our respective submarine industrial bases and providing new opportunities for industry partners.

    41 . Ministers welcomed the significant progress made towards delivering Pillar I, including the entry into force of the AUKUS Naval Nuclear Propulsion Agreement between Australia, the UK and US on 17 January 2025 and the progress in design of the SSN-AUKUS submarines that will be operated by the RN and the Royal Australian Navy (RAN).

    42 . Ministers welcomed the UK’s June commitment, in its Strategic Defence Review, to build up to 12 SSN-A submarines, and continuous submarine production through investments in Barrow and Raynesway that will allow the UK to produce a submarine every 18 months, and recognised the UK’s additional investment to transform the UK’s submarine industrial base.

    43 . Ministers reaffirmed Australia and the UK’s strong and ongoing commitment to the delivery of the AUKUS Optimal Pathway. Reflecting the UK’s enduring dedication to this partnership, and long-standing engagement in the Indo-Pacific, Ministers welcomed the planned deployment of a RN submarine to undertake a port visit to Australia in 2026, delivering a varied programme of operational and engagement activities. The visit will support preparations for the establishment of the Submarine Rotational Force – West from as early as 2027, and represents another step forward on the shared path towards the delivery of SSN-AUKUS – ensuring our navies are ready, integrated, and capable of operating together to promote security and stability in the region.

    44 . Ministers underscored the importance of ensuring Australia’s acquisition of a conventionally-armed, nuclear-powered submarine capability sets the highest non-proliferation standard, and endorsed continued close engagement with the International Atomic Energy Agency.

    45 . Ministers affirmed their commitment under AUKUS Pillar II to continue to deliver tangible advanced capabilities to our defence forces and welcomed progress to date. By leveraging advanced technologies, our forces become more than the sum of their parts. They underlined the importance of Pillar II in streamlining capability acquisition and strengthening our defence innovation and industry sectors.

    46 . As part of Talisman Sabre 25, AUKUS partners participated in Maritime Big Play activities as well as groundbreaking AI and undersea warfare trials. The partners tested the remote operation of the UK’s Extra Large Unmanned Underwater Vehicle, Excalibur, controlled from Australia while operating in UK waters. The exercise once again accelerated interoperability between our forces and the accelerated integration of remote and autonomous systems.

    47 . Ministers noted the successful UK E-7A Seedcorn training program in Australia. The program, which is set to conclude in December 2025, was established to preserve a core of Airborne Early Warning and Control expertise within the Royal Air Force (RAF) and to lay a strong foundation for the introduction of the UK’s own Wedgetail aircraft. Thanks to the exceptional support of the Royal Australian Air Force (RAAF), since its inception in 2018, 30 RAF personnel – including pilots, mission crew, engineer officers, aircraft technicians, and operations specialists – have benefited from world-class training and exposure to the Wedgetail capability.

    48 . Ministers welcomed the upcoming deployment of a RAAF E-7A Wedgetail to Europe in August under Operation Kudu to help protect vital supply lines for humanitarian aid and military assistance into Ukraine. Delivering upon the vision for true interchangeability detailed in the Wedgetail Trilateral Joint Vision Statement in 2023, this deployment will see the Wedgetail jointly crewed by Australian and British service members in a live operational setting.  Ministers also welcomed Australia’s decision to extend support for training Ukrainian personnel under Operation Interflex, through Operation Kudu, to the end of 2026. Australia and the UK will also continue to work closely together to share insights and observations from the conflict.

    49 . Ministers reiterated their nations’ continued investment in the Five Power Defence Arrangements (FPDA) as a unique multilateral arrangement that plays a constructive role in building habits of cooperation and enhancing the warfighting capabilities of its members. They look forward to Exercise Bersama Lima 2025 which will feature high-end warfighting serials and next-generation assets such as Australia’s F-35s and the UK’s Carrier Strike Group.

    50 . Ministers affirmed their shared ambition to conduct a bilateral defence industry dialogue at both the Senior Official and Ministerial levels, providing a forum to deepen defence industry collaboration, enhance joint capability development, and cooperate on procurement reform to ensure improved efficiency in capability acquisition and sustainment.

    51 . Ministers agreed to deepen cooperation on using Active Electronically Scanned Array (AESA) radar technology in both nations. This includes exploring the potential of using Australian AESA radar technologies for UK integrated air and missile defence applications. They agreed to undertake a series of targeted risk reduction activities in the near future to inform future decisions.”

    52 . Ministers agreed to progress personnel exchanges that support the future combat effectiveness of the Australian Hunter Class and British Type 26 Frigates. To support the introduction of these platforms into service, the RAN and RN will undertake a series of maritime platform familiarisation activities that enable our people to gain experience in critical capabilities, including underwater and above water weapon systems, primary acoustical intelligence analysis, and overall signature management.

    53 . Ministers agreed to strengthen their sovereign defence industries through closer collaboration between the UK’s Complex Weapons Pipeline and Australia’s Guided Weapons and Explosive Ordnance Enterprise. As a first step the Ministers announced a collaborative effort to develop modular, low cost components for next-generation weapon systems.

    54 . Ministers acknowledged the shared legacy and the contribution of veterans to the bilateral relationship. They reaffirmed their commitment to identify avenues for closer collaboration on improving veterans’ health and transition services.

    Partnering on trade, climate and energy

    55 . Ministers agreed to work closely to safeguard and strengthen the role that free and fair trade and the rules-based multilateral trading system plays in economic prosperity and building resilience against economic shocks.

    56 . Ministers reaffirmed the importance of the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, to economic security and prosperity. Ministers agreed to deepen cooperation to reform and reposition the Organization, and the broader global trading system, to meet the trade challenges of the new economic and geopolitical environment. Ministers agreed to continue working together to overcome blockages in multilateral rulemaking, including by working in smaller and more agile plurilateral groupings to address contemporary challenges, such as non-market policies and practices, which could complement ongoing multilateral efforts. They welcomed cooperation on plurilateral rulemaking, including efforts to have the E-Commerce Agreement incorporated into WTO architecture and brought into force as soon as possible. They reaffirmed the importance of restoring a fully-functioning dispute settlement system as soon as possible, welcoming the UK’s decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) while our countries work to fix the system.

    57 . Ministers welcomed the entry into force of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024 and welcomed Australia as 2025 Chair. Ministers affirmed the need to work cooperatively together to ensure the CPTPP remains high standard and fit-for-purpose in addressing evolving challenges through continued progress on the CPTPP General Review and expansion of the membership. They looked forward to planned CPTPP trade and investment dialogues with the EU and with ASEAN.

    58 . Ministers welcomed the second meeting of the Australia-United Kingdom Free Trade Agreement (A-UKFTA) Joint Committee on 3 June which celebrated the strong and growing trade and investment relationship between the UK and Australia and the strong uptake of the agreement’s benefits.

    59 . Ministers welcomed close engagement on economic security under the annual United Kingdom-Australia Economic Security Dialogue, noting that its establishment by AUKMIN in 2023 was timely in preparing for future needs. They reflected on the closer integration of our analysis capabilities and committed to a joint-funded track 1.5 to generate practical insights and informal policy dialogue that will inform our joint economic security efforts.

    60 . As both countries continue to develop their bilateral partnership through the UK-Australia FTA, the Economic Security Dialogue, and other fora, Ministers committed to deepening cooperation in key sectors of mutual interest. Ministers view this as an opportunity to explore new areas of collaboration and share best practices in the interests of boosting bilateral trade and investment, facilitating innovation and research, and supporting our mutual economic security and resilience. This year, officials in relevant departments will compare approaches with the aim to identify areas of common interest or complementary strength and discuss further opportunities for related cooperation. This may include initiatives to advance supply chain resilience, frontier research, investment promotion, public finance cooperation, and effective regulation.

    61 . Ministers affirmed the calls in the Global Stocktake under the Paris Agreement for countries to come forward in their next NDCs with ambitious emissions reduction targets aligned with keeping 1.5 degrees within reach. In that context, Ministers recognised the immense economic opportunities in ambitious climate action and a rapid transition to renewable energy. Ministers welcomed the UK’s ambitious NDC and looked forward to Australia’s NDC and Net-Zero Plan. Ministers further welcomed the report released by the UN Secretary General titled ‘Seizing the Moment of Opportunity: Supercharging the new energy era of renewables, efficiency, and electrification’ that highlighted the compelling economic case for the rapidly declining cost of renewable energy, and the rapidly growing role of the clean energy economy in powering jobs and economic growth. Ministers affirmed their determination to fulfil multilateral climate commitments and reiterated the importance of reforming the finance system and improving access to climate finance for developing countries. Ministers recommitted to building nature-positive economies to support a central theme of Brazil’s COP Presidency. The UK reiterated its support for Australia’s bid to host COP31 in partnership with the Pacific and expressed the hope that a decision would soon be reached. Ministers welcomed UK sharing its hosting experience and agreed to explore secondments to support COP31 planning. The UK and Australia welcome the close collaboration between our countries in the Intergovernmental Negotiating Committee (INC) negotiations for an international legally binding instrument on plastic pollution, including through our shared membership of the High Ambition Coalition to End Plastic Pollution. At this critical juncture ahead of INC-5.2, the final opportunity to secure an agreement, we call upon all members of the INC to recommit to working constructively to achieve an effective comprehensive agreement that addresses the full lifecycle of plastic. We recognise that Commonwealth countries are particularly affected by plastic pollution and in that regard we renew our commitment to collaborating through the Commonwealth Clean Ocean Alliance, to tackle plastic pollution in the commonwealth. Ministers pledged to deepen collaboration through the UK-Australia Climate and Clean Energy Partnership.

    62 . Ministers welcomed close cooperation to support the development of resilient critical mineral supply chains governed by market principles. This includes developing a roadmap to promote a standards-based market to reflect the real costs of responsible production, processing and trade of critical minerals as agreed at the recent G7 meeting on 17 June. Ministers agreed upon the importance of the sustainable and responsible extraction and processing of critical minerals for the energy transition, and committed to working together on solutions. These include the new Critical Minerals Supply Finance developed by UK Export Finance (UKEF) which can provide finance support to overseas critical minerals projects that supply the UK’s high-growth sectors. UKEF has up to £5bn in finance support available for projects in Australia and will work closely with Export Finance Australia. Ministers also undertook to ensure the UK is consulted on the design and implementation of Australia’s Critical Minerals Strategic Reserve.

    63 . Ministers discussed the leading roles being played by Australia and the UK in the full and effective implementation of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement welcoming in particular Australia’s role as Co-Chair of the Preparatory Commission. Ministers were encouraged by each country’s progress towards ratification of the treaty, which is a landmark agreement for protection of the world’s ocean.

    64 . Ministers discussed the increasing geostrategic, climatic, and resource pressures on the Antarctic and Southern Ocean region and reaffirmed their shared and long-standing commitment to the Antarctic Treaty System (ATS). Ministers committed to upholding together the ATS rules and norms of peaceful use, scientific research, international cooperation and environmental protection, and to deepen understanding of the impact of climate change on the oceans and the world through Antarctic research including in the context of the International Polar Year of 2032/33. Ministers welcomed the United Kingdom’s chairing of CCAMLR for 2024-5 and 2025-6.

    65 . Ministers agreed on the importance of ensuring all children have the right to grow up in a safe and nurturing family environment. Ministers recognised the transformative impact on children’s health, capacity to learn and economic prospects that growing up in a family-based environment can have. Ministers acknowledged the UK’s Global Campaign on Children’s Care Reform and agreed to work together to drive international awareness and demonstrate their commitment to children’s care reform.

    66 . Ministers reiterated their commitment to upholding shared values and continuing to invest in sustainable development, gender equality, disability equity and social inclusion, which underpin global prosperity. To support sustainable development, Ministers agreed to deepen cooperation with emerging donors of development assistance, to diversify funding, enhance development effectiveness, share lessons and build trust and transparency with partners. Ministers committed to work together to deliver sustainable solutions for Small Island Developing States (SIDS), recognising their unique vulnerabilities and to ensure meaningful engagement in international processes, including ODA graduation.

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    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Banking: BSTDB Backs Renewable Energy Expansion in Bulgaria and Romania with €40 Million Loan to Renalfa IPP

    Source: Black Sea Trade and Development Bank

    Press Release | 24-Jul-2025

    Joint €315 million international financing to accelerate clean energy investments

    The Black Sea Trade and Development Bank (BSTDB) is providing up to €40 million loan to support the development, hybridization, and expansion of Renalfa IPP’s renewable energy assets in Bulgaria and Romania. The financing forms part of a broader €315 million financing package secured from leading development finance institutions and commercial banks, including the European Bank for Reconstruction and Development (EBRD), Kommunalkredit Austria AG, OTP Hungary, NLB Slovenia, and UniCredit BulBank.

    The funds will enable Renalfa IPP to upgrade its portfolio of renewable energy and battery energy storage systems (BESS), contributing to the decarbonization of Bulgaria’s and Romania’s power systems. The project will help diversify the countries’ energy mix, enhance energy security, and accelerate their transition to low-carbon economies. The BSTDB financing will also help catalyze further private and public sector investments, generate employment during both the construction and operation phases, and create long-term value for local communities. The operation represents a major step forward in the region’s transition toward cleaner, more secure, and sustainable energy systems.

    “This investment marks an important milestone in BSTDB’s efforts to support the clean energy transition in the Black Sea region,” said Dr. Serhat Köksal, BSTDB President.  “By backing the development of solar, wind, and battery storage infrastructure in Bulgaria and Romania, we are strengthening the resilience and competitiveness of their electricity sectors. The operation will play a key role in addressing the countries’ growing energy demands, while also reducing carbon emissions and supporting their commitments to climate goals. Moreover, it aligns closely with BSTDB’s Climate Strategy and reinforces our commitment to financing sustainable infrastructure and regional growth.”

    Ivo Prokopiev, CEO of Renalfa IPP, commented: “The successful raising of growth funding is an important milestone for Renalfa IPP and for our whole group. It proves the competitiveness of our integrated model for developing, investing and operating large hybrid assets. The early implementation of long duration co-located BESS allows Renalfa IPP to start offering green baseload products to market in CEE for the first time. We are proud, together with our partners from RGreen, to be on the frontier of energy transition not only in CEE, but in the whole EU.”

    Renalfa IPP is a leading independent power producer based in Vienna, specializing in the development, construction, and operation of renewable energy projects across Central and Eastern Europe. As an established platform with strong business model capabilities, Renalfa IPP works across the full value chains from project origination to asset operation. The company focuses on solar, wind, and Battery Energy Storage Systems (BESS), supporting the region’s transition to a sustainable and low-carbon energy future. Renalfa IPP is a joint venture between Renalfa Solarpro Group and RGREEN INVEST. 

    Renalfa Solarpro Group is a Vienna based clean energy and e-mobility investment group with a focus on renewable energy generation assets. Renalfa Solarpro is an established platform with strong business model capabilities, working across the full solar PV, wind, and BESS value chains from project origination to asset operation.

    RGREEN INVEST is an independent French mission-driven investment management company committed to helping investors channel their capital towards financing projects dedicated to accelerating the energy transition, mitigation, and adaptation to climate change.

    https://www.renalfa.com

    https://www.rgreeninvest.com

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks –

  • MIL-Evening Report: Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza?

    Source: The Conversation (Au and NZ) – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University

    Efforts to end the relentless siege of Gaza have been set back by the abrupt end to peace talks in Qatar.

    Both the United States and Israel have withdrawn their negotiating teams, accusing Hamas of a “lack of desire to reach a ceasefire”.

    US President Donald Trump’s special envoy Steve Witkoff says it would appear Hamas never wanted a deal:

    While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith. We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people in Gaza

    State Department spokesman Tommy Piggott reads Steve Witkoff’s statement on the collapse of the Gaza peace talks.

    The disappointing development coincides with mounting fears of a widespread famine in Gaza and a historic decision by France to formally recognise a Palestinian state.

    French President Emmanuel Macron says there is no alternative for the sake of security of the Middle East:

    True to its historic commitment to a just and lasting peace in the Middle East, I have decided that France will recognise the State of Palestine

    What will these developments mean for the conflict in Gaza and the broader security of the Middle East?

    ‘Humanitarian catastrophe’

    The failure to reach a truce means there is no end in sight to the Israeli siege of Gaza which has devastated the territory for more than 21 months.

    Amid mounting fears of mass starvation, Australian Prime Minister Anthony Albanese says Gaza is in the grip of a “humanitarian catastrophe”. He is urging Israel to comply immediately with its obligations under international law:

    Israel’s denial of aid and the killing of civilians, including children, seeking access to water and food cannot be defended or ignored.

    According to the United Nations Palestinian refugee agency UNRWA, more than 100 people – most of them children – have died of hunger. One in five children in Gaza City is malnourished, with the number of cases rising every day.

    Commissioner-General Philippe Lazzarini says with little food aid entering Gaza, people are

    neither dead nor alive, they are walking corpses […] most children our teams are seeing are emaciated, weak and at high risk of dying if they don’t get the treatment they urgently need.

    The UN and more than 100 aid groups blame Israel’s blockade of almost all aid into the territory for the lack of food.

    Lazzarini says UNRWA has 6,000 trucks of emergency supplies waiting in Jordan and Egypt. He is urging Israel – which continues to blame Hamas for cases of malnutrition – to allow the humanitarian assistance into Gaza.

    Proposed ceasefire deal

    The latest ceasefire proposal was reportedly close to being agreed by both parties.

    It included a 60-day truce, during which time Hamas would release ten living Israeli hostages and the remains of 18 others. In exchange, Israel would release a number of Palestinian prisoners, and humanitarian aid to Gaza would be significantly increased.

    During the ceasefire, both sides would engage in negotiations toward a lasting truce.

    While specific details of the current sticking points remain unclear, previous statements from both parties suggest the disagreement centres on what would follow any temporary ceasefire.

    Israel is reportedly seeking to maintain a permanent military presence in Gaza to allow for a rapid resumption of operations if needed. In contrast, Hamas is demanding a pathway toward a complete end to hostilities.

    A lack of mutual trust has dramatically clouded the negotiations.

    From Israel’s perspective, any ceasefire must not result in Hamas regaining control of Gaza, as this would allow the group to rebuild its power and potentially launch another cross-border attack.

    However, Hamas has repeatedly said it is willing to hand over power to any other Palestinian group in pursuit of a Palestinian state based on the 1967 borders. This could include the Palestinian National Authority (PNA), which governs the West Bank and has long recognised Israel.

    Support for a Palestinian state

    Israeli leaders have occasionally paid lip service to a Palestinian state. But they have described such an entity as “less than a state” or a “state-minus” – a formulation that falls short of both Palestinian aspirations and international legal standards.

    In response to the worsening humanitarian situation, some Western countries have moved to fully recognise a Palestinian state, viewing it as a step toward a permanent resolution of one of the longest-running conflicts in the Middle East.

    Macron’s announcement France will officially recognise a full Palestinian state in September is a major development.

    France is now the most prominent Western power to take this position. It follows more than 140 countries – including more than a dozen in Europe – that have already recognised statehood.

    While largely symbolic, the move adds diplomatic pressure on Israel amid the ongoing war and aid crisis in Gaza.

    However, the announcement was immediately condemned by Israeli Prime Minister Benjamin Netanyahu, who claimed recognition “rewards terror” and

    risks creating another Iranian proxy, just as Gaza became. A Palestinian state in these conditions would be a launch pad to annihilate Israel – not to live in peace beside it.

    Annexing Gaza?

    A Palestinian state is unacceptable to Israel.

    Further evidence was recently presented in a revealing TV interview by former Israeli Prime Minister Ehud Barak who stated Netanyahu had deliberately empowered Hamas in order to block a two-state solution.

    Instead there is mounting evidence Israel is seeking to annex the entirety of Palestinian land and relocate Palestinians to neighbouring countries.

    Given the current uncertainty, it appears unlikely a new ceasefire will be reached in the near future, especially as it remains unclear whether the US withdrawal from the negotiations was a genuine policy shift or merely a strategic negotiating tactic.

    Ali Mamouri 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. Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza? – https://theconversation.com/ceasefire-talks-collapse-what-does-that-mean-for-the-humanitarian-catastrophe-in-gaza-261942

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Analysis: Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza?

    Source: The Conversation – Global Perspectives – By Ali Mamouri, Research Fellow, Middle East Studies, Deakin University

    Efforts to end the relentless siege of Gaza have been set back by the abrupt end to peace talks in Qatar.

    Both the United States and Israel have withdrawn their negotiating teams, accusing Hamas of a “lack of desire to reach a ceasefire”.

    US President Donald Trump’s special envoy Steve Witkoff says it would appear Hamas never wanted a deal:

    While the mediators have made a great effort, Hamas does not appear to be coordinated or acting in good faith. We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people in Gaza

    State Department spokesman Tommy Piggott reads Steve Witkoff’s statement on the collapse of the Gaza peace talks.

    The disappointing development coincides with mounting fears of a widespread famine in Gaza and a historic decision by France to formally recognise a Palestinian state.

    French President Emmanuel Macron says there is no alternative for the sake of security of the Middle East:

    True to its historic commitment to a just and lasting peace in the Middle East, I have decided that France will recognise the State of Palestine

    What will these developments mean for the conflict in Gaza and the broader security of the Middle East?

    ‘Humanitarian catastrophe’

    The failure to reach a truce means there is no end in sight to the Israeli siege of Gaza which has devastated the territory for more than 21 months.

    Amid mounting fears of mass starvation, Australian Prime Minister Anthony Albanese says Gaza is in the grip of a “humanitarian catastrophe”. He is urging Israel to comply immediately with its obligations under international law:

    Israel’s denial of aid and the killing of civilians, including children, seeking access to water and food cannot be defended or ignored.

    According to the United Nations Palestinian refugee agency UNRWA, more than 100 people – most of them children – have died of hunger. One in five children in Gaza City is malnourished, with the number of cases rising every day.

    Commissioner-General Philippe Lazzarini says with little food aid entering Gaza, people are

    neither dead nor alive, they are walking corpses […] most children our teams are seeing are emaciated, weak and at high risk of dying if they don’t get the treatment they urgently need.

    The UN and more than 100 aid groups blame Israel’s blockade of almost all aid into the territory for the lack of food.

    Lazzarini says UNRWA has 6,000 trucks of emergency supplies waiting in Jordan and Egypt. He is urging Israel – which continues to blame Hamas for cases of malnutrition – to allow the humanitarian assistance into Gaza.

    Proposed ceasefire deal

    The latest ceasefire proposal was reportedly close to being agreed by both parties.

    It included a 60-day truce, during which time Hamas would release ten living Israeli hostages and the remains of 18 others. In exchange, Israel would release a number of Palestinian prisoners, and humanitarian aid to Gaza would be significantly increased.

    During the ceasefire, both sides would engage in negotiations toward a lasting truce.

    While specific details of the current sticking points remain unclear, previous statements from both parties suggest the disagreement centres on what would follow any temporary ceasefire.

    Israel is reportedly seeking to maintain a permanent military presence in Gaza to allow for a rapid resumption of operations if needed. In contrast, Hamas is demanding a pathway toward a complete end to hostilities.

    A lack of mutual trust has dramatically clouded the negotiations.

    From Israel’s perspective, any ceasefire must not result in Hamas regaining control of Gaza, as this would allow the group to rebuild its power and potentially launch another cross-border attack.

    However, Hamas has repeatedly said it is willing to hand over power to any other Palestinian group in pursuit of a Palestinian state based on the 1967 borders. This could include the Palestinian National Authority (PNA), which governs the West Bank and has long recognised Israel.

    Support for a Palestinian state

    Israeli leaders have occasionally paid lip service to a Palestinian state. But they have described such an entity as “less than a state” or a “state-minus” – a formulation that falls short of both Palestinian aspirations and international legal standards.

    In response to the worsening humanitarian situation, some Western countries have moved to fully recognise a Palestinian state, viewing it as a step toward a permanent resolution of one of the longest-running conflicts in the Middle East.

    Macron’s announcement France will officially recognise a full Palestinian state in September is a major development.

    France is now the most prominent Western power to take this position. It follows more than 140 countries – including more than a dozen in Europe – that have already recognised statehood.

    While largely symbolic, the move adds diplomatic pressure on Israel amid the ongoing war and aid crisis in Gaza.

    However, the announcement was immediately condemned by Israeli Prime Minister Benjamin Netanyahu, who claimed recognition “rewards terror” and

    risks creating another Iranian proxy, just as Gaza became. A Palestinian state in these conditions would be a launch pad to annihilate Israel – not to live in peace beside it.

    Annexing Gaza?

    A Palestinian state is unacceptable to Israel.

    Further evidence was recently presented in a revealing TV interview by former Israeli Prime Minister Ehud Barak who stated Netanyahu had deliberately empowered Hamas in order to block a two-state solution.

    Instead there is mounting evidence Israel is seeking to annex the entirety of Palestinian land and relocate Palestinians to neighbouring countries.

    Given the current uncertainty, it appears unlikely a new ceasefire will be reached in the near future, especially as it remains unclear whether the US withdrawal from the negotiations was a genuine policy shift or merely a strategic negotiating tactic.

    Ali Mamouri 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. Ceasefire talks collapse – what does that mean for the humanitarian catastrophe in Gaza? – https://theconversation.com/ceasefire-talks-collapse-what-does-that-mean-for-the-humanitarian-catastrophe-in-gaza-261942

    MIL OSI Analysis –

  • MIL-OSI Economics: Press Briefing Transcript: Julie Kozack, Director, Communications Department, July 24, 2025

    Source: International Monetary Fund

    July 24, 2025

    SPEAKER:  Ms. Julie Kozack, Director of the Communications Department, IMF

    MS. KOZACK: Good morning, and welcome to the IMF Press Briefing. It is wonderful to see all of you, both those of you here in person and colleagues online as well. I’m Julie Kozack, Director of the Communications Department at the IMF. As usual, this briefing is embargoed until 11 A.M. Eastern Time in the United States. I’ll start with a few announcements and then I’ll take your questions in person on Webex and via the Press Center.
    First, we will be releasing our flagship publication, the World Economic Outlook Update, next Tuesday, July 29th. The report will offer fresh insights into the current global economic trends and external imbalances.
    For your planning purposes, our Executive Board will be in recess from August 4th through the 15th, and we will notify you in due course on the date of our next press briefing.
    And with that, I will now open the floor for your questions. For those connecting virtually, please turn on both your camera and microphone when speaking, and the floor is opened.

    QUESTIONER: Just wanted to ask you about the tariff situation that’s unfolding at the moment, given the recent trade deals that the U.S. has struck with its key trading partners, including Japan, Indonesia, Philippines, just recently. The European Union is under negotiations that’s coming to fruition soon. It looks like the consensus is kind of around a 15 to 20% tariff rate in that range, that the US is, sort of agreeing with its partners for. And I just wanted to know if the IMF views that as an acceptable rate? Whether this would be detrimental to the global economy. I know we have the WEO coming out in a few days. Just wanted to get your take on what’s unfolding right now.

    MS. KOZACK: Let us see if there’s any other questions on this topic before I answer. If anyone online wants to come in on this topic, please let us know.
    So let me start with where we are. Since April, when we think about the global economy, we see activity indicators that reflect a complex backdrop shaped by trade tensions. We also saw that in the first quarter of the year, the data showed some front-loading of exports and imports ahead of, at that time, what was expected tariff increases. The more recent data points to trade diversion and to some unwinding of the front-loading. And at the same time, we are seeing some trade deals. Some have lowered tariffs. And at the same time, there’s also been some deals or some, not deals, but we have seen increases in tariffs, for example, on steel, aluminum, and copper. So, our team is assessing all of this information as it is coming in. And they will put together a comprehensive picture, which we will talk about in the WEO next week.

    I would also just remind that when we released our WEO in April, we talked about a period of very high uncertainty. And at that time, we had in our WEO a reference forecast, right? And that reflected the fact that we were in an uncertain environment where there were many different paths forward. For example, we had an effective tariff rate of the U.S. of about 25 percent based on April 2nd announcements. That effective tariff rate for the U.S. declined to 14 percent based on the pause of April 9th. And of course, one of the important factors for assessing the impact of the deals on the U.S. economy and the global economy will be what is the new effective tariff rate that will prevail.
    So, all of that work is ongoing, and we will have a full assessment next week in the WEO.

    QUESTIONER: So, would the 15 to 20 percent rate be higher than what we saw in the April WEO?

    MS. KOZACK: I think the way I would answer that is to simply say that we are looking at all the deals in April, and we had an effective rate around 14 percent. There, of course, has been movement since April. There have been deals. There have been some reductions in some tariff rates. There have been increases in other tariff rates. So, the team is going to have to put together that comprehensive assessment to determine what would be the new effective tariff rate that would prevail. And then, we would be in a position to compare it to what we had based on the April 2 announcement, what we had based on the April 9 pause, and then where we are today.
    And another very important factor will be what is the overall impact on uncertainty, right? We have talked about being in a very highly uncertain environment. So, of course, we will be looking at that closely as well.

    QUESTIONER: The president of Ukraine recently signed a law that regulates the anti-corruption bodies in the country. How does the IMF view this law, and how can this impact IMF Ukraine cooperation moving forward? And secondly, Ukrainian Prime Minister Yulia Svyrydenko said Ukraine is facing a significant budget shortfall and is likely seeking a new IMF loan. What is the IMF’s assessment of the possibility of launching a new program?

    MS. KOZACK: Any other questions on Ukraine?

    QUESTIONER: I just wanted to follow up on whether, despite the moves by the Ukrainian government, can the IMF land to Ukraine?

    MS. KOZACK: Are there questions online on Ukraine? On Ukraine, let me just step back and remind kind of where we are with Ukraine.
    On June 30th, the IMF Board completed the Eighth Review of the EFF program and that enabled a disbursement of half a billion U.S. dollars. And that brought total disbursements under the program to U.S. $10.6 billion. Ukraine’s economy remains resilient. The authorities met, and this was reported as part of the Eighth Review, all of the end-March and continuous quantitative performance criteria; they met the prior action that was required for that review, and they also met two structural benchmarks.
    With respect to the specific questions, on the first question that you had, the enacted law, as we see it, neutralizes the effectiveness of Ukraine’s anti-corruption institutions. And from our perspective, that would be very problematic for macroeconomic stability and growth in Ukraine. Stepping back a bit, you know, the establishment and the development of independent institutions to detect and prosecute corruption cases has been central to the IMF’s engagement with Ukraine over the past 10 years. And these institutions have contributed to an improvement in governance in Ukraine over that period.
    Why is this important for Ukraine? From our perspective, Ukraine needs a robust anti-corruption architecture. And that will help level the playing field, improve the business climate, and attract private investment into Ukraine. And it’s a central piece of Ukraine’s reform agenda. So, from our perspective, safeguarding the independence of anti-corruption institutions remains a critical policy priority.
    We do take note of the government’s intention to introduce a new bill to restore the independence of the anti-corruption institutions.
    So, what I can say now is that in the coming weeks, the IMF Staff and the authorities are expected to intensify discussions about the 2026 budget and s to do an assessment of Ukraine’s financing needs, both for 2026 and over the medium term. They will be intensifying discussions to put together that comprehensive picture. That work is essential for the current program and any future potential engagement that we would have with Ukraine.

    QUESTIONER: If it finishes, what was the Staff assessment of the First Review of the agreement with Argentina and when would the Board’s definition be? And following the report on external reserves published this week, I think it was on Monday, does the IMF’s concerns continue?

    QUESTIONER: Has the Board already met to evaluate the First Review? And do you know if Argentina has requested a waiver? And how does the IMF assess the recent rate in this area, action rate and interest rates? And what are the causes of this change in monetary and exchange rate policy? Thank you.

    QUESTIONER: Yes, to add up to what was asked if there are any concerns regarding the impact of the exchange rates on inflation as well? And also, if the concerns remain regarding the weak external position for Argentina.

    QUESTIONER: President Milei has already confirmed that, for fiscal reasons, he will veto the laws recently passed by the Congress to increase pensions, extend the pension moratorium and declare an emergency disability. So, then has this intention being talked with the IMF previously or what is the IMF position on this matter?

    MS. KOZACK: On Argentina, here is what I can share today. So first, I want to mention that discussions on the First Review, which many of you have mentioned, are very advanced at this stage. And the next step in these discussions will be to reach a Staff-Level Agreement between the authorities and Staff. And we believe that that can happen very shortly. After the Staff-Level Agreement is reached, then Staff will present the documents to the Executive Board for their approval and consideration.
    What I can also add, and we have talked about that before here, is that the program has been off to a strong start. It has been underpinned by the continued implementation of tight macroeconomic policies, including a strong fiscal anchor and a tight monetary policy stance. The transition to a more flexible exchange rate regime has been smooth. Disinflation has resumed. And Argentina has reassessed international capital markets earlier than had been initially anticipated under the program.
    Given that our Staff and the authorities are very engaged in these discussions, which again are at an advanced stage, I’m not going to provide any further details now. We will give space for them to bring those discussions to a conclusion, and then we will, of course, communicate once those discussions have come to a conclusion. And again, we do think that a Staff-Level agreement could happen very, very shortly.

    QUESTIONER: Will the Board meeting be before, and start the holiday recess, or after? Because we are talking about 15 days, if not.

    MS. KOZACK: So right now, I don’t have any further details to share with you, but certainly once a Staff-Level Agreement is reached, we will be communicating, including the potential timing for formal Board discussion.

    QUESTIONER: Can you please kindly update us on the current status of the discussion between the IMF and the Republic of Senegal regarding the temporarily suspended disbursements? Especially with the Annual Meetings approaching in October in Washington, is there a realistic prospect of finalizing the matter before then? This is the first question.
    The second one, following the recent meeting between His Excellency, the President of the Republic of Senegal, Bassirou Diomaye Faye, and Mrs. Gita Gopinath, First Deputy Managing Director of the IMF, could you kindly also share some insight into the key topics discussed? What were the main points of their exchange, particularly in regard to economic and financial cooperation?

    MS. KOZACK: Any other questions on Senegal Online? Does anyone want to come in on Senegal?

    QUESTIONER: I have a follow-up because investors have been expecting the Board to consider the waiver by September. Is that timeline realistic? And the government also said it shared everything in its findings for reconciliation with the IMF. Does the Fund feel it has everything it needs in order to make the decision on the waiver?

    QUESTIONER: Have you received the report done by Mazars? And, is it enough to conclude the misreporting, and can we have maybe a time for the Board? And then, when can we expect also a new program?

    MS. KOZACK: So, let me turn to these questions.
    I’ll start by saying that the IMF remains closely engaged with Senegal. And as part of this process, as was noted, First Deputy Managing Director Gita Gopinath met with President Bassirou Faye during his visit to Washington, D.C. on July 9th. Our First Deputy Managing Director (FDMD), Gopinath, emphasized the IMF’s continued support, as Senegal works to resolve the misreporting matter. And the President reaffirmed his government’s strong commitment to transparency and reform.

    What I can also share is that an IMF Staff team will visit Dakar. The mission is tentatively planned for later in August. The purpose of the mission is going to be to discuss the steps needed to bring the misreporting case to our Executive Board. And the team will also use the opportunity to initiate discussions on the contours of a new IMF-supported program for Senegal. We are also working closely with the authorities to design the corrective actions aimed at addressing the root causes of the misreporting and, of course, to strengthen capacity development in Senegal.

    With respect to the questions on the report by Mazars, what I can share there is that we have received a preliminary debt inventory that has been prepared by Forvis Mazars. Our IMF Staff are currently reviewing that report and all the information in detail. The preliminary assessment in the report is broadly aligned with expectations, and the final validation is ongoing. And I will leave it at that on Senegal. That is what I can share for now.

    QUESTIONER: My question is on Japan. Last week, the upper house election in Japan was over, but still unclear on the composition of a new government. And what is it you are recommending? But almost all parties pledged fiscal — expansionary fiscal policies, from providing cash to reduction of consumption tax. And what is your recommendation to the new government, especially on fiscal policy, given the power of debt in Japan? And my second question is on monetary policy of Federal Reserve next week. And should the Federal Reserve cut interest rates preemptively under the circumstance of huge pressure from President Donald Trump.

    MS. KOZACK: Let us start with Japan. So maybe let me just step back a little bit to give an overview of how we assessed the Japanese economy in our April WEO.
    So, at that time, we expected growth to strengthen in Japan, and we expected inflation to converge to the Bank of Japan’s 2 percent target by 2027. Growth was projected to accelerate from 0.2 percent in 2024 to 0.6 percent this year. At the same time, and as has been the case for quite some time, Japan continues to have high levels of public debt. And because of that, our advice for Japan is for a clear fiscal consolidation plan to offset pressures from rising interest payments and also from aging-related spending. And because of this advice, we assess that Japan has limited fiscal space, again because of high public debt and these future spending needs.

    In the near term, our advice to Japan is that given this limited fiscal space, it is essential that any response to shocks, any fiscal response to shocks, is both temporary and also targeted. And by targeted, I mean targeted toward vulnerable households and firms that may be most affected by shocks. Generalized subsidies and tax cuts, in our view, should be avoided. And that is because they are not targeted to the most vulnerable, and they are not an efficient use of Japan’s limited fiscal space.

    And then, on your second question, what I can say about the U.S. economy is that the U.S. economy has proven to be resilient in the past few years. It is something that we have been talking about for quite some time. But we do see high-frequency data that indicate moderating domestic demand and low consumer and business sentiment in the U.S. In addition, and as we mentioned before, there was a strong front-loading of imports into the U.S. in the first quarter. And that, in anticipation of tariffs, and that led to an important drag on growth in the first quarter. At the same time, in the U.S., labor markets remain resilient, and the unemployment rate remains relatively low.

    With respect to inflation, we do see inflation on a path towards the Fed’s 2 percent target, but it is subject to upside risks. And that means that the Fed’s task is complex given the very highly uncertain economic environment. So the Fed will need to take into account both policies undertaken by the U.S. administration, as well as incoming data in, and of course, data on potential wage pressures as it comes to thinking about, you know, the extent of rate decisions and the timing of any rate decisions going forward.

    QUESTIONER: On Argentina, can the IMF confirm that there was a meeting on Tuesday between the Board and Staff regarding the first program review? And I know you said you wouldn’t be able to divulge much details, but I’m going to ask it anyway. When should you expect Argentina’s $2 billion disbursement?

    MS. KOZACK: So, on the first question, all I can say on this is that it’s not unusual for IMF Staff to informally brief the Executive Board on a broad range of issues. And on the timing of the disbursement, as I already indicated, we will provide more information on the timing for a formal Board meeting only once a Staff-Level Agreement has been reached. And that formal Board meeting would indicate the time when any disbursement would be made available to the Argentine authorities.

    QUESTIONER: First, let me say on behalf of my colleague from the U.S., around the world, as well as in Africa, to say thank you to Gita for everything that she has done. Our engagements with African journalists, especially. So that’s part of what I wanted to say, thank you to her. I know she’s leaving.
    And my question now goes to if you can provide updates on African nations. And I have two specific questions, one on Malawi and one on South Africa. The recent reports on Malawi said the country is facing macroeconomic challenges. I know in 2020 they received the completed HIPC program. Could you provide any updates on whether the country has reached out for any assistance regarding HIPC? Whether they qualify for another Heavily Indebted Poor Countries Initiative (HIPC) program to help them? We know in the past year, they’ve experienced floods, droughts, and natural issues that have affected the economy. I was wondering if the IMF is providing any assistance to them.
    The other question is on South Africa. We see growing tension between South Africa and the U.S. So, can you talk about if there’s any economic implication? South Africa is the largest economic in. Africa is also seen as a gateway to the continent. What are the macroeconomic issues, implications for the South African Development Community region (SADC), and also for the continent as a whole?

    MS. KOZACK: With respect to Malawi, what I can say is we completed the Article IV Consultation with Malawi just yesterday, July 22nd, 2025, or two days ago. So that was the 2025 Article IV Consultation that has been completed. And of course, there will be a lot of rich discussion of the state of the Malawian economy in that report. With respect to your more specific question on HIPC, what I can say is that Malawi completed the HIPC process in 2006. And at that time, Malawi secured U.S. $3.1 billion of debt relief through the HIPC Initiative and the Multilateral Debt Relief Initiative or otherwise known as MDRI. Since 2006, our assessment is that public debt in Malawi has returned to unsustainable levels. Total public debt is reached 88 percent of GDP at the end of 2024. And the interest bill on public debt is estimated to approach about 7 percent of GDP, which is quite high.

    We continue to urge the authorities to take decisive steps to restore public debt sustainability. Completing an external debt Restructuring and addressing the high cost of domestic borrowing are both essential to do this. And of course, strengthening public debt management and securing concessional financing will also be critical. So again, Malawi already completed the HIPC process in 2006.

    And then, on South Africa. What I can say about South Africa, I can talk a bit about how we see the outlook for South Africa, the economic outlook. So right now, based on the April WEO, we see the current economic outlook for South Africa as subdued. We projected growth in April at 1 percent for this year and 1.3 percent for next year. Uncertainty, including related to global trade policies, is weighing on activity in South Africa. And that it’s causing firms and households to delay their investment decisions and also consumption decisions.

    And I would also refer you to the April REO, Regional Economic Outlook, for Africa, and that includes some estimates on the impact of uncertainty and financial conditions on the Sub-Saharan Africa region.
    And finally, we of course continue to assess developments in South Africa, and we’ll be providing an update in the July WEO.

    QUESTIONER: I just had two follow-up questions. One was on your comments about the Fed. As you know, the tension between the Trump administration and the Fed, particularly Chair Powell, has been increasing lately. The President is going to go tour the Fed building that’s being renovated. It is a subject of controversy. Given that the IMF has been a stalwart defender of Central Bank independence, should any of this lead to Chair Powell’s replacement or his resignation? Just wondering, what kind of signal that would send to financial markets, to other countries, what kind of precedent would that set? And secondly, regarding First Deputy Managing Director Gopinath’s departure, can you walk us through the process for choosing a replacement for her?
    Traditionally, this has been a position that the U.S. has had a very strong hand in choosing. It has typically been an American. Do you expect the U.S. Treasury Department, for example, to basically recommend a candidate to the Managing Director?

    MS. KOZACK: On your first question for quite some time, the IMF has consistently advocated for Central Bank independence. And we’ve said it’s critical to ensuring that Central Banks are able to achieve their mandated objectives, such as low and stable inflation. And as we have seen through the disinflation process that has been taking place over the last few years, the credibility of Central Banks around the world has been instrumental in anchoring inflation expectations and in bringing down inflation across, you know, across the world. And across many countries in the world. And it is also important that independence, of course, it must coexist with clear accountability to the public.
    And on the question about the process, on Gita Gopinath’s decision to return to Harvard, maybe just to step back to say that on July 21st, you know, the Managing Director announced that Gita Gopinath, our First Deputy Managing Director, would be leaving the Fund at the end of August to return to Harvard University. She will be the inaugural Gregory and Ania Coffey Professor of Economics in the Department of Economics.

    And for your background, Ms. Gopinath joined the Fund in January 2019 as the first female Chief Economist of the Fund. And she was promoted to First Deputy Managing Director in January of 2022. I can add that this was a personal decision for Ms. Gopinath. She will return to her roots in academia, where she will continue to push the research frontier in international finance and macroeconomics. And she will also be training the next generation of economists.
    With respect to the selection of process and how the process works, the Managing Director selects and appoints the First Managing Director and the three Deputy Managing Directors of the Fund. The appointment is subject to approval by the Fund’s Executive Board. And in making the selection, the Managing Director consults with the Executive Board regarding the type of qualifications that, in the view of the Executive Board, a First Deputy Managing Director or a Deputy Managing Director should possess.

    QUESTIONER: My first question is regarding Sri Lanka. When can we expect the next review for the IMF-supported program? And secondly, given the uncertainties and risks that are currently opposing the economy for Sri Lanka, is there any decision or any exploration by the IMF to revisit some of the targets that have been implemented in the program that was given to Sri Lanka?

    QUESTIONER: I would like to know that now Sri Lanka has already finished four reviews, and now we are heading for the fifth one. What is the overall view of the IMF? That Sri Lanka’s performance, how we perform during these four reviews? And what are the expectations for the next review in brief? Thank you very much.

    MS. KOZACK: I have a question here that came in through the Press center on Sri Lanka. The question is what is the status of the IMF review of Sri Lanka’s program, an assessment of the macroeconomic outlook as well as the status of the review of the current mission that is visiting Sri Lanka. So, let me go ahead and take these. So, stepping back, on July 1st, the IMF’s Executive Board completed the Fourth Review under the EFF arrangement with Sri Lanka. This provided the country with U.S. $350 million to support its economic policies and reforms, and it brought total IMF financial support to U.S. $1.74 billion.

    What I can add is that Sri Lanka’s ambitious reform agenda continues to deliver commendable outcomes. Inflation remains low, revenue collection is improving and reserves, international reserves, continue to accumulate for the country. The post-crisis growth rebound to 5 percent in 2024 is quite remarkable. The revenue-to-GDP ratio improved from 8.2 percent in 2022 to 13.5 percent in 2024. The debt restructuring is nearly complete. And program performance has been generally strong overall, and the government remains committed to program objectives.

    What I can also add is that although the economic outlook remains positive for Sri Lanka, global trade policy and uncertainties do pose risks. And so, as the team moves forward to the Fifth Review, which we expect will be held in the fall, they will, of course, be looking at the overall and making an overall assessment of Sri Lanka’s economy. You know, including any implications from trade tensions or uncertainty. And of course, that will be — they will take that into account in discussions with the authorities on policies, and all of the program matters as part of the Fifth Review.

    QUESTIONER: Hi Julie. Thank you for taking my question. I have two questions, one on Syria and one on Egypt. So today there was the Saudi Syrian Investment Forum in Damascus, and it was said that in addition to the Saudi investments in support that there will be some global support on this. And the IFC was mentioned as well. So, what’s the IMF’s call on this, given that we have one of the G20 countries pledging this huge amount of investments in support? And how will the IMF contribute in this? That’s on Syria.

    And on Egypt, a few weeks ago in our press briefing here, it was mentioned that the two reviews, the Fifth and the Sixth, will be done together in the fall. Can we say that this is going to be in fall after the Annual Meeting, after the WEO report is published for the — for the region and for the global? And what, what is the main factor that we’re looking at here that would ultimately change the way it’s viewed, how Egypt’s economy is viewed in light of all the recent developments?

    MS. KOZACK: On Syria, what I can say is, and as we discussed here before, an IMF staff team did visit Syria from June 1st through 5th, and that was the first visit since 2009. The team was there to assess economic and financial conditions in Syria and to discuss with the authorities their economic policy and capacity building priorities, ultimately to support the recovery of the Syrian economy. With your specific question, what I can say there is that we have mentioned that Syria will need substantial international assistance to support the authorities’ efforts to rehabilitate the economy, meet urgent humanitarian needs, and rebuild essential institutions and infrastructure. And this not only includes concessional financial support, but it also extends to capacity development. And here, the IMF is committed to supporting Syria in its recovery efforts. The IMF Staff is working in coordination with other partners to develop a detailed roadmap for policy and capacity building priorities for some of the key economic institutions. So that’s kind of within our mandate, and that includes the Finance Ministry, the Central Bank, and the Statistics Agency.

    With respect to Egypt, what I can say on Egypt is that the IMF Staff conducted a mission to Cairo in May 2025. The mission noted continued progress under Egypt’s macroeconomic reform program, including improvements in inflation and foreign exchange reserves. However, additional time was needed to finalize key policy measures, particularly those related to reducing the state’s footprint in the economy by advancing the implementation of the state ownership policy and leveling the playing field for businesses. To allow for this continued work, the Fifth and Sixth Reviews under the EFF will be combined, and they are expected to be completed in the fall. Our team remains committed to supporting Egypt in advancing reforms to strengthen resilience and foster inclusive and private sector led growth.

    MS. KOZACK: Coming back to the Press Center, I have a question that has come in on Ghana. It says Ghana’s Finance Minister is presenting the mid-year budget today, following a first half marked by notable improvements in key economic indicators. However, concerns are rising about potential new fiscal slippages, and that could undermine gains in inflation control, currency stability, and overall recovery. Does the IMF share these concerns? And second question, what is your view on the role of monetary policy at this point, especially as the Bank of Ghana prepares to review its policy stance?

    Again, stepping back, on July 7th, the IMF’s Executive Board completed the Fourth Review of Ghana’s ECF arrangement. And after Board approval, Ghana received about U.S. $367 million, bringing total support to around U.S. $2.3 billion since May 2023.
    With respect to the budget here, I can say that the IMF has welcomed the government’s corrective actions, including a strong 2025 budget and an audit of payables to quantify and address the pre-election fiscal slippages. The authorities have recently implemented changes to their public financial management and public procurement acts, and this helps improve the overall fiscal responsibility framework in Ghana. And the authorities have also adopted a strategy to address issues in the energy sector. I can add that the mid-year budget review is fully in line with the parameters and objectives of the IMF-supported program.

    And with respect to the question on monetary policy, what I can say is that Ghana has made good progress since the beginning of the program in reducing inflation. Inflation was extremely high at the end of 2022 at 54 percent. It has now come down substantially to 14 percent at end June 2025. Going forward, it will be important for monetary policy to remain sufficiently tight, consistent with bringing inflation down to the Bank of Ghana’s target range, which is 8 percent plus or minus 2 percentage points.

    QUESTIONER: I’m going to ask about digital assets. One very specifically. There’s this controversy with El Salvador that is going around and around, but the government says they’re still buying Bitcoin, and it seems that the IMF is saying they are just moving things around between wallets. And I wanted you to address that. Also, with the passage here in the U.S. of the GENIUS Act, I guess, what does the IMF, what do they think the impacts of this sort of increasing legitimization of digital assets in the U.S. is going to be in terms of other economies, in terms of the ability to implement monetary policy? I just wonder if you have any comment on that. Thank you very much for taking the question.

    QUESTIONER: I have a question, specifically on El Salvador. How does the IMF assess the country’s continued Bitcoin accumulation in the context of the fiscal and transparency standards embedded in the Extended Fund Facility, the $1.4 billion program that was agreed last December? To what extent could this strategy complicate monitoring or risk management of this program?

    MS. KOZACK: So, on El Salvador, I’ll start with El Salvador and then Matthew, I’ll get to your question on the GENIUS Act. So again, stepping back. So, on June 27th, the IMF Executive Board completed El Salvador’s annual Article IV Consultation and concluded the First Review of the EFF that enabled El Salvador to have access to U.S. $118 million. And so far, $231 million has been disbursed under the EFF program that was approved in February.
    Program performance has been solid in El Salvador. The economy has continued to expand as macroeconomic imbalances are being addressed. The key fiscal and reserve targets were met at the time of the review with margins. And substantial progress continues with the ambitious reform agenda in the areas of governance, transparency, and financial resilience.
    And risks from Bitcoin continue to be mitigated. Regarding the questions on Bitcoin, I don’t have much new to say other than as we have stated in the past, the total amount of Bitcoin held across government-owned wallets remains unchanged, and that is consistent with El Salvador’s program commitments. The accumulation of Bitcoin by the Strategic Bitcoin Reserve Fund is consistent with program conditionality. And the increases in the Bitcoin Reserve Fund relate to movements across various government-owned wallets.
    And on your second question on the GENIUS Act, let me get to this one. Let me just step back for a moment, and then I’ll kind of come directly to the GENIUS Act.

    So, first, the GENIUS Act covers stablecoins, and stablecoins are a key type of privately issued crypto asset that aims to maintain a stable value. They do bring potential benefits, including cheaper and faster cross-border payments, increased financial inclusion, and greater portfolio diversification. So those are some of the potential benefits. There are operational risks, of course, associated with stablecoins if they are not properly regulated under an appropriate policy framework.

    Now, turning to the GENIUS Act. The GENIUS Act provides a comprehensive foundation for financial innovation and deepening. And that is balanced with consideration of consumer protection and market integrity goals and a clear identification of the institutional framework for oversight.
    Now, with respect to the kind of implications of the GENIUS Act, we, of course, are continuing to very actively monitor developments of stablecoins. We are assessing the potential implications of the GENIUS Act. And for us at the IMF, what is going to be especially important are going to be the implications for the international monetary system and the potential for spillovers to other jurisdictions. So that’s work that is ongoing, and our teams are making those assessments at this time.

    QUESTIONER: Any update on UAE economy outlook for GCC region and oil economy in general?

    MS. KOZACK: What I can share on UAE and the GCC in general, and I’ll be — and, of course, next week as part of the WEO update, we will, of course, be providing an update for the GCC region.
    So, starting with the UAE. Near-term growth in the UAE has been strong, and it is expected to remain healthy at over 4 percent in 2025. That was the assessment at the time of the April WEO. What we are seeing is robust growth in the non-hydrocarbon activity, and it is boosted by tourism, construction, public expenditure, and financial services. So those are the drivers of growth. Oil production is also increasing faster than expected, given the reversal of oil production cuts. And the UAE economy has demonstrated resilience to lower oil prices and increased oil price volatility this year.

    Now, turning to the GCC, what I can say for the GCC is that despite oil production cuts, GCC growth is estimated to have rebounded to 1.4 percent in 2024. And our projection at the time of the April WEO was that it will increase further to 3.3 percent in 2025. Non-hydrocarbon output growth is expected to remain strong, supported by rapid investment, construction, and accelerated reforms to diversify the GCC economies.
    Inflation remains low in the GCC, and our policy advice is for fiscal policy to remain prudent while strengthening fiscal reform implementation. And of course, we encourage policymakers in the region to continue reforms to support economic diversification. And as I noted, we will be providing an update of this assessment as part of the WEO update.
    And with that, I’m going to bring this Press Briefing to a close. Thank you all for your participation today.

    As a reminder, this briefing is embargoed until 11:00 A.M. Eastern Time in the United States. A transcript will be made available later on our website, IMF.org. Should you have any clarifications or additional queries, please do reach out to my colleagues via media@imf.org.

    This concludes our Press Briefing. I wish everyone a wonderful day, and I look forward to seeing you all next time.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics –

  • MIL-OSI United Nations: Activities of Secretary-General in Spain, 29 June – 1 July

    Source: United Nations General Assembly and Security Council

    The United Nations Secretary-General, António Guterres, arrived in Sevilla, Spain, on Sunday, 29 June, to take part in the Fourth International Conference on Financing for Development (FFD4), which was being co-hosted by Spain and took place from 30 June to 3 July.

    In the afternoon, he met with His Majesty Don Felipe VI, King of Spain.  They discussed ongoing efforts to advance the international financing for development agenda.  During the meeting, the Secretary-General expressed his deep gratitude for Spain’s unwavering commitment to multilateralism and the UN system, as well as its leadership role in international cooperation and as a permanent bridge builder between the North and the South.

    In the evening, the Secretary-General attended a dinner hosted by H.H.M.M. the King and Queen of Spain.

    On Monday morning, 30 June, the Secretary-General had a bilateral meeting with the President of the Government of Spain, Pedro Sánchez Pérez-Castejón.  They discussed efforts to advance international financing for development and Spain’s cooperation with the UN in this regard.  The Secretary-General expressed his deep appreciation for the magnificent organization of the Conference and Spain’s warm hospitality.

    Soon after, together with President of the Government of Spain, the Secretary-General met and greeted Heads of State and Government.  This was followed by a family photo.

    Then, also with the President of the Government of Spain, the Secretary-General welcomed Don Felipe VI, King of Spain, and Queen Letizia.

    The Secretary-General then delivered remarks during the Conference’s opening session and underscored that financing is the engine of development, and right now, this engine is sputtering.  He warned that the 2030 Agenda for Sustainable Development, our global promise to transform our world for a better, fairer future, is in danger.

    The Secretary-General stressed that the Conference wasn’t about charity, it was about restoring justice and lives of dignity.  He also added that the Conference wasn’t about money, it was about investing in the future we want to build, together.

    Speaking to the media afterwards, in a joint press encounter with the President of the Government of Spain, the Secretary-General underscored that with the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again.  Above all, he added, Sevilla was about solutions and finding these solutions at a divided and difficult moment for the human family.

    The Secretary-General said that it was his hope that the collective efforts in Sevilla can inspire and motivate the countries of the world to work as one to solve other global challenges.

    In the afternoon, at the launch of the Sevilla Platform for Action, the Secretary-General highlighted that the Platform offers an ambitious, action-oriented response to the global financing challenge.  He pointed out that in the midst of a world of division, conflict and economic uncertainty, the Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

    Soon after, at the opening of the International Business Forum, the Secretary-General underscored that by uniting public and private sector leaders, regulators and development banks, we can ensure that the Conference is not an end, but rather a beginning.

    Later in the afternoon, the Secretary-General held a series of bilateral meetings, including with the President of the Republic of Ecuador, Daniel Noboa Azín, with the Prime Minister of Nepal, K.P. Sharma Oli, with the President of Estonia, Alar Karis,  with the President of Albania, Bajram Begaj, and the Prime Minister of Ukraine, Denys Shmyhal.

    The Secretary-General also met Deemah AlYahya, the Secretary-General of the Digital Cooperation Organization, and also held a bilateral meeting with Mark Suzman, CEO and Board Member of the Gates Foundation.

    Later in the evening, the Secretary-General attended a cocktail-style dinner hosted by the President of the Government of Spain with Heads of State and Government.

    On Tuesday morning, 1 July, the Secretary-General held a closed-door meeting with Heads of the multilateral development banks, which the President of the Government of Spain also participated, as well as the Deputy-Secretary-General, Amina Mohammed.

    He then had a meeting with Juan Manuel Moreno Bonilla, the President of the Regional Government of Andalusia and the First Vice-President of the European Committee of the Regions, before leaving Sevilla, Spain.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: AUKUS treaty deepens UK-Australia defence partnership to generate £20 billion in trade and create 7,000 new jobs

    Source: United Kingdom – Executive Government & Departments

    Press release

    AUKUS treaty deepens UK-Australia defence partnership to generate £20 billion in trade and create 7,000 new jobs

    Foreign Secretary and Defence Secretary in Australia alongside UK’s Carrier Strike Group – demonstrating government’s commitment to a free and open Indo-Pacific.

    • Signing of new UK-Australia AUKUS treaty protects our seas, supports over 21,000 UK jobs and underpins up to £20 billion exports potential.  
    • Foreign Secretary and Defence Secretary in Australia alongside UK’s Carrier Strike Group – demonstrating government’s commitment to a free and open Indo-Pacific. 
    • New treaty unlocks greater economic cooperation and delivers on the Government’s Plan for Change.  

    A new 50 year AUKUS treaty will underpin the UK and Australian submarine programmes, support tens of thousands of jobs in the UK and Australia, enhance both nations’ industrial capacity, and deliver the submarines that keep the UK and our allies safe.   

    The deal demonstrates the Government’s commitment to deliver both security and prosperity, safeguarding jobs across the UK and boosting our defence industry, with new submarine exports amounting to hundreds of millions of pounds a year.  

    Expected to be worth up to £20 billion to the UK in exports over the next 25 years, this decades-long programme will create over 7,000 new jobs in UK shipyards and across the supply chain, building on the billions of pounds already invested in Barrow, Derby and beyond.  

    There will be over 21,000 people working on the conventionally-armed, nuclear-powered AUKUS submarine programme (known as SSN-AUKUS) in the UK at its peak, contributing to opportunities and economic growth in local communities across the UK.  

    Defence Secretary, John Healey, said:   

    AUKUS is one of Britain’s most important defence partnerships, strengthening global security while driving growth at home.

    This historic Treaty confirms our AUKUS commitment for the next half century. Through the Treaty, we are supporting high-skilled, well-paid jobs for tens of thousands of people in both the UK and Australia, delivering on our Plan for Change today and for the generations to come. There are people not yet born who will benefit from the jobs secured through this defence deal.

    Our deep defence relationship with Australia – from our work together to support Ukraine, share vital intelligence, and develop innovative technology – makes us secure at home and strong abroad.

    Foreign Secretary, David Lammy, said:

    The UK-Australia relationship is like no other, and in our increasingly volatile and dangerous world, our anchoring friendship has real impact in the protection of global peace and prosperity. 

    Our new bilateral AUKUS treaty is an embodiment of that – safeguarding a free and open Indo Pacific whilst catalysing growth for both our countries. 

    This is how our government delivers the Plan for Change – protecting our national security and stability whilst generating jobs for Brits.

    This is the latest milestone reached under the AUKUS partnership – our most strategically significant new defence partnership in a generation.  

    The Foreign Secretary and Defence Secretary will travel to Australia as the Carrier Strike Group and more than 3,000 British military personnel take part in the largest military exercise Australia has ever hosted. Their visit follows the exercise’s success where the AUKUS nations worked with Japan on advancing how we use robotics and autonomous systems in our defence systems.   

    Both ministers will meet their counterparts at the annual “Australia-UK Ministerial”, known as AUKMIN, to drive forward collaboration across the board – generating further trade and investment to our £23 billion per year annual trade relationship with Australia.  

    Travelling onto Melbourne, the Foreign Secretary and Defence Secretary will meet with businesses at the forefront of AUKUS – delivering the defence industrial strength needed to protect British, Australian and American interests.   

    The Foreign Secretary and Defence Secretary will visit Darwin to see our commitment to the Indo-Pacific first hand as the Carrier Strike Group docks in the Northern Territory.   

    This deployment – one of the UK’s largest this century – sends a clear message that the UK alongside our partners stands ready to protect the Indo-Pacific’s vital trade routes and will deter those who undermine global security.  

    On HMS Prince of Wales, the flagship of the group, the Foreign Secretary and Defence Secretary will meet the service personnel who have participated in Exercise Talisman Sabre, one of the largest military exercises in the world this year. Bringing together over 35,000 military personnel from 19 nations, this exercise strengthens and tests how key partners can work together to safeguard global trade routes and maintain regional stability.  

    The Carrier Strike Group deployment this year reinforces the Government’s Plan for Change by strengthening the international partnerships that underpin economic growth and national security, keeping Britain secure at home and strong abroad. It takes place against the backdrop of the Government’s landmark commitment to increase defence spending to 2.6% of GDP by 2027.   

    This historic investment underpins the Government’s mission-led approach to securing Britain’s future, providing the economic stability necessary for growth whilst ensuring the UK maintains cutting-edge capabilities such as to meet emerging global threats.

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    Updates to this page

    Published 24 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: World News in Brief: Thailand-Cambodia border hostilities, humanitarian efforts in Syria and attacks across Ukraine

    Source: United Nations 2

    The dispute dates to 1953 when France first mapped the border, but tensions resurfaced in May after the death of a Cambodian soldier in a border skirmish.

    Secretary-General António Guterres is “following with concern” reports of the clashes, his Deputy Spokesperson Farhan Haq told journalists in New York.

    “The Secretary-General urges both sides to exercise maximum restraint and address any issues through dialogue and in a spirit of good neighbourliness, with a view to finding a lasting solution to the dispute,” he said.

    Inter-agency humanitarian assistance in Syria

    The Office for the Coordination of Humanitarian Affairs (OCHA) led an inter-agency visit to Rural Damascus governorate in Syria on Thursday to assess needs and provide assistance to more than 500 families displaced by recent violence in nearby Sweida governorate.

    The UN agencies visited the Sayyeda Zeinab community and plan to visit the neighbouring Dar’a Governorate in the coming days, where humanitarians are supporting tens of thousands of people displaced by violence.

    In Rural Damascus and Dar’a, OCHA and its partners are expanding protection services for displaced people. This includes psychosocial first aid and case management support for children.

    Also on Thursday, the World Food Programme (WFP) distributed urgent food assistance to displaced families. The agency additionally continues to provide assistance across the country, including to Syrians returning home after a decade of conflict.

    Limited access to Sweida

    On Wednesday, a second convoy from the Syrian Arab Red Crescent (SARC) arrived in Sweida, with UN agencies providing support.

    The convoy included food, wheat flour, fuel, medicines and health supplies. Medical supplies were delivered to the Sweida national hospital, and wheat flour was dispatched to bakeries.

    Across Sweida, Rural Damascus and Dar’a governorates, the UN has distributed over 1,600 dignity kits to displaced women and girls. UN partners are also providing recreational activities, awareness sessions on gender-based violence and support for women and children.

    But despite efforts in neighbouring governorates and increasing support in Sweida, full and direct access to the conflict-ridden governorate itself is limited due to security constraints.

    Nonetheless, the UN is continuing dialogue with Syrian authorities to facilitate direct access to Sweida.

    Nationwide attacks in Ukraine

    OCHA further reported that at least five civilians were killed, and 46 others injured, in attacks across several regions of Ukraine over the past two days.

    Kharkiv in the northeast was one of the more affected regions, where a glide bomb strike injured at least 16 people on Thursday, and fighting killed three and injured five others on Wednesday.

    Additionally, overnight attacks in central Ukraine injured seven people in Cherkasy and four in Odesa City, damaging homes, health centres, schools, shopping areas and a market.

    Civilians in the southern Kherson region, the eastern Donetsk region and the southeast Zaporizhzhia region were also affected.

    Evacuations and humanitarian response

    Following the overnight attacks in Cherkasy and Odesa, aid workers assisted first responders by providing first aid, meals, shelter materials, hygiene kits, emotional support and legal assistance to affected families.

    Amid the hostilities, nearly 600 people were evacuated from the Donetsk region, and, in the past day, another 24 were evacuated from the northeastern region of Sumy.

    MIL OSI United Nations News –

  • MIL-OSI: Landmark Bancorp, Inc. Announces Second Quarter 2025 Earnings per Share of $0.75 Declares Cash Dividend of $0.21 per Share

    Source: GlobeNewswire (MIL-OSI)

    Manhattan, KS, July 24, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.75 for the second quarter of 2025, compared to $0.81 per share in the first quarter of 2025 and $0.52 per share in the same quarter of the prior year. Net earnings for the second quarter totaled $4.4 million, compared to $4.7 million in the prior quarter and $3.0 million in the second quarter of 2024. For the three months ended June 30, 2025, the return on average assets was 1.11%, the return on average equity was 12.25% and the efficiency ratio(1) was 62.8%.

    For the first six months of 2025, diluted earnings per share totaled $1.56 compared to $1.01 during the same period in 2024. Net earnings for the first six months of 2025 totaled $9.1 million, compared to $5.8 million in the first six months of 2024. For the six months ended June 30, 2025, the return on average assets was 1.16%, the return on average equity was 12.96%, and the efficiency ratio(1) was 63.4%.

    Second Quarter 2025 Performance Highlights

      ● Total gross loans increased in the second quarter 2025 by $42.9 million, an annualized increase of 16.0% over the prior quarter.
      ● The net interest margin improved 7 basis points to 3.83% compared to 3.76% in prior quarter and 3.25% in the second quarter of the prior year.
      ● Net interest income increased $564,000, or 4.3%, in the second quarter of 2025, and increased $2.7 million, or 24.7%, from the same quarter of the prior year.
      ● Deposits increased $23.4 million, or 1.9%, from the same quarter of the prior year, and declined $61.9 million from the prior quarter.
      ● Total assets increased $46.7 million, or 11.9% annualized, compared to the prior quarter.
      ● Credit quality remained stable with net charge-offs totaling $40,000 in the second quarter.
      ● Stockholders’ equity increased $5.7 million, and the ratio of equity to assets increased to 9.13% in the second quarter.
         

    In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “I am pleased to report continued strong net earnings this quarter driven by growth in loans and net interest income. Loan demand remained strong in the second quarter of 2025, especially for commercial, commercial real estate and residential mortgage loans as total gross loans increased by $42.9 million or 16.0% annualized. Despite a decrease in total deposits in the second quarter, we have sustained year-over-year growth of $23.4 million, or 1.9%. The strong growth in our loan portfolio led to net interest income growth of 24.7% over the previous year and continued expansion in our net interest margin, which increased to 3.83%. Non-interest income increased by 8.0% this quarter compared to the prior quarter and expenses were well controlled. Credit quality remained solid overall with minimal net charge-offs. A provision for credit losses of $1.0 million was recorded this quarter to reflect the growth in loans and higher reserves against individually evaluated loans on non-accrual. Our strong performance is a direct result of the daily commitment and effort our associates put into making Landmark the top choice for both customers and investors.”

    Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid August 27, 2025, to common stockholders of record as of the close of business on August 13, 2025.

    Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Friday, July 25, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 703723. A replay of the call will be available through August 1, 2025, by dialing (855) 762-8306 and using access code 160217.

    (1) Non-GAAP financial measure. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation. 

    Net Interest Income

    Net interest income in the second quarter of 2025 totaled $13.7 million representing an increase of $564,000, or 4.3%, compared to the previous quarter and an increase of $2.7 million, or 24.7%, in the same quarter of the prior year. The increase in net interest income this quarter was driven by higher interest income on loans and lower interest expense on deposits. The net interest margin increased to 3.83% during the second quarter from 3.76% during the prior quarter and 3.25% in the second quarter of the prior year. Compared to the previous quarter, interest income on loans increased $791,000 to $17.2 million, due to higher average balances combined with higher yields on loans. Average loan balances increased $33.3 million, while the average tax-equivalent yield on the loan portfolio increased 3 basis points to 6.37%. Interest on investment securities declined slightly due to lower balances, partially offset by higher earning rates. Compared to the first quarter of 2025, interest on deposits decreased $92,000, or 1.8%, due to lower rates and balances. Interest on other borrowed funds increased by $284,000, due to higher average balances. The average rate on interest-bearing deposits decreased 3 basis points to 2.14% while the average rate on other borrowed funds decreased 11 basis points to 4.98% in the second quarter of 2025.

    Non-Interest Income

    Non-interest income totaled $3.6 million for the second quarter of 2025, an increase of $268,000 from the previous quarter. The increase in non-interest income during the second quarter of 2025 was primarily due to increases of $178,000 in gains on sales of loans and $88,000 in fees and service charges.

    Non-Interest Expense

    During the second quarter of 2025, non-interest expense totaled $11.0 million, an increase of $200,000, or 1.9%, compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $233,000 in data processing expense and $101,000 in other non-interest expense. The increase in data processing expense resulted from the implementation of additional services added and account growth, while the increase in other non-interest expense was primarily due to higher losses at our captive insurance subsidiary. Partially offsetting those increases was a decline in professional fees related to lower consulting and legal expenses during the quarter.

    Income Tax Expense

    Landmark recorded income tax expense of $944,000 in the second quarter of 2025 compared to $1.0 million in the first quarter of 2025. The effective tax rate was 17.7% in the second quarter of 2025 compared to 17.8% in the first quarter of 2025.

    Balance Sheet Highlights

    As of June 30, 2025, gross loans totaled $1.1 billion, an increase of $42.9 million, or 16.0% annualized since March 31, 2025. During the quarter, loan growth was primarily comprised of one-to-four family residential real estate (growth of $21.5 million), commercial (growth of $13.4 million) and commercial real estate (growth of $10.9 million). Investment securities available-for-sale decreased $3.6 million during the second quarter of 2025 mainly due to maturities. Pre-tax unrealized net losses on the investment securities portfolio decreased from $17.1 million at March 31, 2025, to $13.9 million at June 30, 2025, mainly due to lower market rates for these securities at June 30, 2025.

    Period end deposit balances decreased $61.9 million to $1.3 billion at June 30, 2025. The decline in deposits was driven by decreases in money market and checking accounts (decrease of $50.5 million), non-interest-bearing demand deposits (decrease of $16.5 million) and savings (decrease of $1.1 million), partially offset by an increase in certificates of deposit (increase of $6.2 million). The decrease in deposits was primarily driven by a decline in brokered deposits as well as lower core deposit balances at June 30, 2025. Total borrowings increased $105.9 million during the second quarter 2025 to fund asset growth and to offset lower deposit balances. At June 30, 2025, the loan to deposits ratio was 86.6% compared to 79.5% in the prior quarter.

    Stockholders’ equity increased to $148.4 million (book value of $25.66 per share) as of June 30, 2025, from $142.7 million (book value of $24.69 per share) as of March 31, 2025. The increase in stockholders’ equity was due mainly to a decrease in accumulated other comprehensive losses (lower unrealized net losses on investment securities) along with net earnings during the quarter. The ratio of equity to total assets increased to 9.13% on June 30, 2025, from 9.04% on March 31, 2025.

    The allowance for credit losses totaled $13.8 million, or 1.23% of total gross loans on June 30, 2025, compared to $12.8 million, or 1.19% of total gross loans on March 31, 2025. Net loan charge-offs totaled $40,000 in the second quarter of 2025, compared to $23,000 during the first quarter of 2025 and net recoveries of $52,000 in the second quarter of the prior year. A provision for credit losses on loans of $1.0 million was recorded in the second quarter of 2025 compared to no provision in the first quarter of 2025.

    Non-performing loans totaled $17.0 million, or 1.52% of gross loans, at June 30, 2025, compared to $13.3 million, or 1.24% of gross loans, at March 31, 2025. Loans 30-89 days delinquent totaled $4.3 million, or 0.39% of gross loans, as of June 30, 2025, compared to $10.0 million, or 0.93% of gross loans, as of March 31, 2025.

    About Landmark

    Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

    Contact:
    Mark A. Herpich
    Chief Financial Officer
    (785) 565-2000

    Special Note Concerning Forward-Looking Statements

    This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. 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,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, state, national and international economies and financial markets, including the effects of inflationary pressures and future monetary policies of the Federal Reserve in response thereto; (ii) effects on the U.S. economy resulting from the threat or implementation of new, or changes to, existing policies, regulations, regulatory and other governmental agencies and executive orders, including tariffs, immigration policy, regulatory and other governmental agencies, DEI and ESG initiatives, consumer protection, foreign policy and tax regulations; ; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) rapid and expensive 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; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (x) the loss of key executives or employees; (xi) changes in consumer spending; (xii) integration of acquired businesses; (xiii) the commencement, cost and outcome of litigation and other legal proceedings and regulatory actions against us or to which the Company may become subject; (xiv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xv) the economic impact of past and any future terrorist attacks, acts of war, including ongoing conflicts in the Middle East and the Russian invasion of Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvi) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xvii) fluctuations in the value of securities held in our securities portfolio; (xviii) concentrations within our loan portfolio and large loans to certain borrowers (including commercial real estate loans); (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xx) the level of non-performing assets on our balance sheets; (xxi) the ability to raise additional capital; (xxii) the occurrence of fraudulent activity, breaches or failures of our or our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiii) declines in real estate values; (xxiv) the effects of fraud on the part of our employees, customers, vendors or counterparties; (xxv) the Company’s success at managing and responding to the risks involved in the foregoing items; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (unaudited)

        June 30,     March 31,     December 31,     September 30,     June 30,  
    (Dollars in thousands)   2025     2025     2024     2024     2024  
    Assets                              
    Cash and cash equivalents   $ 25,038     $ 21,881     $ 20,275     $ 21,211     $ 23,889  
    Interest-bearing deposits at other banks     3,463       3,973       4,110       4,363       4,881  
    Investment securities available-for-sale, at fair value:                                        
    U.S. treasury securities     51,624       58,424       64,458       83,753       89,325  
    Municipal obligations, tax exempt     100,802       101,812       107,128       112,126       114,047  
    Municipal obligations, taxable     75,037       70,614       71,715       75,129       74,588  
    Agency mortgage-backed securities     124,979       125,142       129,211       140,004       142,499  
    Total investment securities available-for-sale     352,442       355,992       372,512       411,012       420,459  
    Investment securities held-to-maturity     3,730       3,701       3,672       3,643       3,613  
    Bank stocks, at cost     10,946       6,225       6,618       7,894       9,647  
    Loans:                                        
    One-to-four family residential real estate     377,133       355,632       352,209       344,380       332,090  
    Construction and land     26,373       28,645       25,328       23,454       30,480  
    Commercial real estate     370,455       359,579       345,159       324,016       318,850  
    Commercial     204,303       190,881       192,325       181,652       178,876  
    Agriculture     100,348       101,808       100,562       91,986       84,523  
    Municipal     6,938       7,082       7,091       7,098       6,556  
    Consumer     32,234       31,297       29,679       29,263       29,200  
    Total gross loans     1,117,784       1,074,924       1,052,353       1,001,849       980,575  
    Net deferred loan (fees) costs and loans in process     (615 )     (426 )     (307 )     (63 )     (583 )
    Allowance for credit losses     (13,762 )     (12,802 )     (12,825 )     (11,544 )     (10,903 )
    Loans, net     1,103,407       1,061,696       1,039,221       990,242       969,089  
    Loans held for sale, at fair value     4,773       2,997       3,420       3,250       2,513  
    Bank owned life insurance     39,607       39,329       39,056       39,176       38,826  
    Premises and equipment, net     19,654       19,886       20,220       20,976       20,986  
    Goodwill     32,377       32,377       32,377       32,377       32,377  
    Other intangible assets, net     2,275       2,426       2,578       2,729       2,900  
    Mortgage servicing rights     3,082       3,045       3,061       3,041       2,997  
    Real estate owned, net     167       167       167       428       428  
    Other assets     23,904       24,894       26,855       23,309       28,149  
    Total assets   $ 1,624,865     $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754  
                                             
    Liabilities and Stockholders’ Equity                                        
    Liabilities:                                        
    Deposits:                                        
    Non-interest-bearing demand     351,993       368,480       351,595       360,188       360,631  
    Money market and checking     562,919       613,459       636,963       565,629       546,385  
    Savings     148,092       149,223       145,514       145,825       150,996  
    Certificates of deposit     210,897       204,660       194,694       203,860       192,470  
    Total deposits     1,273,901       1,335,822       1,328,766       1,275,502       1,250,482  
    FHLB and other borrowings     155,110       48,767       53,046       92,050       131,330  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     5,825       6,256       13,808       9,528       8,745  
    Accrued interest and other liabilities     20,002       23,442       20,656       25,229       20,292  
    Total liabilities     1,476,489       1,435,938       1,437,927       1,423,960       1,432,500  
    Stockholders’ equity:                                        
    Common stock     58       58       58       55       55  
    Additional paid-in capital     95,266       95,148       95,051       89,532       89,469  
    Retained earnings     63,612       60,422       56,934       60,549       57,774  
    Treasury stock, at cost     –       –       –       (396 )     (330 )
    Accumulated other comprehensive loss     (10,560 )     (12,977 )     (15,828 )     (10,049 )     (18,714 )
    Total stockholders’ equity     148,376       142,651       136,215       139,691       128,254  
    Total liabilities and stockholders’ equity   $ 1,624,865     $ 1,578,589     $ 1,574,142     $ 1,563,651     $ 1,560,754  


    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Earnings (unaudited)

        Three months ended,     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  
    Interest income:                                        
    Loans   $ 17,186     $ 16,395     $ 15,022     $ 33,581     $ 29,512  
    Investment securities:                                        
    Taxable     2,163       2,180       2,359       4,343       4,787  
    Tax-exempt     701       719       759       1,420       1,523  
    Interest-bearing deposits at banks     48       48       40       96       103  
    Total interest income     20,098       19,342       18,180       39,440       35,925  
    Interest expense:                                        
    Deposits     5,144       5,236       5,673       10,380       11,130  
    FHLB and other borrowings     861       565       1,027       1,426       2,049  
    Subordinated debentures     358       357       418       715       830  
    Repurchase agreements     52       65       88       117       195  
    Total interest expense     6,415       6,223       7,206       12,638       14,204  
    Net interest income     13,683       13,119       10,974       26,802       21,721  
    Provision for credit losses     1,000       –       –       1,000       300  
    Net interest income after provision for credit losses     12,683       13,119       10,974       25,802       21,421  
    Non-interest income:                                        
    Fees and service charges     2,476       2,388       2,691       4,864       5,152  
    Gains on sales of loans, net     740       562       648       1,302       1,160  
    Bank owned life insurance     278       272       248       550       493  
    Losses on sales of investment securities, net     –       (2 )     –       (2 )     –  
    Other     132       138       133       270       315  
    Total non-interest income     3,626       3,358       3,720       6,984       7,120  
    Non-interest expense:                                        
    Compensation and benefits     6,234       6,154       5,504       12,388       11,036  
    Occupancy and equipment     1,244       1,252       1,294       2,496       2,684  
    Data processing     629       396       492       1,025       973  
    Amortization of mortgage servicing rights and other intangibles     238       239       256       477       668  
    Professional fees     540       745       649       1,285       1,296  
    Valuation allowance on real estate held for sale     –       –       979       –       1,108  
    Other     2,076       1,975       1,921       4,051       3,881  
    Total non-interest expense     10,961       10,761       11,095       21,722       21,646  
    Earnings before income taxes     5,348       5,716       3,599       11,064       6,895  
    Income tax expense     944       1,015       587       1,959       1,105  
    Net earnings   $ 4,404     $ 4,701     $ 3,012     $ 9,105     $ 5,790  
                                             
    Net earnings per share (1)                                        
    Basic   $ 0.76     $ 0.81     $ 0.52     $ 1.58     $ 1.01  
    Diluted     0.75       0.81       0.52       1.56       1.01  
    Dividends per share (1)     0.21       0.21       0.20       0.42       0.40  
    Shares outstanding at end of period (1)     5,783,312       5,778,610       5,743,044       5,783,312       5,743,044  
    Weighted average common shares outstanding – basic (1)     5,782,555       5,777,593       5,745,310       5,780,930       5,744,381  
    Weighted average common shares outstanding – diluted (1)     5,840,923       5,814,650       5,748,053       5,827,844       5,748,332  
                                             
    Tax equivalent net interest income   $ 13,851     $ 13,291     $ 11,167     $ 27,142     $ 22,075  
                                             

    (1) Share and per share values at or for the periods ended June 30, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.


    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Select Ratios and Other Data (unaudited)

        As of or for the     As of or for the  
        three months ended,     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  
    Performance ratios:                                        
    Return on average assets (1)     1.11 %     1.21 %     0.78 %     1.16 %     0.75 %
    Return on average equity (1)     12.25 %     13.71 %     9.72 %     12.96 %     9.30 %
    Net interest margin (1)(2)     3.83 %     3.76 %     3.21 %     3.80 %     3.16 %
    Effective tax rate     17.7 %     17.8 %     16.3 %     17.7 %     16.0 %
    Efficiency ratio (3)     62.8 %     64.1 %     67.9 %     63.4 %     70.0 %
    Non-interest income to total income (3)     20.9 %     20.4 %     25.3 %     20.7 %     24.7 %
                                             
    Average balances:                                        
    Investment securities   $ 363,878     $ 377,845     $ 437,136     $ 370,823     $ 447,034  
    Loans     1,081,865       1,048,585       955,104       1,065,317       950,420  
    Assets     1,592,939       1,574,295       1,545,816       1,583,669       1,550,739  
    Interest-bearing deposits     965,214       979,787       936,237       972,460       935,827  
    FHLB and other borrowings     74,007       48,428       72,875       61,288       72,747  
    Subordinated debentures     21,651       21,651       21,651       21,651       21,651  
    Repurchase agreements     6,683       8,634       11,524       7,653       12,947  
    Stockholders’ equity   $ 144,151     $ 139,068     $ 124,624     $ 141,623     $ 125,235  
                                             
    Average tax equivalent yield/cost (1):                                        
    Investment securities     3.34 %     3.29 %     3.04 %     3.32 %     2.99 %
    Loans     6.37 %     6.34 %     6.33 %     6.36 %     6.25 %
    Total interest-bearing assets     5.60 %     5.53 %     5.29 %     5.56 %     5.20 %
    Interest-bearing deposits     2.14 %     2.17 %     2.44 %     2.15 %     2.39 %
    FHLB and other borrowings     4.67 %     4.73 %     5.67 %     4.69 %     5.66 %
    Subordinated debentures     6.63 %     6.69 %     7.76 %     6.66 %     7.71 %
    Repurchase agreements     3.12 %     3.05 %     3.07 %     3.08 %     3.03 %
    Total interest-bearing liabilities     2.41 %     2.38 %     2.78 %     2.40 %     2.74 %
                                             
    Capital ratios:                                        
    Equity to total assets     9.13 %     9.04 %     8.22 %                
    Tangible equity to tangible assets (3)     7.15 %     6.99 %     6.09 %                
    Book value per share   $ 25.66     $ 24.69     $ 22.33                  
    Tangible book value per share (3)   $ 19.66     $ 18.66     $ 16.19                  
                                             
    Rollforward of allowance for credit losses (loans):                                        
    Beginning balance   $ 12,802     $ 12,825     $ 10,851     $ 12,825     $ 10,608  
    Charge-offs     (103 )     (108 )     (119 )     (211 )     (260 )
    Recoveries     63       85       171       148       305  
    Provision for credit losses for loans     1,000       –       –       1,000       250  
    Ending balance   $ 13,762     $ 12,802     $ 10,903     $ 13,762     $ 10,903  
                                             
    Allowance for unfunded loan commitments   $ 150     $ 150     $ 300                  
                                             
    Non-performing assets:                                        
    Non-accrual loans   $ 16,984     $ 13,280     $ 5,007                  
    Accruing loans over 90 days past due     –       –       –                  
    Real estate owned     167       167       428                  
    Total non-performing assets   $ 17,151     $ 13,447     $ 5,435                  
                                             
    Loans 30-89 days delinquent   $ 4,321     $ 9,977     $ 1,872                  
                                             
    Other ratios:                                        
    Loans to deposits     86.62 %     79.48 %     77.50 %                
    Loans 30-89 days delinquent and still accruing to gross loans outstanding     0.39 %     0.93 %     0.19 %                
    Total non-performing loans to gross loans outstanding     1.52 %     1.24 %     0.51 %                
    Total non-performing assets to total assets     1.06 %     0.85 %     0.35 %                
    Allowance for credit losses to gross loans outstanding     1.23 %     1.19 %     1.11 %                
    Allowance for credit losses to total non-performing loans     81.03 %     96.40 %     217.76 %                
    Net loan charge-offs to average loans (1)     0.01 %     0.01 %     -0.02 %     0.01 %     -0.01 %
    (1 ) Information is annualized.
    (2 ) Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
    (3 ) Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.
         

    LANDMARK BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Finacials Measures (unaudited)

        As of or for the     As of or for the  
        three months ended,     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  
                                   
    Non-GAAP financial ratio reconciliation:                                        
    Total non-interest expense   $ 10,961     $ 10,761     $ 11,095     $ 21,722     $ 21,646  
    Less: foreclosure and real estate owned expense     49       (50 )     39       (1 )     (11 )
    Less: amortization of other intangibles     (151 )     (152 )     (171 )     (303 )     (341 )
    Less: valuation allowance on real estate held for sale     –       –       (979 )     –       (1,108 )
    Adjusted non-interest expense (A)     10,859       10,559       9,984       21,418       20,186  
                                             
    Net interest income (B)     13,683       13,119       10,974       26,802       21,721  
                                             
    Non-interest income     3,626       3,358       3,720       6,984       7,120  
    Less: losses on sales of investment securities, net     –       2       –       2       –  
    Less: gains on sales of premises and equipment and foreclosed assets     (9 )     –       –       (9 )     9  
    Adjusted non-interest income (C)   $ 3,617     $ 3,360     $ 3,720     $ 6,977     $ 7,129  
                                             
    Efficiency ratio (A/(B+C))     62.8 %     64.1 %     67.9 %     63.4 %     70.0 %
    Non-interest income to total income (C/(B+C))     20.9 %     20.4 %     25.3 %     20.7 %     24.7 %
                                             
    Total stockholders’ equity   $ 148,376     $ 142,651     $ 128,254                  
    Less: goodwill and other intangible assets     (34,652 )     (34,803 )     (35,277 )                
    Tangible equity (D)   $ 113,724     $ 107,848     $ 92,977                  
                                             
    Total assets   $ 1,624,865     $ 1,578,589     $ 1,560,754                  
    Less: goodwill and other intangible assets     (34,652 )     (34,803 )     (35,277 )                
    Tangible assets (E)   $ 1,590,213     $ 1,543,786     $ 1,525,477                  
                                             
    Tangible equity to tangible assets (D/E)     7.15 %     6.99 %     6.09 %                
                                             
    Shares outstanding at end of period (F)     5,783,312       5,778,610       5,743,044                  
                                             
    Tangible book value per share (D/F)   $ 19.66     $ 18.66     $ 16.19                  

    The MIL Network –

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

    • Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
    • Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
    • Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
    • The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
    • Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
    • Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
    • Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
    • The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
    • The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
    • The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

    First Half 2025 Highlights

    • Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
    • Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
    • Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
    • The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
    • Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
    • Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
    • Dividends declared in the first half of 2025 were $0.66 per share.

    Financial Summary

      At or for the Three Months ended   At or for the Six Months ended
    (Dollars in thousands, except per share and market data) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Operating results                  
    Net income $ 52,781     54,568     44,708     107,349     77,335  
    Basic earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Diluted earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Dividends declared per share $ 0.33     0.33     0.33     0.66     0.66  
    Market value per share                  
    Closing $ 43.08     44.22     37.32     43.08     37.32  
    High $ 44.70     52.81     40.18     52.81     42.75  
    Low $ 36.76     43.18     34.35     36.76     34.35  
    Selected ratios and other data                  
    Number of common stock shares outstanding   118,550,475     113,517,944     113,394,092     118,550,475     113,394,092  
    Average outstanding shares – basic   116,890,776     113,451,199     113,390,539     115,180,489     112,941,341  
    Average outstanding shares – diluted   116,918,290     113,546,365     113,405,491     115,244,550     112,981,531  
    Return on average assets (annualized)   0.74 %   0.80 %   0.66 %   0.77 %   0.56 %
    Return on average equity (annualized)   6.13 %   6.77 %   5.77 %   6.44 %   5.01 %
    Efficiency ratio   62.08 %   65.49 %   67.97 %   63.72 %   71.17 %
    Loan to deposit ratio   85.91 %   83.64 %   84.03 %   85.91 %   84.03 %
    Number of full time equivalent employees   3,665     3,457     3,399     3,665     3,399  
    Number of locations   247     227     231     247     231  
    Number of ATMs   300     286     286     300     286  
                                   

    KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

    On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
    The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

      BOID
    (Dollars in thousands) April 30,
    2025
    Total assets $ 1,369,764
    Cash and cash equivalents   26,127
    Debt securities   139,974
    Loans receivable   1,075,232
    Non-interest bearing deposits   271,385
    Interest bearing deposits   806,992
    Borrowings and subordinated debt   71,932
    Core deposit intangible   19,758
    Goodwill   75,207
         

    On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

    Asset Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Cash and cash equivalents $ 915,507     981,485     848,408     800,779     (65,978 )   67,099     114,728  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541     (147,332 )   (220,225 )   (474,561 )
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403     (55,442 )   (88,714 )   (194,270 )
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944     (202,774 )   (308,939 )   (668,831 )
    Loans receivable                          
    Residential real estate   1,931,554     1,850,079     1,858,929     1,771,528     81,475     72,625     160,026  
    Commercial real estate   11,935,109     10,952,809     10,963,713     10,713,964     982,300     971,396     1,221,145  
    Other commercial   3,303,889     3,121,477     3,119,535     3,066,028     182,412     184,354     237,861  
    Home equity   975,429     920,132     930,994     905,884     55,297     44,435     69,545  
    Other consumer   386,759     374,021     388,678     394,587     12,738     (1,919 )   (7,828 )
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991     1,314,222     1,270,891     1,680,749  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )   (16,399 )   (20,758 )   (25,844 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036     1,297,823     1,250,133     1,654,905  
    Other assets   2,557,546     2,435,389     2,458,719     2,453,581     122,157     98,827     103,965  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340     1,151,228     1,107,120     1,204,767  
     

    The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

    The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

    Credit Quality Summary

      At or for the Six Months ended   At or for the Three Months ended   At or for the Year ended   At or for the Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Allowance for credit losses              
    Balance at beginning of period $ 206,041     206,041     192,757     192,757  
    Acquisitions   35     —     3     3  
    Provision for credit losses   24,163     6,154     27,179     14,157  
    Charge-offs   (7,236 )   (3,897 )   (18,626 )   (8,430 )
    Recoveries   3,796     2,102     4,728     2,468  
    Balance at end of period $ 226,799     210,400     206,041     200,955  
    Provision for credit losses              
    Loan portfolio $ 24,163     6,154     27,179     14,157  
    Unfunded loan commitments   3,918     1,660     1,127     (2,390 )
    Total provision for credit losses $ 28,081     7,814     28,306     11,767  
    Other real estate owned $ 1,737     1,085     1,085     432  
    Other foreclosed assets   142     68     79     198  
    Accruing loans 90 days or more past due   11,371     5,289     6,177     4,692  
    Non-accrual loans   35,356     32,896     20,445     12,686  
    Total non-performing assets $ 48,606     39,338     27,786     18,008  
    Non-performing assets as a percentage of subsidiary assets   0.17 %   0.14 %   0.10 %   0.06 %
    Allowance for credit losses as a percentage of non-performing loans   485 %   551 %   774 %   1,116 %
    Allowance for credit losses as a percentage of total loans   1.22 %   1.22 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.02 %   0.01 %   0.08 %   0.04 %
    Accruing loans 30-89 days past due $ 54,403     46,458     32,228     49,678  
    U.S. government guarantees included in non-performing assets $ 2,651     685     748     1,228  
     

    Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

    The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

    The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACL
    as a Percent
    of Loans    		   Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		   Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Second quarter 2025 $ 18,009   $ 1,645   1.22 %   0.29 %   0.17 %
    First quarter 2025   6,154     1,795   1.22 %   0.27 %   0.14 %
    Fourth quarter 2024   6,041     5,170   1.19 %   0.19 %   0.10 %
    Third quarter 2024   6,981     2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
     

    Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Deposits                          
    Non-interest bearing deposits $ 6,593,728   6,100,548   6,136,709   6,093,430   493,180     457,019     500,298  
    NOW and DDA accounts   5,747,388   5,676,177   5,543,512   5,219,838   71,211     203,876     527,550  
    Savings accounts   2,956,387   2,896,378   2,845,124   2,862,034   60,009     111,263     94,353  
    Money market deposit accounts   3,089,115   2,816,874   2,878,213   2,858,850   272,241     210,902     230,265  
    Certificate accounts   3,238,576   3,140,333   3,139,821   3,064,613   98,243     98,755     173,963  
    Core deposits, total   21,625,194   20,630,310   20,543,379   20,098,765   994,884     1,081,815     1,526,429  
    Wholesale deposits   3,308   3,740   3,615   2,994   (432 )   (307 )   314  
    Deposits, total   21,628,502   20,634,050   20,546,994   20,101,759   994,452     1,081,508     1,526,743  
    Repurchase agreements   1,976,228   1,849,070   1,777,475   1,629,504   127,158     198,753     346,724  
    Deposits and repurchase agreements, total   23,604,730   22,483,120   22,324,469   21,731,263   1,121,610     1,280,261     1,873,467  
    Federal Home Loan Bank advances   1,255,088   1,520,000   1,800,000   2,350,000   (264,912 )   (544,912 )   (1,094,912 )
    Other borrowed funds   81,771   82,443   83,341   88,149   (672 )   (1,570 )   (6,378 )
    Subordinated debentures   157,127   133,145   133,105   133,024   23,982     24,022     24,103  
    Other liabilities   374,003   352,563   338,218   365,459   21,440     35,785     8,544  
    Total liabilities $ 25,472,719   24,571,271   24,679,133   24,667,895   901,448     793,586     804,824  
     

    Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

    Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Common equity $ 3,776,043     3,550,719     3,533,150     3,492,096     225,324     242,893     283,947  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )   24,456     70,641     115,996  
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445     249,780     313,534     399,943  
    Goodwill and intangibles, net   (1,191,474 )   (1,099,229 )   (1,102,500 )   (1,066,790 )   (92,245 )   (88,974 )   (124,684 )
    Tangible stockholders’ equity $ 2,345,914     2,188,379     2,121,354     2,070,655     157,535     224,560     275,259  
    Stockholders’ equity to total assets   12.19 %   11.80 %   11.55 %   11.28 %                  
    Tangible stockholders’ equity to total tangible assets   8.43 %   8.18 %   7.92 %   7.74 %                  
    Book value per common share $ 29.84     28.96     28.43     27.67     0.88     1.41     2.17  
    Tangible book value per common share $ 19.79     19.28     18.71     18.26     0.51     1.08     1.53  
                                               

    Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

    Cash Dividends
    On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended June 30, 2025 
    Compared to March 31, 2025, and June 30, 2024
     

    Income Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Net interest income                  
    Interest income $ 308,115     289,925     273,834     18,190     34,281  
    Interest expense   100,499     99,946     107,356     553     (6,857 )
    Total net interest income   207,616     189,979     166,478     17,637     41,138  
    Non-interest income                  
    Service charges and other fees   20,405     18,818     19,422     1,587     983  
    Miscellaneous loan fees and charges   5,067     4,664     4,821     403     246  
    Gain on sale of loans   4,273     4,311     4,669     (38 )   (396 )
    Loss on sale of securities   —     —     (12 )   —     12  
    Other income   3,199     4,849     3,304     (1,650 )   (105 )
    Total non-interest income   32,944     32,642     32,204     302     740  
    Total income $ 240,560     222,621     198,682     17,939     41,878  
    Net interest margin (tax-equivalent)   3.21 %   3.04 %   2.68 %        
     

    Net Interest Income
    Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

    The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

    Non-interest Income
    Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Compensation and employee benefits $ 94,355   91,443   84,434   2,912     9,921  
    Occupancy and equipment   12,558   12,294   11,594   264     964  
    Advertising and promotions   4,394   4,144   4,362   250     32  
    Data processing   9,883   9,138   9,387   745     496  
    Other real estate owned and foreclosed assets   26   63   149   (37 )   (123 )
    Regulatory assessments and insurance   5,847   5,534   5,393   313     454  
    Intangibles amortization   3,624   3,270   3,017   354     607  
    Other expenses   24,432   25,432   22,616   (1,000 )   1,816  
    Total non-interest expense $ 155,119   151,318   140,952   3,801     14,167  
     

    Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

    Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

    Federal and State Income Tax Expense
    Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

    Efficiency Ratio
    The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

    Operating Results for Six Months Ended June 30, 2025
    Compared to June 30, 2024
     

    Income Summary

      Six Months ended    
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Net interest income              
    Interest income $ 598,040     $ 553,236     $ 44,804     8 %
    Interest expense   200,445       220,278       (19,833 )   (9) %
    Total net interest income   397,595       332,958       64,637     19 %
    Non-interest income              
    Service charges and other fees   39,223       37,985       1,238     3 %
    Miscellaneous loan fees and charges   9,731       9,183       548     6 %
    Gain on sale of loans   8,584       8,031       553     7 %
    Gain on sale of securities   —       4       (4 )   (100) %
    Other income   8,048       6,990       1,058     15 %
    Total non-interest income   65,586       62,193       3,393     5 %
    Total Income $ 463,181     $ 395,151     $ 68,030     17 %
    Net interest margin (tax-equivalent)   3.12 %     2.64 %        
     

    Net Interest Income
    Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

    Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

    Non-interest Income
    Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

    Non-interest Expense Summary

      Six Months ended        
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Compensation and employee benefits $ 185,798   $ 170,223   $ 15,575     9 %
    Occupancy and equipment   24,852     23,477     1,375     6 %
    Advertising and promotions   8,538     8,345     193     2 %
    Data processing   19,021     18,546     475     3 %
    Other real estate owned and foreclosed assets   89     174     (85 )   (49) %
    Regulatory assessments and insurance   11,381     13,154     (1,773 )   (13) %
    Core deposit intangibles amortization   6,894     5,777     1,117     19 %
    Other expenses   49,864     53,099     (3,235 )   (6) %
    Total non-interest expense $ 306,437   $ 292,795   $ 13,642     5 %
     

    Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

    Provision for Credit Losses
    The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

    Federal and State Income Tax Expense
    Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
    • risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    4 Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
    5 Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Three Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   14,884,885     216,385   5.83 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,290,587     21,589   6.73 %
    Total loans 2   18,161,429     265,536   5.86 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     7,042,885     29,461   1.67 %
    Total earning assets   26,401,636     311,580   4.73 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,153,466             1,068,250        
    Non-earning assets   918,007             754,491        
    Total assets $ 28,473,109           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,221,883     15,728   1.21 %
    Savings accounts   2,904,389     5,402   0.75 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,037,638     31,593   4.18 %
    Total core deposits   21,047,529     65,503   1.25 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   5,618     66   4.67 %     3,726     50   5.50 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,597,887     13,566   3.41 %
    FHLB advances   1,494,781     17,806   4.71 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     224,778     1,759   3.15 %
    Total funding liabilities   24,678,671     100,499   1.63 %     23,939,344     107,356   1.80 %
    Other liabilities   338,289             344,105        
    Total liabilities   25,016,960             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,117,275        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 211,081           $ 170,498    
    Net interest spread (tax-equivalent)         3.10 %           2.57 %
    Net interest margin (tax-equivalent)         3.21 %           2.68 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Six Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,913,157   $ 49,636   5.19 %   $ 1,771,985   $ 42,518   4.80 %
    Commercial loans 1   14,490,240     415,306   5.78 %     13,626,941     372,984   5.50 %
    Consumer and other loans   1,319,451     46,406   7.09 %     1,286,988     42,537   6.65 %
    Total loans 2   17,722,848     511,348   5.82 %     16,685,914     458,039   5.52 %
    Tax-exempt debt securities 3   1,599,845     27,935   3.49 %     1,713,819     30,268   3.53 %
    Taxable debt securities 4, 5   6,795,105     65,643   1.93 %     7,609,930     72,938   1.92 %
    Total earning assets   26,117,798     604,926   4.67 %     26,009,663     561,245   4.34 %
    Goodwill and intangibles   1,127,279             1,060,102        
    Non-earning assets   883,125             683,020        
    Total assets $ 28,128,202           $ 27,752,785        
    Liabilities                      
    Non-interest bearing deposits $ 6,123,604   $ —   — %   $ 5,996,627   $ —   — %
    NOW and DDA accounts   5,600,895     31,110   1.12 %     5,248,793     31,646   1.21 %
    Savings accounts   2,883,150     10,561   0.74 %     2,907,594     11,669   0.81 %
    Money market deposit accounts   2,925,396     28,915   1.99 %     2,926,366     28,860   1.98 %
    Certificate accounts   3,181,971     57,742   3.66 %     3,019,176     62,768   4.18 %
    Total core deposits   20,715,016     128,328   1.25 %     20,098,556     134,943   1.35 %
    Wholesale deposits 6   4,615     106   4.62 %     3,846     105   5.50 %
    Repurchase agreements   1,870,962     27,842   3.00 %     1,555,642     26,164   3.38 %
    FHLB advances   1,618,702     38,525   4.73 %     1,179,251     28,428   4.77 %
    FRB Bank Term Funding   —     —   — %     1,241,538     27,097   4.39 %
    Subordinated debentures and other borrowed funds   224,031     5,644   5.08 %     221,525     3,541   3.21 %
    Total funding liabilities   24,433,326     200,445   1.65 %     24,300,358     220,278   1.82 %
    Other liabilities   332,558             350,329        
    Total liabilities   24,765,884             24,650,687        
    Stockholders’ Equity                      
    Stockholders’ equity   3,362,318             3,102,098        
    Total liabilities and stockholders’ equity $ 28,128,202           $ 27,752,785        
    Net interest income (tax-equivalent)     $ 404,481           $ 340,967    
    Net interest spread (tax-equivalent)         3.02 %           2.52 %
    Net interest margin (tax-equivalent)         3.12 %           2.64 %

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025
    Pre-sold and spec construction $ 50     —     (4 )   (4 )   51   1
    Land development   (341 )   (341 )   1,095     (1 )   —   341
    Consumer land or lots   (3 )   (3 )   (22 )   (22 )   —   3
    Unimproved land   —     —     1,338     5     —   —
    Commercial lots   —     —     319     319     —   —
    Total land, lot and other construction   (344 )   (344 )   2,730     301     —   344
    Owner occupied   (1 )   (1 )   (73 )   (73 )   —   1
    Non-owner occupied   (8 )   (6 )   2     (2 )   —   8
    Total commercial real estate   (9 )   (7 )   (71 )   (75 )   —   9
    Commercial and industrial   26     92     1,422     644     827   801
    Agriculture   (109 )   (1 )   64     68     —   109
    First lien   (79 )   (69 )   32     (22 )   1   80
    Junior lien   (137 )   (5 )   (65 )   (55 )   —   137
    Total 1-4 family   (216 )   (74 )   (33 )   (77 )   1   217
    Home equity lines of credit   (20 )   (20 )   69     1     10   30
    Other consumer   656     276     1,078     493     789   133
    Total consumer   636     256     1,147     494     799   163
    Other   3,406     1,873     8,643     4,611     5,558   2,152
    Total $ 3,440     1,795     13,898     5,962     7,236   3,796
     

    Visit our website at www.glacierbancorp.com

    The MIL Network –

  • MIL-OSI: Glacier Bancorp, Inc. Announces Results for the Quarter and Period Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    2nd Quarter 2025 Highlights:

    • Including the $19.9 million expenses related to the current quarter acquisition, diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39 per share.
    • Net income was $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent, from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the prior year second quarter net income of $44.7 million.
    • Net interest income was $208 million for the current quarter, an increase of $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and an increase of $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million.
    • The loan portfolio of $18.533 billion increased $1.314 billion, or 8 percent, during the current quarter and organically increased $239 million, or 6 percent annualized, during the current quarter.
    • Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter.
    • Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter.
    • Total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent.
    • The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.
    • The total earning asset yield of 4.73 percent in the current quarter increased 12 basis points from the prior quarter earning asset yield of 4.61 percent and increased 36 basis points from the prior year second quarter earning asset yield of 4.37 percent.
    • The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis point from the prior quarter total cost of funding of 1.68 percent and decreased 17 basis points form the prior year second quarter total cost of funding of 1.80 percent.
    • The Company declared a quarterly dividend of $0.33 per share. The Company has declared 161 consecutive quarterly dividends and has increased the dividend 49 times.
    • The Company completed the acquisition of Bank of Idaho Holding Co., the bank holding company for Bank of Idaho (collectively, “BOID”) which had total assets of $1.4 billion as of April 30, 2025. This was the Company’s 26th bank acquisition since 2000 and its 12th transaction in the past 10 years.
    • The Company announced the signing of a definitive agreement to acquire Guaranty Bancshares, Inc., the bank holding company for Guaranty Bank & Trust, N.A. (collectively, “Guaranty”) which had total assets of $3.1 billion as of June 30, 2025. This acquisition will expand the Company’s southwest presence and be the first entrance into the state of Texas.

    First Half 2025 Highlights

    • Diluted earnings per share for the first half of 2025 was $0.93 per share, an increase of 37 percent from the prior year first half diluted earnings per share of $0.68 per share.
    • Net income for the first half of 2025 was $107 million, an increase of $30.0 million, or 39 percent, from the prior year first half net income of $77.3 million.
    • Net interest income was $398 million for the first half of the current year, an increase of $64.6 million, or 19 percent, from the prior year net interest income of $333 million.
    • The loan portfolio increased $1.271 billion, or 7 percent, during the first half of 2025 and organically increased $196 million, or 2 percent, during the first half of 2025.
    • Total deposits increased $1.527 billion, or 8 percent, from the prior year second quarter.
    • Total deposits and repurchase agreements organically increased $202 million, or 1 percent, from the prior year second quarter.
    • The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the first half of 2025 was 3.12 percent, an increase of 48 basis points from the prior year first half net interest margin of 2.64 percent.
    • Dividends declared in the first half of 2025 were $0.66 per share.

    Financial Summary

      At or for the Three Months ended   At or for the Six Months ended
    (Dollars in thousands, except per share and market data) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Operating results                  
    Net income $ 52,781     54,568     44,708     107,349     77,335  
    Basic earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Diluted earnings per share $ 0.45     0.48     0.39     0.93     0.68  
    Dividends declared per share $ 0.33     0.33     0.33     0.66     0.66  
    Market value per share                  
    Closing $ 43.08     44.22     37.32     43.08     37.32  
    High $ 44.70     52.81     40.18     52.81     42.75  
    Low $ 36.76     43.18     34.35     36.76     34.35  
    Selected ratios and other data                  
    Number of common stock shares outstanding   118,550,475     113,517,944     113,394,092     118,550,475     113,394,092  
    Average outstanding shares – basic   116,890,776     113,451,199     113,390,539     115,180,489     112,941,341  
    Average outstanding shares – diluted   116,918,290     113,546,365     113,405,491     115,244,550     112,981,531  
    Return on average assets (annualized)   0.74 %   0.80 %   0.66 %   0.77 %   0.56 %
    Return on average equity (annualized)   6.13 %   6.77 %   5.77 %   6.44 %   5.01 %
    Efficiency ratio   62.08 %   65.49 %   67.97 %   63.72 %   71.17 %
    Loan to deposit ratio   85.91 %   83.64 %   84.03 %   85.91 %   84.03 %
    Number of full time equivalent employees   3,665     3,457     3,399     3,665     3,399  
    Number of locations   247     227     231     247     231  
    Number of ATMs   300     286     286     300     286  
                                   

    KALISPELL, Mont., July 24, 2025 (GLOBE NEWSWIRE) — Glacier Bancorp, Inc. (NYSE: GBCI) reported net income of $52.8 million for the current quarter, a decrease of $1.8 million, or 3 percent from the prior quarter net income of $54.6 million and an increase of $8.1 million, or 18 percent, from the $44.7 million of net income for the prior year second quarter. Diluted earnings per share for the current quarter was $0.45 per share, a decrease of 6 percent from the prior quarter diluted earnings per share of $0.48 per share and an increase of 15 percent from the prior year second quarter diluted earnings per share of $0.39. The current quarter included $3.2 million in acquisition-related expenses and $16.7 million of credit loss expense from the acquisition of BOID. “We continue to be very pleased with the long-term positive momentum that we see in the results this quarter. Net interest income continues to grow, net interest margin growth was very strong and disciplined cost control was evident,” said Randy Chesler, President and Chief Executive Officer. “In addition, we had a busy quarter closing the Bank of Idaho transaction and also announcing the expansion of our southwest region with the planned acquisition of Guaranty Bank & Trust in Texas.”

    On April 30, 2025, the Company completed the acquisition of BOID, which had 15 branches across eastern Idaho, Boise and eastern Washington. Upon the core system conversion, the BOID operations will join three existing Glacier Bank divisions. The Eastern Idaho operations of Bank of Idaho will join Citizens Community Bank, the Boise operations will join Mountain West Bank and the Eastern Washington operations will join Wheatland Bank. The Company’s results of operations and financial condition include the BOID acquisition beginning on the acquisition date.
    The following table discloses the preliminary fair value estimates of select classifications of assets and liabilities acquired:

      BOID
    (Dollars in thousands) April 30,
    2025
    Total assets $ 1,369,764
    Cash and cash equivalents   26,127
    Debt securities   139,974
    Loans receivable   1,075,232
    Non-interest bearing deposits   271,385
    Interest bearing deposits   806,992
    Borrowings and subordinated debt   71,932
    Core deposit intangible   19,758
    Goodwill   75,207
         

    On June 24, 2025, the Company announced the signing of a definitive agreement to acquire Guaranty, a leading community bank headquartered in Mount Pleasant, Texas. As of June 30, 2025, Guaranty had total assets of $3.1 billion, total gross loans of $2.1 billion and total deposits of $2.7 billion. Upon closing of the transaction, Guaranty will operate as a new banking division under the name “Guaranty Bank & Trust, Division of Glacier Bank,” representing the Company’s 18th separate bank division. The acquisition is subject to regulatory approvals, approval of Guaranty’s shareholders and other customary conditions of closing and is expected to be completed in the fourth quarter of 2025.

    Asset Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Cash and cash equivalents $ 915,507     981,485     848,408     800,779     (65,978 )   67,099     114,728  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541     (147,332 )   (220,225 )   (474,561 )
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403     (55,442 )   (88,714 )   (194,270 )
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944     (202,774 )   (308,939 )   (668,831 )
    Loans receivable                          
    Residential real estate   1,931,554     1,850,079     1,858,929     1,771,528     81,475     72,625     160,026  
    Commercial real estate   11,935,109     10,952,809     10,963,713     10,713,964     982,300     971,396     1,221,145  
    Other commercial   3,303,889     3,121,477     3,119,535     3,066,028     182,412     184,354     237,861  
    Home equity   975,429     920,132     930,994     905,884     55,297     44,435     69,545  
    Other consumer   386,759     374,021     388,678     394,587     12,738     (1,919 )   (7,828 )
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991     1,314,222     1,270,891     1,680,749  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )   (16,399 )   (20,758 )   (25,844 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036     1,297,823     1,250,133     1,654,905  
    Other assets   2,557,546     2,435,389     2,458,719     2,453,581     122,157     98,827     103,965  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340     1,151,228     1,107,120     1,204,767  
     

    The Company continues to maintain a strong cash position of $916 million at June 30, 2025 which was a decrease of $66 million over the prior quarter and an increase of $115 million over the prior year second quarter. Total debt securities of $7.231 billion at June 30, 2025 decreased $203 million, or 3 percent, during the current quarter and decreased $669 million, or 8 percent, from the prior year second quarter. Debt securities represented 25 percent of total assets at June 30, 2025 compared to 27 percent at March 31, 2025 and 28 percent at June 30, 2024.

    The loan portfolio of $18.533 billion at June 30, 2025 increased $1.314 billion, or 8 percent, during the current quarter and increased $1.681 billion, or 10 percent, from the prior year second quarter. Excluding the BOID acquisition, the loan portfolio organically increased $239 million, or 6 percent annualized, during the current quarter. Excluding the BOID acquisition, the loan category with the largest dollar increase during the current quarter was commercial real estate which increased $250 million, or 2 percent over the prior quarter. Excluding the BOID acquisition and the Rocky Mountain Bank (“RMB”) acquisition on July 19, 2024, the loan portfolio organically increased $334 million, or 2 percent, since the prior year second quarter. Excluding the acquisitions, the loan category with the largest dollar increase in the last twelve months was commercial real estate which increased $368 million, or 3 percent over the prior quarter.

    Credit Quality Summary

      At or for the Six Months ended   At or for the Three Months ended   At or for the Year ended   At or for the Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Allowance for credit losses              
    Balance at beginning of period $ 206,041     206,041     192,757     192,757  
    Acquisitions   35     —     3     3  
    Provision for credit losses   24,163     6,154     27,179     14,157  
    Charge-offs   (7,236 )   (3,897 )   (18,626 )   (8,430 )
    Recoveries   3,796     2,102     4,728     2,468  
    Balance at end of period $ 226,799     210,400     206,041     200,955  
    Provision for credit losses              
    Loan portfolio $ 24,163     6,154     27,179     14,157  
    Unfunded loan commitments   3,918     1,660     1,127     (2,390 )
    Total provision for credit losses $ 28,081     7,814     28,306     11,767  
    Other real estate owned $ 1,737     1,085     1,085     432  
    Other foreclosed assets   142     68     79     198  
    Accruing loans 90 days or more past due   11,371     5,289     6,177     4,692  
    Non-accrual loans   35,356     32,896     20,445     12,686  
    Total non-performing assets $ 48,606     39,338     27,786     18,008  
    Non-performing assets as a percentage of subsidiary assets   0.17 %   0.14 %   0.10 %   0.06 %
    Allowance for credit losses as a percentage of non-performing loans   485 %   551 %   774 %   1,116 %
    Allowance for credit losses as a percentage of total loans   1.22 %   1.22 %   1.19 %   1.19 %
    Net charge-offs as a percentage of total loans   0.02 %   0.01 %   0.08 %   0.04 %
    Accruing loans 30-89 days past due $ 54,403     46,458     32,228     49,678  
    U.S. government guarantees included in non-performing assets $ 2,651     685     748     1,228  
     

    Non-performing assets as a percentage of subsidiary assets at June 30, 2025 was 0.17 percent compared to 0.14 percent in the prior quarter and 0.06 percent in the prior year second quarter. Non-performing assets of $48.6 million at June 30, 2025 increased $9.3 million, or 24 percent, over the prior quarter and increased $30.6 million, or 170 percent, over the prior year second quarter.

    Early stage delinquencies (accruing loans 30-89 days past due) as a percentage of loans at June 30, 2025 were 0.28 percent compared to 0.27 percent for the prior quarter end and 0.29 percent for the prior year second quarter. Early stage delinquencies of $54.4 million at June 30, 2025 increased $7.9 million from the prior quarter and decreased $4.7 million from prior year second quarter.

    The current quarter provision for credit loss expense of $20.3 million included $14.6 million of credit loss expense on loans and $2.1 million of credit loss expense on unfunded loan commitments from the acquisition of BOID. Excluding the acquisition of BOID, the current quarter credit loss expense was $3.6 million, including $3.4 million of credit loss expense on loans and $159 thousand of credit loss expense on unfunded commitments.

    The allowance for credit losses (“ACL”) on loans as a percentage of total loans outstanding was 1.22 percent at June 30, 2025 and March 31, 2025 compared to 1.19 percent at June 30, 2024. Loan portfolio growth, composition, average loan size, credit quality considerations, economic forecasts, actual results, and other environmental factors will continue to determine the level of the provision for credit losses for loans. 

    Credit Quality Trends and Provision for Credit Losses on the Loan Portfolio

    (Dollars in thousands) Provision for Credit Losses Loans   Net Charge-Offs   ACL
    as a Percent
    of Loans    		   Accruing
    Loans 30-89
    Days Past Due
    as a Percent of
    Loans    		   Non-Performing
    Assets to
    Total Subsidiary
    Assets
    Second quarter 2025 $ 18,009   $ 1,645   1.22 %   0.29 %   0.17 %
    First quarter 2025   6,154     1,795   1.22 %   0.27 %   0.14 %
    Fourth quarter 2024   6,041     5,170   1.19 %   0.19 %   0.10 %
    Third quarter 2024   6,981     2,766   1.19 %   0.33 %   0.10 %
    Second quarter 2024   5,066     2,890   1.19 %   0.29 %   0.06 %
    First quarter 2024   9,091     3,072   1.19 %   0.37 %   0.09 %
    Fourth quarter 2023   4,181     3,695   1.19 %   0.31 %   0.09 %
    Third quarter 2023   5,095     2,209   1.19 %   0.09 %   0.15 %
     

    Net charge-offs for the current quarter were $1.6 million compared to $1.8 million in the prior quarter and $2.9 million for the prior year second quarter. The current quarter net charge-offs included $1.5 million in deposit overdraft net charge-offs and $111 thousand of net loan charge-offs.

    Supplemental information regarding credit quality and identification of the Company’s loan portfolio based on the regulatory classification of loans is provided in the exhibits at the end of this press release. The regulatory classification of loans is based primarily on collateral type while the Company’s loan segments presented herein are based on the purpose of the loan.

    Liability Summary

                      $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Deposits                          
    Non-interest bearing deposits $ 6,593,728   6,100,548   6,136,709   6,093,430   493,180     457,019     500,298  
    NOW and DDA accounts   5,747,388   5,676,177   5,543,512   5,219,838   71,211     203,876     527,550  
    Savings accounts   2,956,387   2,896,378   2,845,124   2,862,034   60,009     111,263     94,353  
    Money market deposit accounts   3,089,115   2,816,874   2,878,213   2,858,850   272,241     210,902     230,265  
    Certificate accounts   3,238,576   3,140,333   3,139,821   3,064,613   98,243     98,755     173,963  
    Core deposits, total   21,625,194   20,630,310   20,543,379   20,098,765   994,884     1,081,815     1,526,429  
    Wholesale deposits   3,308   3,740   3,615   2,994   (432 )   (307 )   314  
    Deposits, total   21,628,502   20,634,050   20,546,994   20,101,759   994,452     1,081,508     1,526,743  
    Repurchase agreements   1,976,228   1,849,070   1,777,475   1,629,504   127,158     198,753     346,724  
    Deposits and repurchase agreements, total   23,604,730   22,483,120   22,324,469   21,731,263   1,121,610     1,280,261     1,873,467  
    Federal Home Loan Bank advances   1,255,088   1,520,000   1,800,000   2,350,000   (264,912 )   (544,912 )   (1,094,912 )
    Other borrowed funds   81,771   82,443   83,341   88,149   (672 )   (1,570 )   (6,378 )
    Subordinated debentures   157,127   133,145   133,105   133,024   23,982     24,022     24,103  
    Other liabilities   374,003   352,563   338,218   365,459   21,440     35,785     8,544  
    Total liabilities $ 25,472,719   24,571,271   24,679,133   24,667,895   901,448     793,586     804,824  
     

    Total deposits of $21.629 billion at June 30, 2025 increased $994 million, or 5 percent, from the prior quarter and increased $1.527 billion, or 8 percent, from the prior year second quarter. Non-interest bearing deposits of $6.594 billion increased $493 million, or 8 percent, from the prior quarter and organically increased $222 million, or 4 percent, from the prior quarter. Total repurchase agreements of $1.976 billion at June 30, 2025 increased $127 million, or 7 percent, from the prior quarter and increased $347 million, or 21 percent, from the prior year second quarter. Excluding acquisitions, total deposits and repurchase agreements organically increased $43 million, or 1 percent annualized, from the prior quarter and increased $394 million, or 2 percent, from the prior year second quarter. Non-interest bearing deposits represented 30 percent of total deposits at each of June 30, 2025, December 31, 2024 and June 30, 2024.

    Subordinated debentures of $157 million, increased $24.0 million, or 18 percent, during the current quarter as a result of the acquisition of BOID. Federal Home Loan Bank (“FHLB”) advances of $1.255 billion decreased $265 million, or 17 percent, from the prior quarter and decreased $1.095 billion, or 47 percent, from the prior year second quarter.

    Stockholders’ Equity Summary

                      $ Change from
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Common equity $ 3,776,043     3,550,719     3,533,150     3,492,096     225,324     242,893     283,947  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )   24,456     70,641     115,996  
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445     249,780     313,534     399,943  
    Goodwill and intangibles, net   (1,191,474 )   (1,099,229 )   (1,102,500 )   (1,066,790 )   (92,245 )   (88,974 )   (124,684 )
    Tangible stockholders’ equity $ 2,345,914     2,188,379     2,121,354     2,070,655     157,535     224,560     275,259  
    Stockholders’ equity to total assets   12.19 %   11.80 %   11.55 %   11.28 %                  
    Tangible stockholders’ equity to total tangible assets   8.43 %   8.18 %   7.92 %   7.74 %                  
    Book value per common share $ 29.84     28.96     28.43     27.67     0.88     1.41     2.17  
    Tangible book value per common share $ 19.79     19.28     18.71     18.26     0.51     1.08     1.53  
                                               

    Tangible stockholders’ equity of $2.346 billion at June 30, 2025 increased $158 million, or 7 percent, compared to the prior quarter and was primarily due to $205 million of Company stock issued in connection with the acquisition of BOID. The increase was partially offset by the increase in goodwill and core deposits associated with the BOID acquisition. Tangible book value per common share of $19.79 at the current quarter end increased $0.51 per share, or 3 percent, from the prior quarter and increased $1.53 per share, or 8 percent, from the prior year second quarter.

    Cash Dividends
    On June 24, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.33 per share. The dividend was payable July 17, 2025 to shareholders of record on July 8, 2025. The dividend was the Company’s 161st consecutive regular dividend. Future cash dividends will depend on a variety of factors, including net income, capital, asset quality, general economic conditions and regulatory considerations.

    Operating Results for Three Months Ended June 30, 2025 
    Compared to March 31, 2025, and June 30, 2024
     

    Income Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Net interest income                  
    Interest income $ 308,115     289,925     273,834     18,190     34,281  
    Interest expense   100,499     99,946     107,356     553     (6,857 )
    Total net interest income   207,616     189,979     166,478     17,637     41,138  
    Non-interest income                  
    Service charges and other fees   20,405     18,818     19,422     1,587     983  
    Miscellaneous loan fees and charges   5,067     4,664     4,821     403     246  
    Gain on sale of loans   4,273     4,311     4,669     (38 )   (396 )
    Loss on sale of securities   —     —     (12 )   —     12  
    Other income   3,199     4,849     3,304     (1,650 )   (105 )
    Total non-interest income   32,944     32,642     32,204     302     740  
    Total income $ 240,560     222,621     198,682     17,939     41,878  
    Net interest margin (tax-equivalent)   3.21 %   3.04 %   2.68 %        
     

    Net Interest Income
    Net interest income of $208 million for the current quarter increased $17.6 million, or 9 percent, from the prior quarter net interest income of $190 million and increased $41.1 million, or 25 percent, from the prior year second quarter net interest income of $166 million. The current quarter interest income of $308 million increased $18.2 million, or 6 percent, over the prior quarter and increased $34.3 million, or 13 percent, over the prior year second quarter, both increases primarily due to the increase in the loan yields and the increase in average balances of the loan portfolio. The loan yield of 5.86 percent in the current quarter increased 9 basis points from the prior quarter loan yield of 5.77 percent and increased 28 basis points from the prior year second quarter loan yield of 5.58 percent.

    The current quarter interest expense of $100 million increased $553 thousand or 55 basis points, over the prior quarter and was primarily attributable to an increase in average deposit balances. The current quarter interest expense decreased $6.9 million, or 6 percent, over the prior year second quarter and was primarily the result of lower average wholesale borrowings and a decrease in deposit costs. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for both the current and prior quarters compared to 1.36 percent in the prior year second quarter. The total cost of funding (including non-interest bearing deposits) of 1.63 percent in the current quarter decreased 5 basis points from the prior quarter and decreased 17 basis points from the prior year second quarter.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was 3.21 percent, an increase of 17 basis points from the prior quarter net interest margin of 3.04 percent and was primarily driven by an increase in loan yields and a decrease in total cost of funding. The net interest margin as a percentage of earning assets, on a tax-equivalent basis, for the current quarter was an increase of 53 basis points from the prior year second quarter net interest margin of 2.68 percent and was also primarily driven by the increase in loan yields and the decrease in total cost of funding. Core net interest margin excludes the impact from discount accretion and non-accrual interest. Excluding the 3 basis points from discount accretion, the core net interest margin was 3.18 percent in the current quarter compared to 2.99 percent in the prior quarter and 2.63 in the prior year second quarter. “Growth in the loan portfolio at higher yields, along with stable deposit costs and the reduction in higher cost FHLB borrowings contributed to the 17 basis points increase in the current quarter net interest margin,” said Ron Copher, Chief Financial Officer.

    Non-interest Income
    Non-interest income for the current quarter totaled $32.9 million, which was an increase of $302 thousand, or 1 percent, over the prior quarter and an increase of $740 thousand, or 2 percent, over the prior year second quarter. Service charges and other fees of $20.4 million for the current quarter increased $1.6 million, or 8 percent, compared to the prior quarter and increased $983 thousand, or 5 percent, compared to the prior year second quarter. Gain on the sale of residential loans of $4.3 million for the current quarter decreased $38 thousand, or 88 basis points, compared to the prior quarter and decreased $396 thousand, or 8 percent, from the prior year second quarter. Other income of $3.2 million decreased $1.7 million, or 34 percent, over the prior quarter primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the prior quarter.

    Non-interest Expense Summary

      Three Months ended   $ Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Jun 30,
    2024
    Compensation and employee benefits $ 94,355   91,443   84,434   2,912     9,921  
    Occupancy and equipment   12,558   12,294   11,594   264     964  
    Advertising and promotions   4,394   4,144   4,362   250     32  
    Data processing   9,883   9,138   9,387   745     496  
    Other real estate owned and foreclosed assets   26   63   149   (37 )   (123 )
    Regulatory assessments and insurance   5,847   5,534   5,393   313     454  
    Intangibles amortization   3,624   3,270   3,017   354     607  
    Other expenses   24,432   25,432   22,616   (1,000 )   1,816  
    Total non-interest expense $ 155,119   151,318   140,952   3,801     14,167  
     

    Total non-interest expense of $155 million for the current quarter increased $3.8 million, or 3 percent, over the prior quarter and increased $14.2 million, or 10 percent, over the prior year second quarter. Compensation and employee benefits of $94.4 million increased by $2.9 million, or 3 percent, over the prior quarter and was primarily attributable to increased costs from the acquisition. Compensation and employee benefits increased $9.9 million, or 12 percent, from the prior year second quarter and was primarily driven by annual salary increases and increases in staffing levels from current and prior year acquisitions.

    Other expenses of $24.4 million decreased $1.0 million, or 4 percent, from the prior quarter and increased $1.8 million, or 8 percent, from the prior year second quarter. Acquisition-related expense was $3.2 million in the current quarter compared to $587 thousand in the prior quarter and $1.8 million in the prior year second quarter. The current quarter other expenses included $1.6 million of gain from the sale of a former branch facility compared to a $1.2 million gain in the prior quarter and a $2.0 million gain in the prior year second quarter.

    Federal and State Income Tax Expense
    Tax expense during the second quarter of 2025 was $12.4 million, an increase of $3.5 million, or 39 percent, compared to the prior quarter and an increase of $2.9 million, or 30 percent, from the prior year second quarter. The effective tax rate in the current quarter was 19.0 percent compared to 14.0 percent in the prior quarter and 17.5 percent in the prior year second quarter. The higher tax expense and higher effective tax rate in the current quarter compared to the prior quarter was the result of a combination of lower federal income tax credits and an increase in income before income tax expense in the current quarter.

    Efficiency Ratio
    The efficiency ratio was 62.08 percent in the current quarter compared to 65.49 percent in the prior quarter and 67.97 percent in the prior year second quarter. The decrease from the prior quarter and the prior year second quarter was principally driven by the increase in net interest income which outpaced the increase in non-interest expense.

    Operating Results for Six Months Ended June 30, 2025
    Compared to June 30, 2024
     

    Income Summary

      Six Months ended    
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Net interest income              
    Interest income $ 598,040     $ 553,236     $ 44,804     8 %
    Interest expense   200,445       220,278       (19,833 )   (9) %
    Total net interest income   397,595       332,958       64,637     19 %
    Non-interest income              
    Service charges and other fees   39,223       37,985       1,238     3 %
    Miscellaneous loan fees and charges   9,731       9,183       548     6 %
    Gain on sale of loans   8,584       8,031       553     7 %
    Gain on sale of securities   —       4       (4 )   (100) %
    Other income   8,048       6,990       1,058     15 %
    Total non-interest income   65,586       62,193       3,393     5 %
    Total Income $ 463,181     $ 395,151     $ 68,030     17 %
    Net interest margin (tax-equivalent)   3.12 %     2.64 %        
     

    Net Interest Income
    Net-interest income of $398 million for the first half of 2025 increased $64.6 million, or 19 percent, from the prior year and was primarily driven by increased interest income and decreased interest expense. Interest income of $598 million for the first half of 2025 increased $44.8 million, or 8 percent, from the prior year and was primarily attributable to the increase in the loan portfolio and an increase in loan yields. The loan yield was 5.82 percent during the first half of 2025, an increase of 30 basis points from the prior year first half loan yield of 5.52 percent.

    Interest expense of $200 million for the first half of 2025 decreased $19.8 million, or 9 percent, over the same period in the prior year and was primarily the result of lower interest rates on deposits and a decrease in higher cost borrowings. Core deposit cost (including non-interest bearing deposits) was 1.25 percent for the first half of 2025, which was a decrease of 10 basis points over the first half of the prior year core deposit costs of 1.35 percent. The total funding cost (including non-interest bearing deposits) for the first half of 2025 was 1.65 percent, which was a decrease of 17 basis points over the first half of the prior year funding cost of 1.82 percent.

    The net interest margin as a percentage of earning assets, on a tax-equivalent basis, during the first half of 2025 was 3.12 percent, a 48 basis points increase from the net interest margin of 2.64 percent for the first half of the prior year. Excluding the 4 basis points from discount accretion, the core net interest margin was 3.08 percent in the first half of the current year compared to 2.60 percent in the prior year first half. The increase in net interest margin from the prior year was primarily driven by increased loan yields and decreased funding costs combined with a shift in earning asset mix to higher yielding loans and a shift in funding liabilities to lower cost deposits.

    Non-interest Income
    Non-interest income of $65.6 million for the first half of 2025 increased $3.4 million, or 5 percent, over the same period last year. Service charges and other fees of $39.2 million for the first half of 2025 increased $1.2 million, or 3 percent, over the first half of the prior year. Gain on sale of residential loans of $8.6 million for the first half of 2025 increased by $553 thousand, or 7 percent, over the first half of the prior year. Other income of $8.0 million for the first half of 2025 increased $1.1 million over the prior year first half and was primarily due to other income of $1.1 million related to bank owned life insurance proceeds in the current year.

    Non-interest Expense Summary

      Six Months ended        
    (Dollars in thousands) Jun 30,
    2025    		   Jun 30,
    2024    		   $ Change   % Change
    Compensation and employee benefits $ 185,798   $ 170,223   $ 15,575     9 %
    Occupancy and equipment   24,852     23,477     1,375     6 %
    Advertising and promotions   8,538     8,345     193     2 %
    Data processing   19,021     18,546     475     3 %
    Other real estate owned and foreclosed assets   89     174     (85 )   (49) %
    Regulatory assessments and insurance   11,381     13,154     (1,773 )   (13) %
    Core deposit intangibles amortization   6,894     5,777     1,117     19 %
    Other expenses   49,864     53,099     (3,235 )   (6) %
    Total non-interest expense $ 306,437   $ 292,795   $ 13,642     5 %
     

    Total non-interest expense of $306 million for the first half of 2025 increased $13.6 million, or 5 percent, over the same period in the prior year. Compensation and employee benefits expense of $186 million in the first half of 2025 increased $15.6 million, or 9 percent, over the same period in the prior year and was primarily driven by annual salary increases and staffing increases from acquisitions. Regulatory assessment and insurance expense of $11.4 million for the first half of 2025 decreased $1.8 million, or 13 percent, from the prior year first half primarily as a result of adjustments to the FDIC special assessment. Other expenses of $49.9 million for the first half of 2025 decreased $3.2 million, or 6 percent, from the first half of the prior year and was primarily driven by a decrease of $3.7 million of acquisition-related expenses.

    Provision for Credit Losses
    The provision for credit loss expense was $28.1 million for the first half of 2025, an increase of $16.3 million, or 139 percent, over the same period in the prior year. Included in the current year provision for credit losses was $16.7 million from the acquisition of BOID and included in the prior year was $5.3 million from the acquisition of Wheatland Bank. Net charge-offs for the first half of 2025 were $3.4 million compared to $6.0 million in the first half of 2024.

    Federal and State Income Tax Expense
    Tax expense of $21.3 million for the first half of 2025 increased $8.1 million, or 61 percent, over the same period in the prior year. The effective tax rate for the first half of 2025 was 16.6 percent compared to 14.6 percent for the same period in the prior year. The increase in tax expense and the increase in the effective tax rate was the primarily the result of an increase in the pre-tax income.

    Efficiency Ratio
    The efficiency ratio was 63.72 percent for the first half of 2025 compared to 71.17 percent for the same period of 2024. The decrease from the prior year was primarily attributable to the increase in net interest income that outpaced the increase in non-interest expense.

    Forward-Looking Statements
    This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions that are not historical facts, and other statements identified by words such as “expects,” “anticipates,” “will,” “intends,” “plans,” “believes,” “should,” “projects,” “seeks,” “estimates” or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control. In addition, these forward-looking statements are based on assumptions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results (express or implied) or other expectations in the forward-looking statements, including those made in this news release:

    • risks associated with lending and potential adverse changes in the credit quality of the Company’s loan portfolio;
    • changes in monetary and fiscal policies, including interest rate policies of the Federal Reserve Board, which could adversely affect the Company’s net interest income and margin, the fair value of its financial instruments, profitability, and stockholders’ equity;
    • legislative or regulatory changes, including increased FDIC insurance rates and assessments, changes in the review and regulation of bank mergers, or increased banking and consumer protection regulations, that may adversely affect the Company’s business and strategies;
    • risks related to overall economic conditions, including the impact on the economy of an uncertain interest rate environment, inflationary pressures, recently passed legislation and the potential for significant additional changes in economic and trade policies in the current administration;
    • risks to the Company’s business and the business of the Company’s customers arising from current or future tariffs or other trade restrictions, labor or supply chain issues, change in labor force, or geopolitical instability, including the wars in Ukraine and the Middle East;
    • risks associated with the Company’s ability to negotiate, complete, and successfully integrate pending or future acquisitions;
    • costs or difficulties related to the completion and integration of pending or recently completed acquisitions;
    • impairment of the goodwill recorded by the Company in connection with acquisitions, which may have an adverse impact on earnings and capital;
    • reduction in demand for banking products and services, whether as a result of changes in customer behavior, economic conditions, banking environment, or competition;
    • deterioration of the reputation of banks and the financial services industry, which could adversely affect the Company’s ability to obtain and maintain customers;
    • changes in the competitive landscape, including as may result from new market entrants or further consolidation in the financial services industry, resulting in the creation of larger competitors with greater financial resources;
    • risks presented by public stock market volatility, which could adversely affect the market price of the Company’s common stock and the ability to raise additional capital or grow through acquisitions;
    • risks associated with dependence on the Chief Executive Officer, the senior management team and the Presidents of Glacier Bank’s divisions;
    • material failure, potential interruption or breach in security of the Company’s systems or changes in technology which could expose the Company to cybersecurity risks, fraud, system failures, or direct liabilities;
    • risks related to natural disasters, including droughts, fires, floods, earthquakes, pandemics, and other unexpected events;
    • success in managing risks involved in any of the foregoing; and
    • effects of any reputational damage to the Company resulting from any of the foregoing.

    The Company does not undertake any obligation to publicly correct or update any forward-looking statement if it later becomes aware that actual results are likely to differ materially from those expressed in such forward-looking statement.

    Conference Call Information
    A conference call for investors is scheduled for 11:00 a.m. Eastern Time on Friday, July 25, 2025. Please note that our conference call host no longer offers a general dial-in number. Investors who would like to join the call may now register by following this link to obtain dial-in instructions: https://register-conf.media-server.com/register/BI39099c48cd94493cadee5c8f4fe748e5. To participate via the webcast, log on to: https://edge.media-server.com/mmc/p/zusost57.

    About Glacier Bancorp, Inc.
    Glacier Bancorp, Inc. (NYSE: GBCI), a member of the Russell 2000® and the S&P MidCap 400® indices, is the parent company for Glacier Bank and its Bank divisions located across its eight state Western U.S. footprint: Altabank (American Fork, UT), Bank of the San Juans (Durango, CO), Citizens Community Bank (Pocatello, ID), Collegiate Peaks Bank (Buena Vista, CO), First Bank of Montana (Lewistown, MT), First Bank of Wyoming (Powell, WY), First Community Bank Utah (Layton, UT), First Security Bank (Bozeman, MT), First Security Bank of Missoula (Missoula, MT), First State Bank (Wheatland, WY), Glacier Bank (Kalispell, MT), Heritage Bank of Nevada (Reno, NV), Mountain West Bank (Coeur d’Alene, ID), The Foothills Bank (Yuma, AZ), Valley Bank (Helena, MT), Western Security Bank (Billings, MT), and Wheatland Bank (Spokane, WA).

    CONTACT: Randall M. Chesler, CEO
    (406) 751-4722
    Ron J. Copher, CFO
    (406) 751-7706
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Financial Condition
     
    (Dollars in thousands, except per share data) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Assets              
    Cash on hand and in banks $ 375,398     322,253     268,746     271,107  
    Interest bearing cash deposits   540,109     659,232     579,662     529,672  
    Cash and cash equivalents   915,507     981,485     848,408     800,779  
    Debt securities, available-for-sale   4,024,980     4,172,312     4,245,205     4,499,541  
    Debt securities, held-to-maturity   3,206,133     3,261,575     3,294,847     3,400,403  
    Total debt securities   7,231,113     7,433,887     7,540,052     7,899,944  
    Loans held for sale, at fair value   47,738     40,523     33,060     39,745  
    Loans receivable   18,532,740     17,218,518     17,261,849     16,851,991  
    Allowance for credit losses   (226,799 )   (210,400 )   (206,041 )   (200,955 )
    Loans receivable, net   18,305,941     17,008,118     17,055,808     16,651,036  
    Premises and equipment, net   426,801     411,095     411,968     391,266  
    Right-of-use assets, net   56,525     54,441     56,252     60,249  
    Other real estate owned and foreclosed assets   1,879     1,153     1,164     630  
    Accrued interest receivable   108,286     103,992     99,262     102,279  
    Deferred tax asset   114,528     122,942     138,955     155,834  
    Intangibles, net   64,949     47,911     51,182     43,028  
    Goodwill   1,126,525     1,051,318     1,051,318     1,023,762  
    Non-marketable equity securities   76,990     88,134     99,669     121,810  
    Bank-owned life insurance   191,623     191,044     189,849     187,793  
    Other assets   341,702     322,836     326,040     327,185  
    Total assets $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Liabilities              
    Non-interest bearing deposits $ 6,593,728     6,100,548     6,136,709     6,093,430  
    Interest bearing deposits   15,034,774     14,533,502     14,410,285     14,008,329  
    Securities sold under agreements to repurchase   1,976,228     1,849,070     1,777,475     1,629,504  
    FHLB advances   1,255,088     1,520,000     1,800,000     2,350,000  
    Other borrowed funds   62,366     62,216     62,062     64,702  
    Finance lease liabilities   19,405     20,227     21,279     23,447  
    Subordinated debentures   157,127     133,145     133,105     133,024  
    Accrued interest payable   27,973     30,231     33,626     31,000  
    Operating lease liabilities   42,274     39,244     39,902     41,421  
    Other liabilities   303,756     283,088     264,690     293,038  
    Total liabilities   25,472,719     24,571,271     24,679,133     24,667,895  
    Commitments and Contingent Liabilities   —     —     —     —  
    Stockholders’ Equity              
    Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding   —     —     —     —  
    Common stock, $0.01 par value per share, 234,000,000 shares authorized   1,186     1,135     1,134     1,134  
    Paid-in capital   2,661,018     2,449,311     2,448,758     2,445,479  
    Retained earnings – substantially restricted   1,113,839     1,100,273     1,083,258     1,045,483  
    Accumulated other comprehensive loss   (238,655 )   (263,111 )   (309,296 )   (354,651 )
    Total stockholders’ equity   3,537,388     3,287,608     3,223,854     3,137,445  
    Total liabilities and stockholders’ equity $ 29,010,107     27,858,879     27,902,987     27,805,340  
    Glacier Bancorp, Inc.
    Unaudited Condensed Consolidated Statements of Operations
     
      Three Months ended   Six Months ended
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2024
    Interest Income                  
    Investment securities $ 44,148   45,646   42,165     89,794   98,383
    Residential real estate loans   25,361   24,275   21,754     49,636   42,518
    Commercial loans   214,816   197,388   188,326     412,204   369,798
    Consumer and other loans   23,790   22,616   21,589     46,406   42,537
    Total interest income   308,115   289,925   273,834     598,040   553,236
    Interest Expense                  
    Deposits   65,569   62,865   67,852     128,434   135,048
    Securities sold under agreements to
    repurchase    		   14,109   13,733   13,566     27,842   26,164
    Federal Home Loan Bank advances   17,806   20,719   24,179     38,525   28,428
    FRB Bank Term Funding   —   —   —     —   27,097
    Other borrowed funds   400   402   353     802   697
    Subordinated debentures   2,615   2,227   1,406     4,842   2,844
    Total interest expense   100,499   99,946   107,356     200,445   220,278
    Net Interest Income   207,616   189,979   166,478     397,595   332,958
    Provision for credit losses   20,267   7,814   3,518     28,081   11,767
    Net interest income after provision for credit losses   187,349   182,165   162,960     369,514   321,191
    Non-Interest Income                  
    Service charges and other fees   20,405   18,818   19,422     39,223   37,985
    Miscellaneous loan fees and charges   5,067   4,664   4,821     9,731   9,183
    Gain on sale of loans   4,273   4,311   4,669     8,584   8,031
    (Loss) gain on sale of securities   —   —   (12 )   —   4
    Other income   3,199   4,849   3,304     8,048   6,990
    Total non-interest income   32,944   32,642   32,204     65,586   62,193
    Non-Interest Expense                  
    Compensation and employee benefits   94,355   91,443   84,434     185,798   170,223
    Occupancy and equipment   12,558   12,294   11,594     24,852   23,477
    Advertising and promotions   4,394   4,144   4,362     8,538   8,345
    Data processing   9,883   9,138   9,387     19,021   18,546
    Other real estate owned and foreclosed assets   26   63   149     89   174
    Regulatory assessments and insurance   5,847   5,534   5,393     11,381   13,154
    Intangibles amortization   3,624   3,270   3,017     6,894   5,777
    Other expenses   24,432   25,432   22,616     49,864   53,099
    Total non-interest expense   155,119   151,318   140,952     306,437   292,795
    Income Before Income Taxes   65,174   63,489   54,212     128,663   90,589
    Federal and state income tax expense   12,393   8,921   9,504     21,314   13,254
    Net Income $ 52,781   54,568   44,708     107,349   77,335
    Glacier Bancorp, Inc.
    Average Balance Sheets
     
      Three Months ended
      June 30, 2025   March 31, 2025
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,885,497   $ 24,275   5.15 %
    Commercial loans 1   14,884,885     216,385   5.83 %     14,091,210     198,921   5.73 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,302,687     22,616   7.04 %
    Total loans 2   18,161,429     265,536   5.86 %     17,279,394     245,812   5.77 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,604,851     13,936   3.47 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     6,946,562     33,598   1.93 %
    Total earning assets   26,401,636     311,580   4.73 %     25,830,807     293,346   4.61 %
    Goodwill and intangibles   1,153,466             1,100,801        
    Non-earning assets   918,007             847,855        
    Total assets $ 28,473,109           $ 27,779,463        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 5,989,490   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,525,976     15,065   1.11 %
    Savings accounts   2,904,389     5,402   0.75 %     2,861,675     5,159   0.73 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,849,470     13,526   1.93 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,152,198     29,075   3.74 %
    Total core deposits   21,047,529     65,503   1.25 %     20,378,809     62,825   1.25 %
    Wholesale deposits 6   5,618     66   4.67 %     3,600     40   4.53 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,842,773     13,733   3.02 %
    FHLB advances   1,494,781     17,806   4.71 %     1,744,000     20,719   4.75 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     216,073     2,629   4.94 %
    Total funding liabilities   24,678,671     100,499   1.63 %     24,185,255     99,946   1.68 %
    Other liabilities   338,289             326,764        
    Total liabilities   25,016,960             24,512,019        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,267,444        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,779,463        
    Net interest income (tax-equivalent)     $ 211,081           $ 193,400    
    Net interest spread (tax-equivalent)         3.10 %           2.93 %
    Net interest margin (tax-equivalent)         3.21 %           3.04 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.5 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $1.7 million on tax-exempt debt securities income for the three months ended June 30, 2025 and March 31, 2025, respectively.
    4 Includes interest income of $4.8 million and $6.1 million on average interest-bearing cash balances of $433.7 million and $559.5 million for the three months ended June 30, 2025 and March 31, 2025, respectively.
    5 Includes tax effect of $151 thousand and $150 thousand on federal income tax credits for the three months ended June 30, 2025 and March 31, 2025, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Three Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,940,514   $ 25,361   5.23 %   $ 1,796,787   $ 21,754   4.84 %
    Commercial loans 1   14,884,885     216,385   5.83 %     13,740,455     189,939   5.56 %
    Consumer and other loans   1,336,030     23,790   7.14 %     1,290,587     21,589   6.73 %
    Total loans 2   18,161,429     265,536   5.86 %     16,827,829     233,282   5.58 %
    Tax-exempt debt securities 3   1,594,895     13,999   3.51 %     1,707,269     15,111   3.54 %
    Taxable debt securities 4, 5   6,645,312     32,045   1.93 %     7,042,885     29,461   1.67 %
    Total earning assets   26,401,636     311,580   4.73 %     25,577,983     277,854   4.37 %
    Goodwill and intangibles   1,153,466             1,068,250        
    Non-earning assets   918,007             754,491        
    Total assets $ 28,473,109           $ 27,400,724        
    Liabilities                      
    Non-interest bearing deposits $ 6,256,245   $ —   — %   $ 6,026,709   $ —   — %
    NOW and DDA accounts   5,674,990     16,045   1.13 %     5,221,883     15,728   1.21 %
    Savings accounts   2,904,389     5,402   0.75 %     2,914,538     6,014   0.83 %
    Money market deposit accounts   3,000,487     15,389   2.06 %     2,904,438     14,467   2.00 %
    Certificate accounts   3,211,418     28,667   3.58 %     3,037,638     31,593   4.18 %
    Total core deposits   21,047,529     65,503   1.25 %     20,105,206     67,802   1.36 %
    Wholesale deposits 6   5,618     66   4.67 %     3,726     50   5.50 %
    Repurchase agreements   1,898,841     14,109   2.98 %     1,597,887     13,566   3.41 %
    FHLB advances   1,494,781     17,806   4.71 %     2,007,747     24,179   4.76 %
    Subordinated debentures and other borrowed funds   231,902     3,015   5.21 %     224,778     1,759   3.15 %
    Total funding liabilities   24,678,671     100,499   1.63 %     23,939,344     107,356   1.80 %
    Other liabilities   338,289             344,105        
    Total liabilities   25,016,960             24,283,449        
    Stockholders’ Equity                      
    Stockholders’ equity   3,456,149             3,117,275        
    Total liabilities and stockholders’ equity $ 28,473,109           $ 27,400,724        
    Net interest income (tax-equivalent)     $ 211,081           $ 170,498    
    Net interest spread (tax-equivalent)         3.10 %           2.57 %
    Net interest margin (tax-equivalent)         3.21 %           2.68 %

    ______________________________

    1 Includes tax effect of $1.6 million and $1.6 million on tax-exempt municipal loan and lease income for the three months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $1.7 million and $2.2 million on tax-exempt debt securities income for the three months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $4.8 million and $1.9 million on average interest-bearing cash balances of $433.7 million and $143.0 million for the three months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $151 thousand and $211 thousand on federal income tax credits for the three months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.

     

    Glacier Bancorp, Inc.
    Average Balance Sheets (continued)
     
      Six Months ended
      June 30, 2025   June 30, 2024
    (Dollars in thousands) Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate    		   Average
    Balance    		   Interest &
    Dividends    		   Average
    Yield/
    Rate
    Assets                      
    Residential real estate loans $ 1,913,157   $ 49,636   5.19 %   $ 1,771,985   $ 42,518   4.80 %
    Commercial loans 1   14,490,240     415,306   5.78 %     13,626,941     372,984   5.50 %
    Consumer and other loans   1,319,451     46,406   7.09 %     1,286,988     42,537   6.65 %
    Total loans 2   17,722,848     511,348   5.82 %     16,685,914     458,039   5.52 %
    Tax-exempt debt securities 3   1,599,845     27,935   3.49 %     1,713,819     30,268   3.53 %
    Taxable debt securities 4, 5   6,795,105     65,643   1.93 %     7,609,930     72,938   1.92 %
    Total earning assets   26,117,798     604,926   4.67 %     26,009,663     561,245   4.34 %
    Goodwill and intangibles   1,127,279             1,060,102        
    Non-earning assets   883,125             683,020        
    Total assets $ 28,128,202           $ 27,752,785        
    Liabilities                      
    Non-interest bearing deposits $ 6,123,604   $ —   — %   $ 5,996,627   $ —   — %
    NOW and DDA accounts   5,600,895     31,110   1.12 %     5,248,793     31,646   1.21 %
    Savings accounts   2,883,150     10,561   0.74 %     2,907,594     11,669   0.81 %
    Money market deposit accounts   2,925,396     28,915   1.99 %     2,926,366     28,860   1.98 %
    Certificate accounts   3,181,971     57,742   3.66 %     3,019,176     62,768   4.18 %
    Total core deposits   20,715,016     128,328   1.25 %     20,098,556     134,943   1.35 %
    Wholesale deposits 6   4,615     106   4.62 %     3,846     105   5.50 %
    Repurchase agreements   1,870,962     27,842   3.00 %     1,555,642     26,164   3.38 %
    FHLB advances   1,618,702     38,525   4.73 %     1,179,251     28,428   4.77 %
    FRB Bank Term Funding   —     —   — %     1,241,538     27,097   4.39 %
    Subordinated debentures and other borrowed funds   224,031     5,644   5.08 %     221,525     3,541   3.21 %
    Total funding liabilities   24,433,326     200,445   1.65 %     24,300,358     220,278   1.82 %
    Other liabilities   332,558             350,329        
    Total liabilities   24,765,884             24,650,687        
    Stockholders’ Equity                      
    Stockholders’ equity   3,362,318             3,102,098        
    Total liabilities and stockholders’ equity $ 28,128,202           $ 27,752,785        
    Net interest income (tax-equivalent)     $ 404,481           $ 340,967    
    Net interest spread (tax-equivalent)         3.02 %           2.52 %
    Net interest margin (tax-equivalent)         3.12 %           2.64 %

    ______________________________

    1 Includes tax effect of $3.1 million and $3.2 million on tax-exempt municipal loan and lease income for the Six Months ended June 30, 2025 and 2024, respectively.
    2 Total loans are gross of the allowance for credit losses, net of unearned income and include loans held for sale. Non-accrual loans were included in the average volume for the entire period.
    3 Includes tax effect of $3.5 million and $4.4 million on tax-exempt debt securities income for the Six Months ended June 30, 2025 and 2024, respectively.
    4 Includes interest income of $11.0 million and $17.2 million on average interest-bearing cash balances of $496.2 million and $631.7 million for the Six Months ended June 30, 2025 and 2024, respectively.
    5 Includes tax effect of $301 thousand and $426 thousand on federal income tax credits for the Six Months ended June 30, 2025 and 2024, respectively.
    6 Wholesale deposits include brokered deposits classified as NOW, DDA, money market deposit and certificate accounts with contractual maturities.
    Glacier Bancorp, Inc.
    Loan Portfolio by Regulatory Classification
     
      Loans Receivable, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024
    Custom and owner occupied construction $ 254,790     $ 233,584     $ 242,844     9 %   5 %
    Pre-sold and spec construction   208,106       200,921       191,926     4 %   8 %
    Total residential construction   462,896       434,505       434,770     7 %   6 %
    Land development   176,925       177,448       197,369     — %   (10) %
    Consumer land or lots   229,823       197,553       187,024     16 %   23 %
    Unimproved land   127,550       115,528       113,532     10 %   12 %
    Developed lots for operative builders   73,053       64,782       61,661     13 %   18 %
    Commercial lots   175,929       95,574       99,243     84 %   77 %
    Other construction   753,056       714,151       693,461     5 %   9 %
    Total land, lot, and other construction   1,536,336       1,365,036       1,352,290     13 %   14 %
    Owner occupied   3,529,536       3,182,589       3,197,138     11 %   10 %
    Non-owner occupied   4,283,986       4,054,107       4,053,996     6 %   6 %
    Total commercial real estate   7,813,522       7,236,696       7,251,134     8 %   8 %
    Commercial and industrial   1,545,498       1,392,365       1,395,997     11 %   11 %
    Agriculture   1,167,611       1,016,081       1,024,520     15 %   14 %
    First lien   2,590,433       2,499,494       2,481,918     4 %   4 %
    Junior lien   80,170       85,343       76,303     (6) %   5 %
    Total 1-4 family   2,670,603       2,584,837       2,558,221     3 %   4 %
    Multifamily residential   975,785       874,071       895,242     12 %   9 %
    Home equity lines of credit   1,048,595       989,043       1,005,783     6 %   4 %
    Other consumer   197,744       188,388       209,457     5 %   (6) %
    Total consumer   1,246,339       1,177,431       1,215,240     6 %   3 %
    States and political subdivisions   973,145       1,001,058       983,601     (3) %   (1) %
    Other   188,743       176,961       183,894     7 %   3 %
    Total loans receivable, including
    loans held for sale    		   18,580,478       17,259,041       17,294,909     8 %   7 %
    Less loans held for sale 1   (47,738 )     (40,523 )     (33,060 )   18 %   44 %
    Total loans receivable $ 18,532,740     $ 17,218,518     $ 17,261,849     8 %   7 %

    ______________________________

    1 Loans held for sale are primarily first lien 1-4 family loans.
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification
     
     

    Non-performing Assets, by Loan Type

    		   Non-
    Accrual
    Loans    		   Accruing
    Loans 90
    Days
    or More Past
    Due    		   Other real estate owned and foreclosed assets
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025    		   Jun 30,
    2025
    Custom and owner occupied construction $ 235   194   198   206   189   46   —
    Pre-sold and spec construction   2,806   2,896   2,132   2,908   2,043   763   —
    Total residential construction   3,041   3,090   2,330   3,114   2,232   809   —
    Land development   885   935   966   —   875   10   —
    Consumer land or lots   460   173   78   429   164   296   —
    Developed lots for operative builders   531   531   531   608   —   531   —
    Commercial lots   47   47   47   47   —   47   —
    Other construction   —   —   —   25   —   —   —
    Total land, lot and other construction   1,923   1,686   1,622   1,109   1,039   884   —
    Owner occupied   4,412   3,601   2,979   1,992   4,407   5   —
    Non-owner occupied   1,206   2,235   2,235   257   —   —   1,206
    Total commercial real estate   5,618   5,836   5,214   2,249   4,407   5   1,206
    Commercial and Industrial   14,764   12,367   2,069   2,044   13,452   1,243   69
    Agriculture   6,603   2,382   2,335   2,442   2,141   4,462   —
    First lien   10,549   8,752   9,053   2,923   7,856   2,162   531
    Junior lien   533   296   315   492   293   240   —
    Total 1-4 family   11,082   9,048   9,368   3,415   8,149   2,402   531
    Multifamily residential   398   400   389   385   398   —   —
    Home equity lines of credit   4,016   3,479   3,465   2,145   2,834   1,182   —
    Other consumer   921   1,003   955   1,089   704   144   73
    Total consumer   4,937   4,482   4,420   3,234   3,538   1,326   73
    Other   240   47   39   16   —   240   —
    Total $ 48,606   39,338   27,786   18,008   35,356   11,371   1,879
    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Accruing 30-89 Days Delinquent Loans, by Loan Type   % Change from
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024
    Custom and owner occupied construction $ 385   $ 786   $ 969   $ 1,323   (51) %   (60) %   (71) %
    Pre-sold and spec construction   —     —     564     816   n/m   (100) %   (100) %
    Total residential construction   385     786     1,533     2,139   (51) %   (75) %   (82) %
    Land development   170     —     1,450     —   n/m   (88) %   n/m
    Consumer land or lots   1,210     1,026     402     411   18 %   201 %   194 %
    Unimproved land   75     32     36     158   134 %   108 %   (53) %
    Developed lots for operative builders   —     —     214     —   n/m   (100) %   n/m
    Commercial lots   —     189     —     21   (100) %   n/m   (100) %
    Other construction   7,840     —     —     —   n/m   n/m   n/m
    Total land, lot and other construction   9,295     1,247     2,102     590   645 %   342 %   1,475 %
    Owner occupied   3,903     3,786     2,867     4,326   3 %   36 %   (10) %
    Non-owner occupied   13,806     346     5,037     8,119   3,890 %   174 %   70 %
    Total commercial real estate   17,709     4,132     7,904     12,445   329 %   124 %   42 %
    Commercial and industrial   6,711     5,358     6,194     17,591   25 %   8 %   (62) %
    Agriculture   8,243     5,731     744     5,288   44 %   1,008 %   56 %
    First lien   3,583     14,826     6,326     2,637   (76) %   (43) %   36 %
    Junior lien   —     1,023     214     17   (100) %   (100) %   (100) %
    Total 1-4 family   3,583     15,849     6,540     2,654   (77) %   (45) %   35 %
    Home equity lines of credit   5,482     6,993     3,731     5,432   (22) %   47 %   1 %
    Other consumer   1,615     1,824     1,775     2,192   (11) %   (9) %   (26) %
    Total consumer   7,097     8,817     5,506     7,624   (20) %   29 %   (7) %
    States and political subdivisions   —     3,220     —     —   (100) %   n/m   n/m
    Other   1,380     1,318     1,705     1,347   5 %   (19) %   2 %
    Total $ 54,403   $ 46,458   $ 32,228   $ 49,678   17 %   69 %   10 %

    ______________________________

    n/m – not measurable

    Glacier Bancorp, Inc.
    Credit Quality Summary by Regulatory Classification (continued)
     
      Net Charge-Offs (Recoveries), Year-to-Date
    Period Ending, By Loan Type    		   Charge-Offs   Recoveries
    (Dollars in thousands) Jun 30,
    2025    		   Mar 31,
    2025    		   Dec 31,
    2024    		   Jun 30,
    2024    		   Jun 30,
    2025    		   Jun 30,
    2025
    Pre-sold and spec construction $ 50     —     (4 )   (4 )   51   1
    Land development   (341 )   (341 )   1,095     (1 )   —   341
    Consumer land or lots   (3 )   (3 )   (22 )   (22 )   —   3
    Unimproved land   —     —     1,338     5     —   —
    Commercial lots   —     —     319     319     —   —
    Total land, lot and other construction   (344 )   (344 )   2,730     301     —   344
    Owner occupied   (1 )   (1 )   (73 )   (73 )   —   1
    Non-owner occupied   (8 )   (6 )   2     (2 )   —   8
    Total commercial real estate   (9 )   (7 )   (71 )   (75 )   —   9
    Commercial and industrial   26     92     1,422     644     827   801
    Agriculture   (109 )   (1 )   64     68     —   109
    First lien   (79 )   (69 )   32     (22 )   1   80
    Junior lien   (137 )   (5 )   (65 )   (55 )   —   137
    Total 1-4 family   (216 )   (74 )   (33 )   (77 )   1   217
    Home equity lines of credit   (20 )   (20 )   69     1     10   30
    Other consumer   656     276     1,078     493     789   133
    Total consumer   636     256     1,147     494     799   163
    Other   3,406     1,873     8,643     4,611     5,558   2,152
    Total $ 3,440     1,795     13,898     5,962     7,236   3,796
     

    Visit our website at www.glacierbancorp.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 Europe: Written question – Long-term financing and development of Rail Baltica in light of EU and NATO strategic objectives – E-002997/2025

    Source: European Parliament

    Question for written answer  E-002997/2025
    to the Commission
    Rule 144
    Michał Dworczyk (ECR)

    Russia’s war against Ukraine has confirmed the crucial importance of military mobility for maintaining NATO and EU security. Therefore, Rail Baltica – as a pan-European project of strategic geopolitical and economic importance – not only strengthens the single market, but is also crucial to the security of the eastern flank.

    Given the continued delays in the implementation of the project, ongoing work on the new Multiannual Financial Framework, and the rapid exhaustion of funds under the Action Plan on Military Mobility 2.0, stable and long-term financing must be secured for the next stages of Rail Baltica, including from other European funds.

    I would therefore like to ask:

    • 1.How does the Commission plan to ensure stable and adequate co-financing for this project under the next EU Multiannual Financial Framework, given that the current annual calls for proposals do not provide the predictability necessary for the long-term planning of infrastructure investments?
    • 2.Given that the Commission has recognised Rail Baltica as a project of strategic importance for the EU’s security and military mobility, are additional support instruments – including dedicated financing mechanisms – planned to enable faster implementation of the project under future programmes on defence, military mobility and critical infrastructure?
    • 3.Is the Commission considering extending the route with a section from Warsaw to Ukraine and to allied countries in the Black Sea region[1]?

    Submitted: 18.7.2025

    • [1] This matter is raised in point 1 of Commission Implementing Decision (EU) 2025/1332 of 9 July 2025, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202501332.
    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Extension of the EU’s ‘roam like at home’ area to the Western Balkans – E-002926/2025

    Source: European Parliament

    Question for written answer  E-002926/2025
    to the Commission
    Rule 144
    András Gyürk (PfE), Annamária Vicsek (PfE), Tamás Deutsch (PfE), Csaba Dömötör (PfE), Viktória Ferenc (PfE), Kinga Gál (PfE), Enikő Győri (PfE), György Hölvényi (PfE), András László (PfE), Ernő Schaller-Baross (PfE), Pál Szekeres (PfE)

    The countries of the Western Balkans are crucial partners for the European Union. The integration of the Western Balkans was identified as a priority for EU enlargement in 2003 and five countries have since been granted candidate status. This fact, as well as the meaningful contribution of the millions of citizens of these countries to the EU economy, demonstrates the region’s commitment to EU values and policies.

    Therefore, it is concerning that while Ukraine’s inclusion in the EU’s roam like at home area is being fast-tracked to 1 January 2026, the same determination from the Commission seems to be missing for the Western Balkans. We firmly believe that the accession process to the EU should be merit-based and avoid the perception of double standards.

    • 1.Does the Commission share our assessment that a fast-tracked inclusion of the Western Balkans into the roam like at home area would send a much needed positive signal to the citizens of the region?
    • 2.Is the Commission ready to accelerate and complete the Western Balkans inclusion in the roam like at home area by 1 January 2026?

    Submitted: 16.7.2025

    Last updated: 24 July 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: President Lai meets Somaliland Foreign Minister Abdirahman Dahir Adam  

    Source: Republic of China Taiwan

    Details
    2025-07-22
    President Lai meets cross-party Irish Oireachtas delegation
    On the morning of July 22, President Lai Ching-te met with a cross-party delegation from the Oireachtas (parliament) of Ireland. In remarks, President Lai stated that Taiwan and Ireland are both guardians of the values of freedom and democracy. He indicated that Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community, saying that we look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. A translation of President Lai’s remarks follows: Deputy Speaker John McGuinness is a dear friend of Taiwan who also chairs the Ireland-Taiwan Parliamentary Friendship Association. Thanks to his efforts over the years, support for Taiwan has grown stronger in the Oireachtas. I thank him and all of our guests for traveling such a long way to demonstrate support for Taiwan and open more doors for exchanges and cooperation. Europe is Taiwan’s third largest trading partner and largest source of foreign investment. Ireland is a European stronghold for technology and innovative industries. Just like Taiwan, Ireland is an export-oriented economy. Our industrial structures are highly complementary. We hope that Taiwan’s electronics manufacturing and machinery industries can explore deeper cooperation with Ireland’s ICT software and biopharmaceutical fields, creating win-win outcomes. In May, the Irish government launched its National Semiconductor Strategy, outlining a vision to become a global semiconductor hub. Taiwan is home to the world’s most critical semiconductor ecosystem, and our own industrial development closely parallels that of Ireland. Moreover, we aspire to build non-red technological supply chains with democratic partners. I believe that going forward, Taiwan and Ireland can bolster collaboration so as to upgrade the competitiveness of our respective semiconductor industries. Together, we can help build a values-based economic system for democracies. I was delighted to receive congratulations from Deputy Speaker McGuinness on my election. Taiwan and Ireland are both guardians of the values of freedom and democracy. This visit from our guests further attests to our common beliefs. As authoritarianism continues to expand, Taiwan will continue to take action and show the world that it is a trustworthy democratic partner that can contribute to the international community. We look forward to building an even closer partnership with Ireland as we work together for the well-being of our peoples and for global democracy, peace, and prosperity. Deputy Speaker McGuinness then delivered remarks, stating that he has been to Taiwan on many occasions and that it is a great honor to join President Lai and his staff at the Presidential Office. He said that Ireland has continued to build its strong relationship with Taiwan based on our democratic values and the interests that we have in trade throughout the world, strengthening this relationship based on culture, education, and more. Noting that he served with many other diplomats from Taiwan, he said all had the same goal, which was to further the interests of the Ireland-Taiwan friendship and to ensure that it grows and prospers. The deputy speaker then extended to President Lai the delegation’s best wishes for his term in office, stating that they commit to the same values as the previous friendship groups that have been visiting Taiwan. He went on to say that some members of the group are newly elected, representing the next generation of the association, and that they are committed to working together with Taiwan to stand strong in the defense of democracy. Deputy Speaker McGuinness also noted that the father of Deputy Ken O’Flynn, one of the delegation members, played an important role as a former chairman of the association, remarking that it is good to see such continuity taking place. Deputy Speaker McGuiness said that he believes the world is facing huge challenges and uncertainty in terms of our markets and trade with one another. He said we have to watch for what the United States will do next and be conscious of what China is doing, emphasizing that the European Union stands strong in the center of this, while Ireland plays a huge role in the context of democracy, trade, and the betterment of all things for the citizens that they represent. The deputy speaker then stated that while we focus on the development of AI that is extremely important for all of us, we can work together to ensure that we control AI rather than AI controlling us. He also remarked that we cannot lose sight of our traditional trading means, saying that we have to keep all of our trade together, expand on that trade, and then take on the new technologies that come before us. Deputy Speaker McGuinness concluded his remarks by thanking President Lai for receiving the delegation, stating that they commit to their continuation of support for Taiwan and for democracy. Also in attendance were Deputies Malcolm Byrne and Barry Ward, and Senator Teresa Costello.

    Details
    2025-07-22
    President Lai meets official delegation from European Parliament’s Special Committee on the European Democracy Shield
    On the morning of July 22, President Lai Ching-te met with an official delegation from the European Parliament’s Special Committee on the European Democracy Shield (EUDS). In remarks, President Lai thanked the committee for choosing to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe. President Lai emphasized that Taiwan, standing at the very frontline of the democratic world, is determined to protect democracy, peace, and prosperity worldwide. He expressed hope that we can share our experiences with Europe to foster even more resilient societies. A translation of President Lai’s remarks follows: Firstly, on behalf of the people of Taiwan, I extend a warm welcome to your delegation, which marks another official visit from the European Parliament. The Special Committee on the EUDS aims to strengthen societal resilience and counter disinformation and hybrid threats. Having been constituted at the beginning of this year, the committee has chosen to visit Taiwan for its first trip to Asia, demonstrating the close ties between Taiwan and Europe and the unlimited possibilities for deepening cooperation on issues of concern. I am also delighted to see many old friends of Taiwan gathered here today. I deeply appreciate your longstanding support for Taiwan. Taiwan and the European Union enjoy close trade and economic relations and share the values of freedom and democracy. However, in recent years, we have both been subjected to information manipulation and infiltration by foreign forces that seek to interfere in democratic elections, foment division in our societies, and shake people’s faith in democracy. Taiwan not only faces an onslaught of disinformation, but also is the target of gray-zone aggression. That is why, after taking office, I established the Whole-of-Society Defense Resilience Committee at the Presidential Office, with myself as convener. The committee is a platform that integrates domestic affairs, national defense, foreign affairs, cybersecurity, and civil resources. It aims to strengthen the capability of Taiwan’s society to defend itself against new forms of threat, pinpoint external and internal vulnerabilities, and bolster overall resilience and security. The efforts that democracies make are not for opposing anyone else; they are for safeguarding the way of life that we cherish – just as Europe has endeavored to promote diversity and human rights. The Taiwanese people firmly believe that when our society is united and people trust one another, we will be able to withstand any form of authoritarian aggression. Taiwan stands at the very frontline of the democratic world. We are determined to protect democracy, peace, and prosperity worldwide. We also hope to share our experiences with Europe and deepen cooperation in such fields as cybersecurity, media literacy, and societal resilience. Thank you once again for visiting Taiwan. Your presence further strengthens the foundations of Taiwan-Europe relations. Let us continue to work together to uphold freedom and democracy and foster even more resilient societies. EUDS Special Committee Chair Nathalie Loiseau then delivered remarks, saying that the delegation has members from different countries, including France, Germany, the Czech Republic, Poland, and Belgium, and different political parties, but that they have in common their desire for stronger relations between the EU and Taiwan. Committee Chair Loiseau stated that the EU and Taiwan, having many things in common, should work more together. She noted that we have strong trade relations, strong investments on both sides, and strong cultural relations, while we are also facing very similar challenges and threats. She said that we are democracies living in a world where autocracies want to weaken and divide democracies. She added that we also face external information manipulation, cyberattacks, sabotage, attempts to capture elites, and every single gray-zone activity that aims to divide and weaken us. Committee Chair Loiseau pointed out another commonality, that we have never threatened our neighbors. She said that we want to live in peace and we care about our people; we want to defend ourselves, not to attack others. We are not being threatened because of what we do, she emphasized, but because of what we are; and thus there is no reason for not working more together to face these threats and attacks. Committee Chair Loiseau said that Taiwan has valuable experience and good practices in the area of societal resilience, and that they are interested in learning more about Taiwan’s whole-of-society approach. They in Europe are facing interference, she said, mainly from Russia, and they know that Russia inspires others. She added that they in the EU also have experience regulating social media in a way which combines freedom of expression and responsibility. In closing, the chair said that they are happy to have the opportunity to exchange views with President Lai and that the European Parliament will continue to strongly support relations between the EU and Taiwan. The delegation also included Members of the European Parliament Engin Eroglu, Tomáš Zdechovský, Michał Wawrykiewicz, Kathleen Van Brempt, and Markéta Gregorová.

    Details
    2025-07-17
    President Lai meets President of Guatemalan Congress Nery Abilio Ramos y Ramos  
    On the morning of July 17, President Lai Ching-te met with a delegation led by Nery Abilio Ramos y Ramos, the president of the Congress of the Republic of Guatemala. In remarks, President Lai thanked Congress President Ramos and the Guatemalan Congress for their support for Taiwan, and noted that official diplomatic relations between Taiwan and Guatemala go back more than 90 years. As important partners in the global democratic community, the president said, the two nations will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. A translation of President Lai’s remarks follows:  I recall that when Congress President Ramos visited Taiwan in July last year, he put forward many ideas about how our countries could promote bilateral cooperation and exchanges. Now, a year later, he is leading another cross-party delegation from the Guatemalan Congress on a visit, demonstrating support for Taiwan and continuing to help deepen our diplomatic ties. In addition to extending a sincere welcome to the distinguished delegation members who have traveled so far to be here, I would also like to express our concern and condolences for everyone in Guatemala affected by the earthquake that struck earlier this month. We hope that the recovery effort is going smoothly. Official diplomatic relations between Taiwan and Guatemala go back more than 90 years. In such fields as healthcare, agriculture, education, and women’s empowerment, we have continually strengthened our cooperation to benefit our peoples. Just last month, Guatemala’s President Bernardo Arévalo and the First Lady led a delegation on a state visit to Taiwan. President Arévalo and I signed a letter of intent for semiconductor cooperation, and also witnessed the signing of cooperation documents to establish a political consultation mechanism and continue to promote bilateral investment. This has laid an even sounder foundation for bilateral exchanges and cooperation, and will help enhance both countries’ international competitiveness. Taiwan is currently running a semiconductor vocational training program, helping Guatemala cultivate semiconductor talent and develop its tech industry, and demonstrating our determination to share experience with democratic partners. At the same time, we continue to assist Taiwanese businesses in their efforts to develop overseas markets with Guatemala as an important base, spurring industrial development in both countries and increasing economic and trade benefits. I want to thank Congress President Ramos and the Guatemalan Congress for their continued support for Taiwan’s international participation. Representing the Guatemalan Congress, Congress President Ramos has signed resolutions in support of Taiwan, and has also issued statements addressing China’s misinterpretation of United Nations General Assembly Resolution 2758. Taiwan and Guatemala, as important partners in the global democratic community, will continue moving forward together in joint defense of the values of democracy and freedom, and will cooperate to promote regional and global prosperity and development. Congress President Ramos then delivered remarks, first noting that the members of the delegation are not only from different parties, but also represent different classes, cultures, professions, and departments, which shows that the diplomatic ties between Guatemala and the Republic of China (Taiwan) are based on firm friendships at all levels and in all fields. Noting that this was his second time to visit Taiwan and meet with President Lai, Congress President Ramos thanked the government of Taiwan for its warm hospitality. With the international situation growing more complex by the day, he said, Guatemala highly values its longstanding friendship and cooperative ties with Taiwan, and hopes that both sides can continue to deepen their cooperation in such areas as the economy, technology, education, agriculture, and culture, and work together to spur sustainable development in each of our countries. Congress President Ramos said that the way the Taiwan government looks after the well-being of its people is an excellent model for how other countries should promote national development and social well-being. Accordingly, he said, the Guatemalan Congress has stood for justice and, for a second time, adopted a resolution backing Taiwan’s participation in the World Health Assembly. Regarding President Arévalo’s state visit to Taiwan the previous month, Congress President Ramos commented that this high-level interaction has undoubtedly strengthened the diplomatic ties between Taiwan and Guatemala and led to more opportunities for cooperation. Congress President Ramos emphasized that democracy, freedom, and human rights are universal values that bind Taiwan and Guatemala together, and that he is confident the two countries’ diplomatic ties will continue to grow deeper. In closing, on behalf of the Republic of Guatemala, Congress President Ramos presented President Lai with a Chinese translation of the resolution that the Guatemalan Congress proposed to the UN in support of Taiwan’s participation in international organizations, demonstrating the staunch bonds of friendship between the two countries. The delegation was accompanied to the Presidential Office by Guatemala Ambassador Luis Raúl Estévez López.  

    Details
    2025-07-08
    President Lai meets delegation led by Foreign Minister Jean-Victor Harvel Jean-Baptiste of Republic of Haiti
    On the morning of July 8, President Lai Ching-te met with a delegation led by Minister of Foreign Affairs Jean-Victor Harvel Jean-Baptiste of the Republic of Haiti and his wife. In remarks, President Lai noted that our two countries will soon mark the 70th anniversary of diplomatic relations and that our exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. The president stated that Taiwan will continue to work together with Haiti to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. The president thanked Haiti for supporting Taiwan’s international participation and expressed hope that both countries will continue to support each other, deepen cooperation, and face various challenges together. A translation of President Lai’s remarks follows: I am delighted to meet and exchange ideas with Minister Jean-Baptiste, his wife, and our distinguished guests. Minister Jean-Baptiste is the highest-ranking official from Haiti to visit Taiwan since former President Jovenel Moïse visited in 2018, demonstrating the importance that the Haitian government attaches to our bilateral diplomatic ties. On behalf of the Republic of China (Taiwan), I extend a sincere welcome. Next year marks the 70th anniversary of the establishment of diplomatic ties between our two countries. Our bilateral exchanges have been fruitful in important areas such as public security, educational cooperation, and infrastructure. Over the past few years, Haiti has faced challenges in such areas as food supply and healthcare. Taiwan will continue to work together with Haiti through various cooperative programs to promote the development of medical and health care, food security, and construction that benefits people’s livelihoods. I want to thank the government of Haiti and Minister Jean-Baptiste for speaking out in support of Taiwan on the international stage for many years. Minister Jean-Baptiste’s personal letter to the World Health Organization Secretariat in May this year and Minister of Public Health and Population Bertrand Sinal’s public statement during the World Health Assembly both affirmed Taiwan’s efforts and contributions to global public health and supported Taiwan’s international participation, for which we are very grateful. I hope that Taiwan and Haiti will continue to support each other and deepen cooperation. I believe that Minister Jean-Baptiste’s visit will open up more opportunities for cooperation for both countries, helping Taiwan and Haiti face various challenges together. In closing, I once again offer a sincere welcome to the delegation led by Minister Jean-Baptiste, and ask him to convey greetings from Taiwan to Prime Minister Alix Didier Fils-Aimé and the members of the Transitional Presidential Council. Minister Jean-Baptiste then delivered remarks, saying that he is extremely honored to visit Taiwan and reaffirm the solid and friendly cooperative relationship based on mutual respect between the Republic of Haiti and the Republic of China (Taiwan), which will soon mark its 70th anniversary. He also brought greetings to President Lai from Haiti’s Transitional Presidential Council and Prime Minister Fils-Aimé. Minister Jean-Baptiste emphasized that over the past few decades, despite the great geographical distance and developmental and cultural differences between our two countries, we have nevertheless established a firm friendship and demonstrated to the world the progress resulting from the mutual assistance and cooperation between our peoples. Minister Jean-Baptiste pointed out that our two countries cooperate closely in agriculture, health, education, and community development and have achieved concrete results. Taiwan’s voice, he said, is thus essential for the people of Haiti. He noted that Taiwan also plays an important role in peace and innovation and actively participates in global cooperative efforts. Pointing out that the world is currently facing significant challenges and that Haiti is experiencing its most difficult period in history, Minister Jean-Baptiste said that at this time, Taiwan and Haiti need to unite, help each other, and jointly think about how to move forward and deepen bilateral relations to benefit the peoples of both countries. Minister Jean-Baptiste said that he is pleased that throughout our solid and friendly diplomatic relationship, both countries have demonstrated mutual trust, mutual respect, and the values we jointly defend. He then stated his belief that Haiti and Taiwan will together create a cooperation model and future that are sincere, friendly, and sustainable. The delegation was accompanied to the Presidential Office by Chargé d’Affaires a.i. Francilien Victorin of the Embassy of the Republic of Haiti in Taiwan.

    Details
    2025-07-01
    President Lai meets delegation from 2025 Taiwan International Ocean Forum
    On the afternoon of July 1, President Lai Ching-te met with a delegation from the 2025 Taiwan International Ocean Forum (TIOF). In remarks, President Lai noted that the people of Taiwan will continue to work with democratic partners throughout the world in a maritime spirit of freedom and openness to contribute to ocean governance and jointly ensure maritime security. He expressed hope that their visit will help forge stronger friendships between Taiwan and international maritime partners, so that all can work together to spur shared maritime prosperity and sustainable development for the next generation. A translation of President Lai’s remarks follows: I want to thank our guests for coming here to the Presidential Office. The 2025 TIOF will take place tomorrow and the day after, and I thank you all for making the long trip to Taiwan to attend the event and share your valuable insights and experiences. This year’s forum will focus on strategies for strengthening maritime security and pathways to achieving a sustainable blue economy. By attending this forum, our guests are highlighting their commitment to safeguarding the oceans, and beyond that, taking concrete action to demonstrate support for Taiwan. I once again offer deepest gratitude on behalf of the people of Taiwan. Taiwan holds a key position on the first island chain, is one of the world’s top 10 shipping nations, and accounts for close to 10 percent of global container shipping by volume. As such, Taiwan occupies a unique and important position in maritime strategy. For Taiwan, the ocean is more than just a basis for survival and development; it is also an important driver of national prosperity. In my inaugural address last year, I spoke of a threefold approach to further Taiwan’s development. One of these involves further developing our strengths as a maritime nation. Our government must actively help deepen our connections with the ocean, and must continue to promote green shipping, a sustainable fishing industry, marine renewable energy, and other forms of industrial transformation. It must also make use of marine technology and digital innovation to create a new paradigm that balances environmental, economic, and social inclusion concerns. This will help enhance Taiwan’s responsibilities and competitiveness as a maritime nation. Taiwan is surrounded by ocean, and our territorial waters are a natural protective barrier. However, continued gray-zone aggression from China creates serious threats and challenges to peace and stability in the Taiwan Strait. Our government continues to invest resources to deal with increasingly complex maritime security issues. In addition to building coast guard patrol vessels, we must also step up efforts to build underwater, surface, and airborne unmanned vehicles and smart reconnaissance equipment, so as to demonstrate Taiwan’s determination to defend democracy and freedom and commitment to maintaining peace and stability in the Taiwan Strait. Oceans are Taiwan’s roots, and provide the channels by which we engage with the world. The people of Taiwan will continue to work with democratic partners throughout the world in a maritime spirit of freedom and openness to contribute to ocean governance and jointly ensure maritime security. The TIOF was first launched in 2020, and has now become an important platform for enhancement of cooperation between Taiwan and other countries. I hope that our distinguished guests will reap great benefits at this year’s forum, and further hope that this visit will help forge stronger friendships between Taiwan and international maritime partners, so that all can work together to spur shared maritime prosperity and sustainable development for the next generation. Chairman of The Washington Times Thomas McDevitt, a member of the delegation, then delivered remarks, noting first that July 4th, this Friday, is Independence Day in America. Independence is a sacred, powerful word which has great meaning in this part of the world, he said. Chairman McDevitt indicated that Taiwan has truly become a global beacon of democracy and a key partner for many nations. He then quoted President Lai’s 2024 inaugural address: “We will work together to combat disinformation, strengthen democratic resilience, address challenges, and allow Taiwan to become the MVP of the democratic world.” Chairman McDevitt went on to say that he appreciated the president’s speech with regard to his philosophical depth, sensitivity, and both moral and political clarity. He said that he was deeply moved by the speech, but within a few days of it, China responded with military activities and many threats. The chairman then emphasized that we are in a civilization crisis. Chairman McDevitt mentioned that President Lai has begun a series of 10 lectures, and remarked that they would help the world to understand the identity and the nature of Taiwan, as well as the situation we are in in the world. On behalf of all the delegation, Chairman McDevitt thanked the president for his leadership in dealing with these issues thoughtfully. Chairman McDevitt concluded with a line from the Old Testament which states that if the people have no vision, they will perish. He said that he believes Taiwan’s president has led the people of Taiwan, and the world, with a vision of how to navigate this great civilization crisis together. The delegation also included Members of the Japanese House of Representatives Kikawada Hitoshi, Aoyama Yamato, and Genma Kentaro, and Member of Parliament of the United Kingdom Gavin Williamson.

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • PM Modi departs for Maldives after concluding UK visit

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi departed for the Maldives on Thursday, concluding the first leg of his two-nation tour. He is visiting the Maldives at the invitation of President Mohamed Muizzu from July 25 to 26.

    During his visit, the Prime Minister will participate as the Guest of Honour at the 60th Independence Day celebrations of the Maldives. His visit also marks the 60th anniversary of India-Maldives diplomatic relations.

    Earlier, Prime Minister Modi concluded a successful visit to the United Kingdom, where he met with his UK counterpart, Prime Minister Keir Starmer, at Chequers, the official country residence of the British Prime Minister. Both leaders welcomed the signing of the India-UK Comprehensive Economic and Trade Agreement (CETA), which is expected to enhance bilateral trade, investment, and job creation.

    They also agreed to negotiate a Double Contribution Convention to ease cross-border business and boost competitiveness in the service sector.

    The two sides adopted the India-UK Vision 2035, aimed at guiding the Comprehensive Strategic Partnership over the next decade in sectors including technology, education, defence, and climate action.

    The leaders finalised a Defence Industrial Roadmap to strengthen cooperation in co-design, co-development, and co-production of defence products. They also discussed enhanced collaboration under the Technology and Security Initiative, covering areas such as telecom, critical minerals, semiconductors, and biotechnology.

    PM Modi and PM Starmer welcomed the growing education partnership under India’s New Education Policy (NEP), with six UK universities planning to establish campuses in India. The University of Southampton has already inaugurated its campus in Gurugram.

    Prime Minister Modi thanked the UK for its support following the Pahalgam terror attack and reiterated the need for strong action against extremism. He also sought cooperation in bringing back economic fugitives facing legal action in India.

    Global and regional developments, including the Indo-Pacific, West Asia, and the Russia-Ukraine conflict, were also discussed. PM Modi extended an invitation to Prime Minister Starmer to visit India at a mutually convenient time.

    Following his meeting with the UK Prime Minister, PM Modi called on His Majesty King Charles III at Sandringham Estate. The two leaders discussed shared interests in health, sustainability, and climate change. The Prime Minister presented a sapling under the ‘Ek Ped Maa Ke Naam’ campaign to be planted in the estate during the upcoming season.

    (ANI)

  • MIL-OSI Analysis: Could climate anxiety be a form of pre-traumatic stress disorder? A psychologist explains the research

    Source: The Conversation – UK – By Geoff Beattie, Professor of Psychology, Edge Hill University

    Malchevska/Shutterstock

    We are living in an age of anxiety. People face multiple existential crises such as climate change and conflicts that could potentially escalate into nuclear war.

    So how do people cope with competing threats like this? And what happens to climate anxiety when wars suddenly erupt and compete for our attention?

    Climate change affects our physical and mental health, directly through extreme climate-related droughts, wildfires and intense storms. It also affects some people indirectly through so-called “climate anxiety”. This term covers a range of negative emotions and states, including not just anxiety, but worry and concern, hopelessness, anger, fear, grief and sadness.

    A team of researchers led by Caroline Hickman from the University of Bath surveyed 10,000 children and young people (aged 16 to 25 years) in ten countries (Australia, Brazil, Finland, France, India, Nigeria, Philippines, Portugal, the UK and the US). They found that 45% of respondents said their feelings about climate change negatively affected their daily lives. It was worse for respondents from developing countries.

    Climate anxiety can potentially serve a positive function. Anger, for example, can push people to act to help mitigate the effects of climate change.

    But it can also lead to “eco-paralysis”, a feeling of being overwhelmed, inhibiting people from taking any effective action, affecting their sleep, work and study, as a result of them dwelling endlessly on the problem.

    Climate anxiety is not included in the American Psychiatric Association’s authoritative guide to the diagnosis of mental disorders. In other words, it is not officially recognised as a mental disorder.

    Climate anxiety relates to other forms of clinical anxiety.
    Malchevska/Shutterstock

    Some say this is a good thing. The author and Stanford academic Britt Wray wrote: “The last thing we want is to pathologise this moral emotion, which stems from an accurate understanding of the severity of our planetary health crisis.”

    But if it is not officially recognised, will people take it seriously enough? Will they just dismiss people who suffer from it as “snowflakes” – too sensitive and too easily hurt by the hard realities of life. This is a major dilemma.

    I explore how climate anxiety relates to other types of clinical anxiety in my recent book, Understanding Climate Anxiety, recognising that there are adaptive and non-adaptive forms of anxiety.

    According to Steven Taylor, a clinical psychologist from the University of British Columbia, adaptive anxiety can “motivate climate activism, such as efforts to reduce one’s carbon footprint”. Maladaptive anxiety, however, may “take the form of anxious passivity”, he warned, where the person feels anxious but utterly helpless.

    Identifying different types of climate anxiety, understanding their precursors and how they interact with personality is a major psychological challenge. Identifying ways of alleviating climate anxiety and making it more adaptive, and focused on possible climate mitigation, is a major societal challenge.

    But there’s another important issue. Some global leaders, including Donald Trump, don’t believe in human-induced climate change, claiming it’s “one of the great scams”. He seems to view climate anxiety as an overblown reaction to propaganda pumped out by a biased media.

    This can make the experience much worse for those who feel anxious but then having their feelings dismissed.

    Some psychologists argue that climate anxiety can be a form of pre-traumatic stress disorder. This hypothesis arose from observations of climate scientists and their growing feelings of anger, distress, helplessness and depression as the climate situation has worsened.

    In 2015, researchers devised a new clinical measure to assess pre-traumatic stress reactions using items found in the diagnostic and statistical manual for post-traumatic stress disorder, but now focused on the future rather than the past, asking about “repeated, disturbing dreams of a possible future stressful experience”, for example.

    They tested Danish soldiers before their deployment in Afghanistan and found that “involuntary intrusive images and thoughts of possible future events … were experienced at the same level as post-traumatic stress reactions to past events before and during deployment”.

    They also found that soldiers who experienced higher levels of pre-traumatic stress before deployment had an increased risk of post-traumatic stress disorder after their return from the war zone. Their hypervigilance primed their nervous system to react more strongly when anything untoward occurred.

    This would suggest that we need to take stress reactions to future anticipated events such as climate change very seriously.

    The crisis response

    But how important is climate anxiety in the context of these other threats? Researchers assessed the emotional state and mental health of people aged 18 to 29 years in five countries (China, Portugal, South Africa, the US and UK) focusing on three global issues: climate change, an environmental disaster (the Fukushima nuclear accident in Japan), and the wars in Ukraine and the Middle East.

    They found the strongest emotional engagement was with the ongoing wars, with climate change a close second, and the radiation leak third. The strongest emotional responses to the wars were concern, sadness, helplessness, disgust, outrage and anger. For climate change, the strongest responses were concern, sadness, helplessness, disappointment and anxiety.

    All three crises made young people feel concerned, sad, and very importantly helpless, but climate change has this burning level of anxiety added into the bubbling mix.

    It seems that climate anxiety still has this undiminished power regardless of all the other awful things that are currently happening in the world, and I suspect the stigma of being dismissed as “snowflakes” makes this particular fear response all the more unbearable.

    Don’t have time to read about climate change as much as you’d like?_

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

    Geoff Beattie has received funding from the British Academy and the AHRC to investigate psychological barriers to climate change mitigation and the effects of climate change on emotional responses.

    – ref. Could climate anxiety be a form of pre-traumatic stress disorder? A psychologist explains the research – https://theconversation.com/could-climate-anxiety-be-a-form-of-pre-traumatic-stress-disorder-a-psychologist-explains-the-research-260849

    MIL OSI Analysis –